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Item No. 19 <br />Memorandum <br />TO: Mayor, Mayor Pro -Tem & City Council <br />Rose Beverly, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Reduction of Land included in Cox Field Pasture Lease <br />DATE: May 12, 2025 <br />BACKGROUND: In May of 2012, City Council approved a pasture lease covering some 698.9 <br />acres around Cox Field for livestock grazing purposes. The Lessees are Cary Eatherly and Ryan <br />Eatherly. Yearly rental under the lease is of $10,483.50. Each yearly payment is for the next year. <br />Sec. 5.1 of the lease provides that the city may unilaterally terminate the lease as to all or a portion <br />of the leased property for the purposes of airport expansion or airport related development <br />provided that in the case of partial termination, the yearly rental fee is reduced by $15.00 per acre <br />for each acre removed from the leased property <br />STATUS OF ISSUE: With the new addition of hangars on the north side of the airport, the overall <br />number of acres need to be reduced by 95.59 acres to provide for the development and any <br />necessary taxiways or other infrastructure. This reduction of acreage will reduce the annual <br />payment by $1,455.00. <br />BUDGET: Reduction in annual lease payment in the amount of $1,455.00, and the new annual <br />payment due on May 15, 2025 and going forward will be $9,028.75. <br />RECOMMENDATION: Approve the attached lease amendment document. <br />