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COX FIELD AIRPORT <br />PAR/S, TEXAS <br />LEASE POLICY <br />FOR PR/VATELY BUILT HANGARS <br />l. PURPOSE AND GOALS OF POL/CY <br />All leases for privately built hangars constructed after the effective date of this policy and <br />located on Cox Field Airport property will be considered when the proposed use is <br />consistent with the Airport Master Plan. It is the goal of the City of Paris to encourage <br />high quality development, continued maintenance and enhancement of facilities, and <br />balanced uses of the Airport including a diversity of based aircraft and businesses. This <br />policy will help insure the Airport will receive an appropriate return on the City's airport <br />asset while providing equitable development opportunities for present and future <br />leaseholders. This policy addresses new leases, extensions, renewals, and lease rates <br />by: <br />• Establishing hangar development sizes with corresponding lease terms. <br />• Establishing uniform lease rates for Cox Field Airport. <br />• Encouraging full property utilization and preventing land-banking. <br />• Ensuring compliance with all State and Federal laws and grant assurances. <br />ll. APPLICABILITY <br />This policy is applicable to all privately built hangars constructed after the effective date of <br />this policy and located on Cox Field Airport properties. <br />lll. IN/T/AL LEASE <br />Initial leases require the submission of an application in a form specified by the City to be <br />filed with the City Manager. Thereafter, if all prerequisites are satisfied, a Cox Field <br />Airport Standard Ground Lease shall be prepared by the City and the appropriate support <br />documentation shall be forwarded to the Airport Director and subsequently to the Airport <br />Advisory Board for review to determine the viability of a proposed project and <br />recommendation to the City Council. The lessee shall be required to carry a construction <br />bond or proof of financial wherewithal to complete the construction of the proposed <br />facilities. The term of the lease granted will be based on the size of facility to be <br />constructed. There will be no options available upon the expiration of the primary term of <br />a lease; however, then current lessees shall be given a right-of-first-refusal upon <br />expiration of either a ground or building lease for a new building lease upon the terms and <br />conditions established by the City of Paris. <br />N. LEASES AFTER EXPIRATION OFINITIAL LEASES <br />Cox Field Airport Page 1 <br />Lease Policy ti l~ <br />