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RESOLUTION NO. 96-011 WHEREAS, the Airport Advisory Board, upon finding that there is considcrable difference in the sizes of hangars requested, the types and numbers of aircraft [o be opera[ed from such hangars, and the use of both hangars and hangared aireraft, recommended to the City Counci] that the lease policy a[ Cox Field Airport he flexible based upon size, use, and es[imated income to the Airport opera[ion with a minimum [wenty-five (25) year primary [erm, rental prepaid by constmction of the hangar, a ten year option at a fixed ren[al, and a ten year option based on either $.06 per square foot or fair market value a[ the [ime of the exercising of the option, whichever is greater, and a maximum forty-five (45) year prunary [erm, rental prepaid by cons[ruction of the hangar, with a fif[een (15) year option at a fixed rental and an additional fifteen (15) year op[ion wi[h ren[al based on ei[her $.06 pcr squaze foot or fair market value a[ the time of the exercising of the option, whichever is grearer, with the Airport Advisory Board having an opportunity to make recommendations concerning the terms of leases under consideration 6y the City Council of the City of Paris; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THC CITY OF PARIS, [hat a lease policy for Cox Field Airport be, and the same is hereby, established as follows: 1. That the minimum primary [erm of any lease shall be twenty-five (25) years, ren[al prepaid by conshucdon of the hangar, wi[h a[en (10) year option at a fixed rental and an additional [en (10) year op[ion wi[h renfal based on ei[her $.06 per square foot or fair market value at the time of the exercising of the option, whichever is grea[er; 2. That the maximum primary [erm of any lease shall be CoRy-five (45) years, rental prepaid by construction of the hangar, with a fifteen (15) year option xt a fixed rental and an additional fiReen (15) year op[ion with rcntal based on either $.06 per square foot or fair market value at the time of the exercising of the option, whichever is grea[er; 3. That the size of the hangar requested, the type and number of aircraft to be operated from such hangaz, the use of both the hangar and the hangared aircrafr, and tlie estunated income to the Airport operation shall be taken into consideration when de[ermining the lease [erms to be offered; and 4. That the Airport Advisory Board shall be given an opportunity to make recommendations to the City Council conceming the terms of leases under consideration by the City Council. PASSED AND ADOPTED this 12th day of February, 1996.^ Eric S. Clifford, Mayor ATTEST: Mattie Cunningham, City Clerk\ nrPRovEn n , roxM: , T. K. aynes, Citf Attomey