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RFSOLUTION N0. 1510 <br />WHEREAS, the City Council of the City of Paris did hereto- <br />fore in Resolution No. 1500 authorize the sale of a 10 acre plot <br />out of the Cox Field property to Paris, Texas Industrial <br />Foundation, Inc. at a consideration of $7,000.00; and, <br />WHEREAS, Cox Field and said 10 acre tract are subject to <br />the terms of two surplus property instruments dated the 25th day <br />of February, 1949 and the 26th day of June, 1959, respectively, <br />by which the airport land and certain buildings and improvements <br />thereon were conveyed to the City of Paris and such property was <br />also subject to the terms of a grant agreement for Project No. <br />9-41-149-5701, dated the 17th day of June, 1957, which, together, <br />require that the Federal Aviation Administration on behalf of the <br />United States of America must be assured that an amount at least <br />equal to the current fair market value of the released property <br />be expended for airport purposes; and, <br />WHEREAS, the current fair market value of the 10 acre tract <br />has been established at $7,000.00; and, <br />WHEREAS, the Administrator of the Federal Aviation <br />Administration has duly authorized the Director, Southwest <br />Region, Federal Aviation Administration, to execute deeds of <br />release on behalf of the United States, and the same has been <br />accomplished; and, <br />WHEREAS, it is necessary that the City of Paris accept the <br />terms of said release, a copy of which is attached hereto as <br />Exhibit A; NOW, THEREFOR E, <br />BE IT RFSOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS2 <br />That the deed of release dated September 11, 1972, from the <br />United States of America to the City of Paris, Paris, Texas, <br />attached hereto as Exhibit A, is hereby accepted; and, <br />BE IT FURTHER RFSOLVED, That the City of Paris does hereby <br />agree to all of the terms and conditions imposed upon it by the <br />hereinabove described deed of release. <br />Passed and adopted this 25th day of September, 1972. <br />, <br /> <br />- ~ <br />, <br />;f <br />r Jaos W. Farris,' Mayor <br />i ' <br />ATTEST • <br />. ~ <br />H. C. Greene, City Clerk <br />AP OVED FORM : <br />T. K. Haynes ity Attorney <br />