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COX FIELD AIRPORT <br /> PARIS, TEXAS <br /> <br /> LEASE POLICY <br />FOR PRIVATELY BUILT HANGARS <br /> <br />I. PURPOSE AND GOALS OF POLICY <br /> <br />All leases for privately built hangars constructed after the effective date of this policy and located <br />on Cox Field Airport property will be considered when the proposed use is consistent with the <br />Airport Master Plan. It is the goal of the City of Paris to encourage high quality development, <br />continued maintenance and enhancement of facilities, and balanced uses of the Airport including a <br />diversity of based aircraft and businesses. This policy will help insure the Airport will receive an <br />appropriate return on the City's airport asset while providing equitable development opportunities <br />for present and future leaseholders. This policy addresses new leases, extensions, renewals, and <br />lease rates by: <br /> <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 /> <br />II. APPLICABILITY <br /> <br />This policy is applicable to all privately built hangars constructed after the effective date of this <br />policy and located on Cox Field Airport properties. <br /> <br />III. INITIAL LEASE <br /> <br />Initial leases require the submission of an application in a form specified by the City to be filed <br />with the City Manager. Thereafter, if all prerequisites are satisfied, a Cox Field Airport Standard <br />Ground Lease shall be prepared by the City and the appropriate support documentation shall be <br />forwarded to the Airport Director and subsequently to the Airport Advisory Board for review to <br />determine the viability of a proposed project and recommendation to the City Council. The lessee <br />shall be required to carry a construction bond or proof of financial wherewithal to complete the <br />construction of the proposed facilities. The term of the lease granted will be based on the size of <br />facility to be constructed. There will be no options available upon the expiration of the primary <br />term of a lease; however, then current lessees shall be given a right-of-first-refusal upon expiration <br />of either a ground or building lease for a new building lease upon the terms and conditions <br />established by the City of Paris. <br /> <br />IV. LEASES AFTER EXPIRATION OF INITIAL LEASES <br /> <br />Tenants of hangars which are built by the Tenant as consideration for a long-term ground lease <br />shall be given the right-of-first-refusal for the lease of such hangar upon the expiration of the initial <br />lease. The monthly rental rate for such hangars shall be determined as set out herein. <br /> <br />Cox Field Airport <br />Lease Policy <br /> <br />Page 1 <br /> <br /> <br />