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Item No. 10 <br />memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Shawn Napier, P.E., Director of Engineering, Planning & Development <br />SUBJECT: LEASE REASSIGNMENT AT COX FIELD <br />DATE: June 17, 2015 <br />BACKGROUND: The City of Paris received a request from Mr. Jimmy Smyers to reassign a <br />ground lease for Hangar AAA. This hangar is located on the north side of the east -west hangar <br />taxiway at the west end. The original lease was between the City of Paris and Toby R. Adams in <br />1998 for thirty -five years. This lease was reassigned from Toby R. Adams to Chad D. Parrot in <br />2009. <br />STATUS OF ISSUE: Mr. Smyers is in the process of exchanging properties with Mr. Parrot and <br />the hangar is part of that transaction. Mr. Smyers is then proposing to sell the hangar to BUHA <br />Holding, LLC. <br />BUDGET: N/A <br />RECOMMENDATION: Reassign the hangar ground lease agreement from Chad D. Parrot to <br />Jimmy Smyers and then to BUHA Holding, LLC. <br />