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765 <br />Resolution No. 96 -011, establishing the lease policy for Cox Field <br />Airport as follows: <br />1. That the minimum primary term of any lease shall be twenty -five <br />years, rental prepaid by construction of the hangar, with a ten vPar <br />option at a fixed rental and an additional 10 year option with rE al <br />based on either $.06 per square foot or fair market value at the me <br />of the exercising of the option, whichever is greater; --- <br />2. That the minimum primary term of any lease shall be forty -five <br />years, rental orepaid by construction of the hangar, with fifteen year <br />option at a fixed rental and an additional fifteen year option with <br />rental based on either $.06 per square foot of fair market value at the <br />time of the exercising of the option, whichever is greater; <br />3. That the size of the hangar requested, the type and number of <br />aircraft to be operated from such hangar, the use of both the hangar <br />and the hangared aircraft, and the estimated income to the Airport <br />operation shall be taken into consideration when determining the lease <br />terms to be offered; and <br />4. That the Airport Advisory Board shall be given an opportunity to <br />make recommendations to the City Council concerning the terms of leases <br />under consideration by the City Council, was presented. A motion was <br />made by Councilman Fulbright, seconded by Councilman Bell for approval <br />of the resolution. The motion carried 7 ayes, 0 nays. <br />