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7 9 V RESOLUTION NO. 96 -011 WHEREAS, the Airport Advisory Board, upon finding that there is considerable difference in (lie sizes of hangars requested, the types and numbers of aircraft to be operated from such hangars, and the use of both hangars and hangared aircraft, recommended to the City Council that the lease policy at Cox Field Airport be flexible based upon size, use, and estimated income to the Airport operation with a minimum twenty -five (25) year primary term, rental prepaid by construction of the hangar, a ten year option at a fixed rental, and a ten year option based on either $.06 per square foot or fair market value at the time of the exercising of the option, whichever is greater, and a maximum forty -five (45) year primary term, rental prepaid by construction of the hangar, with a fifteen (15) year option at a fixed rental and an additional fifteen (15) year option with rental based on either $.06 per square foot or fair market value at the time of the exercising of the option, whichever is greater, with the Airport Advisory Board having an opportunity to make recommendations concerning the terms of leases under consideration by the City Council of the City of Paris; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, that a lease policy for Cox Field Airport be, and the same is hereby, established as follows: 1. That the minimum primary term of any lease shall be twenty -five (25) years, rental prepaid by construction of the hangar, with a ten (10) year option at a fixed rental and an additional ten (10) year option with rental based on either $.06 per square foot or fair market value at the time of the exercising of the option, whichever is greater; 2. That the maximum primary term of any lease shall be forty -five (45) years, rental prepaid by construction of the hangar, with a fifteen (15) year option at a fixed rental and an additional fifteen (15) year option with rental based on either $.06 per square foot or fair market value at the time of the exercising of the option, whichever is greater; 3. That (lie size of the hangar requested, the type and number of aircraft to be operated from such hangar, the use of both the hangar and the hangared aircraft, and the estimated income to the Airport operation shall be taken into consideration when determining the lease terms to be offered; and 4. That the Airport Advisory Board shall be given an opportunity to make recommendations to the City Council concerning 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 APPR /OVED A FORM: . K. 4 Haynes, City Attorney