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-1484 Regular Council Meeting February 27, 2012 Page 8 were final in a couple of years that the entities could pay off the entire amount at that time should they choose to do so. PEDC Director Steve Gilbert asked if he could offer an option. Mr. Gilbert said he and Delbert Horton were talking earlier and that Mr. Horton had several conversations with the people at TxDOT SIB Loan. Mr. Gilbert said there is the option that SURRMA could have two notes, one of those notes could be the 1.45 million for the City only and the other note could be for all of the other entities that wanted to go to term. He said the City would have the chance to pay it all off with no pre -pay penalty or could pay it out at the same rate. Mr. Horton said if the City thinks they are going to go that way, it needed to be structured in a single loan and then SURRMA would not be hit with a cash flow problem. Mr. Horton said he had requested this arrangement on Friday, but did not know for sure if they would agree to have the City on a single loan. A Motion to authorize and approve the Interlocal Agreement and the payment schedule set out was made by Council Member Frierson and was seconded by Council Member Pickle. Motion carried, 5 ayes — 2 nays, with Council Members Wright and Avila casting the dissenting votes. Mayor Hashmi asked City Council to move item 28 forward. A Motion to move item 28 forward was made by Council Member McCarthy and seconded by Council Member Frierson. Motion carried, 7 ayes — 0 nays. 28. Deliberate and act on RESOLUTION NO. 2012 -022: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AN ASSIGNMENT OF A GROUND LEASE BETWEEN WILLIAM T. BOOTHE AND MAGNUM PERFORMANCE, INC. FOR A HANGAR AT COX FIELD AIRPORT; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. Shawn Napier explained that Bill Boothe sold his hangar and requested that the hangar lease be transferred to Magnum Performance, Inc. A Motion to approve transfer of the hangar lease was made by Council Member Pickle and seconded by Council Member Grossnickle. Motion carried, 7 ayes — 0 nays. Mayor Hashmi moved to item 19. 19. Public hearing, first reading, deliberate and possibly act on ORDINANCE NO. 2012-007: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING A SITE PLAN FOR A PLANNED DEVELOPMENT DISTRICT — HOUSING DEVELOPMENT OR COMMUNITY UNIT DEVELOPMENT (PD -b), PREVIOUSLY ESTABLISHED BY THE ENACTMENT OF ZONING ORDINANCE NO. 1710, ON LOT 1, BLOCK A, WATER TOWER PLACE CB 258 ADDITION,