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COX FIELD AIRPORT <br />PARIS, TEXAS <br />LEASE POLICY (REVISED) <br />FOR PRIVATELY BUILT HANGARS <br />I. PURPOSE AND GOALS OF POLICY <br />All leases for privately built hangars constructed after the effective date of this policy and located on Cox <br />Field Airport property will be considered when the proposed use is consistent with the Airport Master <br />Plan. It is the goal of the City of Paris to encourage high quality development, continued maintenance <br />and enhancement of facilities, and balanced uses of the Airport including a diversity of based aircraft <br />and businesses. This policy will help insure the Airport will receive an appropriate return on the City's <br />airport asset while providing equitable development opportunities for present and future leaseholders. <br />This policy addresses new leases, extensions, renewals, and lease rates by: <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 />II. APPLICABILITY <br />This policy is applicable to all privately built hangars constructed after the effective date of this policy <br />and located on Cox Field Airport properties. <br />III. INITIAL LEASE <br />Initial leases require the submission of an application in a form specified by the City to be filed with the <br />City Manager. Thereafter, if all prerequisites are satisfied, a Cox Field Airport Standard Ground Lease <br />shall be prepared by the City and the appropriate support documentation shall be forwarded to the <br />Airport Director and subsequently to the Airport Advisory Board for review to determine the viability of <br />a proposed project and recommendation to the City Council. The lessee shall be required to carry a <br />construction bond or proof of financial wherewithal to complete the construction of the proposed <br />facilities. The term of the lease granted will be 40 years. <br />IV. LEASES AFTER EXPIRATION OF INITIAL LEASES <br />Tenants of hangars which are built by the Tenant as consideration for a long -term ground lease shall be <br />given the right -of- first - refusal for the lease of such hangar upon the expiration of the initial lease. The <br />monthly rental rate for such hangars shall be determined as set out herein. <br />V. TERMS OF LEASES <br />A. Background <br />The City of Paris based this policy on recommendations of the Airport Advisory Board and the results of <br />a study of other airports conducted by the Legal Department and presented in August 2001. The lease <br />