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Item No. 8 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: COX FIELD HANGAR LEASE EXTENSION <br />DATE: March 7, 2016 <br />BACKGROUND: Erik Zarones possesses a hangar ground lease at Cox Field which he assumed <br />from a previous leaseholder. That original lease was older and did not include an extension <br />option as all of our leases do now, including the new lease template recently approved by the city <br />council. <br />STATUS OF ISSUE: Mr. Zarones recently completed capital improvements to his hangar and <br />requested that a standard five -year extension clause be added to his lease in order to help ensure <br />he gets a reasonable return on his investment. The airport advisory board discussed the request <br />on February 18 and unanimously recommended approval. <br />BUDGET: NA <br />RECOMMENDATION: Approve, and authorize the city manager to execute, the attached lease <br />amendment. <br />