08 - COX FIELD HANGAR LEASE EXTENSIONItem No. 8
memorandum
TO: Mayor & City Council
FROM: John Godwin, City Manager
SUBJECT: COX FIELD HANGAR LEASE EXTENSION
DATE: March 7, 2016
BACKGROUND: Erik Zarones possesses a hangar ground lease at Cox Field which he assumed
from a previous leaseholder. That original lease was older and did not include an extension
option as all of our leases do now, including the new lease template recently approved by the city
council.
STATUS OF ISSUE: Mr. Zarones recently completed capital improvements to his hangar and
requested that a standard five -year extension clause be added to his lease in order to help ensure
he gets a reasonable return on his investment. The airport advisory board discussed the request
on February 18 and unanimously recommended approval.
BUDGET: NA
RECOMMENDATION: Approve, and authorize the city manager to execute, the attached lease
amendment.
AMENDMENT OF LEASE
THE STATE OF TEXAS §
COUNTY OF LAMAR §
KNOW ALL MEN BY THESE PRESENTS
This Lease Agreement Amendment is made by and between the City of Paris, Texas, a home rule
municipal corporation (LESSOR), and Erik Zarones (LESSEE).
For and in consideration of the construction of new improvements related to the existing aircraft
hangar at Cox Field as described in an existing lease agreement assigned to LESSEE on June 8,
2015, LESSOR does hereby agree to amend said lease to include the following paragraph from
LESSOR's existing standard base lease document:
"This lease may be extended by Lessee for an additional five (5) year period, provided all
requirements of this agreement have been met; LESSEE owes no taxes, fees, or penalties to the
City of Paris; and LESSEE makes known its desire to extend the lease no later than six months
before expiration of the AGREEMENT."
This amendment shall be attached to and made a part of the existing lease agreement between
LESSOR and LESSEE and have the same force and effect as if it were part of the original
agreement.
EXECUTED on this day of
THE CITY OF PARIS, TEXAS
City Manager
ATTEST:
City Clerk
2016, to be effective 12016.
LESSEE
APPROVED AS TO FORM:
City Attorney
STATE OF TEXAS
COUNTY OF LAMAR
This instrument was acknowledged before me on the day of , 2016, by
Notary Public, State of Texas
STATE OF TEXAS
COUNTY OF LAMAR
This instrument was acknowledged before me on the day of , 2016, by
Notary Public, State of Texas