Min 07/19/1928P
Wichita Falls, Texas.
t,iemorial Auditorium
Building,
July 19th, 1928.
The Board of Aldermen of the City of Wichita Falls met in
regular called session at b:00 o'clock P. Ta. on the above date with
the following members present:
J. W. Akin, Mayor,
A. 1, . King, Q
Oral Jones, Q
J. H. Patton, Q Aldermen,
J. W. Hunt, Q
G. D. Fairtrace, City 11anager,
W. E. McBroom, City Clerk.
The following proposal of the Wichita Falls ,,ir port Com-
pany, Inc., was presented by C. ',W. Cahoon, Jr. and C. I. Francis, to-
gether with other officers and directors of the Air Port Company:
"The wichita Falls 2jrport Company, Inc., was organized last
year for the purpose of purchasing a tract of available land and prop-
erly equipping it as a municipal airport and park, with the understand-
ing that such was being done for the use and benefit of the City of
Wichita Falls, Texas, without any profit of any kind or character to
accrue to any of the stockholders of said company.
There was a tentative understanding that the City of l'ichit a
Falls did not have available adequate financial resources to purchase
said land an equip the same for airport and park facilities, but that
the city tare over same when constructed and reimburse said company
for the actual expenditures made in connection therewith.
Acting under this general arrangement, the ,;iehita Falls Air-
port Company, Inc., has acquired two hundred and forty (240) acres of
land, situated on the wichita Falls-Burkburneft Highway, approximately
five and one-half ( 5-1/2 ) miles from the Court House at iliehit a Falls,
Texas. This tract of land is an ideal one for a municipal airport and
park and has been approved for such by representative of the Department
of Commerce, as well as by various experts in aviation.
Upon this tract of land there has been erected a complete,
modern, up-to-date galvanized steel hangar, with dimensions of 83 feet
by 116 feet, such hangar weighing approximately 93,000 pounds. This -
hangar was built at an actual cost to the company of �8,966.37, which
sum was considerably below the actual value thereof, as the airport
company was able to secure a contractor who was willing to build it
below cost for the advertising that it would give to his company in
this field of construction.
We have spent the sum of g297.38 for work on grounds and have
provided an adequate lighting equipment for the sum of w2,001.14. This
lighting equipment can be extended as the needs grow and as night fly-
ing and use increases. it is adequate for all present purposes.
There has been built an administration building adjoining the
hangar which cost, including insurance and the like, the sum of w1,652.95
The land cost $60.UO per acre, such being bought for $4,000.00
in cash, and the execution of five -promissory yendorts Lien notes, dated
February 9, 1928, due respectively two, three, four, five and six yearsfrom date, the first four notes being for the principal sum of :�2,100.00
and the last being for the sum of 42,000.00, bearing interest at the
rate of seven percent per annum.
You will thus see that we have expended in cash the sum of
116,y17.84 and have an outstanding obligation against this land of
vlO,400.00, with interest at seven percent thereon from and after Feb-
ruary 9, 1928.
We believe that we have arranged airport and park facilities
that are a credit to the City of Wichita Falls at an expenditure of
money far less than would have been necessary if constructed by the
municipality, or any other agency. In this expenditure no charge has beela
made for the services of those who have been in charge of this enterprisel,
and there is no profit, directly or indirectly, to anyone concerned.
,,e believe it to be to the advantage of the City of Wichita
Falls to acquire this property. In the first place, airport companies
carrying passengers, mail and express will not come into the City of
Gdichita Falls under any permanent arrangement where they must deal with
a field owned by private parties. They require municipal ownership.
In the second place, there are numerous people who will pay a bonus
for a contract to operate this field, but it is the opinion of the
citizens who have been interested in this venture that no contract
should be made for such operation except through the City of Wichita
Falls, Texas, under restrictions that will protect the property as a
public property.
,,ichita Falls cannot wait any longer, in our opinion, in ac-
quiring a municipally -owned airport. Progress along this line is so
rapid that we are going to be left in the lurch, unless our city does
own and operate such a field.
Vde, therefore, propose to the City of Wichita Falls that we
will deed over -to the city all of the property aforesaid for the actual
money which we have invested therein, amounting to the sum of gl6,917.84,
with the agreement on the part of the city to assume the outstanding
notes against said land. We also propose to turn over to the city, in
addition, a cash operating fund of 41,000.00, and agree that no interest
collections shall become payable during the current fiscal year.
If the city is not able at this time to reimburse us for our
cash outlay, we will agree to make said deed in consideration of the
city's obligation to pay us, on or before two years from date, the
sum of $17,917.84, with interest thereon at the rate of six percent
per annumo
We, have informally discussed this matter with various city
officials and have been requested to reduce our proposition to writing,
so that it may be acted upon officially by the governing Board of the
City of ',iichita r'alls, Texas.
Yours very truly,
W IC HITA FALLS AIRPORT CO., Inc.
By: C. W. Cahoon, Jr. ! ^�
President.
ATTEST: �1
S. Abbott
Secretary.
After thorough discussion and careful consideration of the
a proposal, the following motion was put in order:
Hoved by Alderman Jones that the City accept the proposal
contained in the memo of the „ichita Falls Airport Company amended,
however, to the extent that the deed conveying the property of said
Airport Company contain a clause stating that it is to be token over by
the City 44etq to J�ie ouet�t� indebtedness, which amounts to
17,917.8 ep s ac u ley invested by the Airport Company,
and 410,400.00, representing indebtedness against the land and that
the City Manager be authorized to close the trade in accordance there-
with.
i,otion seconded by Alderman Hunt and carried by the following
vote:
Yeas: Aldermen Jones, Hunt and ring.
:Jays: Alderman Patton.
...oved by Alderman ratton that the taxes on Lot 16, Block 84,
Floral Heights :addition, be cancelled for the year 1927 on account of
this property being ovined by the Presbyterian ChurchId"-04-111CC Q17.
..otion seconded by alderman Jones and carried.
:roved by Alderman King that the meeting be adjourned.
isotion seconded by Alderman Hunt and carried.
the Board of aldermen then adjourned.
?FAD UTD APPROVED this the 23rd day of July 1928.
may or
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