HomeMy WebLinkAboutContract 13060 CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
LEASE TERMINATION AGREEMENT CITY SECRETARY
�D
CONTRACT I.o_L 12
THIS LEASE TERMINATION AGREEMENT is entered into by and
between the CITY OF FORT* WORTH, TEXAS (herein called "City") ;
AMERICAN AIRLINES, INC. (herein called "American") ; and
CENTREPORT JOINT VENTURE (herein called "CentrePort") .
I N T R O D U C T I O N
A. The City and American are parties to that certain Lease
Agreement (City Secretary Contract No. 6127) dated as of October
1, 1968 , and amended by supplements dated March 1, 1972; May 1,
1975; and July 24 , 1979, covering certain premises at Greater
Southwest International Airport (herein called the "Lease") .
B. The City and CentrePort are parties to that certain
Option to Purchase Land (herein called the "Option") dated June
5, 1980, pursuant to which CentrePort has the option to purchase
from the City certain property located in Tarrant County, Texas,
being more particularly described in Exhibit "A" attached hereto
and incorporated herein by reference (hereinafter called the
"CentrePort Development") .
C. American wishes to terminate the Lease and enter into a
new lease with CentrePort Building No. 5 Joint Venture, an
affiliate of CentrePort, for a new facility located within the
CentrePort Development.
D. The City is agreeable to the termination of the Lease
subject to the conditions set forth hereinbelow.
NOW, THEREFORE, the parties hereto agree as follows:
1. The Lease shall be terminated on or before December 31,
1984, the date of such termination to be at American's option.
2. American will continue to pay the City a monthly amount
equal to FIFTEEN THOUSAND SIX HUNDRED FIFTY-NINE DOLLARS
($15,659.00) a month through December 31, 1983, and CentrePort
will thereafter pay to the City a monthly amount equal to FIFTEEN
THOUSAND SIX HUNDRED FIFTY-NINE DOLLARS ($15,659.00) for each
month during the calendar year 1984, to-wit, January through
December 1984.
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CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
3. Within one hundred twenty (120) days after American
vacates the premises covered by the Lease, CentrePort will
commence demolition and removal of the hangar building covered by
the Lease and will complete such demolition and removal with due
diligence and without unreasonable delay. All costs of said
demolition and removal shall be borne by CentrePort.
4. On or before June 5, 1983, CentrePort agrees to
takedown pursuant to the Option the 26.56 acres identified as
Tract 3 on Exhibit "A" at the then Deferred Takedown Price of
$172,477.00 as calculated pursuant to the Option provisions,
which amount shall be paid in cash and credited as a prepayment
against the final Option Payment due under the Option as opposed -
to the next Option Payment as presently provided for in paragraph
4 of the Option. Further, notwithstanding the provisions of
paragraph 4 of the Option, the final Option Payment shall be
reduced only by $172,477 and shall not be further reduced by
applying the seven and one-half percent (7-1/2%) discount factor.
5. Contemporaneously with the purchase of Tract 3 as
provided for in paragraph 5 above, CentrePort will reconvey same
to the City at no cost or expense to the City and thereafter
Tract 3 shall be no part of the Option.
6. On or before June 5, 1985, CentrePort agrees to do or
cause to be done one of the following at CentrePort' s option:
(a) Prepay $150,000 under the Option to apply to the
final Option Payment due under the Option as opposed to the
next Option Payment as presently provided for in paragraph 4
of the Option. Further, notwithstanding the provisions of
j paragraph 4 of the Option, the final Option Payment shall be
reduced only by $150,000 and shall not be further reduced by
applying the seven and one-half percent (7-1/2%) discount
factor presently called for in paragraph 4 of the Option nor
shall the $150,000 prepayment be increased at the rate of
seven and one-half percent (7-1/2%) per annum compounded
annually for purposes of computing the amount of credit
available to apply toward the Deferred Purchase Price or the
CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
Deferred Takedown Price as presently provided for in
paragraph 4 of the Option;
or
(b) Commence construction of a building or combination
of buildings within the northwest quadrant of the CentrePort
Development (as defined below) which when completed will
have an appraised value (including the value of building(s)
and land) for ad valorem tax purposes of at least
$3,500,000.
In the event CentrePort chooses alternate (b) above, any
appraised value in excess of $3,500,000 may be combined, at
CentrePort' s option, with the appraised value of the land and
buildings to be constructed under alternative 7 (b) , 8 (b) or 9 (b)
below to attain the appraised value required thereunder.
7. On or before June 5, 1986, CentrePort agrees to do or
cause to be done one of the following at CentrePort's option:
(a) Prepay $150,000 under the option to apply to the
final Option Payment due under the option as opposed to the
next Option Payment as presently provided for in paragraph 4
of the Option. Further, notwithstanding the provisions of
paragraph 4 of the Option, the final option Payment shall be
reduced only by $150,000 and shall not be further reduced by
applying the seven and one-half percent (7-1/20) discount
factor presently called for in paragraph 4 of the option nor
shall the $150 ,000 prepayment be increased at the rate of
seven and one-half percent (7-1/2%) per annum compounded
annually for purposes of computing the amount of credit
available to apply toward the Deferred Purchase Price or the
Deferred Takedown Price as presently provided for in
paragraph 4 of the Option;
or
(b) Commence construction of a building or combination
of buildings within the northwest quadrant of the CentrePort
Development (as defined below) which when completed will
have an appraised value (including the value of building(s)
CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
and land) for ad valorem tax purposes of at least
$3,500,000.
In the event CentrePort chooses alternate (b) above, any
appraised value in excess of $3 ,500,000 may be combined, at
i
CentrePort' s option, with the appraised value of the land and
buildings to be constructed under alternative 6 (b) above or 8 (b)
or 9 (b) below to attain the appraised value required thereunder.
8. On or before June 5, 1987, CentrePort agrees to do or
cause to be done one of the following at CentrePort' s option:
(a) Prepay $150 ,000 under the Option to apply to the
final Option Payment due under the Option as opposed to the
next Option Payment as presently provided for in paragraph 4
of the Option. Further, notwithstanding the provisions of
paragraph 4 of the Option, the final Option Payment shall be
reduced only by $150,000 and shall not be further reduced by
applying the seven and one-half percent (7-1/2%) discount
factor presently called for in paragraph 4 of the Option nor
shall the $150 ,000 prepayment be increased at the rate of
seven and one-half percent (7-1/2%) per annum compounded
annually for purposes of computing the amount of credit
available to apply toward the Deferred Purchase Price or the
Deferred Takedown Price as presently provided for in
paragraph 4 of the Option;
or
(b) Commence construction of a building or combination
of buildings within the northwest quadrant of the CentrePort
Development (as defined below) which when completed will
have an appraised value (including the value of building(s)
and land) for ad valorem tax purposes of at least
I
$3,500,000.
In the event CentrePort chooses alternate (b) above, any
I appraised value in excess of $3,500,000 may be combined, at
CentrePort's option, with the appraised value of the land and
buildings to be constructed under alternative 6 (b) or 7 (b) above
or 9 (b) below to attain the appraised value required thereunder.
CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
9. On or before June 5, 1988, CentrePort agrees to do or
cause to be done one of the following at CentrePort's option:
(a) Prepay $150,,000 under the Option to apply to the
final Option Payment due under the Option as opposed to the
next Option Payment as presently provided for in paragraph 4
of the Option. Further, notwithstanding the provisions of
paragraph 4 of the Option, the final Option Payment shall be
reduced only by $150,000 and shall not be further reduced by
applying the seven and one-half percent (7-1/2%) discount
factor presently called for in paragraph 4 of the Option nor
shall the $150,000 prepayment be increased at the rate of
seven and one-half percent (7-1/2%) per annum compounded
annually for purposes of computing the amount of credit
available to apply toward the Deferred Purchase Price or the
Deferred Takedown Price as presently provided for in
paragraph 4 of the Option;
or
(b) Commence construction of a building or combination
of buildings within the northwest quadrant of the CentrePort
Development (as defined below) which when completed will
have an appraised value (including the value of building(s)
and land) for ad valorem tax purposes of at least
$3 ,500,000.
In the event CentrePort chooses alternate (b) above, any
appraised value in excess of $3,500,000 may be combined, at
CentrePort' s option, with the appraised value of the land and
buildings to be constructed under alternative 6 (b) , 7 (b) or 8 (b)
above to attain the appraised value required thereunder.
10. As used in paragraph 6 through 9 above, the following
terms shall have the following meanings:
(a) The term "northwest quadrant of the CentrePort
Development" shall mean the area bounded on the south by an
imaginary line created by the extension of Sovereign Road
west of Amon Carter Boulevard to Highway 360; bounded on the
west by Highway 360; bounded on the north by Highway 183 and
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CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
bounded on the east by Amon Carter Boulevard. This area is
outlined in red on Exhibit "B" attached hereto and
incorporated herein by reference.
(b) The term "commence construction" shall mean that
the owner of the property has: (i) obtained a building
permit from the appropriate governmental authorities
authorizing construction of the building and improvements to
be constructed; (ii) entered into a construction contract
with a contractor for the construction of the building; and
(iii) expended at least the sum of ten thousand dollars
($10,000.00) pursuant to such construction contract for
on-site construction work.
11. This agreement and all* rights and obligations of the
parties hereto are expressly contingent upon the execution of a
valid lease between CentrePort Building No. 5 Joint Venture as
Landlord and American as Tenant covering the land described on
Exhibit "C" attached hereto and improvements to be constructed
thereon.
NP
AGREED AND EXECUTED this day of , 1983.
CITY OF FORT WORTH, TEXAS
BY: �Q --
1iPPR0VED AS TO FORM AND LEGALITY: Title: ( '
City Attorney
ATTEST: AMERICAN NES, INC.
4aty Title Secretary
APPROVED BY CITY COUNCIL
ITF-t- Secsretary
_Da'
Date
CENTREPORT BUILDING NO. 5
AMERICAN AIRLINES
CENTREPORT JOINT VENTURE
BY: CENTREPORT INVESTORS,. a Texas
general partnership
BY: CENTRE DEVELOPMENT CO. , INC. ,
its Managing Partner
BY:
J c I. Mcju
resident r
BY: GENSTAR CENTREPORT ASSOCIATES, a
California limited partnership
BY: GENSTAR PACIFIC INVESTMENTS,
its sole General Partner
BY:
am—es--S. Wa'aden
Vice President
CENTREPORT
EXHIBIT "A"
TRACT l:
BEING 1,155.421 acres of land situated in the A. Barnard
Survey, Abstract No. 107, the Vincent J. Hutton Survey, Abstract
No. 681, the James J. Goodman Survey, Abstract No. 583 , the John
Burnett Survey, Abstract No. 178 and the Lorenzo D. Burnett
Survey, Abstract No. 177, Tarrant County, Texas, and the Survey
Abstract No. 1697, Dallas County, Texas, said 1,155.421 acre
tract being all of those certain tracts of land as described in
the Deed to the City of Fort Worth and recorded in Volume 2458,
Page 60; Volume 2444, Page 279; Volume 2400, Page 61; Volume
2182, Page 471; Volume 2077, Page 475; Volume 2331, Page 94;
Volume 2087 , Page 07; Volume 2201, Page 380; Volume 2151, Page
336 and Volume 2149 , Page 308 , Tarrant County Deed Records and a
portion of those certain tracts of land as described in the Deed
to the City of Fort- Worth and recorded in Volume 2190 , Page 592;
Volume 2581, Page 354; Volume 2037, Page 567 and Volume 2008,
Page 243, said Deed Records, said 1,155.421 acre tract also being
all of that certain tract of land as described in the Deed to the
City of Fort Worth and recorded in Volume 4925, Page 109, Dallas
County Deed Records, said 1,155.421 acre tract being all real
estate owned by the City of Fort Worth, Texas, East of the
Easterly right-of-way line of State highway No. 360, North of the
Northerly right-of-way line of the CRI&G Railroad and South of
the Southerly right-of-way lime of Statc: highway No. 183, said
1,155.421 acre tract of land being more particularly described by
metes and bounds as follows:
BEGINNING at the intersection of the north right-of-way line
of the CRI&G Railroad right-of-way with the easterly right-of-way
line of State Highway No. 360;
THENCE along said easterly right-of-way line the following
courses and distances:
N 29 039142" W, 552.15 feet;
N 21°10118" W, 101. 12 feet;
N 24°51118" W, 280.25 feet;
N 16°52 '59" W, 278. 82 feet;
N 17°53'39" W, 277.79 feet;
N 10 037 '18" W, 232.31 feet;
N 43°40'42" E, 71.83 feet;
N 03 044118" W, 155. 82 feet;
N 56 014 ' 18" W, 97 .36 feet to the beginning of a nontangent
curve to the right whose radius is 2,689.79 feet and whose long
chord bears N 00°19122" W, 6 . 36 feet;
Along said nontangent curve to the right in a northwesterly
direction through a central angle of 00 008107" , 6.36 feet to the
end of said curve;
N 00°15118" W, 176.02 feet;
N 89°44142" E, 12.30 feet;
N 00 015' 18" W, 21.40 feet;
S 89°44 '42" W, 12.30 feet;
N 00 015118" W, 520.80 feet;
N 52°52 '21" E, 119.61 feet;
N 12°32134" W, 172. 34 feet;
N •44°09 '34" W, 83.45 feet;
N 00°14123" W, 1,149 .73 feet;
N 05 041'38" E, 13.1.42 feet to the beginning of a nontangent
curve to the right whose radius is 2,834.79 feet and whose long
chord bears N 06°01'25" E, 336.90 feet;
Along said curve to the right in a northeasterly direction
through a central angle of 06°48' 48" , 337. 10 feet to the end of
said curve;
CENTREPORT
N 09 026102" E, 609.07 feet;
N 31 017150" E, 53.87 feet;
N 77 042111" E, 175.60 feet;
N 32 024111" E, 184.62 feet;
N 53041122" W, 252.44 feet;
N 00°44 ' 17" E, 149.45 feet to the beginning of a nontangent
curve to the right whose radius is 1,879.86 feet and whose long
chord bears N 52°43'23" E, 2,324.56 feet;
Along said nontangent curve to the right in a northeasterly
direction through a central angle of 76°22152" , 2,506.05 feet to
the end of said curve and being in the southerly right-of-way
line of State Highway No. 183;
THENCE leaving the aforementioned easterly right-of-way line
of State Highway 360 and along said southerly line the following
courses and distances:
S 89°05' 11" E, 562.36 feet to the beginning of a nontangent
curve to the right whose radius is 1,879.86 feet and whose long
chord bears S 81 051120" E, 482.05 feet;
Along said nontangent curve to the right in a southeasterly
direction through a central angle of 14143158" , 483.38 feet to
the end of said curve;
S 68°12124" E, 199. 13 feet;
S 38°22' 18" E, 144.26 feet;
S 72°00' 48" E, 219.98 feet;
N 77°10112" E, 186. 12 feet;
S 72°03 ' 19" E, 871.57 feet;
S 78°26 ' 12" E, 179 .79 feet to the beginning of a nontangent
curve to the left whose radius is 1,610 .40 feet and whose long
chord bears S 85°24155" E, 392.82 feet;
Along said curve to the left in a southeasterly direction
through a central angle of 14 000139" , 393.80 feet to the end of
said curve;
N 87 032143" E, 762.81 feet;
S 78°28 '41" E, 102.95 feet;
S 68 013107" E, 109.97 feet;
N 86 052131" E, 26 .82 feet to the northwest corner of a tract
of land as described in the Deed to M. E. Haney and recorded in
Volume 6683, Page 876j.
THENCE S 00 012' 39" W, leaving said southerly right-of-way
line and along the westerly line of said M. E. Haney Tract and
the westerly line of a tract of land as described in the deed to
Harlan Ray and Winston Castleberry as recorded in Volume 3115,
Page 573 , Tarrant County. Deed Records, 1,348.26 feet to the most
northerly southwest corner of said Harlan Ray and Winston
Castleberry Tract;
THENCE N 89 043134" E, along the southerly line of said
Harlan Ray and Winston Castleberry Tract 1,070 .87 feet to the
northwest corner of Lot 1, Block 1, Southwest Air ded in
Subdivision, an Addition to the City of Fort Worth as recorded in
Volume 388-90 , Page 24 , Tarrant County Plat Records;
THENCE S 00 005 '07" E, leaving said southerly line and along
the westerly line of said Block 1, 899.05 feet to the southwest
corner of said Block 1;
THENCE S 89 042148" E, at 732.61 feet past the southeast
corner of said Block 1, and continuing in all 919 .52 feet to the
northwest corner of a tract of land as described in the Deed to
K. W. Sellers, Trustee, and recorded in Volume 78038, Page 2208,
CENTREPORT
Dallas County Deed Records; said corner also being in the County
line of Tarrant and Dallas Counties;
THENCE S 00 032125" W, along the westerly line of said
Sellers Tract, and along the westerly line of a tract of land as
described in the Deed to K. W. Sellers, Trustee, as recorded in
Volume 77195, Page 2471, Dallas County Deed Records, 2 ,484 .26
feet to a point in the common survey line of the aforementioned
Lorenzo D. Burnett Survey and the James J. Goodman Survey;
THENCE N 89 058103" W, leaving the westerly line of said
Sellers Tract, 222.29 feet to the northwest corner of a tract of
land as described in the Deed to Able Lopez, Jr. , et ux and
recorded in Volume 79111, Page 2651, Dallas County Deed Records;
THENCE S 00 005116" W, along the westerly line of said Lopez
Tract, 663.11 feet;
THENCE S 1B°13'35" E, along the westerly line of said Lopez
Tract and along the westerly line of a tract of land as described
in the Deed to C. E. Powell and recorded in Volume 72001, Page
2830, Dallas County Deed Records, 734 .07 feet to the southwest
corner of said Powell Tract;
THENCE N 88 006128" E, 150.23 feet to the northwest corner of
a tract of land as described in the Deed to Milton H. Friend,
Jr. , and recorded in Volume 70148, Page 1831, Dallas County Deed
Records;
THENCE S 50 053117" E, along the westerly line of said Friend
Tract 358 .99 feet;
THENCE S 18 050140" E, continuing along the westerly line of
said Friend Tract 332.86 feet to the southwest corner of said
Friend Tract, same being in the aforementioned north right-of-way
line of the CRI&G Railroad right-of-way;
THENCE along said northerly right-of-way line the following
courses and distances:
N 88°52 '49" W, 2,512.94 feet;
N O1°07 ' 11" E, 50.00 feet;
N 88°52'49" W, 5 ,314 .65 feet to the beginning of a curve to
the left whose radius is 11,609.16 feet and whose long chord
bears N 89 019 '28" W, 179 .94 feet;
Along said nontangent curve to the left in a westerly
direction through a central angle of 00 053117" , a distance of
179.94 feet to the point of beginning and containing 1, 155.421
acres of land.
TRACT 2:
BEING a part of 73.571 acres of land situated in the John
Burnett Survey, Abstract No. 178, the Lorenzo D. Burnett Survey,
Abstract No. 177 , the John Childress Survey, Abstract No. 268 and
the Payton R. Splane Survey, Abstract No. 1454, Tarrant County,
Texas, ,and also the Lorenzo D. Burnett Survey, Abstract No. 1697
and the Payton R. Splane Survey, Abstract No. 1731, Dallas
County, Texas, and being all of those certain tracts of land as
described to the City of Fort Worth and recorded in Volume 4024,
Page 676; Volume 4007 , Page 401; Volume 4394 , Page 29; Volume
4162., Page 509; Volume 3439 , Page 292; and Volume 4680, Page 133,
Tarrant County Deed Records, and all of those certain tracts of
land as described in the Deed to the City of Fort Worth and '
recorded in Volume 5334 , Page 203, and Volume 5486 , Page 92,
Dallas County Deed Records, said 73 .571 acre tract of land being
more particularly described by metes and bounds as follows:
CENTREPORT
COMMENCING at the intersection of the east right-of-way line
of State Highway No. 360 with the north right-of-way line of the
CRI&G Railroad right-of-way, said point also being the beginning
of a nontangent curve to the right whose radius is 11,609.16 feet
and whose long chord bears. S 89°19'28" E, 179.94 feet;
THENCE along said nontangent curve to the right and along
the north right-of-way line of said railroad in an easterly
direction through a central angle of 00°53' 17" a distance of
179.94 feet to the end of said curve;
THENCE S 88 052149" H, continuing along said northerly
railroad right-of-way line 5 ,314 .65 feet;
THENCE S O1 007111" W, 50.00 feet;
THENCE S 88 052149" E, continuing along said right-of-way
line 1,318.95 feet;
THENCE S O1 007111" W, leaving said right-of-way line 200.00
feet to the point of beginning of the tract herein described and
being in the south line of said railroad right-of-way and the
northeast corner of a tract of land as described in the Deed to
J. J. Meeker, et al, and recorded in Volume 6787, Page 790,
Tarrant County Deed Records;
THENCE S 88 052149" E, along said south railroad right-of-way
line 1,736 .32 feet to the northwest corner of a tract of land as
described in the Deed to the City of Grand Prairie and recorded
in Volume 77117, Page 1711 , Dallas County Deed Records;
THENCE S O1 002149" E, leaving said southerly railroad
right-of-way line and along the westerly line of said City of
Grand Prairie Tract 1 ,107 .07 feet;
THENCE S 89°41104" W, leaving the westerly line of said City
of Grand Prairie Tract 1,893.69 feet to a point in the easterly
line of the aforementioned Meeker Tract;
THENCE N 00 001 ' 26" E, along the easterly line of said Meeker
Tract 571.02 feet;
THENCE N 89 042129" E, 141 .69 feet;
THENCE N 00°26 '33" W, continuing along the easterly line of
said Meeker Tract 57'9.52 feet to the point of beginning and
containing 47.011 acres of land, more or less.
TRACT 3:
BEING a part of 73.571 acres of land situated in the John
Burnett Survey, Abstract No. 178, the Lorenzo D. Burnett Survey,
Abstract No. 177, the John Childress Survey, Abstract No. 268 and
the Payton R. Splane Survey, Abstract No. 1454 , Tarrant County,
Texas, and also the Lorenzo D. Burnett Survey, Abstract No. 1697
and the Payton R. Splane Survey, Abstract No. 1731, Dallas
County, Texas, and being all of those certain tracts of land as
described to the City of Fort Worth and recorded in Volume 4024 ,
j Page 676; Volume 4007 , Page 401; Volume 4394 , Page 29; Volume
4162, Page 509; Volume 3439, Page 292; and Volume 4680, Page 133,
Tarrant County Deed Records, and all of those certain tracts of
land as described in the Deed to the City of Fort Worth and
recorded in Volume 5334 , Page 203 , and Volume 5486, Page 92,
Dallas County Deed Records, said 73.571 acre tract of land being
more particularly described by metes and bounds as follows:
COMMENCING at the intersection of the east right-of-way line
of State Highway No. 360 with the north right-of-way line of the
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CRI&G Railroad right-of-way, said point being the beginning of a
nontangent curve to the right whose radius is 11,609. 16 feet and
whose long chord bears S 89°19 '28" E, 179.94 feet;
THENCE along said nontangent curve to the right and along
the northerly line of said railroad right-of-way in an easterly
direction through a central angle of 00 053117" a distance of
179.94 feet to the end of said curve;
THENCE S 88 052149" E, continuing along said north railroad
right-of-way line 3,178 .33 feet;
THENCE S 01 007 ' 11" W, 300.0 feet to the point of beginning
of the tract herein described and being in the south right-of-way
line of said railroad right-of-way and the northwest corner of a
tract of land as described in the Deed to J. J. Meeker, et al,
and recorded in Volume 6787 , Page 790, Tarrant County Deed
Records;
THENCE S 00 027140" E, leaving said south right-of-way line
and along the westerly line of said Meeker Tract 387.57 feet to
the beginning of a nontangent curve to the left whose radius is
1,160.00 feet and whose long chord bears S 72°42145" E, 703.59
feet;
THENCE along said nontangent curve to the left in a
southeasterly direction through a central angle of 35 118131" a
distance of 714 .85 feet to the end of said curve;
THENCE S 89 051 '45" W, 295.61 feet;
THENCE S 0 016105" E, along the westerly line of said Meeker
Tract 619.40 feet;
THENCE S 89 043 ' 54" W, 588.84 feet to a point in the westerly
line of said Meeker Tract and in the easterly line of a tract of
land as described in the Deed to James Demases and recorded in
Volume 988, Page 208 , Tarrant County Deed Records;
THENCE N 27 007105" W, leaving the westerly line of said
Meeker Tract and along the easterly line of said Demases Tract
349.15 feet;
THENCE N 55 018 '05" W, continuing along the easterly line of
said Demases Tract 19.5. 26 feet to the northwest corner of said
Demases Tract and in' the easterly line of a tract of land as
described in the Deed to G.S.C. Properties, Inc. and recorded in
Volume 4759 , Page 504 , Tarrant County Deed Records;
THENCE N 00 005154" W, along the easterly line of said G.S.C.
Tract 199. 10 feet to the northeast corner of said G.S.C. Tract;
THENCE N 89 020145" W, along the northerly line of said
G.S.C. Tract 335 .62 feet to a point in the easterly line of a
railroad lease as recorded in Volume 4393 , page 905, Tarrant
County Deed Records;
THENCE along the easterly line of said railroad lease the
following courses and distances:
N 15°31102" W, 114 . 39 feet;
N 24°18' 10" W, 65.20 feet;
N 24 018114" W, 45. 19 feet;
N 31°21 ' 14" W, 106.43 feet;
N 39°03' 14" W, 107 .00 feet;
N 47°23114" W, 105.38 feet;
N 51°25' 14" W, 103.63 feet;
N 55 044114" W, 103.88 feet;
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CENTREPORT
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N 60 018' 14" W, 85.51 feet to a point once again in the
aforementioned south right-of-way line of the CRI&G Railroad;
THENCE S 88 052149" E, along the south line of said railroad
right-of-way 1 ,380.03 feet to the point of beginning and
containing 26 .560 acres of land, more or less.
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C
EXHIBIT "B"
I
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�~ °W _ LAND USE PLAN F9j9==F9
CENTBEPORT BUILDING 0D. 5
EXHIBIT "C"
BEING part of 'Block 302, Area 3, Section l, Ceotze2ort, an
addition to the City of Fort Worth, Tarrant County, Texas,
according to the plat of game recorded in Plat Volume 388/I58/
Page 64, Tarrant County Deed Records, said tract being a portion
of that certain tract of land as described in deeds to the City
of Fort Worth and recorded in Volume 2008, Page 243/ and Volume
2037, Page 567 <rzaot "A"> , Tarrant County Deed Records,
situated in the James J. Goodman Survey, Abstract Number 583,
Tarrant County, Texas, and being more particularly described by
metes and bounds as follows:
COMMENCING at the north end of a 10 foot curved corner clip
at the intersection of the northerly right-of-way line of Trinity
Boulevard (a 120 foot wide public right-of-way) with the easterly
right-of-way line of Buckingham Road (a 60 foot wide public
right-of-way) as shown on said plat;
THENCE 0 00" 321 25" E, 365.26 feet along said easterly
right-of-way line to a 5/8 inch iron rod, with cap stamped
"Carter 6 Burgess" , the POINT OF BEGINNING of the herein
described tract of land/
THENCE continuing N DO" 32 ' 25" E, 734,00 feet along said
easterly right-of-way line to a 5/8 ioob iron rod with cap
stamped "Carter a Burgess" ;
THENCE G 89" 271 35" E, 319.00 feet to a 5/8 ioob iron rod,
with cap stamped "Carter & Burgess" ;
THENCE 8 00" 32' 25" W, 263,64 feet to a 5/8 inch iron rod,
with cap stamped "Carter a Burgess" , being the beginning of a
curve, concave northeasterly, whose radius is 453.37 feet and
whose long chord bears S 38" 27 ' lO" E, 578.54 feet;
THENCE SOUTHEASTERLY, along said curve through a central
angle of 77" 59 ' 09" , an arc distance of 617.09 feet to a 5/8
iuob iron rod, with cap stamped "Carter a Burgess" , in the
westerly right-of-way line of Cambridge Road (a 60 foot wide
public right-of-way) , the end of said curve;
THENCE G OO" 32 ' 25" R, 26.91 feet along said westerly
right-of-way line to a. 5/8 ioob iron rod with cap stamped "Carter
a Burgess";
THENCE N 89" 27 ' 35" W, 678.00 feet, to the POINT OF
BEGINNING and containing 284,042 square feet, or 6.521 acres of
land, more or less.
City of Fort Worth, Teem
Mayor and Council Communication
DATE REFERENCE SUBJECT: PAGE
NUMBER Cancellation of American Airlines
4/12/83 C-6848 Lease at G.S.I.A. iof _1
Background
In 1968, the City of Fort Worth leased a building at Greater Southwest
International Airport (GSIA) to American Airlines (American) for a term
ending May 5, 1989, or effective with the opening of the Dallas-Fort Worth
Regional Airport (City Secretary Contract No. 6127) . On March 1, 1972, a
supplement was executed and a second supplement on May 1, 1975, adjusting
the rent to be paid the City to $10,300 per month with negotiated adjust-
ments each three years based on the fair-market rental value of the property
(with a limitation of 12%, 14.5% and 14.5%) if requested by either party 60
days prior to January 13 of 1977, 1980, 1983, and 1986. Either party had the
tig# to terminate the lease after May 1, 1983, by giving to the other party
24 months advance written notice thereof.
The lease was amended again on July 24, 1979, to expire May 31, 1990, unless
sooner cancelled by agreement of the parties.
American has requested that the City cancel the lease effective with their
move into a new building to be constructed (Letter attached) . It is anticipated
that the proposed new facility could be constructed and available for occupancy
by November, 1983. When American vacates the old building, Centre Development
Co., Inc. will pay a contractor to demolish and remove the' old structure and then
the underlying land will become part of the land area subject to purchase as
specified in the Option to Purchase Land Agreement between Centre and the City.
Centre has offered in writing to pay $15,659 rent per month through December
31, 1984, to the City even'though the building will be demolished about
January 1,1984 (Letter attached) .
Recommendation
It is recommended that:
1) The City Manager be authorized to accept the written proposal of
Centre Development Company concerning the subject American lease as
set forth above; and,
2) The City Manager be authorized to execute the attached Lease Termination
Agreement. ,
MCM:j c;
Attachments
SUBMITTED FOR HE DISPOSITION BY COUNCIL: PROCESSED BY
CITY MANAGER'S ,
OFFICE BY: t ���ti r ❑ APPROVED
ORIGINATING ❑ OTHER (DESCRIBE)
DEPARTMENT HEAD: M. C. Matson CITY SECRETARY
FOR ADDITIONAL INFORMATION
CONTACT: M. C. Matson Ext. 6143 DATE