HomeMy WebLinkAboutOrdinance 9233,. , r
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ORDINANCE NO. ~~~
AN ORDINANCE AUTHORIZING THE EXECUTION OF FOUR'
LEASE AGREEMENTS AND OPTIONS TO EXTEND BETWEEN
THE DALLAS-FORT WORTH REGIONAL AIRPORT BOARD AND
VANTAGE PROPERTIES, INC., AND _TRAMMEL' CROW -
COMPANY; PROVIDING FOR ENGROSSMENT AND ENROLL-
MENT; DECLARING AN EFFECTIVE DATE.
WHEREAS, the Dallas-Fort Worth Regional Airport Board has
authorized the execution of four (4) separate Second Amended
Agreements of Lease in the Foreign Trade Zone with Vantage
Properties, Inc., and with Trammel Crow Company and have also
approved the assignment of such leases to the Prudential Insurance
Company of America; and
WHEREAS, each such lease contains an Extension Option which
extends the lease term beyond a period of forty (40) years, and,
accordingly, the Contract and Agreement between the Cities of Dallas
and Fort Worth dated as of April 15, 1968, and Article 46d-14,
Vernon's Texas Civil Statutes, as amended, require the approval
thereof by the City Council of the City of Fort Worth;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
SECTION 1.
That the four (4) separate Second Amended Agreements of Lease
between the Dallas-Fort Worth Regional Airport Board and Vantage
Properties, Inc., and Trammel Crow Company, in the form and sub-
stance attached hereto, are hereby accepted and approved.
SECTION 2.
That the appropriate officers of the City are authorized and
directed to execute_the same as required and where indicated in said
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leases.
SECTION 3.
That the Dallas-Fort Worth Regional Airport Board is authorized
to perform under and to administer such leases without further
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action of this City Council, except that no amendment should be
authorized by the Board extending the term of the leases without the
approval of this City Council.
SECTION 4.
That the City Secretary of the City of Fort Worth, Texas, is
hereby directed to engross and enroll this ordinance by copying the
caption in the minutes of the City Council and by filing this ordi-
nance in the ordinance records of the City.
SECTION 5.
That this ordinance shall take effect immediately from and
after its passage, in accordance with provisions of the Charter of
the City of Fort Worth, and it is accordingly so ordained.
APPROVED AS TO FORM AND LEGALITY:
Wade Adkins
City Attorney
Date: ~ ~' ~- ` ~
ADOPTED: ~~'" ~ ~ 5~
EFFECTIVE : ~~~-'- ~--~~
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TRANiPORTATIU
A\!IATION~ 1
Lfi i'+ I
DATE REFERENCE SUBJECT Approval of Lease Agreements and PAGE
10/2/84 *U*MBER Extension Options Between D/FW Airport 1
C-8655 and Vantage Properties, Inc. and Tramme i°r
Crow Co.
Background
By Resolution No. 83-169, passed on October 4, 1983, the Dallas-Fort Worth
Regional Airport Board authorized the execution of four revised ground leases
in the Foreign Trade Zone with Vantage Properties, Inc, and Trammel Crow Co and
also approved the assignment of such leases to the Prudential Insurance Company
of America. A copy of said Resolution is attached.
The Airport Board's standard ground lease form was used for each of these four
leases. Each of the leases contains a ten-year extension option, which extends
the lease term beyond a period of forty years. The contract and agreement between
the Cities of Dallas and Fort Worth and Article 46d-14, Vernon's Texas Civil
Statutes, require the approval of said extension option by the City Councils of
the Cities of Dallas and Fort Worth.
The staff of the Dallas-Fort Worth Regional Airport has requested that the City
Council,of the City of Fort Worth approve the four lease agreements and extension
options
Recommendation
It is recommended that the City Council adopt the attached ordinance authorizing
execution of the four lease agreements and extension options between the Dallas-
Fort Worth Regional Airport Board and Vantage Properties, Inc and Trammel Crow
Co.
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Attachment
APPROVED BY
CITY COUNCIL
OCT ~ tQ84
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City Seczetary of the
Cite of ~ 31YA~th~r Terms
SUBMITTED FOR THE
OFFIC EASY GER'S ~'
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ORIGINATING
DEPARTMENT HEAD• Wade Adkins
DISPOSITION BY COUNCIL. PROCESSED BY
/+~, _ APPROVED
OTHER (DESCRIBE)
CITY SECRETARY
FOR ADDITIONAL INFORMA ~
coNrncT ~~e Adkins Ext 7623 Adopted Or finance 0
DATE