HomeMy WebLinkAboutContract 18893-R2 CITY SECRETARY I(, Z
CONTRACT NO. o
SECOND RENEWAL TO LEASE AGREEMENT
(CITY SECRETARY CONTRACT NO. 18893)
WHEREAS, the City of Fort Worth ("Lessor") entered into a lease agreement
with Lake Worth Sailing Club, dated March 6, 1991 (City Secretary Contract No. 18893)
(the "Lease") for the land described therein as 8900 Sunrise Point CT formally known as
4064 Peninsula Club Circle, Fort Worth, TX 76135, for a Primary Term of fifteen (15)
years from March 6, 1991 to March 5, 2006 with two (2) ten year options;
WHEREAS, by way of Renewal of Lease Agreement (City Secretary Contract
No. 33653), Lessee exercised the First Renewal Term for a period of ten (10) years from
March 6, 2006 to March 5, 2016, and filed of record in the Tarrant County Real Property
Records on July 11, 2006 as Instrument#D203209700 ('Renewal of Lease Agreement")
with the option to renew the Lease for one (1) additional period of ten (10) years.
WHEREAS, by way of Lessee's notice dated May 12, 2014 and received May 18,
2015, Lessee requested the second Renewal Term for a period of ten (10) years from
March 6, 2016 to March 5, 2026. Lessor and Lessee desire to renew the lease for a
period of ten (10) years commencing March 6, 2016 to March 5, 2026;
NOW THEREFORE, in consideration of the mutual promises, obligations and the
rentals set forth below, the parties agree as follows:
1. The term of this renewal shall be for ten (10) years, commencing on
March 6, 2016, and ending on March 5, 2026.
2. Section 16 is hereby amended to require Lessee to maintain a minimum
Public Liability/General Liability coverage for bodily injury and property
damage no less than $1,000,000 per occurrence/$2,000,000 aggregate.
The liability policy shall list the City of Fort Worth as an Additional
Insured and proof shall be provided by Lessee to Lessor through a current
Certificate of Insurance provided to Lessor annually.
3. The Rent for the second renewal term, commencing March 6, 2016 and
ending March 5, 2026, shall start at an annual rate of $15,520.88.
Thereafter, the rental rate shall increase 2% annually and annual and
quarterly rentals shall be as follows:
4.
March 6, 2016 through March 5, 2017: $15,520.88 annually, $3,880.22
per quarter
March 6, 2017 through March 5, 2018: $15,831.30 annually, $3,957.82
per quarter
March 6, 2018 through March 5, 2019: $16,147.92 annually, $4,036.98
per quarter
a
OFFICIAL RECORD
CITY SECRETARY
2016 Lake Worth Sailing Club FT. �'■`�'nR"H9 TX
Renewal Page 1 - `�
March 6, 2019 through March 5, 2020: $16,470.88 annually, $4,117.72
per quarter
March 6, 2020 through March 5, 2021: $16,800.30 annually, $4,200.08
per quarter
March 6, 2021 through March 5, 2022: $17,136.31 annually, $4,284.08
per quarter
March 6, 2022 through March 5, 2023: $17,479.03 annually, $4,369.76
per quarter
March 6, 2023 through March 5, 2024: $17,828.61 annually, $4,457.15
per quarter
March 6, 2024 through March 5, 2025: $18,185.19 annually, $4,546.30
per quarter
March 6, 2025 through March 5, 2026: $18,548.89 annually, $4,637.22
per quarter
3. Notices to Lessee are to be sent to:
Lake Worth Sailing Club
PO Box 137512
Fort Worth, TX 76136-1512
Attn: Commodore
And to:
City of Fort Worth
1000 Throckmorton
Fort Worth, TX 76102
Attn: Legal Dept.
And to:
City of Fort Worth
Real Property Division
900 Taylor Street
Suite 404
Fort Worth, TX 76102
Attention: Sr. Land Agent-Lake Worth
4. All other terms and conditions of the Lease remain unchanged and in full
force and effect.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
2016 Lake Worth Sailing Club
r
Renewal Page 2
EXECUTED this _day of I m 1M bit- 2016.
LESSOR:
City of Fort Worth,
a Texas ipal corporation Ap oved as o orm and Legality:
Jesus J. Chapa, Assistant C ty Manager Assistant City Attolney
OF PO
P 0000000 q
n
,ee rt �lyt S
° °0
o
ity Secretary - o
°e
LESSEE:
LAKE WOtZTH SAILING CLUB,,
N Robert Richar
Title: Commodore EFT- WORTH�
ECORDETARYTHE STATE OF TEXAS § TM
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State and
County aforesaid, on this day personally appeared Jesus J. Chapa, known to me to be the
person whose name is subscribed to the foregoing instrument, and acknowledged to me
that he executed the same as the act and deed of the City of Fort Worth, a municipal
corporation of the State of Texas, and as the Assistant City Manager thereof, and for the
purposes and consideration therein expressed, and in the capacity therein stated.
TO
,px e LINDA M. HIRRLINGER Notary Public, State of Tehs
N Notary public,State of Texas
"; Comm.Expires 02-02-2018
Notary ID 12414474-6 My C 1SSlon Expires:
� I
2016 Lake Worth Sailing Club
Renewal Page 3
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State and County
aforesaid, on this day personally appeared Robert Richardson, Commodore of the Fort
Worth Sailing Club, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same as the act and
deed of the FORT WORTH SAILING CLUB, and for the purposes and consideration
therein expressed, and in the capacity therein stated.
���"'�"�e• LESTER EUGENE ENGLAND
.o Notary ub c, State'o&exas
Notary Public,State of Texas
My Commission Expires
June 28, 2018 My Commissionxpires:
2016 Lake Worth Sailing Club
Renewal Page 4
M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FoRTIVORT11
COUNCIL ACTION: Approved on 6/20/2006
DATE: 6/20/2006 REFERENCE NO.: C-21535 LOG NAME: 30SAILINGCLUB2
CODE: C TYPE: NON- PUBLIC CONSENT HEARING: NO
SUBJECT: Authorize the City Manager to Renew the Lease Agreement with the Lake Worth Sailing
Club for City Owned Property Located at 4064 Peninsula Club Circle, Lot 5, Block 19, Lake
Worth Lease Survey
RECOMMENDATION:
It is recommended that the City Council authorize a ten year lease renewal of the lease agreement with the
Lake Worth Sailing Club for Lake Worth lease property located at 4064 Peninsula Club Circle, Lot 5, Block
19, Lake Worth Lease Survey for an annual lease rate of$13,040.00.
DISCUSSION:
This Lake Worth property was originally leased to the Lake Worth Sailing Club on March 6, 1991 for a
period of 15 years, expiring on March 5, 2006. The lease allows renewal of the lease for two terms of ten
years each.
This is the first renewal request under this lease. The new lease rate has been adjusted to take into
account the change in market value and a reasonable return to the City. During this renewal term, the
annual lease rate will be subject to the annual CPI-U adjustment.
City staff recommends the renewal of this lease agreement as per the above terms.
The property is located in COUNCIL DISTRICT 7.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the Revenue office of the Fiscal Services Department is responsible for
the collection and deposition of funds from this lease.
TO Fund/Account/Centers FROM Fund/Account/Centers
FE70 442352 030001901000 $13,040.00
Submitted for City Manager's Office by: Marc Ott (8476)
Originating Department Head: Douglas Rademaker (6157)
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=5998&councildate=6/20/2006 12/8/2016
M&C Review Page 2 of 2
Additional Information Contact: Douglas Rademaker (6157)
ATTACHMENTS
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=5998&councildate=6/20/2006 12/8/2016