HomeMy WebLinkAboutContract 35104C;I�Y ��CREiARY' 1
�,ON�iRACT fVO.
FORT WORTH MEACHAM INTERNATIONAL AIRPORT
AGREEMENT
RIGHT OF FIRST REFUSAL
LEASE STTE 2-W
FORT WORTH MEACHAM TNTERNATIONAL AIRPORT
This AGREEMENT ("Agreement") is made and entered into by and between the
CITY OF FORT WORTH ("Lessor"), a home-rule municipal corporation organized under the
laws of the State of Texas and situated in portions of Tarrant, Denton and Wise Counties, Texas,
acting by and through Marc Ott, its duly authorized Assistant City Manager, and GROUP
HOLDINGS EG, INC., ("Holder"), a Texas corporation, acting by and through Robert M.
Bass, its duly authorized President.
RECITALS
WHEREAS, Lessor and Texas Jet Inc., ("Lessee") have previously entered into an
agreement for the lease of certain real property at Fort Worth Meacham International Airport (the
"Airport"); and
WHEREAS, Lessee currently leases numerous parcels of certain real property at the
Airport; and
WHEREAS, Lessor owns certain real property at the Airport identified as Lease Site 2-
W (the "Additional Premises"); and
WHEREA5, Lessor and Lessee previously entered into an agreement whereby Lessor
granted Lessee the Right of First Refusal to lease the Additional Premises at the Airport until
September 30, 2008, pursuant to CSC No. 31989; and
WHEREAS, Holder has requested, and Lessee and the City have agreed by M&C C-
21423 and by letter of consent to cancellation signed by Lessee dated March 20, 2006, to cancel
CSC No. 31989, and grant a Right of First Refusal to lease the Additional Premises in favor of
Holder; thereby canceling Lessee's Right of First Refusal to lease the Additional Premises.
NOW THER_EFORE, in consideration of the mutual covenants, promises and
obligations contained herein, the parties agree as follows:
Right of First Refusal
Group Holdings EG, Inc.
Lease Site 2-W
Page 1 of 5
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AGREEMENT
Cancellation of CSC No. 31989
By execution of this Agreement, CSC No. 31989 in favor of Texas Jet, Inc., is hereby
terminated. All rights, duties and obligations set forth therein are hereby cancelled.
2. Additional Premises
Lessor owns approximately Seventy Seven Thousand Four Hundred Twenty
Eight (77,428) square feet of unimproved ground known as Lease Site 2-W ("Additional
Premises") at Fort Worth Meacham rnternational Airport ("Airport") in Fort Worth, Tarrant
County, Texas, identified in Exhibit "A," attached hereto and hereby made a part of this
Agreement for all purposes. From the effective date of this Agreement until September 30, 2011,
Holder shall have a non-transferrable non-assignable right of first refusal to lease all or part of
that parcel of land known as Site 2-W, subject to the terms and conditions set forth herein.
Lessor and Holder have approved such
purposes and, if a e e
3. Compensation
herein for all
and Holder, may be attached as part of or as a
As consideration for Holder's right of first refusal to lease Site 2-W, Holder shall
pay Lessor the sum of $0.01 per square foot comprising the site. Holder may renew its right of
first refusal to lease Site 2-W on an annual basis, commencing on October 1 of a given year and
expiring September 30 of the following year, by (i) notifying Lessor in writing not less than
thirty (30) days nor more than one hundred twenty (120) days prior to the expiration of the one-
year term of the then-current right of first refusal that Holder wishes to renew its annual right of
first refusal to lease Site 2-W and (ii) paying Lessor the sum of $0.01 per square foot or Seven
Hundred Seventy Four and 28/100 Dollars ($774.28). Holder's right of first refusal to lease Site
2-W shall in no event extend past September 30, 2011, unless an extension is approved by
Lessor.
4. Prerequisites for Exercise of First Ri�ht of Refusal.
Holder's right of first refusal to lease the Additional Premises is subject to Lessor's advance
written approval of such written plans and specifications and (ii) Holder's reasonable assurance to
Lessor that Holder will commence construction of any approved development within twelve (12)
months. If Lessor does not approve such plans and specifications or if Holder does not give Lessor
reasonable assurance that Holder will commence construction of any approved development within
twelve (12) months, Lessor shall be under no obligation to lease the Additional Premises to Lessee.
Holder's rights of first refusal to lease the Additional Premises are also subject to
Right of First Refusal
Group Holdings EG, Inc.
Lease Site 2-W
Page 2 of 5
Holder's advance provision to Lessor of written plans and specifications for the development of the
Additional Premises, which plans and specifications shall meet or exceed any proposed
development for the Additional Premises or any portion thereof by a third party, as reasonably
determined in good faith by Lessor in its sole discretion. If a tlurd party submits a proposal to
Lessor for development of the Additional Premises or any portion thereof, Lessor shall notify
Holder in writing as soon as practicable and shall give Holder not less than ninety (90) days to
submit its own proposal for development of the Additional Premises or any portion thereof. If (i)
Holder fails to submit such a proposal in accordance with Lessor's instructions or (ii) Holder's
proposal for development of the Additional Premises does not meet or exceed any proposed
development for the Additional Premises or any portion thereof by a third party, as reasonably
determined in good faith by Lessor in its sole discretion, then Lessor shall be free to lease the
Additional Premises to a third party and Holder shall no longer have any rights in or to the
Additional Premises.
[Signature Pages Follow]
Right of First Refusal
Group Holdings EG, Inc.
Lease Site 2-W
Page 3 of 5 3
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EXECUTED IN MULTIPLE ORIGINALS, this �� day of ,�A85�
�
CITY OF FORT WO�H: ATTEST:
/ �
B � - � B I� �
Y• Y•
Marc Ott '' Marty Hendrix
Assistant City Manager City Secretary
Date: � � / 9Jo �
Approved as to Form and Legality:
By; 3 v
Maleshia Farmer
Assistant City Attorney
M& C: C-21423; Approved 5/2/06
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on
this day personally appeared Marc Ott, known to me to be the person whose name is subscribed to
the foregoing instrument, and acknowledged to me that the same was the act of the City of Fort
Worth and that he executed the same as the act of the City of Fort Worth for the purposes and
consideration therein expressed and in the capacity therein stated.
GNEN LTNDER MY HAND AND SEAL OF OFFICE this /9�day of ay ,
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Right of First Refusal
Group Holdings EG, Inc.
Lease Site 2-W
Page 4 of 5
Notary Public in and for the State of Texas
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GROUP HOLDINGS EG, INC.
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Date: 1 � �� � d�
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on
this day personally appeared Robert M. Bass, lrnown to me to be the person whose name is
subscribed to the foregoing instrument, and aclrnowledged to me that the same was the act of
Group Holdings EG Inc., and that he executed the same as the act of Group Holding EG Inc., for
the purposes and consideration therein expressed and in the capacity therein stated.
GNEN LTNDER MY HAND AND SEAL OF OFFICE this g��'` day of N� v�. ��, �je ;
2006.
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{��� i�C�iARY PUBLIC Notary Public in an for th State of Texas
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Right of First Refusal
Group Holdings EG, Inc.
Lease Site 2-W
Page 5 of 5
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LEGAL DESCRIPTION
BElNG 1.777 acres af land located in the S.A. & M.G. RAILROAD COMPANY SURVEY,
Abstract No. 1464, Tarrartt County, Texas, and being a portion af the Fart Worth Municipaf
Airport, Meacham Field, as conveyed to the City of For# Worth by the deeds recorded in
Volume 1074, Page 498, Volume 4958, Page 636, and Volume 191 �, Page 561 of the
Deed Records of Tarranfi County, Texas. Said 1.777 acres of fand being more particularly
described using the North Central Texas State Plane Coordinates NAD 27 datum, as
follows:
BEG1NNfNG at a 1/2" iron rod set having a Texas State Plane Coordinates of X=
2,Q42,305.232, and Y= 418,233.951, said point lying S 80° 32' S8" E 136.43 feet,
from the Northwest corner of the F.A.A, Controf Tower Lease Tract, having a Texas
State Plane Coordinate of X= 2,a42,170.65 and Y= 4� 8,256.37;
THENCE N 09° 27' 07" E 46.76 feet, to an "X" cut in concrete set, having Texas State
Plane Coordinate of X= 2,0�42,312.9'12 and Y= 418,280,080;
THENCE N 08° 10' 12" W 282,65 feet, ta a 1/2" iron rod set having a Texas State
Pfane Coordinate of X= 2,042,272.744 and Y= 418,559.865;
THENCE S 79° 57' 22" E 245.55 feet, to a 1/2" iron rod set having a Texas State Plane
Coordinate of X= 2,�42,514.527 and Y= 41$,517.041;
THENCE 08° 1'i' 25" E 329.08 feet, to a 1/2" iran rod set having a Texas State Plane
Caordinate ofiX = 2,042,561.407 and Y= 418,191.320;
THENCE N 80° 33' 06" W 259.70 feet, to THE PLACE OF BEGlNNfNG, containing
'l,777 acres (77,426 square feet) of land.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 5/2/2006
DATE: Tuesday, May 02, 2006
LOG NAME: 55RFR GROUP REFERENCE NO.: **C-21423
SUBJECT:
Authorize Consent to Cancel City Secretary Contract No. 31989 with Texas Jet, Inc., and Grant
Right of First Refusal Agreement in Favor of Group Holdings EG, Inc., for Lease Site 2W at Fort
Worth Meacham International Airport
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to:
1. Authorize the cancellation of City Secretary Contract (CSC) No. 31989 with Texas Jet, Inc.; and
2. Authorize execution of a Right of First Refusal Agreement in favor of Group Holdings EG, Inc., for lease
site 2W at Fort Worth Meacham International Airport.
DISCUSSION:
On June 8, 2004, (M&C C-20106) the City Council authorized the execution of a Right of First Refusal
agreement with Texas Jet, Inc. for 77,428 square feet of unimproved land at Fort Worth Meacham
International Airport. Mr. Reed Pigman President of Texas Jet, Inc., now wishes to relinquish all rights
associated with (CSC) No. 31989 in favor of Group Holdings EG, Inc.
Group Holdings EG, Inc., through its President Mr. Robert M. Bass, has requested a right of first refusal to
lease approximately 77,428 square feet of unimproved land at Fort Worth Meacham International Airport.
The actual square footage of the lease site will be determined upon completion of a ground survey. Group
Holdings EG, Inc., shall have the right of first refusal to lease all or part of the proposed site for five years. In
accordance with established policy, if a third party brings forward a written proposal to lease and develop
such property, Group Holdings EG, Inc., will have 90 days to submit plans and specifications for the lease
and development of the same site that meet or exceed the third party proposal. In such event, Group
Holdings EG, Inc., will have the right to lease and develop the site. If Group Holdings EG, Inc., does not
submit plans and specifications for the lease and development of the site that meet or exceed the third party
proposal within 90 days, then the third party will have the right to lease the site and Group Holdings EG,
Inc., will forfeit all rights to the site.
In return for the right of first refusal, Group Holdings EG, Inc., will pay the City of Fort Worth an annual fee
equal to $0.01 cents for each square foot comprising the site. The revenue generated from this agreement
is anticipated to be $774.28 annually. Based on an assumed start date of May 1, 2006, the revenue
generated for the remainder of the fiscal year will be $322.62.
Fort Worth Meacham International Airport is located in COUNCIL DISTRICT 2.
Logname: SSRFR GROUP Page 1 of 2
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the Revenue Office of the Finance Department will be responsible for the
collection and deposit of funds due to the City under this agreement.
TO Fund/AccountlCenters FROM Fund/AccountlCenters
PE40 491352 0551101 322.62
Submitted for City Manager's Office b�
Originatin� Department Head:
Additional Information Contact:
Marc Ott (6122)
Mike Feeley (871-5403)
Mike Feeley (871-5403)
Logname: SSRFR GROUP Page 2 of 2