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HomeMy WebLinkAboutContract 24403-A2 r ary SECRET CONTRACT Na ;I SECOND AMENDMENT TO CITY SECRETARY CONTRACT NO. 24403 LEASE AGREEMENT BETWEEN CITY OF FORT WORTH AND MONROE STREET VENTURE THIS SECOND AMENDMENT to City Secretary Contract No. 24403 (the "Second Amendment") is made and entered into by and between the CITY OF FORT WORTH, a home rule municipal corporation of the State of Texas located within Tarrant, Denton, and Wise Counties (hereinafter referred to as the "City"), acting by and through Fernando Costa, its duly authorized Assistant City Manager and MONROE STREET VENTURE, consisting of its partners, Gordon S. Swift, Henry W. Simon, Jr., Robert M. Roby, Weir W. Wilson, JK Skillern Irrevocable Insurance Trust, Harold Hammett and Sheldon Anisman, partners, acting by and through its managing partner, Ron G. Crabtree r WHEREAS, on November 16, 1998, the City and Monroe Street Venture entered into a lease agreement (City Secretary Contract No. 24403) whereby Monroe Street Venture leased fifty-eight (58) parking spaces on the fourth floor of the City's parking garage located at loth and Taylor Streets for a five (5) year term with an additional five (5) year renewal term(the "Lease"); WHEREAS, City and Monroe Street Venture mutually entered a renewal term which expired July 31, 200 8; WHEREAS, the Lease gives the City the right to adjust the rate charged for the spaces as deemed necessary, and after a review of increased expenses and parking rates for other downtown Fort Worth garages, City Council approved an amendment to the Lease on July 24, 2007 (M&C C-22262 ; WHEREAS, City and Monroe Street Venture mutually entered a First Amendment to the Lease (City Secretary Contract No. 35648) which authorized a rate of OFFICIAL RECORD j ,;; A) "", : ;.i 1 �� CITY SECRETARY FT.WORTHS'Tx .f $97.00 per space and a three (3) year term commencing on September 1, 2007 with an additional two (2) year renewal term; WHEREAS, City and Monroe Street Venture mutually entered a renewal term which expired on August 31, 2012; WHEREAS, City Council approved a second amendment to the Lease on August 21, 2012 (M&C C-25793) for a three (3) year term with an additional two (2) year renewal term with the right to withdraw any of the parking spaces for its own use after the initial three (3) year term; WHEREAS, it is the intention of the City of Fort Worth and Monroe Street Venture to continue in the Lease; and WHEREAS, the parties desire to modify the terms of the Lease and incorporate these modifications into their agreement; NOW, THEREFORE, KNOW ALL BY THESE PRESENTS: That, for and in consideration of the mutual agreements in the Lease, the City and Monroe Street Venture do hereby agree as follows: 1. Subsections B and C of Section I of the Lease are hereby amended to read in their entirety as follows: B. Upon mutual agreement of the parties, Lessee shall have the option to renew this Lease with the existing terms set forth herein for one three (3) year renewal term. If Lessee desires to exercise the option to renew for an additional (2) year renewal term, it may do so by giving written notice to 2 • the Lessor ninety (90) days prior to the termination of the (3) three year renewal term which begins on September 1 2012 and ends on August 31't 2015. C. It is expressly understood and agreed that Lessor may elect to withdraw any portion of the 58 spaces for its own use at the end of the three (3) year renewal term. 2. Subsections A and B of Section II of the Lease are hereby amended to read in their entirety as follows: A. Lessee covenants and agrees to pay Lessor as monthly rental for the described parking spaces a sure equal to 97% of the monthly rental rates as may be established by the Fort Worth City Council, as such rates may change from time to time, plus applicable sales tax. The current rate for purposes of this Agreement is $100.00 per parking space, with a 3% discount applied the rate will be $97.00 or (58 X $97.00=$5,526.00), plus applicable sales taxes, per month. B. All monthly rental payments shall be payable in advance on or before the first day of each month, with the first monthly rental payment hereunder being due on or before September 1, 2012. 3. Except as modified by this Second Amendment, the Lease and all covenants, agreements, terms and conditions thereof shall remain in full force and effect and are hereby in all respects ratified and confirmed and nothing contained herein shall release 3 Lessor or Lessee from any obligation or liability accruing under the Lease prior to the date hereof. IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to the Lease on the respective dates indicated below. EXECUTED this the day of 4!91 012. Lessor: CITY OF FORT WORTH Lessee: MONROE STREET VENTURE vv By: �....�� By: Fernando Costa, Ron G. Crabtree, Assistant City Manager .adaq� Managing Partner ate' FoRr�a� .�o� o op p'�o U �o�ATTEST: 1 � ° o n 3o) 0° °°0 °ar J. K A44�n � AM&C C-25793 8/21/2012 �a u � Apfroved as to orm and Legality I earn Guzman Assistant City Attorney OFFICIAL RECORD CITY SECRETARY FT.WORTH,TX 4 N1&C Review Page 1 of 1 Official site©f the City of Fort Worth,Texas o�T� �� CITY COUNCIL AGENDA ............. ............ COUNCIL ACTION: Approved on 812112012 DATE: 8/21/2012 REFERENCE NO.: **C-25793 LOG NAME: 20MONROE STREET PUBLIC NO CONSENT CODE: C TYPE: HEARING: SUBJECT: Authorize Execution of Amendment to City Secretary Contract No. 35648 with Monroe Street Venture for the Lease of the Fourth Floor of the Municipal Parking Garage Located at Tenth and Taylor Streets to Extend the Term (ALL COUNCIL DISTRICTS) RECOMMENDATION: It is recommended that the City Council authorize the execution of an amendment to City Secretary Contract No. 35648, the lease Agreement with Monroe Street Venture for the fourth floor of the Municipal Parking Garage located at Tenth and Taylor Streets to extend the lease with a three-year term commencing on September 1, 2012 and one two-year renewal option. DISCUSSION: On August 15, 2007, a Lease was entered into between the City and Monroe Street Group for the lease of 58 parking spaces on the fourth floor of the Municipal Garage. This Lease was extended on August 31 2010, with an end date of August 31, 2012. The Transportation and Public Works Department proposes to extend the Lease to include a three- year term commencing September 1, 2012 and ending on August 31, 2015, with an option for one two-year extension. The rental rates will remain the same, at a rate of$100.00 per month per space. However, pursuant to the original lease Agreement, there is an application of a three percent discount on the rate, making the effective rate$97.00 per space per month,with an overall total rental of $5,626.00 per month. The City also has the right to withdraw part or all of the parking spaces on this floor for its own use after the end of the initial three-year term. FISCAL IN FORMATIONICERTIFICATION: The Financial Management Services Director certifies that the Transportation and Public Works Department Parking Fund will be responsible for the collection and deposit of funds due to the City. TO Fund/AccounVCenters FROM Fund/Account/Centers PE59 442042 0208505 $67512.00 Submitted for City Mana_aer's offi Fernando Costa (6122) OriQnatina De artment Head: Douglas W. Wiersig (7801) Additional Information Contact: Peter Elliott(7977) ATTACHMENTS AMEND MOIVROE STREET VENTURES 7.30.2012.DOC http-.Happs.cfwnet.org/councit—Packet/mc-review.asp?ID=171 00&councildate=8/21/2012 101312012