HomeMy WebLinkAboutAmerican Quarter Horse Finals at Will Rogers PresntationPProposed Ground Lease American Quarter Horse FoundationOctober 15, 2019
BBackground Information •The American Quarter Horse Foundation(AQHF) would like to construct a new facility to house a museum as well as the American Quarter Horse Association (AQHA) association headquarters adjacent the Western Heritage Garage.•The headquarters would be relocated from its current location in Amarillo. •The move includes the relocation of approximately 35-60 employees and the hiring of 100 to 125 additional employees.•AQHF would like to enter into a ground lease with the city.
Fort Worth Police Calvert Facility(TRWD Lease)CoreCivic600 N. Henderson St.
PProposed DesignUPS FacilityUPS Facility
IInterior Design
Office DesignOOffice Design
Proposed Lease Terms•.6+/- acres ground lease for 50-yr. initial term with five 10-year automatic renewals•Rent to equal 8% return on appraised value of property ($1,137,198) = $90,953 annually reduced proportionally by the percent of the building that is made up by the museum (approximately 50%)•AQHF may be granted rent credits for additional events held in Fort Worth that produce an identifiable economic impact or by donating usable equipment to the Fort Worth Herd (i.e. horse trailers or usable horses)•AQHF will pay any lease hold taxes
RRecommendation/Next Steps•Place M&C on Oct. 29thCity Council meeting agenda to authorize the City Manager to sign the ground lease•Design work to begin Winter of 2019•Construction to begin spring of 2021
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