HomeMy WebLinkAbout(0017) M&C 20-0045City of Fort Worth, Texas
Mayor and Council Communication
DATE: 01/28/20 M&C FILE NUMBER: M&C 20-0045
LOG NAME: 17FWMBCCSECONDLEASE
SUBJECT
Authorize the Execution of a Lease Agreement with the Fort Worth Metropolitan Black Chamber of Commerce for Office Space in the Fort Worth
Business Assistance Center at 1150 South Freeway (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council authorize the execution of a five-year Lease Agreement with the Fort Worth Metropolitan Black Chamber
of Commerce for office space at the Fort Worth Business Assistance Center located at 1150 South Freeway.
DISCUSSION:
The historic James E. Guinn School campus is owned by the City of Fort Worth and managed by the Economic Development Department. The
Fort Worth Business Assistance Center is located in the former middle school on the campus and provides office, training and conference room
space to organizations involved in small business development.
The lease terms of the Agreement between the Fort Worth Metropolitan Black Chamber of Commerce (Lessee) and the City of Fort Worth
(Lessor) are:
• The lease begins January 15, 2020 and expires January 14, 2025. Upon the expiration of the Initial Term of this lease, Lessee shall have two
consecutive options to renew the Lease for terms of five years each (Renewal Term) at the rental rate for comparable space at the Building;
• The lease space consists of Suite 211 located at 1150 South Freeway and the base rent will be $12.52 per square foot per year. The space
will be used solely for the purpose of office space and/or education and training;
• Lessor will cover building utilities, maintenance, security, janitorial and any taxes, if any, imposed on the property; and
• Lessee may terminate the lease for cause or convenience and shall provide a 90-day Notice of Intent to Terminate.
The total annual revenue collected from this Agreement will be $33,841.56 which represents a total of $169,207.80 over the five year term of the
Agreement period.
The James E. Guinn School campus is located in COUNCIL DISTRICT 8.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendation and execution of the lease, the Economic
Development Department (and Financial Management Services) is responsible for the collection and deposit of funds due to the City, and prior to
any expense being incurred, the Economic Development Department also has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Robert Sturns 2663