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Home My WebLink AboutContract 53601-R1 CSC No. 43601-R1 FIRST RENEWAL FOR CITY SECRETARY CONTRACT NO.43601 FORT WORTH MEACHAM INTERNATIONAL AIRPORT GROUND LEASE AGREEMENT LEASE SITE 40S This FIRST RENEWAL TO CITY SECRETARY CONTRACT NO. 43601 ("RENEWAL") 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 FORTY SOUTH, LLC ("Lessee"), a Texas limited liability company, acting by and through COLE MEANS its duly authorized Managing Member,each individually referred to as a"party" and collectively referred to as the "parties." RECITALS The following statements are true and correct and form the basis of this Agreement. WHEREAS,on or about January 4, 1983,Burnett Aviation Co.,Inc. ("Former Lessee")and the Lessor entered into City Secretary Contract ("CSC") No. 12887, a thirty (30) year Fixed Base Operator Lease for unimproved ground space known as Lease Sites 40S and 43S at Fort Worth Meacham International Airport ("Airport"), consisting of a total of 236,778 square feet of ground space expiring on January 3,2013 ("Previous Lease"); and WHEREAS,Former Lessee requested to divide Lease Sites 40S and 43S into three individual lease tracts to be known as Lease Sites 39S,40S, and 41 S (formerly 43S); and WHEREAS,on or about September 11,2012,through Mayor and Council Communications (M&C)No.C-25812,City Council authorized Lessor to enter into a certain Ground Lease Agreement (CSC 43601) with Former Lessee, dated September 14, 2012, (the "Lease"), for the use of real property consisting of 111,194 square feet of ground space, including a 14,400 square foot hangar known as Lease Site 40S and any improvements and facilities thereon ("Leased Premises") at the Airport; and WHEREAS,the Initial Term of the Lease expires on January 3,2023 with three(3)options to renew at ten (10)years each with a requirement that upon exercising the first renewal, a hangar rate will be added to Lessee's monthly rental payment obligation; and WHEREAS, On or about August 23, 2022, City Council, through M&C 22-0645, authorized a certain Consent to Assignment (CSC 43601-CAl) dated August 25, 2022, which approved an assignment of the leasehold interest in Lease Site 40S from Former Lessee to Lessee; and Fort Worth Meacham International Airport Forty South,LLC OFFICIAL RECORD Renewal Option No.1 to CSC No.43601 CITY SECRETARY Page 1 of 6 FT.WORTH,TX WHEREAS, the Lessor and Lessee now wish to exercise the first renewal term provided under the Lease. NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,Lessor and Lessee hereby agree as follows: 1. The Lease is hereby renewed and extended for the first permitted renewal term of ten (10) years, commencing on January 4, 2023 and expiring at 11:59 PM on January 3,2033. 2. In accordance with 3.2.3."Ten-Year Adjustments,Hangar Rate,"in the Lease,the new hangar rate of$7.50 per square foot or One Hundred Eight Thousand Dollars and 00/100 ($108,000)per year,payable in monthly installments of Nine Thousand Dollars and 00/100 ($9,000),will be added as part of the rent under the Lease in addition to the already established ground rate. The hangar rate is commensurate with the appraised fair market value as reported by a licensed third-party appraiser. 3. All other terms and conditions of the Lease shall remain in full force and effect. The statements set forth in the recitals above are true and correct and form the basis upon which Lessor and Lessee have entered into this Agreement. The Lease is a public document on file in Lessor's City Secretary's Office and is incorporated herein by reference for all purposes. 4. All other provisions and conditions of the Lease that are not expressly amended herein or directly in conflict with the provisions and conditions of this Amendment shall remain in full force and effect. [Signature Pages Follow] Fort Worth Meacham International Airport Forty South,LLC Renewal Option No.1 to CSC No.43601 Page 2 of 6 IN WITNESS WHEREOF, the parties hereto have executed this Agreement in multiples on this the 17th day of November ,2022. CITY OF FORT WORTH: 47 By:Dana Burghdoff(Nov 15,20 19:30 CST Dana Burghdoff Assistant City Manager Date: Nov 15, 2022 �19ylz' SELENA ALA Nary Public STATOF TEXAS 2528 STATE OF TEXAS § yNotary Exp.M r.31M Comm.Ex Mar.31,2024 COUNTY OF TARRANT § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Dana Burghdoff, 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day 2022. Nov 16,2022 Selena Ala(Nov 16,2022 12:53 CST) Notary Public in and for the State of Texas a FoR� APPROVED AS TO FORM ATTEST: ��oF........--0o1 AND LEGALITY: ono °%�=do Q(��nE�A56a By: , By: Jannette S.Goodall(N(3v 17,2022 08:30 CST) Thomas Royce Hansen Jannette S. Goodall Assistant City Attorney City Secretary M&C: C-25812 — V Approval Date: 09/11/2012_ Fort Worth Meacham International Airport Forty South,LLC Renewal Option No.1 to CSC No.43601 OFFICIAL RECORD Page 3 of 6 CITY SECRETARY FT.WORTH,TX Contract Compliance Manager: By signing, I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. ga&.6aAm?eat Barbara Goodwin Real Property Manager LESSEE: ATTEST: FORTY SOUTH,LLC � C By: 44' •m� By: Cdc AkJws, Aw*Af;.,) Mc+j4co- Date: N%vcw.W- 1�1, totZ 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 COLE MEANS 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 FORTY SOUTH, LLC and that s/he executed the same as the act of FORTY SOUTH,LLC for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this 14 day 2022. RUTH G TREVINO Notary Public 1 n and for the State of Texas � Notary Public *•. ; STATE Ol"TI XAS -'•, ,'�' Watery ID#5446949 ,oi My Camp Exp.Apr#13,2026 Fort Worth Meacham International Airport Forty South,LLC Renewal Option No.1 to CSC No.43601 Page 4 of 6