HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2021-01RESOLUTION NO. FWLDC-2021-01
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing n Lease Amendment fi,ith A&R Logistics, Inc. for
Premises located at 1381 Meacham Road to Extend the Term
WHEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of
real property located at 1381 Meacham Road ("Property"), which Property is improved with a
large parking area and a 12,317 square foot building, among other improvements ("Premises");
WHEREAS, Corporation entered into a lease ("Lease") with A&R Logistics, Inc., an
Illinois corporation, for the Premises, pursuant to a resolution approved by the Corporation on
April 6, 2010, for the purpose of maintaining, parking and cleaning tractor trailer trucks; and
WHEREAS, the Board of Trustees of the Corporation, on April 5, 2014, approved a
resolution for the renewal of the Lease with A&R Logistics, Inc. for a term ending on April 6,
2020 with rent in an amount of $7,000 per month for the first two years and then increasing 21/2%
each year thereafter;
WHEREAS, the Board of Trustees of the Corporation, on February 18, 2020 approved a
resolution for the renewal of the Lease with A&R Logistics, Inc. for a term ending on March 31,
2021;
WHEREAS, the Board of Trustees of the Corporation, on September 25, 2018, approved
the sale of the Property to CHM Industries, Inc., subject to the Lease, and such sale is pending and
expected to close in Fiscal Year 2021;
WHEREAS, due to the pending sale of the Property, A&R has requested an 18-month
extension to the Lease on the same terms and conditions as the current Lease in order to continue
its leasehold interest through the transfer of the Property and to work with all impacted parties.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes the
execution of a Lease Amendment for the renewal of the Lease for an 18-month term with A&R
Logistics, Inc. on the same terms and conditions as the current Lease; and
FURTHER RESOLVED, that the President or Vice President is hereby authorized to
execute the Lease Amendment in accordance with the terms of this Resolution; and
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation
is hereby authorized and directed to certify the adoption of this Resolution.
Adopted this 121h day of January, 2021.
Mary J. Kayser, Secretary