HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2017-01RESOLUTION NO. FWLDC-2017-01
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing a Renewal of Lease Agreement with L& W Supply Corporation
For the property Located at 1401 Meacham Blvd
WHEREAS, on October 2, 2012, the Fort Worth Local Development Corporation
("Corporation") entered into a lease ("Lease") with L&W Supply Corporation ("Lessee") for the
Property located at 1401 Meacham Boulevard, Fort Worth, Texas 76106 ("property"); and
WHEREAS, the Lease for the Property will expire on September 30, 2017
WHEREAS, Corporation and Lessee mutually desire to enter into a new Lease effective
October 1, 2017 and expiring September 30, 2022 with the following Lease terms
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a
lease with L&W Supply Corporation that provides the following:
(1) A term of 5 years with two additional 5 year terms upon written notice to Landlord;
(2) Rent in the amount of $7,278.00/month, with an annual escalation of 2%:
Months 1 through 12:
$7,278 per month
Months 13 through 24:
$7,423 per month
Months 25 through 36:
$7,572 per month
Months 37 through 48:
$7,723 per month
Months 49 through 60:
$7,878 per month
(3) If Lessee exercises the option to take the lst 5 year term extension rent will
commence at $8,036 ($7,878 plus 2%)
(4) If Lessee exercises the option to take the 2nd 5 year term extension rent will
commence at $8,873 ($8,699 plus 2%)
(5) Lessee will be responsible for all utilities and maintenance;
(6) Corporation will be responsible for maintenance and repair of structural issues and
the roof and foundation; and
(7) Lessee will pay the proportionate amount of ad valorem taxes attributable to the
portion of the taxing parcel of which the Premises is a part, approximately 6.78% of
the ad valorem taxes.
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the
Corporation is hereby authorized and directed to certify the adoption of this Resolution.
RESOLUTION NO FWLDC-2017-01
PAGE 2
Adopted thi,§ 2 1 " day of March, 2017
ecretary