HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2016-04RESOLUTION NO. FWLDC-2016-04
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing a Lease Agreement with CHMIndustries, Inc.for Property Located at
4700 Blue Mound Road, a 130,000 Square Foot Industrial Facility
WHEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of
real property located at 4700 Blue Mound Road ("Property"), which Property is improved with a
parking area and a 130,000 square foot building ('Building"), among other improvements;
WHEREAS, CHM Industries, Inc., ("CHM") desires to lease the Building and the
parking area (collectively, "the Premises") from Corporation for the purpose of general office
and manufacturing; and
WHEREAS, Corporation and CHM desire to enter into a lease for the Premises with a
Right to Purchase the facility on or before April 31, 2018 for the greater of $3,000,000.00 or
appraised value.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a
lease with CHM that provides the following:
(1) A term of 5 years with two additional 5 year terms upon written notice to Landlord;
(2) Rental in the amount of $18,308/month, with an annual escalation of 3%, with CHM
receiving the first year a base rental rate of $9,154.00 to account for 6 months free
rent:
Months 1 through 12:
Months 13 through 24:
Months 25 through 36:
Months 37 through 48:
Months 49 through 60:
$ 9,154 per month
$18,587 per month
$19,423 per month
$20,006 per month
$20,606 per month
(3) CHM will be responsible for all utilities and maintenance;
(4) Corporation will be responsible for maintenance and repair of structural issues and
the roof and foundation; and
(5) Subject to inspections by Corporation of the building systems the Corporation will
deliver all building systems including mechanical, electrical, plumbing and sprinkler
system in good working order and will warrant for 365 days; and
RESOLUTION NO. FWLDC-2016-04
PAGE 2
(6) CHM 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 3 3 % 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.
Adopted this, 22" d day of March, 2016.