HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2016-05RESOLUTION NO. FWLDC-2016-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing a Leasing Commission Agreement with Transwestern Commercial Services,
for Property Located at 4700 Blue Mound Road
WHEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of
real property located at Lot 1, Block 1, Hobbs Trailer Addition of the City of Fort Worth, Tarrant
County, Texas, with a street address of 4700 Blue Mound Road ("Property") and of the 130,000
square foot facility located on the Property ("Facility");
WHEREAS, the broker, Transwestern Commercial Services, Fort Worth, LLC
("Transwestern"), has assisted in locating a tenant, CHM Industries, Inc., for the Facility;
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a
leasing commission agreement with Transwestern for the Facility that provides the following:
(1) If and when Corporation enters into a lease agreement with a tenant for the Facility,
Broker shall thereupon have fully earned a leasing commission;
(2) Commission is 4.5% of the base rent or minimum rent;
(3) Commission payments for the 5 year term of the lease shall be paid in 5 years as follows,
unless CHM should exercise its option to purchase the property on or before April 31,
2018 at which time Transwestern will be paid its remaining commission in one lump sum
upon closing of the sale:
• lst - $4,943 (upon full execution of lease)
• 2nd - $10,037 (January)
• 3rd - $10,488 (January)
• 4th - $10,803 (January)
• 5th - $11,128 (January)
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 22r'd day of March, 2016.
By( 4,t�-z
Secretary