HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2015-08FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
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for Property Located at 4 700 Blue Mound Road,
a 130,000 Square Foot Industrial Facility
WIIEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of
real property located at 4700 Blue Mound Road ("Property") and of the 130,000 square foot
facility located on the Property ("Facility");
WHEREAS, the Facility is now vacant and Corporation desires to utilize the assistance of
a broker to lease out the Facility;
)WHEREAS, Vasseur Commercial Real Estate, Inc. ("Vasseur") has provided property
management services for Corporation for the Property, and as such has particular knowledge
relating to the Property; and
WHEREAS, Corporation desires to enter into an exclusive right to lease listing
agreement ("Listing Agreement") with Vasseur for the Facility.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes an
exclusive right to lease listing agreement with Vasseur for the Facility that provides the
following:
(1) The Facility shall be marketed at a base rental rate to be determined, with tenant
responsible for utilities, taxes, insurance and maintenance.
(2) The to of the Listing Agreement shall be for three months, beginning
November 18, 2015, and ending on February 17, 2016, with automatic month -to -
month renewals unless terminated in writing by either party.
(3) Broker's fee shall not be more than a commission of four and one-half percent
(4.5%) of the gross rental amount, unless another broker or agent representing the
Tenant is involved (including any broker or agent with Vasseur) then the
commission is 6.5%.
(4) Commission payment will be paid over the to of the lease.
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 A 17"' day of November, 2015.
Dennis Shingl
Secretary