HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2012-05RESOLUTION NO. FWLDC-2012-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorize Sublease of the Retail Space in the Houston Street Garage at
1100 Houston Street with Lancaster Corridor Redevelopment, LLC.
WHEREAS, the City of Fort Worth ("City") is the owner of a parking garage located between
Houston Street on the east, Throckmorton Street on the west, 11"' Street on the North and 12°i Street on
the South (the "Parking Garage");
WHEREAS, the street level of the Parking Garage has 12,100 square feet of space for retail or
restaurant tenants on Houston Street and 11,600 square feet of space for retail tenants on Throckmorton
Street (collectively, the "Retail Space") and the Retail Space is currently vacant and generating no income
for the City;
WHEREAS, the City shall lease to the Fort Worth Local Development Corporation
("Corporation") the Retail Space for fair market value and other terms and conditions; and
WHEREAS, Corporation, consistent with the economic development objectives of the
Corporation, desires to sublease the Retail Space to the Lancaster Corridor Redevelopment, LLC ("LLC")
for the purpose of the LLC further subleasing the Retail Space to retail and restaurant tenants, provided
that the sublease with the LLC will be on the same terms and conditions as the LLC's sublease with its
retail and restaurant tenants, so that revenue generated from such subleases will be paid to the
Corporation.
NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to one or
more subleases for part or all of the Retail Space to the LLC on the following terms and conditions:
(1) Each sublease with the LLC will be on the same terms and conditions as the LLC's sublease
with its retail or restaurant tenant for that portion of the Retail Space, so that revenue
generated from each sublease will be paid to the Corporation as the LLC's rent to the
Corporation; and
(2) Each sublease will lease the Retail Space on an "as is" basis, and the LLC shall be
responsible for all repairs, maintenance, and finish -out of Retail Space.
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,, ` day of April, 2012.
Secretary