HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2012-10RESOLUTION NO. FWLDC-2012-10
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorize a Renewal of Lease Agreement with L& W Supply Corporation
for the Property at 4600 Blare Mound Road
WHEREAS, on October 1, 1997, the Fort Worth Industrial Development, Inc. entered in
a lease ("Lease") with L&W Supply Corporation ("Lessee") for property located at 1401
Meacham Boulevard, Fort Worth, Texas 76106 ("Property"); and
WHEREAS, the Lease was assigned to the Fort Worth Local Development Corporation
("Corporation") and expired September 30, 2007;
WHEREAS, the Corporation and Lessee entered into a new lease for the Property that
expired on September 30, 2012; and
WHEREAS, Corporation and Lessee mutually desire to amend the lease to (1) extend
the term and (2) require Lessee to pay for insuring the Property.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes an
amendment to the Lease is in substantially the same form as the amendment attached as Exhibit
"A", allowing for non -material changes as agreed upon by the parties, that provides the
following:
1) A term of five years, commencing October 1, 2012, and ending on September
30, 2017 at the same rental rate of $6,158.00 per month; and
2) Lessee shall be responsible for the reimbursement to Lessor for the actual cost
of fire and extended coverage insurance on the Property, or Lessee may
procure and pay for fire and extended coverage insurance on the Property at
not less than 100% replacement value of the Property.
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 2"d day of October, 2012.
Bennis Shingleton,, Se retary