HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-02RESOLUTION NO. FWLDC-2011-02
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing Lease Agreement with United Pipe and Steel Corporation
for the Property Located at 4600 Blue Mound Road
WHEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of
real property located at 4600 Blue Mound Road ("Property"), which Property is improved with a
parking area and a 224,800 square foot building ("Building"), among other improvements;
WHEREAS, United Pipe and Steel Corporation, a Massachusetts corporation, ("United")
desires to lease 112,400 square feet in the eastern portion of the Building and a certain portion of
the parking area south and east of the Building (collectively, "the Premises") from Corporation
for the purpose of warehouse, distribution and storage; and
WHEREAS, Corporation and United desire to enter into a lease for the Premises.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a
lease with United that provides the following:
(1) A term of five (5) years, effective as of May 1, 2011, and ending on April 30, 2016,
with one three-year renewal term;
(2) Rental in the amount of $2.15 per square foot for a gross rental rate of $241,660 per
month to begin on July 1, 2011 and continue through the initial term;
(3) Rental for the renewal term will be at the then -current market rate;
(4) United will be responsible for all utilities;
(5) United will have a right of first refusal for the unleased portion of the Building;
(6) United will lease the Premises in on an as -is, where -is basis; and
(7) Each party will have a right of termination at any time during the lease with a ninety
day notice to the other party;
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 5"' day of April, 2011.
By:
Frank Moss
President