HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2011-18RESOLUTION NO. FWLDC-2011-18
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing a Broker's Fee Agreement 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, Corporation, on September 9, 2011, approved a lease ("Lease") with Lasko
Products, Inc. ("Lasko") for 210,898 square feet in the eastern portion of the Building and a
certain portion of the parking area south and west of the Building from Corporation for the
purpose of warehouse, distribution and storage of fans, humidifiers, utility boxes and heaters,
and parts incidental thereof;
WHEREAS, as part of the Lease, Corporation desires to enter into a Leasing Commission
Agreement with Transwestern Commercial Services Fort Worth, LLC d/b/a Transwestern
("Broker"), for the payment of Broker's compensation for the procurement of Lasko as a tenant.
NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a
Leasing Commission Agreement with Broker that provides the following:
(1) Payment to Broker of a leasing commission in the amount of 4.5% of the gross
aggregate rent payable by Lasko under the Lease;
(2) Payment to Broker of a leasing commission in the amount of 4.5% of the gross
aggregate rent which is attributable to any expansion space taken by Lasko during
the term of the Lease;
(3) Payment to Broker of the leasing commission shall be as follows, provided that no
commission shall be paid on a specified date if Lasko has terminated the lease
during the preceding twelve months:
Upon full execution of the Lease: 20%
On October 1, 2012: 20%
On October 1, 2013: 20%
On October 1, 2014: 20%
On October 1, 2015: 20%;
(4) Broker is entitled to a broker's lien pursuant to the provisions of Chapter 62 of the
Texas Property Code; and
RESOLUTION NO. FWLDC-2011-18
PAGE 2
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 4t" day of October, 2011.
By:
f rank Moss
President