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HomeMy WebLinkAbout28134-11-2025 - City Council - OrdinanceOrdinance No. 28134-11-2025 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE MUNICIPAL PARKING FUND, IN THE AMOUNT OF $62,340.71, FROM FUND BALANCE, FOR THE PURPOSE OF TRANSFERRING TO THE MUNICIPAL PARKING CAPITAL PROJECT FUND FOR THE PARKING GARAGES PROGRAMMABLE PROJECT (CITY PROJECT NO. P00008) TO SUPPORT ADDITIONAL FUNDING OF HOUSTON RETAIL SPACE PROJECT, TO BE USED TO PAY TENANT'S REAL ESTATE BROKER FEES ; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That in addition to those amounts allocated to the various City departments for Fiscal Year 2025-2026 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Municipal Parking Fund in the amount of $62,340.71, from fund balance, for the purpose of transferring to the Municipal Parking Capital Project Fund for the Parking Garages Programmable project (City Project No. p00008) to support additional funding of Houston Retail Space project, to be used to pay tenant's real estate broker fees . SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3. That this ordinance shall be cumulative of Ordinance 27979-09-2025 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: rep '0000,70- mliilll -i Assistant City Attorney ADOPTED AND EFFECTIVE: November 18, 2025 CITY SECRETARY Jannette S. Goodall City Secretary pda Fonr� as ICY0 0 0°00 Jcy o (� o° oO� l o ° �V0 0 0 00°0 * c �a °o da— XAsCap b MAYOR AND COUNCIL COMMUNICATION MAP 21TRIFORK ENTERPRISES LEASE AT HOUSTON STREET Council District 9 r .- % -9 1200 Houston St. ' �» East side ground floor restaurant space • ti. qP r 4 ♦' •% 100% .• N A � I � 0 0.01 0.03 mi Copyright © 2025 City of Fort Worth. Unauthorized reproduction is a violation of FORT WO RT H o C applicable laws. This data is to be used for graphical representation only. The accuracy is not to be taken/used as data produced for engineering purposes or by a registered professional land surveyor. The City of Fort Worth assumes no / responsibility for the accuracy of said data. General Location City of Fort Worth, Texas Mayor and Council Communication DATE: 11/18/25 M&C FILE NUMBER: M&C 25-1076 LOG NAME: 21TRIFORK ENTERPRISES LEASE AT HOUSTON STREET SUBJECT (CD 9) Authorize Execution of a Lease Agreement with Trifork Enterprises, LLC of Approximately 7,956 Square Feet of Space on the East Side Ground Floor of the Fort Worth Convention Center Garage Located at 1200 Houston Street, Fort Worth, Texas 76102 to Operate a Restaurant and Bar; Authorize the Execution of a Real Estate Brokerage Agreement with Robert A. Dorrough, Adopt Appropriation Ordinances, and Amend the Fiscal Year 2026 Adopted Budget and the Fiscal Years 2026-2030 Capital Improvement Program RECOMMENDATION: It is recommended that the City Council: 1. Authorize the execution of a lease agreement with Trifork Enterprises, LLC for approximately 7,956 square feet of space on the east side ground floor at the Fort Worth Convention Center Garage located at 1200 Houston Street, Fort Worth, Texas 76102 to operate a restaurant and bar; 2. Authorize the execution of a real estate brokerage commission agreement with Robert A. Dorrough at a rate of 4 percent of base rent; 3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Municipal Parking Fund, in the amount of $62,340.71, from fund balance, for the purpose of transferring to the Municipal Parking Capital Project Fund for the Parking Garages Programmable Project (City Project No. P00008) to support additional funding of Houston Retail Space project, to be used to pay tenant's real estate broker fees; 4. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Municipal Parking Capital Project Fund, in the amount of $62,340.71, transferred from the Municipal Parking Fund, for the purpose of funding the Parking Garages programmable project (City Project No. P00008), to support additional funding of Houston Retail Space project, to be used to pay tenant's real estate broker fees; and 5. Amend the Fiscal Year 2026 Adopted Budget and the Fiscal Years 2026-2030 Capital Improvement Program. DISCUSSION: The Fort Worth Convention Center Garage (building) located at 1200 Houston Street, Fort Worth, 76102 was built in 2009. In 2022, the City of Fort Worth (City) and the Fort Worth Convention and Visitor's Bureau entered into a lease for the entirety of the West Side Ground Floor of the building to be used for office space. Prior to that lease, the building's ground floor spaces had never been leased or occupied. The east side ground floor space, still to this day, has never been leased or occupied. In late 2024, the City's Property Management Department (PMD) began discussions with Trifork Enterprises, LLC (Trifork) and their real estate representative to lease a large portion of the east side ground floor space of the building consisting of approximately 7,956 total square feet (the Leased Premises). Following further negotiations between PMD and Trifork, the parties reached an agreement on key terms, executed a Letter of Intent, and subsequently are finalizing the Lease Agreement. Trifork will use the Leased Premises to relocate and operate Simply Fondue restaurant (currently operating out of Sundance Square). The Lease Agreement is structured as base rent per square foot, plus Double Net (NN) charges —including common area maintenance, insurance, and property management fees —along with utilities. The lease terms are as follows Primary Term of 12 years plus two (2) successive five (5) year renewal options at prevailing market rates. • Base Rent for the Primary Leased Premises for the Primary Term: Term Months 1 thru 36 Months 37 thru 72 Months 73 thru 108 Months 109 thru 144 Price per SF $18.00/SF $20.00/SF $22.00/SF $24.00/SF Trifork will be responsible for all improvements in order to finish out of the Leased Premises. In consideration for these improvements to be made by Trifork, the City will provide up to $75.00/SF in tenant improvement credits for the Leased Premises, totaling up to $596,700.00, to be amortized over the the primary lease term. The Lease Agreement also stipulates that Robert A. Dorrough (Texas Real Estate License #650590), the cooperating broker representing Trifork in the lease negotiations, will be paid by the city a separate commission fee of 4.00 percent of the base rent, upon approval of this Mayor and Council Communication (M&C) and the execution of the lease. Funding for this project was not included in the Fiscal Years 2026-2030 Capital Improvement Program due to the Development Agreement not being completed in time to be incorporated into the Capital Improvement Program at the time of adoption. The action in the M&C will amend the Fiscal Years 2026-2030 Capital Improvement Program as approved in connection with Ordinance 27979-09-2025. Funding is available in the Municipal Parking Fund Balance. The current beginning fund balance is $8,976,047.85, and after this Mayor & Council Communication the new balance will be $8,913,707.14. This property is located in City Council District 9. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that funds are currently available from fund balance within the Municipal Parking Fund and upon approval of the above recommendations, execution of the lease agreement and adoption of the appropriation ordinances, funds will be available in the Municipal Parking Capital Proj Fund for the Parking Garages programmable project. Funds will be deposited into the Municipal Parking Fund. The Transportation and Public Works Department and (Financial Management Services Department) is responsible for the collection and deposit of funds due to the City. Prior to any expense being incurred, the Transportation and Public Works Department also has the responsibility to validate the availability of funds. Submitted for Citv Manaaer's Office by Oriainatina Business Unit Head: Additional Information Contact: Valerie Washington 6199 Marilyn Marvin 7708 Stuart Young 8379 Mark Brown 5197