From
Megan Mahan
Title
Resolution authorizing a Thirty-Year Tenant Ground Lease with Option to Renew for two Ten-Year Terms with CNP Operating, LLC (or related assignee), for the Construction and Operation of a Restaurant at EpicCentral for $40,001 annual rent
Presenter
Tom Hart, City Manager
Recommended Action
Approve
Analysis
A thirty-year Lease Agreement would be executed with CNP Operating, LLC, or related entity, as the developer and operator. The Lease would require Tenant to construct and operate a restaurant during the term of the Lease at their sole cost. Base rent is $1 per year with $40,000 Common Area Maintenance charge as additional rent. The restaurant has entertainment and recreation ancillary components, including pickleball and outdoor games. Tenant will also be required to offer certain special benefits to Grand Prairie residents during the term of the Lease.
The City will make the facility site "Pad Ready" and will provide access to non-exclusive parking for the facility. The Tenant would construct the facility and pay all operating costs during the term of the Lease, such as equipment maintenance, insurance, and utilities, and maintenance. The Lease could be renewed for two additional ten-year terms.
Financial Consideration
Rent will be paid into the EpicCentral Revenue Account
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER INTO A GROUND LEASE AGREEMENT WITH CNP OPERATING, LLC (or related assignee) FOR THE CONSTRUCTION AND operation of a restaurant at EpicCentral
WHEREAS, the City of Grand Prairie wishes to enter into this agreement for a tenant to construct and operate a restaurant at EpicCentral and it is in the public interest to do so; and
WHEREAS, CNP Operating, LLC was selected to construct and operate a restaurant under a ground lease; and
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
Section 1. THAT the granting of this Lease Agreement is approved and the City Manager is hereby authorized to execute contracts to effectuate this approval.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 16TH DAY OF JUNE, 2020.