From
Megan Mahan
Title
Resolution authorizing an Economic Development Agreement and Ten-Year Tenant Lease with Option to Renew for two Five-Year Terms with National BBQ Management (or related assignee), for the Operation of a Restaurant at EpicCentral for 8% of Gross Sales and 50% of Net Operating Income
Presenter
Bill Crolley, Deputy City Manager
Recommended Action
Approve
Analysis
A five-year Lease Agreement would be executed with National BBQ Management as the tenant. The Lease would require National BBQ Management, to operate a restaurant. Rent would be calculated at 8% of Gross Sales and 50% of Net Operating Income. The Tenant would pay all operating costs during the term of the Lease, such as equipment maintenance, insurance, and utilities. The Tenant may not sublet the space and has no right to assign the lease without City approval. The Lease could be renewed for two additional five-year terms.
The Lease provides for certain tenant finish out allowances and operating reserves to be provided by the City. The 380 Agreement authorizes any payments required under the Lease to be paid as an economic development incentive.
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 CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT WITH National BBQ Management FOR THE operation a restaurant at EpicCentral
WHEREAS, the City of Grand Prairie wishes to enter into this agreement for a tenant to operate a restaurant at EpicCentral and it is in the public interest to do so; and
WHEREAS, National BBQ Management was selected to operate a restaurant under a 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 Chapter 380 Economic Development Agreement and 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 21st DAY OF JANUARY, 2020.