On or about September 19, 2007, NewOne Hangars, LLC, and the City of Fort Worth, entered into City Secretary Contract (CSC) No. 35803, an unimproved ground lease of land at Fort Worth Spinks Airport with associated mandatory improvements known as Lease Site No. E-20. On or about September 19, 2007, the City of Fort Worth and NewOne Hangars, LLC, entered into CSC No. 35802, a Consent to Deed of Trust Lien Upon Leasehold for improvements to construct a hangar on Lease Site No. E-20 at Fort Worth Spinks Airport. NewOne Hangars, LLC, requires further financing in the amount of $60,000.00 in order to install a fire detection and alarm system in the hangar. In order for NewOne Hangars, LLC, to obtain certain financing related to NewOne Hangars, LLC, construction of improvements on the leased premises, NewOne Hangars, LLC, and Pinnacle Bank desire the City of Fort Worth to consent to the execution by NewOne Hangars, LLC, of a Leasehold Deed of Trust lien on the leased premises in favor of Pinnacle Bank. The Deed of Trust Lien will grant Pinnacle Bank the right, subject to the previous lien, to operate as Lessee or secure another tenant in place of NewOne Hangars, LLC, if previously approved by the City Council, in the event NewOne Hangars, LLC, defaults on its loan or its lease with the City of Fort Worth. The Lease Agreement prohibits NewOne Hangars, LLC, from making any assignment of the Lease or causing a lien to be made on improvements constructed on the leased premises without City Council approval. This type of transaction is routine for airport tenants and City staff has no objection to NewOne's request. The property is located in COUNCIL DISTRICT 8. |
