On October 12, 2016, the Mayor and City Council received an Informal Report relative to the City's intent to lease with the option to sell the City-owned properties located at 5817 and 5901 Boca Raton Boulevard to Athlos, LP, for the purpose of developing an International Leadership of Texas Charter School. A Ground Lease with Option to Purchase Agreement (Agreement) with TCSF16-D E Fort Worth K8, LLC (the specific entity created by Athlos for this project) is being proposed to ensure the property is developed with the education facility prior to allowing the sale of the properties to Athlos.
Under the terms of the proposed Agreement, Athlos would be granted the option to the purchase the property any time after the issuance of a Certificate of Occupancy. The purchase price of $1,175,000.00 is fixed during for the first five years of the Agreement and is based on a recent fair market value appraisal of the property; thereafter, the purchase price would increase two percent annually. During the initial 24-month term of the Agreement, rent in the amount of $5,875 per month would be deferred and collected in years three through five in addition to the base rent obligation. The term of the Agreement is 30 years with two 10-year renewal options. The annual base rent of $70,500.00 will be increased two percent every five years during the term of the Agreement. The lease will be subordinate to construction financing, with sufficient lease guarantees. The properties are located in COUNCIL DISTRICT 4. |
