It is recommended that the City Council:

1.  Authorize assignment of option contract for 1.874 acres located in the CentrePort area from CentrePort TRS Venture, Inc., to TKL Real Estate Investment, Inc.;

2.  Authorize the execution of a General Warranty Deed conveying an approximately 1.874 acre tract of land in the Vincent J. Hutton Survey, A-681, City of Fort Worth, Tarrant County, Texas, to TKL Real Estate Investment, Inc.; and

2.  Authorize the acceptance, filing and recording by the City of an Avigation Easement and Release from TKL Real Estate Investment, Inc., covering the property conveyed, in favor of the cities of Dallas and Fort Worth and the Dallas-Fort Worth International Airport Board, previously known as the Dallas-Fort Worth Regional Airport Board or successor thereof.

City Secretary Contract (CSC) No. 11107 dated June 5, 1980 (Contract) granted CentrePort Venture, L.P., an exclusive option to purchase the City-owned property formerly known as the Greater Southwest International Airport.  The Contract was subsequently amended and supplemented by CSC No. 12937, No. 13060, No. 15392, No. 16815, No. 18299 and No. 35324.  

The Contract, as amended and supplemented, requires each conveyed property to be subject to an Avigation Easement and Release.  In addition, it also requires that any assignment or partial assignment of the Contract by CentrePort be approved by the City of Fort Worth (City). Centreport TRS Venture, Inc., has requested that the Option that covers approximately 1.874 acres, described as follows, be assigned to TKL Real Estate Investment, Inc.  

In accordance with the Contract, TKL Real Estate Investment, Inc. has requested to exercise its option to purchase approximately 1.874 acres of land in the Vincent J. Hutton Survey, A-681, City of Fort Worth, Tarrant County, Texas, and will execute and record an Avigation Easement and Release for the property being conveyed.

Parcel	Buyer	Legal Description	Acreage
33	TKL Real Estate Investment, Inc.	Vincent J. Hutton Survey, Abstract 681	1.874

In accordance with the Contract, as amended and supplemented, the City will retain a 50 percent mineral interest in the property.

The property is located in COUNCIL DISTRICT 5.

This M&C does not request approval of a contract with a business entity.