It is recommended that the City Council:

1.  Authorize assignment of option contract for 27.616 acres located in the CentrePort area from CentrePort DFW Development, LLC., to Centreport Industrial Bldg 4, LLC.;

2.  Authorize the execution of a General Warranty Deed conveying an approximately 27.616 acre tract of land in the Vincent J. Hutton Survey, A-681, City of Fort Worth, Tarrant County, Texas, to Centreport Industrial Bldg 4, LLC.; and

2.  Authorize the acceptance, filing and recording by the City of an Avigation Easement and Release from Centreport Industrial Bldg 4, LLC., 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 DFW Development, LLC., has requested that the Option that covers approximately 27.616 acres, described as follows, be assigned to Centreport Industrial Bldg 4, LLC.  

In accordance with the Contract, Centreport Industrial Bldg 4, LLC., has requested to exercise its option to purchase approximately 27.616 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
3B	Centreport Industrial Bldg 4, LLC.	Vincent J. Hutton Survey, Abstract 681	27.616

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.