21-2740FILE REFERENCE FORM
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Date Initials
Lease Approved by Ordinance 2012-012 01/12/2012 CW
First Amendment by Ordinance 21-2740 01/04/2022 CW
21-2740
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF DENTON, TEXAS APPROVING A FIRST
AMENDMENT TO AN AIRPORT LEASE FOR FIRST FINANCIAL RESOURCES, INC.
COVERING PROPERTY AT 910 AERONCA, DENTON, TEXAS AT THE DENTON
ENTERPRISE AIRPORT; AUTHORIZING THE CITY MANAGER TO EXECUTE THE FIRST
AMANEDMENT OF AIRPORT LEASE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on January 12, 2012, the City of
corporation (hereinafter the "City"), entered into that
Commercial Operator (the "Lease") with First Financie
property located at 910 Aeronca, Denton, Texas, as m
"Property"), at the Denton Enterprise Airport ("Airport"),
pursuant to Ordinance No. 2012-012; and
)enton, a Texas home -rule municipal
certain Airport Lease Agreement —
1 Resources, Inc. ("Lessee") covering
Dre fully described in the Lease (the
which Lease was approved by the City
WHEREAS, the parties wish to correct the square footage and to make certain other
changes to the Airport lease; and
WHEREAS, at the December 8, 2021 meeting of the Airport Advisory Board, the Board
recommended that the City approve the First Amendment of Airport Lease for the Property by a
vote of 4 to 0; and
WHEREAS, the City Council deems it in the public interest to agree to the First
Amendment as contemplated above; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. Section II.A of the Airport Lease is hereby amended to delete the phrase
"23,915 square feet" and to replace it with "22,128.48 square feet".
SECTION 2. Section IV.A of the Airport Lease is hereby amended to delete in its entirety
the first sentence of the first paragraph of Section IV.A and to replace it with amended language.
SECTION 3. Section IV.0 of the Airport lease is hereby amended to delete in its entirety
the second paragraph of Section IV.0 and to replace it with amended language.
SECTION 4. The third paragraph of Section IV.0 of the Airport Lease is hereby amended
to delete each occurrence of the phrase "Original Rent" and to replace each such occurrence with
the phrase "Amended Rental".
SECTION 5. Section XVI.D of the Airport Lease is hereby amended to delete in its
entirety Section XVI.D, and to replace it with the amended language.
SECTION 6. The City Manager, or their designee, is hereby authorized to execute the
approved First Amendment of Airport Lease.
SECTION 7. This Ordinance shall become effective immediately upon its passage and
approval.
The motion to approve this Ordinance was made by �—�74e�no. "a— ;-S and
seconded by jC , p`,(N V (Lc tc— This Ordinance was passed and approved by
the following vote [ - _qj>:
PASSED AND APPROVED this the Ll±s
ATTEST:
ROSA RIOS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
day of—,V—nua� , 2022.
G
GERARD HUDSPETH, MAYOR
Digitally signed by Marcella Lunn
DN: cn=Marcella Lunn, o, ou=City
BY: V(�' 1, P of Denton,
,1'�,fU J� —�W i— email=marceila.lunn@cityofdento
n.com, c=US
Date: 2021.12.13 16:05:57 -06'00'
Aye Nay Abstain Absent
Gerard Hudspeth, Mayor:
Vicki Byrd, District 1:
Brian Beck, District 2:
✓
Jesse Davis, District 3:
✓
Alison Maguire, District 4:
./
Deb Armintor, At Large Place 5:
✓
Paul Meltzer, At Large Place 6:
PASSED AND APPROVED this the Ll±s
ATTEST:
ROSA RIOS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
day of—,V—nua� , 2022.
G
GERARD HUDSPETH, MAYOR
Digitally signed by Marcella Lunn
DN: cn=Marcella Lunn, o, ou=City
BY: V(�' 1, P of Denton,
,1'�,fU J� —�W i— email=marceila.lunn@cityofdento
n.com, c=US
Date: 2021.12.13 16:05:57 -06'00'
DocuSign Envelope ID: 805DBBC4-OD4A-42A2-B1F1-26518E1DO4A1
FIRST AMENDMENT TO
AIRPORT LEASE AGREEMENT
COMMERCIAL OPERATOR
THE STATE OF TEXAS
KNOW ALL MEN BY THESE PRESENTS
COUNTY OF DENTON
This First Amendment to Airport Lease Agreement — Commercial Operator
("Amendment") is effective as of the 4th day of January, 2022 (the "First Amendment Effective
Date"), by and between the City of Denton, a Texas home -rule municipal corporation ("Lessor"),
and First Financial Resources, Inc., a Delaware Subchapter "S" Corporation ("Lessee"), and
amends that certain Airport Lease Agreement — Commercial Operator, effective as of January
12, 2012, by and between Lessor and Lessee (the "Airport Lease").
WITNESSETH:
WHEREAS, the parties wish to correct the square footage and to make certain other
changes to the Airport Lease;
NOW, THEREFORE, in consideration of the promises and the mutual covenants
contained in this Amendment, the parties hereto agree as follows:
Section 1. Section II.A. of the Airport Lease is hereby amended to delete the phrase
"23,915 square feet" and to replace it with "22,128.48 square feet".
Section 2. Section IV.A of the Airport Lease is hereby amended to delete in its entirety
the first sentence of the first paragraph of Section IV.A and to replace it with the following:
Beginning with the January 2020 rental, rental shall be due and payable to Lessor
at the rate of $0.635 per gross square foot, calculated based on 22,128.48 square
feet, said rental being stipulated herein to be $14,061.42 per year (the "Amended
Rental"), payable in twelve (12) equal monthly installments in the sum of
$1,171.79 each in advance on or before the 15th day of each and every month
during the term of this Lease Agreement, all subject to adjustment pursuant to
Section IV.0 of this Lease Agreement with the next adjustment to occur January
13, 2022.
Section 3. Section IV.0 of the Airport Lease is hereby amended to delete in its entirety
the second paragraph of Section IV.0 and to replace it with the following:
The Amended Rental for the Leased Premises shall be readjusted at the end of each two
(2) year period during the Lease Term, with the next adjustment to occur on the 13th day
of January 2022 and future adjustments to occur on the 13th day of January every two (2)
years thereafter, on the basis of the proportion that the United States Consumer Price
Index for all urban consumers (CPI -U) for the Dallas -Fort Worth Bureau of Labor
First Amendment to Airport Lease with First Financial Resources, Inc. - Page 1
DocuSign Envelope ID: 805DBBC4-OD4A-42A2-B1F1-26518E1DO4A1
Statistics (CPI -U DFW) for November of the year prior to the year in which the
adjustment will be made bears to the CPI -U DFW for the November two years prior. By
way of illustration, for the next adjustment on the 13th day of January 2022, the
adjustment will be determined by comparing the November 2021 CPI -U DFW to the
November 2019 CPI -U DFW, which was 238.768 (1982-84 = 100).
Section 4. The third paragraph of Section IV.0 of the Airport Lease is hereby amended
to delete each occurrence of the phrase "Original Rent" and to replace each such occurrence with
the phrase "Amended Rental".
Section 5. Section XVI.D of the Airport Lease is hereby amended to delete in its entirety
Section XVI.D and to replace it with the following:
D. NOTICE. Notices or other communications required or permitted to be
given under this Lease Agreement must be given in writing and shall be sent as
follows:
1. If to Lessor:
Airport Manager
City of Denton
5000 Airport Road
Denton, Texas 76207
With a copy to:
City Attorney
City of Denton
215 E. McKinney
Denton, Texas 76201
2. If to Lessee:
President
First Financial Resources, Inc.
611 Kimberly Drive
P.O. Box 271
Denton, Texas 76202
Notices may be (1) personally delivered, (2) mailed by prepaid certified or
registered mail, return receipt required, or (3) delivered by a nationally recognized
overnight courier service. Any notice provided as described herein shall be
deemed to have been given (whether actually received or not) on the day it is
delivered or, if mailed, on the third day after it is mailed, whichever is the earliest
to occur. Any party may change its address for notice by giving the other party
notice of such change in accordance with the provisions of this Section XVI.D.
First Amendment to Airport Lease with First Financial Resources, Inc. - Page 2
DocuSign Envelope ID: 805DBBC4-OD4A-42A2-B1F1-26518E1D04A1
Section 6. Capitalized terms not defined in this Amendment shall have the meaning
ascribed to them in the Airport Lease.
Section 7. Except as amended by this Amendment, the provisions of the Airport Lease
shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the First
Amendment Effective Date.
ATTEST:
ROSA RIOS, CITY SECRETARY
DocuSigned by:
BY LESSEE:
FIRST FINANCIAL RESOURCES, INC.
a Delaware Subchapter "S" Corporation
DocuSigned by:
BY:lf5rv"
C3
Byron L. Hart
President
BY LESSOR:
CITY OF DENTON,
a Texas home -rule municipal corporation
SDocuSigned by::
SARA HENSLEY
INTERIM CITY MANAGER
First Amendment to Airport Lease with First Financial Resources, Inc. - Page 3
DocuSign Envelope ID: 805DBBC4-OD4A-42A2-B1F1-26518E1D04A1
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations and business terms.
DocuSigned by:
Signature
Director - Airport, Facilities
Title
Airport
Department 1/10/2022
Date Signed:
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
DocuSigned by:
BY:� baut
First Amendment to Airport Lease with First Financial Resources, Inc. - Page 4