City Council Gives Go-Ahead to Retailer's Lease with District
The Fort Worth (Texas) City Council has given a thumbs up to retailer RadioShack to enter into a lease agreement with Tarrant County College District that will continue through June 30, 2016.
Originally, RadioShack had entered into an Economic Development Program Agreement with the city in September 2002. Under the terms of the agreement, RadioShack agreed to invest at least $200 million in real and personal property improvements on downtown property that was a former housing project. RadioShack intended to use the site as its corporate headquarters, and committed to spending at least 25 percent of its construction costs for real property improvements with Fort Worth companies, among other things. In return, the city agreed to pay RadioShack annual economic development program grant funds provided by the government code.
After that, when the site was sold to Tarrant County College District, RadioShack wanted to enter into a lease with the District to occupy a portion of the improved site through 2016. Under the new terms set by the Fort Worth City Council, RadioShack must continue to use the downtown site as its corporate headquarters; if not, the city can terminate the agreement. The city’s agreement with RadioShack does not become effective until RadioShack finalizes its lease with the Tarrant County College District.