Board of Directors Regular Meeting Agenda
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Receive, consider and act upon a First Amendment to 20 Waterway License (C-2009-4147A);
The monthly license fee is an aggregate of all costs associated with the maintenance, repair and operation of the Premises, inclusive of the stairs, elevators and restrooms located within the premises and the Township's share of Operating Expenses. Monthly payments included the base license fee/rent and 1/12th of TCDC's estimate of the Operating Expenses for the calendar year. Within 120 days following the completion of each Fiscal year, TCDC furnishes a statement of actual Operating Expenses for the preceding Fiscal year. TCDC then shall refund any overpayment to the Township for the prior year or apply such amount against Rent due. The current monthly Tenant License Fee/Rent is $5,999.88. The monthly Projected Operating expense is $2,521.09 for a total monthly expense of $8,520.97. This expense is allocated in the annual Budget for Town Center Facilities and Operations.
The Woodlands Township entered into the 20 Waterway License Agreement with Town Center Development Company (TCDC) in March 2009 (Attachment A), shorty after the opening of Waterway Square. 20 & 25 Waterway Holdings, LLC is now successor in interest to TCDC. The Agreement provides the Township rights to 1,268 sq. ft. on the street level and 1,822 sq. ft. on the Waterway level of 20 Waterway for use of the Premises for walkways between Waterway Ave. and Waterway Square Park, the elevator and use of the restroom facilities within the building - a total of 3,090 sq. ft.
As the Township's Fountains at Waterway Square, spray ground, concession stand and performance stage do not have public restrooms, use of the Premises at 20 Waterway provides the Township the ability to comply with State regulations.
The term of the agreement was 10 years and the First Amendment to 20 Waterway License has been prepared (Attachment B). The terms of the First Amendment are the same as the original License and provide for a term of sixty months, terminating on March 31, 2024.
Approve the First Amendment to 20 Waterway License as presented herein and authorize the President/General Manager to execute the agreement as approved to final form by the Township Attorney.
Attachment A - 20 Waterway License Agreement
Attachment B - First Amendment to 20 Waterway License Agreement
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