TCDA Resolution No. 19-02 CITY OF TIGARD, OREGON
TOWN CENTER DEVELOPMENT AGENCY
RESOLUTION NO. 19-t% :=
A RESOLUTION APPROVING THE THIRD AMENDMENT AND RELEASE
FOR THE LEASE WITH FERGUSON ENTERPRISES, INC.,WITH
RELOCATION ASSISTANCE
WHEREAS,the Town Center Development Agency owns the property at 9110 SW Burnham
Avenue and leases the property to Ferguson Enterprises,Inc;and
WHEREAS,Ferguson Enterprises,Inc. has the right to lease extensions that run through July 2024;
and
WHEREAS,the Town Center Development Agency desires to possess the property earlier in order
to facilitate the construction of a public plaza on this site;and
WHEREAS,the Town Center Development Agency and Ferguson Enterprises,Inc. have
negotiated a Third Amendment and Release to the lease that provides for an early lease termination
and$450,000 in relocation assistance to compensate for the increased lease rate at their new location
and for moving and reestablishment expenses;and
WHEREAS,the City Urban Renewal Plan authorizes the payment of relocation benefits when
businesses and residents must be relocated due to public acquisition.
NOW,THEREFORE,BE IT RESOLVED,by the Tigard Town Center Development Agency that:
SECTION 1: The Agency approves the Third Amendment and Release to the lease with
Ferguson Enterprises,Inc.,including the payment of$450,0000 in relocation
assistance,in substantially the form attached as Exhibit A,and authorizes
the Agency's Executive Director to effectuate this decision.
SECTION 2: This resolution is effective immediately upon passage.
PASSED: This T' day of -F a4 2019.
CZ
—City of Tigard
wn Center Development Agency
ATTEST:
TCDA Resolution No. 19-L
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De fv"Recorder—Ci of Tigard
Town Center Development Agency
TCDA Resolution No. 19- Oa
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