Burleson EDC approves lease amendment to support F Wave expansion

Alex Phillips, director of Economic Development, told the Burleson 4A Economic Development Corporation that the board should approve a lease amendment for 921 South Burleson Boulevard to support an expansion by F Wave LLC. Phillips said the property is about 31,650 square feet on roughly 6 acres and reviewed the lease history: “The original lease was approved on 11/16/2015 for a term of 5 years at a rate of $5.50 a foot,” he said. Phillips added the lease was later extended and amended, and that current options expire this December.

Why it matters: The amendment is intended to bridge F Wave to a new facility. Phillips said F Wave is finalizing an agreement with a large recipient that will require a new building with six production lines; the existing building now supports one. The proposed amendment would add two years with an option for a third, set rent at $9 per square foot for the two-year period and $11 per square foot for a third year if exercised. “Staff recommends approval of the lease amendment,” Phillips said.

The board’s presiding officer praised the arrangement, saying the property has performed well as an investment and that F Wave has had a positive local economic impact. The chair expressed support and raised no objections. A motion to approve the resolution was recorded as made by Alexa and seconded by Phil; the chair said all hands were raised and declared the motion passed by unanimous vote.

The resolution authorizes a lease amendment to continue occupancy at 921 South Burleson Boulevard under the terms described; the board took the vote and moved on to the next agenda item.