HomeMy WebLinkAboutContract 49106 CITY SECRETARY
CONTRACT N0. C 0
LEASE AMENDMENT
TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT
This LEASE AMENDMENT TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT
("Amendment") is entered into by and between Lyndon Landers etux Cindy Landers("Tenant")and City
of Fort Worth, a Texas home rule municipal corporation("Landlord").
WHEREAS, Landlord entered into a ground lease ("Lease") on February 1, 1982 with Vyyyan B.
Gallagher, the original lessee under the Lease Agreement for property located at 7501 Malaga Dr., with a
legal description more particularly described as Lots 30, 30-A, 30-B Block 7, Lake Worth Lease Survey,
Fort Worth, Tarrant County, TX(the"Leased Premises"), said Lease attached hereto as Exhibit"A';
WHEREAS,the Lease was amended to correctly identify the Leased Land as Lot 30,Block 7, Lake Worth
Leases, an addition to the City of Fort Worth, Tarrant County, Texas , as shown on the plat recorded in
Cabinet A, Slide 6646, Plat Records,Tarrant County, Texas, aka 7509 Malaga Dr.;
WHEREAS, through assignment(s), the Lease is now between Landlord and Tenant for the Leased
Premises, and such Lease has a fifty year term ending on February 1,2032;
WHEREAS,pursuant to Section 272.001(h) of the Local Government Code,Landlord is authorized to sell
the property to the person leasing the land for the fair market value of the land as determined by a certified
appraiser;
WHEREAS, Landlord and Tenant desire to effect a sale of the Leased Premises from Landlord to Tenant
under Section 272.001(h) of the Local Government Code for the fair market value of the land, and,
contemporaneously with this Amendment, is entering into a Purchase and Sale Agreement for the purchase
of the Leased Premises by Tenant within eighteen (18) months of the execution of the Purchase and Sale
Agreement; and
WHEREAS, the existing Lease does not provide for terms of disposition of the Leased Premises in the
event of a sale or for the terms of the termination of the Lease in the event of a failure to purchase the
Leased Premises under the Purchase and Sale Agreement, and the parties desire to amend the Lease to
provide for such terms. s
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Lease Amendment 7509 Malaga Q C/NSEG^--,.
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NOW THEREFORE, in consideration of the mutual agreements herein and other good and valuable
consideration,the parties agree as follows:
1. Term. The term of the Lease is hereby amended to end upon the closing of the sale of the Leased
Premises under the Purchase and Sale Agreement, which shall occur within eighteen (18) months
after the Amendment Effective Date("Closing Deadline"). If the closing of the sale of the Leased
Premises has not occurred by the Closing Deadline,this Lease shall expire on the Closing Deadline.
2. Expiration of Lease. Section VII EXPIRATION OF LEASE is hereby deleted in its entirety and
replaced with the following:
"VII.EXPIRATION OF LEASE
A. Any buildings, improvements, additions, alterations, and fixtures (except furniture and
trade fixtures)constructed,placed,or maintained on any part of the Leased Premises during
the lease term are considered part of the real property of the Landlord and must remain on
the Leased Premises and become Landlord's property when the Lease terminates.
B. Before the Lease terminates, Tenant shall remove all personal property, furniture,
machinery,or equipment in,under,or on the Leased Premises.Before the Lease terminates,
Tenant must repair any damage to any buildings or improvements on the Leased Premises
resulting from the removal. Any such items not removed by the lease termination date will
become Landlord's property on that date."
3. Ownership of Improvements. Section X OWNERSHIP OF EMPROVEMENTS is hereby
amended by adding the following sentence at the end of the Section: "Upon expiration of this
Lease through the closing of the sale of the Leased Premises under the Purchase and Sale
Agreement, Tenant shall retain all right, title, and interest in the improvements on the Leased
Premises; however, upon the expiration of this Lease without a closing of the sale of the Leased
Premises under the Purchase and Sale Agreement, all right, title, and interest in the improvements
on the Leased Premises shall vest in Landlord without further payment by Landlord to Tenant for
the improvements, and Tenant shall not have any right to enter upon the Leased Premises."
4. Continued Terms and Provisions. All of the terms and provisions of the Lease between the
parties shall remain in full force and effect except as specifically amended herein.
Lease Amendment 7509 Malaga
Executed to be effective as of the date this Amendment is notarized by the City
("Amendment Effective Date").
LANDLORD:
CITY OF FORT WORTH,TEXAS,
a Texas municipal corporation
By: c�t-,,Q f
iJes s Chapa, Assistant City Manager
APPROVED AS TO FORM AND
LE ITY.
Assistant City Attoi' ey
M&C:
1295: tJ/�
ORT
ATTEST:
City Secret
City of Fort Worth Contract Compliance Man
By signing I acknowledge that I am the person responsible
for the monitoring and administration of this contract,
including ensuring all performance and reporting requirements.
OFFICIAL REC(DR?:
4',L-4� CITY SECRETARY
Name of Employee: ester England FT, WORTH$ TX
Title: Sr. Land Agent
TENANT:
c
Printed Name: LW Ni7AW LktN-okras Printed Name: 0 �
Lease Amendment 7509 Malaga OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,Tx
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the-36 day of , 2017, by Jesus ti
J. Chapa,Assistant City Manager of the City of Fort Worth, a Texas munici 1 corporation, on
behalf of that entity.
c MARIA S SANCHEZ
My Commission Expires
December 19, 2017
10, Nota6 Public
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the��day of 2017, by
Lyndon Landers.
`��" °�''• LESTER E=ENGLANDNotay Purev Corun
Notary Public
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on thq=?3 day of , 2017, by Cindy
Landers.
• LESTER EUGENE ENGLAND
.-S Notary Notary Public,state of Texas
My Commission Expires
June 28, 2018 1��'40��
Notary P bli
Lease Amendment 7509 Malaga
d
LEASE AGREEMENT .
THE STATE OF TEXAS
KNOWALL MEN B1'THESE PRESENTS:
COUNTI'OF TARRAh'T 6
The City of Fort Worth,Lessor,a home-rule municipal corporation situated in Tarrant County,Texas,(hereir,afic
sometimes referred to as"City")acting herein by and through its duly authonzed
City Manager,and _ V',V van B. ;a
ment. _12f_h_eLLessee,hereby make and enter into the following lease agree-
1.
For and in consideration of the prompt payment by Lessee,when due,of all rents as herein provided,and furthct
for and in consideration of the full and timely performance by Lessee of all of Lessee's duties and obligations in strict
compliance with the covenants,conditions and agreements herein contained,City hereby demises and leases to Lessee,
and Lessee hereby accepts from City,the following described real property for the term and uses and subject to tilt•
conditions set forth herein:
;ur
n.TERM
The term of the lease shall be 50 years commencing February 1, 1 °2
January 31, 21)32 and ending
The City may offer five(S)year extensions to the term of the lease on each fifth anniversary of the lease.The Lessee
may refuse such extension by giving notice to the City,in writing,within sixty(60)days after receipt of notice of arts
extension.
111. LESSEE'S RIGHTS AND OBLIGATIONS
Lessee shall:
A. pay annual rent to the City of Fon Worth in the sum of S 'I 10 on said rent payable in 12 equal
installments, one such installment due on the first of each month.
B. pay the rent due under this lease to the Assessor-Collector of Taxes for the City of Fort Horth,or other office
designated by the City.
C. pay rent for each year after the first year in an amount that shall be adjusted by eighty nercem(80001 of the
change in the annual average of the Consumer Price Index U.S.City Average,"all items"'index,all urban consumers
(CPI-U)from the annual average for the previous calendar year,as published by the Bureau of Labor Statistics for the
United States Department of Labor,said adjustment to be computed by dividing the CPI-U for the most recent year
by the CPI-U for the immediately preceding year,subtracting one(1)from that quotient,multiplying that result hs
eight-tenths(0.8), adding one(1) to that product, and multiplying that sum by the rent for the previous year.
D. be able to use the leased land for residential and water recreational purposes,in compliance with applicable
zoning ordinances.
E. use and occupy the leased land,in compliance with the laws of the United States of America, the statutes of
the State of Texas,and the Charter and Ordinances of the City of Fort Worth,whether now in.effect or hereinafter
adopted so long as any hereinafter adopted ordinance or charter provision is not adopted solely for the purpose of
limiting the rights of Lessee and similarly situated Lessees.
F. accept the premises in their present condition as being suitable for all purposes of this lease.
G. be deemed to be an independent tenant in possession of the premises and responsible to all parties for his actt
and omissions with regard thereto,and the City shall in no way be responsible for any act or omission of the Lessee
H. indemnify,hold harmless and defend the City,its officers,agents,and employees,from and against any and
all claims for damages or injury,including death,to persons or property arising out of or incident to the leasing or the
use and occupancy of the leased land by Lessee, his guests or invitees.
1. indemnify, hold harmless and defend City from and against any and all mechanic's and materialrncn's hens or
any other hen, claim or charge imposed upon the leased land or rising as a result of any conduct or acus]IN by file
Lessee or anyone on his behalf.
I. provide and maintain suitable methods and means for the disposal of trash,body waste,and excreta,in coni
plianrr with 111"plic3hk sanitatior laws and ordirzrces.
K. not drill or dig any well on the leased land without the prior written approval of the City nor use the water
from such well until it has been tested and approved by the appropriate authorities.
L. not commit,or allow to be committed,any waste on the premises,nor create or allow any nuisance to exist on
the premises.
M. not keep or permit any animals on the leased premises other than domesticated dogs and cat,
W. LESSOR'S RIGHTS AND OBLIGATIO%S
Thr ("(% of fort Horth shall ")
A mplmwrr thr salr,of assipnmrnt thereutn11rt rollr,fl,rl� sk%ipnntuul"I IIu,term it Irm.nrni, 1, 1'.
1. ill utn„uutN uw&J I.,Ihr l ttv hutuuJrt ru.Jt,It'All,nL,lrtt:ttltr1,III,r Ilei,l,tit irr; 1,�:Fr,te.; „t e>• _
rn�nt enol .
EXHIBIT "A"
I„
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2. the assignment is evidenced in writing; and
3. in said assignment the assignee expressly accepts,assumes,and agrees to perform all terms,conclu,on,and
limitations to be kept and performed by Lessee under this lease; and
4. said writing is executed and acknowledged in recordable form; and
S. said assignment is submitted to the City at the City Manager's office or such other office designa!:d h_. the
City Manager.
N Whin 10 days of receipt of the assignment the Cin'shall determine whether the awriuncnt i._ in
prov,suons A-1 through A-S chose and notify both parties to said assignment if the auignmtnt&)c.
these prosisions The City shall acknowledge compliance with the above prosisions on the fa:c of sw i
and assignment shall then be recorded in the office of the County Clerk of Tarrant
Per— Compliance with the provisions set out above shall relieve the Lessee from further habtlity unit^ this lease
B have the right to inspect the leased premises for compliance with City of Fort Worth Minimum Building Stan
dards Code City Ordinance No.8006,at the time of any sale or transfer.The City shall notify the purchaser or assignee
in writing of any violations of said ordinance within 10 days of the submission of a proposed assignment to the Clts
The purchaser or assignee shall not be issued a certificate of occupancy by the City until the requirements of such or
dinance have been complied with.
C. shall not convey,sell,or transfer its interest in the leased land without allowing the Lessee the opportunit; to a
genre the leased land unless the conveyance, sale, or transfer is to a governmental entity with the posse' to,on,;crr,
the property for the purpose it is acquired.All transfers shall be subject to the cornpetitiee biddine laws of the Sta;c
7 exas and the ordinances and charter of the City of Fort Worth.
1) provide yearly statements of the rent due hereunder and in such statement specify the number of years rem
in the term of this lease.
F. hast the right to enter upon the above described property at reasonable times and under reasonable cir
cunutances for the purposes of examining and inspecting the leased land to determine whether Lessee has comp lied
with his obligations hereunder. This provision shall not be construed to authorize entry into residences or other
buildings on the leased land except where such entry is specifically authorized by the provisions of this lease• the
statutes of the State of Texas, or the ordinances of the City of Fort Worth.
F. warrant that Lessee will have quiet enjoyment and peaceful possession of the leased land,and that the Clt; s,ilj
defend the Lessee in such quiet enjoyment and peaceful possession during the term of this lease.
G. The•City Manager shall review this lease prior to each fifth anniversary and shall make recommendations io the
City Council regarding extensions.
V. LESSOR'S OPTIONS
The City of Fort Worth may,in.he::cnt that lessee shall give notice to the City that a financial hardship e\!,.s in
the payment of rentals due hereunder,the City Manager may waive any portion of that year's rent after consideration
of said hardship. Lessee shall have the right to present his request to the City Council of Fort 'A orth should the Cit
Manager deny the request.
Any rents waived as a result of such hardship and remaining unpaid shall constitute a lien against the f e+see's im-
provements and such unpaid rents shall bear interest at the current legal rate.
Lessee may: VL LESSEE'S OPTIONS
A. sell, assign, or sublet this lease or remaining term thereof.
B construct new structures and enlarge existing structures on the leased land provided that such cnnstru:tion is
accordance with all applicable City Codes and Ordinances.
C. make alterations, remodel, and make improvements to existing structures and the leased lanai, prosided tha:
such actions shall he in accordance with applicable City Codes and Ordinances.
D. terminate this lease without reimbursement for Lessee's structures and improscmcnts at any time by geeing the
City 30 days notice of intention to terminate.
VII. EXPIRATION OF LEASE
A. L;Gon cspi a ; ui of the tell; of this i:asc tlrc City si,aii Pa) it)the Lessee an amount equal to the Cher marl e!
value of any structures or improvements heretofore made or erected on the leased premises,excel r that pa,.•,v— t,.
am new structure and enlargements to existing structures made or erected during the final 35 \ear, of the Icasr ter-.
will he a pro rata amount based on the number of years the structure or improsements are in place or the nun;`c o!
years remaining on the lease at the time said structure or improvements weremade, whicheser is greajer. time 2 R
Percent. never to exceed IOOQo of the market value of the new structure and the enlargement to the evisting s!tisture
B. Replacement of all or part of structures destroyed in whole or in part by fire,explosion or act of God are deemed
structures or improvements heretofore made or erected on the leased premises.
C. The City shall pay the Lessee the market value of the structures and improvements as defined abrne upon
possession of the property.Acceptance of the amount offered by the City does not forfeit Lessee's right to dispute the
amount paid, nor shall any acceptance consii-,-a"riser of any Ierp,r-T,' I
salue. In the event that a court of competent jurisdiction determines that the amount paidvto the I es,re by the(its i,
in e\cess of market value of such structures or improvements,the Lessee shall promptly refund such c\ce,s to the Cit\
2.
r
VIH, TERMINATION OF LEASE
A. In the event the Lessee:
i, is in arrears in the payment of the rents,or other amounts agreed to be pard under the terms
2. hes failed to perform any obligation under this lease, then the Cit ma of
tion of the lease by default,said notice to specify in detail the defaults upon which the termic this natto ion w the Lessee
be bae� } a
said notice the City shall demand that actions be taken within 45 days to cure the defaermiull tion Auld b base„r,n
termination is based or the lease shall be terminated.
B. In the event of a default by Lessee,and said Lessee does not take action to cure the default within 45 ht. (f•c
notice from the City, the lease may be terminated and the City shall have no duty to reimburse the Lesser t'
tures or improvements to the leased land.The Lessee shalt have the right to remove said structure,im ros das ! rt
personal property within 90 the aY
lea rnr,
end of said ciU day, from the date of lease termination by default,and shall sa;ate tt,r leased La,!;, t'e
All suJI propertyP ertr;.c•.
In the event rentals (e,be not removed within Ytl days shall becornc the pro I,-`0v per mon U, shall be adJcdltocthrnamourrtder the tdrnrs of this lease is not P Perty of the C,ty
ly. Lip'"' terminatiun of this(rase or expiration of the term of this lease. Lessee be entitled
Iatr
prna!r: :,t
rcmovr frvm the premises all items of personal property belonging to Lessee not permanently atlixed to
all structures and rmprovertrents for w ed and authunmd rr,
hich no reimbursement is made under the terms of this lease the reals and
A So Ion IX. MORTGAGES
er the
his
estate and impro emenausituated thsts ereon to secureefa loanease,theof loan of monessee or y actually made
Assignee may mortgage his leasehu;�
all) ettrmrun or renewal of the same.
B Such mors mortgage , or that wilt he Iliad,, ur
8 Ec or deed of trust shall be in every respect subject,subservient and subordinate(o all the con 1 , r•
and covenants of this lease.
C. In the went of a default that could result in the termination of this lease without reimbursement to Lessee(,.,;
improvement and structures on the leased land,the City shall give notice to the mortgagee as isrequired(o ss g s-'!
the (rssrr, and said mortgage•,shat)have the right to cure said default ands �hc
this lease g or perform the terms and condir,,rn, of
D. A mortgagee or trustee under a deed of trust shall have the same right and ow
tion with a truslee's sale or transfer to satisfy Lessee's obligation to a
this lease P rr to assign this lease,under in cnr,iur;_.
Mortgagee,as does the Lessee under the tern,,of
E. At any time the City is to pay the Lessee for structures or improvements on the leased land, the City sha!I ci,,
notice In each mongagec• of that
outstanding obligation secured b. payment, and said mortgagee shall have the right to receive
1-. The City shalt be required to givetsugh notie or ce ty if the mod of fruit on rtgagee
and impro%emrn!, payment t ,r
terest and has supplied an address for said notice, g gee has, in writing, in
the City of it,
X. OWNERSHIP OF IMPROVEMENTS
All structures and improveme•r,ts situateu on the leased land when this lease is entered into arc•,and shall mn ;;,.,e •,,
br. the Ptolnnr es the Lessee, and all irnprovernents hereinafter made by the Lessee on the leased land shall be the
properly of the Lesser.
Xl. SUCCESSORS IN INTEREST
A. In the event of the death of a Lessee,his successors and estate shall succeed to his interest under this lease, and
those entitled by law to succeed to the Lessee's interest in the lease shall continue to enjoy the rights and benefit;
hereunder of the deceased Lessee;
B. In the event that the Lessee or his Assignee is adjudicated a bankrupt, said lease may be assigned as prnsrdrd
abuee•. and any Assignee shall assume the duties and liabilities as set out above
111.
Venue of ane action brought hereunder shall lie XciuV NU Tarrant County, Tesas.
X111. NOTICE:
A. Any notice required under this lease,unless otherwise specified,shall be given by deposit;ng in tF.c U,iiie,!s
Mail as ceruf+rd mail, postage prepaid, addressed to the:
I. Lessee's or Assignee's al the address shown on this lease unless said Lessee or Assn;
rt.'. ir' ,'vele r . ;n;
2- Cit ;rult;vus to mar! notices to another address;
y ;Manager of the Cin• orth, > rs. Sas (urni-ra,' 1, :t
Cir
1-0
3. Mortgagee at the address supplied to the Cityyin writ ng fo thib, es;
mailing of such notice.
XIV. CONCLUSIO\
This instrument represents the entire agreement between the
h,!l be hindi;,r III.-
1)"n
and shall t'c to the brnrfit of the parties hcreti,ctherrrsun� the leavnc of the Ica,ed lar;,!
t•' `e'.. and all prier lease,,asslgnrnents,or agreements of any nature concerning the leased land or rs
t!•rreon are superseded by the trims of this lease cesson• assign,, an,! !rEal rrI•rr•:
P Perry si!aa:e,.
EXECUTED at Fort Worth,Tarrant County,Texas,this
I gb_•
da. tit
3.
c_'IJ ,`
AT-TESIT:
CITY OF FORT WORTH
City'SCclltlly By
ArROVED�S TO FOyNj
LECA191Y.
Les
V.V,"T' Gj:1]
STATE OF TEXAS
C'OU'NTY OF 7ARRAN1 §
BEFORE ME, the undersigned authority,a Notary Public in and for the State of Texas,on this day Pefsonalk
app-red 1LL
known to me to be the Pet-son"hose nar1l, I
subscribedsubscribedto the foregoing Instrument,and acknowledged to me that he executed the same as the act and dee,l of If,
CIIN of I ori North,a municipal corporation of Tarrant County Texas,and as
thereof, and for the Purposes and consideration therein expressed and in the capacity
therein -stated.
GIVE N UNDER ?,I), HAND AND SEALOF OFFICE this
A.D.,198Y. day of
--------------
/Notary Public in and f7ot
the State of Texas
my Commission Expires;_ C J."
STATE OF TEXAS §
COUNTY OF I ARRANT§
appearr�__— )Qnrv,: a. I I %
BF-FORF ME. the undersigned authority,a Notary Public in and for the State of Texas, on h da
. Petsonalk
,known tome to be the person Ahose lllin%1�
stjb'cf't'tJ 10 the foregoing instrument,arid acknoMedged to me that he executed the same for the Ptl!`Pose�an'l con-
sideration 111creln expressed,
Glv�L N'
N.1Y HAND AND SEAL OF OFFICE this
198— —.1 nth day of January
A 1)
Notary Pubh,.- in and
tile State Of Texas
Commission Expires:
4.
.i
D195137961 �
CITY OF FORT WORTH
LAND LEASING OFFICE
927 TAYLOR
FT WORTH, TX 76102
-W A R N I N G-THIS IS PART OF THE OFFICIAL RECORD--D 0 N 0 T D E S T R O Y
I N D E X E D -- T A R R A N T C 0 U N T Y T E X A S
S U Z A N N E H E N D E R S 0 N -- COUNTY CLERK
O F F I C I A L R E C E I P T
T 0: BEVERLY COPLEY/SHARON REED
RECEIPT NO REGISTER RECD-BY PRINTED DATE TIME
195258369 DR91 T006603 08/08/95 16 : 09
INSTRUMENT FEECD INDEXED TIME
1 D195137961 WD 950808 16 : 09 CK 937
T O T A L DOCUMENTS: 01 F E' E S: 23 . 00
B Y:
ANY PROVISION WHICH RESTRICTS THE SALE RENTAL OR USE
OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE
IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.
M i C: DATE:
AGENT:
M&C Review Page 1 of 2
Offlc'al site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FORTII
COUNCIL ACTION: Approved on 11/8/2016
DATE: 11/8/2016 REFERENCE NO.: L-15964 LOG NAME: 21 LAKESALES
CODE: L TYPE: NON-CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Contract for Sale with Current Residential Lessees of City-Owned Lake Worth
Lease Addition Lots for Fair Market Value and Authorize Contemporaneous Lease
Amendment to Provide for a Shorter Term and the Disposition of Improvements Upon
Expiration (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager or his designee to:
1. Enter into a Contract for Sale with current residential lessees of City fee-owned Lake Worth Lease
Addition platted residential lots for a sales price that is fair market value as determined by an
appraisal by a certified appraiser; and
2. Enter into a Lease Amendment, contemporaneously with the Contract for Sale, with current
residential lessees of City fee-owned Lake Worth Lease Addition lots to amend the lease to provide
for a shorter term and the disposition of the improvements upon expiration.
DISCUSSION:
In 2000, the City of Fort Worth mailed letters to Lake Worth Lease Addition lessees of record offering
an option to purchase the land if the leased lot met the specified conditions of(1) their lot(s) being
platted and (2) connection to either municipal water or sewer. Multiple lots could not be platted at that
time and the lessees of those properties were never offered the option to purchase due to
deficiencies associated with the property which caused non-compliance with platting requirements.
Additionally, some of the lessees on properties that met the conditions of the City's offer for the option
to purchase did not enter into the Purchase Option Agreement with the City or lost the option due to
not adhering to the option Agreement conditions.
Lessees of platted and un-platted residential City-owned Lake Worth Lease Addition properties are
requesting to purchase the leased land on which they have put improvements. The current residential
leases expire in 2032 and per the lease terms the City is required to purchase improvements at fair
market value at that time. The current residential Lake Worth Lease Addition lease terms do not
authorize the sale of the land to the current lessee or the extension of the lease.
This Mayor and Council Communication will provide for current lessees of residential City-owned lots
in the Lake Worth Lease Addition whose lots meet platting conditions, and who comply with the
conditions outlined below to be eligible to purchase their leased lot from the City at the fair market
value determined at time of the purchase.
Conditions of Purchase:
• Property must be platted at the expense of the lessee.
• Lessee must hire an approved appraiser to obtain a fair market value appraisal of the land to be
conveyed.
• Lessee must execute a Lease Amendment that provides for a lease termination date that is the
earlier of (i) closing on the purchase of the property or (ii) 18 months after the date of the
amendment at which time the improvements would become property of the City.
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=22991&councildate=11/8/2016 6/2/2017
M&C Review Page 2 of 2
• Lessee must execute a Purchase and Sale Agreement contemporaneously with the Lease
Amendment requiring a closing date of no more than 18 months from the date of execution.
All revenue from the sale of the land will be deposited in the Lake Worth Trust Fund to be used for
capital projects around the lake as approved by the Property Management Director.
This property is located in the COUNCIL DISTRICT 7, Mapsco 44, 45, 46, 58 and 59.
This M&C does not request approval of a contract with a business entity. However, if the 1295 form is
required, it will be provided by the lessee at the time of contract execution.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that Property Management Department will be responsible for the
collection and deposit of funds.
TO
Fund Department Account Project Program Activity Budget Reference# Amount
ID ID Year (Chartfield 2)
FROM
Fund Department Account Project Program Activity Budget Reference# Amount
ID ID Year (Chartfield 2)
Submitted for City Manager's Office by: Jay Chapa (5804)
Originating Department Head: Steve Cooke (5134)
Additional Information Contact: Lester England (8053)
Jean Petr (8367)
ATTACHMENTS
LAKEWORTH RESIDENTIAL LEASES 8x11.pdf
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=22991&councildate=11/8/2016 6/2/2017