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HomeMy WebLinkAboutContract 33937 A �_.m` vECRETARY O,ITR�.CT NO. PURCHASE CONTRACT THIS PURCHASE CONTRACT ("Contract") is made and entered into by and between the CITY OF FORT WORTH, TEXAS, acting by and through its duly authorized City Manager or Assistant City Manager ("Buyer") and Bobby Miller and Delores Miller ("Seller") as of the date on which this Contract is executed by the last to sign of Seller and Buyer ("Effective Date"). RECITALS 1. Seller is the owner of Lots 1, 2, 3 and 4, Block 3, Morgan Heights Addition to the City of Fort Worth, according to the plat recorded in Volume 310, Page 44,Plat Records, Tarrant County, Texas and with a street address of 3160 Schadt, 3158 Schadt, 3156 Schadt and 3154 Schadt, Fort Worth, Texas 76106 together with any easements, rights-of-way, licenses, interests, and rights appurtenant thereto (collectively, the "Property"), 2. Buyer is a municipal corporation that desires to acquire the purchase of the Property for public use for drainage improvements to Lebow Channel. 3. Seller desires to sell the Property for fair market value for drainage improvements to Lebow Channel (Project Improvements) and will benefit the citizens of Fort Worth in general. AGREEMENT In consideration of the mutual covenants in this Contract, Seller and Buyer agree as follows: Section 1. Sale and Purchase. (a) Seller agrees to sell and convey the Property to Buyer, and Buyer agrees to purchase and accept the Property from Seller, for the Purchase Price (as defined below), subject to the terms and conditions set forth in this Contract. (b) Seller shall convey the Property to Buyer free and clear of all liens, claims, easements, rights-of-way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the 'Encumbrances") except the Encumbrances appearing in the Title Commitment (as defined below in Section 3) and the survey that are not cured and that are subsequently waived pursuant to Section 3 below ('Permitted Encumbrances"). Section 2. Purchase Price (a) The purchase price ('Purchase Price") for the Property, payable by Buyer to Seller in cash at Closing (defined below), is Eighty Thousand, Four Hundred and Sixty Four Dollars ($80,464.00). —0`L P 317 d — 1 — Section 3. Title Commitment and Survey. (a) Within thirty (30) days after the Effective Date, Buyer shall obtain, at Seller's sole cost and expense (i) an Owner's Commitment for Title Insurance ("Title Commitment") from Alamo Title Company, Attn: Wilson Martin, 3500 Hulen Street, Fort Worth, Texas 76107, Telephone Number 817-731-8715 and Fax Number 817-377-2292 ("Title Company"), setting forth the status of the title of the Property and showing all Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to,plats, reservations, restrictions, and easements. (b) Within ten(10) days after the Effective Date of this Contract, Seller shall provide to Buyer a copy of any survey of the Property in Seller's possession. Within forty-five (45) days after the Effective Date, Buyer may obtain, at Buyer's sole cost and expense, an updated survey ("Survey") consisting of a plat and field notes describing the Property, prepared pursuant to a current on-the-ground staked survey performed by a registered public surveyor or engineer satisfactory to Buyer and Title Company. The Survey shall (i) be certified to Buyer, its successors and assigns, and Title Company, (ii) reflect the actual dimensions of and the total number of square feet within the Property, net of any portion thereof lying within a publicly dedicated roadway or a utility easement, (iii) identify any rights-of-way, easements, or other Encumbrances by reference to applicable recording data, and (iv) include the Surveyor's registered number and seal, the date of the Survey. The description of the Property prepared as a part of the Survey will be used in all of the documents set forth in this Contract that require a description of the Property. (c) If the Title Commitment or Survey discloses any Encumbrances or other matters which are not acceptable to Buyer in Buyer's sole discretion, then Buyer shall give Seller written. notice thereof within fifteen (15) days after receipt of the Title Commitment, Survey and all documents referred to in the Title Commitment, specifying Buyer's objections ("Objections"), if any. If Buyer gives such notice to Seller, Seller shall use its best efforts to cure the Objections, but shall be under no obligation to do so. (d) If Buyer gives notice of Objections and Seller does not cure the Objections, cause the Title Commitment and Survey to be amended to give effect to matters that are cured, and give Buyer written notice thereof within the fifteen (15) day period following receipt of the notice from Buyer("Cure Period"), Buyer shall have the right either (i) to terminate this Contract by giving written notice thereof to Seller at any time after the expiration of such Cure Period but prior to the expiration of the Option Period, and, upon such termination, neither party hereto shall have any further rights or obligations, or (ii) to waive the Objections and consummate the purchase of the Property subject to the Objections which shall be deemed to be Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is diligently prosecuting the same, as determined by Buyer in Buyer's sole discretion, then Buyer in Buyer's sole discretion may extend the Cure Period for an amount of time Buyer deems necessary for Seller to cure the same. Section 4. Review Reports. Within twenty (20) days after the Effective Date, Seller shall deliver to Buyer for Buyer's review any environmental reports and studies in Seller's - 2 - possession concerning the Property ("Reports") that were conducted during or after the demolition of the former improvements on the Property. Section 5. Inspection of the Property (a) Buyer may enter the Property before closing to inspect the Property and conduct a Phase I Environmental. (b) Buyer must notify Seller in advance of Buyer's plans to inspect the Property and conduct and tests so that Seller may be present during such inspections or tests. Section 6. Option Period. (a) Notwithstanding anything to the contrary contained in this Contract, until ninety (90) days after the Effective Date ("Option Period"), the following is a condition precedent to Buyer's obligations under this Contract: Buyer being satisfied in buyer's sole and absolute discretion that the Property is suitable for Buyer's intended uses, including, without limitation, Buyer being satisfied with the results of the Tests (defined in Section 7 below). (b) If Buyer is not satisfied in Buyer's sole and absolute discretion as to the condition precedent described in Section 6(a) above, Buyer may give written notice thereof to Seller on or before the end of the Option Period, whereupon this Contract shall terminate. Upon such termination, and neither party shall have any further rights or obligations under this Contract. (c) The provisions of this Section 6 control all other provisions of this Contract. Section 7. Tests. Buyer, at Buyer's sole cost and risk, shall have the right to go on to the Property, including the Improvements, to make inspections, surveys, test borings, soil analyses, and other tests, studies and surveys, including without limitation, environmental tests, borings, analyses, and studies ("Tests). Any engineering and feasibility tests shall be conducted at Buyer's sole risk and expense, and Buyer agrees to indemnify and defend Seller and the Property from any liens and claims resulting from such tests. Buyer shall be solely responsible for all costs of any environmental site assessments Buyer deems necessary. The Property will be restored by Buyer to its original condition at Buyer' sole expense following any site work. In the event this transaction does not close for any reason whatsoever, the Buyer shall release to Seller any and all independent test studies or tests results obtained during this inspection period. Section 8. Closing. (a) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Buyer the following: (i) a General Warranty Deed ("Deed"), fully executed and acknowledged by Seller, conveying to Buyer good and indefeasible fee - 3 - simple title to the Property subject only to the Permitted Encumbrances, with the precise form of the Deed to be determined pursuant to Section 10 below; (ii) Any other instrument or document necessary for Title Company to issue the Owner Policy in accordance with Section 8(a)(3)below. (2) Buyer, at Buyer's sole cost and expense, shall deliver or cause to be delivered to Seller through the Title Company federally wired funds or a certified or cashier's check or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. (3) Title Company shall issue to Buyer, at Buyer's sole cost and expense, an Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Buyer is the owner of indefeasible fee simple title to the Property, subject only to the Permitted Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted Encumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read: "Standby Fees and Taxes for 2006 and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership"; (4) Seller and Buyer shall each pay their respective attorneys' fees. (5) Buyer shall pay all recording fees. (6) The City will conduct an environmental review of the Property and if an environmental hazard is found the City has the right to cancel this contract. (b) Ad valorem and similar taxes and assessments, if any, relating to the Property shall be prorated between Seller and Buyer as of the Closing Date, based on estimates of the amount of taxes that will be due and payable on the Property during the calendar year in which the Closing occurs. As soon as the amount of taxes and assessments on the Property for that year is known, Seller and Buyer shall readjust the amount of taxes to be paid by each party with the result that Seller shall pay for any taxes and assessments applicable to the Property up to and including the date of Closing, and Buyer shall pay for those taxes and assessments applicable to the Property after the Closing. The provisions of this Section 8(b) survive the Closing. (c) Upon completion of the Closing, Seller shall deliver possession of the Property to Buyer, free and clear of all tenancies of every kind. Section 9. Agents. Seller and Buyer each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction. -4 - Section 10. Closing Documents. No later than fifteen (15) days prior to the Closing Date, Seller shall deliver to Buyer a copy of the Deed, which is subject to Buyer's reasonable right of approval. Section 11. Notices. (a) Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the party to whom the notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing), (iii) placed in the United States mail, return receipt requested, addressed to such party at the address specified below, (iv) deposited into the custody of Federal Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below, or (v) telecopied to the party at the telecopy number listed below, provided that the transmission is confirmed by telephone on the date of the transmission. (b) The address of Buyer under this Contract is: City of Fort Worth Real Property Services 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Jean Petr Telephone: 817-392-8367 (c) The address of Seller under this Contract is: Bobby Miller and Delores Miller 3158 Schadt Street Fort Worth, TX 76106 Telephone: 817.625.0560 (d) From time to time either party may designate another address or telecopy number under this Contract by giving the other party advance written notice of the change. Section 12. Termination,Default, and Remedies. (a) If Buyer fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other than termination of this Contract by Buyer pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive remedy, shall have the right to terminate this Contract by giving written notice thereof to Buyer prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations hereunder. (b) If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to - 5 - or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a right so to terminate expressly set forth in this Contract or Buyer's failure to perform Buyer's obligations under this Contract, then Buyer shall have the right to terminate this Contract by giving written notice thereof to Seller prior to or at the Closing and neither party hereto shall have any further rights or obligations hereunder. Section 13. Entire Contract. This Contract (including the attached exhibits) contains the entire contract between Seller and Buyer, and no oral statements or prior written matter not specifically incorporated herein is of any force and effect. No modifications are binding on either party unless set forth in a document executed by that party. Section 14. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Neither party may assign its interest under this Contract without the prior consent of the other party. Section 15. Time for Execution. If Seller has not executed and returned a fully executed copy of this Contract to Buyer by 5:00 p.m., Fort Worth, Texas time on July 20, 2006, this Contract shall be null and void. Section 16. Time of the Essence. Time is of the essence under this Contract. Section 17. Taking Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain, Buyer may, in Buyer's sole discretion, either (i) terminate this Contract and neither party shall have any further rights or obligations hereunder, or(ii) proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect the net square footage of the Property after the taking. Section 18. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 19. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and any and all payments under the terms of the Contract are to be made in Tarrant County, Texas. Section 20. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. Section 21. Severability. If any provision of this Contract is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. Section 22. Business Days. If the Closing date or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday, then the Closing date or the day for such performance, as the case may be, shall be the next following regular business day. Section 23. Counterparts. This Contract may be executed in multiple counterparts, each of which will be deemed an original,but which together will constitute one instrument. - 6 - This Contract is executed as of the Effective Date. BUYER: CITY OF FORT W TH By: _fy� , Marc A. Ot Assistant City Manager Date: �oy f � A a�L7`S�Lr � Marty Hendrix cor.tracL _utorization City Secretary -�-- Approv as to ga 'ty and Form Date Assistant City Attorney SELLER: / Y-, Name: Bobbiller Date: � -/' o6 By: 1 -k�Lk' ?11' Name: Delores Miller Date: I - o u By its execution below, Title Company agrees to perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY: By: Name: V 4 A)/0 )1 Title: 5 Old F Date: - 7 - EXHIBIT "A" Description of Property Lots 1, 2, 3, and 4,Block 3,MORGAN HEIGHTS ADDITION to City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 310, Page 44, Plat Records, Tarrant County, Texas PURCHASE CONTRACT SCHADT,MILLER 060622 ACKNOWLEDGMENT THE STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on this T day of , 2006, by Marc A. Ott, Assistant City Manager of the City of Fort Worth, Texas, a municipal corporation, on behalf of the City of Fort Worth, Texas. } Notary Public, State of Texas MSFMy C+=-m"AlsslON EXPIRES JUly 26 7007 ACKNOWLEDGMENT THE STATE OF TEXAS § COUNTY OF TARRANT § This,instrument Was acknowledged before me on this day of , 2006, b:yS �C11 -- Notary Public, State of Tex �� � SERENA G.CORNELIUS NOTARY PUBLIC STATE OF TEXAS a C0111113310R EXPIRES: JULY '1s, zoos OWNER POLICY OF TITLE INSURANCE Issued By , POLICY NUMBER ' � 7 -� 33-34-93- 28783 �� Alamo Title Insurance SUBJECT TO THE EXCLUSIONS FROM COVERAGE,THE EXCEPTIONS FROM COVERAGE CON- TAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS,ALAMO TITLE INSURANCE, a Texas corporation, herein called the Company,insures,as of Date of Policy shown in Schedule A,against loss or damage,not exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the Insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Any statutory or constitutional mechanic's,contractor's,or materialman's lien for labor or material having its inception on or before Date of Policy; 4. Lack of a right of access to and from the land; 5. Lack of good and indefeasible title. The Company also will pay the costs,attorneys'fees and expenses incurred in defense of the title,as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS HEREOF,Alamo Title Insurance has caused this Policy to be executed by its President under the seal of the Company,but this Policy is to be valid only when it bears an authorized countersignature, as of the date set forth in Schedule A. Alamo Title Insurance 3 � � President m Secretary Form 33-34-93 Printed(4/02) Texas Form T-1:Owner Policy of Title Insurance-Effective 4/4/02 N U C O LU c� a V m (n LL fn _ O ~ Mo O i o w ,°�_� � p, C N cN ? „ o _ — CL O M a 3 E a = OC I- N LL N W X U) I AF 0)7 CONDITIONS AND STIPULATIONS-Continued the prior written consent of the Company. 10. REDUCTION OF INSURANCE:REDUCTION OR TERMINATION OF LIABILITY. All payments under this Policy,except payments made for costs, attorneys'fees and expenses,shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the Amount of Insurance under this Policy shall be reduced by any amount the Company may pay under any Policy insuring a mortgage to which exception is taken in Schedule B or to which the Insured has agreed,assumed or taken subject,or which is hereafter executed by an Insured and which is a charge or lien on the estate or interest described or referred to in Schedule A,and the amount so paid shall be deemed a payment under this Policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this Policy for endorsement of the payment unless the Policy has been lost or destroyed,in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations,the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this Policy,all right of subrogation shall vest in the Company unaffected by any act of the Insured Claimant.The Company shall be subrogated to and be entitled to all rights and remedies that the Insured Claimant would have had against any person or property in respect to the claim had this policy not been issued.If requested by the Company,the Insured Claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation.The Insured Claimant shall permit the Company to sue,compromise or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant,the Company shall be subrogated to these rights and remedies in the proportion that the Company's payment bears to the whole amount of the loss. If loss should result from any act of the Insured Claimant,as stated above.that act shall not void this Policy,but the Company,in that event,shall be required to pay only that part of any losses insured against by this Policy that shall exceed the amount,if any,lost to the Company by reason of the impairment by the Insured Claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-Insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include,without limitation,the rights of the Insured to indemnities, guaranties,other policies of insurance or bonds,notwithstanding any terms or conditions contained in those instruments that provide for subrogation rignts by reason of this Policy. 14. ARBITRATION. Unless prohibited by applicable law or unless this arbitration section is deleted by specific provision in Schedule B of this Policy,either the Company or the Insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association.Arbitrable matters may include,but are not limited to,any controversy or claim between the Company and the Insured arising out of or relating to this Policy,and service of the Company in connection with its issuance or the breach of a Policy provision or other obligation.All arbitrable matters when the Amount of Insurance is$1,000,000 or less SHALL BE arbitrated at the request of either the Company or the Insured,unless the Insured is an individual person(as distinguished from a corporation,trust, partnership,association or other legal entity).All arbitrable matters when the Amount of Insurance is in excess of$1,000,000 SHALL BE arbitrated only when agreed to by both the Company and the Insured.Arbitration pursuant to the Policy and under the Rules in effect on the date the demand for arbitration is made, or at the option of the Insured.the Rules in effect at the Date of Policy shall be binding upon the parties.The award may include attorneys'fees only if the laws of the state in which the land is located permit a court to award attorneys'fees to a prevailing party.Judgment upon the award rendered by Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to any arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained frorn the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY:POLICY ENTIRE CONTRACT. (a) This Policy together with all endorsements, if any, attached hereto by the Company is the entire Policy and contract between the Insured and the Company. In interpreting any provision of this Policy,this Policy shall be construed as a whole. (b) Any claim of loss or damage whether or not based on negligence and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim shall be restricted to this Policy. (c) No amendment of or endorsement to this Policy can be made except by a writing endorsed hereon or attached hereto signed by either the President,a Vice President,the Secretary, an Assistant Secretary or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the Policy is held invalid or unenforceable under applicable law.the Policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this Policy and shall be addressed to the Company at P.O.Box 45023,Jacksonville,Florida 32232-5023. COMPLAINT NOTICE. Should any dispute arise about your premium or about a claim that you have filed,contact the agent or write to the Company that issued the Policy. If the problem is not resolved,you also may write the Texas Department of Insurance,P.O.Box 149091,Austin,TX 78714-9091.Fax No.(512)475-1771. This notice of complaint procedure is for information only and does not become a part or condition of this Policy. OWNER'S POLICY OF TITLE INSURANCE SCHEDULE A File Number: 06-1023281 Policy Number: 33-34-93-28783 km Amount of Insurance: $80,464.00 Premium: $734.00 Date of Policy: August 18, 2006 at 01:23 p.m. 1. Name of Insured: City of Fort Worth 2. The estate or interest in the land covered by this Policy is: Fee Simple 3. Title to the estate or interest in the land is insured as vested in: City of Fort Worth, a Municipal Corporation 4. The land referred to in this policy is described as follows: Lots 1, 2, 3, and 4, Block 3, MORGAN HEIGHTS ADDITION to City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 310, Page 44, Plat Records, Tarrant County, Texas. FORM T-1: Owner's Policy of Title Insurance GF No. 06-1023281 Policy No. 33-34-93-28783 km SCHEDULE B EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorney's fees or expenses) that arise by reason of the terms and conditions of the leases or easements insured, if any, shown in Schedule A and the following matters: 1. Item 1, Schedule B is hereby deleted. 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments, or protrusions, or any overlapping of improvements. 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, a. to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or C. to filled-in lands, or artificial islands, or d. to statutory water rights, including riparian rights, or e. to the area extending from the line of mean low tide to the line vegetation, or the right of access to that area or easement along and across the area. 5. Standby fees, taxes and assessments by any taxing authority for the year 2006, and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property under Section 1 1.13, Texas Tax Code, or because of improvements not assessed for a previous tax year. 6. The following matters and all terms of the documents creating or offering evidence of the matters. (We must insert matters or delete this exception): a. Rights of parties in possession. b. Section 14 of the Conditions and stipulations of this policy is hereby deleted. FORM T-1: Owner's Policy of Title Insurance GF No. 06-1023281 Policy No. 33-34-93-28783 km Alamo Title Company b4�d (Authorized Countersignature) FORM T-1: Owner's Policy of Title Insurance Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 8/8/2006 DATE: Tuesday, August 08, 2006 LOG NAME: 30LEBOW SCHADT REFERENCE NO.: **L-14226 SUBJECT: Authorize Acquisition of Three Vacant Residential Lots and One Single Family Residential Property Located at 3154, 3156, 3158 and 3160 Schadt Street, Morgan Heights Subdivision, Block 3, Lots 1, 2 ,3 and 4 for the Lebow Channel Watershed Improvements Project (DOE 4623) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the acquisition of three vacant residential lots and one single family residential property in conjunction with the Lebow Channel Watershed Improvements Project; 2. Find that the price offered in the amount of $80,464.00, plus an estimated closing cost of $3,000 is just compensation; and 3. Authorize the execution of a purchase agreement with the owners and the acceptance and recording of appropriate instruments. DISCUSSION: In the 2004 Capital Improvement Program, funds were allocated for the Lebow Channel Watershed Improvements Project to alleviate flooding in multiple neighborhoods on the north side of Fort Worth. The 3154, 3156, 3158 and 3160 Schadt Street properties, Morgan Heights Subdivision, Block 3, Lots 1, 2, 3 and 4, include three vacant residential lots and one single family residence that lie within the Lebow Channel floodway. Transportation and Public Works staff identified these properties as essential to acquire for the Lebow Channel Watershed Improvements Project. The real estate taxes on this property will be pro-rated to the date of closing with the seller being responsible for any taxes due until the closing date. The City will pay closing and recording fees. It is estimated that the City's portion of any taxes due on the acquisition of this property and associated closing costs will not exceed $3,000.00. In addition to paying the just compensation amounts as listed below, staff recommends that any weed liens filed by the city on the properties be released, up to a maximum of $2,000, thereby providing the sellers with the just compensation as established. Seller Address Legal Price Property Bobby Miller and 3154 Schadt Blk 3, Lot 4 $3,200.00 Vacant Lot Delores Miller 3156 Schadt Blk 3, Lot 3 $2,464.00 Vacant Lot 3158 Schadt Blk 3, Lot 2 $70,000.00 SF Residential 3160 Schadt Blk 3, Lot 1 $4,000.00 Vacant Lot Morgan Heights Subdivision Total Just Compensation $80,464.00 http://www.cfwnet.org/council_packet/Reports/mc_print.asp 11/8/2006 Page 2 of 2 Estimated Tax and Closing Cost $3,000.00 Total Estimated Cost $83,464.00 FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds will be available in the current Capital Budget, as appropriated, of the Street Improvements Fund. TO Fund/Account/Centers FROM Fund/Account/Centers C200 541100 202280008441 $83,464.00 Submitted for City Manager's Office by: Marc A. Ott (6122) Originating Department Head: A. Douglas Rademaker (6157) Additional Information Contact: A. Douglas Rademaker (6157) http://www.cfwnet.org/council_packet/Reports/mc_print.asp 11/8/2006