HomeMy WebLinkAboutContract 35571-A5CITY SECRETARY
NMCT NO, 3 55 11 (� 5
FIFTH AMENDMENT OF PURCHASE CONTRACT
THIS FIFTH AMENDMENT OF PURCHASE CONTRACT ("Amendment") 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 ("Seller"), and CYPRESS EQUITIES I, LP
("Purchaser"), as of July 1, 2011 ("Amendment Effective Date"),
RECITALS
A. Seller and Purchaser entered into a Purchase Contract (City Secretary Contract No.
35571) dated as of July 25, 2007 ( the "Contract") for the sale and purchase of the approximately 194,776
square foot tract of land described as parcels, 3A, 4A, 4C on the attached Exhibit A, (collectively, the
"Property")
B. Seller and Purchaser amended the Contract (City Secretary Contract No. 36454) ("First
Amendment") to extend the Contract and allow Purchaser to take down individual tracts of land for the
development of a commercial/retail center.
C. Seller and Purchaser amended the Contract (City Secretary Contract No. 35571-A2)
("Second Amendment") to extend the Contract for an additional six months.
D. Seller and Purchaser again amended the Contract (City Secretary Contract No. 35571-
A3) ("Third Amendment") to extend the Contract to July 1, 2010.
E. Seller and Purchaser again amended the Contract (City Secretary Contract No. 35571-
A4) ("Fourth Amendment") to extend the Contract to July 1, 2011.
F. Purchaser has requested that Seller extend the Contract and Seller is wi11i11g to extend the
Contract.
G. Except as otherwise defined herein, all of the defined terms in this First Amendment have
the same meanings given to those terms in the Contract.
AGREEMENT
In consideration of the mutual covenants in this Second Amendment, Seller and Purchaser agree
as follows:
1. Section 6(a) of the Contract is amended to provide as follows:
"(a) Purchaser shall have a period of time commencing on the Effective Date and
terminating on January 1, 2012 ("Option Period") during which to enter and examine the Property
and, at its expense, conduct the Test (defined below)."
2. Except as amended by this Fifth Amendment,
Contract are ratified and remain in full force and effect.
the Effective Date.
all of the terms and conditions of the
This Fifth Amendment is executed as of
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Cypress Firih .4mendmr�t to Pw chase Agreemar: r i"al oo;_ 0 9 -19 -1 1 P 0 2: 3 0 � N
City of Fort Worth, Texas
Mayor and Councii C
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COUNCIL ACTION: Approved on 7/13/2010
llnlcatlon
DATE: Tuesday, July 13, 2010 REFERENCE NO.: **L-14995
LOG NAME: 17CYPRESSAMEND4
SUBJECT:
Authorize Amendment to City Secretary Contract No. 35571 a Purchase Agreement to Sell City —Owned
Property in the Evans and Rosedale Project Area to Cypress Equities I, LP (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to:
1. Amend the Purchase Agreement, City Secretary Contract No. 35571 and Amendments to Mayor and
Council Communications L-14801, L-14443 and L-14687 with Cypress Equities I, LP, to extend the
Purchase Agreement an additional 12 months and if necessay, an additional six months; and
2. Execute an appropriate deed conveying the property to Cypress Equities I, LP and record the deed if terms
of the option agreement as amended are satisfied.
DISCUSSION:
On June 5, 2007, the City Council authorized the sale of approximately 4.5 acres of property located in the
Evans and Rosedale Urban Village known as the West Retail to Cypress Equities I, LP, (Cypress) for
$730,700.00 (M&C L-14331). City Council chose Cypress to be the Master Developer of the Evans and
Rosedale Project. The West Retail portion of the Evans and Rosedale Project area is the property bounded by
the Interstate Highway 35W Service Road, East Terrell Avenue, Missouri Avenue and East Rosedale Street.
Pursuant to the Purchase Agreement (Agreement) and subsequent amendments, Cypress had an option period
to complete its due gence. Cypress continues to actively engage restaurants and businesses to relocate in
the West Retail area.
Cypress' current option to purchase agreement for the West Retail property will expire on July 1, 2010.
Currently, Cypress has received a letter of intent from Jack —in —the Box, Inc., to secure a 40,000 square foot
pad site in the West Retail area for a corporate operated restaurant. The Jack —in —the Box, Inc., pad site is
bound by the Interstate Highway 35W Service Road, Dashwood Street, Missouri Avenue and Verbena Street
(see attached map). Pre —development activities for the Jack —in —the Box, Inc., restaurant are underway with
construction activities scheduled for the Fall of 2010.
Therefore, in order to complete the land sale transaction to Jack —in —the Box, Inc., Cypress requests an
extension to the purchase option agreement for an additional 12 months and if necessary, an additional six
month extension. With the requested extension, Cypress shall continue to pursue restaurants and businesses
that will impact the Evans Rosedale Urban Village West Retail in a manner that is consistent with the vision
for the area.
Staff recommends the proposed amendment.
The property is located in COUNCIL DISTRICT 8.
FISCAL INFORMATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information ontact:
ATTACHMENTS
1. EvRo JIB.pdf
FROM Fund/Account/Centers
Tom Higgins (6192)
Jay Chapa (5804)
Cynthia Garcia (8187)
Dolores Garza (2639)