HomeMy WebLinkAboutContract 35571-A6_ •
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SIXTH AMENDMENT OF PURCHASE CONTRACT
THIS SIXTH 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 January 1, 2012 ("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 amended the Contract (City Secretary Contract No. 35571-A3)
("Third Amendment") to extend the Contract for an additional six months.
E. Purchaser has requested that Seller extend the Contract (City Secretary Contract No.
35571 A-4) ("Fourth Amendment") to extend the Contract to July 1, 2011.
F. Purchaser has requested that Seller extend the Contract (City Secretary Conri•act No.
35571 A-5) ("Fifth Amendment") to extend the Contract to January 1, 2012.
G. Purchaser has requested that Seller extend the Contract and Seller is willing to extend the
Contract.
H. Except as otherwise defined herein, all of the defined teens in this First Amendment have
the same meanings given to those teens in the Contract.
AGREEMENT
In consideration of the mutual covenants in this Sixth Amendment, Seller and Purchaser agree as
follows:
1. Section 6(a) of the Contract is atnended to provide as follows:
"(a) Purchaser shall have a period of trine commencing on the Effective Date and
tertninating on January 1, 2013("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 Sixth Amendment, all of the terms and conditions of the Contract are
ratified and remain in full force and effect. This Sixth Amendment is executed as of the Effective Date.
Cypress Sixth Amendment to Purchase Agreement.DOC
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OFFICIAL RECORD
CITY SECRETARY
FTo VIIORTH, TX
SELLER:
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
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PURCHASER:
CYPRESS EQUITIES I, L.P.
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Liability ompany, it eneral Partner
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Cypress Sixth Amendment to Purchase Agreement Fina1.DOC 2
OFFICIAL REC01��`
CITY SECRETAR •.
FT. WORTH, TY
City of Fort Worth, Texas
Mayor and councii c
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COUNCIL ACTION: plix oved on 12/6/2011
unication
DATE: Tuesday, December 06, 2011 REFERENCE NO.: **L-15286
LOG NAME: 17CYPRESSAMEND6
SIJR,TECT:
Authorize Amendment to City Secretary Contract No. 35571 to Extend the 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:
1. Amend the Purchase Agreement, City Secretary Contract No. 35571 with Cypress Equities I, LP, to extend
the Purchase Agreement an additional twelve months and, if necessary, another additional year; 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.
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
$730,700000 (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 and subsequent amendments, Cypress had an option period to complete
its due diligence. Cypress continues to actively engage restaurants and businesses to relocate to the West
Retail area and have been successful with the Jack in the Box that opened early this year.
Cypress' current option to Purchase Agreement for the West Retail property will expire on January 1, 2012.
Cypress requests an extension to the Purchase Option Agreement for an additional 12 months and if
necessary, an additional one year extension. Cypress is currently working on a new development that will
begin construction in late Spring of 2012. 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 FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
1. EvRoProjectArea (31.pdf
Fernando Costa (6122)
Jay Chapa (5804)
Cynthia Garcia (8187)
Fabiola Suarez (6811)