HomeMy WebLinkAboutContract 36482-A2CON RACK NO
AMENDMENT NO. 2 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT NO. 36482)
This AMENDMENT NO.2 TO ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT ("Amendment") is made and entered into by and between the CITY
OF FORT WORTH ("City"), a home rule municipal corporation organized under the
laws of the State of Texas, and MUSEUM PLACE HOLDINGS, LLC ("Developer"),
a Texas limited liability company.
The following introductory provisions are true and correct and for the basis of this
Amendment:
A. As of January 145 2008 the City and Developer entered into that certain Economic
Development Program Agreement on file in the City Secretary's Office as City Secretary
Contract No. 36482, as amended by City Secretary Contract No. 37066 (collectively, the
"Agreement"). Under the Agreement, Developer agreed, among other things, to
construct a mixed -used development (the "Development", as more specifically defined
in the Agreement) on certain real property located in the City's cultural district, which
has been identified by the Comprehensive Plan as a regional mixed -use growth center
where public incentives could effectively be used as a catalyst for beneficial long-term
planned development in the City. In return, the City agreed to pay Developer certain
Program Grants as authorized by Chapter 380 of the Texas Local Government Code and
outlined in the Agreement.
B. Developer is required to construct the Development in various Phases, each of
which has a Completion Deadline established by the Agreement. Due to unanticipated
delays in commencing construction of the Development, Developer has requested that the
Agreement be amended to extend the Completion Deadlines for each Phase. Because of
the public benefits that the City will receive from the Development, as outlined in the
Recitals of the Agreement, the City is willing to amend the Agreement in order to address
Developer's request.
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the City and Developer hereby agree as
follows:
1. Section 2 of the Agreement
following definitions as follows:
(Definitions) is hereby amended to change the
Phase I Completion Deadline means June 30, 2009.
Page 1
Amendment No. 2 to CSC No. 36482
Economic Development Program Agreement with Museum Place Holdings, LLC � � _ ,, �� _ � �
OFFICIALRECORD
CITY SECRETARY
FT. WOM, TX
P,10::4 I��
Phase II Completion Deadline means December 31, 2010.
Phase III Completion Deadline means December 31, 2011.
Phase IV Completion Deadline means December 31, 2011.
2. All terms in this Amendment that are capitalized but not defined shall have the
meanings assigned to them in the Agreement.
3. All terms and conditions of the Agreement that are not expressly amended
pursuant to this Amendment shall remain in full force and effect.
EXECUTED as of the last date indicated below:
CITY OF FORT WORTH:
By. / .
Tom Higgins
Assistant City Manager
Date: 5��Z3/o�J
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Valcy
Assistant City Attorney
M&C: C-23253 12-16-08
MUSEUM PLACE HOLDINGS,
LLC:
By:
Richard F. Garvey
Manager
l i
arty Hendrix,
Page 2
AmendmentNo. 2 to CSC No. 36482
Economic Development Program Agreement with Museum Place Holdings, LLC
®�FICIAL RECORD
CITY SECRETARY
�I WORTH, TX
Page I of
City of Fort Worth, texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/16/2008
DATE: Tuesday, December 16, 2008
REFERENCE NO.: C-23253
SUBJECT:
Authorize Amendment No. 2 to City Secretary Contract No. 36482 an Economic Development Program
Agreement with Museum Place Holdings, LLC, Extending Completion Deadlines of the Museum Place
Project
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute an Amendment No. 2 to
City Secretary Contract No. 36482 an Economic Development Program Agreement with Museum Place
Holdings, LLC, that extends the various completion deadlines for the Museum Place project.
DISCUSSION:
On May 15, 2007, the City Council authorized execution of an Economic Development Program
Agreement (Agreement) with Museum Place Holdings, LLC, (Developer) for the construction of a mixed
use development in the vicinity of the Cultural District (M&C C-22120).
Phase I of the project consists of at least 108,000 square feet of commercial office space, 24,000 square
feet of ground level retail space, at least 75,000 square feet of residential condominiums and a parking
garage with at least 400 parking spaces. Due to unforeseen circumstances, construction delays make the
current deadline of December 31, 2008 for completion of Phase I unfeasible. Developer is requesting a si
month extension on that deadline.
Because of delays associated with utility services in the area, environmental issues, and legal issues, the
Developer has also been forced to delay construction of Phases II, III and IV and has requested aone-
year extension to the deadlines established in the Agreement for those Phases.
The proposed amendment will revise the completion deadlines as follows:
Phase New Deadline for Completion
Phase I June 30, 2009
Phase II December 31, 2010
Phase I I I December 31, 2011
Phase IV December 31, 2011
Otherwise, the structure and terms of the Agreement, as previously amended, will remain the same.
This project is located in COUNCIL DISTRICT 7.
FISCAL INFORMATION /CERTIFICATION:
http://apps.cfwnet.org/ecouncil/printmc.asp?id=10889&print=true&DocType=Print 4/29/2C
Page 2 of
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
No attachments found.
Tom Higgins (6140)
Jay Chapa (6192)
Mark Folden (8634)
http://apps.cfwnet.org/ecouncil/printmc.asp?id=10889&print=true&DocType=Print 4/29/200!