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Home My WebLink AboutContract 35507 CITY SECRETARY CONTRACT NO. _..._r C � FIRST AMENDMENT TO CONTRACT OF SALE This First Amendment to Contract of Sale (this "Amendment") is made and entered into effective as of the 9"' day of July, 2007, by and between LSF5 VILLA DEL RIO, LLC, a Delaware limited liability company ("Seller"), and the CITY OF FORTH WORTH, TEXAS, acting by and through its duly authorized City Manager or Assistant City Manager ("Purchaser"). WITNESSETH : WHEREAS, Seller and Purchaser heretofore entered into that certain Contract of Sale (the "Agreement") dated effective as of June 6, 2007, pursuant to the terms of which Seller agreed to sell and Purchaser agreed to buy any and all of the assignable and transferable right, title and interest of Seller in and to the Property, situated in the County of Tarrant, State of Texas,as more particularly described therein; and WHEREAS, Seller and Purchaser now desire to amend the Agreement as more particularly described below. NOW, THEREFORE, for and in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows: AGREEMENTS: 1. All terms which are defined in the Agreement shall have the same meanings when used herein, unless specifically provided herein to the contrary. 2. Seller and Purchaser hereby agree that the first sentence of Section 7 of the Agreement is hereby deleted in its entirety, and the following is inserted in place thereof: "Subject to Section (d) below, the Closing shall occur on August 3, 2007; provided, however, upon two (2) business days prior written notice from Seller to Purchaser, Seller may designate the date of the Closing to be before August 3, 2007." 3. Purchaser acknowledges and agrees that, to its actual knowledge, Seller is not in default, nor has any event occurred which with notice or lapse of time or both would constitute a default, under the Agreement. Seller acknowledges and agrees that, to its actual knowledge, Purchaser is not in default, nor has any event occurred which with notice or lapse of time or both would constitute a default,under the Agreement. 4. This Amendment may be executed in separate counterparts, each of which shall be an original and all of which when taken together shall constitute one and the same instrument. Further, this Amendment may be executed by both Seller and Purchaser by DALLAS4 817978v1 69062-001460 facsimile signature, such that execution of this Amendment by facsimile signature shall be deemed effective for all purposes as though this Amendment was executed as a "blue ink" original. 5. The Agreement, as amended hereby, shall be and remain in full force and effect and is hereby ratified and confirmed by Seller and Purchaser. To the extent any of the terms and provisions of the Agreement are inconsistent with the terms and provisions of this Amendment, the terms and provisions of this Amendment shall govern and control. 6. Neither this Amendment nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument. [SIGNATURE PAGE FOLLOWS] 2 DALLAS4 817978v1 69062-001460 IN WITNESS WHEREOF, Seller and Purchaser have executed this Amendment as of the date set forth above. SELLER: LSF5 VILLA DEL RIO, LLC, a Delaware limited liability company By: Name: Marc L. Lipshy Title: Vice President PURCHASER: CITY OF FORT WORTH a Home-Rule Municipality duly organized and operating under the Constitution and laws of the State of Texas in Tarrant, Denton, Parker and Wise Counties, Texas By: Dale Fis 1 r, Assistant City Manager Date: h) Attest Marty Hendrix, Qity Secretary APP VED AS TO LEG ITY AND FORM Assistant City Attorney IUJLJ3�1= Cct Authorizatiox Date 3 DALLAS4 817978v 1 69062-001460 Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved As Amended on 6/5/2007 - Ordinance No. 17588-06-2007 DATE: Tuesday, June 05, 2007 LOG NAME: 17WOODHLAND REFERENCE NO.: L-14332 SUBJECT: Authorize the Execution of Agreements for the Purchase of the Oak Hollow and Villa Del Rio Apartment Complexes Located at 5901 Boca Raton and 5817 Boca Raton Fort Worth, Texas, and Authorize the Funds for the Demolition and Adopt the Attached Supplemental Appropriation Ordinance RECOMMENDATION: It is recommended that the City Council: 1. Accept $7,985,887.14 from the Dallas/Fort Worth (DFW) International Airport for reimbursement for the remaining balance of capital contributions for the initial development of DFW Airport; 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Specially Funded Capital Projects Fund by $4,575,000 from available funds; 3. Authorize the City Manager to execute a purchase agreement with Blue Valley Apartments, Inc. to purchase the apartment complex located at 5901 Boca Raton for$2,250,000.00; 4. Authorize the City Manager to execute a purchase agreement with LSF5 Villa Del Rio, LLC to purchase the apartment complex located at Lot 1 Block 1 of the Spanish Oaks Apartment Addition, also known as 5817 Boca Raton for $1,575,000; 5. Authorize the City Manager to execute any documents necessary to complete the transactions as provided in the purchase agreements; and 6. Authorize the expenditure of up to $750,000 for the demolition of the structures on the property. DISCUSSION: In 2004, Gideon Toal prepared the Woodhaven Neighborhood Redevelopment Plan (Plan). The Plan focused on the conditions in the Woodhaven Neighborhood and ways to reduce crime, increase safety, increase public amenities and improve the perception of the Woodhaven Neighborhood. The Plan found that there were 23 apartment complexes in the Woodhaven Neighborhood with a total of 4,805 units. Two of the apartment complexes, Villa Del Rio and Oak Hollow, have steadily deteriorated since they were originally constructed in the 1970s. In addition, these apartment complexes have generated numerous police calls as well as numerous Code Compliance violations. Villa Del Rio Apartments contains 107 units and encompasses 4.65 acres. The Oak Hollow Apartments contains 176 units and encompasses 10.09 acres. In order to implement the Plan, staff recommends purchasing the apartment complexes from Blue Valley Apartment, Inc., and LSF5 Villa Del Rio, LLC under the terms set forth below and demolishing the properties once purchased. http://www.cfwnet.org/council_packet/Reports/mc_print.asp 7/12/2007 Page 2 of 2 The terms of the purchase agreements are as follows: Villa Del Rio - Purchase Price $1,575,000.00 - Earnest Money $10,000 - Close by July 11, 2007 so long as no title or environmental issues, an acceptable survey and all tenants must be relocated by closing Oak Hollow - Purchase Price - $2,250,000.00 - Earnest Money- $25,000 - Close by June 8, 2007 so long as no title or environmental issues, an acceptable survey and all tenants must be relocated by closing The apartment complexes are located in COUNCIL DISTRICT 4. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the Specially Funded Capital Projects Fund. TO Fund/Account/Centers FROM Fund/Account/Centers C291 446100 XXXXXXXXXXXX $7,985,887.14 C291 539120 XXXXXXXXXXX $750,000.00 C291 446100 XXXXXXXXXXXX $4,575,000.00 C291 541250 XXXXXXXXXXX $3,800,000.00 C291 539120 XXXXXXXXXXXX $750,000.00 C291 541250 XXXXXXXXXXXXX $3,800,000.00 Submitted for City Manager's Office by. Dale Fisseler (6140) Originating Department Head: Tom Higgins (6192) Additional Information Contact: Jay Chapa (5804) http://www.cfwnet.org/council_packet/Reports/mc_print.asp 7/12/2007