HomeMy WebLinkAboutContract 35326-A1 �ITY
ON RACSECRETARY 3a '►al
AMENDMENT NO. 1 TO
AMENDED AND RESTATED
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT NO. 35326)
This AMENDMENT NO. 1 TO AMENDED AND RESTATED ECONOMIC
DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO.
35326) ("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 LPC TRINITY PARKS LP ("Developer"), a Texas limited partnership whose sole
general partner is LPC Trinity Bluff Phase II-III LP, a Texas limited partnership, whose sole
general partner is Lincoln No. 2049, Inc., a Texas corporation.
The City and Developer hereby agree that the following statements are true and correct
and constitute the basis upon which the City and Developer have entered into this Amendment:
A. Trinity Bluff Development, Ltd. ("Trinity Bluff') previously owned
approximately 2.496 acres of land on the north side of the City's downtown (the "Development
Property"). The Development Property consists of two (2) separate parcels (each a "Parcel"),
one of which is approximately 1.713 acres and the other of which is approximately 0.783 acre, as
more specifically described in that certain Amended and Restated Economic Development
Program Agreement between the City and Trinity Bluff that is on file in the City Secretary's
Office as City Secretary Contract No. 35326 (the "Agreement").
B. Under the Agreement, the City agreed to pay Trinity Bluff, as owner of the
Development Property, certain economic development program grants, as authorized by Chapter
380 of the Texas Local Government Code, in return for the construction of a three-story
apartment complex with at least sixty-five (65) residential rental apartment units comprising four
(4) separate buildings on the Development Property, with two (2) Buildings on one Parcel and
two (2) Buildings on the other Parcel, and certain other improvements constructed to serve such
Buildings, all defined as the "Required Improvements" and more specifically set forth in the
Agreement.
C. Developer subsequently purchased the Development Property from Trinity Bluff. In
accordance with the Agreement and pursuant to that certain Assignment and Assumption of
Amended and Restated Economic Development Program Agreement between Trinity Bluff and
Developer, dated on or about May 30, 2007, Trinity Bluff assigned all of its right, title, and interest
in the Agreement to Developer.
D. The Agreement requires that the Completion Deadline(as defined in the Agreement)
for construction and completion of the Required Improvements must occur by December 31, 2009.
Due to unforeseen delays in constructing and completing the Required Improvements, Developer
has requested that the Completion Deadline be extended from December 31, 2009 to December 31,
Pagel of 3
Amendment No. 1 to CSC No.35326,as previously assigned by Trinity Bluff Development, 0FFICIAL RECI
Amended and Restated Economic Development Program Agreement with LPC Trinity Park LdiTY SECRETS",
FT.WORTH,
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2010. Because of the economic and other public benefits that are anticipated to accrue on
account of the Required Improvements, the City is willing to amend the Agreement to
accommodate Developer's request.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the City and Developer agree as follows:
1. The definition of "Completion Deadline", as set forth in Section 2 of the Agreement
(Definitions), is hereby amended as follows:
Completion Deadline means December 31, 2010.
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 in multiples as of the last date indicated below:
CITY OF FORT WORTH: LPC TRINITY PARKS LP:
By: LPC Trinity Phase II-III LP, a Texas
limited liability company and its sole
general partner:
By: Lincoln No. 2049, Inc., a Texas
corporation and its sole general
partner:
By: By:
Tom Higgins e: �� Cooiv��
Assistant City Manager Date: l iE to g
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FICIAL RECORD
Page 2 of 3 TY SECRETARY
Amendment No. I to CSC No. 35326,as previously assigned by Trinity Bluff Development. FT.WORTFI,TX
Amended and Restated Economic Development Program Agreement with LPC Trinity Parks
APPROVED AS TO FORM AND LEGALITY:
By: 6z6i: a_
Peter Vaky
Assistant City Attorney
M&C: C-23823 10-06-09
AttW--" INy:
Marty Hendrixk, ity Secretary
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Page 3 of 3 OFFICIAL RECORD
Amendment No. 1 to CSC No. 35326,as previously assigned by Trinity Bluff Development, Ltd CITY SECRETARY
Amended and Restated Economic Development Program Agreement with LPC Trinity Parks LP FT.WORTH,TX
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 10/6/2009
DATE: Tuesday, October 06, 2009 REFERENCE NO.: **C-23823
LOG NAME: 17TBIIAMDTS
SUBJECT:
Authorize Execution of Amendments to City Secretary Contract Nos. 35326 and 35327,Economic
Development Program Agreements with Trinity Bluff Development,Ltd.,to Modify Completion Deadlines of
Required Private Improvements and Authorize Amendment to City Secretary Contract No. 32340, a
Community Facilities Agreement with Trinity Bluff Development,Ltd.,for Certain Drainage Improvements
to Revise Milestones Required for City Participation in that Project
RECOMMENDATION:
It is recommended that the City Council authorize the City
Manager to:
1. Execute amendments to City Secretary Contract Nos. 35326 and
35327,Economic Development Program Agreements with Trinity
Bluff Development,Ltd., to modify the deadlines for the
completion of the private improvements that are required under
those Agreements in order to receive certain economic
development grants from the City; and
2. Execute an amendment to City Secretary Contract No. 32340,a
Community Facilities Agreement with Trinity Bluff Development,
Ltd.,for certain drainage improvements within the Trinity Bluff
Phase II development,to modify the scope of the private
improvements and the related construction oriented milestones
required under the Agreement in order to receive City funding for
that project.
DISCUSSION:
On May 3, 2005, (M&C C-20708)the City Council authorized the
execution of an Enhanced Community Facilities Agreement
(ECFA)(City Secretary Contract(CSC)No. 32340) with Trinity
Bluff Development,Ltd., (Developer)pursuant to which the
Developer agreed to construct drainage improvements (the
Infrastructure Improvements) within the Trinity Bluff Phase II
residential development in Downtown Fort Worth, which at the
time was slated to consist of 270 apartment units (the
Development). Under the ECFA, the City agreed to reimburse the
Developer for the lesser of the actual cost of the infrastructure
improvements or$992,000.00 provided that the Developer
completed the Development by December 31, 2008 (the
Completion Deadline). On July 25, 2006, (M&C C-21587) the
City Council authorized an extension of the Completion Deadline
to December 31, 2009, and a redefinition of the Development to
200 apartment units. The City's participation in the cost of the
infrastructure improvements was in addition to economic
development grants authorized by Chapter 380 of the Texas Local
Government Code that had been pledged to the Developer pursuant
to CSC Nos. 34173 and 34174 (the first 380 Agreements)in return
for construction of the Development by the Completion Deadline.
The scope of the Development then changed. On May 15, 2007,
(M&C C-22121)the City Council authorized the execution of
Amended and Restated Economic Development Program
Agreements (CSC Nos. 35236 and 35237) (the 380 Agreements)
that allowed a change in the scope of the Development to two
apartment buildings, one a three—story building with 65 apartment
units and the other a four—story building with 299 apartment units.
The first 380 Agreements were terminated upon execution of the
current 380 Agreements. Accordingly, the ECFA now needs to be
amended to so that the description of the Development that
Developer is required to complete under the ECFA in order to
receive City funding for the infrastructure improvements matches
the description of the Development that Developer is required to
complete under the current 380 Agreements.
Furthermore, the Developer's construction schedule for the
Development has been delayed due to the current economic
climate.As a result, the Developer has requested that the deadline
for completion of the Development under both the ECFA and the
380 Agreements be extended as follows:
CSC No. 35326 (380 Agreement for three—story, 65 unit apartment
building):
December 31, 2009,to December 31, 2010
CSC No. 35327 (380 Agreement for four—story, 299 unit
apartment building):
December 31, 2011,to December 31, 2012
CSC No. 32340 (ECFA):
December 31, 2009,to December 31,2010
All other terms and conditions in the Agreements shall remain the
same.
This project is located in COUNCIL DISTRICT 9.
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. Thomas Higgins (6140)
Originating Department Head: Jay Chapa (6192)
Additional Information Contact: Mark Folden (8634)