HomeMy WebLinkAboutContract 40214-A1 (2)CITY SECRETARY
OFFICIAL RECORD
CONTRACT NO.
CITY SECRETARY AMENDMENT NO. 1 TO
Fr. WORTHS TX TAX INCREMENT FINANCING
DEVELOPMENT AGREEMENT
Widening of North Riverside Drive
This AMENDMENT NO. 1 TO TAX INCREMENT FINANCING
DEVELOPMENT AGREEMENT ("Amendment") is entered into by and between the
BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUMBER
SEVEN, CITY OF FORT WORTH, TEXAS (the "Board"), an administrative body appointed
in accordance with Chapter 311 of the Texas Tax Code (the "TIF Act") to oversee the
administration of Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas,
a reinvestment zone designated by ordinance of the City of Fort Worth in accordance with the
TIF Act, and the CITY OF FORT WORTH ("City"), a home rule municipality organized
under the laws of the State of Texas.
The Board and City hereby agree that the following statements are true and correct and
constitute the basis upon which the Board and City have entered into this Amendment:
A. The Board and City previously entered into that certain Tax Increment Financing
Development Agreement, as approved by the Board on September 30, 2010 (the "Agreement"),
pursuant to which the Board agreed to reimburse City up to $10,400,000.00 of revenues plus
interest in the TIF Fund to pay for or reimburse the City for the costs of widening North
Riverside Drive between Heritage Trace Parkway and Golden Triangle Road (the "Project'), as
more specifically set forth in the Agreement.
B. The Board and City wish to expand the scope of the Project to include design and
construction costs of widening No, Riverside Drive between Dalton Road and North Tarrant
Parkway, with the understanding that the $10,400,000.00 maximum reimbursement by the Board
will not be increased.
NOW, THEREFORE, the Board and the City, for and in consideration of the public
purposes achieved by the Project, as described in the Agreement, do hereby contract, covenant,
and agree as follows.
1. Exhibit "A" (Description and General Rendering of Project) is hereby amended to add
the following to the scope of the Project:
The Project will also improve North Riverside Drive between Dalton Road and North
Tarrant Parkway.
2. All terms and conditions set forth in the Agreement that are not expressly amended herein
shall remain in full force and effect.
3. Capitalized terms used but not defined herein shall have the same meanings ascribed to
them in the Agreement.
Page I
Amendment No. 1 to
Development Agreement for North Riverside Drive Improvements
between North Tarrant Parkway TIF and City of Fort Worth
4. This Amendment shall be effective as of June 25, 2012.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed:
CITY OF FORT WORTH:
By: GJGs
Fernando Costa
Assistant City Manager
APPROVED AS TO FORM AND LEGALITY:
B•
Malesh• Farmer
Senior Assistant City Attorney
Date of Board Approval:
June 25, 2012
Page 2
Amendment No. 1 to
Development Agreement for North Riverside Drive Improvements
between North Tarrant Parkway TIF and City of Fort Worth
BOARD OF
INCREMENT
WOR
By:
DIRECTORS OF TAX
Danny �
Chairman
J. Kayser, City
ZONE
FORT
OFFICIAL. RECORD
CITY SECRETARY
FT• WORTH, TX
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