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HomeMy WebLinkAboutContract 43390-A1 (2)CITY miuTRnciErTio Y �'�'�hD, � 1 FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 43390 WHEREAS the City of Fort Worth ("Seller") and JJE Properties, Ltd. ("Purchaser") made and entered into City Secretary Contract No. 43390 effective July 9, 2012 for the purchase of the property commonly known as 801 W. Vickery (the "Contract"); WHEREAS, the Contract provides for a 60 day Option Period; and WHEREAS, it is the mutual desire of City and Purchaser to extend the Option Period by 14 days. NOW, THEREFORE, City and Buyer hereby agree as follows: I. The reference to "60 days" in Section 6(a) of the Contract is amended to read "74 days." As independent consideration for this extension of the Option Period, Buyer will deliver $50.00 to Seller prior to execution of this amendment. The $50.00 is in addition to and independent of any other consideration or payment in the Contract. It is nonrefundable, and will not be applied to the Purchase Price at Closing. This amendment is effective as of September 7, 2012. II. All terms not defined have the meaning assigned to them in the Contract. All term and conditions of the Contract not amended herein remain unaffected and in full force and effect, are binding on the Parties and are hereby ratified by the Parties. SELLER: CITY OF FORT WORTH By: at. Fernando Costa, Assistant City Manager Apprgved as to Legality and Form Let Assistant Ci City Secretabr M&C L-1536 Attorney PURCHASER: JJE Properties, Ltd., a Texas limited partnership, aa4� �o i`�a p� o�00000!�rLa Date: May 15, 2012 `� 4pswas By Property Company of Fort Worth, LLC, its General Partner, tT OFFICIAL ©0fl BEGET t (NOR NI 9 TX I ©OR y A '1 0: 1 "1 O U T M&C Review Page 1 of 2 CITY COUNCIL AGENDA COUNCIL ACTION: Approved on 5/15/2012 Official site of the City of Fort Worth, Texas FO RT DATE: 5/15/2012 REFERENCE NO.: **L-15363 LOG NAMF: 17801WVICKERY CODS: L TYPE: CONSENT PUBLIC NO HEARING: SUBJ1-CT: Authorize Direct Sale of a Fee Simple Property Owned by the City of Fort Worth Located at 801 West Vickery Boulevard to JJE Properties, Ltd., in the Amount of $236,000 00 in Accordance with Section 272.001(b)(6) of the Texas Local Government Code (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the direct sale of a fee simple property owned by the City of Fort Worth located at 801 West Vickery Boulevard to JJE Properties, Ltd., in the amount of $236,000.00 in accordance with Section 272.001(b)(6) of the Texas Local Government Code; and 2. Authorize execution and recording of the appropriate instruments conveying the property to complete the sale. DISCUSSION: The property at 801 West Vickery Boulevard was acquired by the City of Fort Worth (M&C L-13115) for the Vickery Boulevard Project which was approved by City Council in November 1990 (M&C G- 8923) and revised in October 1996 (M&C G-11605). The property was the former site of the Shooter's Palace Building which was used as a gun range. On December 14, 2004, (M&C G-14612) the City Council rescinded approval for the Vickery Boulevard Project and approved the sale of parcels purchased for the project. A written Intent to Purchase the property was received from JJE Properties, Ltd. The company plans to restore the 1925 structure and address the environmental issues on the property. The City of Fort Worth is authorized to sell fee owned property by Texas Local Government Code 272.001 (b)(6), which allows for the direct sale of property that is located in a reinvestment zone and that the municipality desires to have developed under a project plan adopted by the municipality for the zone. This property is located in the Tax Increment Reinvestment Zone Number 4 (TIF) and will be developed in accordance with the project plan for that TIF. The property was appraised on March 27, 2012 in the amount of $236,000.00. The City of Fort Worth advertised the Intent to Sell the property in the Fort Worth Star -Telegram on April 22, 2012, April 29, 2012, May 6, 2012 and May 13, 2012. The Planning and Development Department has reviewed the current zoning of this property and determined that the zoning classification of the property is compatible with respect to the existing land use, the existing land uses of the surrounding neighborhood and future land use designations indicated by the Comprehensive Plan. ADDRESS LEGAL PRICE ZONING 801 West Vickery Boulevard Lots 1 and 6B Block 3 $236,000.00 NS-T5 http://apps.cfwnet.org/council_packet/mc_review.asp?ID=16843&councildate=5/15/2012 09/19/2012 M&C Review Page 2 of 2 Jennings South Addition This property is located in COUNCIL DISTRICT 8, Mapsco 76H. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that the Housing and Economic Development Department is responsible for the collection and deposit of funds due to the City. TO Fund/Account/Centers FROM Fund/Account/Centers GC10 444583 030023002000 $236,000.00 Submitted for City Manacier's Office bv: Originating Department Head: Additional Information Contact: ATTACHMENTS 801 WVICKERY.pdf Fernando Costa (6122) Jay Chapa (5804) Robin Bentley (7315) Katherine Davenport (7923) http://apps.cfwnet.org/council packet/mc_review.asp?ID=16843&councildate=5/15/2012 09/19/2012