The URL can be used to link to this page

Home My WebLink AboutContract 46623-A4 CSC No. 46623-A4 AMENDMENT NO. 4 TO CITY SECRETARY CONTRACT NO. 46623 ECONOMIC DEVELOPMENT PROGRAM AGREEMENT WITH WAL-MART REAL ESTATE BUSINESS TRUST This AMENDMENT NO. 4 TO CITY SECRETARY CONTRACT NO. 46623 ("Fourth Amendment") is made and entered into by and between the CITY OF FORT WORTH (the "City"), a home rule municipality organized under the laws of the State of Texas, and WAL-MART REAL ESTATE BUSINESS TRUST, a Delaware statutory business trust ("Wal-Mart"). RECITALS The City and Wal-Mart hereby agree that the following statements are true and correct and constitute the basis upon which the parties have entered into this Amendment: A. The City and Wal-Mart Stores Texas, LLC ("Wal-Mart Stores") previously entered into that certain Economic Development Program Agreement, a public document on file in the City Secretary's Office as City Secretary Contract ("CSC") No. 46623. CSC No. 46623 was subsequently amended pursuant to that certain Amendment No. 1 (CSC No. 46623-A1) and assigned to Wal-Mart Real Estate Business Trust. CSC No. 46623, as amended and assigned, was then again amended pursuant to that certain Amendment No. 2 (CSC No. 46623-A2) and that certain Amendment No. 3 (CSC No. 46623-A3). CSC No. 46623, as amended and assigned by CSC No. 46623-Al and as amended by CSC No. 46623-A2 and 46623-A3, shall hereinafter be referred to as the "Agreement". B. The Agreement required, among other things,that Wal-Mart expend at least $13,000,000.00 for the construction and completion of a Wal-Mart SuperCenter store of at least 182,000 square feet on approximately 32.5 acres in the vicinity of the future southeast intersection of Golden Triangle Boulevard and Park Vista Boulevard (the "Phase I Improvements") by not later than February 28, 2019 (the "Phase I Completion Deadline"). In return, the City agreed to pay Wal-Mart certain economic development program grants, as authorized by Chapter 380 of the Texas Local Government Code, as more specifically outlined in the Agreement (the "Program Grants"). C. In order to receive the Program Grants, the Agreement also required Wal- Mart to complete certain street improvements on Park Vista Boulevard from Ray White Road to Keller Hicks Road, as more specifically outlined in the Infrastructure Agreement (City Secretary Contract No. 48603, as amended) (the "Road Project"), and to complete that Road Project in accordance with the Infrastructure Agreement by the Phase I Completion Deadline. Page 1 OFFICIAL RECORD Amendment No.4 to CSC No.46623 CITY SECRETARY Economic Development Program Agreement between City of Fort Worth and Wal-Mart Real Estate Business Trust(Golden Triangle/Park Vista) FT.WORTH,TX D. Wal-Mart completed the Road Project in accordance with the Infrastructure Agreement, but for various reasons, the "green sheets" signifying formal acceptance and completion of the Road Project were not signed until February 2020. Because the Road Project was completed in accordance with the terms and conditions of the Infrastructure Agreement, both the City and Wal-Mart wish to amend the Agreement (City Secretary Contract No. 46623, as amended and assigned) to delete the requirement that the Road Project must also be completed by the Phase I Completion Deadline. NOW, THEREFORE, in consideration of the mutual benefits and promises contained in the Agreement and this Amendment and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and Wal-Mart agree as follows: AGREEMENT 1. The recitals set forth above are true and correct and the basis upon which the parties are entering into this Fourth Amendment. 2. The last sentence of Section 4.5 of the Agreement(Infrastructure Improvements) is hereby amended to read as follows: The Road Project must be completed in accordance with the Infrastructure Agreement. 3. The first sentence of Section 5.2.1 of the Agreement (Program Grants/Amount) is hereby amended to read as follows: Subject the terms and conditions of this Agreement, provided that (i) Wal-Mart expended at least Thirteen Million Dollars ($13,000,000.00) in Construction Costs for the Phase I Improvements by the Phase I Completion Date, (ii) the Phase I Completion Date occurred on or before the Phase I Completion Deadline, and (iii) Wal-Mart completed the Road Project in accordance with the Infrastructure Agreement, Wal-Mart will be entitled to receive from the City twenty (20) annual Program Grants. 4. The first sentence of Section 6.2 (Failure to Complete Road Project) is hereby amended to read as follows: If the Road Project is not completed in accordance with the Infrastructure Agreement, the City will have the right to terminate this Agreement by providing written notice to Wal-Mart without further obligation to Wal-Mart hereunder. 5. Notwithstanding anything to the contrary in Section 5.2.3 of the Agreement, the first Program Grant shall be paid by the City in calendar year 2021 (on or before June 1, Page 2 Amendment No.4 to CSC No.46623 Economic Development Program Agreement between City of Fort Worth and Wal-Mart Real Estate Business Trust(Golden Triangle/Park Vista) 2021). Accordingly, on or before February 1, 2021 Wal-Mart must provide the City with (i) an Annual Employment Report that that sets forth the total number of individuals who held Jobs on the Land as of December 1, 2020 (or such other date requested by Wal-Mart and reasonably acceptable to the City), and (ii) an Annual Sales Tax Report that contains all Sales tax information required by Section 4.6.3 of the Agreement for the 2020 calendar year. The Annual Employment Report and Annual Sales Tax Report required by Sections 4.6.2. and 4.6.3 of the Agreement will also be due on or before February 1 of each subsequent year during the Term of the Agreement. 6. Notwithstanding anything to the above to the contrary, for the sake of clarity, the parties agree that Wal-Mart has completed the Road Project and the Phase I Improvements in accordance with the Infrastructure Agreement. Wal-Mart completed the Phase I j Improvements prior to the Phase I Completion Date. 7. All capitalized terms used but not defined in this Fourth Amendment have the meanings ascribed to them in the Agreement. 8. This Fourth Amendment contains the entire agreement between the parties with respect to the matters set forth herein. All provisions of the Agreement that are not j specifically amended by this Fourth Amendment shall remain in full force and effect. [SIGNATURES ON THE FOLLOWING PAGE] Page 3 Amendment No.4 to CSC No.46623 Economic Development Program Agreement between City of Fort Worth and Wal-Mart Real Estate Business Trust(Golden Triangle/Park Vista) EXECUTED to be effective as of the later date below: CITY OF FORT WORTH: CONTRACT COMPLIANCE MANAGER: By signing I acknowledge that I am the Jesus Chapa"Jay"(Dec 11,202012:36 CST) By: person responsible for the monitoring and Name: Jesus Chapa administration of this contract, including Title: Deputy City Manager ensuring all performance and reporting Date: Dec 11,2020 20 requirements. APPROVAL RECOMMENDED: By: Name: an Pohler By: , Title: Economic Development Specialist Name: Robert turns Title: Director, Economic Development APPROVED AS TO FORM AND LEGALITY: ATTEST: for Ronald P. Gonzales By: By: for Ronald P.Gonzales(Dec 11,2020 13:07 CST) Name: Tyler F. Wallach Name: Mary J. Kayser Title: Assistant City Attorney h°°° �d Title: City Secretary p,,°� °°°%%o dd 0'—`° CONTRACT AUTHORIZATION: pro o M&C: NA Q�rEXA5o4" �Uoaaa4 WAL-MART REAL ESTATE BUSINESS TRUST, a Delaware statutorl business trust: By: Name: Title:5f , .UI0,r,& It, Date: , 20,;Z0 Page 4 OFFICIAL RECORD Amendment No.4 to CSC No.46623 CITY SECRETARY Economic Development Program Agreement between City of Fort Worth and Wal-Mart Real Estate Business Trust(Golden Triangle/Park Vista) FT.WORTH,TX