HomeMy WebLinkAboutContract 42813-A1 t C
COWUCT Wo b
Etil
FIRST AMENDMENT O CITY SECRETARY COOT CT NO. 42813
WHEREAS, the City of Fort Worth ("Seller") and the Fort Werth focal Development
Corporation ("Purchaser") collectively "'Part es," made and entered into City Secretary Contract No.
42813 (the "Contract"), an Option and Contract of Sale and Purchase agreement for property for use in a.
mixed use development on Lancaster ,venue.
WHEREAS", Section of the Conti-act provides for''Closing"' on or after :February 1, 201.2,, but
not later than May 31, 20131;
WHEREAS, the Parties desire to extend the Closing date to December 31, 2013.
NOW., THEREFORE, Seller and Purchaser hereby, agree to amend the Contract as follows;
Section 7. Clusi subsection, a is hereby amended to reed as fellows.-
f..
a. Subject to Section e below, the closing "Closing" of the sale of the Property by Seller
to Purchaser shall occur through the office of the Title Company on or offer February 1,, 2012, but not
later than December 31, 2013.
I
f.. s First Amendment shall have an, Effective Date of May 15, 20,13.
ff .
All terms and conditions, of the Contract not herein amended reran unaffected and in full f"oree
and effect and are binding on the :parties and are hereby ratified by the Parties.
This Contract is EXECUTED as of the Effective Date.
S' ,LER.
CITY T E WORTH,
Fernando Costa
Assistant City Manager
Apprev�d as to Form and Legal ty
OFFICIAL RECORD
I 41t 6
M�,i t nt City Attorney CITY SECRETARY
RECEIVED MAY 29 2013 FTs, WORTHp TX
Page f of
A�e St
Attest �
:
City Secreta
Authorizing ry C: L-15276 o�oaovo�°.ka�
PURCHASER:
FORT WORTH LOCAL DEVELOPMENT CORPORATION
By:
Date: �«
OFFICIAL RECORD
CITY SECRETARY
F'T.WORTH,Tit
Page 2 of 2
Clt of Fort Worth Texas
r% AdE116 a
r and Council %,ol- 11, unication
Y
COU'NCIL ACTIOW Approved, on 14/112041
DATE: Tuesday, November 01, 2011 REFERENCE NO.: *L-15276
LOG NAME-. 17L,AN CASTE RSALE
SUBJECT:
Authorize Option Agreement for the Sale offee-Simple Properties Owned, by the City of Fort Worth Along
the North Side of Lancaster Avenue Between Throckmorton Street and Monroe Street for the Appraised
Value Up to $650,000.00 to the Fort Worth Local Development Corporation (COUNCIL DISTRICT 9),
...................
RECOMMENDATION:
It is recommen�ded that the City Council-
1. Authorize an Option Agreement for the sate of fee-olwne�d properties located on the north side of
Lancaster Avenue between Throckmorton Street and, Monroe Street, shown on Exhibit A attached hereto,
in compliance with Chapter XXI, Section, 5 of the Fort Worth, City Charter and with Local Government
Code Section 272.001(h 6 and (g) for the a raised, value up to $650,000.00 to the Fort Worth Local
Development Corporatiom and
2. Authorize the execution and recording of the appropriate instruments conveying the properties to
complete the sale if the terms under the option Agreement are satisfied.
..........
DISCUSSION:
The City of Fort Worth is authorized under Chapter XXI', Section 5, 'to conduct a sale of fee-owned
properties. On October 9, 2011, October 16, 20111, October 23, 2011 1 and October 30,, 2011, the Housing
and Economi�c Development Department advertised the sale of the property in the Fort Worth Star-
Teleg,.ram.
On June 14, 201,1, City Council approved the use of'$2, million in Home Investment Partnerships Program
Grant Funds for the project known as the Lancaster Mixed-Use Project that would result in a nix ed-use
residential and retail build:ing. ('M&C C-24976) The sale is contingent upon the City's receipt of
au�thor�izatioln to use grant funds from the United States Department of Housing and Urban Development
(HUD), which funds will be usedl for construction of a mixed-use residential/retail building and an
office/retail building on the Property.
The terms of the tion Agreement are as follows:
i. The environmentai review per 24 CFR Part 58 must be satisfactorily completed prior to the
conveyance,
ii. The City must receive authorization to use grant funds from HUD, prior to the conveyance;
iii. The Price,will be determined upon 'receipt of a final suirvey-,
iv. The City currently owes the Local Development Corporation (L DC) $13,,44,,678.09 for LC C,-f'uin,d'ed
Logname: 171,ANCAS`FERSA1_..E Page I of 2
improvements along the Lancaster Corridor and the loan will be forgiven as part of'the purchase price with
any balance of"the purchase price being paid by the LDC in cash; and
v. When the L sells the property in the future,, the City shall receive the appraised value of the
land at the time of sale.
The Planning and Development Department has reviewed the current zoning of the Property and
determined that the zoning, classification is compatible with respect to existing land uses of the
surrounding neighborhood and future land use designations indicated in the Comprehensive Plan.
This property is located in COUNCIL DISTRICT 9, Ma co 77A.
FISCAL INFORMATION /CERTIFICATION,-
The Financial Management Services Director certifies that the Houlsing and Economic Development,
Department is responsible for the collection and deposit of funds due to the City.
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FIUNiD CENTERS:
TO Fund/Accoun,t/Centers FROM Fund/Account/Centers
GC10 44,4583 030023002000 $483752.00
CERTIFICATIONS:
Submitted for Ci ity Manager's Offic Fernando Costa (612,2)
,
Originatiing_.Dep.artment Head:: Jay Chapa (58,04)
Cynthia Garcia (811 87)
Additionall Information Contact,: Katherine Davenport (7923)
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ATTACHMENTS
1. LANCASTERPROPERTIES.pdf (Public)
Logname: 171,ANCASTERSALE Page 2 of 2