HomeMy WebLinkAboutContract 57645-A1Date Received: 1/31/2023
City Secretary
Time Received: 11 : 19 a.m. Contract Number: 57645-A1
FIRST AMENDMENT TO CITY SECRETARY CONTRACT NUMBER 57645
A COMMUNITY FACILITIES AGREEMENT AND ESCROW AGREEMENT
BETWEEN THE CITY OF FORT WORTH AND LEGACY CTW LP
This FIRST AMENDMENT TO CITY SECRETARY CONTRACT NUMBER
57645 ("First Amendment") is made and entered into by and between the City of Fort Worth
("City"), a home -rule municipal corporation of the state of Texas, and Legacy CTW LP
("Developer"), a Texas limited partnership.
WHEREAS, the City and Developer entered into a Community Facilities Agreement
for the construction of public infrastructure improvements for a Project generally described as
Chisholm Trail Ranch West Water and Sewer, City Project Number 103376, ("CFA"); and
WHEREAS, Developer provided an escrow agreement as the financial guarantee for
the CFA ("Escrow Agreement"); and
WHEREAS, the CFA and the Escrow Agreement are filed with the City Secretary as
City Secretary Contract Number 57645; and
WHEREAS, the Escrow Agreement provides that Developer may make no more than
two reductions in the security funds; and
WHEREAS, on June 14, 2022, the City Council amended Chapter 9 of the City Code
to allow for reductions in escrow agreements every thirty days; and
WHEREAS, Developer desires to amend the Escrow Agreement to allow for
reductions in the Escrow Agreement every thirty days;
NOW THEREFORE, City and Developer, acting herein by and through their duly
authorized representatives, enter into the following agreement, which amends City Secretary
Contract No. 57645:
1.
Section 9 of the Escrow Agreement is amended in its entirety to be and read as
follows:
SECTION 9 REDUCTIONS IN SECURITY FUNDS.
(a) Notwithstanding any contrary provision in this Agreement, Developer
shall have the right to reductions in the Security Funds (hereinafter called a
City of Fort Worth, Texas
Amendment No. 1 to City Secretary Contract No. 57645
Pagel of 3
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
"Reduction in the Security Funds"), in accordance with this Section 9.
(b) Every thirty (30) days, Developer may request a reduction in the Security
Funds in accordance with Section 9-310.1 of the CFA Ordinance.
(c) Developer shall provide Fort Worth and Escrow Agent with written
notice (the "Withdrawal Notice") that Developer desires to obtain a Reduction
in the Security Funds in any amount less than or equal to the then -completed
CFA Obligations as inspected or accepted by Fort Worth.
(d) A Reduction in the Security Funds may only be made after:
i. Fort Worth's inspectors have verified the amount of the
Community Facilities that have been constructed in accordance with the
engineering plans; and
ii. Fort Worth has received an affidavit and unconditional release of
lien executed by the contractor indicating that the contractor has been
paid by Developer and the contractor has paid all subcontractors and
material suppliers for the Community Facilities that have been
constructed pursuant to the CFA.
(e) After Fort Worth has confirmed the amount of the Community Facilities
that have been constructed in accordance with the engineering plans and Fort
Worth has received an affidavit and release of lien from the contractor for the
Community Facilities that have been constructed, then the Security Funds may
be reduced to an amount that is no less than one hundred twenty-five percent
(125%) of the value of the Community Facilities that are remaining to be
constructed.
2.
a. All other provisions of City Secretary Contract Number 57645 which are not expressly
amended herein, shall remain in full force and effect.
b. All terms in this First Amendment that are capitalized, but not defined, shall have the
meanings ascribed to those terms in City Secretary Contract Number 57645.
[SIGNATURES ON FOLLOWING PAGE]
City of Fort Worth, Texas
Amendment No. 1 to City Secretary Contract No. 57645
Page 2 of 3
IN TESTIMONY WHEREOF, the City and Developer have executed this First
Amendment to be effective on the date signed by the City's Assistant City Manager.
CITY OF FORT WORTH
Dana Surando�F
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Dana Burghdoff
Assistant City Manager
Date: Jan 28, 2023
Recommended by:
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Bichson Nguyen() 27,2023 14:48 CST)
Dwayne Hollars / Bichson Nguyen
Contract Compliance Specialist
Development Services
Approved as to Form & Legality:
Richard A. McCracken (Jan 27, 2023 17:05 CST)
Richard A. McCracken
Sr. Assistant City Attorney
M&C No.
Date: Jan 27, 2023
Form 1295:
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Jannette Goodall
City Secretary
City of Fort Worth, Texas
Amendment No. I to City Secretary Contract No. 57645
Page 3 of 3
DEVELOPER
Legacy CTW LP
By: Legacy Capital Company II,
Its General Partner
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Steven D. Saxon
President
Date: Jan 27, 2023
Contract Compliance Manager:
By signing, I acknowledge that I am the
person responsible for the monitoring and
administration of this contract, including all
performance and reporting requirements.
Rebecca Diane Owen (Jan 27, 202316:26 CST)
Name: Rebecca Diane Owen
Title: Development Manager
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX