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HomeMy WebLinkAboutContract 57694-A1Date Received: 1/31/2023 City Secretary Time Received: 11 : 19 a.m. Contract Number: 57694-A1 FIRST AMENDMENT TO CITY SECRETARY CONTRACT NUMBER 57694 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 57694 ("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 Northbound Brewer Blvd, City Project Number 103435, ("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 57694; 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. 57694: 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 OFFICIAL RECORD City of Fort Worth, Texas CITY SECRETARY Amendment No. 1 to City Secretary Contract No. 57694 FT. WORTH, Tx Pagel of 3 "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 57694 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 57694. [SIGNATURES ON FOLLOWING PAGE] City of Fort Worth, Texas Amendment No. 1 to City Secretary Contract No. 57694 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 151� 8Q/r�eL� Dana Burehdoff (Jan 28, 20 06:42 CST Dana Burghdoff Assistant City Manager Date: Jan 28, 2023 Recommended by: Bichson N n Bichson Nguyen( an27,202314:48 CST) Dwayne Hollars / Bichson Nguyen Contract Compliance Specialist Development Services Approved as to Form & Legality: Richard A. McCracken (Jan 27, 202317:05 CST) Richard A. McCracken Sr. Assistant City Attorney M&C No. Date: Jan 27, 2023 Form 1295: 4.�4U4p4n� e'er FORT--0 d ATTEST: o v�o °•►o Ovo a=4 VL�A"C�A. N Qa�� nEX bg4gb Jannette Goodall City Secretary City of Fort Worth, Texas Amendment No. I to City Secretary Contract No. 57694 Page 3 of 3 DEVELOPER Legacy CTW LP By: Legacy Capital Company II, Its General Partner Steven Saxon (Jan 27, 202315:39 EST) 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, 202316:27 CST) Name: Rebecca Diane Owen Title: Development Manager OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX