HomeMy WebLinkAboutContract 45725-A1 V �
CITY SECRETNW arn7xl
RECEIVED
AUG 5 2016 AMENDMENT NO. 1 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
C1tY OF FORT WORTS&
CHYSMErARY (CITY SECRETARY CONTRACT NO. 45725)
This AMENDMENT NO. 1 TO ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT ("Amendment") is made and entered into by and between the CITY OF
FORT WORTH ("City"), a home rule municipality organized under the laws of the State of
Texas, and FW WATERSIDE PARTNERS LLC ("Developer"), a Delaware limited liability
company.
The City and Developer hereby agree that the following statements are true and correct
and constitute the basis upon which the City and Developer have entered into this Amendment:
A. On or about July 1, 2014 the City and Trademark Property Company entered into
that certain Economic Development Program Agreement on file in the City Secretary's Office as
City Secretary Contract No. 45725, which Trademark Property Company subsequently assigned
to Developer in accordance with that certain Consent to Assignment of Economic Development
Program Agreement on file in the City Secretary's Office as City Secretary Contract No. 45725-
CAI (collectively, the "Agreement"). Under the Agreement, Developer has agreed to construct
a mixed-use development on certain real property in the City in the vicinity of Bryant Irvin Road
and Arborlawn Drive in stages at three potential levels of investment, all as set forth in the
Agreement. In return, the City agreed to pay Developer certain economic development Program
Grants, as more specifically provided in the Agreement.
B. The Agreement requires that the first phase of the Development, defined in the
Agreement as the Level 1 Development, must be completed by December 31, 2016. Section 17
provides that deadlines established by the Agreement may be extended on account of events that
cause delays and that are not the fault of the performing party (identified in the Agreement as
events of force majeure). On October 21, 2015 Developer notified the City by letter that various
events of inclement weather from October 2014 through July 2015 constituted events of force
majeure under the Agreement and that Developer was entitled to extend the Level 1 Completion
Deadline under the Agreement from December 31, 2016 to February 21, 2017 and that,
accordingly, Developer was also entitled to extend the Level 2 Completion Deadline and the
Level 3 Completion Deadline.
C. Following a meeting between Developer and City staff, on November 25, 2015
the City issued Developer a letter consenting to the extension of the Level 1 Completion
Deadline to February 21, 2017, but objecting to a similar extension of the Level 2 Completion
Deadline and the Level 3 Completion Deadline on grounds that Developer had failed O
demonstrate how inclement weather from October 2014 through July 2015 had any effect orb an
Developer's construction schedule for those Levels of the Development. Subsequently, Jhe0
parties further agreed to an additional extension of the Level 1 Completion Deadline to M * a
19, 2017 on account of events of force majeure occurring between August 1, 2015 and Janu 7- n r
31, 2016. In order to avoid the creation of any doubt, the parties wish to amend the Agreem t= M n
Amendment No. 1 to CSC No.45725 K v
Economic Development Program Agreement with FW Waterside Partners LLC
to memorialize the extension of the Level 1 Completion Deadline to March 19, 2017 on account
of events of force majeure occurring between October 1, 2014 and January 31, 2016.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the City and Developer agree as follows:
1. Section 2 of the Agreement (Definitions) is hereby amended as follows:
The following terms and their definitions are hereby amended to read as follows:
Level 1 Completion Deadline means March 19, 2017.
2. All terms in this Amendment that are capitalized but not defined have the meanings
assigned to them in the Agreement.
3. All terms and conditions of the Agreement that are not expressly amended pursuant to
this Amendment remain in full force and effect.
4. This Amendment shall be effective on the later date as of which all parties have executed
it. This Amendment may be executed in any number of duplicate originals, and each duplicate
original shall be deemed to be an original.
EXECUTED as of the last date indicated below:
Amendment No. 1 to CSC No.45725
Economic Development Program Agreement with FW Waterside Partners LLC
r �
CITY OF FORT WORTH: APPROVED AS TO FORM AND
LEGALITY:
P, . �a
By: By:
Jesus J. Chapa Peter Vaky
Assistant City Manager Deputy City Attorney
Date: oZ �� M&C: C-2777 Z-21--14
Form 1295 Certificate No. 2 D
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FW WATERSIDE PARTNERS LLC, ACa y. a /1 -00
a Delaware limited liability company:
By: Trademark Waterside, L.P., a Mmy J. a er, 0 8�
Texas limited partnership and ��� *
its Managing Member:
By: TW Genpar, LLC, a Texas
limited liability company and
its General Partner: o
By. .� � +./n,
Name: Ed, " D. .��..�
Title: C<_
Date:
OFFICIAL RECORD
CITY SECRETARY
Amendment No. 1 to CSC No.45725 FT,WORTH,TX
Economic Development Program Agreement with FW Waterside Partners LLC