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CITY SECRETARY `
CONTRACT NO.
AMENDMENT NO. 1 TO
CITY SECRETARY CONTRACT NO. 29095
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
WITH PIER 1 SERVICES COMPANY
This AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO.
29095 ("Amendment") is made and entered into by and between the CITY OF FORT
WORTH (the "City"), a home rule municipal corporation organized under the laws of
the State of Texas, and PIER 1 SERVICES COMPANY ("Pier 1"), a Delaware
business trust and the successor to Pier—FTW, Inc.
RECITALS
The City and Pier 1 hereby agree that the following statements are true and
correct and constitute the basis upon which the City and Pier 1 have entered into this
Amendment:
A. The City and Pier 1 entered into that certain Economic Development
Program Agreement ("Agreement") dated on or about October 14, 2002. The
Agreement is a public document on file in the City Secretary's Office as City Secretary
Contract No. 29095.
B. The Agreement calls for the City to make certain economic development
Program grants, as authorized by Chapter 380 of the Texas Local Government Code and
City Council Resolution No. 2704, and other lawful concessions to Pier 1 in return for
Pier 1's construction of Corporate Offices on the Pier 1 Property, which is located in the
City, and specific commitments for construction spending and annual supply and service
spending with Fort Worth Companies and Certified M/WBEs and for employment of Fort
Worth Residents and Central City Residents, all of which the City Council previously
determined would promote state and local economic development and stimulate business
and commercial activity in the City.
C. The Agreement calls for the City to, among other things, vacate certain
public rights-of-way for incorporation as part of the Pier 1 Property, on which the
Agreement requires Pier 1 to maintain its Corporate Offices as part of the Program.
Previous ordinances adopted by the City Council vacating public rights-of-way for this
purpose contained erroneous information. Those ordinances are Ordinance No. 15192
and Ordinance No. 15295. The City and Pier 1 wish to correct those errors and to clarify
the City's duties and obligations with respect to the vacation of public rights-of-way,
which comprises a portion of the Program, by means of this Amendment.
Page 1 ,. q R
Amendment No. 1 to Economic Development Program Agreement
�j� 1
between City of Fort Worth and Pier 1 Services Company CITY SN1p �od ay
R. WFiNTH, TVs,
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 parties
agree as follows:
AGREEMENT
1. Section 7.1 (Penn Street Right-of-Way Vacation) is amended to state the
following:
7.1. Rilaht-of-Way Vacation.
At Pier 1's request, the City adopted Ordinance No. 16306 on
February 22, 2005, pursuant to which the City vacated approximately 2.4
acres of public right-of-way, specifically (i) approximately 0.454 acres of
land comprising a portion of West Fifth Street and Forest Park Boulevard
beginning at the southeast corner of Lot 1, Block 1, Calvary Addition, as
recorded in Volume 388-168, Page 7, Plat Records, Tarrant County,
Texas, and (ii) approximately 1.946 acres of land comprising a portion of
Penn Street, beginning at the southwest corner of Lot 16, Carlock's
Addition, as recorded in Volume 106, Page 55, Plat Records, Tarrant
County, Texas (collectively, the "Vacated Right-of-Way"), which public
right-of-way reverted to Pier 1 as provided by law and has been replatted
or will be replatted as part of the Pier 1 Property. The fair market
appraised value established for the Vacated Right-of-Way is $501,265.95.
As part of the Program, the City previously was deemed to have granted
Pier 1 the sum of $463,452.45, which was the fair market value
established for approximately 2.13 acres of public right-of-way vacated
pursuant to Ordinance No. 15192, which property reverted to Pier 1 as the
adjacent property owner, and Pier 1 acknowledges receipt of such grant.
The fair market appraised value for the additional 0.27 acres of public
right-of-way vacated pursuant to Ordinance No. 16306 is $37,813.50. Pier
1 hereby agrees to pay the City the sum of$37,813.50 for such additional
Vacated Right-of-Way. Within ten (10)business days following receipt of
this sum, the City shall pay Pier 1, as an additional grant under the
Program, the sum of$37,813.50.
2. Section 7.6 ("Additional Right-of-Way Vacations") is hereby deleted in its
entirety.
3. All capitalized terms used but not defined in this Amendment shall have the
meanings ascribed to them in the Agreement.
Paget
[Ff.
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Amendment No. I to Economic Development Program Agreementbetween City of Fort Worth and Pier 1 Services Company �p��1 Y, ix.
4. This Amendment contains the entire agreement between the parties with respect
to the matters set forth herein. All provisions of the Agreement that are not specifically
amended by this Amendment shall remain in full force and effect.
CITY OF FORT WORTH: PIER 1 SERVICES COMPANY,
a Delaware business trust
By: Pier 1 Holdings, Inc.,
a Delaware corporation,
its managing trustee
Y By:
Dale Fisseler J. Rodney La rence
Assistant City Manager Executive Vice President
Date: L�)-& 0-�5 Date: i I 1 9005
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky
Assistant City Attorney
M&C: C-2 o 628
Attested By-
Ntarty Herturix
Citv Secretary
OFF1641,11 WON
Page 3 j
Amendment No. 1 to Economic Development Program Agreement C/IY SK-Kyly
between City of Fort Worth and Pier 1 Services Company Fp, w lygj Ta.
City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION: Approved on 4/26/2005
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DATE: Tuesday, April 26, 2005
LOG NAME: 17PIERlAMENDEDA REFERENCE NO.: C-20678
SUBJECT:
Authorize Amendment to City Secretary Contract No. 29095, Economic Development Program
Agreement with Pier 1 Services Company
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RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute an amendment to City
Secretary Contract No. 29095 (Economic Development Program Agreement with Pier 1 Services
Company), providing for the vacation of certain public rights-of-way associated with Pier 1's corporate
offices.
DISCUSSION:
On October 8, 2002, the City Council approved an Economic Development Program Agreement (EDPA)
with Pier 1 Services Company (Pier 1). Among other things, the agreement calls for the City to vacate
certain public rights-of-way for incorporation as part of Pier 1's corporate offices (the Pier 1
Property). Subsequently, Council action was taken to vacate some, but not all of the public rights-of-way
necessary to accommodate the Pier 1 Property.
On February 22, 2005, City Council approved M&C PZ-2572 and Ordinance Number 16306, authorizing
Pier 1's request for additional vacated right-of-way in the vicinity of Penn Street. The additional right-of-way
has a market value of$37,813.50.
The attached amendment calls for Pier 1 to pay the $37,813.50 fair market value of the additional vacated
right-of-way and provides that the City will reimburse Pier 1 in an amount equal to that sum as an additional
grant under the agreement. The structure of this transaction is necessitated by the requirement of state
law.
This project is in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this action will require no direct expenditure from currently held City
funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Dale A. Fisseler (6266)
Originating Department Head: Tom Higgins (6192)
Additional Information Contact: Peter Vaky (7601)
Ardina Washington (8003)
Logname: 60SOUTHWEST Page 1 of 2