HomeMy WebLinkAboutIR 10030 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10030
To the Mayor and Members of the City Council August 1, 2017
Page 1 of 2
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SUBJECT: AMENDMENT NO. 2 TO THE ECONOMIC DEVELOPMENT
rrA PROGRAM AGREEMENT WITH WAL-MART STORES TEXAS, LLC AND
WAL-MART REAL ESTATE BUSINESS TRUST TO REVISE THE COMPLETION
DEADLINES FOR THE WAL-MART SUPERCENTER PROJECT AT THE
SOUTHEAST CORNER OF GOLDEN TRIANGLE BOULEVARD AND PARK
VISTA BOULEVARD
Under an Economic Development Program Agreement (Agreement) between the City and Wal-
Mart Stores Texas, LLC and Wal-Mart Real Estate Business Trust (Wal-Mart) (City Secretary
Contract No. 46623, as amended by City Secretary Contract No. 46623-A1), Wal-Mart is required
to expend at least $13 million to complete a 182,000 square foot SuperCenter as well as road
improvements to Park Vista Boulevard (Phase 1). In addition, Wal-Mart is also required to expend
at least $3 million to complete at least 12,000 square feet of commercial and/or retail shell space
on the property (Phase 11). In return, the City will pay Wal-Mart certain Economic Development
Program grants, as authorized by Chapter 380, Texas Local Government Code.
Under the Agreement, the deadline for completion of Phase I was December 31, 2016, but under
City Secretary Contract No. 46623-A1, that deadline was extended for successive 30-day periods
until the City had completed necessary right-of-way acquisitions and design changes.
Specifically, the City added roundabouts in the design specifications to be located on Park Vista
Boulevard at its intersections with Keller-Hicks Road, Golden Triangle Boulevard and Ray White
Road. Park Vista Boulevard will be four lanes as it nears the intersections of Keller-Hicks Road
and Golden Triangle Boulevard. It will then transition back down to a two lane section between
Keller Hicks Road and Golden Triangle Boulevard and Golden Triangle Boulevard and Ray White
Road. The deadline for completion of Phase II is 3 years after the final Phase I completion
deadline.
On December 13, 2016 (M&C C-28029), City Council authorized the execution of a Community
Facilities Agreement with Wal-Mart Real Estate Business Trust in the amount of $16,112,388.00
for the construction of Park Vista Boulevard from Keller Hicks Road to Ray White Road, with City
participation in the amount of $294,600.00 for increasing the height of the Park Vista Road bridge
and installations of a 48-inch water casing. The project includes a bridge over Big Bear Creek to
the south of Golden Triangle Boulevard.
Until these design elements were finalized, Wal-Mart was unable to proceed with construction of
its project. Now that all designs have been finalized and all necessary rights-of-way have been
acquired, the parties wish to amend the Economic Development Program Agreement in order to
provide for hard deadlines for completion of both Phase I and Phase 11. In order to be consistent
with the associated executed Community Facilities Agreement, City staff recommends the
Economic Development Program Agreement be amended to reflect a Phase I Completion
Deadline of February 28, 2019 and a Phase II Completion Deadline of February 28, 2022.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10030
To the Mayor and Members of the City Council August 1, 2017
Page 2 of 2
�i7 Y
SUBJECT: AMENDMENT NO. 2 TO THE ECONOMIC DEVELOPMENT
rrA PROGRAM AGREEMENT WITH WAL-MART STORES TEXAS, LLC AND
WAL-MART REAL ESTATE BUSINESS TRUST TO REVISE THE COMPLETION
DEADLINES FOR THE WAL-MART SUPERCENTER PROJECT AT THE
SOUTHEAST CORNER OF GOLDEN TRIANGLE BOULEVARD AND PARK
VISTA BOULEVARD
Staff will place an M&C for City Council consideration on the August 15, 2017 agenda.
If you have any questions concerning this information, please contact Robert Sturns, Economic
Development Director at 817-212-2663 or robert.sturns@fortworthtexas.gov.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS