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Home My WebLink AboutContract 48534-A1 CITY SECRETARY , STATE OF TEXAS § CONTRACT N0. _L COUNTY OF TARRANT § AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO. 48534 TAX ABATEMENT AGREEMENT BETWEEN CITY OF FORT WORTH AND PARKER PRODUCTS,LLC This AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO. 48535 ("Amendment") is entered into by and between the CITY OF FORT WORTH (the "City"), a home rule municipality organized under the laws of the State of Texas, and PARKER PRODUCTS,LLC ("Company"), a Texas limited liability company. The City and Company hereby agree that the following statements are true and correct and constitute the basis upon which the City and Company have entered into this Amendment: A. The City and Parker Products, Inc. previously entered into that certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary Contract No. 48534 (the "Agreement"). Under the Agreement, the City agreed to abate certain ad valorem real property taxes on improvements proposed to be constructed on property owned by Parker Products, Inc. in the vicinity of Northwest Loop 820 and Strawn Lane (identified in Exhibit "A" of the Agreement and defined as the "Land") and certain ad valorem taxes on business personal property located on the Land in return for the commitment by Parker Products, Inc. to construct a facility on the Land of at least 85,000 square feet for corporate office, warehouse, research and development, and manufacturing purposes (the "Required Improvements"), as more specifically outlined in the Agreement. B. On September 25, 2017, Parker Products, Inc. filed a Certificate of Conversion with Texas Secretary of State converting itself to a newly-formed limited liability company named Parker Products, LLC pursuant to an Agreement and Plan of Conversion of even date. Accordingly, the parties wish for Parker Products, LLC to be recognized as"Company"under the Agreement for all purposes. C. The Agreement requires that Company complete all Required Improvements by December 31, 2017. Due to unanticipated delays in completing this project, Company has requested that the City consent to an extension of the deadline for completion of the Required Improvements from December 31, 2017 to March 1, 20 The City has no objections to this reques OFFICIAL RECORD Q Page 1 N RECEIVED o Amendment No. 1 to CSC No.48534 CITY SECRETARY 2 2 2017 Tax Abatement Agreement between City of Fort Wort an�per t� r�C OEC FT. s l)� o Cly pF FORT WORTH �, a' C SECRETARY �b D. This Amendment is authorized under § 312.208 of the Texas Tax Code because (i) the provisions of this Amendment could have been included in the original Agreement and (ii) this Amendment has been entered into following the same procedure in which the Agreement was approved and executed. NOW, THEREFORE, the City and Company, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. The City recognizes Parker Products, LLC as "Company" under the Agreement for all purposes. 2. Section 2 of the Agreement (Definitions) is hereby amended to change the definitions of the following terms, as follows: Completion Deadline means March 1, 2018. 3. Capitalized terms used but not identified in this Amendment shall have the same meanings assigned to them in the Agreement. 4. Except as otherwise specifically amended in this Amendment, the Agreement shall remain in full force and effect. 5. This Amendment contains the final written expression of the City and Company with respect to the subject matter hereof. This Amendment may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. EXECUTED to be effective as of the last date indicated below: [SIGNATURES FOLLOW ON NEXT THREE(3)PAGES] Page 2 Amendment No. 1 to CSC No.48534 Tax Abatement Agreement between City of Fort Worth and Parker Products,LLC CITY OF FORT WORTH: Attested by: �,e. .. Macy a �e ity By. Jesus J. Chapa OF !y Assistant City Manager Date: STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Jesus J. Chapa, Acting Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation organized under the laws of the State of Texas, known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the CITY OF FORT WORTH,that he was duly authorized to perform the same by appropriate resolution of the City Council of the City of Fort Worth and that he executed the same as the act of the CITY OF FORT WORTH for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this ze!fWday of 2017. Notary fublicind for ,��'��, iRIKINYA L JOHNSON the State of T as aY.o�a' Notary Public,State of Texas Comm. Expires 04-17-2018 r^ Kr rlaQ. /.� J �sD'� '�E'oF��+�' N01a;y ID 1238832-0 Notary's Prited Name APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Deputy City Attorne M&C: C-28487 12-05-17 OFFICIAL RECORD Form 1295: 2017-277680 CITY SECRETARY FT.WORTH,TX Page 3 Amendment No. 1 to CSC No.48534 Tax Abatement Agreement between City of Fort Worth and Parker Products,LLC CONTRACT COMPLIANCE MANAGER: By signing below, I hereby acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements: r , Name of City Employee: Nor/lie Title: f Slyj'G//j iGJ71/�' Page 4 Amendment No. 1 to CSC No.48534 Tax Abatement Agreement between City of Fort Worth and Parker Products,LLC PARKER PRODUCTS,LLC, a Texas limited liability company: By: ` Ja Name: Title: Title: Date: 1 I./I STATE OF T�ac,�� § COUNTY OF § BEFORE ME,the undersigned authority, on this day personally appeared e!' tk- of PARKER PRODUCTS, LLC, a Texas limited liability company, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that s/he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of PARKER PRODUCTS,LLC. r-TIM"M TTATnrD My MAMn AND SEAL OF OFFICE this V 1 V L1 9 V 1\LLl\ day of�QLP vv�10�� ,2017. Notary P c✓an for \`ao�Wy per c'�•�',�: the State of 1 2_Kgj , a Notary's-PAnted Name OF spy Page 5 Amendment No. 1 to CSC No.48534 Tax Abatement Agreement between City of Fort Worth and Parker Products,LLC City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 12/5/2017 DATE: Tuesday,December 5,2017 REFERENCE NO.: **C-28487 LOG NAME: 17ED AMEND PARKER SUBJECT: Authorize Amendment to Tax Abatement Agreement(City Secretary Contract No. 48534)with Parker Products,Inc., to Extend the Deadline for Completion of a Corporate Office and Operations Facility to be Located at Northwest Loop 820 and Strawn Lane(COUNCIL DISTRICT 7) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute an Amendment to Tax Abatement Agreement(City Secretary Contract No. 48534) with Parker Products, Inc., to extend the deadline for completion of a corporate office and operations facility to be located at Northwest Loop 820 and Strawn Lane from December 31,2017 to March 1,2018. DISCUSSION: On December 13, 2016, (M&C C-28050) the City Council authorized the execution of a Tax Abatement Agreement(City Secretary Contract No. 48534) with Parker Products, Inc., (Company) for the construction of an 85,000 square foot corporate office and operations facility to be located at Northwest Loop 820 and Strawn Lane in the Lone Star Business Park. Per the Agreement, the Company must invest at least $15 million in real property improvements and $2 million in business personal property on the site by December 31,2017. The Company committed to maintain a minimum of 100 full-time jobs and create 30 full-time jobs at the site by December 31, 2018. A minimum of 60 percent of all jobs must be held by Fort Worth residents and at least 25 percent of those must be held by Fort Worth Central City residents. Due to record rainfall in the summer of 2017,the construction schedule had to be pushed out, as noted in a letter received by Economic Development from HWH Group. In order to fulfill the commitments of the Agreement,the Company has requested a revised completion deadline of March 1, 2018. Staff has reviewed Company's request and finds it to be reasonable. This project is located in COUNCIL DISTRICT 7. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that approval of this Agreement will have no material effect on the Fiscal.Year 2018 Budget. While no current year impact is anticipated from this action, any effect on expenditures and revenues will be budgeted in future Fiscal Years and will be included in the long-term financial forecast. FUND IDENTIFIERS(FIDsL iQ Department Account Project Program Activity Budget Reference# Amount Fund ID ID year (Chartfield 2) FROM Department Project Program Activity Budget Reference# Amount Fund ID Account ID year (Chartfield 2) CERTIFICATIONS: Submitted for Cil, Manager's Office by: Jay Chapa (5804) Originating Department Head: Robert Sturns (212-2663) Additional Information Contact: Natalie Moore (212-2680) ATTACHMENTS 1, Form 1295 ED Agreement.pdf (Public) 220 CERTIFICATE OF INTERESTED PARTIES FORM 1295 of 1 Complete Nos.1-4 and 6 if there are interested parties. OFFICE USE ONLY Complete Nos.1,2,3,5,and 6 if there are no interested parties. CERTIFICATION OF FILING 1 Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number: of business. 2017-277680 Parker Products,LLC Fort Worth,TX United States Date Filed: 2 Name of governmental entity or state agency that is a party to the contract for which the form is 10/30/2017 being filed. City of Fort Worth Date Acknowl ge 3 Provide the identification number used by the governmental entity or state agency to track or identify the contract,and provide a description of the services,goods,or other property to be provided under the contract. ED—Parker Economic Development Agreement 4 Nature of interest Name of Interested Party City,State,Country(place of business) (check applicable) Controlling I Intermediary 5 Check only if there is NO Interested Party. X 6 AFF1DAVfT \\\\\�� p�ES TQN��/�� I swear,or affirm,under penalty of perjury,that the above disclosure is true and correct. . z •• �c�fes~.--� 5 ��IFOF Signature of orizpd agent of contracting business entity AFFIX NOTA%4..X141-��A6OVE //llllllltt\ oA Swornto and subscribed before me,by the said this the _day ofmblor f- 20L VI ,to certify which,witness my hand and seal of o ce. C1 Signature of q icer administering oath 1,mp of officer administering oath Title of officerC administering oath Forms provided by Texas Ethics Commission www.ethics.state.tx.us Version V1.0.3337