HomeMy WebLinkAboutContract 49450-A1 AMENDMENT NO. 1 TO
ESCROW AGREEMENT
RECEIVED
LIAR 2 7 2018
CITY MWVStATR PF TEXAS § CITY SECRETARY CONTRACT NO. 49450-Al
CITYSECRETARY 'a�
COUNTY TARRANT §
WHEREAS, the City of Fort Worth ("City") and Quail Valley Devco 1, LLC
("Developer") entered into a Community Facilities Agreement for Walsh Ranch Quail Valley
Phase 1 C Sidewalk, Ramps, Lights (CFA#2017-063, City Secretary Contract No. 49449) (the
"CFA"); and
WHEREAS, Developer, City and American Escrow Company ("Escrow Agent")
executed an Escrow Agreement, City Secretary Contract No. 49450, guaranteeing satisfactory
compliance by Developer with all requirements, terms, and conditions of the CFA ("Escrow
Agreement"); and
WHEREAS, Developer has requested a revision to the improvements that will be
constructed under City Secretary Contract No. 49449 which will result in Amendment No. 1 to
the CFA; and
WHEREAS,Developer, City and Escrow Agent have agreed to increase the amount of
the Escrow Agreement to cover the additional costs of the improvements to be constructed
under the amended CFA.
NOW THEREFORE, City, Developer and Escrow Agent, acting herein by and
through their duly authorized representatives, enter into the following agreement, which
amends City Secretary Contract No. 49450:
1.
The term "Security Funds" in Section 1 of the Escrow Agreement is amended to be and
read:
"Security Funds" shall mean the cash deposit of Two Million Four Hundred Fourteen
Thousand, One Hundred Sixty Three Dollars and Seventy-Five Cents($2,414,163.75),
which sum represents one hundred twenty-five percent (125%) of the estimated
Developer's cost of constructing the CFA Obligations (the "Estimated Developer's
Cost").
2.
All other provisions of the Escrow Agreement,which are not expressly amended herein,
shall remain in full force and effect.
OFFICIAL RECORD
City of Fort Worth,Texas
Amendment No. 1 to City Secretary Contract No.49450 CITY SECRETARY
Page 1 of 2 FT.wom,TX
ACCORDINGLY,the City of Fort Worth,Developer and Escrow Agent have each caused
this instrument to be executed in quadruplicate in each entity's respective name by its duly
authorized signatories effective as of the date executed by the City Manager or his/her designee.
CITY OF FORT WORTH DEVELOPER
Quail Valley Devco I, LLC
Jesus J Chapa(Mar 26,2018) / J
Jesus J. Chapa Clint Veage an 25,2018)
Assistant City Manager Name: Clint Yeager
Date: Mar 26,-2018 Title: Vice President
Date: J an 25,2018
Approved as to Form &Legality:
KIGk7ar-d A Ivio(Q-ac;Xon
Richard A.McCracken(Mar26,2018)
Richard A. McCracken
Assistant City Attorney
M&C No. N/A ESCROW AGENT
Date: Mar 26,2018 American Escrow Company
Form 1295: N/A
�^uuie-/a,�7o�usri
Corinne ladonisi(Jan 25,2018)
ATTEST: Name: William A Kramer
Title: Executive Chairman
7 �r _ Jan 25,2018
Mary J.payser(Mar 27, 18) �nvlrf� Date:
Mary J. Kayser
City Secretary
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.
�-7a�riE
Janie Scarlett Morales(Mar 16,2018)
Name: Janie Morales
Title: Planning Manager
City of Fort Worth, Texas OFFI AL RECORD
Amendment No. 1 to City Secretary Contract No. 49450 CI'T'Y INCRITARY
Page 2 of 2
PT.WORTH,TX
Signature:
Corinne Iadonisi(Mar 16,2018)
Email: hwooten@republictitle.com
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