HomeMy WebLinkAboutResolution 2352Ti
CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS
. RESOLUTION NO. ~ 35aJ
COMMISSIONERS COURT OF TA,RRANT COUNTY, TEXAS
ORDER NO.
A RESOLUTION AND ORDER PASSED CONCURRENTLY 8Y THE CITY
COUNCIL OF THE CITY OF FORT WORTH, TEXAS, AND THE COMMISSIONERS
COURT OF TA~RRANT COUNTY, TEXAS, AUTHORIZING THE SALE OF THE
TARRANT COUNTY CONVENTION CENTER AND ASSOCIATED PROPERTIES TO THE
CITY OF FORT WORTH; APPROVING AND CONSENTING TO THE EXECUTION OF AN "
INSTALLMENT SALE CONTRACT, REAL. ESTATE LIEN NOTE, DEED OF TRUST,
SPECIAL WARRANTY DEED WITH VENDOR'S LIEN, ASSIGNMENT AND BILL OF
SALE AND ALL OTHER NECESSARY DOCUMENTS RELATED TO SUCH MATTER;
AND RESOLVING OTHER MATTERS INCIDENT AND RELATING TO THE SUBJECT
AND PURPOSE HEREOF.
WHEREAS, legal title to certain land (the "Property") upon which the Tarrant County
Convention Center (the "Convention Center") is erected rests in Tarrant County, Texas (the
"County"); and
WHEREAS, the County has a population of more than one million, has issued bonds for
the purpose of constructing the Convention Center, and is operating the Convention Center; and
WHEREAS, the County, acting through its Commissioners Court, hereby fords that the
Convention Center, which has been operated at a significant loss to and subsidized by the
County, is in need of renovation and improvement which would be better accomplished by a sale
to the City of Fort Worth, Texas (the "City"), a home rule municipality with the power to
condemn land through the process of eminent domain, and without further resort to the County's
taz.funds and revenues; and
WHEREAS, the County and City, through this concurrent resolution and order of their
respective governing bodies, further ford that a paramount public purpose would be served
through the City's acquisition, renovation, improvement, ownership, maintenance and operation
of the Convention Center; and
WHEREAS, the purchase price to be paid for the Convention Center is not less than the
amount of the outstanding bonds of the County issued for the purpose of constructing and
equipping the Convention Center; and
WHEREAS, the County and the City wish to authorize such transaction and the
execution and delivery of an Installment Sale Contract (Real Property), a substantial copy of
which is attached hereto (the, "Contract"), to accomplish the transfer of the Convention Center
from the County to the City in accordance with the above-referenced findings and in accordance
with the provisions of Chapter 305 of the Texas Local Government Code (the "Act"); and
WHEREAS, the County and the City wish to authorize and approve the negotiation and
execution of an agreement ("Personal Property Agreement"), ~to accomplish the transfer of
certain machinery, equipment, furniture and fixtures related. to the Convention Center as more
194358.6 /
particularly described in Exhibit "B" to the Contract (the "Personal Property") from the County
to the Ciry; and
- WHEREAS, the terms of the Contract and all documents and instruments to be executed
in connection therewith comply with the provisions of the Act, including without limitation the
provisions of Sections 305.014(b) and 305.015 thereof; and
WHEREAS, in accordance with Chapter 791 of the Texas Government Code, the City
and County further wish to authorize and approve the negotiation and execution of an Interlocal
Cooperation Agreement ("Management Agreement") to allow the County to temporarily manage
and operate the Convention Center for and at the expense of the Ciry;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
NOW, THEREFORE, BE IT ORDERED BY THE COMMISSIONERS COURT OF
TARRANT COUNTY, TEXAS:
Section 1. That all of the declarations and findings contained in the preambles of this
Resolution and Order are hereby found, determined and declared to be true and correct, and are
made a part hereof and shall be fully effective as a part of the subject matter of this Resolution
and Order.
Section 2. That the sale of the Convention Center by the County to, and the purchase
of the Convention Center by, the City, as described and upon the terms and conditions set forth
in the Contract, including all exhibits and schedules thereto, is hereby approved.
Section 3. That the City Manager, or his designee, and the County Judge, or his
designee, are hereby respectively authorized to negotiate and execute a Personal Property
Agreement and Management Agreement in such forms as are approved by the Ciry and District
Attorney's Offices, respectively, to accomplish the transfer of the Personal Property from the
County to the Ciry and govern the temporary management and operation of the Convention
Center for the City by the County at the expense of the City.
Section 4. That the Ciry Manager, City Attorney and City Secretary of the City and the
County Judge and County Clerk of the County, or their authorized designees, be, and each
hereby is, authorized to execute and deliver the Contract and any and all agreements, deeds,
notes, deeds of trust, security agreements, certificates, and other instruments and documents,
and to take all other actions,. necessary or incidental to the sale of the Convention Center the
Personal Property by the County and the purchase thereof by the City.
Section 5. That this Resolution and Order may be executed in multiple counterparts, and
when duly passed by the City Council of the City of Fort Worth, Texas, and the Commissioners
Court of Tarrant County, Texas, and separate counterparts are duly executed by each of the City
and the County, this Resolution and Order shall be in full force and effect.
Section 6. That it is officially found, determined, and declared that the meeting of the
City Council of the City of Fort Worth, Texas and the meeting of the Commissioners Court of
Tarrant County, Texas at which this Resolution and Order are adopted were each open to the
public and public notices of the time, place, and subject matter of the public business to be
194358.6 .2
considered at such meetings, including this Resolution and Order, were given, all as required
by the provisions of Chapter 551 of the Texas Government Code, as amended.
- PASSED, APPROVED AND ADOPTED by the City Council of the City of Fort Worth, Texas,
this , 1997.
By:
Its:
(SEAL)
ATTEST:
City Secretary
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney
City of Fort Worth, Texas
APPROVED AND ORDERED BY the Commissioners Court of Tarrant County, Texas, this
. 1997.
County Judge, Tarrant County, Texas
ATTEST:
County Clerk and Ex-Officio
Clerk of the Commissioners Court
Tarrant County, Texas
(Comm. Court Seal)
t
194358.6 3
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, Alice Church, City Secretary of the City of Fort Worth, Texas, do hereby certify:
1. That the above and foregoing is a true and correct copy of a Resolution, duly
presented and passed by the City Council of the City of Fort Worth, Texas, at a regular meeting
held on 1997, as same appears of record in the Office of the
Secretary.
2. That said meeting was open to the public, and public notice of the time, place and
purpose of said meeting was given, all as required by Chapter 551, Texas Government Code,
as amended.
WITNESS MY HAND and the Official Seal of the City of Fort Worth, Texas, this _
day of 1997. ,
City Secretary,
City of Fort Worth, Texas
THE STATE OF TEXAS
COUNTY OF TARRANT
I, Suzanne Henderson, County Clerk and Ex-Officio Clerk of the Commissioners Court
of Tarrant County, Texas, do hereby certify:
1. That the above and foregoing is a true and correct copy of an Order, duly
presented and passed by the Commissioners Court of Tarrant County, .Texas, at a regular
meeting held on 1997, as same appears in the Official Records of
the Commissioners Court.
2. That said meeting was open to the public, and public notice of the time, place and
purpose of said meeting was given, all as required'by Chapter 551, Texas Government Code,
as amended.
WITNESS MY HAND and the Off cial Seal of the Commissioners Court of Tarrant
County, Texas, this _ day of , 1997.
E~
County Clerk and Ex-Officio Clerk
of the Commissioners Court
Tarrant County, Texas
194358.6 Q.
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EXI3IBIT --C--
Payment Schedule
Payment Date Principal
Reduction Interest Rate
(Per Annum) Payment
10/28/1997 -- -- --
08/15/1998 -- -- 99,999.60
02/15/1999 -- -- 99,999.73
8/15/1999 -- -- 99,999.73
02/15/2000 -- -- 99,999.73
8/15/2000 355,000.00 4.400% 621,282.50
02/15/2001 -- -- 258,472.50
8/15/2001 375,000.00 4.500% 633,472.50
02/15/2002 -- -- 250,035.00
8/15/2002 390,000.00 4.600% 640,035.00
02/ 15/2003 -- -- 241,065.00
8/15/2003 405,000.00 4.700% 646,065.00
02/ 15/2004 -- -- 231, 547.50
8/15/2004 425,000.00 4.800% 656,547.50
02/ 15/2005 -- -- 221, 347.50
8/15/2005 445,000.00 4.900% 666,347.50
02/15/2006 -- -- 210,445.00
8/15/2006 470,000.00 5.000% 680,445.00
02/ 15/2007 -- -- 198, 695.00
8%15/2007 490,000.00 5.100% 688,695.00
02/15/2008 -- -- 186,200.00
$/15/2008 515,000.00 5.200% 701,200.00
02/ 15/2009 -- -- 172, 810.00
8/15/2009 545,000.00 5.300% 717,810.00
02/15/2010 -- -- 158,367.50
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Payment Date Principal
Reduction Interest Rate
(Per Annum) Payment
8/15/2010 575,000.00 5.400% 733,367.50
02/15/2011 -- -- 142,698.75
8/15/2011 605,000.00 5.500% 747,698.75
02/15/2012 -- -- 126,061.25
8/15/2012 635,000.00 5.550% 761,061.25
02/15/2013 -- -- 108,281.25
8/15/2013 675,000.00 5.600% 783,281.25
02/15/2014 -- -- 89,212.50
8/15/2014 710,000.00 5.700% 799,212.50
02/15/2015 -- -- 68,977.50
8/15/2015 750,000.00 5.750% 818,977.50
02/15/2016 ~ -- -- 47,415.00
8/15/2016 795,000.00 5.800% 842,415.00
02/15/2017 -- -- 24,360.00
8/15/2017 840,000.00 5.850% 864,360.00
Total 10,000,000.00 ~ 16,138,263.79
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