HomeMy WebLinkAboutContract 33828-A1 A
STATE OF TEXAS §
CITY SECRETARY
COUNTY OF TARRANT § CONTRACT NO. 55 , c_)-6-100
AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO. 33828
TAX ABATEMENT AGREEMENT BETWEEN
CITY OF FORT WORTH AND CUNA MUTUAL INSURANCE SOCIETY
This AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO.
33828 ("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 CUNA MUTUAL INSURANCE SOCIETY ("CUNA"), a mutual insurance
company.
The City and CUNA hereby agree that the following statements are true and
correct and constitute the basis upon which the City and CUNA have entered into this
Amendment:
A. The City and CUNA previously entered into that certain Tax Abatement
Agreement on file in the City Secretary's Office as City Secretary Contract No. 33828
(the "Agreement"). The Agreement required CUNA to expend or cause to be expended
at least $10 million in Construction Costs to construct an approximately 108,000 square
foot financial services office and call center (the "Required Improvements") on the
Land subject to Abatement and to install at least $2 million in taxable new tangible
personal property on the Land, as more specifically set forth in the Agreement. In return,
CUNA is eligible to receive a ten (10)-year, maximum seventy-five percent (75%)
Abatement on the increase in its leasehold interest, if any, in the Land and any
improvements located thereon, including the Required Improvements, and on any taxable
new tangible personal property owned by CUNA and located on the Land.
B. Under the Agreement, the percentage of Abatement that CUNA is entitled
to receive in a given year of the Abatement Term is dependent on whether, and in some
cases, the extent to which CUNA meets certain annual employment and supply and
service spending commitments. The parties have discovered a typographical error in one
of those provisions and wish to amend the Agreement in order to correct that error.
C. 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 consideration of the terms
and conditions set forth herein, do hereI,yd#ftALcggtM0 nd agree as follows:
Page I of 4 CITY SECRETARY
Amendment No. 1 to CSC No.33828 PT.WORTH,TX
Tax Abatement Agreement between City of Fort Wolth and CUNA Mutual I cc Society
1. The last two (2) sentences of Section 2.1.6.2 of the Agreement(Abatement Based
on Number of Full-time Jobs with Central City Residents/Subsequent Years of
Abatement Term) are hereby amended to read as follows:
If CUNA fails to meet the Central City Employment Commitment in a
given year, and such failure is by less than ten (10) Full-time Jobs, then
CUNA shall receive an Abatement in the following year equal to ten
percent (10%) minus one percent (1%) for each Full-time Job by which
the Central City Employment Commitment was not met. If CUNA fails to
meet the Central City Employment Commitment in a given year, and such
failure is by ten (10) Full-time Jobs or more, then CUNA shall not be
eligible to receive any portion of the ten percent (10%) Abatement
available under this Section 2.1.6.2.
2. Capitalized terms used but not identified in this Amendment shall have the same
meanings assigned to them in the Agreement.
3. Except as otherwise specifically amended in this Amendment, the Agreement shall
remain in full force and effect.
4. This Amendment contains the final written expression of the City and CUNA
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 as of the last date indicated below:
[SIGNATURES IMMEDIATELY FOLLOW ON NEXT TWO (2)PAGES]
Page 2 of 4
Amendment No. 1 to CSC No.33828
Tax Abatement Agreement between City of Fort Worth and CUNA Mutual Insurance Society
CITY OF FORT WORTH: APPROVED AS TO FORM AND
LEGALITY:
By: By:_
Stan lanis Peter Vaky
Assis ant City Manager Deputy City Attorney
Date:_ 5 M& C: C-21507 6-13-06
(no add'1 M&C required)
ATTEST: 0 0
00
By:.
°
B o °fid
o
0
y City Secretary ��� 0000
000000000
STATE OF TEXAS
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Susan
Alanis, 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 she was duly authorized
to perform the same by appropriate resolution of the City Council of the City of Fort Worth
and that she 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.
V LiN UNDER MY HAND AND SEAL OF OFFICE this day of
2011.
Af
NoWP,jblic in and for ;� LINDA M.HIRRUNGER
MY COMMISSION EXPIRES
the Mate of T exas 4� ��'; FdAIWA 2014
_ n,k _ YY
i MW
Notary's Printed Name
OFRECORD
CITY
SECRETARY
FT. WORTH, TX
Page 3 of 4
Amendment No. 1 to CSC No.33828
Tax Abatement Agreement between City of Fort Worth and CUNA Mutual Insurance Society
CUNA MUTUAL INSURANCE SOCIETY:
By:
ame: Charles D. ami
lton
Title: SVP, Business Finance
Date: April 25, 2011
ATTEST:
By: ®L0••-
Name: Brian K. Olson
Title: Sr. Manager—Facilities Administration
STATE OF WISCONSIN §
COUNTY OF DANE §
BEFORE ME, the undersigned authority, on this day personally appeared Charles
D. Hamilton, SVP, Business Finance of CUNA MUTUAL INSURANCE SOCIETY,
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 CUNA MUTUAL
INSURANCE SOCIETY.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
2 S :tom day of 0•�,�,,Sl , 2011.
Notary Public in and for the;Ate of Wisconsin
Notary's Printed Name OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Page 4 of 4
Amendment No. 1 to CSC No.33828
Tax Abatement Agreement between City of Fort Worth and CLTNA Mutual Insurance Society