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AMENDMENT NO. 1 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT NO. 33870)
This AMENDMENT NO. 1 TO ASSIGNMENT OF CITY SECRETARY
CONTRACT NO. 33870 ("Amendment") is made and entered into by and between the CITY
OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of
the State of Texas, and PRESIDIO HOTEL FORT WORTH, L.P. ("Developer"), a Texas
limited liability company.
The following introductory provisions are true and correct and form the basis of this
Amendment:
A. As of August 14, 2006 the City and Developer entered into that certain Economic
Development Program Agreement on file in the City Secretary's Office as Ciiy Secretary Contract
No. 33870 (the "Agreement"). Under the Agreement, Developer agreed, among other things, to
construct certain improvements to the Hotel owned by Developer and located at 1701 Commerce
Street in the City, which most recently operated as the Plaza Hotel, and committed to malce certain
minimum expenditures in the construction of improvements to the Hotel. In return, the City agreed
to pay Developer certain Program Grants as authorized by Chapter 380 of the Texas Local
Government Code and outlined in the Agreement.
B. The Agreement specifies the iypes of expenditures made by Developer that will count
toward Developer's minimum spending commitment under the Agreement, which minimum must
be attained in order for Developer to qualify for receipt of Program Grants. Although the parties'
intent was to count expenditures for furniiure, fixiures and equipment in the Hotel toward
Developer's minimum spending commitment, the Agreement erroneously excluded such
expendiiures from counting toward that minimum spending commitment. As a result, the parties
now wish to amend the Agreement to permit such expenditures to be counted toward Developer's
minimum spending commitment under the Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acicnowledged, the City and Developer agree as follows:
1. The definition of Construction Costs, as set forth in Section 2 of the Agreement, is hereby
amended to read as follows:
Construction Costs means pre-construction costs, demolition costs, hard
construction costs, signage costs, architectural and engineering fees, actual costs
of furniture, fixtures and equipment located or installed in the Hotel, and the costs
of supplies and materials actually expended for the Project, but specifically
excludes anv financin� costs associated with the Proiect.
Amendment No. 1 to CSC No. 33870
Economic Devefopment Program Agreement with Presidio Hotel Fort Worth, L.P.
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2. All terms in this Amendment that are capitalized but not defined shall have the meanings
assigned to them in the Agreement.
3. All terms and conditions of the Agreement that are not expressly amended pursuant to
this Amendment shall remain in full force and effect.
EXECUTED in multiples as of the last date indicated below:
CITY OF FORT WORTH:
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By: ��Q '� �'L",�' �
Dale Fisseler t! �
Assistant City Manager
Date: �:� / �. � � C;���7
ATTEST:
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By: �� � � �� , �� _
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�;��Mart Hendrix
City Secretary
APPROVED AS TO FORM AND LEGALITY:
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By: / G���
Peter Vaky ;j
Assistant City Attorney
M&C: none required
PRESIDIO HOTEL FORT WORTH, L.P.,
a Texas limited partnership:
By: Presidio otel GenPar, LLC, a
Texas limi d liability company:
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Name:
Title:
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Date: � fp � 2.to — o t�
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Amendment No. 1 to CSC No. 33870 �
Economic Development Program Agreement with Presidio Hotel Fort Worth, L.P
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