HomeMy WebLinkAboutContract 35571-A7SEVENTH AMENDMENT OF PURCHASE CONTRACT
THIS SEVENTH AMENDMENT OF PURCHASE CONTRACT ("Amendment") is made and
entered into by and between the CITY OF FORT WORTH, TEXAS, acting by and through its duly
authorized City Manager or Assistant City Manager ("Seller"), and CYPRESS EQUITIES I, LP
("Purchaser"), as of December 31, 2012 ("Amendment Effective Date").
RECITALS
A. Seller and Purchaser entered into a Purchase Contract (City Secretary Contract No.
35571) dated as of July 25, 2007 ( the "Contract") for the sale and purchase of the approximately 194,776
square foot tract of land described as parcels, 3A, 4A, 4C on the attached Exhibit A, (collectively, the
"Property").
B. Seller and Purchaser amended the Contract (City Secretary Contract No. 36454) ("First
Amendment") to extend the Contract and allow Purchaser to take down individual tracts of land for the
development of a commercial/retail center.
C. Seller and Purchaser amended the Contract (City Secretary Contract No. 35571-A2)
("Second Amendment") to extend the Contract for an additional six months.
D. Seller and Purchaser amended the Contract (City Secretary Contract No. 35571-A3)
("Third Amendment") to extend the Contract for an additional six months.
E. Purchaser has requested that Seller extend the Contract (City Secretary Contract No.
35571 A4) ("Fourth Amendment") to extend the Contract to July 1, 2011.
F. Purchaser has requested that Seller extend the Contract (City Secretary Contract No.
35571 A5) ("Fifth Amendment") to extend the Contract to January 1, 2012.
G. Purchaser has requested that Seller extend the Contract (City Secretary Contract No.
35571 A6) ("Sixth Amendment") to extend the Contract to January 1, 2013.
i H. Purchaser has requested that Seller extend the Contract and Seller is willing to extend the
N
co Contract.
Except as otherwise defined herein, all of the defined terms in this First Amendment have
v the same meanings given to those terms in the Contract.
w
AGREEMENT
In consideration of the mutual covenants in this Seventh Amendment, Seller and Purchaser agree
as follows:
1. Section 6(a) of the Contract is amended to provide as follows:
"(a) Purchaser shall have a period of time commencing on the Effective Date and
terminating on January 1, 2014("Option Period") during which to enter and e-tie=P operty
and, at its expense, conduct the Test (defined below)." OFFICIAL. RECAR1
CITY SECRETARY
Cypress
Seventh Amendment to Purchase Agreemen[.DOC
2. Except as amended by this Seventh Amendment, all of the terms and conditions of the Contract
are ratified and remain in full force and effect. This Seventh Amendment is executed as of the
Date. a��C_G 000l
SELLER:
CITY OF FORT WORTH
Fernando Costa
Assistant City Manager
PURCHASER:
CYPRESS EQUITIES I, L.P.
a Texas limited partnership.
By: Cy pr s Equities, I ,
Liabilit ompany, it everOak
L �c
a Texas limited
al Partner
BnYan Parro
Chief Financial Officer/ Vice President
Attest
Mary J. I�ay
City Secretary
Approved as to��orm and Legality
Assistant Ci y ttornQ
Contract Authorization L-15286
Date: 12.6.11
Cypress Seventh Amendment to Purchase Ag'eement FinaI.DOC 2
DATE:
CODE:
SUBJECT:
12/6/2011 REFERENCE
NO..
L TYPE:
**L-15286
CONSENT
LOG NAME:
PUBLIC
HEARING:fag rZ`71
17CYPRESSAMEND6
i�
Authorize
AAmendment to City Secretary
greement to SellCity-Owned Property in the Evans and Rosedale Project Area to
Cypress Equities I, LP (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Amend the Purchase Agreement an Agreement o extend the Purchase additional twelvetnecessary, months and, another'additional
t
year; and
2. Execute an appropriate deed conveying ted are property
to Cypress Equities I, LP and record the deed
if terms of the Option Agreement as
DISCUSSION:
On June 5, 2007, the City Council authorized the sale of approximately 4.5 acres of property located
in the Evans and Rosedale Urban Village known as the West Retail to Cypress Equities I, LP,
(Cypress) for $730,700.00 (M&C L-14331). City Council chose Cypress to be the Master Developer
portionThe West Retail e
of the Evans and Rosedale Pr Inter fate Highway 35W Srvice Road, East Terrell Avenue3 Missouri
is the property bounded by the
Avenue and East Rosedale Street.
Pursuant to the Purchase Agreement and subsequent amendments, Cypress had an option period to
complete its due diligence. Cypress continues to actively engage restaurants and businesses to
relocate to the West Retail area and have been successful with the Jack in the Box that opened early
this year.
Cypress' current option to Purchase Agreement for the West Retail property will expire on January 1,
2012.
Cypress requests an extension to the Purchase Option Agreement for an additional 12 months and if
necessary, an additional one year extension. Cypress is currently working on a new development that
will begin construction in late Spring of 2012. Staff recommends the proposed amendment.
The property is located in COUNCIL DISTRICT 8.
The Financial Management Services Director certifies that this action will have no material effect on
City funds.
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TO Fund/AccounuCenters
Oriainatina Department Head:
Additional Information Contact:
ATTACHMENTS
EvRoProiectArea (3).pdf
FROM Fund/Account/Centers
Fernando Costa (6122)
Jay Chapa (5804)
Cynthia Garcia (8187)
Fabiola Suarez (6811)
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