HomeMy WebLinkAboutContract 35571-A3c®NrRA��ErA�V
THIRD AMENDMENT OF PURCHASE CONTRACT
THIS TIIlItD 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 July 1, 2009 ("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. Purchaser has requested that Seller again extend the Contract and Seller is willing to
extend the Contract.
E. Except as otherwise defined herein, all of the defined terms in this First Amendment have
the same meanings given to those terms in the Contract.
AGREEMENT
In consideration of the mutual covenants in this Second Amendment, Seller and Purchaser agree
as follows:
1. Section 6(a) and Section 6(e) of the Contract are amended to provide as follows:
"(a) Purchaser shall have a period of time commencing on the Effective Date and
terminating on July 1, 2010 ("Option Period") during which to enter and examine the Property
and, at its expense, conduct the Test (defined below)."
"(e) The parties agree that, in the event Purchaser submits permit applications for the
development of the Property prior to June 20, 2010, Purchaser may request to extend the Option
Period for an additional six months upon submitting a written request to Seller. Seller, in its sole
discretion shall determine whether to grant an extension. If granted, Seller shall send written
notification to Purchaser of the extension. If the extension is not granted, this Contract shall
automatically terminate."
2. Section 8(a) of the Contract is amended by adding Section 8(a)(7) as follows:
"(7) A Storm Water Management Plan prepared by a civil engineering firm providing a
holistic view of the Property must be presented to Seller no later than January 15, 2010.."_
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Cypress Third Amendment to Purchase Agreement rev (2) (5).DOC
3. Section 8(a) of the Contract is amended by adding Section 8(a)(8) as follows:
"(8) Seller purchased the Property and the property adjacent therto known as the Evans
Avenue parcel ("the Evans Parcel") with grant monies from the United States Department of
Housing and Urban Development under Title 1 of the Housing and Community Development Act
of 1974, as amended, (42 USC 5301 et seq.) for utilization in connection with its Community
Development Block Grant ("CDBG"). Because Seller purchased the Property and Evans Parcel
with CDBG monies, a total of 108 new jobs must be created or caused to be created on the
Property and Evans Parcel ("Job Creation Requirement") and at least 51 percent of the jobs
created or retained will benefit low and moderate income persons and will be held by low and
moderate income persons. If Purchaser intends to sell or lease the Property or a Tract to another
user after Purchaser's acquisition under this Contract, Purchaser shall use its good faith efforts to
set up meetings between Seller and the user so that Seller may provide details and requirements
relating to the Job Creation Requirement. Purchaser shall provide Seller with reasonable proof of
its good faith efforts in setting up such meeting prior to Closing."
4. Section 8 (c) of the Contract is amended by deleting the date "January 10, 2008" in the second
line and substituting "July 1, 2010, or such other date as the parties may subsequently agree to in writing"
in lieu thereof.
5. Except as amended by this Third Amendment, all of the terms and conditions of the Contract are
ratified and remain in full force and effect. This Third Amendment is executed as of the Effective Date.
CYPRESS THIRD AMENDMENT TO PURCHASE AGREEMENT REV (2) (5).DOC 2
SELLER:
CITY OF FORT WORTH
T. M. Higgins ,
Assistant City Manager
PURCHASER:
CYPRESS EQUITIES
a Texas limited partnership.
By: Cypress Equities I GP, LLC, a Texas limited
Liabil"mpany, itsPffeneral Partner
Parro
Chief Financial Officer
Attest
as t�61�o�iin and Legality
Leg C� I
Contract Authorization
®F�'IC1�1L RECORI?
rl CRETAIN
*Irr WORTH, TX
CYPRESS THIRD AMENDMENT TO PURCHASE AGREEMENT REV (2) (5).DOC 3