HomeMy WebLinkAboutContract 35571-A4�qf`�� SECRETARY
CONTRACT NO. ,3�1 1- Ate(•
FOURTH AMENDMENT OF PURCHASE CONTRACT
THIS FOURTH 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, 2010 ("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 again amended the Contract (City Secretary Contract No. 35571-
A3) ("Tlurd Amendment") to extend the Contract to July 1, 2010.
E. Purchaser has requested that Seller again extend the Contract and Seller is willing to
extend the Contract.
F. Purchaser and Seller also agree that at the closing of 1001 South Freeway (Lot 13R,
Block 3, Evans South Addition), the Purchaser shall pay to Seller $14,009.24 due to Seller as a result of
the termination of that certain Economic Development Program Agreement (the "EDPA"), City Secretary
Contract No. 39685.
G. 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) 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 July 1, 2011 ("Option Period") during which to enter and examine the Property
and, at its expense, conduct the Test (defined below)."
2. Purchaser and Seller also agree that at the closing of 1001 South Freeway (Lot 13R, Block 3,
Evans South Addition), the Purchaser shall pay to Seller $14,009.24 d �"3'efl�esult� of the
termination of EDPA. OFFICIAL RECORD+
CITY SECRETARY
FT. WORT�19 T�
Cypress Fowth Amendment to Purchase Agreement.DOC I
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M&C Review
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Official site of the City of Fort Worth, Texas
FART W4RTl°
DATE: 7/13/2010 REFERENCE **L-14995 LOG NAME: 17CYPRESSAMEND4
NO..
CODE: L TYPE: CONSENT PUBLIC NO
HEARING.
SUBJECT: Authorize Amendment to City Secretary Contract No. 35571 a Purchase Agreement to Sell
City -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 authorize the City Manager to:
1. Amend the Purchase Agreement, City Secretary Contract No. 35571 and Amendments to Mayor
and Council Communications L-14801, L-14443 and L-14687 with Cypress Eques I, LP, to extend
the Purchase Agreement an additional 12 months and if necessay, an additional six months; and
2. Execute an appropriate deed conveying the property to Cypress Equities I, LP and record the deed
if terms of the option agreement as amended are satisfied.
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
of the Evans arid Rosedale Project. The West Retail portion of the Evans and Rosedale Project area
is the property bounded by the Interstate Highway 35W Service Road, East Terrell Avenue, Missouri
Avenue and East Rosedale Street.
Pursuant to the Purchase Agreement (Agreement) and subsequent amendments, Cypress had an
option period to complete its due diligence: Cypress continues to actively engage restaurants and
businesses to relocate in the West Retail area.
Cypress' current option to purchase agreement for the West Retail property will expire on July 1,
2010.
Currently, Cypress has received a letter of intent from Jack -in -the Box, Inc., to secure a 40,000
square foot pad site in the West Retail area for a corporate operated restaurant. The Jack -in -the Box,
Inc., pad site is bound by the Interstate Highway 35W Service Road, Dashwood Street, Missouri
Avenue and Verbena Street (see attached map). Pre -development activities for the Jack -in -the Box,
Inc., restaurant are underway with construction activities scheduled for the Fall of 2010.
Therefore, in order to complete the land sale transaction to Jack -in -the Box, Inc., Cypress requests
an extension to the purchase option agreement for an additional 12 months and if necessary, an
additional six month extension. With the requested extension, Cypress shall continue to pursue
restaurants and businesses that will impact the Evans Rosedale Urban Village West Retail in a
manner that is consistent with the vision for the area.
http://apps.cfwnet.org/council�acket/mc review.asp?ID=13684&councildate=7/13/2010 11/16/2010
M&C Review
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Staff recommends the proposed amendment.
The property is located in COUNCIL DISTRICT 8.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on
City funds.
TO Fund/Account/Centers
Submitted for City Manager's Office bv:
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
EvRo JIB.gdf
FROM Fund/Account/Centers
Tom Higgins (6192)
Jay Chapa (5804)
Cynthia Garcia (8187)
Dolores Garza (2639)
http://apps.cfwnet.org/council�acket/mc review.asp?ID=13684&councildate=7/13/2010 11/16/2010