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AMENDMENT N0.3 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT N0. 364821
This AMENDMENT NO. 3 TO ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT ("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 MUSEUM PLACE HOLDINGS, LLC ("Developer"),
a Texas limited liability company.
The following introductory provisions are true and correct and for the basis of this
A. As of January 14, 2008 the City and Developer entered into that certain Economic
Development Program Agreement on file in the City Secretary's Office as City Secretary
Contract No. 36482, as amended by City Secretary Contract Nos. 37066 and 3642-A2
(collectively, the "Agreement"). Under the Agreement, Developer agreed, among other
things, to construct a mixed -used development (the "Development", as more specifically
defined in the Agreement) on certain real property located in the City's cultural district,
which has been identified by the Comprehensive Plan as a regional mixed -use growth
center where public incentives could effectively be used as a catalyst for beneficial long-
term planned development in the City. 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. Developer is required to construct the Development in various Phases, each of
which has a Completion Deadline established by the Agreement. Due to unanticipated
delays in commencing construction of the Development, Developer has requested that the
Agreement be amended to extend the Completion Deadlines for certain Phases. Because
of the public benefits that the City will receive from the Development, as outlined in the
Recitals of the Agreement, the City is willing to amend the Agreement in order to address
Developer's request.
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the City and Developer hereby agree as
follows:
1. Section 2 of the Agreement (Definitions) is hereby amended to change the
following definitions as follows: � ;
Phase II Completion Deadline means December 31, 20! 7OFI^ICIAL RECORD
CITY SECRETARY
Pagel FT. W®RIM, TX
Amendment No. 3 to CSC No. 36482
Economic Development Program Agreement with Museum Place Holdings, LLC
Phase III Completion Deadline means December 31, 2013.
Phase IV Completion Deadline means December 31, 2011
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 as of the last date indicated below:
CITY OF FORT WORTH:
By•.
in A l a rl i s
Assistant City Manager
Date.
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky (00
Assistant City Attorney
MUSEUM PLACE HOLDINGS,
LLC:
Manager
Page 2
Amendment No. 3 to CSC No. 36482
Economic Development Program Agreement with Museum Place Holdings, LLC
M&C Review Page 1 of 2
Official site of the City of Fort Worth, Texas
CITY COUNCIL AGENDA FoRTi
COUNCIL ACTION: Approved on 1/25/2011
DATE: 1/25/2011 REFERENCE **C-24684 LOG NAME: 17MUSEUMPLACEAMEND3
NO..
CODE: C TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize the Execution of Amendment No. 3 to City Secretary Contract No. 36482,
Economic Development Program Agreement with Museum Place Holdings, LLC, Extending
Completion Deadlines of the Museum Place Project (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute Amendment No. 3 to
City Secretary Contract No. 36482, an Economic Development Program Agreement with Museum
Place Holdings, LLC, which extends the various completion deadlines for the Museum Place project.
DISCUSSION:
The City and Museum Place Holdings, LLC (Developer) entered into an Economic Development
Program Agreement (City Secretary Contract No. 36482) on January 14, 2008. Under the
Agreement, the City agreed to pay Developer certain economic development grants authorized by
Chapter 380 of the Texas Local Government Code, in return for Developer's commitment to construct
a mixed -use development in the vicinity of the Cultural District, which is generally known as Museum
Place.
The Agreement calls for Developer to construct Museum Place in four (4) phases. Phases I and II
consist of commercial, retail and residential buildings and parking garages. Phase III consists of
additional retail and residential space and a parking garage. Phase IV consists of a hotel with at least
125 rooms.
On April 23, 2009, the City agreed (City Secretary Contract No. 36482-A2) to extend the original
completion deadlines for each phase by one year: Phase I, from June 30, 2008 to June 30, 2009;
Phase I I, from December 31, 2009 to December 31, 2010; and Phases III and IV, December 31, 2010
to December 31, 2011.
Although Phase I has been completed, due to the current economic climate, the Developer has been
forced to delay construction of Phases II, III, and IV and has requested an additional extension to the
deadlines established in the Agreement for those Phases.
The proposed amendment will revise the completion deadlines as follows:
Phase I I —from December 31, 2010 to December 31, 2012
Phase III —from December 31, 2011 to December 31, 2013
Phase IV —from December 31, 2011 to December 31, 2013
Otherwise, the structure and terms of the Agreement, as previously amended, will remain the same.
This project is located in COUNCIL DISTRICT 7.
FISCAL INFORMATIONICERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on
City funds.
http://apps.cfwnet.org/council�acket/mc_review.asp?ID=14709&councildate=l/25/2011 1/27/2011
M&C Review
Page 2 of 2
TO Fund/Account/Centers
Submitted for City Manager's Office by;
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
FROM Fund/Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Robert Sturns (8003)
http://apps.cfwnet.org/council packet/mc review.asp?ID=14709&councildate=l/25/2011
1/27/2011