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To the Mayor and Members of the City Council August 16, 2011
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SUBJECT: Consent to Assignment of Economic Development Program
fa7s Agreement Contract No. 30458 with Trinity Bluff Development, Ltd to Allow
Assignment of Real Property Agreement to Future Property Owner
On August 17, 2004, the City Council entered into an Economic Development Program
Agreement with Trinity Bluff Development, Ltd. for the development of an apartment complex with
300 units for lease at market rates on property in the northeast portion of the downtown area, and
to provide and develop enhanced perimeter interior streetscape, open space and pedestrian
access to the Trinity River in the vicinity of the property. The owner was required to invest $25
million in real property improvements and spend the greater of 20 percent or $5 million of those
real property improvement cost with Certified Fort Worth M/WBE companies. The owner was to
provide one job on site and fill 25 percent of total jobs with Fort Worth Central City residents and
spend the greater of $30,000 or 25 percent per year for supplies and services related to the
operation of the development with Certified Fort Worth M/WBE companies.
Under the proposed consent to assignment, the future real property owner will be bound to all
*bligations and requirements that are imposed on Trinity Bluff Development, Ltd. under the
txisting agreement.
Staff will bring forward an M&C on August 23 d Council to authorize the execution of Consent
Assignment of Economic Development Program Agreement City Secretary Contract No. 30458.
,WTorn Higgins
11
V Interim City Manager
&RI"I : Kiffis :006-VAILTUTTITCUIN
FORT WORTH, TEXAS