HomeMy WebLinkAboutContract 35571-A2 CITY SECRETARV�
CONTRACT NO : r S57S � I_ - A �,
SECOND AMENDMENT OF PURCHASE CONTRACT
THIS SECOND 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 Cityana.,-. verM or Assistant City Manager ( " Seller" ), and CYPRESS EQUITIES I, LP
( " Purchaser " ) , as of December 31 , 2008 ( " 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, 4A5 4C on the attached Exhibit A , (collectively, the
"Property") .
Be 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 .
co Seller, on June 24 , 2008 , approved a written request from Purchaser 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 gi ven to those terms 1* n the Contract.
AGREEMENT
In consideration of the mutual covenants in this Second Amendment, Seller and Purchaser agree
as follows :
it 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 , 2009 ( " Option Period " ) during which to enter and examine the Property
and, at its expense , conduct the Test (defined below) . "
" (e) The parties agree that, i* n the event Purchaser, its assigns, successors, or proposed
successor submits permit applications for the development of the Property prior to June 20 , 2009,
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 giant an
extension . If granted, Seller shall send written notification to Purchaser of the extension . If the
extension i s not granted, this Contract shall automatically terminate . "
2 . Except as amended by this Second Amendment, all of the terms and conditions of the Contract
are ratified and - remain in full force and effect . This Second Amendment is executed as of the Effective
Date
OFFICIAL RECORD
CITE SECRETARY
FT. WO RTH, TX
Cypress Second Amendment to Purchase Agreement ODOC
SELLER : Attest
CITY OF FORT WORTH
� . Tom Higgins Marty Hendrix
Assistant City Manager City Secretary
Ap roved a to Form and Legality
ssistant City Attor ey
PURCHASER :
CYPRESS EQ UITIES I , LwPw L
a Texas limited partnership . _k ( ,;�' � �O
By ,: Cypress E uitie�� L C , a Texas limited • �� - v--� --
Liability co any, its eneral Partner �'- c> ntract A u t ho r i z ati oyt•
C4 lo
Bri an Parfr- %o0'F
� r,
Chief Financial Officer
OFFICIAL RECORD
CITE? �ECR�ARY
FT. WVOR- Tli. TX
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City of Fort Worth, Texas
Mayor and Council CommunicationCommunicationn
cum I IMMIEfflin ESEEMMEME IMEMEMEMM
COUNCIL ACTION : Approved on 12/16/2008
DATE : Tuesday , December 16 , 2008
LOG NAME : 17CYPRESSAMEND2 REFERENCE NO . : ** L - 14687
SUBJECT :
Authorization to Amend the Purchase Agreement to Sell City-Owned Property in the Evans and
Rosedale Project Area to Cypress Equities I , LP
RECOMMENDATION :
It 'i' s recommended that the City Council :
1 . Authorize the City Manager to amend the Purchase Agreement (City Secretary Contract No . 35571 ) and
Amendment ( M &C L- 14443) with Cypress Equities I , LP , to extend the purchase agreement six months with
an option to extend an additional 12 months i 111f permit applications for new development are submitted ; and
2 . Authorize the City Manager to 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 Project Area and known as the West Retail to Cypress Equities I , LP , (Cypress) for
$730 , 700900 ( M &C Lw14331 ) . City Council chose Cypress to be the Master Developer of the Evans and
Rosedale Project . The West Retail no rtion of the Evans and Rosedale Pro ject Area is the property bounded
by the Interstate 35W Service Road , East Terrell Avenue , M issouri Avenue and East Rosedale Street .
Pursuant to the Purchase Agreement and Amendment , Cypress had an option period to complete its due
diligence . Since the execution of the purchase agreement , Cypress has actively pursued various
restaurants and businesses to relocate in the Evans and Rosedale Project Area ; however , with the recent
downturn in the economy progress has slowed . Cypress requests to extend its option for six months
including an option to extend for an additional 12 months , if permit applications are submitted fo r n ew
development , in order to continue to pursue restaurants and businesses that will impact the area in a
manner that is consistent with the vision for the area .. Cypress' option to purchase the property expires on
December 31 , 2008 . 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 FROM Fun
d/Account/
Centers
Submitted for City Manager's Office bv .• T. M . Higgins (6192)
Originating Department Heada. Jay Chapa ( 5804)
Additional information Contact : Cynthia Garcia (8187)
Avis F . Chaisson (6342 )
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