HomeMy WebLinkAboutContract 36694-A3 CIT Y SECRETR
�%ONTRACT NO.
AMENDMENT NO. 3 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This AMENDMENT NO. 3 TO ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT ("Amendment") is made and entered into by and between the CITY OF
FORT WORTH (the "City"), a home rule municipal corporation organized under the laws of
the State of Texas, and TEXAS WESLEYAN UNIVERSITY (the "University"), a Texas non-
profit corporation.
RECITALS
The City and the University hereby agree that the following statements are true and
correct and constitute the basis upon which the City and the University have entered into this
Amendment:
A. The City and the University previously entered into that certain Economic
Development Program Agreement dated as of March 3, 2008, as amended by that certain
Amendment No. 1 to Economic Development Program Agreement dated as of August 22, 2008
and that certain Amendment No. 2 to Economic Development Agreement effective as of
September 8, 2008 (collectively, the "Agreement") pursuant to which the City agreed to pay
certain economic development Program Grants authorized by Chapter 380 of the Texas Local
Government Code to the University in return for the renovation by the University of specific
buildings in the 3000 and 3100 block of East Rosedale (more specifically defined in the
Agreement as the "Land"), plus related spending commitments and employment goals of the
University. The Agreement is a public document on file in the City Secretary's Office as City
Secretary Contract Nos. 36694, 37473, and 37684.
B. The Agreement provides that the University will facilitate the completion of
certain fagade and storefront improvements associated with Parcels B, C, D, F, G, and I of the
Land, as more specifically set forth in the Agreement. Section 5.3 of the Agreement further
provides that if certain milestones associated with such improvements have not been met by the
Completion Deadline, the City may still pay the University a Program Grant pursuant to such
Section 5.3 provided that the University then deposits $15,000.00 into an escrow account of the
City, which funds may be released to the University if the University submits to the Director of
the City's Housing and Economic Development Department a final certificate of occupancy for
at least 2,500 square feet of space for use as the University's bookstore (or another use approved
by the Director) by January 15, 2009. Otherwise, the City will retain all funds in the escrow
account.
OFFICIAL RECORD
CITY SECRETARY' i
Page 1 FT WORTH r b
Amendment No.3 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University
02-24-09 P12: 17 IN
C. Due to unforeseen delays beyond the University's control in completing the space
to be used as the University's bookstore, the City and the University wish to amend the
Agreement to extend the amount of time that the University has to submit to the Director a final
certificate of occupancy for at least 2,500 square feet of such space in order for funds in the
escrow account described in Recital B above to be released to the University and not retained by
the City.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual benefits and promises contained
herein and in the Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged,the City and University agree as follows:
1. The last sentence of Section 5.3 of the Agreement is hereby amended to read as follows:
Notwithstanding anything to the contrary herein, if by the Completion Deadline,
(i) a temporary certificate of occupancy for at least 2,500 square feet of space for
use as the University's bookstore (or another use that the Director has approved in
writing in accordance with Section 4.1.1) within the building located on Parcel B
has not been issued, or(ii) Complete Documentation with respect to all EDI Grant
Improvements specified in Exhibit"B-2-1 that are associated with that portion of
the Land identified in Exhibit "A" as Parcel B has not been submitted to the
Director, or (iii) a written statement signed by an authorized representative of the
University that the tenant finish-outs in the building located on Parcel B are
acceptable to the University, then contemporaneously upon receipt of the Program
Grant payable by the City in accordance with this Section 5.3, the University shall
deposit $15,000.00 into an escrow account of the City pursuant to and in
accordance with an Escrow/Pledge Agreement substantially in the same form as
that attached hereto as Exhibit "F", which Escrow/Pledge Agreement shall
provide that the escrow agent shall release all escrowed funds to (a) the
University, if the University provides copies of a final (and not temporary)
certificate or certificates of occupancy for at least 2,500 square feet of space for
use as the University's bookstore (or another use that the Director has approved in
writing in accordance with Section 4.1.1) within the building located on Parcel B
to both the Director and the escrow agent on or before February 28, 2009, or (b)
the City, if the University fails to provide copies of such final certificate(s) of
occupancy to the Director and the escrow agent by February 28, 2009, in which
case the University shall waive any claim to such funds.
2. This Amendment shall be effective as of January 1, 2009.
3. All terms in this Amendment that are capitalized but not defined shall have the meanings
assigned to them in the Agreement.
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Amendment No.3 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University
i
4. All terms and conditions of the Agreement that are not expressly amended pursuant to
this Amendment are hereby ratified and shall remain in full force and effect.
EXECUTED as of the last date indicated below, to be effective as of January 1, 2009:
CITY OF FORT WORTH: APPROVED AS TO FORM AND LEGALITY:
By: L By:
Tom Higgins Peter Vaky
•Assistant City Manager Assistant City Attorney
Date: 2 9 M& C: none required
ATTES .
By: ,,[���
Secretary
TEXAS WESLEYAN UNIVERSITY:
B
Y
W.A. Bleibdrey
Senior Vice President ma dministration
Date:
ATTEST:
By: OFFICiA►. RECORD t
Y CITY SECRETARY
i
�FT'.WORTH,TY
Page 3
Amendment No.3 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University