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Home My WebLink AboutContract 35327-A1 CITY SECRETARY -�l CONTRACT NO. AMENDMENT NO. 1 TO AMENDED AND RESTATED ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO. 35327) This AMENDMENT NO. 1 TO AMENDED AND RESTATED ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO. 35327) ("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 LPC TRINITY PARKS LP ("Developer"), a Texas limited partnership whose sole general partner is LPC Trinity Bluff Phase II-III LP, a Texas limited partnership, whose sole general partner is Lincoln No. 2049, Inc., a Texas corporation. The City and Developer hereby agree that the following statements are true and correct and constitute the basis upon which the City and Developer have entered into this Amendment: A. Trinity Bluff Development, Ltd. ("Trinity Bluff') previously owned approximately 4.916 acres of land on the north side of the City's downtown (the "Development Property"), as more specifically described in that certain Amended and Restated Economic Development Program Agreement between the City and Trinity Bluff that is on file in the City Secretary's Office as City Secretary Contract No. 35327 (the "Agreement"). B. Under the Agreement, the City agreed to pay Trinity Bluff, as owner of the Development Property, certain economic development program grants, as authorized by Chapter 380 of the Texas Local Government Code, in return for the construction of a four-story apartment complex with at least two hundred ninety-nine (299) residential rental apartment units, and certain other improvements constructed to serve such Buildings, all defined as the "Required Improvements" and more specifically set forth in the Agreement. C. Developer subsequently purchased the Development Property from Trinity Bluff. In accordance with the Agreement and pursuant to that certain Assignment and Assumption of Amended and Restated Economic Development Program Agreement between Trinity Bluff and Developer, dated on or about May 30, 2007, Trinity Bluff assigned all of its right, title, and interest in the Agreement to Developer. D. The Agreement requires that the Completion Deadline (as defined in the Agreement) for construction and completion of the Required Improvements must occur by December 31, 2011. Due to unforeseen delays in constructing and completing the Required Improvements, Developer has requested that the Completion Deadline be extended from December 31, 2011 to December 31, 2012. Because of the economic and other public benefits that are anticipated to accrue on account of the Required Improvements, the City is willing to amend the Agreement to accommodate Developer's request. Page 1 of 3 FOFFICIALORDAmendment No. 1 to CSC No. 35327, as previously assigned by Trinity Bluff,Ltd. ARY Amended and Restated Economic Development Program Agreement with LPC Trinity Park T'A NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City and Developer agree as follows: 1. The definition of "Completion Deadline", as set forth in Section 2 of the Agreement (Definitions), is hereby amended as follows: Completion Deadline means December 31, 2012. 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 in multiples as of the last date indicated below: CITY OF FORT WORTH: LPC TRINITY PARKS LP: By: LPC Trinity Phase II-III LP, a Texas limited liability company and its sole general partner: By: Lincoln No. 2049, Inc., a Texas corporation and its sole general partner: By: By Tom Higgins me: 'rj�t Coupiewf�f �� Assistant City Manager Date: Date: /Z/Z//O9 Date: OFFICIAL RECORD Page 2 of 3 CITY SECPF ARY Amendment No. 1 to CSC No. 35327,as previously assigned by Trinity Bluff,Ltd. FT.WORTH, TX Amended and Restated Economic Development Program Agreement with LPC Trinity Parks, •• APPROVED AS TO FORM AND LEGALITY: By: e16- Peter Vaky Assistant City Attorney M&C: C-23823 10-06-09 AnesW uy tivt1� > a� *� -040* 'd o°a°opo Mady HESI'l+dX x ity Seem-4.,nL, 4�ad0 0 ��an txE -61��a uu OFFICIAL RECORD Page 3 of 3 CITY SECRETARY Amendment No. I to CSC No.35327, as previously assigned by Trinity Bluff,Ltd. FT.WORTH,TX Amended and Restated Economic Development Program Agreement with LPC Trinity Parks, L City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 10/6/2009 DATE: Tuesday, October 06,2009 REFERENCE NO.: **C-23823 LOG NAME: 17TBIIAMDTS SUB.IECT: Authorize Execution of Amendments to City Secretary Contract Nos. 35326 and 35327,Economic Development Program Agreements with Trinity Bluff Development,Ltd.,to Modify Completion Deadlines of Required Private Improvements and Authorize Amendment to City Secretary Contract No. 32340, a Community Facilities Agreement with Trinity Bluff Development,Ltd.,for Certain Drainage Improvements to Revise Milestones Required for City Participation in that Project RECOMMENDATION: It is recommended that the City Council authorize the City Manager to: 1. Execute amendments to City Secretary Contract Nos. 35326 and 35327, Economic Development Program Agreements with Trinity Bluff Development,Ltd., to modify the deadlines for the completion of the private improvements that are required under those Agreements in order to receive certain economic development grants from the City; and 2. Execute an amendment to City Secretary Contract No. 32340, a Community Facilities Agreement with Trinity Bluff Development, Ltd.,for certain drainage improvements within the Trinity Bluff Phase II development, to modify the scope of the private improvements and the related construction oriented milestones required under the Agreement in order to receive City funding for that project. DISCUSSION: On May 3, 2005, (M&C C-20708) the City Council authorized the execution of an Enhanced Community Facilities Agreement (ECFA)(City Secretary Contract(CSC)No. 32340) with Trinity Bluff Development,Ltd., (Developer)pursuant to which the Developer agreed to construct drainage improvements (the Infrastructure Improvements)within the Trinity Bluff Phase II residential development in Downtown Fort Worth, which at the time was slated to consist of 270 apartment units(the Development).Under the ECFA, the City agreed to reimburse the , Developer for the lesser of the actual cost of the infrastructure improvements or$992,000.00 provided that the Developer completed the Development by December 31, 2008 (the Completion Deadline). On July 25, 2006, (M&C C-21587)the City Council authorized an extension of the Completion Deadline to December 31,2009, and a redefinition of the Development to 200 apartment units. The City's participation in the cost of the infrastructure improvements was in addition to economic development grants authorized by Chapter 380 of the Texas Local Government Code that had been pledged to the Developer pursuant to CSC Nos. 34173 and 34174(the first 380 Agreements)in return for construction of the Development by the Completion Deadline. The scope of the Development then changed.On May 15,2007, (M&C C-22121) the City Council authorized the execution of Amended and Restated Economic Development Program Agreements (CSC Nos. 35236 and 35237) (the 380 Agreements) that allowed a change in the scope of the Development to two apartment buildings, one a three—story building with 65 apartment units and the other a four—story building with 299 apartment units. The first 380 Agreements were terminated upon execution of the current 380 Agreements. Accordingly,the ECFA now needs to be amended to so that the description of the Development that Developer is required to complete under the ECFA in order to receive City funding for the infrastructure improvements matches the description of the Development that Developer is required to complete under the current 380 Agreements. Furthermore,the Developer's construction schedule for the Development has been delayed due to the current economic climate. As a result,the Developer has requested that the deadline for completion of the Development under both the ECFA and the 380 Agreements be extended as follows: CSC No. 35326 (380 Agreement for three—story, 65 unit apartment building): December 31, 2009,to December 31, 2010 CSC No. 35327 (380 Agreement for four—story, 299 unit apartment building): December 31, 2011,to December 31, 2012 CSC No. 32340(ECFA): December 31, 2009,to December 31,2010 All other terms and conditions in the Agreements shall remain the same. This project is located in COUNCIL DISTRICT 9. FISCAL INFORMATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manager's Office by: Thomas Higgins (6140) Originating Department Head: Jay Chapa (6192) Additional Information Contact: Mark Folden (8634)