HomeMy WebLinkAboutContract 37473 (2)c�TY SECRETAfi,1NTRA CT NO Y
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This AMENDMENT NO. 1 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 (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, plus related
spending commitments and employment goals of the University.
B. The Agreement provides that the University will facilitate the completion of
fagade and storefront improvements to the buildings located at 3100 and 3116 East Rosedale by
June 1, 2008. Because of various delays to the project, the City and the University desire to
extend the time to complete such improvement
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 5.4 (Program Grant Payable for Facade and Storefront
Renovations Associated with Parcel E) is hereby amended to read as follows:.
If the University fails to submit such Complete Documentation on or before
September 9, 2008, the University will not be entitled to receive any portion of
the Program Grant payable pursuant to this Section 5,4.
OFFICIAL RECORD
CITY SECRETARY
Page 1 FT. WORTH$ TX
Amendment No. 1 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University
2. The last sentence of Section 5.5 (Program Grant Payable for Fagade and Storefront
Renovations Associated with Parcel H) is hereby amended to read as follows:
If the University fails to submit such Complete Documentation on or before
September 9, 2008, the University will not be entitled to receive any portion of
the Program Grant payable pursuant to this Section 5.5.
3. This Amendment shall be effective as of May 312 2008.
4. All terms in this Amendment that are capitalized but not defined shall have the meanings
assigned to them in the Agreement.
5. All terms and conditions of the Agreement that are not expressly amended pursuant to
this Amendment are hereby ratified and shall remain in fall force and effect.
1F�CIJTIEI) as of the last date indicated below, to be effective as of May 31, 2008:
CITY OF FORT WORTH:
Tom Higgins
Assistant City Manager
Date: ��ZZ �08
ATTEST:
APPROVED AS TO FORM AND LEGALITY;
sy:
Peter Vaky
Assistant City Attorney
M & c: C-225 93
Page 2
Amendment No. 1 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
TEYAS WESLEYAN UNIVERSITY:
By: dzig��
W.A. Bleibdrey
Senior Vice President Finance & Administration
Date: , / y1.,?,e d k
ATTEST:
By:
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Page 3
Amendment No. 1 to Economic Development Program Agreement between
City of Fort Worth and Texas Wesleyan University
Page 1 of 2
City of Fort Worth, Texas
• • • � �
DATE: Tuesday, December 18, 2007
LOG NAME: 17POLYTWUEDI REFERENCE NO.: C-22593
SUBJECT:
Authorize Execution of Economic Development Program Agreement with Texas Wesleyan
University for the Facade Renovation and Redevelopment of Individual Buildings Located within the
3000, 3100, and 3200 Blocks of East Rosedale Street in the Polytechnic/Wesleyan Urban Village
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the execution of an Economic Development Program Agreement with Texas Wesleyan
University for the fagade renovation and redevelopment of individual buildings located in 3000, 3100, and
3200 blocks of East Rosedale Street in the Polytechnic/Wesleyan Urban Village, subject to non -material
changes agreeable to both the City and Texas Wesleyan University.
2. Find the terms and conditions of the Economic Development Program Agreement, as outlined below,
constitute acustom-designed economic development program as outlined in the 2007 Comprehensive Plan
and as authorized by Chapter 380 of the Texas Local Government Code.
DISCUSSION:
On September 30, 2003, the City Council authorized execution of two Grant Agreements for receipt of
Economic Development Initiative (EDI) —Special Project Grants in the amounts of $223,538 and $737,674
from the United States Department of Housing and Urban Development for the revitalization of the
Polytechnic/Wesleyan Urban Village (M&C G-14105 and G-14106). The combined grants total $961,212
and are intended to leverage the private sector investment for the fagade renovation and redevelopment of
buildings in the Polytechnic/Wesleyan Urban Village, as depicted in the attached map.
The Polytechnic/Wesleyan project is headed by Texas Wesleyan University (TWU) in partnership with TSC
Poly Retail, LLC.
The fagade renovation and building redevelopment of eligible buildings located in the 3000, 3100, and 3200
blocks of East Rosedale will begin in January 2008. Once a verifiable portion of the project is completed,
TWU will be entitled to receive a Program Grant in an amount equal to an agreed -upon percentage of the
construction costs expended for that portion of the project. The project must be completed by September 1,
2008. In no event will TWU receive aggregate program grants greater than the amount of construction costs
expended for the project or $961,212, whichever is less.
Two additional key factors in the revitalization of the Polytechnic/Wesleyan Urban Village are the TWU book
store and additional TWU security patrol. The relocation of the TWU book store from the campus to 3020
East Rosedale, which is at the southwest corner of Wesleyan and Rosedale Streets, will act as the anchor
site for the redevelopment. Secondly, the expansion of TWU's security patrol from East Rosedale at the
http://apps.cfwnet.org/council�acket/Reports/mc�rint.asp 8/25/2008
Page 2 of 2
north, to Avenue G at the south, to Binkley Street at the west, to Collard Street at the east and through the
alley behind the 3000 and 3100 blocks is considered a vital aspect of the revitalization of this area.
Total private investment is estimated at $2.7 million for this project; however, this amount does not include
the approximate $1.2 million for the extensive progress being made by TWU on the 3200 block of East
Rosedale that encompasses the addition of a married/family student housing development and the
restoration of the historic Dillow House which includes a community meeting room and the permanent site
for the business incubator.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the funds are available in the current operating budget, as appropriated,
in the Grant Fund. The terms of this agreement will provide Texas Wesleyan University with estimated
values of $223,538 and $737,674 for a total of $961,212. The incentives are expected to be less than the
additional revenue received from the incremental taxed paid to the City.
TO Fund/Account/Centers
Submitted for City Manager's Office bv:
Originating Department Head:
Additional Information Contact:
FROM Fund/Account/Centers
GR76 539120 017206886010
GR76 539120 017206885010
Dale Fisseler (6140)
Tom Higgins (6192)
Cynthia Garcia (8187)
Dolores Garza (2639)
$737,674.00
$223,538.00
http://apps.cfwnet.org/council�acket/Reports/mc�rint.asp 8/25/2008