Loading...
HomeMy WebLinkAboutIR 8907INFORMAL REPORT TO CITY COUNCIL MEMBERS .. :•1 To the Mayor and Members of the City Council December 18, 2007 TX.exPage 1 of 1 SUBJECT: AMENDMENT TO THE PURCHHSE AGREEMENT WITH CYPRESS EQUITIES I, L. P. TO PURCHASE PROPERTY IN THE EVANS AND ROSEDALE PROJECT AREA. On June 5, 2007, the City Council authorized the sale of approximately 8 acres of property located in the Evans and Rosedale Project Area to Cypress Equities I, L.P. (Cypress) (M &C L- 14331). Cypress was chosen to be the Master Developer of the Evans and Rosedale Project Area. The Evans and Rosedale Project Area is the property bounded by the Interstate 35W Service Road, East Terrell Avenue, Evans Avenue and East Rosedale Street. As a condition of purchasing the property, and to further enhance the development of Evans Avenue, Cypress requested that the existing fire station in this area be relocated. In addition, relocating the fire station will allow Evans Avenue to be closed in order to hold special events on Evans Avenue and the Plaza. The city entered into two separate purchase agreements with Cypress, the West Retail Agreement and the Evans Avenue Agreement. The property in the Project Area to the west of Missouri Avenue is the West Retail portion and the property to the east of Missouri Avenue is the Evans Avenue portion. As part of the West Retail Agreement, Cypress has a six month option period to complete its due diligence. The Option Period will expire on January 2, 2008. Since entering into the purchase agreement, Cypress has actively pursued various restaurants and businesses to relocate in the Evans and Rosedale Project Area. Cypress has requested to extend its option period for six months and, if necessary, an additional six month extension, in order to pursue and finalize agreements with restaurants and businesses that are consistent with the vision for the Evans and Rosedale Project Area. In addition, Cypress has requested the ability to close on individual tracts in the West Retail portion instead of the entire West Retail Tract in order to develop the property quickly. The Amendment will provide that, in order to close on any portion of the property, the city must approve the proposed development. The proposed Amendment will be on City Council Agenda on December 18, 2007. Staff recommends approval of the amendment. L Chaves R. Boswell City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS