HomeMy WebLinkAboutContract 39287-A1 (2)AMENDMENT NO. 1 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT N0.39287)
This AMENDMENT NO. 1 TO ASSIGNMENT OF CITY SECRETARY
CONTRACT NO. 39287 ("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 RENAISSANCE SQUARE, LLC ("Developer"), a Texas limited
liability company.
The following introductory provisions are true and correct and form the basis of this
Amendment:
A. As of October 9, 2009 the City and FW Mason Heights, L.P. entered into that certain
Economic Development Program Agreement on file in the City Secretary's Office as City Secretary
Contract No. 39287 (the "Agreement"). Under the Agreement, FW Mason Heights, L.P. (defined
as "Developer" for purposes of the Agreement) agreed to expend at least $46 million in
Construction Costs for a retail shopping center comprising at least 300,000 square feet of occupiable
space (defined in the Agreement and referred herein as the "Development") on property located
within Tax Increment Reinvestment Zone Number Twelve, City of Fort Worth, Texas (East Berry
Renaissance TIF), a reinvestment zone located within the Central City area of southeast Fort Worth,
as more specifically set forth in the Agreement. In return, the City agreed to pay FW Mason
Heights, L.P. certain Program Grants as authorized by Chapter 380 of the Texas Local Government
Code and outlined in the Agreement.
B. In accordance with Section 10 of the Agreement, FW Mason Heights, L.P. assigned all of its
right, title and interest in the Agreement to Developer, which is an Affiliate of FW Mason Heights,
L.P., and the City and Developer executed a written Consent to Assignment Agreement pursuant to
which Developer agreed to assume all covenants and obligations of FW Mason Heights, L.P. (a
public document on file in the City Secretary's Office as City Secretary Contract No. 3 9 2 a -CAI ).
C. The amount of each Program Grant that the City is required to pay Developer is based, in
part, on certain Development Sales Tax Revenues received by the City. In order to be able to
calculate Program Grants accurately, the parties wish to amend the Agreement to add a sales tax
reporting provision to the Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the City and Developer agree as follows:
1. Section 4.7 of the Agreement (Reports and Filings) is hereby amended to add the
following provision:
4.7.5. Sales Tax Reports.
Amendment No. 1 to CSC No. 33870
Economic Development Program Agreement with Presidio Hotel Fort Worth, L.P.
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To the extent reasonably possible, Developer shall require Development
Property Users to provide Developer with annual Sales data sufficient for
Developer to complete the annual report required by this Section 4.7.5.
Developer shall provide the City with an annual report that sets forth (i) the
aggregate amount of sales tax paid to the State Comptroller by Developer and all
Development Property Users during the previous year (the "Aggregate
Development Property Sales Tax Payments"); (ii) the portion of the Aggregate
Development Property Sales Tax Payments for which Developer has obtained and
possesses copies of the corresponding sales tax reports filed with the State
Comptroller ("Comptroller Reports") by Developer and Development Property
User (collectively, "Verified Aggregate Development Property Sales Tax
Payments"); (iii) a list of the separate amounts of sales tax shown on each
respective Comptroller Report to have been paid by Developer and by each
Development Property User; and (iv) a list of those Development Property Users
for which Developer did not obtain a Comptroller Report related to such year.
Developer shall keep and maintain copies of all Comptroller Reports that
Developer obtains from Development Property Users for at least seven (7) years
following the end of the year to which such Comptroller Reports relate and shall
make such Comptroller Reports available to the City for inspection pursuant to
and in accordance with Section 4.8 of this Agreement. The City's calculation of
Development Sales Tax Revenues in a given year will be based on (i) Verified
Aggregate Development Property Sales Tax Payments plus (ii) any additional
sales tax payments made by a Development Property User in such year, as
reflected on Comptroller Reports, that the City is reasonably able to ascertain, in
the City's sole but reasonable judgment, are attributable to the Development
Property,
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:
By:
ATTEST:
By
irk '
S, san lanis Marty Hendrix ,v4a�q'�tlQ
Assit City Manager City Secretary p 01 0000'0 ��
Date: 10 iJIREOx
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Amendment No. l to CSC No'. 33870 ¢ o oa°
Economic Development Program Agreement with Presidio Hotel Fort Worth, L.P. �� °aa��QQA°o° o*p
APPROVED AS TO FORM AND LEGALITY:
B Y• f��
Peter Vaky
Assistant City Attorney
M&C: none required
RENAISSANCE SQUARE, LLC, a Texas
limited liab' com any: B rV�or�aL. �eA.( ES`40t44'. Co ,
By:
Name: _w
Title: �f• prtSide...�-
Date:
Amendment No. 1 to CSC No. 33870
Economic Development Program Agreement with Presidio Hotel Fort Worth, L.P.
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