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HomeMy WebLinkAboutContract 40229CONTRACT OF SALE AND PURCHASE (Sale by City of Fort Worth to Fort Worth Transportation Authority) THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, TEXAS, a home rule Municipal Corporation. of the State of Texas, acting by and through its duly authorized City Manager or Assistant City Manager ("Seller") and Fort Worth Transportation Authority, a political subdivision of the State of Texas created pursuant to Chapter 452, Transportation Code, acting by and through Richard L. Ruddell, its duly authorized President ("Purchaser"), as of the date on which this Contract is executed by the last to sign of Seller and Purchaser ("Effective Date"). RECITALS 1. Seller is the owner of a tract of land being 7,053 square feet of land situated in the S. G. Jennings Survey, Abstract 844, being a portion of that certain 9th Street Right -of -Way (a variable width right -of --way), City of Fort Worth, Tarrant County, Texas, together with any easements, rights -of --way, licenses, interests, benefits, privileges and rights appurtenant thereto (collectively, the "Property"), as shown and more particularly described on the attached Exhibit "A", incorporated herein for all purposes. 2. Seller desires to sell the Property for fair market value for the amount of $600,000.00 in a manner that will benefit the citizens of the City of Fort Worth in general. 3. Purchaser desires to acquire the Property for public use to develop a public transit plaza. 4. Seller will convey the Property through direct sale in accordance with Section 272.001(b) (1) of the Texas Local Government Code. AGREEMENT In consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Purchaser agree as follows. Section 1. Agreement of Sale and Purchase. (a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to purchase and accept the Property from Seller, for the purchase price (as defined below), subject to the terms and conditions set forth in this Contract. (b) Seller shall convey the Property to Purchaser free and clear of all liens, claims, easements, rights-of4ay, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") except the Encumbrances appearing in the Hyde Park Transit Plaza CFVV Sale to Fort Worth Transportation Authority OFFICIAL RllDDl�p �ll'Y SF��FTARY Page 1 of 13 TX Rev. 7/12/07 Title Commitment (as defined below in Section 3) and the survey (as defined below) that are not cured and that are subsequently waived pursuant to Section 3 ("Permitted Encumbrances") and any express reservations described herein. (c) In Seller's conveyance of the Property to Purchaser, the following rights and interests shall be reserved to Seller (or have previously been reserved by Seller's predecessor in title), and such reservation is hereby approved for all purposes$ all right, title, and interest in and to all oil, gas, and other minerals in and under the Property, if any. Seller waives and conveys to Purchaser any and all rights of ingress and egress to and from, upon or across, the surface of the Property for purposes of exploring for or developing oil, gas hydrocarbons, or other minerals. Section 2. Independent Contract Consideration, Purchase Price, and Earnest Money. (a) Contemporaneously with the execution of this Contract, Purchaser hereby delivers to Seller the amount of Fifty and 00/100 Dollars ($50.00) ("Independent Contract Consideration") which amount the parties bargained for and agreed to as independent consideration for Seller's execution and delivery of this Contract. This Independent Contract Consideration is in addition to and independent of any other consideration or payment provided for in this Contract, is nonrefundable, and shall be retained by Seller notwithstanding any other provision of this Contract; however, upon Closing (as hereinafter defined), the Independent Contract Consideration shall be applied as a credit toward the Purchase Price (as hereinafter defined). (b) The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller at closing (defined below), is Six Hundred Thousand and 00/100 Dollars (r600,0 10.00). Seller has determined that the Purchase Price reflects the current fair market value of the Property. Section 3. Title Commitment and Survey. (a) Within thirty (30) days after the Effective Date, Purchaser may obtain at Purchaser's sole cost and expense (i) a Commitment for Title Insurance and Title Policy ("Title Commitment") from the title company of Purchaser's choice ("Title Company"), setting forth the status of the title of the Property and showing all Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to, plats, reservations, restrictions, and easements. (b) Purchaser may, at its sole cost and expense, obtain a survey ("Survey") of the Property. (c) If the Title Commitment or Survey discloses any Encumbrances or other matters that are not acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give Seller written notice thereof within fifteen (15) days after receipt of the Survey and Title Commitment and all documents referred to in the Title Commitment, specifying Purchaser's Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 2 of 13 Rev. 7/12/07 objections ("Objections"), if any. If Purchaser gives such notice to Seller, Seller shall use its best efforts to cure the Objections, but shall be under no obligation to do so. (d) If Purchaser gives notice of Objections and Seller does not cure the Objections, cause the Title Commitment and Survey to be amended to give effect to matters that are cured, and give Purchaser written notice thereof within the fifteen (15) day period following receipt of the notice of Objections from Purchaser ("Cure Period"), Purchaser shall have the right .either (i) to terminate this Contract by giving written notice thereof to Seller at any time after the expiration of such Cure Period but prior to the expiration of the option period (as definedbelow), and, upon.such termination, Purchaser shall be entitled to the return of the Earnest Money, and neither party hereto shall have any further rights or obligations; or (ii) to waive the Objections and consummate the purchase of the Property subject to the Objections which shall be deemed to be Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is diligently prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then Purchaser in Purchaser's sole discretion may extend the Cure Period for an. amount of time Purchaser deems necessary for Seller to cure the same. Section 4. Review Reports. Seller shall deliver to Purchaser without recourse or warranty any environmental or engineering reports and studies in Seller's possession concerning the Property ("Reports") within five. (5) days after the Effective Date. Section 5. Representations, V�'arranties, "AS I5" (a) EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE .SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY .OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 3 of 13 Rev. 7/12/07 PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE, AS DEFINED BY THE U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 19809 AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN, GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT PURCHASER IS TAKING THE PROPERTY "AS IS" WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE. PURCHASER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATIONS, STATEMENTS, ASSERTIONS OR NON -ASSERTIONS BY THE SELLER WITH RESPECT TO THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION OF THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). UPON CONVEYANCE, AS BETWEEN SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT ("CERCLA"), THE RESOURCE CONSERVATION AND RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE TEXAS WATER CODE. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES, BUT NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT WOULD Hyde Park Transit Plaza CFW Sale to Fart Worth Transportation Authority Page 4 of 13 Rev. 7/12/07 OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY, PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS SEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING, PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE HEREOF. bI The provisions of Section 5(a) shall be incorporated into the Deed. c. The provisions of Section 5(a) shall survive the closing (as defined below). Section 6. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to go on to the Property, including the Improvements, to make inspections, surveys, test borings, soil analyses, and other tests, studies and surveys, including without limitation, environmental and engineering tests, borings, analyses, site assessments, and studies ("Tests). Any Tests shall be conducted at Purchaser's sole risk and expense. Property will be restored by Purchaser to its original condition at Purchaser's sole expense following any site work. In the event this. transaction does not close for any reason whatsoever, the Purchaser shall release to Seller any and all independent studies or results of Tests obtained during the Option Period. Section 7. Closing Coniin�encies. (a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the office of the Title Company no more than (15) days after the satisfaction of the fallowing contingency to Closing ("Closing Contingency"), but not later than May 17, 2010, The Closing Contingency is as follows: (1) Any easements conveyed to the City will be at no cost to the City. (b) Purchaser agrees to pursue the approvals and agreements described in the Closing Contingency above with reasonable diligence. Seller agrees to cooperate fully with Purchaser in connection with Purchaser's pursuit of the above approvals. (c) If any Closing Contingency is not satisfied to Purchaser's satisfaction so .that Purchaser is prepared to close on or before May 175 2010, then Purchaser must terminate this Contract, and upon the termination, Seller shall retain the Earnest Money and any interest earned and neither party will have any further rights or obligations hereunder; however, the Closing may be extended if the Closing Contingency is not satisfied if agreed to in writing by the parties. Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 5 of 13 Rev. 7/12/07 Section 8. Closing. Subject to Section (d) below, Closing shall occur on or after May 3, 2010, but not later than May 17, 2010. (a) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: (i) A Special Warranty Deed ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser good and indefeasible fee simple title to the Property subject only to the Permitted Encumbrances, with the precise form of the Deed to be determined pursuant to Section 11 below; (ii) Any other. instrument or document necessary for Title Company to issue the Owner Policy in accordance.with Section 9(a)(3) below. (2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Seller .through the Title Company federally wired funds or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. (3) The Title Company shall issue to Purchaser, at Purchaser's sole cost and expense, a Texas Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Purchaser is the owner of indefeasible fee simple title to the Property, subject only to the Permitted Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted Encumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read: "Standby Fees and Taxes for [the year of Closing] and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership". (4) Seller and Purchaser shall each pay their respective attorneys' fees. (5) Except as otherwise provided herein, all costs and expenses in connection with Closing shall be paid or borne by Purchaser including without limitation, Title Company attorney and escrow or settlement fees, costs of tax certificates, survey costs, and title insurance policy costs, Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 6 of 13 Rev. 7/12/07 (b) Ad valorem and similar taxes and assessments, if any, relating to the Property shall be prorated between Seller and Purchaser as of the Closing, based on estimates of the amount of taxes that will be due and payable on the Property during the calendar year in which the Closing occurs. As soon as the amount of taxes and assessments on the Property for that year is known, Seller and Purchaser shall readjust the amount of taxes to be paid by each party with the result that Seller shall pay for any taxes and assessments applicable to the Property up to and including the date of Closing, and Purchaser shall pay for those taxes and assessments applicable to the Property after the Closing. The provisions of this Section 9(b) survive the Closing. (c) Upon.compl%. on of the Closing, Seller shall deliver possession of the Property to Purchaser, free and clear of all tenancies of every kind. (d) If Purchaser is not prepared to close on or before May 17, 2010, the Closing may be extended if agreed to in writing by the parties. Section 9. Agents. Seller and Purchaser each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction. Section 10. Closing Documents. No later than fifteen (15) days prior to the Closing, Seller shall deliver to Purchaser a copy of the Special Warranty Deed, which is subject to Purchaser's reasonable right of approval. Section 11. Notices. (a) Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the parry to whom the notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing), (iii) placed in the United States mail, return receipt requested, addressed to such party at the address specified below, (iv) deposited into the custody of Federal Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below, or (v) telecopied to the party at the telecopy number listed below, provided that the transmission is confirmed by telephone on the date of the transmission. Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 7 of 13 Rev. 7/12/07 (b) The address of Seller under this Contract is: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Housing and Economic Development Katherine Davenport Telephone: 817-3 92- 792 3 Fax (817) 392-2431 (c) The address of Purchaser under this Contract is: Fort Worth Transportation Authority 1600 East Lancaster Avenue Fort Worth, Tarrant County, Texas 76102 Telephone: (817) 215-8600 Fax (817) 215-8746 With a copy to: Leann Guzman City Attorney's Office City of Fort Worth 1000 Throckmorton Fort Worth, Texas 76102 (817)392-7600 Fax (817) 392-8359 With a copy to: Sylvia M. Hartless General Counsel Fort Worth Transportation Authority 1600 E. Lancaster Avenue Fort Worth, Tx 76102 (817)215-8702 Fax (817) 215-8746 artless(((thc-t.com (d) From time to time either party may designate another address or telecopy number under this Contract by giving the other party advance written notice of the change. Section 12. Termination, Default, and Remedies. (a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other thantermination of this Contract by Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive remedy, shall have the right to terminate this Contract by giving written notice thereof to Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations hereunder. (b) If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a right so to terminate expressly set forth in this Contract or Purchaser's failure to perform Purchaser's obligations under this Contract, then Purchaser shall have the right to terminate this Contract by giving written notice thereof to Seller prior to or at the Closing whereupon the Earnest Money shall be returned to Purchaser and neither party hereto shall have any further rights or obligations hereunder. Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 8 of 13 Rev. 7/12/07 (c) If either Seller or Purchaser becomes entitled to the Earnest Money upon cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and agree to deliver a letter of instruction to the Title Company directing disbursement of the Earnest Money to the party entitled thereto. Section 13. Entire Contract. This Contract (including the attached exhibits) contains the entire contract between Seller and Purchaser, and no oral statements or prior written matter not specifically incorporated herein is of any force and effect. No modifications are binding on either party unless set forth in a document executed by that party. Section 00 ns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Any attempted assignment shall be void. Section 15. Time of the Essence. It is expressly agreed that time is of the essence with respect to this Contract. Section 16. TakinQ Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's sole discretion, either (i) terminate this Contract whereupon the Earnest Money shall be returned to Purchaser, and neither party shall have any further rights or obligations hereunder, or (ii) proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect the net square footage of the Property after the taking. Section 17. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 18. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and any and all payments under the terms of the Contract are to be made in Tarrant County, Texas. Section 19. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. Section 20. Severability. If any provision of this Contract is held to be invalid, iRegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. Section 21. Business Days. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, legal holiday for the City of Fort Worth or federal holiday, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 9 of 13 Rev. 7/12107 Section 22. Multiple Counterparts. This Contract may be executed in any number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes, and all such counterparts shall, collectively, constitute one agreement, but, in making proof of this Contract, it shall not be necessary to produce or account for more than one such counterpart. Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 10 of 13 Rev. 7/12/07 This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TE�iAS sy: Name: T. M. Higgins, Assistant City Manager Date: 5�f3//0 Date: June 16, 2009 Approved as to Legality and Form PURCHASER: Fort Worth Transportation Authority Richard L uddell President/Executive Director ECA No. Aooel - OSy Approved as to Legality and Form yl�a M. Hartless, General Counsel Hyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority OFFIGIAIRECORD CITY SEGRETARY FT WORTH, TX Page 11 of 13 Rev. 7/12/07 Sy its execution below, Title Company acknowledges receipt of the Earnest Money described in this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY': sy: Name: Title: Date: Fax Ilyde Park Transit Plaza CFW Sale to Fort Worth Transportation Authority Page 12 of 13 Rev. 7/12/07 BEING 7,053 square feet of land situated in the S. G. Jennings Survey, Abstract 844, being a portion of that certain 9th Street Right -of --Way (a variable width right-of-way), City of Fort Worth, Tarrant County, Texas and further described as follows: COMMENCING at a P.K. Nail found for the most easterly northeast corner of that certain tract of land conveyed to the Fort Worth Transportation Authority by instrument recorded in Document No. D206158668, Deed Records, Tarrant County Texas, and being on the westerly right-of-way line of said 9th Street; THENCE South 29°37'28" West along the common line of said Fort Worth Transportation Authority tract and the northwesterly right-of-way line of said 91h Street, 81.07 feet to the POINT OF BEGINNING; THENCE across said 9th Street right -of --way the Following three (3) courses: 1. North 59°30'00" East, 18.79 feet; 2. South 3Q°30'00" East, 6.00 feet; 3. North 59°30'00" East, 51.29 feet to the southeasterly of said 9th Street; THENCE South 26°41'S1" West along said southeasterly right -of --way of 9th Street, 191.15 feet to the northeasterly right-of-way line of Throckmorton Street; THENCE North 30024'45" West along said northeasterly right-of-way line of Throckmorton Street, 97.71 feet to a P.K. Nail found for the westerly southwest corner of said Authority's tract and said northwesterly line of 9th Street; THENCE along said northwesterly line of 9'Y' Street the following four (4) courses: 1. North 89031' 14" East, 7.20 feet to a P.K. Nail found for the beginning of a curve to the left; 2. Easterly, 40.53 feet along the are of said curve to the left having a radius of 12.90 feet a central angle of 180°00'00" and whose chozd bears North 89°31' 14" East, 25.80 to a P.K. Nail found; 3. North 89°31' 14" East, 7.20 feet to a F.K. Nail found; 4. North 29°37'28" East, 64.17 feet to POINT OF BEGINNING and CONTAINING a computed area of 7,053 square feet or 0.1619 acres. NOTE: Survey sketch to accompany this legal description. NOTE: Coordinates and bearings based on: map of survey prepared by the City of Fort Worth showing the Fart Worth Library being a part of the S.G. Jennings Survey Abstract No. 844 and a part of the public square sometimes known as Hyde Park and situated in al Town of Fort Worth in Tarrant County, Texas dated February 05, 2003. OF .ztlo� 71 i0196EX CF�VRdoc Page 1 Of 2 �Q,r 1 COORDINATES AND BEARINGS BASED ON: MAP OF SURVEY PREPARED BY THE CITY OF FORT WORTH SHOVING THE FORT WORTH LIBRARY BEING A PART OF THE S.G. JENNINGS SURVEY ABSTRACT No. 844 AND A PART OF THE PUBLIC SQUARE SOMETIMES KNOWN AS HYDE PARK AND SITUATED IN THE ORIGINAL TOWN OF FORT WORTH IN TARRANT COUNTY, TEXAS DATED FEBRUARY 05, 2003s LEGAL DESCRIPTION TO ACCOMPANY THIS SURVEY SKETCH. XH I T 9' A„ GRAPHIC SCALE CURVE TABLE CURVE LENGTH DELTA RADIUS CHORD BEARING CHORD Cl 40. 1180*OD'00*1 12.90' 1 N 9'31'1 "E 25.80' ET 2 • (IN FEET) /O^ FORT WORTH TRANSPORTATION AUTHORITY DOCUMENT No. D206158668 D.R.T.C.T. el 0 PK NAIL FOUNQ P06. LINE TABLE LINE BEARING DISTANCE t_t N59'30'00"E t8.79' L2 S30'3060D"E 6.00' L3 N89431'14"E 7.20' L4 N89031'14'E 7.20' LER� EXHIBIT SHOWING 7,053 SQUARE FEET (O.i619 ACRES) 9TH STREET (CITY OF FORT WORTH) CITY OF FORT WORTH, TARRANT COUNTY, TEXAS COUNCIL ACTION: Approved on 6/16/2009 DATE: 6/16/2009 REFERENCE NO.: PZ-2831 LOG NAME: 17HYDEPARK CODE: PZ TYPE: NON -CONSENT PUBLIC NO HEARING: SUBJECT: Authorize the Sale of a Portion of the City's Ninth Street Right -of -Way located at the Intersection of Ninth Street and Throckmorton Street to the Fort Worth Transportation Authority for $600,000.00; Authorize the Purchase from the Fort Worth Transportation Authority of a Parcel Located at the Intersection of Ninth Street and Throckmorton Street for $600,000.00 RECOMMENDATION: It is recommended that the City Council: 1. Authorize the sale of a portion of City right-of-way located at the intersection of Ninth Street and Throckmorton Street, Fort Worth, Texas, to the Fort Worth Transportation Authority for a sales price of $600,000.00; 2. Authorize the purchase of a parcel of land located at the intersection of Ninth Street and Throckmorton Street, Fort Worth, Texas, from the Fort Worth Transportation Authority for a purchase price of $600,000.00; and 3. Authorize the City Manager, or his designee, to execute and record the appropriate instruments to complete the sales. DISCUSSION: The Hyde Park Public Transit Plaza was originally developed during the 1999 study of the Intermodal Transportation Center. The study recommended dispersing bus transfer activity throughout downtown Fort Worth and identified Hyde Park at the intersection of 9th and Throckmorton Streets as the most promising location for a transit plaza. The City of Fort Worth (City), the Fort Worth Transportation Authority (The T), the General Services Administration and Downtown Fort Worth, Inc., have worked together since 1999 to secure funding and design the proposed transit plaza. On November 26, 2002, (M&C C-19364) the City Council authorized the City Manager to enter into air Interl0%al Agreement with the The T outlining funding, design, acgiiisititin and project management responsibilities for the Hyde Park Transit Plaza project (City Secretary Contract No. 29793). The Agreement allowed the partners to initiate the design process and proceed with activities related to property acquisition. The Agreement states that if the final design of the project includes the realignment of 9th Street, the City and The T agree to negotiate a land swap agreement whereby the future realigned 9th Street would be owned by the City and the existing 9th Street would by owned by The T. Maps of the area are attached. Staff recommends conveying and purchasing the property needed for the completeion of the transit plaza. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action has no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office bk Thomas Higgins (6140) Originating Department Head. Jay Chapa (5804) Additional Information Contact: ATTACHMENTS 17HYDEPARK_Map.pdf i mg-603133657-0001. pdf Cynthia B. Garcia (8187) Katherine Davenport (7923)