HomeMy WebLinkAboutContract 41399-A1 (2)Y SECRETARY
OONTRACT NO. �t �1
AMENDMENT NUMBER ONE TO THE OPTION TO PURCHASE TAX
FORECLOSED PROPERTY
THIS AMENDMENT NUMBER ONE TO THE OPTION TO PURCHASE
("Amendment'), between the City of Fort Worth, Texas, a home rule municipality, ("Seller"),
acting by and through its duly authorized Assistant City Manager, Susan Alanis, and the Fort
Worth Housing Finance Corporation ("Purchaser"), acting by and through its duly authorized
officer.
RECITALS
A. Seller and Purchaser entered into an Option Agreement on January 6, 2011, to
purchase certain tracts of real property, which are more particularly described on Exhibit A,
attached hereto and incorporated herein by reference (the "Properties").
B. Seller and Purchaser desire to amend the Option Agreement to allow Purchaser
to assign to an entity established by and/or controlled by the Purchaser, or the affiliate of such
an entity, shall be a permitted assignment hereunder.
AGREEMENT
In consideration of the mutual covenants and other consideration in this Amendment,
Seller and Purchaser replace Section 8 of the Option Agreement with the following:
"Succession. This Option shall inure to the benefit of and be binding on the parties
hereto and their respective successors and assigns. Purchaser shall not assign this
Option or any rights or obligations hereunder to any third party without the prior
written consent of Seller and any attempted assignment without the prior written
consent of Seller shall be void. Notwithstanding the foregoing, an assignment to an
entity established by and/or controlled by the Purchaser, or the affiliate of such an
entity, shall be a permitted assignment hereunder."
[SIGNATURES APPEAR ON FOLLOWING PAGE]
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
This Amendment, upon execution, shall be effective as of January 6, 2011.
CITY OF FORT WORTH, a Texas municipal corporation,
on its own behalf and as trustee for
the State of Texas, Tarrant County, Tarrant County Regional Water District, Tarrant County
District, Tarrant County College District, Tarrant County Education District, Tarrant County
Way District and Fort Worth Independent School District
By: —
Name: Su
Title: As
Attest:
Alanis
Marty Hendrix,
City Manager
arSecretar
oritract AuthoX i far i t�ra.
Date
as to Legality and Form:
Hospital
Right of
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Exhibit A
Property Description
Potential Lot list
Lot #
Street #
Street
Amount
1
5336
Fletcher
$ 21500,00
2
5431
Geddes
$ 779.43
3
5806
Geddes
$ 20,700.00
4
5501
Geddes
$ 2,500.00
5
5639
Geddes
$ 18,466,94
6
5424
Diaz
$ 2,739.59
7
5512
Diaz
$ 1,921J7
8
5625
Diaz
$ 10,785.86
9
5300
Bonnell
$ 6,500.00
10
5525
Curzon
$ 11234,53
11
5527
Curzon
$ 1,199.87
12
5428
Carver
$ 29,100.00
13
5300
Carver
$ 2,500.00
14
5419
Carver
$ 2,500.00
15
5609
Carver
$ 1,369.40
16
5605
Carver
$ 7,300.00
17
5324
Farnsworth
$ 1/500000
18
5529
Farnsworth
$ 9,342.78
19
5228
Farnsworth
$ 1,500.00
20
5309
Farnsworth
$ 31000,00
21
5424
Farnsworth
$ 9/000400
22
5625
Farnsworth
$ 4,755.79
23
5716
Farnsworth
$ 91619,40
24
5329
Farnsworth
$ 15,684.82
25
3300
Horne
$ 15,101.72
26
5601
Fernander
$ 3/000900
27
5536
Fernander
$ 4,975.39
28
5838
Humbert
$ 16,001918
29
5609
Humbert
$ 4,694.07
30
5600
Humbert
$ 1,500.00
31
5628
Humbert
$ 1,500.00
32
5712
Wellesley
$ 6,100.00
33
5605
Wellesley
$ 2,500.00
34
5813
Wellesley
$ 11,700.00
35
5501
Wellesley
$ 2,333.96
36
5513
Kilpatrick
$ 18,819.94
Leasing Office Lot
3401
Horne
$ 57,185.50
TOTAL I $ 311,911.34
City of For Worth, Texas
Mayor and Councii Cl
7ii"
COUNCIL ACTION: Approved on 1/25/2011
unication
DATE: Tuesday, January 25, 2011 REFERENCE NO.: **L-15127
LOG NAME: 17NRPCOMOLAKESIDEVILLAGEHOMES
SUBJECT:
Authorize the Direct Sale of Up to Thirty —Seven Tax Foreclosed City Owned Properties Located in the Como
Neighborhood to the Fort Worth Housing Finance Corporation for the Project Known as Lakeside Village
Homes in Accordance with Section 34.05 of the Texas Tax Code for an Amount of Up to $311,911.34 Along
with Any Post Judgment Taxes and Authorize Release of Liens (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council.
1. Approve the direct sale of up to thirty—seven tax —foreclosed City owned properties located within the
Como neighborhood to the Fort Worth Housing Finance Corporation for the development of a project known
as Lakeside Village Homes in accordance with Local Government Code Section 272.001(i) in the amount of
up to $311,911.34 along with any post judgment taxes accrued; and
2. Authorize the appropriate City representatives to execute the documents necessary to complete the sale of
the property.
�•Y�11•Y•�1��
The City of Fort Worth received the tax —foreclosed properties through a Constable's Sale. The City is
authorized to conduct a direct sale of tax —foreclosed properties for the lesser of the market value specified in
the judgment or the total of the tax judgments plus any post judgment taxes accrued. The City has received a
request from the Fort Worth Housing Finance Corporation to sell up to thirty—seven tax —foreclosed
properties within the Como neighborhood for the development of the project known as Lakeside Village
Homes health center to provide quality, affordable and accessible housing in the area.
As part of the sale of the properties, City staff will request the release of all existing City liens and the Fort
Worth Housing Finance Corporation will be responsible for all closing costs. The Housing Finance
Corporation has the right to assign the properties to Lakeside Village, Ltd. The properties are listed on the
attached list.
This project is located in COUNCIL DISTRICT 7.
FISCAL INFORMATION:
The Financial Management Services Director certifies that the Housing and Economic Development
Department is responsible for the collection and deposit of funds due to the City.
1 � '
3C10 444583 030023002000$31L911*3
CERTIFICATIONS:
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Additional Information Contact:
ATTACHMENTS
1. accountverification.doc
2. Lakeside Village Addresses 010611.12df
Susan Alanis (8180)
Jay Chapa (5804)
Fabiola Y Suarez (6811)
Cynthia Garcia (8187)