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Home My WebLink AboutContract 41399s � � OPTION TO PURCHASE TAX FORECLOSED PROPERTY THIS OPTION TO PURCHASE ("Option"), dated ��LLO" ; y �� , 2011, is 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 is the owner of certain tracts of real property, which are more particularly described on Exhibit A, attached hereto and incorporated herein by reference (the "Properties"). B. Purchaser desires to purchase one or more of the Properties. C. Seller has agreed to grant to Purchaser an option to purchase one or more of the Properties. AGREEMENT In consideration of the mutual covenants and other consideration in this Option, Seller and Purchaser agree as follows: 1. Option Amount. In consideration of ONE HUNDRED AND NO/100 DOLLARS ($100.00), Seller grants to Purchaser the exclusive right and option to purchase one or more of the Properties, SUBJECT, HOWEVER, to the terms and conditions hereinafter set forth. This option amount is in addition to and independent of any other consideration or payment provided for in this Option, is nonrefundable, and shall be retained by Seller notwithstanding any other provision of this Option. 2. Option Period. This Option shall expire on December 31, 2011. 3. Purchase Price. The purchase price for the Properties shall be as specified on Exhibit A ("Purchase Price"). If this Option is exercised in accordance with the terms hereof, then the consideration described in Section 1, previously paid by Purchaser to Seller shall apply to the Purchase Price. Additionally, Purchaser shall be responsible for any post judgment taxes which may have accrued. 4. Agreement of Purchase and Sale. If this Option is exercised in accordance with the terms hereof, then the Purchaser and Seller shall enter into a Purchase and Sale Agreement, the form of which shall be agreed to by the parties at that time. 5. Closing Contingencies. Until the Seller's City Council has formally accepted same, this Option shall not be binding upon the Seller unless and until the Option has been approved, accepted and receipt of payment therefore authorized in an open meeting by the Seller's City Council, however, upon approval, this agreement shall be binding and effective as of January 6, 2011. After having been so accepted, this Option shall be binding upon the Seller. OFFICIAL RECORD CITY SECRETARY FT. WORTH, TiS In addition, an additional closing contingency shall be the award of the tax credits for the Lakeside Village Homes project as well as satisfactory completion of environmental review and receipt by the City of Fort Worth of a release of funds from the United States Department of Housing and Urban Development under 24 CFR Part 58 for Purchaser's intended use of the Properties. 6. Notices. A. Any notice required or permitted to be given hereunder by one party to the other shall be in writing and the same shall be given and shall be deemed to have been served and given if delivered in person to the address set forth herein below for the party to whom the notice is given, or placed in the United States mail, return receipt requested, addressed to such party at the address hereinafter specified. B. The address of Seller for all purposes under this Option and for all notices hereunder shall be. The City of Fort Worth Housing and Economic Development Department 1000 Throckmorton Fort Worth, Texas 76102 Attn: Jay Chapa With a copy to: City Attorneys Office 1000 Thi ckmorton Fort Worth, Texas 76102 Attn: Leann D. Guzman C. The address of Purchaser for all purposes under this Option and for all notices hereunder shall be. The City of Fort Worth Housing Finance Corporation 1000 Throckmorton Fort Worth, Texas 76102 Attn: Jay Chapa With a copy to: City Attorneys Office 1000 Throckmorton Fort Worth, Texas 76102 Attn: Vicki Ganske D. From time to time any party may designate another address within the forty-eight (48) contiguous states of the United States of America for all purposes of this Option by giving the other party not less than thirty (30) days' advance written notice of such change of address in accordance with the provisions hereof. 7. Entire Agreement. This Option (including the exhibits hereto) contains the entire agreement between Seller and Purchaser, and no oral statements or prior written matter not specifically incorporated herein shall be of any force and effect. No variation, modification, or changes hereof shall be binding on any party hereto unless set forth in a document executed by such parties or a duly authorized agent, officer or representative hereof. 8. 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. 9. Governing Law and Venue. This Option shall be governed by and construed in accordance with the laws of the state of Texas. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. 10. Performance of Agreement. The obligations under the terms of this Option are performable in Tarrant County, Texas. 11. Severability. In case any one or more of the provisions contained in this Option shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Option shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. 12. No Partnership. The terms, provisions and agreements set forth in this Option are not intended to create a partnership or any other kind of joint venture, and neither party hereto is hereby authorized or appointed to act as the agent or representative of the other in any A espect. [SIGNATURES APPEAR ON FOLLOWING PAGE] EXECUTED by Seller and Purchaser to be effective as of the date first written above. CITY OF FORT WORTH, a Texas municipal corporation, on its own behalf and as trustee for By: Nam Title Attest: Alanis istant City Manager Marty Hendrix, Approved as to Legality and Form: Name: Leann GuzriA Title: Assistant City Attorney II c Contra�i: Aut:horiat�tio� 'last►� te 000000 i� VOW Os o v O 00., _n00 L Name: an�I Scarth, Vice President �'"'""`" Title: ice President, The Fort Worth Housing Finance Corporation ►1 L Exhibit A Property Description Potential Lot list Lot # Street # Street Amount 1 5336 Fletcher $ 2,500.00 2 5431 Geddes $ 779.43 3 5806 Geddes $ 20,700M 4 5501 Geddes $ 21500M 5 5639 Geddes $ 18,466.94 6 5424 Diaz $ 21739*59 7 5512 Diaz $ 1,921.17 8 5625 Diaz $ 10,785*86 9 5300 Bonnel) $ 61500M 10 5525 Curzon $ 11234*53 11 5527 Curzon $ 11199*87 12 5428 Carver $ 29,100.0O 13 5300 Carver $ 21500*00 14 5419 Carver $ 21500*00 15 5609 Carver $ 1,369.40 16 5605 Carver $ 71300M 17 5324 Farnsworth $ 11500*00 18 5529 Farnsworth $ %342.78 19 5228 Farnsworth $ 11500M 20 5309 Farnsworth $ 31000M 21 5424 Farnsworth $ 9/000000 22 5625 Farnsworth $ 4,755.79 23 5716 Farnsworth $ 91619*40 24 5329 Farnsworth $ 15,68432 25 3300 Horne $ 15,10132 26 5601 Fernander $ 31000*00 27 5536 Fernander $ 4,975.39 28 5838 Humbert $ 16,001*18 29 5609 Humbert $ 4,694.07 30 5600 Humbert $ 11500*00 31 5628 Humbert $ 1,500.00 32 5712 Wellesley $ 61100M 33 5605 Wellesley $ 2,500M 34 5813 Wellesley $ 11,700,00 35 5501 Wellesley $ 2,333.96 36 5513 Kilpatrick $ 18,819994 Leasing Office Lot 3401 Horne $ 57,185.50 TOTAL $ 311,911934 STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on the 6th day of January, 2011, by Daniel Scarth, Vice President, of the Forth Worth Housij]g Finance Corporation. (SEAL) S. L. COIN MY COMMISSION EXPIRES August 3, 2014 STATE OF TEXAS § COUNTY OF TARRANT § Notary Public in and for the State of Texas (Printed Name of Notary) My commission expires: d ' 3 " � This instrument was acknowledged before me on the 6th day of January, 2011, by Susan Alanis, Assistant City Manager of the City of Fort Worth, a Texas municipal corporation, on behalf of said municipal corporation. /J (SEAL) No ublic in and for S.LGOIN *: = MY COMMISSION EXPIRES the State of Texas ° Augus1312014 lop (Printed Name of Notary) My commission expires: n&C Review Page 1 of 2 DATE: 1/25/2011 REFERENCE **L-15127 LOG 17NRPCOMOLAKESIDEVILLAGEHOMES NO.: NAME. CODE: L TYPE: CONSENT PUBLIC NO HEARING. 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. DISCUSSION: 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/CERTIFICATION: 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. TO Fund/Account/Centers FROM Fund/Account/Centers GC10 444583 030023002000 $311.911.34 Submitted for City Manager's Office bv: Susan Alanis (8180) Originating Department Head: Jay Chapa (5804) http:/Lapps.cfwnet.org/council�acket/mc review.asp?ID=14723&councildate=l/25/2011 O1/25/2011 M&C Review Page 2 of 2 Additional Information Contact: Fabiola Y Suarez (6811) Cynthia Garcia (8187) ATTACHMENTS Lakeside Village Addresses 010611.pdf http://apps.cfwnet.org/council�acket/mc review.asp?ID=14723&councildate=l/25/2011 O1/25/2011 Lot 11 st Lot # Street # Street Amount Zoning 1 5336 Fletcher $ 2,500.00 A-5 2 5431 Geddes $ 779.43 A-5 3 5806 Geddes $ 20,700.00 A-5 4 5501 Geddes $ 2,500.00 A-5 5 5639 Geddes $ 18,466.94 A-5 6 5424 Diaz $ 2,739.59 A-5 7 5512 Diaz $ 11921A7 A-5 8 5625 Diaz $ 10,785.86 A-5 9 5300 Bonnell $ 61500M A-5 10 5525 Curzon $ 1,234.53 A-5 11 5527 Curzon $ 1,199.87 A-5 12 5428 Carver $ 29,100.00 A-5 13 5300 Carver $ 2,500.00 A-5 14 5419 Carver $ 2,500.00 A-5 15 5609 Carver $ 1,369.40 A-5 16 5605 Carver $ 7,300.00 A-5 17 5324 Farnsworth $ 1,500.00 A-5 18 5529 Farnsworth $ 9,342.78 A-5 19 5228 Farnsworth $ 1/500400 A-5 20 5309 Farnsworth $ 3,000.00 A-5 21 5424 Farnsworth $ 9,000.00 A-5 22 5625 Farnsworth $ 4,755.79 A-5 23 5716 Farnsworth $ 9,619.40 A-5 24 5329 Farnsworth $ 15,684482 A-5 25 3300 Horne $ 15,10132 E* 26 5601 Fernander $ 31000*00 A-5 27 5536 Fernander $ 41975*39 A-5 28 5838 Humbert $ 16,001.18 A-5 29 5609 Humbert $ 4,694.07 A-5 30 5600 Humbert $ 1/500900 A-5 31 5628 Humbert $ 1/500000 A-5 32 5712 Wellesley $ 6,100.00 A-5 33 5605 Wellesley $ 2,500.00 A-5 34 5813 Wellesley $ 11,700M A-5 35 5501 Wellesley $ 2/333096 A-5 36 5513 Kilpatrick $ 18,81934 A-5 37 3401 Horne $ 57,185.50 E TOTAL � $ 3110911.34 *to be re -zoned A-5