The URL can be used to link to this page

Home My WebLink AboutContract 43390-A7 (2)CITY' sEcRETA, CONTRACT rI. 14 1.. SEVENTH AMENDMENT TO CITY SECRETARY CONTRACT NO. 43390 WHEREAS, the City of Fort Worth ("Seller") and JJE Properties, Ltd. ( "Purchaser") made and entered into City Secretary Contract No. 43390 (the "Contract"); • WHEREAS, Section 6(a) of the Contract provides for a 60 day Option Period; WHEREAS, Seller and Purchaser extended the Option Period by 14 days in the First Amendment to the Contract effective September 7, 2012; WHEREAS, the Survey and the updated Title Commitment showed certain encroachments and an arch storm drain running under the building slab and more time is needed to resolve these issues; WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in the Second Amendment to the Contract effective September 21, 2012; WHEREAS, Section3(b) of the Contract calls for Purchaser to obtain an updated survey of the Property and states that the legal description of the Property in the Survey will be used in all documents that require a legal description of the Property; WHEREAS, the Survey by JB Davies, Inc. dated September 26, 2012 shows a more complete legal description of the Property along with certain encroachments thereto; WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in the Third Amendment to the Contract effective October 5, 2012 to resolve the encroachments to the Property and to amend the Contract to provide for an updated legal description of the Property as shown on the Survey; WHEREAS, Seller and Purchaser agreed to extend the Option Period by an additional 14 days effective October 19, 2012 in the Fourth Amendment to the Contract ; WHEREAS, Seller- and Purchaser agreed to extend the Option Period by an additional 14 days effective November 2, 2012 and to extend the date of Closing until December 1, 2012 in the Fifth Amendment; WHEREAS, Seller and Purchaser agreed to extend the Option Period until March 1, 2013 and the Closing until April 1, 2013, effective as of December 1, 2012 in the Sixth Amendment; WHEREAS, because the encroachment issues have not been resolved, Seller and Purchaser desire to extend the Option Period until May 1, 2013 and Closing until June 1, 2013, effective February 28, 2013. RECEIVED MAR c 4 20i3 1 OFFICIAL RECORD CITY SECRETARY F'u; !NORTH, TX NOW, THEREFORE Seller and Purchaser hereby agree to amend the Contract as follows: I. Section 6. Option Period, subsection (a) is hereby amended to read as follows: "(a) Notwithstanding anything to the contrary contained in this Contract, until May 1, 2013 ("Option Period '), the following is a condition precedent to Purchaser's obligations under this contract: Purchaser being satisfied in Purchaser's sole and absolute discretion that the Property is suitable for Purchaser s intended uses, including, without limitation, Purchaser being satisfied with the results of the Tests ( defined in Section 7 below)." II. Section 8. Closing Contingencies, subsection (a) is hereby amended to read as follows: "(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the offices of the Title Company no more than 15 days aftei the satisfaction of the following contingencies to Closing (`Closing Contingencies"), but no later than June 1, 2013. The Closing Contingencies are as follows: (1) Any easements conveyed to the City will be at no cost to the City." III. Section 8. Closing Contingencies, subsection (c) is hereby amended to read as follows: "(c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction after May 1, 2013 so that Purchaser is prepared to close on or before June 1, 2013, then Purchaser must terminate this Contract, and upon 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 Contingencies are not satisfied if agreed to in writing by the parties." IV. As Independent consideration of this extension, Purchaser will deliver $50.00 to Seller prior to execution of this Amendment. The $50.00 is nonrefundable and will not be applied to the Purchaser Price at Closing. v 2 This Seventh Amendment shall be effective as of February 28, 2013. VI. All terms and conditions of the Contract not herein amended remain unaffected and in full force and effect and are binding on the Parties and are hereby ratified by the Parties. SELLER: City of Fort Worth PURCHASER: JJE Properties, LTD., a Texas Limited Partnership, By: Property Company of Fort Wori , _.C, its General Partner Fernando Costa, Assistant City Manager Jim Approved as to Legality and Form 1 i V 1 / /IA (lit /LP)/ it, - t ;V • ssistant CityAttorn� -of000nftric ��S, Ltd% ogiiii 00 r $4,1e00000ood° 14,/ >bste f City Seer M&C L-153:3 4tibiet,tee ident OFFICIAL RECORD CITY SECRETARY �a WORTH, TX M&C Review • eta site a t e City'a -o ra exas FORT WORT I -I I =.OUNCIL ENDA CQUNCIL ACTION oved on 5/15/2012 DATE: 5/15/2012 REFERENCE NO.: **L-15363 LOG NAME: 17801 WVICKERY CODE: L TYPE: CONSENT PUBLIC HEARING: NO SUBJECT: Authorize Direct Sale of a Fee Simple Property Owned by the City of Fort Worth Located at 801 West Vickery Boulevard to JJE Properties Ltd., in the Amount of $236,000.00 in Accordance with Section 272.001(b)(6) of the Texas Local Government Code (COUNCIL DISTRICT 8) an — RECOMMENDATION: It is recommended that the City Council: 1. Authorize the direct sale of a fee simple property owned by the City of Fort Worth located at 801 West Vickery Boulevard to JJE Properties Ltd., in the amount of $236,000.00 in accordance with Section 272.001(b)(6) of the Texas Local Government Code; and 2. Authorize execution and recording of the appropriate instruments conveying the property to complete the sale. DISCUSSION: The property at 801 West Vickery Boulevard was acquired by the City of Fort Worth (M&C L- 13115) for the Vickery Boulevard Project, which was approved by City Council in November 1990 (M&C G-8923) and revised in October 1996 (M&C G-11605). The property was the former site of the Shooter's Palace Building which was used as a gun range. On December 14, 2004, (M&C G-14612) the City Council rescinded approval for the Vickery Boulevard Project and approved the sale of parcels purchased for the project. A written Intent to Purchase the property was received from JJE Properties, Ltd. The company plans to restore the 1925 structure and address the environmental issues on the property. The City of Fort Worth is authorized to sell fee owned property by Texas Local Government Code 272.001 (b)(6), which allows for the direct sale of property that is located in a reinvestment zone and that the municipality desires to have developed under a project plan adopted by the municipality for the zone This property is located in the Tax Increment Reinvestment Zone Number 4 (TIF) and will be developed in accordance with the project plan for that TIF. The property was appraised on March 27, 2012 in the amount of $236,000.00. The City of Fort Worth advertised the Intent to Sell the property in the Fort Worth Star -Telegram on April 22, 2012, April 29, 2012, May 6, 2012 and May 13, 2012. The Planning and Development Department has reviewed the current zoning of this property and determined that the zoning classification of the property is compatible with respect to the existing land use, the existing land uses of the surrounding neighborhood and future land use designations indicated by the Comprehensive Plan. ADDRESS LEGAL PRICE ZONING `801 West Vickery Boulevard Lots 1 and 6B Block 3 $236,000.00 { NS-T5 http://apps.cfwnet.org/council_packet/me review.asp7ID=16843&councildate=5/15/2012[02/28/2013 4:12:31 PM] M&C Review Jennings South Addition This property is located in COUNCIL DISTRICT 8, Mapsco 76H. 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 5236.000.00 Submitted for Citv Manaaer's Office bv: Oriainatina Denartment Heats Additional Information Contact ATTACHMENTS 801 WVICKERY.odf Fernando Costa (6122) Jay Chapa (5804) Robin Bentley (7315) Katherine Davenport (7923) http://apps.cfwnet.org/council_packet/mc_review.asp?ID=16843&councildate=5/I5/2012[02/28/2013 4:12:31 PM]