HomeMy WebLinkAboutContract 43968CRY SECNrI'AItY
CONTRACT Esc;.ij'/I Lo%
OPTION TO PURCHASE TAX FORECLOSED PROPERTY
THIS OPTION TO PURCHASE ("Option") is between The City of Fort Worth,
Texas, a home rule municipality, acting on its own behalf and as trustee on behalf of the
State of Texas, Tarrant County, Tarrant County Water Control and Improvement District
No. 1, Tarrant County Hospital District, Tarrant County Education District, Tarrant
County Right of Way District and Birdville Independent School District, ("Seller"),
acting by and through its duly authorized Assistant City Manager, Fernando Costa, and
Carson Street Garden of Eden Neighborhood Association, Inc. ("Purchaser").
RECITALS
A. Seller is the owner of a certain tract of real property, which is more
particularly described as follows: 1.95 acres, more or less, out of the J.A. Akers Survey,
Abstract 24 and the H.P. Tuggle Survey, Abstract 1513, save and except 0.146 acres
contained in a street right of way, being more particularly described in Volume 9457,
Page 1655, Deed Records of Tarrant County, Texas. Tarrant County Appraisal District
Account Nos. 03721825 and 04208463 (the "Property").
B. Purchaser desires to purchase the Property.
C. Seller has agreed to grant to Purchaser an option to purchase the Property.
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) (the "Option Fee"), Seller grants to Purchaser the exclusive right
and option to purchase the Property, SUBJECT, HOWEVER, to the terms and conditions
hereinafter set forth.
2. Option Period. This Option shall expire on December 31, 2012.
3. Purchase Price.
a. Direct Sale. The purchase price owed to Seller for the Property shall
be $30,091.55 ("Purchase Price"). Additionally, Purchaser shall be
responsible for any post -judgment taxes owed to Tarrant County. The
post judgment tax amount due as of January 2013 is $22,424.58. The
post judgment tax amount increases one percent each month, so the
actual amount owed at Closing will be higher.
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b. Texas Tax Code, Section 34.05(1). Notwithstanding Section 3(a) of
this Option, if Seller is able to obtain the consent of all taxing entities
to sell the Property under the provisions of Section 34.050) of the
Texas Tax Code on or before the date of Closing, then the Purchase
Price will be $44,006.00 and all post judgment taxes will be released
by the Tarrant County Tax Assessor/Collector, subject to any other
changes in the Texas Tax Code prior to Closing If Seller is unable to
obtain the consent of all taxing entities by Closing, then Purchaser will
be responsible for payment of the Purchase Price and post judgment
taxes as described in Section 3(a) above.
4. Exercise of Option and Closing.
a. Exercise of Option. Purchaser may exercise this Option at any time on
or before December 31, 2012 by delivering (i) written notice of its
intent to exercise the option, and (ii) a cashier's check or money order
made payable to the City of Fort Worth in the amount of $10,000
("Earnest Money"). Both items (i) and (ii) should be mailed to Seller
at the address listed in Section 6 of this Option.
b. Closing. Closing will occur no later than March 31, 2013 ("Closing").
If this Option is exercised and the Property sold in accordance with the
teens hereof, then the Option Fee and Earnest Money shall apply to
the Purchase Price. The sale of the property shall be via Tax Resale
Deed Without Warranty, and the sale shall be "as -is, where -is ' with
Purchaser assuming all liability for hens, taxes and other
encumbrances to title.
5. Conditions to Sale. Notwithstanding anything stated in this Option,
Purchaser's right to purchase the Property is conditioned on the following•
a. Purchaser must deliver (i) a written description of Purchaser's
intended use of or development plans for the Property, and (ii) proof
that Purchaser has financing available to complete such plans.
b. Seller must be satisfied in its sole discretion with Purchaser's intended
use of or development plans for the Property, and with Purchaser's
ability to finance such development.
c. The sale of the Property must be approved by the Fort Worth City
Council.
If any of the conditions above are not met on or before December 31, 2012, this
Option shall expire and Purchaser shall have no further rights regarding the Property and
Seller shall have no further obligation to Purchaser. The Option Fee will be retained by
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.
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 Option 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 respect.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
Seller, and shall not be refundable. Any Earnest Money will be returned to Purchaser.
This Section 5 supersedes any other statement, section or clause of this Option.
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: Robin Bentley
With a copy to:
City Attorney's Office
1000 Throckmorton
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:
Carson Street Garden of Eden Neighborhood Association, Inc.
1412 Carson Street
Fort Worth Texas 76117
Attn: Brenda Sanders -Wise
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 1 his Option 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
EXECUTED by Seller and Purchaser to be effective as of the date the last party executes
this Option.
Seller:
CITY OF FORT WORTH, a Texas municipal corporation, on its own
behalf and as trustee for the State of Texas, Tarrant County, Tarrant
County Water Control and Improvement District No. 1, Tarrant County
Hospital District, Tarrant County Education District, Tarrant County Right
of Way District, and Birdville Independent School District, all named as
plaintiffs in Cause No. L-10960-93 of the 23 6tn Judicial District Court in
Tarrant County
By:
Name: Fernando Costa
Title: Assistant City Manager
Date: ,(2.4i /it
Approved as to Legality and Form:
ssistant City
Purchaser:
orney,
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CARSON STREET GARDEN OF EDEN NEIGHBORHOOD
ASSOCIATION, INC.
By:
Name: Brenda Sanders -Wise
Title: Treasurer -Founder
Date: //-
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M&C Review
Page 1 of 2
dfflc al to ofthe :Cty of Fort Worth, Texas
COUNCIL ACTION: Approved on.10/23/2012
CONTINUED FROM A PREVIOUS WEEK
DATE: 10/9/2012 REFERENCE NO.: L-15444 LOG NAME:
NON -CONSENT PUBLIC
HEARING:
SUBJECT: Authorize Direct Sale of a Tax -Foreclosed Property Located at 1312 Carson Street to the
Garden of Eden Neighborhood Association in the Amount of $30,091.55, in Accordance
with Section 34.05 of the Texas Tax Code for Use as a Community Garden (COUNCIL
DISTRICT 4)
CODE- L TYPE:
171312 CARSON
ST
NO
RECOMMENDATION:
It is recommended that the City Council:
1 Authorize the direct sale of a tax -foreclosed property located at 1312 Carson Street to the Garden
of Eden Neighborhood Association in the amount of $30 091 55, in accordance with Section 34.05 of
the Texas Tax Code for use as a community garden;
2. Authorize the execution of option to purchase; and
3. Authorize the execution and recording of the appropriate instruments conveying the property to
complete the sale.
DISCUSSION:
The City of Fort Worth (City) received the below referenced property through a Constable Sale after a
tax -foreclosure suit. The City is authorized to conduct a direct sale of tax -foreclosed property to a
buyer for the lesser of the market value specified in the judgment or the tax judgment amount plus
any accrued post judgment taxes.
A written Request to Purchase the property located at 1312 Carson Street was received from the
Garden of Eden Neighborhood Association for use as a community garden.
Staff recommends selling the property located at 1312 Carson Street for a purchase price in the
amount of $30,091.55. The Buyer will also be responsible for payment in the amount of $22,163.15 in
any post judgment taxes owed to Tarrant County. If prior to closing, Staff is able to obtain the consent
of all taxing jurisdictions to sell the property for the Tarrant County Appraisal District value then the
purchase price will be in the amount of $44,006.00 and no post judgement taxes will be owed.
Staff recomends selling this property to the Garden of Eden Neighborhood Association which will be
responsible for all closing costs for this transaction, as well as any post judgment taxes, penalties and
interest which may accrue before closing.
The Planning and Development Department has reviewed the current zoning of this property, which
is A-5, 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.
http://apps.cfwnet.org/counciljacket/mc review.asp?ID=17432&councildate=10/23/2012 12/14/2012
M&C Review Page 2 of 2
!ADDRESS 'LEGAL DESCRIPTION
1312 Carson Street Tuggle, Henry P Survey A 1514 Tr 1 C .67 acres
Akers John Survey A 24 Tr 6E 1.06 acres
This property is located in COUNCIL DISTRICT 4, Mapsco 65J.
PRICE
$30,091.55
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
GG01 240126 0000000 $30.091.55
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
1312 Carson Mao.odf
Fernando Costa (6122)
Jay Chapa (5804)
Cynthia Garcia (8187)
Ryan Ramphul (7369)
•
http://apps.cfwnet org/council_packet/mc review.asp?ID=17432&councildate=10/23/2012 12/14/2012