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ASSIGNMENT OF COMMERCIAL CONTRACT UNIMPROVED PROPERTY
THIS ASSIGNMENT OF COMMERCIAL CONTRACT — UNIMPROVED
PROPERTY ("Assignment") is executed to be effective as of the day of May, 2014 (the
"Effective Date"), by and between JACK HUFF, an individual ("Assignor"), and CITY OF
FORT WORTH, TEXAS, a home -rule municipality of the State of Texas, acting by and through
its duly authorized City Manager ("Assignee").
RECITALS:
A. Wells Fargo Bank, National Association, as Successor Trustee of the Lois
Eldredge Griffin Testamentary Trust for the benefit of Joan Griffin Gambill, GFRE, LLC, a
Texas limited liability company, and Joan G. Gambill ("Seller") and Assignor executed that
certain Commercial Contract Unimproved Property dated effective as of February 12, 2014, for
the purchase and sale of approximately 0.366 acres of land located on Bryce Avenue, Fort
Worth, Tarrant County, Texas, as more particularly described therein (the "Property").
B. Seller and Assignor also executed that certain Commercial Contract Amendment
dated effective March 28, 2014 (the "First Amendment"), pursuant to which the Feasibility
Period was extended until May 15, 2014.
C. The February 12, 2014 Commercial Contract — Unimproved Property, as amended
by the First Amendment, is referred to in this Assignment as the "Contract".
D. Capitalized terms not defined in this Assignment have the meanings set forth in
the Contract.
E. Assignor desires to assign to Assignee all of his rights, duties and obligations in,
to and under the Contract, and Assignee desires to accept such assignment and assume such
duties and obligations.
AGREEMENT:
NOW, THEREFORE, for and in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are acknowledged by the parties,
Assignor and Assignee agree as follows:
1. Assignment. Assignor assigns and transfers to Assignee all of Assignor's rights,
duties and obligations in, to and under the Contract. Assignee accepts such assignment and
assumes all of the duties and obligations of Assignor under, and agrees to be bound by, the terms
and provisions of the Contract. Assignor shall have no further responsibility relating to the
Contract from and after the Effective Date of this Assignment.
2. Counterparts. This Assignment may be executed in multiple counterparts, each of
which shall be deemed an original to the same effect as if all parties hereto had executed the
same instrument and all of which shall f toge(ner consti one and the same instrument.
1633136 1
OFFICIAL RECORD
CITY SECRETARY
rg WORTS, TX
RECEOVED viAY
Facsimile signatures and .pdf signatures delivered via electronic mail shall be treated as original
signatures.
IN WITNESS WHEREOF, the parties have executed this Assignment to be effective as
of the Effective Date.
ASSIGNOR:
ASSIGNEE:
CITY OF FORT W I RTH, TEXAS,
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By:
Name:
Address: 1000 Throckmorton
Fort Worth, Texas, 76102
ality of the State of Texas
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t3 ` uiity Secretary
APPROVED AS TO LEGALITY AND FORM:
1633136 1
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Assistant City Attorney
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 5/6/2014 - Ordinance No. 21229-05-2014
DATE: Tuesday, May 06, 2014 REFERENCE NO.: L-15678
LOG NAME 17PURCHASESALELICENSE
SUBJECT:
Authorize Sale of City -Owned Property Located near West Vickery Boulevard and Rutledge Street to
Events Facilities Fort Worth, Inc., Authorize Purchase of Property Located at Bryce Avenue near
Montgomery Street from Wells Fargo Bank, Successor Trustee of the Lois Eldredge Griffin Testamentary
Trust and Joan G. Gambill, Authorize License Agreement with Event Facilities Fort Worth, Inc., and Adopt
Appropriation Ordinance (COUNCIL DISTRICT 9)
RECOMMENDATION.
It is recommended that the City Council:
1. Authorize the sale of approximately 1.495 acres out of the W.B. Conner Survey located near West
Vickery Boulevard and Rutledge Street to Events Facilities Fort Worth, Inc., in the amount of $716,254.00;
2. Authorize the acceptance of the assignment of a Purchase Agreement to purchase 0.366 acre tract
located on Bryce Avenue near Montgomery Street from Joan G. Gambill and Wells Fargo Bank, National
Association as Successor Trustee of the Lois Eldredge Griffin Testamentary Trust for the benefit of Joan
Griffin Gambill in the amount of $318,700.00 with the purchase price and all closing costs to be paid by
Events Facilities Fort Worth, Inc.;
3 Enter into a fifteen year License Agreement in the amount of $397,544.00 with Events Facilities Fort
Worth Inc. to use their property located at West Vickery Boulevard and Rutledge Street for outside
storage for the Public Events Department;
4. Adopt the attached supplemental appropriation ordinance increasing estimated receipts and
appropriations in the Culture and Tourism Fund in the amount of $318,700.00; and
5. Authorize the City Manager or his designee to execute and record documents giving effect to these
recommendations.
DISCUSSION:
In 2006, the City of Fort Worth acquired property located south of the intersection of West Vickery
Boulevard and Rutledge Street for right-of-way for the Chisholm Trail Parkway (Parkway). The acquisition
included a 1.495 acre tract (City Tract) that was excess property, due to the Parkway cutting off City
Tracts' access to a right-of-way. Because the City Tract does not have right-of-way access, it cannot be
platted or developed independently.
After the Parkway was constructed, the City was approached by Events Facilities Fort Worth, Inc (EFFW)
with a request to purchase the City Tract since it is adjacent to one of its properties. As part of EFFW's
consideration for the purchase of the City Tract, EFFW offered to pay the purchase price and closing costs
Logname: 17PURCHASESALELICENSE Page 1 of 2
for the City to purchase property on Bryce Avenue near Montgomery (Bryce Tract) from Joan G. Gambill
and Wells Fargo Bank, National Association, as Successor Trustee of the Lois Eldredge Griffin
Testamentary Trust for the benefit of Joan Griffin Gambill, which the City will purchase under a Purchase
Agreement assigned to the City. The Bryce Tract is adjacent to the Will Rogers Facility and is needed by
the City of Fort Worth s Public Events Department for the storage of materials to support agricultural and
livestock events at Will Rogers and for future development.
In an effort to move the discussions forward, the City obtained appraisals of both tracts. Because the City
acquired property for the Parkway under rules promulgated by the Texas Department of Transportation
(TxDOT), the City requested that the appraiser appraise the City Tract under TxDOT rules, as if it was a
part of an adjoining tract with access to a right-of-way. The appraised value of the City Tract is
$716,254.00 The appraised value of the Bryce Tract is $318,700.00. Due to the difference in value,
EFFW has proposed entering into a 15 year License Agreement with the City on its property located near
West Vickery Boulevard that would allow the City to store dirt and other items necessary for the operation
of the Will Rogers Facility. The City would receive a License Fee credit for the difference in the value of
the two tracts. The 15 year License Agreement in the amount of $397,544.00 will be a deferred outflow
that will be expensed at $26 502.93 per year over the life of the Agreement A map of the Bryce Tract and
the City Tract is attached.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached supplemental appropriation ordinance, funds will be available in the current
operating budget, as appropriated of the Culture and Tourism Fund.
FUND CENTERS:
TO Fund/Account/Centers
1)) GG04 444162 0251000
4)) GG04 159000 0000000
CERTIFICATIONS:
FROM Fund/Account/Centers
$716,254.00 2)) GG04 541100 0251000
$397,544.00
Submitted for City Manager's Office bv:
Originating Department Head:
Additional Information Contact:
Fernando Costa (6122)
Jay Chapa (5804)
Kirk Slaughter (2501)
Cynthia Garcia (8187)
ATTACHMENTS
1. 24PURCHASESALELICENSE A014 LG Chanaes.docx
2. Purchase -Sale -Lease Map pdf (Public)
(Public)
$318,700.00
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