HomeMy WebLinkAboutContract 44612GiTY �ECREiA� � (p Z.,
CON?�►CT �NO.
CONTRACT OF SALE AND PURCHASE
Sale by City of Fort Worth to Casino Beach Properties, Inc.
THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into
by and between the CITY OF FORT WORTH, TEXAS, a home rule Municipal Co�poration of
the State of Texas, acting by and through its duly authorized Assistant City Manager ("Seller")
and Casino Beach Properties, Inc., a Texas corporation, ("Purchaser") as of the date on which
this Contract is executed by the last to sign of Seller and Purchaser ("Effective Date").
RECITALS
1. Seller is the owner of approximately 15.704 acres of real property on Lake Worth, in the
area known to the general public as Casino Beach, and being described as Lot 1, Lot 3,
and a portion of Lot 2, Block 16, Lake Worth Leases, an addition to the City of Fort
Worth situated in the Jacob Wilcox Survey No. 33, Abstract No. 1716, (collectively, the
"Property"), as shown and more particularly described on the attached Exhibit "A",
incorporated herein for all purposes.
2. Pursuant to M&C C-25661, approved by City Council on June 12, 2012, Seller will enter
into a Chapter 380 Economic Development Program Agreement ("EDPA") with
Purchaser or an affiliate of Purchaser ("Developer"), under which Seller will pay the
Developer economic development program grants conditioned on the redevelopment of
Casino Beach, of which the Property is a part.
3. On July 17, 2012, Seller's City Council passed Ordinance Number 20293-07-2012 and
created Tax Abatement Reinvestment Zone No. 83, City of Fort Worth, Texas (the
"Zone"), in which the Propei-ty is located, for the purpose of Purchaser purchasing the
Property in the Zone and to redevelop that land into an entertainment destination through
a variety of public and private improvements.
4. For the purposes stated above, Seller agrees to convey the Property to Purchaser through
a direct sale in accordance with Section 272.001(b)(6) of the Texas Local Government
Code.
AGREEMENT
In consideration of the mutual covenants, representations, warranties and agreements
contained herein, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Seller and Purchaser agree as follows:
Section 1. Agreement of Sale and Purchase.
(a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to
purchase and accept the Property fi•om Seller, far the purchase price (as deiined below), subject
to the terms and conditions set forth in this Contract.
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(b) Seller shall convey the Property to Purchaser free and clear of all liens, claims,
easements, rights-of-way, reservations, restrictions, encroachments, tenancies, and any other
encumbrances (collectively, the "Encumbrances") except the Encumbrances appearing in the
Title Commitment (as defined below in Section 3) and the Survey (as de�ned below) that are not
cured and that are subsequently waived pursuant to Section 3("Permitted Encumbrances") and
any express reservations described herein.
(c) In Seller's conveyance of the Property to Purchaser, the following rights,
interests, and easements shall be reserved to Seller, and such reservation is hereby approved for
all purposes:
(i) all surface and subsurface water rights or interests in, on, or under the
Property or otherwise held by Seller in connection with the Property. Seller waives and
conveys to Purchaser the right of ingress and egress to and from the surface of the
Property relating to the portion of the water rights owned by Seller;
(ii) all right, title, and interest in and to all oil, gas, and other minerals in and
under the Property, if any. Seller waives and conveys to Purchaser the right of ingress
and egress to and from the surface of the Property relating to the portion of the mineral
estate owned by Seller. The foregoing provision shall be a covenant running with the
Property binding upon any party owning any interest in, or rights to develop, the oil, gas
and other minerals herein reserved by Grantor;
(iii) a perpetual flowage easement including the right to inundate, flood and
overflow all of the Property to six hundred and one feet (601'). Seller shall not be liable
for any damages resulting from the reasonable use of this easement and Purchaser shall
not construct any structures and/or improvements in the flowage easement, unless
specifically permitted in writing by Grantor, which approval shall not be unreasonably
conditioned, withheld, or delayed, and which approval shall be limited to the compliance
of the structures and/or improvements with (1) regulatoiy requirements for floodplain
structures and (2) the best management practices for preservation of water quality. Any
permanent stiuctures and improvements which extend into the flowage easement shall be
constructed at a minimum finished floor elevation level of six hundred and one feet
(601') above sea level. Any non-permanent structures and improvements, including but
not limited to boat docks, piers, or walkways which extend into the flowage easement
shall be constructed at a minimum finished floor elevation level of five hundred ninety-
six feet (596') above sea level; and
(iv) an avigation easement reserved on behalf of the public for free and
unobstructed passage of aircraft over the Property in the navigable airspace above the
minimum altitudes of flight prescribed by federal regulations, including airspace needed
to ensure safety in the takeoff and landing of aircraft; provided, however, such avigation
easement shall not be located within one hundred fifty-seven feet (157') above the
ground. Purchaser shall release Seller, its officers, agents and employees from any and all
claims and liability resulting from the noise, vibration, fumes, dust, fuel, electromagnetic
interference and lubricant particles and all other effects, whether such claims are for
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injury or death to person or persons or damages to or taking of property, arising out of or
in connection with the use of this easement, when such use is in compliance with the
regulations and guidelines of the Federal Aviation Administration, successor agency, or
other governmental authority with jurisdiction over the matter.
Section 2. Independent Contract Consideration, Purchase Price, and Earnest Monev.
(a) Contemporaneously with the execution of this Contract, Purchaser hereby delivers
to Seller the amount of Fifty and 00/100 Dollars ($50.00) ("Independent Contract
Consideration"), which amount the parties bargained for and agreed to as consideration for
Seller's execution and delivery of this Contract. This Independent Contract Consideration is in
addition to and independent of any other consideration or payment provided for in this Contract,
is nonrefundable, and shall be retained by Seller notwithstanding any other provision of this
Contract.
(b) If Closing (as defned below) occurs within 180 days after the Effective Date, the
purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller in cash at
Closing (defined below), is $2.65 per square foot, for a total price of One Million Eight Hundred
Twelve Thousand Seven Hundred Seventy-Four and 90/100 ($1,812,774.90). If Closing occurs
after 180 days after the Effective Date, the Purchase Price shall increase by 0.5% every 30 days.
If closing does not occur by the 365th day following the Effective Date, a new appraisal shall be
obtained by Seller and the new appraised value shall be the Purchase Price. Seller has determined
that the Purchase Price reflects the current fair market value of the Property.
(c) Within �ve (5) days after the execution and delivery of this Contract by Seller to
Purchaser, Purchaser shall deliver to title company (as defined below in) a check payable to the
order of title company or other means of funding reasonably satisfactory to Seller earnest money
in the amount of Twenty-Five Thousand Dollars ($25,000.00) ("Earnest Monev"). Purchaser's
failure to deposit the Earnest Money as provided herein shall entitle Seller to void this Contract.
The Earnest Money shall secure Purchaser's performance of its closing obligations stated in this
Contract. Title company shall hold the Earnest Money in escrow and deliver it in accordance
with the provisions of this Contract.
Section 3. Title Commitment and Survey.
(a) Within thirty (30) days after the Effective Date, Purchaser may obtain (i) a
Commitment for Title Insurance and Title Policy ("Title Commitment") from Lawyers Title
Company, 4325 S. Hulen Street, Fort Worth, Texas 76109, Attn: William K. Rosenberry, as
agent for Fidelity National Title Insurance Company or any other title company of Purchaser's
choice ("Title Company"), setting forth the status of the title of the Property and showing all
Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all
documents referred to in the Title Commitment, including but not limited to, plats, reservations,
restrictions, and easements. Purchaser and Seller shall share equally in the cost of the title
policy.
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(b) Seller has obtained a survey ("Survey") of the Property, a copy of which is
attached hereto as Exhibit "A". Purchaser may, at Purchaser's sole cost and expense, obtain its
own survey of the Property or cause the Survey to be updated or re-certified to Purchaser.
(c) If the Title Commitment discloses any Encumbrances or other matters that are not
acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give Seller written
notice thereof within iifteen (15) days after the later to occur of (i) the Effective Date, or (ii)
Purchaser's receipt of the Title Commitment and all documents referred to in the Title
Commitment, specifying Purchaser's objections ("Obiections"), if any. If Purchaser gives such
notice to Seller, Seller shall use its best efforts to cure the Objections, but shall be under no
obligation to do so. Notwithstanding anything to the contrary set forth herein, Seller shall, prior
to Closing, remove any monetary liens against the Property that are created by, through or under
Seller.
(d) If Purchaser gives notice of Objections and Seller does not cure the Objections,
cause the Title Commitment to be amended to give effect to matters that are cured, and give
Purchaser written notice thereof within the fifteen (15) day period following receipt of the notice
from Purchaser ("Cure Period"), Purchaser shall have the right either (i) to terminate this
Contract by giving written notice thereof to Seller at any time after the expiration of such Cure
Period but prior to the expiration of the inspection period (as defined below), and, upon such
termination, Purchaser shall be entitled to the return of the Earnest Money, and neither party
hereto shall have any further rights or obligations; or (ii) to waive the Objections and
consummate the purchase of the Property subject to the Objections which shall be deemed to be
Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has agreed in
writing to cure an Objection or if Seller has commenced curing an Objection and is diligently
prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then Purchaser
in Purchaser's sole discretion may extend the Cure Period for an amount of time Purchaser deems
necessary for Seller to cure the same.
Section 4. Review Reports. Seller shall deliver to Purchaser without recourse or
warranty any environmental or engineering reports and studies of which Seller has knowledge
and that are in Seller's possession and reasonable control concerning the Property ("Reports")
within iive (5) days after the Effective Date.
Section 5. Representations, Warranties, "AS IS"
(a) EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT OR IN THE
DOCUMENTS DELIVERED AT CLOSING, PURCHASER ACKNOWLEDGES AND
AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES,
COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER
WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST,
PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH RESPECT TO (A) THE
VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY INCLUDING,
WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME
TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE
PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER
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MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY
OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS
OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE
HABITABILITY, MERCHANTABILITY, MARI{ETABILITY, PROFITABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER
OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY,
INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE OF
REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY OTHER MATTER
WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS
NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY
REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL
PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS,
ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE, AS DEFINED BY THE
U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R.,
PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF
ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE
ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980,
AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN
GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS
RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT
ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. AS A
MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER
AND PURCHASER AGREE THAT PURCHASER IS TAKING THE PROPERTY "AS
IS" WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS
NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR
PURPOSE. PURCHASER ACKNOWLEDGES THAT, EXCEPT FOR ANY
REPRESENTATIONS OR WARRANTIES EXPRESSLY SET FORTH IN THIS
AGREEMENT OR THE DOCUMENTS DELIVERED AT CLOSING, PURCHASER IS
NOT RELYING UPON ANY REPRESENTATIONS, STATEMENTS, ASSERTIONS OR
NON-ASSERTIONS BY THE SELLER WITH RESPECT TO THE PROPERTY
CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION OF THE
PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS
UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES
(EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING
DOCUMENTS AND EXCEPT FOR ANY REPRESENTATIONS OR WARRANTIES
EXPRESSLY SET FORTH HEREIN OR IN THE DOCUMENTS DELIVERED AT
CLOSING). UPON CONVEYANCE, AS BETWEEN SELLER AND PURCHASER, THE
RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS
AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS BEFORE
CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS
OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR
UNKNOWN AT CLOSING.
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ONCE CLOSING HAS OCCURRED, PURCHASER—INDEMNIFIES, HOLDS
HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL
PROBLEMS AFFECTING THE PROPERTY, INCLUDING, BUT NOT LIMITED TO,
UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION
AND LIABILITY ACT ("CERCLA"), THE RESOURCE CONSERVATION AND
RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE
TEXAS WATER CODE. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND
RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS
OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF
SELLER'S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S
REPRESENTATIVES, BUT NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS
NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER
INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY
LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING
THE PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS
LIASILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO
EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT WOULD
OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW
LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING
THE PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE
CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS
BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE
PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO
THE FOREGOING. PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE
TERMS AND PROVISIONS BY ITS ACCEPTANCE HEREOF.
b. The provisions of Section 5(a) shall be incorporated into the Deed.
a The provisions of Section 5(a) shall survive the closing (as defined below).
Section 6. Insuection Period.
(a) Notwithstanding anything to the contrary contained in this Contract, until ninety
(90) days after the Effective Date ("Inspection Period"), the following is a condition precedent to
Purchaser's obligations under this Contract:
Purchaser being satisiied 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).
(b) If Purchaser is not satisiied in Purchaser's sole and absolute discretion as to the
condition precedent described in Section 6(a) above, or if Purchaser elects to not purchase the
Property for any reason, Purchaser may give written notice thereof to Seller on or before the end
of the Inspection Period, whereupon this Contract shall terminate. Upon such termination,
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Purchaser shall be entitled to the return of the Earnest Money and neither party shall have any
further rights or obligations under this Contract.
(c) If Purchaser does not terminate this Contract prior to the expiration of the
Inspection Period, then the Earnest Money shall become non-refundable to Purchaser except in
the event of Seller's default in the performance of Seller's obligations under this Contract, and
Title Company shall release the Earnest Money to Seller at any time thereafter upon request by
Seller.
(d) The provisions of this Section 6 control all other provisions of this Contract.
(e) The parties agree that the Inspection Period will not be extended upon expiration
without a written amendment signed by both parties.
Section 7. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to
go on to the Property, including the Improvements, to make inspections, surveys, test borings,
soil analyses, and other tests, studies and surveys, including without limitation, environmental
and engineering tests, borings, analyses, site assessments, and studies ("Tests"). Any Tests shall
be conducted at Purchaser's sole risk and expense, and Purchaser agrees to indemnify and defend
Seller and the Property from any liens and claims resulting from such Tests. The Property will
be restored by Purchaser to its original condition at Purchaser's sole expense following any site
work. In the event this transaction does not close for any reason whatsoever, the Purchaser shall
release to Seller any and all third-party independent studies or results of Tests obtained during
the Inspection Period.
Section 8. Closin� Contingencies.
(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall
occur through the ofiice of the Title Company no more than (15) days after the satisfaction of the
following contingencies to Closing ("Closing Contingencies"), but not later than twelve (12)
months after the Effective Date. The Closing Contingencies are as follows:
(1) Purchaser and Seller must execute a Community Facilities Agreement for the
extension of water, sewer, storm water, trails and streets (collectively, the "CFA
Improvements") on adjacent city park property and the Property. The CFA
Improvements are shown on Exhibit "B", attached hereto and made apart hereof
for all purposes, provided, however, that the CFA Improvements listed on Exhibit
"B" are not intended by the parties to be the final list of improvements, and
Exhibit "B" may be amended upon written approval of both parties when the CFA
Improvements are finalized.
(2) Purchaser and Seller must execute the necessary agreements required under
the EDPA with respect to the Development, including but not limited to license
agreements for the adjacent City park property, the management agreement for
the adjacent City park property, and an adopt-a-park agreement.
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(3) Purchaser and Seller must execute the EDPA with respect to the
Development.
(4) Purchaser must iile a final plat of the Property.
(b) Purchaser and Seller agree to reasonably cooperate with each other in good faith
to �nalize the agreements described in the Closing Contingencies above with reasonable
diligence.
(c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction so that
Purchaser is prepared to close on or before the last day of the 12`h month after the Effective Date
("Closing Deadline"), then Purchaser may terminate this Contract, and upon the termination,
Purchaser shall receive 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.
Section 9. Closing,
(a) Closing shall occur by the Closing Deadline. If Purchaser is not prepared to close
by the Closing Deadline, Purchaser may have two extensions of 180 days each, which extensions
are exercised by notifying Seller in writing of Purchaser's intent to extend the Closing Deadline.
If Closing does not occur by the end of the last extension, this Agreement shall automatically
terminate and Title Company shall deliver the Earnest Money to Seller, free of any claims by
Purchaser or any other person with respect thereto.
(b) At the Closing, all of the following shall occur, all of which are deemed
concurrent conditions:
(1) Seller, at Seller's sole cost and expense, shall deliver or cause to be
delivered to Purchaser the following:
(i) A Special Warranty Deed ("Deed"), fully executed and
acknowledged by Seller, conveying to Purchaser good and indefeasible fee
simple title to the Property subject to the reservations of rights, interests,
and easements as set forth in Section 1(c), and to the Permitted
Encumbrances, with the precise form of the Deed to be determined
pursuant to Section 11 below.
(ii) If Closing occurs before December 31, 2013, a lease between
Purchaser and Seller in which Seller shall lease a portion of the Property
until December 31, 2013 to complete dredging of Lake Worth, the form of
which lease shall be negotiated in good faith by the parties and finalized
prior to the end of the Inspection Period (the "Leaseback") ;
(iii) A license from Seller to Purchaser for use of a portion of the lake
that is adjacent to the Property, the form of which license shall be
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negotiated in good faith by the parties and finalized prior to the end of the
Inspection Period (the "Water Use License"); and
(iv) Any other instrument or document necessary for Title Company to
issue the Owner Policy in accordance with Section 9(a)(3) below.
(v) Any other agreements required in accordance with Section 8(a)
above.
(2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to
be delivered to Seller through the Title Company the following:
(i) Federally wired funds or such other means of funding acceptable to
Seller, in an amount equal to the Purchase Price, adjusted for closing costs
and prorations;
(ii) All permanent easements to Seller, at no cost to Seller, necessary
for all CFA Improvements;
(iii) All temporary construction easements requested by Seller to Seller
in connection with the CFA Improvements, at no cost to Seller;
(iv) The Water Use License;
(v) The Leaseback; and
(vi) Any other agreement determined necessary by Seller in accordance
with Section 8(a).
(3) The Title Company shall issue to Purchaser, the cost of which shall be
divided and borne equally between Purchaser and Seller, a Texas Owner Policy of
Title Insurance ("Owner PolicY") issued by Title Company in the amount of the
Purchase Price insuring that, after the completion of the Closing, Purchaser is the
owner of indefeasible fee simple title to the Property, subject only to the
Permitted Encumbrances, and the standard printed exceptions included in a Texas
Standard Form Owner Policy of Title Insurance; provided, however, the printed
form survey exception shall be limited to "shortages in area," the printed form
exception for restrictive covenants shall be deleted except for those restrictive
covenants that are Permitted Encumbrances, there shall be no exception for rights
of parties in possession, and the standard exception for taxes shall read: "Standby
Fees and Taxes for [the year of Closing] and subsequent years, and subsequent
assessments for prior years due to change in land usage or ownership".
(4) The Earnest Money (including any Additional Earnest Money) shall be
applied to the Purchase Price at Closing.
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(5) Seller and Purchaser shall each pay their respective attorneys' fees.
(6) All other escrow and closing costs shall be paid by the party as is common
and customary for commercial real estate transactions in Fort Worth,
Texas.
(c) Ad valorem and similar taxes and assessments, if any, relating to the Property
shall be prorated between Seller and Purchaser as of the Closing, based on estimates of the
amount of taxes that will be due and payable on the Property during the calendar year in which
the Closing occurs. As soon as the amount of taxes and assessments on the Property for that year
is known, Seller and Purchaser shall readjust the amount of taxes to be paid by each party with
the result that Seller shall pay for any taxes and assessments applicable to the Property up to and
including the date of Closing, and Purchaser shall pay for those taxes and assessments applicable
to the Property after the Closing. The provisions of this Section 9(b) survive the Closing.
(d) Upon completion of the Closing, Seller shall deliver possession of the Property to
Purchaser, free and clear of all tenancies of every kind.
Section 10. A�ents. Seller and Purchaser each represent and warrant to the other that it
has not engaged the services of any real estate agent, broker, or other similar party who may
claim a commission in connection with this transaction.
Section 11. Closing Documents. No later than fifteen (15) days prior to the Closing, Seller
shall deliver to Purchaser a copy of the Special Warranty Deed, which is subject to Purchaser's
reasonable right of approval.
Section 12. Notices.
(a) Any notice under this Contract shall be in writing and shall be deemed to have
been served if (i) delivered in person to the address set forth below for the party to whom the
notice is given, (ii) placed in the United States mail, return receipt requested, addressed to such
party at the address specified below, or (iii) deposited into the custody of Federal Express
Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next
day delivery, addressed to the party at the address specified below.
(b) The address of Seller under this Contract is:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Housing & Econ. Dev. Dept.
Cynthia B. Garcia
Telephone: 817-3 92-8187
CFW Sale to Casrrro Beach Proper�lies, b�c.
With a copy to:
Leann D. Guzman
City Attorney's Office
City of Fort Worth
1000 Throckmorton
Fort Worth, Texas 76102
(817) 392-8973
Fax (817)392-8359
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(c) The address of Purchaser under this Contract is:
Casino Beach Properties, Inc.
Attn: Michael H. Patterson
2310 West Interstate 20, Suite 100
Arlington, Texas 76107
With a copy to:
Winstead PC
Attn: Noelle L. Garselc
777 Main Street, Suite 1100
Fort Worth, Texas 76102
(d) From time to time either party may designate another address or telecopy number
under this Contract by giving the other party advance written notice of the change.
Section 13. Termination, Default, and Remedies.
(a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant
to this Contract at the Closing for any reason other than termination of this Contract by
Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure
to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive
remedy, shall have the right to terminate this Contract by giving written notice thereof to
Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights
or obligations hereunder, and Title Company shall deliver the Earnest Money to Seller as
liquidated damages, free of any claims by Purchaser or any other person with respect thereto. It
is agreed that the Earnest Money to which the Seller is entitled hereunder is a reasonable forecast
of just compensation for the harm that would be caused by Purchaser's breach and that the harm
that would be caused by such breach is one that is incapable or very difficult of accurate
estimation, and that the payment of these sums upon such breach shall constitute full satisfaction
of Purchaser's obligations hereunder.
(b) If Seller fails or refuses to consummate the sale of the Property pursuant to this
Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to
or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a
right so to terminate expressly set forth in this Contract or Purchaser's failure to perform
Purchaser's obligations under this Contract, then Purchaser shall have the right to terminate this
Contract by giving written notice thereof to Seller prior to or at the Closing whereupon the
Earnest Money shall be returned to Purchaser, and neither party hereto shali have any further
rights or obligations hereunder.
(c) If either Seller or Purchaser becomes entitled to the Earnest Money upon
cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and
agree to deliver a letter of instruction to the Title Company directing disbursement of the Earnest
Money to the party entitled thereto.
CFW Sale !o Casino Beach Properties, Inc.
Page 11 of 18
rorm# 71207
Section 14. Entire Contract. This Contract (including the attached exhibits) contains the
entire contract between Seller and Purchaser with respect to the subject matter hereof, and no
oral statements or prior written matter not specifically incorporated herein is of any force and
effect. No modifications are binding on either party unless set forth in a document executed by
that party.
Section 15. Assi,gns. This Contract inures to the beneiit of and is binding on the parties
and their respective legal representatives, successors, and assigns. Any attempted assignment
shall be void.
Section 16. Seller Representations. Seller makes the following representations, as of the
Effective Date and as of the Closing Date:
(a) Organization and Authoritv. The execution and delivery of this Contract by the
person executing this Contract on behalf of Seller and the performance of this Contract by Seller
have been duly authorized by Seller, and this Contract is binding on Seller and enforceable
against Seller in accordance with its terms. No consent to, and no waiver of any restriction
against, any such execution, delivery and performance is required other than any such consent or
waiver which already has been unconditionally given. Neither the execution of this Contract nor
the consummation of the transactions contemplated hereby will violate any restriction, court
order or agreement to which Seller or the Property is subject.
(b) No Prohibitions. Seller is not prohibited from (i) executing or delivering this
Contract, (ii) complying with the terms of this Contract, or (iii) consummating the transactions
contemplated by this Contract by any applicable governmental requirement, agreement,
instrument, restriction, or by a judgment, order or decree of any governmental authority, having
jurisdiction over Seller or the Property.
(c) Title. Seller has good and indefeasible title to the Property, subject only to the
matters of record in the real property records of the County.
(d) Parties in Possession. There are no parties in possession of (or with a right to
occupy) any portion of the Property, other than as allowed under the Leaseback.
(e) No Encumbrances. The Property is free and clear of all mechanic's liens, liens,
mortgages, or encumbrances of any nature except those which are to be satisfied on or before
Closing. No work has been performed or is in progress by Seller, and no materials have been
furnished to the Property or any portion thereof, which might give rise to any mechanic's,
materialman's or other lien against the Property, or any portion thereo£ At Closing, there will be
no unpaid bills or claims in connection with any work on the Property.
( fl No ProceedinEs. There is no suit, action, legal or other proceeding pending (or,
to Seller's best knowledge, threatened) which affects the Property.
CFW Sale fo Casino Beach Propertres, Inc.
Page 12 of 18
Form# 71207
(g) Compliance With Laws. To the best of Seller's knowledge, the Property is not
currently subject to (i) any existing, pending or threatened investigation or inquiry by any
governmental authority or (ii) any remedial obligations under any applicable law, statute,
ordinance, rule, regulation, order or determination of any governmental authority or any board of
fire underwriters (or other body exercising similar functions), or any restrictive covenant or deed
restriction or zoning ordinance or classiiication affecting the Property, including, without
limitation, all applicable building codes, fire codes, health codes, water codes, flood disaster laws
and health and applicable environmental laws and regulations (hereinafter sometimes
collectively called the "Applicable Laws"). Seller has received no notice from any municipal,
state, federal or other governmental authority of any violation of any Applicable Laws issued in
respect of the Property which has not been heretofore corrected, and no such violation exists.
(h) Zonin�. Except as disclosed to Purchaser in writing, there are no pending or
threatened requests, applications or proceedings to alter or restrict the zoning or other use
restrictions applicable to the Property. To the best of Seller's knowledge, there is no judicial or
administrative action or any action by adjacent landowners which would adversely affect,
prevent, or limit the use of the Property as currently zoned and platted.
Section 17. Time of the Essence. It is expressly agreed that time is of the essence
with respect to this Contract.
Section 18. Taking Prior to Closing. If, prior to Closing, the Property or any portion
thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's
sole discretion, either (i) terminate this Contract whereupon the Earnest Money shall be returned
to Purchaser, and neither party shall have any further rights or obligations hereunder, or (ii)
proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect
the net square footage of the Property after the taking.
Section 19. Governin� Law. This Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
Section 20. Performance of Contract. The obligations under the terms of the
Contract are performable in Tarrant County, Texas, and any and all payments under the terms of
the Contract are to be made in Tarrant County, Texas.
Section 21. Venue. Venue of any action brought under this Contract shall be in Tarrant
County, Texas if venue is legally proper in that county.
Section 22. Severability. If any provision of this Contract is held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not
affect any other provision, and this Contract will be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein.
Section 23. Business Days. If the Closing, any deadline, or the day for performance of
any act required under this Contract falls on a Saturday, Sunday, or legal holiday for the City of
CFW Sale to Casino Beach Proper�ties, It�c.
Page 13 of 18
rorm# 71207
Fort Worth or federal holiday, then the Closing or the day for such performance, as the case may
be, shall be the next following regular business day.
Section 24. Multiple Counterparts. This Contract may be executed in any number of
identical counterparts. If so executed, each of such counterparts is to be deemed an original for
all purposes, and all such counterparts shall, collectively, constitute one agreement, but, in
making proof of this Contract, it shall not be necessary to produce or account for more than one
such counterpart.
Section 25. Seller's Covenants. In addition to Seller's other agreements and undertakings
hereunder, Seller hereby covenants and agrees with the Purchaser that, from and after the
Effective Date:
(a) No Third-Partv Interests; No Further Encumbrances. Seller will not grant to
or create in any third party, nor permit any third party to acquire, any interest in the Property or
any part thereof, and Seller will not, nor will Seller permit any third party to, further encumber
the Property without the prior written approval of Purchaser.
(b) No Further Contracts. Seller will not enter into any maintenance, management
or other service contracts affecting the Property without the prior written approval of Purchaser.
(c) Notice of Violation of Applicable Laws. Seller promptly will notify Purchaser
in writing of any violation, alleged violation or anticipated violation, of any Applicable Laws of
which it gains knowledge or is notified, and will cure any such violation of which it gains
knowledge or is notiiied prior to Closing.
(d) Maintenance. Seller agrees to continue to own, maintain and manage the
Property in the same manner that Seller has heretofore owned, maintained and managed the
Property.
(e) Cooperation with Purchaser. Seller agrees to reasonably cooperate with Purchaser,
without expense to Seller, in Purchaser's effort to obtain such zoning, platting, site plan, utility
and other development approvals and permits from applicable governmental authorities and from
utility companies as may reasonably be necessary for Purchaser's proposed development of the
Property (the "Development Approvals"); provided, however, Purchaser acknowledges and
agrees that the Development Approvals are subject to the laws, ordinances, policies, and
procedures of the City of Fort Worth, and may require approval of the Fort Worth City Council,
and Seller cannot guarantee the granting of Development Approvals.
(� Access; Utilities. Seller agrees to grant to Purchaser such easements for access and
utilities as may reasonably be required by Purchaser in connection with the development of the
Property, including such easements as may be required to obtain the Development Approvals;
provided, however, Purchaser acknowledges and agrees that the granting of easements is subject
to the approval of the Fort Worth City Council, and if located on park land, is also subject to the
legal requirements for granting of easements on park land, therefore, Seller cannot guarantee the
granting of easements.
CFW Sale to Casino Beach Properties, Inc.
Page 14 of 18
Form# 71207
This Contract is executed as of the Effective Date.
SELLER:
CITY OF FORT WORTH, a Texas municipal corporation
By: �
ssist t City Manager
Date:_��I + 3
Attest
1 �� �
Mary J. ]
City Sec
M&C �.-- �`» .� �
PURCHASER:
.--\l
/
Appro�ed as to Form and Legality:
, ,
� i�;;,'" ��1���1,�,-(�i�
City Attorney��
CASINO BEACH PROPERTIES, INC., a Texas coiporation
By. _,
Name:
Title:
Date:
:1Y-
CFW Sale to Casino Beach Proper/ies, Inc.
�FFICIA�. �E�%�°��
CITi� S��6tE�'��'
�e ����pg9 TX
Is ofrs
o# �izo�
By its execution below, Title Company acknowledges receipt of the Earnest Money described in
this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the
provisions of this Contract.
_�
TITLE COMPAN�� � e (' ' � � � `� � �
�'�i � � � i�� _
:
Phone �' f�"1- S� �( I„ I`'
CFW Sale !o Casino Beach Proper�ties, Inc.
Page 16 of 18
Form# 71207
EXHIBIT "A"
Description of Pronertv
(Survey)
PURCHASE AND SALE AGREEMENT - CASINO BEACH
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�4RTWORTH
PARCEL 1
REAL PROPERTY DESCRIPTION
LOTS 1— 3, BLOCK 16
LAKE WORTH LEASES
TARR.ANT COUNTY, TEXAS
All that certain lot, tract or parcel of land lying and situated in the Jacob Wilcox Survey No. 33,
Abstract No. 1716, Tarrant County, Texas, being a portion of Lot 1 and all of Lots 2 and 3,
Block 16, Lake Worth Leases, an addition to the City of Fort Worth, according to the map iiled
under the City of Fort Worth Transportation and Public Works Department File No. J-175, being
a portion of that certain tract of land described as 101.8 acres in the deed from Charles H. Haley
and wife, Flora G. Haley to the City of Fort Worth, executed Apri127, 1912, recorded in Volume
325, Page 562 of the Deed Records of Tarrant County, Texas, and being more particularly
described by metes and bounds as follows:
BASIS OF BEARINGS obtained utilizing the City of Fort Worth Integrated GPS Network
System, NAD 83, North Central Texas Zone. All distances reported are ground measurements.
BEGINNING at a 5/8" iron rod set with red plastic cap stamped "City of Ft. Worth Survey
Division" lying in a curve having a radius of 1,070.91 feet at the intersection of the
southwesterly right-of-way line of State Highway No. 199 (variable width right-of-way also
known as Jacksboro Highway) as deeded to the State of Texas under Volume 1106, Page 447 of
the Deed Records of Tarrant County, Texas, with the southerly line of Watercress Drive (50'
street reservation per File J-175), and being the northeast corner of said Lot 1;
THENCE in a southeasterly direction along the arc of said curve along the southwesterly right-
of-way line of said Highway, through a central angle of 23 degrees 40 minutes 37 seconds an arc
length of 442.54 feet, the chord of which bears South 63 degrees 55 minutes 23 seconds East
439.40 feet to a 5/8" iron rod set with red plastic cap stamped "City of Ft. Worth Survey
Division" at the end of said curve;
THENCE South 52 degrees OS minutes 31 seconds East along the southwesterly right-of-way
line of said Highway, 158.88 feet to a point lying on the approximate 594' contour line, being the
southeast corner of said Lot 1;
THENCE departing said Highway right-of-way line, in a southwesterly direction approximately
along the 594' contour line the following courses and distances:
South 28 degrees 57 minutes 07 seconds West 35.67 feet;
South 42 degrees 51 minutes 45 seconds West 89.42 feet;
South 59 degrees 22 minutes 37 seconds West 80.31 feet;
South 66 degrees 08 minutes 15 seconds West 70.77 feet;
South 71 degrees 39 minutes 48 seconds West 93.70 feet;
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
THF. CITI' OF FORT WORTH * 8851 Camp Bo�vic Blvci �Vest +► FORT WORTH� TF,\as 7G11G
817 392-7925 * Fnx 817-392-7895
FoRTWoRTH
South 51 degrees 18 minutes 16 seconds West, at 98.91 feet passing the southwest corner
of said Lot 1, being the southeast corner of said Lot 2, continuing in all 140.90
feet;
South 75 degrees 14 minutes 33 seconds West 62.51 feet;
South 59 degrees 41 minutes 38 seconds West 177.15 feet;
South 50 degrees 14 minutes 52 seconds West 56.08 feet;
South 54 degrees 09 minutes 35 seconds West 160.46 feet;
South 56 degrees 12 minutes 46 seconds West 225.56 feet;
South 58 degrees 56 minutes 17 seconds West 78.66 feet;
South 47 degrees 13 minutes 40 seconds West 44.09 feet;
South 54 degrees 09 minutes 02 seconds West 79.44 feet;
South 27 degrees 59 minutes 16 seconds West 130.75 feet to the southwest corner of said
Lot 2;
THENCE North 40 degrees 21 minutes 30 seconds West along the westerly line of said Lot 2, at
49.10 feet passing a 5/8" iron rod found for reference, continuing in a11481.72 feet to a 5/8" iron
rod found with red plastic cap stamped "City of Ft. Worth Survey Section" lying in the southerly
line of said Watercress Drive, being the northwest corner of said Lot 2;
THENCE North 52 degrees 22 minutes 57 seconds East along the southerly line of said Drive,
1,282.85 feet to the point of beginning and containing 15.704 acres of land, as surveyed on the
ground during the month of June 2012.
NOTE: In accordance with the Texas Board of Professional Land Surveying General Rules of
Procedures and Practices, 663.19(9), this "report" consists of the map as shown hereon and real
property descriptions being attached herewith.
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
TIIF. CITl' OF FORT WORTII � 8851 Camp Bo�vie Blvd Wcst � FORT WORTIi� TF.Xas 7G11G
817 392-7925 � Fnx 817-392-7895
FoRTWoRTH
PARCEL 2
REAL PROPERTY DESCRIPTION
LOTS 4-7, LOT 13-R & LOT 14-R, BLOCK 16
LAKE WORTH LEASES
& 39.628 ACRES IN THE
JACOB WILCOX SURVEY No. 33, ABSTRACT No. 1716
TARR.ANT COUNTY, TEXAS
All that certain lot, tract or parcel of land lying and situated in the Jacob Wilcox Survey No. 33,
Abstract No. 1716, Tarrant County, Texas, being all of Lots 4 through 7, all of Lot 13-R and Lot
14-R, all of Surfside Drive, a portion of Watercress Drive and a 39.268 acre tract in Block 16,
Lake Worth Leases, an addition to the City of Fort Worth, according to the map iiled under the
City of Fort Worth Transportation and Public Works Deparhnent File No. J-175, being a portion
of that certain tract of land described as 101.8 acres in the deed from Charles H. Haley and wife,
Flora G. Haley to the City of Fort Worth, executed April 27, 1912, recorded in Volume 325,
Page 562 of the Deed Records of Tarrant County, Texas, and a portion of that certain tract of
land described as 428 acres in the deed from Mrs. Ella Young, et al to the City of Fort Worth,
executed May 29, 1918, recorded in Volume 664, Page 277 of the Deed Records of Tarrant
County, Texas, and being more particularly described by metes and bounds as follows:
BASIS OF BEARINGS obtained utilizing the City of Fort Worth Integrated GPS Network
System, NAD 83, North Central Texas Zone. All distances reported are ground measurements.
BEGINNING at a brass disc monument found in concrete stamped "Lake Worth Boundary
Monument" (control monument, called Monument No. 80 per Lake Worth Boundary Map filed
under City of Fort Worth Transportation and Public Works Department File No. F-83) lying in
the intersection of the westerly line of Surfside Drive (60' street reservation per File J-175) with
the southerly line of Watercress Drive (50' street reservation per File J-175), on the northerly
line of said 428 acre tract, being the southwest corner of said 101.8 acre tract, said monument
also lying on the called easterly line of Lot 10-A, Block 16, Lake Worth Leases, according to the
plat recorded under Cabinet A, Slide 4402 of the Plat Cabinet Records of Tarrant County, Texas,
said corner bears South 14 degrees 31 minutes 36 seconds East 9.86 feet from a 3/4" iron rod
found for the called northerly corner of said Lot 10-A;
THENCE North 00 degrees OS minutes 07 seconds East (directional control line) along the
westerly line of said 101.8 acre tract, said Lake Worth Boundary Line and generally along the
westerly line of said Surfside Drive, 719.22 feet to a point for corner lying in the southerly right-
of-way line of State Highway No. 199 (variable width right-of-way also known as Jacksboro
Highway) as deeded to the State of Texas under Volume 1106, Page 447 of the Deed Records of
Tarrant County, Texas, from which a 1/2" iron rod found bears North 60 degrees 45 minutes 28
seconds West 0.22 feet for the northeast corner of that certain tract of land described as 0.349
acre in the deed from L.T. and Carrie B. Trantham Family Limited Partnership to the State of
Texas, executed July 26, 2000, recorded in Volume 14500, Page 345 of the Deed Records of
Tarrant County, Texas, said corner bears South 00 degrees OS minutes 07 seconds West 600.91
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
THF. CITI' OF FORT WORTII * 8851 Camp Bowie B1vc11Vest + FoRT WouTt�, Texas 7G11G
817 392-7925 * Fnx 817-392-7895
FoRTWoRTx
feet from a brass disc monument found in concrete stamped "Lake Worth Boundary Monument"
(control monument, called Monument No. 81 per Lake Worth Boundary Map iiled under City of
Fort Worth Transportation and Public Works Department File No. F-83) for the northwest corner
of said 101.8 acre tract;
THENCE North 74 degrees 14 minutes 08 seconds East along the southerly right-of-way line of
said Highway, 9.20 feet to a 5/8" iron rod set with red plastic cap stamped "City of Ft. Worth
Survey Division";
THENCE South 00 degrees OS minutes 07 seconds West along the southerly right-of-way line,
26.32 feet to a 5/8" iron rod set with red plastic cap stamped "City of Ft. Worth Survey
Division";
THENCE North 74 degrees 14 minutes 29 seconds East along the southerly right-of-way line of
said Highway, 1,710.84 feet to 3/4" iron rod found at the beginning of a circular curve to the
right having a radius of 1,070.91 feet;
THENCE in a southeasterly direction along the arc of said curve and the southwesterly right-of-
way line of said Highway, through a central angle of 29 degrees 59 minutes 29 seconds an arc
length of 560.56 feet, the chord of which bears North 89 degrees 13 minutes 52 seconds East
554.19 feet to a 5/8" iron rod set with red plastic cap stamped "City of Ft. Worth Survey
Division" lying in the southerly line of said Watercress Drive, being the northeast corner of Lot
1, Block 16 of said Lake Worth Leases;
THENCE departing said Highway right-of-way line, South 52 degrees 22 minutes 57 seconds
West along the southerly line of said Drive, 1,282.85 feet to a 5/8" iron rod found with red
plastic cap stamped "City of Ft. Worth Survey Section", being the northwest corner of Lot 2,
Block 16 of said Lake Worth Leases;
THENCE South 40 degrees 21 minutes 30 seconds East along the westerly line of said Lot 2, at
432.62 feet passing a 5/8" iron rod found for reference, continuing in all 481.72 feet to a point on
the approximate 594' contour, being the southwest corner of said Lot 2;
THENCE in a southwesterly direction approximately along the 594' contour the following
courses and distances:
South 68 degrees O1 minutes 45 seconds West 252.63 feet;
South 63 degrees 34 minutes 09 seconds West 79.35 feet;
South 60 degrees 19 minutes 09 seconds West 124.11 feet;
South 49 degrees 10 minutes 16 seconds West 143.22 feet;
South 29 degrees 26 minutes 47 seconds West 21.11 feet;
South 15 degrees 36 minutes 48 seconds West 20.45 feet;
South 26 degrees 12 minutes 37 seconds West 13.65 feet;
South 67 degrees 20 minutes 26 seconds West 67.70 feet;
South 88 degrees 40 minutes 30 seconds West 52.24 feet;
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
TtiF: Crri' OF FQRT WORTH * 8851 Camp Bowie Blvcl West +► FORT WORTIt� TEXas 7G11G
817 392-7925 * Fnx 817-392-7895
F4RTWORTH
South 79 degrees 12 minutes 07 seconds West 49.31 feet;
South 68 degrees 11 minutes 40 seconds West 76.87 feet;
South 64 degrees 49 minutes 08 seconds West 59.82 feet;
South 84 degrees 22 minutes 57 seconds West 55.52 feet;
South 68 degrees 27 minutes 25 seconds West 52.53 feet to the southwest corner of said
Lot 6, the southeast corner of said Lot 7;
South 72 degrees 33 minutes 37 seconds West 124.55 feet to the southwest corner of said
Lot 7, the southeast corner of a variable width drainage and lake right-of-way per
plat recorded under Cabinet A, Slide 1375 of the Plat Cabinet Records of Tarrant
County, Texas;
South 29 degrees 22 minutes 31 seconds West 24.35 feet to the southwest corner of said
drainage right-of-way, being the eastern most southeast corner of Lot 10-B, Block
16, Lake Worth Leases, according to the plat recorded under Cabinet A, Slide
4402 of the Plat Cabinet Records of Tarrant County, Texas, and the eastern most
southeast corner of that certain tract of land described in the Warrant Deed from
Ronald B. Wooten, et ux Barbara Wooten to Tobin C. Ballard, et ux Deborah A.
Ballard, executed February 11, 1998, recorded in Volume 13078, Page 451 of the
Deed Records of Tarrant County, Texas;
THENCE in a northwesterly direction along the common line between said Lot 10-B and said
drainage right-of-way the following courses and distances:
North 50 degrees 44 minutes 00 seconds West 52.40 feet to a 1/2" iron rod found;
North 62 degrees 27 minutes 08 seconds West 29.85 feet to a 3/8" iron rod found;
North 17 degrees 46 minutes 59 seconds West 54.75 feet to a 5/8" iron rod found;
North 08 degrees 45 minutes 22 seconds West 52.35 feet to a 1/2" iron rod found;
North 15 degrees 26 minutes 59 seconds West 24.34 feet to a 1/2" iron rod found lying in
the southerly line of said Surfside Drive, being the northeast corner of said Lot
10-B, the northwest corner of said drainage right-of-way;
THENCE South 56 degrees 15 minutes 46 seconds West along the southerly line of said Drive,
7.40 feet to a 3/4" iron rod found;
THENCE North 81 degrees 37 minutes 53 seconds West along the southerly line of said Drive,
60.70 feet to a 1/2" iron rod found capped "RPLS 1983", being the northwest corner of said Lot
10-B, the northeast corner of Lot 10-A-2, Block 16, Lake Worth Leases, according to the plat
recorded under pocument No. D212057805 of the Plat Records of Tarrant County, Texas and
the northeast corner of that certain tract of land described as 0.499 acre in the General Warranty
Deed from Ronald B. Wooten to Thomas Ward Thompson and wife, Susan Chambers
Thompson, dated August 6, 2007, recorded under pocument No. D207282908 of the Deed
Records of Tarrant County, Texas;
THENCE North 81 degrees 14 minutes 43 seconds West along the southerly line of said Drive,
90.26 feet to a 1/2" iron rod found capped "Lone Star 5746", being the northwest corner of said
Lot 10-A-2 and said Thompson tract, being the eastern most northeast corner of that certain tract
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
TIIF. CITY OF FORT WORTA * 8851 Camp Bowic Bivd West + FORT WORTH� Texas 7G11G
817 392-7925 * Fnx 817-392-7895
FO RT V�U RT H
of land described in the Special Warranty Deed from Ronald B. Wooten to Barbara A. Wooten,
dated August 21, 2002, recorded in Volume 15955, Page 65 of the Deed Records of Tarrant
County, Texas;
THENCE North 52 degrees 36 minutes 03 seconds West along the southerly line of said Drive,
185.93 feet to a 1" iron pipe found;
THENCE North 14 degrees 16 minutes 59 seconds West along the southerly line of said Drive,
210.12 feet to the Point of Beginning and containing 43.735 acres of land as surveyed on the
ground during the month of June 2012.
NOTE: In accordance with the Texas Board of Professional Land Surveying General Rules of
Procedures and Practices, 663.19(9), this "report" consists of the map as shown hereon and real
property descriptions being attached herewith.
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERVICES
THF. CITl' OF FORT WORTH * 8851 Camp Bowie Blvd West * FORT WORTII� Texas 7G11G
817 392-7925 * Fnx 817-392-7895
Exhibit "B"
CFA Improvements
PURCHASE AND SALE AGREEMENT - CASINO BEACH
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SEYlQi LUNNOLE DESIGNED �,�� 20'-0' SEWER 1JNE
AND CONSTRUCTED BY CfiV �i NAIMFTWICE pREA i'OR 6' �
OF fORT WOHTH SEWER AIAIN BY DEVEIOPER �
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AND CONSTRUCtEO HY TNE
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� EXHIBIT B
NORTH COMMUNITY
SCALE: 1'� = 100'-0'�
06-27-13
�OT 3, BLOCK 3
� FORCED SEWER MA1N
\ DESIGNED AND PAID FOR
BY THE CRY OF FORT
WORiH
PRELIMINARY SCOPE OF
FACILITIES AGREEMENT
Exhibit B — CFA IMPROVEMENTS
Overall CFA Cost Summary Table
Developer's City-Water
Cost and City- Department
Housing & Cost (24-inch
Economic and 12-inch
Item Development Water main; 8- Tota) Cost
Dept. Cost inch FM and 6-
*(Casino Beach inch gravity
On-Site
Improvements) sewer)
A. Water and Sewer Construction
1. Water lus 10% Contin enc 213 355 656 139 869 494
Water Ins ection 2% 4 267 13 123 17 390
Water Mat. Testin 2% 4 267 13 123 17 390
Water Overall Total 221 889 682 385 904 274
2. Sewer Pipelines plus 10%
Contin enc 209 546 325 768 535 314
Sewer Ins ection 2% 4 191 6 515 10 706
Sewer Mat. Testin 2% 4 191 6 515 10 706
Sewer Overall Total 217 927 338 799 556 726
B. TPW Construction
1. Pavin $1,307,588 $0 1 307 588
2. Storm Drain $372,038 0 372 038
3. Low Im act Desi n Elements $50,000 $0 50 000
4. Street Lights Installed by
Develo er $137,592 0 137 592
5. Street Si n Installation $11,200 0 li 200
Total TPW Construction plus 10%
Contin enc 2 066 260 0 2 066 260
TPW Ins ection 4% ** 76 596 0 76 596
TPW Mat. Testin 2% ** 38 298 0 38 298
TPW Overal) Construction Total 2,181,154 0 2,181,154
C. Grand Total 2 620 971 1 021 184 3 642 155
*City's Housing and Economic Development Department has a maximum not to exceed
reimbursement amount of $2,000,000 toward the on-site water, wastewater, storm, pavement, street
lights and signs improvement project on the Park property.
** Does not include fees for street light inspection or material testing.
*** Exhibit C's detailed cost break down for Storm Drain included the Low Impact Design Element.
The costs stated herein are based on the engineer's estimates. The City's participation shall be based
upon the selected pre-qualified contractor's bid. The City's reimbursement to the Developer for the
off-site water and sewer construction costs (excluding inspection and material testing fees) is not a
lump sum amount and may be less than stated above depending upon actual quantities installed as
will be detailed in the Final Completion package ('Green sheet') and public bid unit prices from the
construction contract, but will not exceed the public bid unit prices.
The pavement improvements in Surfside Dr. N south of Watercress to the end of cul-de-sac will be
installed under the City's current HMAC Surface Overlay Program, in which the Transportation and
Public Works (TPW) and Water Department will both share 50% of this portion of the paving cost.
City -Water
Item De t Cit - TPW Total
Asphalt Overlay thru TPW 50/50
Pro ram 26 840 26 840 53 680
Inspection and Testing (6% on
avin 1 610 1 610 3 220
Subtotal Pavin 28 450 28 450 56 900
CITY OF FORT WORTH
CASINO BEACH WATER & SEWER IMPROVEMENTS
CONCEPTUAL ONSITE (Water Department's CFA Cost Participation Portion)
ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COST (30%)
DRAFT
Prepared By: George Farah, P.E. (Tx 97448)
Reviewed By: Cletus R. Martin, P.E. (Tx 81507)
Date: 21-Jun-13
item No. Descri tion Quantit Units Unit Price Total Cost
Waterline
W-1 2-Inch PVC 65 LF S 20 $ 1,300
W-2 6-Inch PVC !-F S 35 S -
W3 '10-Inch PVC Pi e 115 LF S 42 $ 4 830
W-4 12-Inch PVC Pi e 2 150 LF S 51 S 109 650
W-5 24-InchPVC i e '1660 LF S 120 3 199200
W-6 Concrete encasement several locations 10 CY S 300 3 000
W-7 As halt aveme�tre air-OverTrench 715 LF $ 31 22165
W-8 Fire H drants 10 EA $ 1 200 S 12 000
W-9 4-Inch Gate Valve - EA 800 -
W-10 6-Inch Gale Valves 4 EA S 1 000 S 4 000
W-11 10-Inch Gale Valves - EA 5 7 100 5 -
W-12 12-Inch Gate VaWe 6 EA 2 50D S 15 000
W-13 24-�nch Gate Valve 3 EA S 22 000 66 000
W-14 WaterAir Release Valve & VaWt 2 EA S N 000 S 22 000
W-15 Connection to Existin t2-inch Water Main 1 EA S 2 000 2 000
W-16 Conneclion to existin Water Main minor - EA S 2 000 S
W-17 New Water Service meter box cover PRV and connection - EA S '1 750 $ -
W-18 Concrete Drivewa Re air - EA S 6 000 S
W-19 As halt Drivewa Re air - EA 5 500 -
W-20 GraveiDrivewa Re air EA S 3000 5
W-21 Ductile Iron Fittin s 4 TON $ 3 400 $ 13 600
W-22 Chlorinetiushin station 1 EA S 5000 S 5000
W-23 Traffic Control Pian 1 EA S 4 000 S 4 000
W-24 TrefficControllm lementation 9 Mo S 750 6750
W-25 Ground Waler Control t LS S 12 500 S 12 500
W-26 Trench Safe 3 990 LF S 2$ 7 980
W-27 Utilit Location 3 990 LF 5 3 S 11 970
W-28 MobilizationandDemobilization t LS S 15688 S 15688
W-29 Bonds and Insurance 'I LS S 26 932 S 26 932
W-30 Remove and Re lace Fence of All T es 1 LS S 2 000 S 2 000
W31 Tree Miti ation Contrector to Parks De t. an dama e to trees to be saved 1 LS S 10 000 S 10 000
W-32 Tree Protection on Parks Pro ert 1 LS S 7 000 S 7 000
W-33 Stormwater Pollution Prevention Pla� and im IemeMation 1 LS 5 500 S 5 500
W34 Grass Sod 158.89 SY 15 5 2 383
W35 Seedin 2 217 SY S 1 S 2 217
W-36 Additional Class B Concrete 10 CY S 125 1 250
W37 Additional Rock (or Foundation 25 CY $ 23 S 575
SUBTOTAL WATER 5 596,490
CITY OF FORT WORTH
CASINO BEACH WATER & SEWER IMPROVEMENTS
CONCEPTUAL ONSITE (Water DepartmenYs CFA Cost Participation Portion)
ENGINEER'S OPINION OF PROBABLE CONSTRUCTION COST (30°/a)
DRAFT
Prepared 8y: George Farah, P.E. (Tx 97448)
Reviewed By: Cletus R. Martin, P.E. (Tx 61507)
Date: 21-Jun-'13
Item No. Descri tion Quantit Units Unit Price Total Cost
Force main
FM-1 8-inch PVC 2 232 lF 5 50 111 600
FM-2 8-inch DIP b Bore - LF 95 S -
FM3 Connection lo Existin FM 2 EA S 1 000 S 2 000
FM-4 16-Inch Steel Casin Pi e b HDD - LF $ 180 -
FM-5 16-Inch Steel Casin B Bore 200 LF 300 S 60 000
FM-6 24-Inch Steel Casin Pi e b O en Cut - LF S 200 S -
FM-7 24-Inch Steel Casin Pi e b D Au er Bore - LF S 380 S -
FM-B 8-Inch PVC Carrier Pi e 200 lf $ 50 S 10 000
FM-9 8-Inch DIP i e - LF S 65
FM-10 10-Inch HDPE Carrier Pi e - LF S 40 S -
FM-11 As halt avementre air-OverTrench - LF 5 31 $ -
FM-12 SewerAir release Valve and Vault 2 EA S 11 000 S 22 000
FM-13 Concrete Drivewa Re air - EA S 6 000 S -
FM-14 Gravel Drivevra Re air - EA 3 3 000 $ -
FM-15 PressureTestin Vault LS 50000
PM-16 Treffic Contro� Plan 1 EA S 4 000 S 4 000
FM-'17 Treffic Control im lementation 9 Mo 3 750 S 6 750
FM-18 Ground Water Control '1 LS S 12 500 12 500
FM-19 Trench Safe 2 032 LF S 2$ 4 064
FM-20 Utilii Location 2 232 LF $ 3 S 6 696
FM-21 Mobilization and Demobilization 1 LS 7 188 S 7 188
FM-22 Bonds and Insurance 1 LS S 12 340 S 12 340
FM-23 fence miti ation Remove and Re lace All T es t LS S 2 000 S 2 000
FM-24 Tree Miti ation Contrecior to Parks De t. an dama e to trees to be saved 1 LS S 10 000 S t0 000
FM-25 Tree Protection on Parks Pro ert t LS 5 7 000 S 7 000
FM-26 Stormwater PolWtion Prevention Plan and Im lementation 1 LS 5 500 S 5 500
FM-27 Grass Sod - SY S 15 S -
FM-28 Seedin 1240 SY S 1 S 1240
FM-29 Additional C�ass B Concrete 10 CY $ 125 S 1 250
FM-30 Additionai Rock (or Founda�ion 25 CY S 23 5 575
SUBTOTAL FORCE MAIN S 286,703
Gravit Main
SUBTOTAL GRAVITY MAIN 5
Low Pressure Sewer
LP-1 2 NDPE Pi e 330 LF S 25 S 8 250
LP-2 Connection lo Manhole 'I EA S 1 200 S 1 200
SUBTOTAL LOW PRESSURE SEWER 5 9,450
CITY OF FORT WORTH
CASINO BEACH WATER & SEWER IMPROVEMENTS
CONCEPTUAL ONSITE (Water Department's CFA Cost Participation Portion)
ENGINEER'S OPINION OF PROBABI.E CONSTRUCTION COST (30%)
Prepared By: George Farah, P.E. (Tx 97448)
Reviewed By: Clelus R. Martin, P.E. (Tx 81507)
DRAFT
Notes:
Road work and driveway adjuslmenis along N. Suriside is not inGuded in this cost eslimate
Casino Beach Infrastructure Improvements
Water Cost Estimate
Water im rovements
Item No. Bid Item Item Description Specification Totai Unit Unit Price Item Cost
No. Section No. Quantity
22 3305.0103 Exploratory Excavation of Existing Utilities 33 05 30 2 EA $ 1,000.00 $ 2,000.00
23 3305.0109 Trench Safety 33 05 10 1,833 LF $ 1.50 $ 2,749.50
24 3311.0001 Ductiie Iron Water Fittin s w/ Restraint 33 11 11 1 TON $ 10,000.00 $ 10,000.00
25 3311.0141 6" Water Pipe 33 11 10, 33 69 LF $ 40.00 $ 2,760.00
11 12
26 3311.0241 8" Water Pipe 33 11 10, 33 1,764 LF $ 50.00 $ 88,200.00
11 12
27 3312.0001 Fire H drant 33 12 40 4 EA $ 3,800.00 $ 15,200.00
28 3312.3002 6" Gate Valve 33 12 20 8 EA $ 3,000.00 $ 24,000.00
29 3312.3003 8" Gate Valve 33 12 20 6 EA $ 3,500.00 $ 21,000.00
67 3312.2103 1 1/2" Water Service 33 12 10 4 EA $ 1,500.00 $ 6,000.00
68 3312.3003 2" Water Service 33 12 10 4 EA $ 1,600.00 $ 6,400.00
76 3311.0041 4" Water Pipe 33 11 10, 33 35 LF $ 30.00 $ 1,050.00
11 12
77 3312.2802 4" Water Meter and Vault 33 12 11 2 EA $ 5,000.00 $ 10,000.00
78 3312.4003 8" x 4" Ta in Sleeve & Vaive 33 12 25 2 EA $ 2,300.00 $ 4,600.00
No Design Completed
Preliminary Design
❑ Final Design
This total does not reflect engineering or technical services.
The Engineer has no contro/ over the cost ollabor, matenals, equipment, or overthe Contractors methods of detemrining pnces or overcompetitive bidding or market conddions. Opinions of
probable costs provided herein are based on the information known to Eogineerat this time and represent only the Engineer's judgment as a design professional lamiliarwith the construction
industry. The Engineer cannot and does not gua2ntee thatproposa/s, bids, oractual construction costs will not vary from its opinions of probable costs.
Casino Beach Infrastructure Improvements
Sanita Sewer Cost Estimate
Sanita Sewer Im rovements
Item No. B�d Item Item Description Specification Total Unit Unit Price Item Cost
No. Section No. Quantity
23 3305.0109 Trench Safety 33 05 10 2,304 LF $ 1.50 $ 3,456.00
33 11 10, 33
30 3331.4115 8" Sewer Pipe 31 12, 33 31 2,304 LF $ 50.00 $ 115,200.00
20
31 3339.1002 4' Drop Manhole 33 39 10, 33 1 EA $ 4,500.00 $ 4,500.00
39 20
32 3339.1001 4' Manhole 33 39 10, 33 $ Eq g 4,000.00 $ 32,000.00
39 20
33 3339.1003 4' Extra Depth Manhole 33 39 10, 33 44 VF $ 300.00 $ 13,200.00
39 20
34 3305.0113 Trench Water Sto s 33 05 15 9 EA $ 250.00 $ 2,250.00
69 3331.3101 4" Sewer Service 33 31 50 6 EA $ 55.00 $ 330.00
70 3305.0112 Concrete Collar 33 05 17 10 EA $ 800.00 $ 8,000.00
71 3301.0101 Manhole Vacuum Testin 33 01 30 10 EA $ 4.00 $ 40.00
72 3301.0002 Post-CCTV Ins ection 33 01 31 2,304 LF $ 5.00 $ 11,520.00
No Design Completed
Preliminary Design
❑ Finai Design
This totai does not reflect engineering or technical services.
The Engineer has no contro/ over the cost of labor, matenals, equipment, or overthe Contractor's methods of determining pnces or over competitive bidding or market conditions. Opinions of
probable costs provided herein are based on the information known to Engineer at this time and rep�esent on/y the Engineers judgment as a design professiona/ familiar with the construction
industry. The Engineercannot and does not guarantee that proposals, bids, or acWa/ const�uclion costs will not vary Irom its opinions of probab/e costs.
❑ Final Design
This total does not reflect engineering or technical services.
The Engineer has no contro/ over the cost o(labor, matenals, equipment, or overthe Contractors methods of determining pnces orover competitive bidding ormarket conditions. Opinions oI
probable costs provided herein are based on fhe inPormation known to Engineer at this time and represent on/y the Engineers judgment as a design prolessional /amiliar with the construction
industry. The Engineercannot and does not guarantee that proposals, bids, oractual construc6'on costs will not vary /rom its opinions of probable costs.
IJ Final Design
This total does not reflect engineering or technical services.
The Engineerhas no contro/ overthe cost of /abor, matenals, equipment, or overthe Contractors methods oI determining pnces or overcompetitive bidding or madcet conditions. Opinions of
probab/e costs provided herein are based on the in/o�nation known to Enginee� at this time and represent onty the Engineer's judgment as a design professiona/ familiar with the construction
industry. The Engineer cannot and does not guarantee that proposals, bids, or actua/ construction wsts will not vary from ils opinions ofprobab/e costs.
No Design Compieted
Preiiminary Design
❑ Final Design
This total does not reflect engineering or technical services.
The Engineer has no conlrol overthe cost of /abor, matenals, equipment, or overthe Contraclors methods oldetermining pnces orover competitive bidding or market conditions. Opinions of
probab/e costs provided herein are based on the inlormation known to Engineer at this Ume and represent onty the Engineers judgment as a design professional lamiliar with the construction
industry. The Engineercannot and does not guarantee that proposals, bids, or actua/ construction costs will not vary lrom its opinions ofproba6le costs.
M&C Review
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Page 1 of 3
C)fficial site oF tlie City of Fort VJorti7, Texas
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COUNCIL ACTION: Approved As Corrected on 3/19/2013
� .rr ,�.,���. �� �. _.. a t �...� n,w. ,..�� , ��. �, r.�,�v .. .._ �u>m . ��, �,.,� ��, u� �a� u_� � . ��� ..� �..� � ...�a w ,� �� . .� ,.uA ..
DATE: 3/19/2013 REFERENCE L-15528 LOG NAME: 17CASINOBEACHSALE
NO..
CODE: L TYPE: NON- PUBLIC NO
CONSENT HEARING:
SUBJECT: Authorize Direct Sale of a Fee Simple Property Owned by the City of Fort Worth Located
in the Jacob Wilcox Survey No. 33, Abstract No. 1716, Tarrant County, Texas, Being a
Portion of Lot 2 and All of Lots 1 and 3, Block 16, Lake Worth Leases to Casino Beach
Properties, Inc., in Accordance with Section 272.001(b)(6) of the Texas Local
Government Code, Authorize Leaseback of a Portion of the Sold Property, and Authorize
Water Use License Agreement (COUNCIL DISTRICT 7)
t _� . ,.��v.� x .. �� ��. �. .�� � �� ... ��,.�� _ _ . � �.,.� �-� .� ��� .,: � . _� �w._ ��.� �_ .� ��� M � �� ,. .. ,.. . �L a z� �_ ��� o�� � 4 �� � � �.��. �,��,�
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 in the
Jacob Wilcox Survey No. 33, Abstract No. 1716, Tarrant County Texas, being a portion of Lot 2 and
all of Lots 1 and 3, Block 16, Lake Worth Leases, in accordance with Section 272.001(b)(6) of the
Texas Local Government Code, to Casino Beach Properties, Inc., for the purchase price outlined in
the Discussion below;
2. Authorize a Lease Agreement in the amount of $100.00 with Casino Beach Properties, Inc.,
whereby the City of Fort Worth will lease back a portion of the sold property from the date of closing
to December 31, 2013;
3. Authorize a Water Use License Agreement with Casino Beach Properties, Inc., whereby the City
will lease that entity the right to construct improvements in Lake Worth adjacent to the sold property;
and
4. Authorize the execution and recording of the appropriate instruments conveying and leasing the
property to complete the transactions.
DISCUSSION:
On June 12, 2012, (M&C C-25661) the City Council approved entering into a Twenty-Year Chapter
380 Economic Development Program Agreement (380 Agreement) with Patterson Equity Partners,
LLC, an affiliate of Developer, to promote development of the Project.
The City of Fort Worth owns approximately 56 acres of vacant real property on the north shore of
Lake Worth, which includes the property historically known as "Casino Beach." This property
consists of both parkland (Parkland) as well as property owned by the City in fee simple (Fee
Property). Casino Beach Properties, Inc. (Developer), wishes to purchase the Fee Property in order
to develop not less than 40,000 square feet of restaurant, movie theater, entertainment facilities, and
other potential associated retail development (Project).
The City is authorized to sell the Fee Property, pursuant to Texas Local Government Code 272.001
(b)(6). The City Council designated the property as a reinvestment zone on July 17, 2012, (M&C G-
17633). Intent to sell the Fee Property was advertised in the Fort Worth Star-Teleqram on February
10, 2013, February 17, 2013, February 24, 2013 and March 2, 2013 and March 6, 2013.
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Staff recommends that the City enter into a contract to sell the Fee Property to the Developer, or an
assignee of the Developer, (Buyer) on the following terms:
PURCHASE PRICE: Buyer will purchase the Property from Seller for $2.65 per square foot for a
total price in the amount of $1,812,774.90 (Purchase Price) as long as the transaction closes
within 180 days of contract execution. After 180 days, the purchase price will increase 0.5 percent
each month. If the transaction is not closed within 365 days of contract execution, a new appraisal
must be obtained and the new appraised value will be the Purchase Price for next 180 days. If the
transaction has not closed within 18 months of contract execution, the contract will automatically
terminate.
EARNEST MONEY: Buyer will pay $25,000.00 earnest money at contract execution. The earnest
money is non-refundable after 90 days, and will be applied to the Purchase Price at closing.
CLOSING CONTINGENCIES: Buyer must execute a Community Facilities Agreement with the
Seller for the extension of water, sewer, storm water, lift station, trails and streets (CFA
Improvements) on the Parkiand and Fee Property, as outlined in the contract. Buyer must execute
license Agreements for the Parkland and water use, as well as execute a park operating
Agreement.
EASEMENTS: Buyer shall convey easements at no cost to Seller for all CFA Improvements and
any temporary construction easements. The deed for the Fee Property will reserve an avigation
easement for the Seller and the ]oint Reserve Base, and a perpetual flowage easement limiting
construction inside the easement and allowing the City to inundate, flood and overflow the
easement area to 601 feet above sea level.
RESERVATIONS: Seller will retain ali mineral and water rights on the Fee Property.
AS-IS: The property will be conveyed "as-is" at the time the contract is executed.
Staff also recommends entering into a Lease Agreement with the Buyer, so that a portion of the Fee
Property will be leased back to the City from the date of closing to December 31, 2013. The purpose
of the Lease Agreement is so that the Lake Worth dredging may continue. The area of the leased
property will be determined by survey to be completed prior to closing of the sale. The total lease
payment will be $100.00.
Finaily, Staff recommends entering into a Water Use License Agreement. This Agreement would
allow the Buyer to construct, maintain, and use boathouses, piers, and docks in the waters of Lake
Worth adjacent to the Fee Property. The Agreement would begin on the later of (i) January 1, 2014
or (ii) the closing of the sale of the Fee Property, and would have an initial 30 year term with two 10
year renewal terms. As consideration for this Agreement, Buyer will pay City annual rent of
$1.00. Buyer will be responsible for payment of utilities, taxes, and insurance associated with the
Agreement.
This property is located in COUNCIL DISTRICT 7.
FISCAL. INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that funds are available in the current capital
budget, as appropriated, of the Lake Worth Trust Fund. The Housing
and Economic Development Department will be responsible for the collection and deposit of funds
due to the City.
Fund Account Center below deleted
. . . .. .. ... � . ..
.. . --- . . .. .. ... � . - .
Fund Account Center below added
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FE7Q 4��2080 060001902000 $1,812,774.90
TO Fund/Account/Centers
FE70 442080 060001902000 $1,812,774.90
FROM Fund/Account/Centers
P253 531510 607560116683 100.00
Submitted for City Manager's Office by_
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
Casino Beach.pdf
Fernando Costa (6122)
Jay Chapa (5804)
Cynthia Garcia (8187)
Robin Bentley (7315)
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