HomeMy WebLinkAboutContract 44612 civa
ARY
CONTRACTNO
CONTRACT OF SALE AND PURCHASE
Safe by City of Fort Worth to asino Beach Properties, Inc.
'HIS CONTRACT OF BADE AND PURCHAS E ("Contract"') is made and entered into
by and between the CITY OF FOR RTH, TEXAS, a home rule Municipal Corporation n 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 ,'Ef ective Date").
RECITALS
1. Seller 1s the owner of approximately 15.704 acres of real property on .Labe Werth, in the
area known to the ,general Pubillc as Casino, Beach, and being described as :Lot 1, Lot 3,
and a portion of =Lot 2, Block 16, bake Worth Leases, an addition to the !pity of Fart
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 ,tune 12, 2012, Seller will enter
into a Chapter 380 Economic Development Program Agreement "EDPA" with
Purchaser or an affiliate of Purcl aser "Devel " , under which Seller will pay the
Developer economic development program grants conditioned on the redevelopment of
Casing Beach, of which the Property is a Part.
3. On July 17, 2012, Seller's City Council Passed Ordinance Number 201293-07-2012 and
created Tax Abatement Reinvestment Zone No. 83�, City of Fort Worth, Texas (the
"Zone"), in which the Property is located, for the purpose of Purchaser Purchasing the
Property in the ,done and to redevelop that land into an entertainment destination through
ough
u variety of public and private
improvements.
4. For the Purposes stated above, Seller agrees to convey the Property erty to Purchaser through
a direct sale in accordance with Section 272.001(b)(6) of the Texas Local Gove me t
Code.
AGREEMENT
In consideration of the mutual covenants, representations, warranties and agreements
contained herein, and for other goad and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Seller a.nd Purchaser agree as follows:
Se+ tl'or 1. A see rent of Sale and Purchase.
(a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to
purchase and accept the Property from Seller, for the Purchase price as defined below), subject
to the terms and conditions set forth in this Contract..
OFFICIAL
C;jTV AP*'(
CF W'eels to Casino Beach Prop ye ti s, Inu.
age 1 of'"WORTH, m 712017
RECEIVED
(b) Seller shall convey the Property to Purchaser free and clear of all liens, claims,
cas,c!ments,l rights-of-way, rese rvations, restrictions,, encroachments, tenancies, and any other
encumbrances (collectively, the "Encumbrances,") except the Encumbrances appearing in the
Title Commitment (as defined below in Section 31) and the Survey as defined below) that are not
cured and that are subsequently waived pursuant to Section 31 ("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:
(1) 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;
(n): 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 olil, gas
and other minerals herein reserved by Grantor,-I
(111) a perpetual flowage easement including the right to inundate, flood and
overflown all of the Property, to s,ix hundred and one feet (60l'). 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 pen-nitted 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) regulatory requirements, for floodplain
structures and (2) the best management practices for preservation of water quality. Any
pen-nanent structures 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 bloat 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(5916") 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 fro the noise, vibration, fumes, dust, fuel, electromagnetic
interference and lubricant particles and all other effects, whether such. claims are for
CFW Sale to Casino Beach Properties, Inc.,
Page 2 of 18
Form#71207
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 Mone
(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 defined 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 $12.65 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 01.5% every 30 days.
If closing does, not occur by the 5"' day following the Effective Date, a new appraisal shall be
obtained by Seller and the new appraised value shall be the Nirchase Price. Seller has determined
that the Purchase Price reflects the current fair market value of the Property.,
(c) Within five! (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 ($25,0010.00) (""Earnest Mo 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 S
(a) Within thirty (310) days after the Effective Date, Purchaser may obtain (1) a
Commitment for Title Insurance and Title Policy (""T'itle 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 Cony panf"), 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.
CFW Sale to Casino Beach Properties,Ine.
Page 3 of 18
Form#71207
(b) Seller has obtained a survey ("Surve ") of the Property, a copy of which is,
f"I
attached hereto as Exhibit "A". Purchaser may, at Purchaser's sole cost and expense, obtain ItS
own survey oft e 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 fifteen (15) days after 'the later to occur of (1) the Effective Date, or (10
Purchaser's receipt of the Title Commitment and all documents referred to in the Title
Commitmentl specifying Purchaser's objections, ("Objeeflons"), if any., If Purchaser gives such
notice to Seller, Seller all 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 (1) 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
tennination, Purchaser shall. be entitled to the return of the Earnest Money, and neither party,
hereto shall have any further rights or obligations; or (iii) 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 s,ole discretion may extend the Cure Period for an amount of'time Purchaser deems
necessary for Seller to cure the same.
Seeflon 4. "'.eve w Re or Seller shall deliver to, Purchaser without recourse or
warranty any environmental or engineering reports and studies of which Seller has knowledge
and 'Chat are in Seller's possession and reasonable control concerning the Property ('.'Reports"),
within five (5) days after the Effective Date.
1 1 1
Section . Repres:entations�, Warranti*esI "AS Isle
(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 MA 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 USE WHICH PURCHASER
CFWSale to Casino Beach Propertics, Inc.
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Form#71207
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ONCE CLOSING HAS OCCURRED, U C A w INiDEMNIFIE'S', HOLDS
HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL
PROBLEMS AFFECTING THE PROPERTY, I. CLU I.N , BUT NOT LIMITED TO,
UNDER THE COMPREHENSIVE SIV ENVIRONMENTAL RESPONSE, COMPENSATION
D VIABILITY AC 6 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 Y FOR ENVIRONMENTAL: PROBLEMS
OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF
SELLER'S OWN NEGLIGENCE OR THE' NEGLIGENCE OF SELLER'S
REPRESENTATIVES, RIFT NOT ANY WILLFUL AC'T'S OIL OMISSIONS OR GLOSS
NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER
'INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY
LIABILITY FOR ENVIRONMENTAL LEMS OR CONDITIONS AFFECTING
THE PROPERTY ARISING AS A RESULT' OF' THEORIES OF PRODUCTS
LIABILITY LIT AND STRICT LIABILITY, OR TJNDER NEW LAWS OR CHANGES TO
EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT AT W I
OTHERWISE
LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING
THE P'ROP'ERTY, PROVISIONS OF THIS SECTION SHALL SURVIVE THE
CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE ICE HAS
BEEN ADJUSTED BY PRIOR R TIA I TO REFLECT THAT ALL OF THE
PROPERTY IS SOLD BY SELLER A PURCHASED BY PURCHASER SUBJECTT'TO
THE FOREGOING. PI, ITCH A SE ACKNOWLEDGES AND ACCEPTS ALL THE
TERMS AND PROVISIONS BY ITS ACCEPTANCE HEREOF.
. The provisions of Section 5(a) shall be incorporated into -t e Deed.
e. The provisions of Section 5(a) shall survive the closing as defined below).
Sect o:n 6. Inspection Period.
m
(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 preee ,ent to
Purchaser's obligations under this Contract'.
Purchaser being satisfied in Purchaser's sole and absolute discretion that the
Property is suitable for Purchaser's intended uses, including, without limitation,
Purchaser being satisfied with the results of the: Tests (defined in Section,
below).
(b) If :Purchaser is not satisfied in Purchaser's sole and absolute discretion as to the
condition Precedent described in Section a above, cr y"Purchaser elects to not purchase the
Property for any reason Purchaser may give written notice thereof to Seller on or before the end
.f the Inspection :Period, whereupon this Contract shall to mate. Upon such ternunat on,
"FW Sale to Casino Beach Properties, 1nc.
Page 6 of 1
Form#71207
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 ten-ninate 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 one to Seller at any time thereafter upon request by
Seller.
(d) The provisions of this Section 6 control all other provisions of this Contract.
(c) The parties agree that the Inspection Period will not be extended upon expiration
w ithout wri tten.amendment signed by both parties.
a
Section. 7. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the n*g,lit 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 thout 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 s1t,%,.%,,
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., Closing, Contingencies.
(a) The closing ("Closi "") of'the sale of the Property by Seller to Purchaser shall
occur through the office of the Title Com,p any no more than(15) days after the satisfaction of the
following, contingencies to Closing ("Oosinp. Contingenci es"), 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, traits and streets (collectively, the "C'FA
Improvements") on adjacent city park property and the Property. The CFIA
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 EI A with respect to the Development, including but not limited to license
City agreements for the adjacent C ity park property, the management agreement for
the adjacent City park property, and an adopt a-park agreement.
CFWSale to Casino Beach Properties,Inc.
Page 7 of 18
Form#71207
1
(3) Purchaser and Seller must execute the EDPA with respect to the
Development.
(4) Purchaser must,fl le a final plat of the Property.
(b) Purchaser and Seller agree to reasonably cooperate with each other in good faith
to finalize 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
C',closinp. Deadline"'), then. Pu m min
Purchaser nay ter mate this Contract, and upon th ,
e to
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. C nsirI .
(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 lend 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:
(1) 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 easernents, as set forth in Section 1(c), and to the Permitted
brances, with the precise form of the Deed to be determined
Encum
pursuant to Section, 11 below.
(11) If Closing occurs before December 3,1, 2,013, a lease between
Purchaser and Seller in which Seller shall lease a portion of the Property
until December 31, 20l3 to complete dredging of Lake Worth, the forrn of
which lease shall be negotiated in good faith by the parties and finalized
prior to the end of the Inspection Period the"Leaseback")
(i1i a A 'license fro rn Seller to Purchaser for use of a portion of the lake
that is adjacent to the Property,, the form of which license shall be
CF'W Sale to Casino Beach,Prqperfles, Inc.
Page 8 qJ'I 8
Form#71207
negotiated in good faith by the parties and fir nal I'zed 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 Poli issued by T'itle 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,on, 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".
A'\
The Earnest Money (including any Additional Earnest Money) shall be
applied to the Purchase Price at Closing.
lr
CFW Sale to Casino Beach %PrIoperities, Inc.
Page 9 of 18
Form#71207
(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 101., A s,. 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. Closin locumients. 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(1) delivered in person to the address set forth below -the party to whom the
notice is given, (ii), placed in the United, Statics 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 'Die]i very 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 With a copy to-,
1000 Throckmorton Street Leann D. Guzman
Fort Worth, Texas 76102, City Attorney's Office
Attention: Housing & Ec,oin. Dev. Dept. City of Fort Worth
Cynthia B. Garcia 10010 Tlhrockmorton
Telephone: 817-392-81871 Fort Worth, Texas 76102
(8 17) 392-8973
Fax (817) 392-83159
CF W Sale to Casino Reach Properties, Inc,
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(c) The address of Purchaser under this Contract is,:
Casino Beach Properties,Inc.
Attn: Michael H. Patterson
23 10 West Interstate 201, Suite 100
Arlington, Texas 76,107
With a copy to.-
Winstead PC
Attn: Noelle L. Garsek
777 Main Street, Suite I 1010
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. Ter minafioqn, Default., and 'Re m dies.
(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 teniiinate 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 ha n-n 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 falls 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 shall 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.
CF Six to Casino Beach Properfies, Inc.
Page I I (?f 18
Form#71.207
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i3ection 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. Assians. This Contract inures to the benefit of and is binding on the parties
and their respective legal, representatives,, successors, and assigns. Any attempted assignment
shall be void.
Section 16. Seller Represent,ations. Seller makes the following,representations,, as of the
Effective Date and as of the Closing Date.-
* is
(a) Organization and tithorl 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 duty authorized by Seller, and this Contract is binding on Seller and enforceable
against Seller in accordance with its terms. No consent ta,, 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 Pr1ohibitions. Seller is not prohibited from (0 executing or delivering this
Contract, (ii), complying with the terms, of mm
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) Parfles 'in Possession. There are no parties in possession of for 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 thereof`. At Closing, there will be
no unpaid bills or claims in connection with any work on the Property.
(f) No Proccedi 1. There is no suit, action, legal or other proceeding pending (or,
to Seller's best knowledge, threatened,)which affects the Property.
CFWSaIe to Casino Beach Properties, Inc.
Page 12 oj'18
Form#71207
) Lorn Hance With Laws,. To the best of Seller's knowledge, the Property is not
Manes
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, I
1) regulation, order or determinat*on of any govenimental authority or any board of
fire underwriters or other body exercising similar functions), or any restrictive covenant or deed
restriction or zoning rdinance or classification affecting the Property, 'Including', without
g, I
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 ",Al2pficable 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) Zoni 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 blest of Seller's knowledge, there is no Judicial or
administrative action or any action bly 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. Takin r*or to Closi If prior to Closing, the Property or any portion
thereof becomes, sub.ect to a taking by virtue of eminent domain, Purchaser may, in Purchaser's
sole discretion, either (1) terrninate 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 191. 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 210 Venue. Venue of any action brought Linder this Contract, shall be in Tarrant
County, Texas if venue is legally proper in that county.
0
Section 22. Severabill, If any provision of this Contract is held to be invalid,
I
illegal, or unenforceable in any respect, such invalidity,, 'Illegality, or unenforiceability 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 21, Business, 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 Properties, Inc.
Page 13 of 18
Form#712017
Fort Worth or federal holiday, then the Closing or the day for such perg on-nance, as the case may
I I
be, shall be the next following regutar I ousiness day.
.0" kv
Section 24., Multiple uoun ter parts. 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-,
is
(a) No Third-Par!X ,Interests; No Furtner 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 Violafion 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 notified prior to Closing.
Is
(d) Maintenance. Seller, agrees, to continue to own,, maintain and manage the
0
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
provided, however, Purchaser acknowledges and
provi
Property (the "Development Approvals,"'),
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.
(f) Access, Utilifies. 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 Approvalsl-
provided, however, Purchaser acknowledges and agrees that the granting of easements is subject
rovi
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.
CI TW 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
41'ssis"i'mt City Manager
Date:
.............
Attest . ..... Apprcfved as to Form and Legality:
,e A�sistant_ C- it',y Att,omw erl'
Mary J. Kais 000 000,
City Secre�ta
0
"wr2 0
0
M&c TIP
0
*0
0-
'wo 10
000000000
PURCHASER.-
CASINO BEACH PROPERTIES, INC., a Texas corporation
By:
Name:
Title.-
Date.-
C,TW Sale to Casino Beach Prop.erties, Inc.
()FFIGIAL Rfw(:o 15 qj"18
� "� 71207
..wft%ff
By its execution below w, 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,
'15
BY.
3000",
le: CS A U"
A s
e U aA) I ..........
Phone
CFW Sale to Casino Beach Properties, Inc.
Page 16 of 18
Form#712017
Description of Pro �r
(Survey)
PURCHASE AND SALE AGREEMENT-CASINO BEACH
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.FOKTWORTH
L
PARCEL 1
REAL PROPERTY DESCRIPTION
LOT'S I , BLOCK 16
LAKE WORTH LEASES
TARRANT COUNTY, TEXAS
All that certain lot, tract or parcel of land lying and situated in the Jacob Wilcox Survey No. 331,
Abstract No. 1716, Tarrant County, Teas,being a portion of Lot I and all of Lots 2 and 3,
Block 16, Lake Worth Leases, an addition to the City offort Worth, according to the map filed
tinder the City of Fort worth Transportation and Pub]ie Works Department File No. J-175, being
a portion of that certain tract of land described as 1 01 1.8 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, rage 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 GIBS Network
System" NAD 83, North Central Texas Zone. All distances reported are ground measurements.
BEGINNING at a 5/81" iron rid set with red plastic cap stamped "City of F't. worth Survey
Division" lying in a curve having a radius of 1,070i.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 11016, Page 447 of
the Deed Records of Tarrant Count, Texas, with the southerly line of Watercress Drive(50'
street reservation per File 175), and being the northeast earner of said Lot 1,
THENCE in a southeasterly
direction along the arc of said curve along the southwesterly right-I
of-way line of said Highway, through a centre
� � angle 23 degrees 40 minutes 37 seconds an are
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 05 minutes 31 seconds East along the southwesterly right-of-way
line of said Highway, 1 58.88 feet to 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 cures and distances..
South 28 degrees 57 minutes 07 seconds West, 35.67 feet,
South 42 degrees 51 minutes 45 seconds west 891.42 feet;
South 59 degrees 22 minutes 37 seconds West 80.31 feet,
South 66 degrees 08 minutes 15 seconds "vest 70.77 f"eet-
South 1 degrees 39 minutes 48 seconds west 931.7 feet,
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURYENG SERVICE'S
THE CITY OF FORT WORTH 8851 Camp Bowie Blvd West FORT WCWTH,TEXAs 76116
817 392-7925 * FAx 817-392-7895
IX I
FOKTWORT'H
wool
South 51 degrees 18 minutes 16 seconds West, at 98. f feet passing the southwest comer
of said Lot I�, being the southeast comer of said L ot 2 continuing in all 140.90
feet;
South degrees 14 minutes 33 seconds West 612.51 feet;
South 59 degrees 41 minutes 38 seconds West 177.15 feet;
South 50 degrees 14minutes 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 5.56 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. 4 feet;
South 27 degrees 59 minutes 16, seconds West 1 30.75 feet t o the southwest cornier of said
Lot 2
THENCE or f f degrees minutes 30 seconds West along the westerly line of said Lot 2,, at
49.10 feet passing a 5 iron rod fund for reference, continuing in aft 4 x..72 feet to a 5/8" iron
rod found with red plastic cap p an ed "City f Ft., Worth Survey e Section" the southerly
line of said at rcr ss Drive, being the northwest comer of said Lot
TIJENCE Niorth 52 degrees 22 ininutes, 57 seconds East n e southerly Brae of said Drive,
1,282.85 feet to the point of beginning and containing 5.7 acres of land, as surveyed on the
ground nd durin f e month of June 2012.
NOTE: In accordance with'the Texas Board of Professional Land Surveying neral Rules of
Procedures and Practices, 663.f 9 , this ' report"consists of the map as shown hereon and real
property cescriptions being attached herewith.
TRANSPORTATION AND PUBLIC WORKS DEPARTMENT
SURVEYING SERC
° "Hr Cm,OF FORT WORTH 8851 Caimp Bowie Blvd West FORT WORTH,"T"LXAs 76116
817 392-7925 * FAx 817-392-7895
F1 i WORTH
,P .RCE.L
REAL PROPERTY DESCRIPTION
LOTS 4-7,, LOS' 13-R & LOT 14-R,, BLOCK 16
LAKE WORTH LEASES
39.628 ACRES THE
JACOB WILCOX SURVEY No. 33, ABSTRACT No. 17161
All that certain lot, tract or parcel of land lying and situated in the Jacob Wilcox, Survey No. 33,,
Abstract' o. 1716, Tarrant County,Texas, being all of Lots 4 through 7, all of Lot 13— and Lot
14-R. all of Surfside Drive, a portion of Watercress Drive and a 39.268 acre tract in Block 1
Lake Worth Leases, an addition to the City of Fort Worth, according to the map filed under the
City, of Fort Worth 'Transportation and Public Works,Department. ent File N . J-175,being a portion.
of that certain tract of land described as 101.8 acres i
Fon"I W-ORTH
i
feet from a brass disc monument found in concrete stamped"Lake Worth Boundary Monument
(control monument, called Monument Nn. 81 per Lake Worth Boundary Map filed un er City of
Fort Worth Transportation and Public Works Department File No. F-83) for the northwest comer
of said 1 01.8 acre tract,
THENCE North 74 degrees 14 minutes 8 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 5 minutes 07 seconds West along the southerly right-of-way line,
26.32 feet to a 518"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:E igh ty, 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 l iron rod set with red plastic cap stamped "City of Ft. Worth Survey
Division" lying in the southerly line of said Watercress Thrive, being the northeast comer 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 Sections', being the northwest corner of Lot 2,
Bloch 16 of said Lake Worth; Leases
THENCE South 40 degrees 21 minutes 3 seconds East along the westerly line of said Lot 2, at
432.62 feet passing a 5 " iron rod found for reference, continuing in all 48 1. 2 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 01 minutes 45 seconds West 252.63 feet,
South 63 degrees 34 minutes 09 seconds West 79.35 feet,
South 60 degrees 19 Minutes �9 seconds West 1,24..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 2045 feet;
South 26 degrees 12 mi.nutes 37 seconds West 13.65 feet,
South 67 degrees 20 minutes 26 seconds West 67,70 feet-,
South 88 degrees 40 minutes 310 seconds West 52.24 feet,
TRANSPORTATION D PUBLIC WORKS DEPARTMENT
SUltVF,YVqG SERC
THE CffY F' oirr owm 8851 Camp Bowie Blvd West FoRT WORTH,Tvus 6116
817 3 2-7925 * FAx 817-392-78,95
FORT WORTH
a
South 79 degrees 12 minutes 07 seconds West 49.31 feet
South 68 degrees 11 minutes 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 comer of said
Lot 6, the southeast corner of said Lot
South 72 degrees 33 minutes 37 seconds West 124.55 feet to the southwest comer of said
Lot 7, the southeast earner 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 311 seconds West 24.3,E feet to the southwest comer of said
drainage right-of-wad, being the eastern most southeast comer of Lot I O-B, Block
16, Lake Worth Leases, according to the plat recorded under Cabinet A, Slide
4402 of'the P'la.t Cabinet Records of Tarrant Count, Texas, and the eastern most
southeast comer,of that pertain tract of land described in the Warrant Deed from
Ronald B. Wooten, et ux Barbara Wooten to "robin 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 1 -B, and said
drainage right-of-way the following courses and distances:
:forth 50 degrees 44 minutes O�O seconds West 52.40 feet to a. 1/2" iron rod found;
North 62 degrees 27 minutes 8 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 Su:rfside Drive, being the northeast corner of said Lot
10-B, the northwest corner of said drainage right-of-way
THENCE youth 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" LS 198 ", being the northwest wirier of said Lot.
I - , the northeast corner of Lot 1 -A-2, Block 16, Lake Worth Leases, according to the plat
recorded under Document en:t o, D212 5 8 5 of the Plat Records of Tarrant County, Texas and
the northeast comer 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, 0 � ', recorded under Document'No., 2 282 8 of the Deed
Records of Tarrant County, Texas
THENCE North 81 degrees 14 minutes 43 seconds West along the southerly line of said Drive",
e,
90..26 feet to a 1/291 iron rod found capped"Lone Star 5746", being the northwest corner of said..
:Lot 10-A-2 and said Tho mpson tract,being the eastern most northeast corner of that certain tract
NSPORTA T IO:N AND1 PUBLIC WORKS DEPARTMENT
SURVEYING SERVIC
Tor Crry ov FOR WoRTm S&M Camp Bowie Blvd West FoRT WoRni,TUAs 76116
17 392-7925 * FAx 17-392-7895
Imtltltltltl%tltltltltlltllnitlltlltl%MVfIYIWHIYWIMV%tlll%AIIMfiVWIfriYIMNIItlBIWIWIMMIIM rvl ®WU'""*"'*'*°""'""10'x'"'"""'"'"°'"'"^^""^""""°,••._...._.
40000=6 I
1FoRT WORTH
of land described inthe Sec arra eel from Ronald B. Wooten ar �ra A. Wooten,
dated August 2002, recorded in VOILIMC, 159,55, Page 65 of the Deed Records,of Tarrant
Count, Texas;
THENCE North 52 degrees 36 minutes 03 seconds West along the Southerly line of said Drive
185.93 feet iron p1pefound,
THENCE North 14 degrees s West along the southerly line of said Drive,
2 1012 feet to the Point of e innin and containing 43.735 acries of land as surveyed on the
ground during,the month of June 2012.
NOTE: In accordance with the ." xas Board of Professional Land Surveying ever else of
"rocedures and Practices, 663.,19(9)1, this "re ' r t" o is s of the a as shown hereon and reel.
property descriptions being attached here i .
TRANSPORTATION PUBLIC
SURVEYING SERVICES
THE CITY+ F FoRT WoR-rH Camp Bowk Blvd West F Rir WoRTH,TEXAS 76116
392-7925 * FAx 817-392,-78,95
CFA Imorovements
PURCHASE D SALE AGREEMENT-
U
,Exhibit B—CFA IMPROVEMENTS
Overall CF'A Cost Summary Table
Developer's
City-Water
Cost a�nd City- Department
Housing & Cost (24-inch
Economic and 12-inch
Item Development Total Cost
water mi ain, 8-
De�pt. Cost
*(Casino Bea�ch, inch FM and 6-
-Silte inch gravit
On y
Improvements) sewer)
A. Water and Sewer Construction
I., Water lus 10% Contingency $.21,3,13,,55 $656,139 �869/494
W,ater Ins pection 2% l41267 $13LI231 $17'13910
'"mater Mat. Testing 20/o $13,123 $17,390
L
Water Overall Total $2211.188191 $682,385 $904,274
2. Sewer Pipelines plus 10%
Contingency $209,546 $3251768 $5351314
Sewer Inspection 2%, 191 $61515 $101706_
Sewer M" at. Testing 2% $4 91 $6,515 �101706
Sewer Overall Total $217f927 $338,799 1556f 726
B. TPW Construction
1. Pavia $113071588 $0 1113071588
2. Storm, Drain $372,038 $0 1038
.......... J,372
3. Low Impact Design Elements $50,000 $0 $50,000
4. Street Lights Installed by
Deve,loper $137,592 $0 $1,37L592
5. Street Sian Installation $111200 $0 .. $11 200
Total TPW Construction plus 10%,
Contin.qe,n,a........................ $2,066,260 $0 �2Q661Z260
TPW Inspection 4% $76,596, $0 1761596
_TPW Mat. Testing 2% $38f298, $38,,298
$0
...................
'TPW Overall Construction, Totall $ 3 1 r 1 5_4 $0 $2 1,5'4
C. Grand Total 9 $2,620,971 $1,F021,E1841 *,3,,642,155
*City's Housing and Economic Development Department as 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 lig�hit inspection or material testing.
*** Exhibit Cs detained cost break down for Storm Drain included the Low Impact Design Element.
The costs stated herein are based oin 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
ILIMP sum amount and may be less than stated above depending upon actual q,uan�tities installed as
will be detailed in the Final Completion package ( Green sheet') and pu'billic bid unit prices from the
construction contract, but will not exceed the public bidl unit prices.
The pavement improvements in Surfside Dr., N south of Watercress, to the end of cul-de-s,ac will be
installed under the City's current, HM AC Surface Overlay Program, in which the Transportation and
Public Works (TPW) and Water Department will both are 5 0% of this portion of the paving cost.
City _Wate'r
Items it - TPW Total
Asphalt Overlay t ru T W 50/50
Prog ra m $2,61840 $53,680
Inspection and Testing 0/o on
avin 610 1 610 13,220
Subtotal-Pavin 281'450 2 450 $56f9OO
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 744 1)
Reviewed By: Cletus R.Martin,P.E.(Tx 81507)
Date: 21-Jun-13
Item No. Description.. -auanti!j Units Unit Price
Waterline
Total otal Cost
WW-1 2-Inch PVC 65 LF $ �620 $ 1,300
W-2 16-Inch PVC LF $ 35 $ -
w-3 10-Inch PVC Pi 2e 115 LF $ 42 $ 4,830
W-4 12-Inch PVC Pipe 2,150 LF $ 51 $ 109L650
W-5 24-Inch PVC pipe 1,660 LF $ 120 ,$ 199,200
W-6 Concrete encasernelft severaN Nocat�ons 10 CY $ 300 �$�3 000
WW-7 6,sph ant pavernent repair-Over Trench 715 LF $ 31 $ 22,165
W-8 Fire Hydrants 10 EA $ 11200 J 12,000
W-9 4-Inch Gate Valve w EA $ 800 $
W-10 —....,,.M,6-lnch Gate Valves 4 EA $ 1,000 $ 4,1000
WW-11 Gale Valves mm EA $ 1AQU$
W-12 12-Inch Gate Valve 6 EA .00 $ 1:5,000
W-13 24-Inch Gate Valve 3 EA.—_I 22,000 $ 66X0
W-14 Water Air Release Valve&Vault 2 EA $ 11,0100 S 22900
W""-16 Connection to Existing 12-inch Water Main 1 EA $ 2,000 $ 2 66
WW-16 Connection to existing Water Main rnin2r EA $ 2,000 $ -
W-17 —,,New Water Service meter,box cover PRV and connection EA $ 1
$
W-18 Concrete Driveway Repair EA $ 6 000 $
W-19 Asp halt.2rivewaRepair EA $ 5500 $
W-20 Gravel Driveway Repair EA $ 3
00.0 $
W'21 Ductile►ron Fittings 4 TON $ 3,400 $ 13,600
W-22 Chilorinie fliu,shinS station 1 EA $ ...-5,000 $ 50()0
W-23 Traffic Control Plan 1 EA $ 4,000 $ 49000
W-24 Traffic Control Implementation 9 Mo $ 750 $ _6,,750
W-25 Ground Water Control I LS $ 12,500 $ 12 600
W-26 Trench Safety 3t990-1 $ 2 1$ 7 X60
W-27 Utility Location 3.,990 LF $ 3 $ 11,970
W-28 Mobilization and Dernobilizabon 1 LS $ 15,688, $ 1i6 666
W-29 Bonds and Insurance 1 LS $ 26 932 $ 26 X32
W-30 Remove and Be place Fence of All Types 1 LS $ 2,000 $ 2,000
W-31 Tree Wqation,(Contractor to Parks Dept.,any dam to trees to be saved) 1 LS $ 10 000 $ 101000-
W-32 'Tree Protection on EgrS�Pro ert 1 LS '000 $ 7,000
L-W-33 Stormwater Pollulion Prevention Plan and IMplernentation I LS $ 5,500 $ 5.500
W-34 Grass Sod 156,89 SY $ 115 2,383
W-35 Seeding 2 217 SY $ 1 $ 2,217
W-36 Additional Class B Concrete 10 CY $ 125 $ 12501
W-37 Additional,Rock for Foundation 25 CY $ 23 $ 575
ISUBTOTAL WATER $
CITY OF FORT WORTH
CASINO BEACH WATER&SEWER IMPROVEMENTS
CONCEPTUAL OiNSITE(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 15,07)
Date: 21,-Jun-13
Item No. Desciription Quanfi!j Units Unit Price I Total Cost
Force main
FM-1 8-inch PVC 2,232_ LF $ 50 1 111.1 1600
FM-2 8-inch DIP,b j Bore - LF $ 95 $ -
FM-3 Connection to Existing FM, 2- EA 1,01010 $ 2,000,
FM-4 I 116,-Inch Teel Casing P,i e by HDO LF $ 180 $, -
FM-5 16-Inch Steel Casing By Bore 2010 LF $ 300 $ 60,000
FM-6 24-Inch Steel Casing Pr by Open Cut LF $ 200, $ -
FM-,7 --24-Inch Steel Casing P'i2e by Dry Auger Bore - LF $ 380 $ -
FM-8 18-Inch PVC Carrier Pipe 2010 LF $ 50 $ 10,000
FM-9 8-Inch DIP gu - LF $ 65
FM-10 10-Inch Ht'PE CarherEpe z LF $ 40 $ -
FM-11 A!Ephall pave rn en t repair-Over Trench LF $ 31 $ -
FM-12 I Sewer Air release Valve and"fault 2 EA 11,000 $ 22,000
FM-13 Concrete Drive way Repair EA $ 6,000
FM-14 Gravel Driveway Reoair EA 31,1000, $
FM-15 Pressure Tes!M Vault LS $ 51000 $
FM-16 Traffic ContirO Plan 1 EA $ .4,000 $ 4,000
FM-17 Traffic Controt Lrn2lementafion 9 Mo $ 750 $ 6,750
FM-18 Ground Water Control 11 LS $ 12,500 $ 12,500
FM-19 Trench Safely 2,032 LF $ 2 1$ 4,064
FM-20 Utility Location 2_232 LF $ 3 $ 6 696
FM-21 Mobilization and Demobilization I LS 7,188 7,188
FM-22 Bonds and Insurance I—IS $ 12,340 $ 12,340 1
FM-23 Fence mitigatioLlRerrove and Re2lace All jypes) I LS $ 2,000 $ 21000
FM-,24 Tree Miiitiqation,lContractor to Parks Dept,any darns to trees to be:saved l 1 LS $ 10,000 1 10,000
FM-25 Tree Protection on Parks Propertv 11 L $ 7,1000 $ 000
FM-26 Stormwater Pollution Prevention Plan and Implementafion 1 LS $ 5,500 $ 5,500
FM-27 Grass Sod - Sy $ 15 $ -
FM-28 SeediM_ 1,240 SY $ 1 $ -1-1240
FM-29 Additional,Class B Concrete 10 CY $ 1215 $ 1,250
FM-30 lAdditional Rock for Foundation 25 CY $ 23 $ 575
JSUBTOTAL FORCE MAIN $ 286,703_
Gravi!j Main
SUBTOTAL GRAVITY MAIN $
Low Pressure Sewer
LP-1 2HDPEPie 330 LF, 25 $ 8 250
LP-2 Connection to Manhole 1 EA _j $ 11200, $ 112001
SUBTOTAL LOW PRESSURE SEWER $ 91,450 J!
CITY OF FORT WORTH
CASINO BEACH WATER&SEWER IMPROVEMENTS
CONCEPTUAL OWTE(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,Martri,P,E.(Tx 81507)
Date. 21-Jun-13
Item No Descri tion Quantit% I Units I Unit Price Total,Cost
Lift Station
SUBTOTAL LIFT STATION: $
SUBTOTAL SANITARY SEWER $ 296,1513
SANITARY SEWER CONTINGENCY(10.6 29,615
TOTAL SANITARY SEWER $ 325,769
SUBTOTAL WATER $ 596,490
WATER CONTINGENCY(10 $ 59,649
TOTAL WATER $, 656,139
TOTAL $ 981,908
Notes:
Road work and driveway adjustments along N.Surfside is not incIuded in this cost estimate
Casino Beach Infrastructure Improvements
Water Cost Estimate I i
mater Improvements
Bid Item Specification Total
Item No., Item Description Unit Unit Price Item Cost
No. Section No. Quantity
22 33:05.0103 Exploratory Excavation of Existing Utilities 330530 2 EA $ 1,0MOD $ 2,000M
23 L_3305V 09 Trench Safety 330510 1,833 LF_ $ 1.50 $ 2,749.501
24 3131 0100,1 Ductile,Iron Water Fittings w/Restraint 33 11 11 1 TO $ 1,0000,00 $: 110,000,00
1 33 11 10,'33 69 LF $
25 33111-0141 6"Water Pipe 11 12 40,001 $ 2,760M
26 3311,0241 8"Water Pipe 3311 10,33 1,764 LF $ 50M $ 88,200M
11 12
27 3312,0001 Fire raint L 313 12,4 0 �4 EA $ 3,8010-00 $ 15,2001.010'
L ------ ;-� -
28 3312.30,02 6"Gate Valve 33 1220 81 $ 3'000 00 T 24,000��00
29 3312,3003 8""Giate Vailve 331220 6 EA $ 3,500M, $ 21,0100M
67 3312 2,103 1 1/2"Water Service 331210
EA $ 1i 15001.010 6,000,00
68 3312.3003 2",Water Service 3312 10 -.4 EA _1 $_ 1,600,00 Is 6,4
3 10 31 71
76 3311 M411 14"Water Pipe 33 11 1 , 35 LF $ 30. 0 $ 1'0 11 12 A AN"MIN 0-
77 3312,2802 4"Water Meter and'Vault 33,12 11 2 EA 5,000,010, $ 110 X00.001
78 3312A003 8'0 x ',',Tau 2pi22 Sleeve&Valve 331225 2 EA $ 2,300.00 4�600.00
Basis for Cost Projection: Subtotal, $ 1931,9159.50
1
No Design Completed Cointing. 10 $1 .95
Preliminary Design
Total 213w356.45
U Final Design
This total does not reflect engineering or technic al services.
The Engineer has no,control over the cost of labor,materials,equipment,or over the Contractor's methods of del e'I'Mining prices or over competitive bidding or market conditions.Opinions of
probable costs provided barer n are based on the information known to Engineer at this time and represent only the Engineer's judgment as a design professional familiar with the construction
industry The Engineer cannot and does notquarantee,that proposals,bids,or actual construction costs will not vary from its opinions otprobable costs
7-
Casino Beach Infrastructure Improvements
Sanita_q Sewer Cost Estimate
Sanitary Sewer Improvements
Bild Item Specification Total
Itern No. No Item Desceiption Section No. Quiantity Unit Unit,Price Item Cost
23 3305 0109 Tren�ch Safety 33 05 101 2,,304 LF $ 1.50 $ 3,456,00
33 11 10,33
30 031.411 8"Sewer Pipe 31 12,33 31 2,304 LF $ %00 $ 115,200,00
20
33 33
31 3339,1002 4,"D 39 1,0,
Ma
Drop nhole I EA $ 4,500.00 $ 4,500 001
3920
32 33391001 le 333910,33 8 EA $ 4,0100.00 $ 32,000.00
3920
33 3339,10 03 4'Extra Depth Manhole 33 391 101,33, 44 VF $ 300.00 $ 1 3,20�O.00
3920
34 J 33015,0113 Trench Water Stops 3305 15 9 EA $ 250,00 $1 2,250900
69 J3331,31 01 4"Sewer Service 3331 50 6 EA $ 55.00 $ 33O.00
70 330 0112 Concrete Collar 3305 17 10 EA $ 800.00 $ 8,000.00
71 3301,0101 Manhole VaCLIurn Testi29 30 10 EA $ 4.010 $ 40,001
72 3301.0002 Post-CC,TV ln,s2ection 33 Oil 31 2,304 $ 5.00 .11 520,00
Basis for Cost Projection*. Subtotal: $ 1190,496.00
No Design Completed [Conting. 0,+/-1 101 $1_9,10491.60
Preliminary Design Total: $ 2091545.60
Final Design
This total does not reflect engineering or technical services,.
The Engineer has nio control over the cost of labor,,materials,equipment,or over the Contraddes nx-thods of defermining pies or over compeldive bidding or markell conditions Opinions of
probable costs provided herein are based on the intotmation known,to Engineer at,this time and'represent only the Engineer's)udgment as a design professional familiar with the construction
industry,Thle Engineer cannot and does not guarantee that proposals,bids,or actual construction costs will,not vary from its o,pinions ofprobable costs,
Casino Beach Infrastructure Imp vements;
Pavkqg Cost Estimate
............
Paving f provernients
Bid Item Specification Total'
Item No. Item D s,cription Section No. Quantity Unit Unit Price, Item Cost
............
1 1 0241.0402 Asehalt Drive 02 41 13 57,967 SF $ 1,0,0 57,9i67.00
2 0241-1000 Remove Conic Pvmt 01241 15 44 SY $ 12.olo, i s 528,00
7 2605,01,01 Salva2e,,Electrical Equipment 2605 10 1 LS $,.,2,0010,00, $ 24Q00.00
8
312 .011 01 Unclassified Excavation 31 2316 -5,400 CY $ IZOO $ 64,800M
9
3124.0161 Embankment 31 24 00, 5,400 L 7,,,00 $ 371800M
10 3292.04010 Seder ,Hydromulclaw
329213 3OL3,00 SY $ OM $ 9,,999.00
3211.01701 16"'Cement Treatment
1 32 11 33 21,080 SY $ 51-00 $ 1051,400.00
3 3212.0303 Asphalt Plivrint Ty2e D 312 12 16 125 SY $ 20,00 $1 2,50,01.00
14 3212.0501 14"Asiphalt Base TyLe.8,,,.. 32 12 16 125 SY $ 20M $ 2,5010,00
15 3211.01112 16"Flexible Base,Ty2e A,G R-1 '21 11 21,3 125 S,Y, $ 20,00' $ 2,500.00
16 32,13.011 02 �C PVM't 321,313 15,035, SY $, 45M $ 676,675M;
17 .1 3213.0:301 14",Conc Sidewalk 32,1320 41,000 SF $ 3.25 $ 131,1000,001
18 3201,01 17 1 O'Wide As,phalt PVmt Repair,Residential 32,01 17 2,9 LF $ 50M $ I 450M
19 - 321M507 Barrier Free Ram2i,.ape 1-2 32 1320 110 EA $ 1,250,00 $ 12,500,,00
20 3213.0506 Barrier Free,Ram 2,Type P-1 32,131 20 3 EA $ 1250.010 $ 31750.00
21 3213,0504 Barrier Free Ramp,Type M-2 32 13 20 1 EA $ 1,250M $ 1,25O.O6
551 3471, 0161 Traffic Control 3471 13 6 MO $ 5,000 nni $ 30,000,00,
56 3441 A003 Furnish/Install Alum-i Ground Mount Cif y Std. 3441 30 14 $ 800M $ 11,200M
57 32172001 1 Raised Marker TY W 3211723, 353 EA 2.00 $1 706M
581 32117�20102 Marker TY Y 1 32 17 2�3 L 1,376 EA $ 2a $ 2,752,00
59 3217,2103 REFL,Raised Marker T'' H-A-A 312 1.7 23 700 EA 00 $ 1,400M
6o X217,1002 !,Lane Legend Arrow 312,1723, 101 EA $ 176,0 $ 1,75,0,00
61 3217,100131 1 Lane Legend DBL Arrow 32 17 23 4 EA $ 225.0 $1 900.00,
62 3217.1004 Lane Legend Pnly 32 17 23 4 EA $ 175,00 700.00
63 3217.0501 24"SL D Plvm,t Markin2 HAE 32 17 23 2012 LF $ 4,4 w $ 8188.8O
64 3,217,013015 11 2''SLR i PvMt Markin2 Paint" 32 1723, 200 LF $ 4,00 $ 800,00
65, 3110.01 101 &te Cleari2q 31 1000 1
J LS $ 65,000M $ 65,000.00
66 3123.0102 Borrow 31 2323 1 1,000, 1 CY $ 15.00, $ 1510001..00
74 91 19 ,0100 Bioillard Installation, Park Res2onsVe) 00 00 010 2,500_ LF $ 4.001 $ 10 000.00
75 9999.0004 Bollard Installation(Developer Responsiblpj 000000, 800 LF $ 3,200,00
79 3213.0301 4"Conic Sib al Bike,.Tra,D* 312 1320 ,301, SF $ 3,25 $ 9
80 X211.0000 Cement 3211 33 253 $ 1501.00 $1 371944M
81 3,2110102 7"Cone Pvrnt(Ddveway Aeproache2) 321313 651 SY $1 50M $ 32,550,00
82 01241.0701 Replace MaHboxes '".02 4,1 13 1 1 LS $ 1,0M010 1,000,00
84 9999-0001 Rerniolve BUilding* 00 00-00—j I I LS $ 10,0010.00 i$ 110iY000.00
*These items shall be_paid out of Special Asseisis,meint FLjlnd
Basis for Cost Proj I�eicti n: Subitotal, $ 1,318,788.05
No Ike silgn Completed Conbpq.L/oi,+,/-2 10
Preliminary Design Total: $11145101166�-86J
Final Design
This total does not reflect engineering or technical services.
The Engineer has no control over the cost of labor,materials,equipment,or over the Contraictoros methods of detemi prices or over competitive bidding or market conditions.Opinions of
probable costs provided herein are biased on the information known to Engineer at this tirvie and represent only the Engineer°s judgment as a design professional familiar with the construction
industry The Engine er,cannot and does not givarantee that proposals,bids,or aictuai construction costs will not vary from its opinions otpi rod able costs,
Casino Beach Infrastructure Improvements
Drainage Cost Estimate
Storm Drain Improve nts
Item + . Bad Item Specification Total
Item Description Section No. Quantity Unit Unit Price Item Cost
3 0241,3011 Remove 18"Storm Lune 02 41 14 195 LF $ 15.E 2,925.00
4 0241,3013 Remove 1'3°'Storm Line,, 0241 14 84 LF 11 5M 1„250.00
5 011241.3015 Re'rncave 24"°Storm Ling 0241 14 34 LF $ 15m $ 510.00
6 0241.3019 Remove 36"Storm,Line 0241 14 35 LF 18.00 $ 1,530-001
111 3125.0101 SWPPP L>1 acre 31 2500 1 LS $ 101,,000.00 $ 10,000,00 i
23 3305.0109 Trench Safely 3305 10 1,4615 LF $ 1.50 $ 2,1,97,5O
35 3341.0103 13"RCP,Class 111 3341 10 07 LF 65.00 $ 5,305.00
36 3341.0201 21"RCP,Class 111 3341 10 640 L 75.00 $ 43,000.00
37 3341.0302 30"RCP"Class 1111 3341 10 45 LF $ 90.010 4,140,00
33 3341.0300 36""RCP,Class 1,11 3341 10 305 LF 120.010 $ 35,000.001
39 3341,0402 42"RCP Class 111 3341 10 233 LF $ 130.00 30,290.00
40 3341.1201 5x3 Box t ula vent 33141 10 144 LF $ 2 ,0.00 $ 31,6180,00
41 3349.1000 Headwall,Box Culivert 33 49 40 40 CY $ 2,500.00 $ 100,000.00
42 3349.50101 10"Curd Inlet 33 49 20 1 EA $ 3,000.001 $ 3,000.00
43 3349.5002 15'Curb Inlet 33 49 20 1 EA $ 4,500.001 $ 4"500.00
44 3349.4103 18"SET 1 33 49 40 4 EA $ 1„2010.00 $ 4 800.00
45 3349-4104 21""SET,1 i e 33 49 40 3 EA 1,500.00 4,500M
46 3349.4107 30""SET,1 pipe 33 49 40 2 EA $ 1,800.00 $ 3,600M
M
47 3349.4209 "SET,2 33 49 40 2 EA $ 2,00�0.0�0 4,00.01.00
43 3349.1007 36"Flared Headwall,1 e 33 49 40 1 $ 3,000.00 3,0100.00
49, 3349.41113 48"SE,T,1 Ripe 33 49 40, 1 EA $ 2,500.00 $ 2,500.00
50 3349.4001 SET,T I for Box Culverts 3134940 4 CY 2,500.00 $ 10,000,
73 0170.0102 611sc-LID Allowance-Landsca2inig Public Area 011 7000 1 EA $ 50,000.010 $ 50,000 001
3 3137,0103 Lar Stec 5i pira2i, reined 31 3700 567' SY $ 100.00 $ 55,700M
Basis for Cost Projection: m ,
422 037. 0
No Design Completed C 10 $42,203.1751
Preliminary Design dotal: 464,241.25
Final Design
This total does not reflect engineering or technical services,
The Engineer has no control over the cost of labor,materials,equipment,or over the Contractor's methods of determining prices or over competitive bidding or market conditions.Opiinionis of
probable costs provided herein are abased'Ors the information known to Engineer at this time and represent only the Engineer' judgment as a design protessional familiar with the construction
industry.The Engineer cannot and'does not guarantee that proposals,his,or actual construction costs will not vary from its opinions of probable costs.
Casino Beach Infrastructure Improvements
Street L!qht Cost Estimate
ht and Sign ge Improvements,
Bid Item Specification 1 Total
Item No. Item Description Section No., Quantity Unit Unit Price Item cost
51 3441 1501 Ground Box,Small,w/did 34 41 10 5 EA $ 800M $ 4,000M
52 3441.3002 Rdwy 111urn Ass,mbly TY.8,11, -25,and D-301 3441 20 7 EA $ 3,,000,00 $ 21,000,00
53 3441,3404 2,-2-2-4,au2; lex Alum Elec Conductor r 3441 20 3,632 LF $ 15.00 $ 54,4K.00
54 2605.3011 2"C NDT PVC SCH 4 T 260533 3,6132 LF 16.00 $ 58,11 .00
Basis for Cost Projection: Sulblatale $ 137,59Z001
N Design Completed :ors ire 10 $13,7591.20
Preliminary Design T"ota 1: 151
Final Design
This total does not reflect engineering,or technical services.
The Engineer has no control over the cost of tabor,matenals,equipment,or over the Contracts r's methods of determining prices or over competitive bidding or market conditions,Opinions of
probable costs provided herein are based on the information known to Engineer t this time and represent only the Engineer's judgment as a design professional familiar with the construction
industry.The Engineer cannot and does not guarantee that proposals,bids,or actual construction costs will not vary from its opinions of probable costs.
M&C Review Pagel of3
(')ffidal Site of the City of Fort Wotth, Texas
CITY COUNCIL AGENDA FORT WORTf.-I
COUNCIL ACTION: Approved As Corrected on 3/19/2013
WMIMIMMAWNWO WWWWWWOMMMA"
DATE: 3/19/2013 REFERENCE L-1 5528 O LOG NAME.- 1N .: 7CASINOBEACHSALE
CODE: L TY P E: NOW PUBLIC NO
CONSENT' HEARING:
SUBJEC'T: Authorize Direct Sale of a Fee Simple Property Owned by the City of Fort Worth Located
in the Jacob W'ilcox 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 Accol rda nce with Section, 272.001(b)(6) of the Texas Local
Government Code, Authorize Leaseback of a Portion f'the Sold Property, and Authorize
Water Use License Agreement (COUNCIL DISTRICT 7)
RECOMMENDATIONS
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,Willcox Survey No. 33, Abstract No. 1716, Tarrant, County Texas,, being a portion of Lot 2 and
alil of Lots 1 and 3,1 Block 16, Lake Worth Leases I in accordance with Section 272. 01(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:,11 20133
3. Authorize a Water Use License Agreement with Casino Bleach Properties, Inc., whereby the City
will lease that entity the right to construct improlvements 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, C C C-25661) the City Council approlved entering into a Twenty ear 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 devlelopmeint(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, 20,12, C &C G_
17633). Intent,to sell, the Fee Property was advertised in the Fort Worth Star-Tole-gram: on February
Kell 2013,1 February 17, 2013, February 24, 2013 and March 2, 21011l3 and March 6, 21013.
httpps.cfwnet.org/council
0 _placket/me—review.asp'?I D=1814 1&,councildate=3/19/2013 7/3/2013
M&C Review Page 2 of 3
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 foll,owi,nig, terms:
'PURCHASE PRICE: Buyer Willi purchase the Prolpeirty from Seller for $2.,65 per square foot for a
total, pirice in the amount of $1,,8,12,774.90 urchase, Price,), as long as the transaction closes
within 18o days of contract execution. After 180 days, the purchase price will 'increase 0.5 percent
each month. If the transaction is not closed, within 36,5 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.
EAR DIE ST' 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 muist execute a Commun ty Facilities Agreement with the
Seller for the exteins,ion, of water, sewer, storm water, lift station, trails and streets (CFA
Improvements) on the Parkland aln:d Fee Property, as outlined in the cointr,act. 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 Jolint 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 6,01 feet above sea level:,
RESERVATIONS: Seller will reta:in, all 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 leaseld back to the City from the data 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 mill be $110101.001.
Finally, 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 beg,in, on the later of(0 January 11, 2014
or(11)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 INFORMATIONXERTIFICA"riON:
The Financial, Management Services Director certifies that funds are available in the current capital
budget, as appropriated, of the VVIO t fa.,f a00A."101 Digaiiapi'm r.
%-OCAVILCA1 I I 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
92924 d!41 A Q QQ la!:Z 0 0!;J q,0,Q!Z1 Q A Q,41 Q
O-r 4-K%J U,%Jl W%J W W
Fund, Account Center below added
http://apps.,cfwnet.org/co-unciI—Packet/mc—review.asp?ID=18 141&counci.1date=3/19/2013 7/3/2013
M&C Review Pagre 3 of 3
FE 70 442080 060001902000 $11812,77 .9 0
TO Fund/Account/Centers FROM F'und/Account/Centers
FE70 442080 06000119,020010, $1,8112,774.90 P253 531510 607560116683 $100-00
Submitted for City Mann qer',s Offmi,ce by:,. Fernando: Costa (6122)
Originating Department Heal01 l, Jay Chapa (5804)
Addifional, Information Contact: Cynthia Garcia (8187)
Robin Bentley (7315)
ATTACHMENT'S
Casino Bea,ch.pdf
http://app;s.cfwnet.org/counci*l 9ID—18141&councildate=3/1.9/2013 7/3/2013
_pack et/m c—revi ew.,asp.