HomeMy WebLinkAboutContract 12937 Centre Development Co., Inc.
CRAIG KNIGHT
Executive Vice President
Land Development
January 14, 1983
CITY SECRETARY,
CQN,T.RACT No J27
Mr. Robert L. Herchert
City Manager, City . of Fort Worth
1000 Throckmorton
Fort Worth, Texas 76102
RE : Option to purchase land by and between the City of Fort Worth
(the "City") and CentrePort Joint Venture ("CentrePort") dated
June 5 , 1980 , recorded in Volume 6943 at Page 893 , Deed
Records , Tarrant County, Texas (the "Option" ) , covering approx-
imately 1200 acres of land known as the Greater Southwest
International Airport (the "Property") .
Gentlemen :
This letter is to advise the City that CentrePort has to date spent
in excess of EIGHT MILLION DOLLARS ($8 , 000 , 000) in Property Improvement
Expenditures (as that term is defined in Paragraph 5 of the Option) .
These Property Improvement Expenditures were generally made in the
following categories :
Engineering, Planning ,
Surveying & Testing $1 , 251 , 947 Water $ 662 , 752
Landscaping, Storm 824 , 034
Irrigation 580 , 870 Paving 2 , 182 , 580
Structure & Debris Electricity 247 , 971
Removal 1 , 209 , 699 Gas 193 , 810
Dirt Work 1 , 368 , 098 Rail 329 , 126
Sanitary Sewer 398 , 702 Total $9 , 249 , 589
In accordance with Paragraph 5 of the Option , Takedown Plan "B" (as
defined in Paragraph 5 of the Option) is now effective and Takedown Plan
"A" (as defined in Paragraph 5 of the Option) is cancelled of no further
force and effect. Therefore , it is CentrePort' s intention to proceed
with all future takedowns under Takedown Plan "B" .
If this is in accordance with the City' s understanding of the Option
provisions , and the City is satisfied as to the amount spent by CentrePort
OFFICIAL RECCRD 1,
C1 V SERUM
FT. AVIO TH, TIE.
Mailing address:P.O.Box 402087.Dallas,Texas 75240 a 4000 McEwen a Farmers Branch,Texas•(214)980.8060
Mr . Robert L. Herchert
January 14, 1983
Page 2
for Property Improvement Expenditures , please so indicate by executing
a copy of this letter in the space provided and returning it to the
undersigned .
Sincerely ,
CENTREPORT JOINT VENTURE
BY : CENTRE DEVELOPMENT CO. , INC . ,
Attorney-in-Fact
By •��,�
raig K ght
Execu ive Vice President
CAK/jbh
AGR ED TO AND ACCEPTED THIS
day of � uo1983 :
CITY OF FORT WORTH , TEXAS
By.
Robert L. Herchert
City Manager
ATTEST:
ASSISTANT CITY S CRETARY
APPROVED BY CITTY COUNCIL
APPROVED AS TO FORM 'AND LEGALITY : C - `�/'-l�7
City Secretary,
93
Date
CITY ATTORNEY
'City of Fort Worth, Texas ' �
�Jy
Mayor and Council Communication
DATE REFERENCE SUBJECT: Option to Purchase Former Site PAGE
NUMBER
2/8/83 C-6759 Of Greater Southwest International
Airport G.S.I.A
Background
The City Council has previously granted an option to CentrePort Development
Company for the purchase of certain City-owned property, formerly known as
Greater Southwest International Airport (City Secretary Contract No. 11107,
dated June 5, 1980) . One of the features of the Option is the implementation of
two purchase plans (or Takedown Plans A and B) . Pursuant to the terms of the
Option, once CentrePort has demonstrated to the reasonable satisfaction of the
City that CentrePort has expendeded the sum of $8,000,000 in property• improve-
ment :expenditures, then Takedown Plan "B" shall become effective and Takedown
Plan ''A" shall be cancelled and should be no longer in force or effect.
CentrePort has recently submitted documentation reflecting that they have spent
more than the required $8,000,000 in order to activate Takedown Plan "B" and
further, CentrePort has requested that the City acknowledge such an expenditure
in order that they may proceed with the purchase of the subject property under
that plan. The City Manager's Office and the City Attorney's -Office have
reviewed the submission of CentrePort and a proposed letter of agreement and
both offices join in making the following recommendation.
Recommedation
It is recommended that the City Manager be authorized to execute the attached
letter reflecting the City's agreement that CentrePort has spent in excess
of ;$8,000,000 in property and improvement expenditures on the subject property
and that Takedown Plan "B" under the, Option is now in effect.
MCM:kc
Attachment
SUBMITTED FOR T _
CITY MANAGER'S l•' DISPOSITION BY COUNCIL: PROCESSED BY
OFFICE BY: � APPROVED
ORIGINATING C OTHER (DESCRIBE)
DEPARTMENT HEAD: [made Adkins CITY SECRETARY
FOR ADDITIONAL INFORMATION
CONTACT: Mike Bailey Ext. 7613 DATE