HomeMy WebLinkAboutContract 28573CI�Y' ���R�i4��
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OPTION AGREEMEI�IT
THTS OPTTQN TO PURCHASE ("Option Agreement"} is made and entered into by and
b�tween the CITY OF FORT WORTH, TEXAS, acting by and through its duly authorized
Assistant City Manager ("Seller") on its behalf attd on behalf of Fort Worth Independ�nt School
Dist�ict and Tarrant County and Greater Mount Tabor Christian Center, a Texas non-profit
corpora#ian ("Purchaser") as of the date on which this Option is executed by the last io sign o�'
Seller and Purchaser ("Effec�ive Date").
RECITALS
Seller is the trustee of tax foreclosed properties d�scribed as Traet 9G, Abstract 7, G.J.
Assabranner Survey, Fart Worth Texas and Block 1, Eastcrest Subdivision {Save and
Except Lot A of Block 1} bath tra.cts axe located to the City o� Fart Worth,, Tarrant
County, Texas and are situated ai the northeast corner of E, Berry �treet and Village
Creek in Fort Worth, Texas, ("Prraperty"), as shown qn the attached Exhihit "A".
2. Purchaser is a non-profit corparation organized to 1. Advance Purchaser's Redeemer's
Kingdom on. earth as it is in Heaven. 2. Teach and practice the principles of the ward of
God. 3. Provide equipment, buildings, personnel and pxoperty to accomplish purposes
one (1) and two (2).
3. Seller desires to sell the Properly for fair mark�t value for development as Single Family
and Neighborhood Cornmercial to be�efit the surrounding residents and businesses in
particular and vvxll benefit the citizens of Fort Worth in general.
AGREEMENT
Tn consideration of the mutual covenants in this Contract, Seller and Purchaser agree as
follows:
Seciion 1. 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 conditaans set forth in this Coniract.
(b) �eller shall con�ey the Property to Purchaser by T� Resale Deed.
Section 2. Purcbase Price, Independent Contract Consideration, and Earnest Monev,.
(a) The purchase price ("Purchas� Price") for the Praperly, payahle by Purchaser to
Seller in cash at Closing (defned below), is TWO HUNDRED and TH�RTE �.r���� �;
DOLLARS ($2I3,OOO.OQ). Seller has de�erntined that the Purchase Price reflec��y�k�ti �:
market value of the Pxoperty. _, ,� �; f�
�
„ � _ � �, ���e�F ��. ��
(U) �Within five days aflter the execution and delivery of this Contract by Seller �o
Purehaser, Purchaser shall deliver to Seller {as defined below in Section 3) a check payable to
the order of Title Company or other n�ea.vs of funding reasonably satisfactory to Seller in �he
amount of 1% of the Purchase Price ("Eamest Money"}. Title Compatay shall hold the Earnest
Money in escrow and deliver it in accardance with the pravisions of this Option Agreement. The
Title Company shall invest the Earnest Money in an interest bearing account Yhrough a bank or
other financial institution selected by Purchaser {hereafter, all references in this Qption
Agreerr�ent to Earnest Money include the arriount deposited by Purchaser with the Tit1e
Company pursuant to this Section 2(c) together with all interest accrued �hereon).
Section 3. Title Cornmitment and Survev.
(a} Before clasing, Purchaser may obta.in, at Purcha�er's sole cost and expense (i) an
Owner's Commitment far Title Insura�ce ("Ti�1�; Commitment") from American Ti�Ie, Fort
Worth, TX ("Title Compan�").
(b) Before closing, Pi�rchaser may abtain ai Purchaser's sole cost and expense, an
updated survey ("Survey"} consisting of a plat and fiel� notes describing the Pr�perty, prepared
pursuant to a current on-the-ground staked suzvey performed by a registered public surveyor or
engineer satisfactory to Purchaser and Titie Company.
Section 4. ��tion Period.
{a} No[withstanding anything to the contrary contained in this Contract, the Option
P�riod 5ha11 be one year from the Effective Date ("Option Period"), however, Purchaser may
extend the Option Period for six additional months wiih written notice to Seller.
(b) If Purchaser is not satisfied in Purchaser's soie and absalute discretion that the
Property is suitable for Purchaser's intended uses, including without limatation, Purchaser being
satisfied with the results of the Test defined in Sectzon S balow, Purchaser may give written
notice thereof to Seller on or befare the end of the Option Period, whereupon this Contract sha11
terminate. Upon such terminatian, Pt�rchaser shall be entitled to the return af ihe Earnest Money,
and neither party shall have any further rights or obligations under this Contract.
{c) If Purchaser daes not terminate this Contract prior to the expiration of the Option
Period, then the Earnest Maney sha11 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 Se11er at any time thereafter upon request by Seller.
(d) The provisions oF this Section 4 control all ather provisions of this Con�ract.
Sectian �. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to
go on �o the F�roperty, including the Improvements, to make inspections, surveys, test borings,
soil analyses, and other tests, studies and surveys, including without lim�tatitu, uuvarr�nm�ni�i
iests, borings, analyses, and studies ("Tests"). Purchaser shaIl indemnify at�� �o�d ��a�r�
harmiess from all suits, cIaims or darnages resultin� from such act�vities ie�c;���ge�ier�'i��x+�
_2_
provide Seller certificates of Ynsurance accepta�lc to Seller insuring against snch srtits,
cIaims or damages. Ift the saie of the Pxoperty is nat consummated pursuant to this Optian
Agreement, Purchaser shall restore the suxface af the Pro�erty to as near as practicable the
condition existir�g prior to any entry by Purchaser.
Section 6. Closin� Contin�encfes.
{a) The closing ("Closing"} of the sale of the Property by Sellar to Purchaser shall
occur through the office af the Title Company on or before thirty (30) days after the satis�action
of the following cont'rngencies to Closing ("Closing Contingencies"), but not later than October
14, 2004, if this Optian Agreement is extended for �� add.�tional months. The Closing
Contingencies az�e as follows:
(1} Purchaser having obtained all necessary municipal approvals for rezoning of ihe
Property to Planned Devel�prnentl Specific Uses with a site plan fo� tiie propased deveiopment.
The site plan must include �he cvnstruction af a mininnum of 28 single-family hornes.
(2) Puzchaser shall d�tertnine, prior, to closing how much land must be dedicated to
�he City of Fort Worth under the Crty's parkland policy. If additi�ona� land is required for the
development of the park as deternvned by Purchaser and Seller, prior to clasing Purchas�r sba.Il
enter an agreemant with the Ciiy of Fort Worih to sell additional land to t11� City oi Fort Worth
fax the following amoun�s:
Flood Ez�cumbexed laz�d at $0.06 P.S.F.
Unencumbered land at $0.4Q P.�.F,
. (b) Purchaser agrees to pursue ihe approval� and agreernents described in the Closing
Contingencies above with reasonable diligence. Seller agrees to cooperate fi�lly �with Purchaser
in caru�ection with Purchaser's pursuit of ihe above approvals.
Sec�ian 7. Closin�.
(a} At the Clasing, a11 of the following shall occur, a11 af which are deemed
concurrent conditions:
(1) Seller, at �eller'� sole cost and expense, shall deliver or cause to be
delivered to Purchaser the following
{i} a Tax Resale Deed ("Deed"), fiilly executed and acknowladged by
S eller;
(ii) Any other ir�irument or document necessary for Title Company to
issue the Owner Polic� in accordance with Section 7(a}(3) b�ow.
�
(2) Purchaser, at Purchaser's sole cost and ex�ense, shail del� er c�r,r,�;��a� t� �
be delivered to Seiler through ihe Title Company _ federallp w' ed �� m�- �•
� ,
-3- .
(2) Purchaser, at Purchaser's sole cost and expense, shall deli�rer or cause to
be delivered to Seller through fihe Title Company federally wired funds or a
certified or cashier's checl� or such athex means of funding acceptable to 5eller, in
an amount equai to the Purchase Price, adjusted far closing costs and prorations.
(3} If Purchaser desires a Title Policy for the Property, the Title Company
shall issue to Purchaser, at Purchaser's sole cost and expense, an Owner Policy of
Titla Insurance ("Owner Policy") issued by Title Company in the amount of the
Purchase Price insuring that, after the completion af �ie Clasing,
(4) The Earnest Money shall be applied to the Purchase Price at Closing.
(5} Seller aiid Purchaser shall each pay �eir respecti�s attorneys' fees and
Purchaser sha.11 b� responsible for ali of the escrow, recording fees and closing
CDSf5.
SeCt1DI1 S. NOi1CC5.
(a) Any notice under this Contract sha11 be in wri�ing and shall be deemed to have
been served if (i) delivered iu person to the addr-ess set forth b�low for the party to whom the
natice is given, (ii) delivered in person at the Clasing (if thafi party is �resent at the Closing), (iii}
placed in the United States mail, return receipt requested, addressed to such party at the address
specified below, (iv) deposited into the custody of Federal Expr�ss Corporat�on to he sent by
FedEx 4vernight Delivery or other reputable overnight carrier for next day delivary, addressed
to the party at the address specified below, or (v) telecopied to the party at the tc:Iecopy ntiunher
listed below, provi.ded that th� �ransmission is confirmed by telephone on the date of the
transmission.
(b) The address of �eller under this Contract is:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Torn Higgins
Telephone: 817-871-6192
(c) The address of Purchaser under tlus Contract is:
Senior Pastar E.L. Bowman
2513 S. Edgevvoad Terrace
Fort Worth, TX 76105
(d) From [itme to time eiiher party may designate another addre�s or telecopy number
under this Conirac� by giving tbe oiher party advance writien notice of the change.
Section 9. Entire Contract. This Contraci (inclu�iing the attached e�hi�its) contains the
entire contraet betvween S�ller and Purchaser, and no oral staternents or prior w�iCC� :"�t:��aat
specifically incorporated herein is of any force and effect. Nfl modificatian� ar� ��iric�ig �i ��
either party unless set farth in a docum�nt executed by that parly. � �
— 4 — � ��> s��'����, ����
Section 10. Assi�ns. This Coniraet inures to the banefit ai and is bindin.g on ihe parties,
and their respective legal representatives, successoxs, and assigns. Neither party inay assign its
interest uz�der this Contract; without the prior consent of the other party.
Sectian 1 i. Time of the Essencc. Tizne is of the essence uz�der this Contra.ct.
Section 12. Takin� Prior_to Closin�. If, priar to Closing, the Property or any portion
thereof becames subject to a taking by virtue of eFninent domain, Purc�aser may, in Purchasex's
sole discretion, eifher (i) tez-nuu�ate this Contract whereupon the Eanr�est Money shall be returned
to Purchaser, and neither party shall have any further rights ar abligations hereunder, or {ii)
proceed wit�i the Closing of the transaction vtritl� an adjustmen� in the Purchase Priec to reflect
the net square footage of the Froperiy after the taking.
Sectian 13. Governin� Law. This Contract sha11 he governed by and const�rued in
accordance with the laws of tk�e Siate a£Texas.
Sectio�n 14. Performance of Confract. The obligations undex the terms of the
Contract are perfortnable in Tarrant Courity, Texas, and any az�d all payments under the terms of
the Contract are to be rnade in Tarrant County, Texas.
Sectiou � S. Venue. Venue of any action brought under this Cantract sha11 be in Tarrani
County, Te�as if venue is legally proper in that county.
Section 16. Severa�ility. �f any provi�sion o�' this Can.t�act is held to be z�valid,
illegal, or unenforceabl� in any respect, such invalidity, illegality, or unenforceability will not
affect any ofiher pro�vision, and this Coniract will be construed as if such invalid, illegal, or
unenfarceable provision had never been contained herein.
Section 1'�. Business Days. If the Closing date or the day for perf'armance of any act
requa�ed under this Contract falis on a Sa�urday, Sunday, ar lega� haliday, thez� the Closing date
or the day for sucb performance, as the case may be, shall be the next following regular business
day.
�ectxon � 8. Counterparts. This Contract rnay be executed zn m.ultiple countezparts,
each of which will be deemed an original, but which together will constiiute one in.strument. This
Contract is executed as of the Effec#ive Date.
SELLER:
GrTY OF FURT WORTH
By:.�� - `�'`, � ���,��
Name: .- ..; � 77T�
Title: � -��, rr'v %�Anf'AF�1p _, ;
Date: �4� �� � � - � . . ..
.. Attest c -.'_ . . � ,�41�+�v
��. ���'.�'�?�'�, ���.
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F+. _ ,
Iori.a Pearso� > . . , -,
City Secretat� _ v . � � .! ._ _
C��ntrac� Authoriza��on
� . _ _
Approved to Legali and Forn� ' � �
;��¢�
Ass�;tant ity Attorney
PURCHASER:
Greater 1Vlount Tabnr Ghristian Center
By: � � � ��
Date: (.� l b � IJ���
By its execution below, Title Company acknowledges receipt of the Earnest Money d�sc�ibed in
this Contract and agrees to hold and deliver the same and perforixi its other duties pursuant to th�
provisions of ihis Contract.
TITLE COMPANY:
By:
Na�ne:
Tit1e:
Date:
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EXHIBIT "A"
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TRACT A-2
2.77 a
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City of �'ort Worth9 T'exas
��►�� �t�� �����1 ���rrrtr��i��r���
DATE REFERENCE NUMBER LOG NAME PAGE
12/17/02 *���� 3467 I 17TABOR 1 0� 2
suB�ECT AUTHORIZE THE SALE OF TAX FORECL05ED PR�PERTY TO GR�ATER MOUNT
TABOR CHF�ISTIAN CENTER IN ACCORDANCE WITH SECTION 34.05 OF THE
TEXAS TAX CODE
RECOMMENDATION:
It is recommended that the City Council:
1. Autharize the City Manager to execute an option agreement thai outlines the terms of the sale, once
approved by all the taxing enfiti�s that were a party to the judgment; and
2. Approve the sale of the �ax foreclosed properiy to Greater Mount Tabor Christian Center in
accordance with Section 34.05 of the Texas Tax Code; ar�d
3. Authorize the City Manager, if the terms of the option agreement are safisfied, ta execute an
appropriate deed conveying fihe property to Greater Mount Tabor Chr�stian Center, and record the
deed.
DISCUSSION:
The City rece�ved the tax foreclosed property (Eastcrest Block 1 and G. J. Ashabranner Survey Tract
9G) througi� a Sheriff's Sale on December 12, 2�00. The Texas Tax Code, Section 34A5, permits
municipalities to con�uct a priva�e safe of tax' foreclased property at fair market �alue, if fair market
value �FMV) is less than the judgment amount, upan the cansent of the effected iaxing jurisdictians.
Greater Mount Tabor Chris#ian Center is requesting the sale for FMV, which is less than the judgmen�
amaunt. An appraisal of the property, conduct�d in March 2Q02, states that the fair market value of the
property is $�1 �,O�a.
Great�r Mount Tabor Christian Center plans to redevelop the 22.27 acre site for a minimum of �8 units
single-family housing, a linear park, special event center and commerciallretail. The church currerrtly
awns 18.18 acres to the north that a�ut the property. A partion of the properky is located in the 100
year flood�lain. The church prapases to dedicate and sell portions of the property back to the City for
the development of a public parl�. The terms af the parkland dedication are a condition af sale.
Additional conditions to the sals are outlined in the option agreement as indicated below:
� Saie price: $213,000; and
� �ption fee: 1°/a of sale price ($�,130); and
o Term Period: 12 months upon date of execution witF� a 6-month extension option; and
• Rezoning the property to Planned DevelopmentlSpecific Use with a site plan for the proposed
development; and
� Construction of a minimum 28 single-family housing units; and
• Parl�land dedication in accordance with the City's parkiand dedicat�on policy.
C'ity o, f �'o�t �Worth, Teacas
���� ��� �����1 ���m�r������r�
DATE REFERENCE NUMBER LOG EVAME PAGE
12/17/02 ���d� ���7 I 17TABOR 2 of 2
suB��cr AUTHORIZE THE SALE OF TAX FORECLOSED PROPERTY TO GREATER MOUNT
TABOR CHRISTIAN CENTER IN ACCORDANCE WITH SECTION 34.05 OF THE
TEXAS TAX CODE
The City agrees to assist Greater Mount Tabor Christian Center in requesti�g a certified letter of map
revision far� City Council consideration. The City will apply all applicable incentives as allowable under
the Neig�iborhood Empowerment Zone designation for the 5top Six area.
Additionally, the City may purchase any additional land it deems necessary and prudent ta develop a
linear park at the fair market value as set by the February 11, 2a02 ap�raisal which is six cents ($0.06}
per square foot for fioodplain land, and forty cents ($Q.40} per square foot for non-floodplain land.
This property is loeated in COUNCIL DISTRICT 5, Mapsco 79P, Stop Six Neighborhoad Empowerment
Zone.
if the City Council a�pro�es of #he terms of the option agreement, City staff will presenfi the option
agreement to all of the taxing entities that were a party to the foreclosure lawsuit and attempt to obtain
tF�eir conse�t before proceeding,
F{SCAL fNFORMATIONICERTlFICATION:
The Finance Director certifies tha� the Engineering Department, Real Property Services Divisian is
responsibfe for the collection and deposit of funds from this sale. '
RR:k
Submftied far City Manager's
Offiee by:
Reid Rector
Originating Department Head:
Tom Higgins
AddiEional Informa#ion Contact:
FUND I ACCOUIKT I CENTER
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6140 I
G192
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AMO�lNT
$213,0OO.OD �
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CITY SECRETARY
APPROVED AS AMEND�I3
ON 12/17/02
Chriskine Maguire 8187