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HomeMy WebLinkAboutContract 39674�'iTY SECRETARY "'ONTRACT NO CONTRACT OF SALE AND PURCHASE (Sale of Property by City of Fort Worth Housing & Economic Development Department) THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, TEXAS, a home rule Municipal Corporation of the State of Texas located within Tarrant, Denton, Parker, and Wise Counties, Texas, acting by and through its duly authorized City Manager or Assistant City Manager ("Seller") and Stockyards 2000, L.P. Limited Partnership ("Purchaser"), acting by and through Don Jury, for its general partner, Stockyards 2000, Inc., as of the date on which this Contract is executed by the last to sign of Seller and Purchaser ('Effective Date"). RECITALS WHEREAS, "Seller" is the owner of a tract of land containing approximately 16,698 square feet of land out of Lot 2, Truckers Subdivision, according to the map recorded in Volume 2046, Page 65 Deed Records, Tarrant County, Texas, together with any easements, rights -of -way, licenses, interests, and rights appurtenant thereto (collectively, the "Property"), as shown and more particularly described on the attached Exhibit "A", incorporated herein for all purposes. 2. WHEREAS, "Seller" desires to sell the Property and Purchaser desires to acquire the Property for use in accordance with the City's Comprehensive Plan. 3. Seller will convey the Property through a direct sale in accordance with Section 272.001 (b) (1) of the Texas Local Government Code. AGREEMENT In consideration of the mutual covenants in this Contract, Seller and Purchaser agree as follows: Section 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 conditions set forth in this Contract. (b) Seller and Purchaser agree that Seller shall retain ownership of and maintenance responsibilities for the three (3) street lights currently sited on the Property ("Street Lights"). Upon Closing (as defined below) Purchaser shall grant to Seller through a license agreement ("License Agreement") the right (i) to have the Street Lights sited on the Property until such time as Purchaser, in its sole cost, shall pay to remove them, and (ii) to access the Property for maintenance of the Street Lights. OFFICIAL. RECORD Property Address: East Side of Rodeo Dr 10181200CITY SECRETARY FW Stockyards Rodeo Plaza FT WORTH, TX (c) Seller shall convey the Property to Purchaser free and clear of all liens, claims, easements, rights -of -way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") except the Encumbrances appearing in the Title Commitment and the survey, obtained by Purchaser and attached hereto for all purposes as Exhibit "A" ("Survey"), that are not cured and that are subsequently waived pursuant to Section 3 ("Permitted Encumbrances"). (d) Seller shall retain all mineral interests in the Property except that Seller shall waive any and all rights of egress and ingress upon or across the surface of the Property for purposes of exploring for or developing oil, gas hydrocarbons, or other minerals identified on the Survey. Section 2. Independent Contract Consideration and Purchase Price. (a) Contemporaneously with the execution of this Contract, Purchaser delivers to Seller a check in the amount of Fifty Dollars and 00/100 Dollars ($50.00) ("Independent Contract Consideration") as independent consideration for Seller's execution, delivery and performance of this Contract by 5:00 p.m. October 12th, 2009. This Independent Contract Consideration is in addition to and independent of any other consideration or payment provided for in this Contract, is non-refundable, and shall be retained by Seller notwithstanding any other provision of this Contract. (b) The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller at closing (as defined below), is $13,850.00. Section 3. Title Commitment and Survey. (a) Within thirty (30) days after the Effective Date, Purchaser may obtain (i) a Commitment for Title Insurance ("Title Commitment") from the Title Company, setting forth the status of the title of the Property and showing all Encumbrances and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to, plats, reservations, restrictions, and easements. (b) If the Title Commitment or Survey discloses any Encumbrances or other matters, which are not acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give Seller written notice thereof within fifteen (15) days after receipt of the Title Commitment and all documents referred to in the Title Commitment, specifying Purchaser's objections ("Objections"), if any. If Purchaser gives such notice to Seller, Seller shall use its best efforts to cure the Objections, but shall be under no obligation to do so. (c) If Purchaser gives notice of Objections and Seller does not cure the Objections, cause the Title Commitment and Survey 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 of Objections from Purchaser ("Cure Period"), Purchaser shall have the right either (i) to terminate this Contract by giving written notice thereof to Seller at any time after the Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza expiration of such Cure Period but prior to the expiration of the option period (as defined below in Section 6) and, upon such termination, neither party hereto shall have any further rights or obligations, or (ii) to waive the Objections and consummate the purchase of the Property subject to the Objections which shall be deemed to be Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is diligently prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then Purchaser in Purchaser's sole discretion may extend the Cure Period for an amount of time Purchaser deems necessary for Seller to cure the same. Section 4. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to go on to the Property to make inspections, surveys, test borings, soil analysis, and other tests, studies and surveys, including without limitation, environmental and engineering tests, borings, analysis, and studies ("Tests"). Any Tests shall be conducted at Purchaser's sole risk and expense, and Purchaser agrees to indemnify and defend Seller and the Property from any liens and claims resulting from such Tests. The Property will be restored by Purchaser to its original condition at Purchaser's sole expense following any site work. In the event this transaction does not close for any reason whatsoever, the Purchaser shall release to Seller any and all independent studies or results of Tests obtained during the option period (as defined below). Section 5. Option Period. (a) Notwithstanding anything to the contrary contained in this Contract, until thirty (30) days after the Effective Date ("Option Period"), the following is a condition precedent 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 4 above). (b) If Purchaser is not satisfied in Purchaser's sole and absolute discretion as to the condition precedent described in Section 5 (a) above, Purchaser may give written notice thereof to Seller on or before the end of the Option Period, whereupon this Contract shall terminate. Upon such termination, neither party shall have any further rights or obligations under this Contract. (c) The provisions of this Section 5 control all other provisions of this Contract. (d) The parties agree that the Option Period will not be extended upon expiration without a written amendment signed by both parties. Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza Section 6. Closing Contingencies (a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the office of the Title Company in no more than (15) days after the satisfaction of the following contingencies to Closing ("Closing Contingencies"), but not later than November 12th, 2009, The Closing Contingencies are as follows: (1) Any easements conveyed to the City will be at no cost to the City. (b) Purchaser agrees to pursue the approvals and agreements described in the Closing Contingencies above with reasonable diligence. Seller agrees to cooperate fully with Purchaser in connection with Purchaser's pursuit of the above approvals. (c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction so that Purchaser is prepared to close on November 12th, 2009 or no later than December 1 st, 2009, then Purchaser must terminate this Contract, and upon the termination, Seller shall retain 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 7. Closing (a) Subject to Section (d) below, Closing shall occur on or after November 12th, 2009, but no later than December 1st, 2009. (b) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: (i) A Deed Without Warranty ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser good and indefeasible fee simple title to the Property subject only to the Permitted Encumbrances, with the precise form of the Deed to be determined pursuant to Section 9 below; and (ii) Any other instrument or document necessary for Title Company to issue the Owner Policy in accordance with Section 7 (a) (3) below. (2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Seller the following: (i) Federally wired funds or a certified or cashier's check or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations; and Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza (ii) The License Agreement, as set forth in Section 1(b). (3) Title Company shall issue to Purchaser, at Seller's sole cost and expense, an Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Purchaser is the owner of indefeasible fee simple title to the Property, subject only to the Permitted Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted Encumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read: "Standby Fees and Taxes for the year of Closing and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership"; (c) Seller and Purchaser shall each pay their respective attorneys' fees. (d) Purchaser shall pay all recording fees and all closing costs as set forth by the Title Company. (e) 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 8(b) survive the Closing. (f) Upon completion of the Closing, Seller shall deliver possession of the Property to Purchaser, free and clear of all tenancies of every kind. (g) If Purchaser is not prepared to close on November 121h, 2009 or before December 1 st, 2009, the Closing may be extended if agreed to in writing by the parties. Section 8. Agents. Seller and Purchaser each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction. Section 9. Closing Documents. No later than fifteen (15) days prior to the Closing, Seller shall deliver to Purchaser a copy of the Deed Without Warranty, which is subject to Purchaser's reasonable right of approval. Section 10. Notices. Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza (a) Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the party to whom the notice is given, (ii) delivered in person at the Closing (if that party is present 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 Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below, or (v) telecopied to the party at the telecopy number listed below, provided that the transmission is confirmed by telephone on the date of the transmission. (b) The address of Seller under this Contract is: City of Fort Worth With a copy to: 1000 Throckmorton Street Leann Guzman Fort Worth, Texas 76102 City Attorney's Office Attention: Cynthia B. Garcia City of Fort Worth c/o Laura B. Morales Chavez 1000 Throckmorton St. Real Property Services Division Fort Worth, TX 76102 Telephone: 817-392-2311 Telephone: (817) 392-8973 Fax (817) 392-8361 Fax (817) 392-8359 Leann.Guzman@fortworthgov.org (c) The address of Purchaser under this Contract is: AddN�res Ikk�=b tNYt 4 FW iTX -7 (O (1-7 ` Telephone: q(004, Fax: Kj1-J3j -()4j Email: (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 11. Termination, Default, and Remedies. (a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other than termination of this Contract by Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive remedy, shall have the right to terminate this Contract by giving written notice thereof to Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations hereunder. (b) If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to Property Address: East Side of Rodeo Dr 101812009 FW Stockyards Rodeo Plaza 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 and neither party hereto shall have any further rights or obligations hereunder. Section 12. Entire Contract. This Contract (including the attached Exhibits) contains the entire contract between Seller and Purchaser, 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 13. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Neither party may assign its interest under this Contract without the prior written consent of the other party. Section 14. Time for Execution. If Seller has not executed and returned a fully executed copy of this Contract to Purchaser by 5:00 p.m., Fort Worth, Texas time on October 12, 2009, this Contract offer shall be null and void. Section 15. Taking Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's sole discretion, either (i) terminate this Contract and neither party shall have any further rights or obligations hereunder. Section 16. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 17. 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 18. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that County. Section 19. Severability. If any provision of this Contract is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. Section 20. Business Days. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. Section 21. Counterparts. This Contract may be executed in multiple counterparts, each of which will be deemed an original, but which together will constitute one instrument. Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza SIGNATURES APPEAR ON THE FOLLOWING PAGE This Contract is EXECUTED as of the Effective Date. PURCHASER By: lzh— Nam� n Date: '%w©% � e L9- /a '0y' W �i SELLER: CITY OF FORT WORTH, TEXAS By. v Name: T.M. Higgins, Assistant Citv Manager ,©o'dt°�0��,�`� OO,)00000 1 01 n �o �.0°4 %�� (- a Marty Hendrix, ty Secretary M&C L- C APPROVED AS TO LEGALITY AND FORM WAA §sistant City Attorney OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza By its execution below, Title Company agrees to perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY: By: Name: Title: Date: Property Address: East Side of Rodeo Dr 10/8/2009 FW Stockyards Rodeo Plaza EXHIBIT "A" Description of Property Survey Attached CFWSELLSSTOCKYARDCONTRACT (2).DOC OF FORT WORTH, TX LEGAL DESCRIPTION Part Lot 2 Truckers Subdivision Tarrant County, Texas All that certain lot, tract or parcel of land being a part of Lot 2, Truckers Subdivision, according to the map recorded in Volume 2046, Page 65 of the Deed Records of Tarrant County, Texas, being a part of that certain tract of land called 45874.0 square feet in the deed from Landmark Bank of Fort Worth to the City of Fort Worth (hereinafter referred to as City tract), executed December 30, 1988, recorded in Volume 9474, Page 1723 of the Deed Records of Tarrant County, Texas, and being more particularly described as follows: BEGINNING at a tack found in the center of a lead plug in the center of a "Y" cut found in concrete (control monument) lying in the east right-of-way line of North Commerce Street (a.k.a. Rodeo Drive), being the western most northwest corner of said City tract, the southwest comer of that certain tract of land described as Tract One in the deed from Link Management Joint Venture to Stockyards 2000 Limited Partnership, dated November 1, 2008, recorded in Instrument No. D208409578 of the Deed Records of Tarrant County, Texas, and being the northwest corner of the herein described tract; THENCE North 89 degrees 49 minutes 05 seconds East (directional control line) along the northerly line of said City tract, at 5.10 feet passing the southwest corner of `Billy Bob's" building, at 215.05 feet passing the southeast comer of said building, continuing in all 240.55 feet to an "X" cut found in concrete (control monument) for an inside ell corner of said City tract, the southeast corner of said Tract One, said comer bears South 00 degrees 12 minutes 57 seconds East 445.69 feet from a "Y" cut found in concrete lying in the north line of said Lot 2, the northeast comer of said Tract One, the northern most northwest comer of said City tract; THENCE South 00 degrees 12 minutes 57 seconds East 88.00 feet to an "x" cut set in concrete for the southeast comer of the herein described tract; THENCE South 89 degrees 49 minutes 05 seconds West 128.78 feet to a point lying in a building; THENCE North 00 degrees 04 minutes 14 seconds West generally along said building 40.00 feet to a point lying in said building; THENCE South 89 degrees 49 minutes 05 seconds West 112.00 feet to an "X" cut set in concrete lying in the east right-of-way line of said Street, the west line of said City tract, said comer bears North 00 degrees 04 minutes 14 seconds West 7.98 feet from an "X" cut found in concrete; THENCE North 00 degrees 04 minutes 14 seconds West along the east right-of-way line of said Street, the west line of said City tract, 48.00 feet to the point of beginning and containing 16,698 square feet of land, as surveyed on the ground February It, 2009, by Szurgot & Peede Land Surveyors, LTD. � a Donny Peede, PLS No. 5137 Job No. 03 1 DH 0• 40' 80, 120' SURVEY SHOWING LEGEND I 16,698 SQ. FT. OF LAND -------- . E OUT OF LOT 2, TRUCKERS SUBDIVISION, ". ---- A7 ACCORDING TO THE MAP RECORDED �'"G` Oull-" l" ' CLEAN OUT N IN VOLUME 2046, PAGE 65, 4P111"11LW acwma YALHF DEED RECORDS, TARRANT COUNTY, TEXAS. ® C� � Y"ENI, (GM.) ........ Q:WNXYLMC 4IQ14,IYENT v V Y DUTFWND NEC IN CDNCR L LOT ] r� TRACT ONE STOCI(YARDS 260D LIMITED PARTNERSHIP I� MST4 o208NI . I� DEED RECORDS 0) TARRANT COUNTY. TEtAS t0 In R POINT OF 'BILLY BOB'S* BJrGMA NC BUILDING d TACK FOUND IN CENTER of LEAD _ DIRECTIONAL CONTROL LINE PLUG IN CENTER OF '' . Y CUT FOUND w MEASURED 240 BO' RECORD 'IT CUT FOUND ATE IDo N8949'05'E 240.55' �5.5�- .%•CUTFWND N CONCRETE =a 4 Eg / !.I \ :Ab \ 1 Iy�V 11 IFT-; IN CONCRETE eo(CM) -7o�SEE CONCRETE DETAILmCOURTYARD.mUrMEASURED16, 698 Sw S89'49'05"W 112.00' '?.: L :.. : PO NT 500. NWALLSEE Zo,OCOVEREMOJ AREAO s - O C MEASURED Wa Uri Pair SW49'05'W 128.78' i--262T xCUTSET N W, 3 N '' INWALLN BEE XXx • IN CONCRETE L m U1 W IwJ yp t� �J CD ARENA W _ 3IL / \ �rcaW _ O� r W U ] a _ REMAINDER CALLED A6,B2AD W, ET, C5 O O a ; ; CITY OF FORT WORTH i; W W F yVOLUME W74. PAGE 0 '. OEED RECORDS 1TZ n L) m O p Z� J ` = TNtRANf COUNTY. TEAS a Z F Oo ~ V CUTFWND11`\ L� OO II cTJ IN CONCR �\ 6W NAIL~ Y CUT FOUND FOUND YCOENTNEAED AIN DN IN - OF PTOKdELRIONTE 1* 1 DETAIL NOA: DETAIL NO.2: NOT TO SCALE NOT TO SCALE 'TYPICAL' :O.47 T o POINT N g (CR 8IN WALL QNA �. COVERED . AREA O � U. %• CUT FOUND •%• CUT FOUND •IN CONCRETE IN CONCRETE SWC LOT 3 EXCHANGE AVENUE (VARIABLE WIDTH RIGHT-OF-WAY) NOTES: PRIVATE STREET 1) SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF 2) THIS SURVEY WAS COMPLETED WITHOUT THE BENEFIT OF A TITLE COMMITMENT FOR TITLE INSURANCE WHC. MAY REVEAL EASEMENTS OF RECORD THE SURVEYOR IS UNAWARE OF. NO EASEMENT RESEARCH WAS DONE BY THE SURVEYOR ANDAIR SURVEY COMPANY. SURYEYAP'S DECLARATION This plot roprosmts on octuo/ wrwy made on the ground undo my wP -Yis on febniory 11, 2009, and is correct 1{\\yth bbefst of y *n Yedd(e and belie! Donny Peede, `Na.� 4137 BEARINGS BAS41Q,)%I`R DEED RECORDED IN Vol. 9474, Pg. 1727, D.R. LC. L CONCRETE •• YI COURTYARD -- : ll PORT N WALL COVERED AREA 1.2' COVERED ARENA 3 JOB No. OJ1008-6 CDH SZURGOT & PEEDE LAND SURVEYORS, LTD 125 N. COVINGTON STREET P.O. BOX 533 HILLSBORO, TEXAS 76645 PHONE: (254) 582-3231 FAX: (254) 582-3234 M&C Review Page] of 2 CITY COUNCIL AGENDA COUNCIL ACTION: Approved on 10/20/2009 Official site of the City of Fort Worth, Texas FORT WbRTII DATE: 10/20/2009 REFERENCE **L-14875 LOG NAME: 17STOCKYARDSALE NO.. CODE: L TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: Authorize a Contract for Sale of a Portion of Lot 2, Truckers Subdivision, Located East of North Main Street on Rodeo Drive to Stockyards 2000, L.P., for $13,850.00 RECOMMENDATION: It is recommended that the City Council: 1. Authorize execution of a contract for the direct sale of property consisting of approximately 16,698 square feet of land, which is a portion of Lot 2, Truckers Subdivision, located east of North Main Street on Rodeo Drive to Stockyards 2000, L.P., in accordance with Texas Local Government Code 272.001 for the appraised value of $13,850.00; and 2. Authorize the City Manager, or his designee, to execute and record the appropriate instruments regarding the sale. DISCUSSION: The City of Fort Worth (City) acquired the property pursuant to M&C C-11290, approved on November 8, 1988. On February 12, 2002, (M&C C-18960) the City Council authorized a Lease Agreement for the property with Rodeo Plaza, Inc., (RPI) for the use, management and operation of the Cowtown Coliseum. RPI is the current lessee of the property. In January 2009, Stockyards 2000, L.P., submitted a request to purchase the property from the City. The purchaser's development plans include its current continuous use in conjunction with the adjacent business properties of Billy Bob's of Texas and the Fort Worth Stockyards Coliseum. Stockyards 2000, L.P., and RPI have the same principal ownership. As part of the sale, the purchaser agrees to enter into a License Agreement for the purpose of allowing the City to continue street light maintenance until the lights are relocated. The purchaser agrees to purchase the property for the total fair market value in the amount of $13,850.00, which was established through an appraisal. The City will retain all mineral interests it may own in the property. The Planning and Development Department has determined that the purchaser's development plan is consistent with the City's Comprehensive Plan. Purchaser Legal Description Square Feet Zoning Stockyards 2000, L.P. Part of Lot 2, Truckers Subdivision 16,698 KDD The buyer agrees to pay all closing costs related to this transaction. This property is located in COUNCIL DISTRICT 2, Mapsco 62G. http://apps.cfwnet.org/council_packet/Mc—review.asp?ID= I 2490&councildate= 10/20/2009 11/3/2009 M&C Review Page 2 of 2 FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that the Housing and Economic Development Department is responsible for the collection and deposit of funds due to the City. TO Fund/Account/Centers GC10 444010 013010001000 $13.850.00 Submitted for Citv Manaaer's Office bv: Oriainatinq Department Head: Additional Information Contact: ATTACHMENTS FROM Fund/Account/Centers Thomas Higgins (6192) Jay Chapa (5804) Laura B. Chavez (2311) 17STOCKYARDSALE Map.ppt 17STOCKYARDSALE.MAP. LEGAL DESCRIP.pdf http://apps.cfwnet.org/council_packetlmc_review.asp?ID=12490&councildate=1012012009 11 /3/2009