HomeMy WebLinkAboutContract 60714-CA1Date Received: 6/20/2024 City Secretary
Time Received: 3:08 p.m. Contract No.: 160714-CA1
CONSENT TO ASSIGNMENT OF
COMMUNITY FACILITIES AGREEMENT
(CITY SECRETARY CONTRACT NO. 60714)
This CONSENT TO ASSIGNMENT OF COMMUNITY FACILITIES
AGREEMENT (CITY SECRETARY CONTRACT NO. 60714) ("Consent") is made and
entered into by and between the CITY OF FORT WORTH, a home rule municipal
corporation organized under the laws of the State of Texas ("City"), Majestic Fort Worth
Partners, LP, a Texas limited partnership ("Assignor"), and Majestic Fort Worth Partners
II, LLC , a Delaware limited liability company ("Assignee"), each acting by and through their
duly authorized representatives.
The following recitals are true and correct and form the basis of this Consent:
WHEREAS, effective January 8, 2024, the City and Majestic Fort Worth Partners, LP
entered into that certain Community Facilities Agreement on file in the City Secretary's Office as
City Secretary Contract No. 60714 ("CFA"). Under the CFA, Majestic Fort Worth Partners,
LP (defined as "Developer" for purpose of the CFA) agreed to construct certain specific public
infrastructure improvements ("Improvements") in connection with the development of Majestic
Railhead Building 2 located at Lot 3, Block 1, Railhead Fort Worth, Phase IV, an addition to the
City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Cabinet "A",
Pages 5686 & 5687 of the Plat Records of Tarrant County, Texas; and
WHEREAS, Assignor desires to assign all of Assignor's right, title and interest in the CFA
to Assignee;
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the City, Assignor and Assignee agree as follows:
The City hereby consents to an assignment by Assignor to Assignee of all right, title and
interest granted to Developer by the CFA effective upon the sale of the Property from
Assignor to Assignee, execution of this Consent by the City, Assignor, and Assignee, and
delivery of a development bond to the City as outlined in Section 6 of this Consent
("Effective Date").
2. The City consents to such assignment expressly upon the promise and covenant by
Assignee, and Assignee promises and covenants to the City, that Assignee will comply
with and assume all duties and obligations of Developer set forth in the CFA.
3. Notwithstanding anything to the contrary herein, Assignee understands and agrees that no
act or omission of Assignor, whether before or after the Effective Date, will serve to
OFFICIAL RECORD
City of Fort Worth, Texas CITY SECRETARY
Consent to Assignment of City Secretary Contract No. 60714 FT. WORTH, TX
Page I of 5
mitigate any event of default set forth in the CFA, or limit or modify City's ability to
terminate the CFA.
4. Notwithstanding anything to the contrary herein, Assignee represents and warrants to the
City that Assignee has made a thorough inspection of the Property and that Assignee
understands and agrees that on and after the Effective Date, Assignee shall be responsible
for ensuring that the condition of the Property is in compliance with all applicable laws,
including environmental regulations.
5. By executing this Consent, the City does not ratify or endorse any agreement or
representation between Assignor and Assignee; grant Assignee any rights greater than
those granted to Developer under the CFA; or consent to any amendment to the CFA.
6. Contemporaneous with the execution of this Consent by Assignee, Assignee has delivered
to the City a bond rider acceptable to the City in the amount of $500,572.07, and in the
name of Assignee as the Principal, that guarantees Assignee will construct the
Improvements in the CFA and pay all cost of labor, materials and equipment furnished in
construction of the Improvements under the CFA.
7. Assignor, Assignee and City agree, that upon delivery of the development bond by
Assignee to the City and execution of this Consent by the City, the City shall execute a
release of surety to cause the release of the development bond in the amount of $500,572.07
that was provided by Assignor to the City in connection with the CFA.
8. Assignor, Assignee and City agree that the CFA application fee in the amount of $2,300.00
and the estimated administrative material testing fees, water testing lab fees and
construction inspection service fees in the combined amount of $39,025.00 that Assignor
paid to the City in connection with the CFA shall become the property of Assignee and
shall remain on deposit with the City as Assignee's payment of the CFA application fee
and payment of the estimated administrative material testing fees, water testing lab fees,
and construction inspection service fees required by the City. After construction of the
Improvements in the CFA has been completed and the Improvements have been accepted
by the City, the City will reconcile the estimated fees with the actual costs. Any refund
owed of the difference between the estimated fees and the actual cost will be paid by the
City to Assignee. If the estimated fees are less than the actual cost, the Assignee shall pay
the difference to the City.
9. All terms in this Consent that are capitalized but not defined shall have the meanings
assigned to them in the CFA.
10. The CFA is in full force and effect and has not been modified, supplemented, or amended
in any way unless specifically set forth herein.
11. On and after the Effective Date, all notice which is required or desired to be sent to
Developer under the CFA shall be delivered to the following:
City of Fort Worth, Texas
Consent to Assignment of City Secretary Contract No. 60714
Page 2 of 5
Majestic Fort Worth Partners II, LLC
13191 Crossroads Parkway North
City of Industry, CA 91746
[REMAINDER OF PAGE INTENTIONALLY BLANK]
City of Fort Worth, Texas
Consent to Assignment of City Secretary Contract No. 60714
Page 3 of 5
IN WITNESS WHEREOF, the undersigned have caused this Consent to be executed in
multiples as of the last date indicated below:
City:
CITY OF FORT WORTH
Dana Burghdoff (_ ' U2419:d1 CDT)
Dana Burghdoff
Assistant City Manager
Date: J U n 20, 2024
Recommended by:
Bichson Nguyen
Contract Compliance Specialist
Development Services Department
Approved as to Form & Legality:
-9�
Richard McCracken (Jun 20, 202414:56 CDT)
Richard A. McCracken
Sr. Assistant City Attorney
No M&C Required
Form 1295: N/A
Date: J U n 20, 2024
Contract Compliance Manager:
By signing, I acknowledge that I am the
person responsible for the monitoring and
administration of this contract, including all
performance and reporting requirements.
Rebecca Owen (Jun 20, 202412:56 CDT)
Rebecca Owen
Development Manager
64990n
aq F°RT°n�
ATTEST: p >e °9o�
�o
Oa�n nEX 45O4p
Jannette Goodall
City Secretary
OFFICIAL RECORD
City of Fort Worth, Texas
CITY SECRETARY
Consent to Assignment of City Secretary Contract No. 60714
FT. WORTH, TX
Page 4 of 5
Assignor:
Majestic Fort Worth Partners, LP
A Texas limited partnership
By: Majestic Fort Worth GP, LLC
a Texas limited liability company
Its General Partner
By: Majestic Realty Co.
a California corporation
Its Sole Member
D. *4 rpA fk
BRANDON HUNT (Jun 19, 202409:07 PDT)
Edward P. Roski
President
Date:. u n 19, 2024
City of Fort Worth, Texas
Consent to Assignment of City Secretary Contract No. 60714
Page 5 of 5
Assignee:
Majestic Fort Worth Partners II, LLC
a Delaware limited liability company
By: Majestic Fort Worth Partners, LP
a Texas limited partnership
Its Sole Member and Manager
By: Majestic Fort Worth GP, LLC
a Texas limited liability company
Its General Partner
By: Majestic Realty Co.
a California corporation
Its Sole Member
BRANDON HUNT (Jun I9, 202409:07 PDT)
Edward P. Roski
President
Date: J u n 19, 2024