HomeMy WebLinkAboutContract 43390-A10 CITY SECRETARY
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CONTRACT NO. 1
TENTH AMENDMENT TO CITY SECRETARY CONTRACT NO. 43390
WHEREAS, the City of Fort Worth ("Seller") and JJE Proper-ties, Ltd. ( "Purchaser")
made and entered into City Secretary Contract No. 43390 (the "Contract");
WHEREAS, Section 6(a) of the Contract provides for a 60 day Option Period;
WHEREAS, Seller and Purchaser extended the Option Period by 14 days in the First
Amendment to the Contract effective September 7, 2012;
WHEREAS, the Survey and the updated Title Commitment showed certain
encroachments and an arch storm drain running under the building slab and more time is needed
to resolve these issues;
WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in
the Second Amendment to the Contract effective September 21, 2012;
WHEREAS, Section3(b) of the Contract calls for Purchaser to obtain an updated survey
of the Property and states that the legal description of the Property in the Survey will be used in
all documents that require a legal description of the Property;
WHEREAS, the Survey by JB Davies, Inc. dated September 26, 2012 shows a more
complete legal description of the Property along with certain encroachments thereto;
WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in
the Third Amendment to the Contract effective October 5, 2012 to resolve the encroachments to
the Property and to amend the Contract to provide for an updated legal description of the
Property as shown on the Survey;
WHEREAS, Seller and Purchaser agreed to extend the Option Period by an additional 14
days effective October 19, 2012 in the Fourth Amendment to the Contract ;
WHEREAS, Seller and Purchaser agreed to extend the Option Period by an additional 14
days effective November 2, 2012 and to extend the date of Closing until December 1, 2012 in the
Fifth Amendment;
WHEREAS, Seller and Purchaser agreed to extend the Option Period until March 1, 2013
and the Closing until April 1, 2013, effective as of December 1, 2012 in the Sixth Amendment;
WHEREAS, Seller and Purchaser agreed to extend the Option Period until May 1, 2013
and Closing until June 1, 2013, effective February 28, 2013, effective as of February 28, 2013 in
the Seventh Amendment;
Tenth Amendment to City Secretary Contract No.43390 0r C��AL RL:CORD
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WHEREAS, Seller and Purchaser agreed to extend the Option Period until August 1,
2013 and Closing until. September 1, 2013, effective as of April 26, 2013 in the Eighth
Amendment;
WHEREAS, because an underground storage tank wasen found on the property and such
tank must be removed according to State and Federal law, Seller and Purchaser agreed to extend
the Option Period until October 1, 2013 and Closing until November 1, 2013, effective July 26,
2013 in the Ninth Amendment;
WHEREAS, because Seller requires an Easement and Encroachment Documents
(Documents)for the storm sewer line and other encroachments, Seller and Purchaser desire to
extend the Option Period until November 1, 2013 and Closing until December 1, 2013, effective
September 30, 2013 to complete such Documents.
NOW, THEREFORE Seller and Purchaser hereby agree to amend the Contract as
follows:
1.
Section 6. Option Period, subsection (a) is hereby amended to read as follows:
"(a) Notwithstanding anything to the contrary contained in this Contract, until
November 1, 2013 ("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 7 below)."
II.
Section 8. Closing Contingencies, subsection (a) is hereby amended to read as follows:
"(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser
shall occur through the offices of the Title Company no more than 15 days
after the satisfaction of the following contingencies to Closing (`Closing
Contingencies"), but no later than December 1, 2013. The Closing
Contingencies are as follows:
(1) Any easements conveyed to the City will be at no cost to the City."
III.
Tenth Amendment to City Secretary Contract No. 43390
2
Section 8. Closing Contin ncies, subsection (c) is hereby amended to read as follows:
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"(c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction after
November 1, 2013 so that Purchaser is prepared to close on or before December
1, 2013, then Purchaser must terminate this Contract, and upon 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."
IV.
As Independent Consideration of this extension, Purchaser will deliver $50.00 to Seller prior to
execution of this Amendment. The $50.00 is nonrefundable and will be applied to the
Purchaser Price at Closing.
V.
This Ninth Amendment shall be effective as of September 30, 2013.
V1.
All terms and conditions of the Contract not herein amended remain unaffected and in full force
and effect and are binding on the Pat-ties and are hereby ratified by the Parties.
SELLER: PURCHASER:
City of Fort Worth JJE Properties, LTD., a Texas
Limited Partnership,
By: Property Company of Fort
Wort 111jC, its General Partner
Fernando Costa, Assistant City Manager Jim 1 —1 sident
Approved as to Legality and Form
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DATE: 5/15/2012 REFERENCE NO.: **L-15363 LOG NAME: 17801 WVICKERY
CODE: L TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Direct Sale of a Fee Simple Property Owned by the City of Fort Worth Located
at 801 West Vickery Boulevard to JJE Properties, Ltd., in the Amount of $236,000.00 in
Accordance with Section 272.001(b)(6) of the Texas Local Government Code (COUNCIL
DISTRICT 8)
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RECOMMENDATION:
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 at 801
West Vickery Boulevard to JJE Properties, Ltd., in the amount of$236,000.00 in accordance with
Section 272.001(b)(6) of the Texas Local Government Code; and
2. Authorize execution and recording of the appropriate instruments conveying the property to
complete the sale.
DISCUSSION:
The property at 801 West Vickery Boulevard was acquired by the City of Fort Worth (M&C L-13115)
for the Vickery Boulevard Project, which was approved by City Council in November 1990 (M&C G-
8923) and revised in October 1996 (M&C G-11605). The property was the former site of the Shooter's
Palace Building which was used as a gun range.
On December 14, 2004, (M&C G-14612) the City Council rescinded approval for the Vickery
Boulevard Project and approved the sale of parcels purchased for the project.
A written Intent to Purchase the property was received from JJE Properties, Ltd. The company plans
to restore the 1925 structure and address the environmental issues on the property.
The City of Fort Worth is authorized to sell fee owned property by Texas Local Government Code
272.001 (b)(6), which allows for the direct sale of property that is located in a reinvestment zone and
that the municipality desires to have developed under a project plan adopted by the municipality for
the zone. This property is located in the Tax Increment Reinvestment Zone Number 4 (TIF) and will
be developed in accordance with the project plan for that TIF.
The property was appraised on March 27, 2012 in the amount of$236,000.00.
The City of Fort Worth advertised the Intent to Sell the property in the Fort Worth Star-Telegram on
April 22, 2012, April 29, 2012, May 6, 2012 and May 13, 2012.
The Planning and Development Department has reviewed the current zoning of this property and
determined that the zoning classification of the property is compatible with respect to the existing land
use, the existing land uses of the surrounding neighborhood and future land use designations
indicated by the Comprehensive Plan.
ADDRESS LEGAL PRICE ZONING
801 West Vickery Boulevard ,Lots 1 and 6B Block 3 '$236,000.00 NS-71-5
Jennings South Addition
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This property is located in COUNCIL DISTRICT 8, Mapsco 76H.
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 FROM Fund/Account/Centers
GC10 444583 030023002000 $236,000.00
...........
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Robin Bentley (7315)
Katherine Davenport (7923)
ATTACHMENTS
801WVICKERY.pd
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