HomeMy WebLinkAboutContract 36333 STATE OF TEXAS §
COUNTY OF TARRANT §
AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO. 30457
TAX ABATEMENT AGREEMENT BETWEEN
CITY OF FORT WORTH AND LINCOLN TRINITY BLUFFS LP
This AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO.
30457 ("Amendment") is entered into by and between the CITY OF FORT WORTH
(the "City"), a home rule municipality organized under the laws of the State of Texas and
acting by and through Dale Fisseler, its duly authorized Assistant City Manager, and
LINCOLN TRINITY BLUFFS LP ("Owner"), a Delaware limited partnership in good
standing with and authorized to do business in the State of Texas, acting by and through
Dan M. Jacks, Vice President of Lincoln No. 2094, Inc., a Texas corporation and general
partner of LPC WO Trinity Bluffs LP, a Texas limited partnership and general partner of
Owner.
The City and Owner hereby agree that the following statements are true and
correct and constitute the basis upon which the City and Owner have entered into this
Amendment:
A. The City and Trinity Bluff Development, Ltd. previously entered into that
certain Tax Abatement Agreement on file in the City Secretary's Office as City Secretary
Contract No. 30457 (the "Agreement"). In accordance with the Agreement and pursuant
to a letter to the City dated September 22, 2005, Trinity Bluff Development, Ltd.
assigned all of its rights and obligations under the Agreement to LPC WO Trinity Bluffs
LP and LPC WO Trinity Bluffs LP assigned all of its rights and obligations under the
Agreement to Owner. Both LPC WO Trinity Bluffs LP and Owner are affiliates of
Lincoln Property Southwest, Inc.
B. The Agreement requires Owner to construct an apartment complex and
certain other improvements (the "Required Improvements") on the Land subject to
Abatement, as more specifically set forth in the Agreement. In return, Owner is eligible
to receive a one (1)-year Abatement on the Land and any improvements located thereon,
including the Required Improvements.
C. Section 2.5 of the Agreement provides that the Compliance Auditing Year,
which is the calendar year in which the City will audit Owner's compliance with the
terms and conditions of the Agreement, will be the calendar year in which the
Completion Date for the Required Improvements occurs, and that the Abatement Year,
which is the tax year for which the Abatement will be provided, will be the tax year
following the Compliance Auditing Year.
Amendment No.I to CSC No. 30457
Page 1 of 4
Am TEX.
D. The City's general tax abatement policies provide that the first year of
compliance auditing is the year before the first year in which a tax abatement is available.
In accordance with M&C C-20215, pursuant to which the City Council approved the
Agreement, it was intended that the Abatement Year be the second full tax year following
the Completion Date, and not the first. Therefore, the City and Owner wish to amend the
Agreement to provide that the Compliance Auditing Year in this Agreement be the first
full calendar year following the Completion Date rather than the calendar year in which
the Completion Date occurred.
E. This Amendment is authorized under § 312.208 of the Texas Tax Code
because (i) the provisions of this Amendment could have been included in the original
Agreement and (ii) this Amendment has been entered into following the same procedure
in which the Agreement was approved and executed.
NOW, THEREFORE, the City and Owner, for and in consideration of the terms
and conditions set forth herein, do hereby contract, covenant and agree as follows:
1. The first sentence of Section 2.5 of the Agreement (Term of Abatement) is hereby
amended to read as follows:
As more specifically set forth in Section 3.4, the City will audit
Owner's compliance with the terms and conditions of this Agreement for
the first full calendar year following the year in which the Completion
Date occurs (the "Compliance Auditing Year").
2. Capitalized terms used but not identified in this Amendment shall have the
same meanings assigned to them in the Agreement.
3. Except as otherwise specifically amended in this Amendment, the Agreement shall
remain in full force and effect.
4. This Amendment contains the final written expression of the City and Owner with
respect to the subject matter hereof. This Amendment may be executed in multiple
counterparts, each of which shall be considered an original, but all of which shall
constitute one instrument.
EXECUTED as of the last date indicated below:
Amendment No.l to CSC No. 30457
Page 2 of 4
CITY OF FORT WORTH: ATTEST:
By: % C By:
Dale Fisseler V Marty Hendri
Assistant City Manager City Secretary
Date:
APPROVED AS TO FORM AND LEGALITY:
By: C-2 Z
Peter Vaky /2-/,f-0 7
Assistant City Attorney
LINCOLN TRINITY BLUFFS LP,
a Delaware limited partner:
By: LPC WO Trinity Bluffs, LP, a
Texas limited partner and its sole
general partner:
By: Lincoln No. 2094, Inc., a
Texas corporation and its sole
general partner:
By:
ff ourtwright
Vice President
Amendment No.I to CSC No. 30457
Page 3 of 4 �
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, on this day personally appeared Dale Fisseler, Assistant City
Manager of the City of Fort Worth, known to me to be the person whose name is
subscribed to the foregoing instrument, and acknowledged to me that the same was the act
of the City of Fort Worth, that he was duly authorized to perform the same by appropriate
authorization of the City Council of the City of Fort Worth and that he executed the same
as the act of the City of Fort Worth for the purposes and consideration therein expressed
and in the capacity therein stated.
GIV N DER MY HAND AND SEAL OF OFFICE this / day of
2007.
Notary Public in and for the State of Texas COR "�M ry cm '" ion xD r s y Cemmsss'oa Expires Msrcto 07,2Ot 1
Notary's Printed Name
STATE OF TEXAS §
COUNTY OF §
BEFORE ME, on this day personally appeared )t� known
to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that the same was the act of Lincoln Trinity Bluffs LP, that he was
duly authorized to perform the same as an officer of Lincoln No. 2094, Inc., the general
partner of LPC WO Trinity Bluffs, LP, the general partner of Lincoln Trinity Bluffs LP
and that he executed the same as the act of Lincoln Trinity Bluffs LP for the purposes and
consideration therein expressed and in the capacity therein stated.
20
GIVEN UNDER MY HAND AND SEAL OF OFFICE this � day of
(' J , 2007.
Not ublic in and for the State of Texas i;'e; JULIESMTH
r
'R• "'- MY COMMISSION EXPIRES
SNAXtrL '= May is,zoos
Notary's Printed Name
Amendment No.l to CSC No. 30457
Page 4 of 4
Page 1 of 1
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/18/2007
DATE: Tuesday, December 18, 2007
LOG NAME: 17AMDTRINBLUFF REFERENCE NO.: C-22591
SUBJECT:
Authorize the Execution of an Amendment to City Secretary Contract No. 30457, Tax Abatement
Agreement with Lincoln Trinity Bluffs, L.P., Related to Redevelopment in the Northeast Portion of
Downtown
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute the attached amendment to
the Tax Abatement Agreement with Lincoln Trinity Bluffs, L.P., City Secretary Contract No. 30457.
DISCUSSION:
On August 17, 2004, the City Council authorized execution of a Tax Abatement Agreement with Trinity Bluff
Development, Ltd., for the redevelopment of property in the northeast portion of downtown to include the
construction of a 300 unit apartment complex. The Agreement was subsequently assigned to Lincoln Trinity
Bluffs, L.P.
Typically, tax abatement agreements allow a full year for Compliance Auditing, which is usually the full year
following completion of the project. The Agreement currently sets the Compliance Auditing year the same
year as the completion of the project. The project was completed in July 2007, which does not allow a full
year for auditing compliance.
The attached amendment will change the Compliance Auditing year to 2008, with the abatement benefit to
occur in 2009 instead of 2008. Otherwise, the structure and terms of the Agreement will remain the same.
This project is in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that no expenditure of funds is associated with approval of this amendment.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for Cites Manager's Office by: Dale Fisseler (6140)
Originating Department Head: Tom Higgins (6192)
Additional Information Contact: Ardina Washington (8003)
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 12/19/2007