HomeMy WebLinkAboutContract 41399 CITY SECRETARY
CONTRACT NO, 13 .
OPTION TO PURCHASE TAX FORECLOSED PROPERTY
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THIS OPTION TO PURCHASE ("Option"), dated 3-an (0;1k , 2011, is
between The City of Fort Worth, Texas, a home rule municip ality,("Seller"), acting by and
through its duly authorized Assistant City Manager, Susan Alanis, and the Fort Worth Housing
Finance Corporation("Purchaser"), acting by and through its duly authorized officer.
RECITALS
A. Seller is the owner of certain tracts of real property, which are more particularly
described on Exhibit A, attached hereto and incorporated herein by reference(the"Properties").
B. Purchaser desires to purchase one or more of the Properties.
C. Seller has agreed to grant to Purchaser an option to purchase one or more of the
Properties.
AGREEMENT
In consideration of the mutual covenants and other consideration in this Option, Seller
and Purchaser agree as follows:
1. Option Amount. In consideration of ONE HUNDRED AND NO/100
DOLLARS ($100.00), Seller grants to Purchaser the exclusive right and option to purchase one
or more of the Properties, SUBJECT, HOWEVER, to the terms and conditions hereinafter set
forth. This option amount is in addition to and independent of any other consideration or
payment provided for in this Option, is nonrefundable, and shall be retained by Seller
notwithstanding any other provision of this Option.
2. Option Period. This Option shall expire on December 31, 2011.
3. Purchase Price. The purchase price for the Properties shall be as specified on
Exhibit A ("Purchase Price"). If this Option is exercised in accordance with the terms hereof,
then the consideration described in Section 1, previously paid by Purchaser to Seller shall apply
to the Purchase Price. Additionally, Purchaser shall be responsible for any post judgment taxes
which may have accrued.
4. Agreement of Purchase and Sale If this Option is exercised in accordance with
the terms hereof, then the Purchaser and Seller shall enter into a Purchase and Sale Agreement,
the form of which shall be agreed to by the parties at that time.
5 Until the Seller's City Council has formally accepted
same, this Option shall not be binding upon the Seller unless and until the Option has been
approved, accepted and receipt of payment therefore authorized in an open meeting by the
Seller's City Council, however, upon approval, this agreement shall be binding and effective as
of January 6, 2011. After having been so accepted, this Option shall be bindin upon the Seller.
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
In addition, an additional closing contingency shall be the award of the tax credits for the
Lakeside Village Homes project as well as satisfactory completion of environmental review and
receipt by the City of Fort Worth of a release of funds from the United States Department of
Housing and Urban Development under 24 CFR Part 58 for Purchaser's intended use of the
Properties.
6. Notices.
A. Any notice required or permitted to be given hereunder by one party to the other
shall be in writing and the same shall be given and shall be deemed to have been served and
given if delivered in person to the address set forth herein below for the party to whom the notice
is given, or placed in the United States mail, return receipt requested, addressed to such party at
the address hereinafter specified.
B. The address of Seller for all purposes under this Option and for all notices
hereunder shall be:
The City of Fort Worth
Housing and Economic Development Department
1000 Throckmorton
Fort Worth, Texas 76102
Attn: Jay Chapa
With a copy to:
City Attorney's Office
1000 Throckmorton
Fort Worth, Texas 76102
Attn: Leann D. Guzman
C. The address of Purchaser for all purposes under this Option and for all notices
hereunder shall be:
The City of Fort Worth
Housing Finance Corporation
1000 Throckmorton
Fort Worth, Texas 76102
Attn: Jay Chapa
With a copy to:
City Attorney's Office
1000 Throckmorton
Fort Worth, Texas 76102
Attn: Vicki Ganske
D. From time to time any party may designate another address within the forty-eight
(48) contiguous states of the United States of America for all purposes of this Option by giving
the other party not less than thirty(30) days' advance written notice of such change of address in
accordance with the provisions hereof.
7. Entire Agreement. This Option (including the exhibits hereto) contains the
entire agreement between Seller and Purchaser, and no oral statements or prior written matter not
specifically incorporated herein shall be of any force and effect. No variation, modification, or
changes hereof shall be binding on any party hereto unless set forth in a document executed by
such parties or a duly authorized agent, officer or representative hereof.
8. Succession. This Option shall inure to the benefit of and be binding on the parties
hereto and their respective successors and assigns. Purchaser shall not assign this Option or any
rights or obligations hereunder to any third party without the prior written consent of Seller and
any attempted assignment without the prior written consent of Seller shall be void.
9. Governing Law and Venue This Option shall be governed by and construed in
accordance with the laws of the state of Texas. Venue of any action brought under this Contract
shall be in Tarrant County, Texas if venue is legally proper in that county.
10. Performance of Agreement The obligations under the terms of this Option are
performable in Tarrant County, Texas.
11. Severability. In case any one or more of the provisions contained in this Option
shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision hereof, and this Option shall be
construed as if such invalid, illegal, or unenforceable provision had never been contained herein.
12. No Partnership. The terms, provisions and agreements set forth in this Option
are not intended to create a partnership or any other kind of joint venture, and neither party
hereto is hereby authorized or appointed to act as the agent or representative of the other in any
respect.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
EXECUTED by Seller and Purchaser to be effective as of the date first written above.
Seller:
CITY OF FORT WORTH, a Texas municipal corporation,
on its own behalf and as trustee for
By: i
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Nam : S Alanis
Title: Assistant City Manager
Attest:
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Marty Hendrix, Aty Secretary I a�
ontraC Authoriaatioa
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Approved as to Legality and Form: Date
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/J' ,ap'Oti0.11'Q�
as *Oft?* a�
ame: Leann Guz a Q,0000.
Title: Assistant City Attorney II °° °° 0
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Name: Scarth, vice President
Title: Nyice President, The Fort Worth Housing Finance Corporation
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Exhibit A
Property Description
Potential Lot list
Lot# Street# Street Amount
1 5336 Fletcher $ 2,500.00
2 5431 Geddes $ 779.43
3 5806 Geddes $ 20,700.00
4 5501 Geddes $ 2,500.00
5 5639 Geddes $ 18,466.94
6 5424 Diaz $ 2,739.59
7 5512 Diaz $ 1,921.17
8 5625 Diaz $ 10,785.86
9 5300 Bonnell $ 6,500.00
10 5525 Curzon $ 1,234.53
11 5527 Curzon $ 1,199.87
12 5428 Carver $ 29,100.00
13 5300 Carver $ 2,500.00
14 5419 Carver $ 2,500.00
15 5609 Carver $ 1,369.40
16 5605 Carver $ 7,300.00
17 5324 Farnsworth $ 1,500.00
18 5529 Farnsworth $ 9,342.78
19 5228 Farnsworth $ 1,500.00
20 5309 Farnsworth $ 3,000.00
21 5424 Farnsworth $ 9,000.00
22 5625 Farnsworth $ 4,755.79
23 5716 Farnsworth $ 9,619.40
24 5329 Farnsworth $ 15,684.82
25 3300 Horne $ 15,101.72
26 5601 Fernander $ 3,000.00
27 5536 Fernander $ 4,975.39
28 5838 Humbert $ 16,001.18
29 5609 Humbert $ 4,694.07
30 5600 Humbert $ 1,500.00
31 5628 Humbert $ 1,500.00
32 5712 Wellesley $ 6,100.00
33 5605 Wellesley $ 2,500.00
34 5813 Wellesley $ 11,700.00
35 5501 Wellesley $ 2,333.96
36 5513 Kilpatrick $ 18,819.94
Leasing Office Lot 3401 Horne $ 57,185.50
TOTAL $ 311,911.34
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the 6th day of January, 2011, by Daniel
Scarth, Vice President, of the Forth Worth Housin Finance Corporation.
(SEAL) '."�Z4�x��
Not Public in and for
r
S.LGOIN the State of Texas
MY COMMISSION EXPIRES
01,...:
August 3,2014
L -
(Printed Name of Notary)
My commission expires: d 3
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the 6th day of January, 2011, by Susan
Alanis, Assistant City Manager of the City of Fort Worth, a Texas municipal corporation, on
behalf of said municipal corporation.
(SEAL)
My No ublic in and for
ti c. S.L GOIN
_•: MY COMMISSION EXPIRES the State of Texas
August 3,2014
(Printed Name of Notary)
My commission expires:
8- 3 - ')-a ()(
-NI&C lt"review
Page 1 of 2
Official site of the City of Fort Worth,"texas
CITY COUNCIL AGENDA FORT WORTH
DATE: 1/25/2011 REFERENCE*"L-15127 LOG 17NRPCOMOLAKESIDEVILLAGEHOMES
NO.: NAME:
CODE: L TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize the Direct Sale of Up to Thirty-Seven Tax Foreclosed City Owned Properties
Located in the Como Neighborhood to the Fort Worth Housing Finance Corporation for
the Project Known as Lakeside Village Homes in Accordance with Section 34.05 of the
Texas Tax Code for an Amount of Up to $311,911.34 Along with Any Post Judgment
Taxes and Authorize Release of Liens (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council:
1. Approve the direct sale of up to thirty-seven tax-foreclosed City owned properties located within the
Como neighborhood to the Fort Worth Housing Finance Corporation for the development of a project
known as Lakeside Village Homes in accordance with Local Government Code Section 272.001(1) in
the amount of up to $311,911.34 along with any post judgment taxes accrued; and
2. Authorize the appropriate City representatives to execute the documents necessary to complete
the sale of the property.
DISCUSSION:
The City of Fort Worth received the tax-foreclosed properties through a Constable's Sale. The City is
authorized to conduct a direct sale of tax-foreclosed properties for the lesser of the market value
specified in the judgment or the total of the tax judgments plus any post judgment taxes accrued. The
City has received a request from the Fort Worth Housing Finance Corporation to sell up to thirty-
seven tax-foreclosed properties within the Como neighborhood for the development of the project
known as Lakeside Village Homes health center to provide quality, affordable and accessible housing
in the area.
As part of the sale of the properties, City staff will request the release of all existing City liens and the
Fort Worth Housing Finance Corporation will be responsible for all closing costs. The Housing
Finance Corporation has the right to assign the properties to Lakeside Village, Ltd. The properties
are listed on the attached list.
This project is located in COUNCIL DISTRICT 7.
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 $311.911.34
Submitted for CitManager's Office bT Susan Alanis (8180)
Originating Department Head: Jay Chapa (5804)
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=14723&councildate=1/25/2011 01/25/2011
*M&C review Page 2 of 2
Additional Information Contact: Fabiola Y Suarez(6811)
Cynthia Garcia (8187)
ATTACHMENTS
Lakeside Village Addresses 010611 pdf
http://apps.cfwnet.org/council_packet/mc review.asp?ID=14723&councildate-1/25/2011 01/25/2011
Lot list
Lot# Street# Street Amount Zoning
1 5336 Fletcher $ 2,500.00 A-5
2 5431 Geddes $ 779.43 A-5
3 5806 Geddes $ 20,700.00 A-5
4 5501 Geddes $ 2,500.00 A-5
5 5639 Geddes $ 18,466.94 A-5
6 5424 Diaz $ 2,739.59 A-5
7 5512 Diaz $ 1,921.17 A-5
8 5625 Diaz $ 10,785.86 A-5
9 5300 Bonnell $ 6,500.00 A-5
10 5525 Curzon $ 1,234.53 A-5
11 5527 Curzon $ 1,199.87 A-5
12 5428 Carver $ 29,100.00 A-5
13 5300 Carver $ 2,500.00 A-5
14 5419 Carver $ 2,500.00 A-5
15 5609 Carver $ 1,369.40 A-5
16 5605 Carver $ 7,300.00 A-5
17 5324 Farnsworth $ 1,500.00 A-5
18 5529 Farnsworth $ 9,342.78 A-5
19 5228 Farnsworth $ 1,500.00 A-5
20 5309 Farnsworth $ 3,000.00 A-5
21 5424 Farnsworth $ 9,000.00 A-5
22 5625 Farnsworth $ 4,755.79 A-5
23 5716 Farnsworth $ 9,619.40 A-5
24 5329 Farnsworth $ 15,684.82 A-5
25 3300 Horne $ 15,101.72 E*
26 5601 Fernander $ 3,000.00 A-5
27 5536 Fernander $ 4,975.39 A-5
28 5838 Humbert $ 16,001.18 A-5
29 5609 Humbert $ 4,694.07 A-5
30 5600 Humbert $ 1,500.00 A-5
31 5628 Humbert $ 1,500.00 A-5
32 5712 Wellesley $ 6,100.00 A-5
33 5605 Wellesley $ 2,500.00 A-5
34 5813 Wellesley $ 11,700.00 A-5
35 5501 Wellesley $ 2,333.96 A-5
36 5513 Kilpatrick $ 18,819.94 A-5
�371 3401 Horne $ 57,185.50 E
TOTAL $ 311,911.34
*to be re-zoned A-5