HomeMy WebLinkAboutContract 45586-A1 CITE'SECRETARY
COWRACT NO. 05g1P-A
AMENDMENT NO. 1 TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
(CITY SECRETARY CONTRACT NO. 45586)
This AMENDMENT NO. 1 TO ECONOMIC DEVELOPMENT AGREEMENT
("Amendment") is made and entered into by and between the CITY OF FORT WORTH
("City"), a home rule municipal corporation organized under the laws of the State of Texas, and
CLEARFORK DEVELOPMENT COMPANY, LLC ("Developer"), a Texas limited liability
company.
The City and Developer hereby agree that the following statements are true and correct
and constitute the basis upon which the City and Developer have entered into this Amendment:
A. On or about May 9, 2014 the City and Developer entered into that certain
Economic Development Program Agreement on file in the City Secretary's Office as City
Secretary Contract No. 45586 (the "Agreement"). Under the Agreement, Developer agreed,
either itself or through an Affiliate, to cause to be constructed a mixed-use development on
certain real property in the City in the vicinity of West Vickery Boulevard and South Hulen
Street in stages at three potential levels of investment, all as set forth in the Agreement. In
return, the City agreed to pay Developer certain economic development Program Grants, as more
specifically provided in the Agreement.
B. The Agreement delineates the three levels of potential investment for the
development as the Level 1 Development, the Level 2 Development and the Level 3
Development. The definitions for each of these terms stipulate that the completion of any
Commercial/Retail space or office space must be memorialized in a certificate of occupancy for
shell building space issued by the City. The City's Planning and Development Department has
informed the City staff that for shell building space, the City's practice is to enter a certificate of
completion for shell building space in the City's permit system, from which hard copy records
may be printed. Accordingly, the parties wish to amend the Agreement to revise the definitions
of "Level 1 Development", "Level 2 Development" and "Level 3 Development" to reflect the
City's current practices.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the City and Developer agree as follows:
OFFICIAL RECORD
1. Section 2 of the Agreement (Definitions) is hereby amended as follows: CITY SECRETARY
The following terms and their definitions are hereby amended to read as f to KT- WORTH,TX
Level 1 Development means the expenditure of at least One Hundred
Eighty Million Dollars ($180,000,000.00) in Construction Costs for construction
on the Development Property of, at a minimum, the following improvements: (i)
Amendment No. l to CSC No. 45586
Economic Development Program Agreement with Clearfork Development Company, LLC
RECEIVED OCT 2 9 2014
at least 300,000 square feet of Commercial/Retail space or office space (or a
combination thereof), the entirety of which must have a certificate of completion
for shell building space issued by the City, and (ii) Residential Units comprising
at least 300,000 square feet, the entirety of which must have a temporary or final
certificate of occupancy issued by the City for residential operations, all as
verified in a Certificate of Completion issued by the City in accordance with
Section 5.1.
Level 2 Development means the aggregate expenditure of at least Two
Hundred Forty Million Dollars ($240,000,000.00) in Construction Costs for
construction on the Development Property of, at a minimum, the following
improvements: the Level 1 Development, plus at least 200,000 square feet of
Commercial/Retail space, office space, or Residential Units (or any combination
thereof), for which (in the case of Commercial/Retail space or office space) the
City has issued a certificate of completion for shell building space or (in the case
of Residential Units and any other common areas and space ancillary to such
Residential Units) the City has issued a temporary or final certificate of
occupancy issued by the City for residential operations, all as verified in a
Certificate of Completion issued by the City in accordance with Section 5.1.
Level 3 Development means the aggregate expenditure of at least Three
Hundred Million Dollars ($300,000,000.00) in Construction Costs, for
construction on the Development Property of, at a minimum, the following
improvements: the Level 1 Development and the Level 2 Development, plus at
least 200,000 square feet of Commercial/Retail space, office space, or Residential
Units (or any combination thereof), for which (in the case of Commercial/Retail
space or office space) the City has issued a certificate of completion for shell
building space or (in the case of Residential Units and any other common areas
and space ancillary to such Residential Units) the a temporary or final certificate
of occupancy issued by the City for residential operations, all as verified in the
Certificate of Completion issued by the City in accordance with Section 5.1.
2. All terms in this Amendment that are capitalized but not defined shall have the meanings
assigned to them in the Agreement.
3. All terms and conditions of the Agreement that are not expressly amended pursuant to
this Amendment shall remain in full force and effect.
EXECUTED as of the last date indicated below:
CITY OF FORT WORTH: APPROVED AS TO FORM AND
LEGALITY:
Amendment No. 1 to CSC No. 45586
Economic Development Program Agreement with Clearfork Development Company, LLC
By: �..�r By:
Fernando Costa Peter Vaky
Assistant City Manager Deputy City Attorney
Date: IDAR hi M&C: none required
CLEARFORK DEVELOPMENT
COMPANY, LLC, a Texas limited
liability 4.- Paxton S
By: N E. Motheral
Title: Manager
Date: 10/16/14
Adeftd
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J. er, City Secretary
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AS
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH,TX
Amendment No. 1 to CSC No.45586
Economic Development Program Agreement with Clearfork Development Company,LLC