HomeMy WebLinkAboutContract 45961-A1 CITY SEMETAW
FIRST AMENDMENT TO CITY SECRETARY CONTRACT NO. 45961 CONTRACT NO.
WHEREAS, the City of Fort Worth ("Seller") and the Fort Worth Local Development
Corporation ("Purchaser") collectively "Parties" made and entered into City Secretary Contract No.
45961 (the "Contract"), an Option and Contract of Sale and Purchase agreement for property for use in a
mixed use development on Lancaster Avenue;
WHEREAS, Section 7(a) of the Contract provides for "Closing" on or after July 31, 2014, but not
later than October 31, 2014;
WHEREAS, the Parties desire to extend the Closing date to April 1, 2015.
NOW, THEREFORE Seller and Purchaser hereby agree to amend the Contract as follows:
Section 7. Closing, subsection (a) is hereby amended to read as follows:
I.
(a) Subject to Section (e) below, the closing ("Closing") of the sale of the Property by Seller
to Purchaser shall occur through the office of the Title Company on or after July 31, 2014, but not later
than March 1, 2015.
II.
The reference to 2014 taxes in Section (c) is hereby amended to read "2015".
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This First Amendment shall have an Effective Date of October 31, 2014.
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`T All terms and conditions of the Contract not herein amended remain unaffected and in full force and
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effect and are binding on the Parties and are hereby ratified by the Parties.
This Contract is EXECUTED as of the Effective Date.
SELLER:
CITY OF FORT WORTH
By:
Fernando Costa
Assistant City Manager
Date: z
Approved as to Form and Legality:
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By: (iL
eann Guzman
Sr. Assistant City Attorney ofICIA�RECORD
CITY SECRETARY
FT.WORMt TX
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Attest:
By:
Mary KayserVipelcretar4yJ
Authorizing M&C: L-15276
PURCHASER:
FORT WORTH LOCAL DEVELOPMENT CORPORATION
By:
Date:
EOFFICIALRECORDRETARYPage 2 of 2TIi,TX
Official
CITY COUNCIL AGENDA FORTR'ORTII
COUNCIL ACTION: Approved on 11/1/2011
DATE: 11/1/2011 REFERENCE **L-15276 LOG NAME: 17LANCASTERSALE
NO..
CODE: L TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Option Agreement for the Sale of Fee-Sirnple Properties Owned by the City of
Fort Worth Along the North Side of Lancaster Avenue Between Throckmorton Street and
Monroe Street for the Appraised Value Up to $650,000.00 to the Fort Worth Local
Development Corporation (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize an Option Agreement for the sale of fee-owned properties located on the north side of
Lancaster Avenue between Throckmorton Street and Monroe Street, shown on Exhibit A attached
hereto, in compliance with Chapter XXI, Section 5 of the Fort Worth City Charter and with Local
Government Code Section 272.001(b)(6) and (g) for the appraised value up to $650,000.00 to the
Fort Worth Local Development Corporation; and
2. Authorize the execution and recording of the appropriate instruments conveying the properties to
complete the sale if the terms under the option Agreement are satisfied.
DISCUSSION:
The City of Fort Worth is authorized under Chapter XXI, Section 5, to conduct a sale of fee-owned
properties. On October 9, 2011, October 16, 2011, October 23, 2011 and October 30, 2011, the
Housing and Economic Development Department advertised the sale of the property in the Fort
Worth Star-Telegram.
On June 14, 2011, City Council approved the use of$2 million in Home Investment Partnerships
Program Grant Funds for the project known as the Lancaster Mixed-Use Project that would result in a
mixed-use residential and retail building. (M&C C-24976) The sale is contingent upon the City's
receipt of authorization to use grant funds from the United States Department of Housing and Urban
Development (HUD), which funds will be used for construction of a mixed-use residential/retail
building and an office/retail building on the Property.
The terms of the Option Agreement are as follows:
i. The environmental review per 24 CFR Part 58 must be satisfactorily completed prior to the
conveyance;
ii. The City must receive authorization to use grant funds from HUD prior to the conveyance;
iii. The Price will be determined upon receipt of a final survey;
iv. The City currently owes the Local Development Corporation (LDC) $344,678.09 for LDC-
funded improvements along the Lancaster Corridor and the loan will be forgiven as part of the
purchase price with any balance of the purchase price being paid by the LDC in cash; and
v. When the LDC sells the property in the future, the City shall receive the appraised value of
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the land at the time of sale.
The Planning and Development Department has reviewed the current zoning of the Property and
determined that the zoning classification is compatible with respect to existing land uses of the
surrounding neighborhood and future land use designations indicated in the Comprehensive Plan.
This property is located in COUNCIL DISTRICT 9, Mapsco 77A.
FISCAL INFORMATION/CERTIFICA-TION:
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 $483.752.00
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Cynthia Garcia (8187)
Katherine Davenport (7923)
ATTACHMENTS
LANCASTERPROPERTIES.pdf
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