HomeMy WebLinkAboutContract 46544 City of Fort Worth CITY SECRETARY 44
Parcel: X0484 CONTRACT N0.
Page 1
TERMS OF PURCHASE
1. Seller: City of Fort Worth, individually and as trustee for the Fort Worth Independent School
District, Tarrant County, Tarrant County Water Control and Improvement District No. 1, Tarrant County
Hospital District and Tarrant County Junior College
2. Purchaser: Fort Worth Transportation Authority ("The T" or"Purchaser")
3. Property: The T offers to purchase interest conveyed under a tax resale deed without warranty
subject to right of redemption. The Property will be conveyed subject to that information shown on
Attachment One.
4. Purchase Price:
a. The Purchase Price will be $5,922.00, based on the just compensation for the Property. The T will pay
the Purchase Price in full at the closing. If you own the Property jointly with one or more other co-owners,
your share of the just compensation offered will be in proportion to your percentage interest in the Property.
5. Closing:
a. Date and time of closing will be a date agreed on by Seller and The T, but no later than 30 days from the
date THE T provides written notice to Seller that all conditions precedent to closing have occurred.
b. Place of closing will be at the offices of the title company selected by The T for this transaction, as
follows:
North American Title Company
2813 S. Hulen St., Suite 100
Fort Worth, TX 76109
Phone: (817) 927-7300
C. Closing Documents: At the closing, Seller will execute all documents appropriate for the proper and
legal closing of the transaction which will include the following: (i) Tax Resale Deed without Warranty, in
a form provided by the City of Fort Worth, using a final legal description for the Property based on the
survey and the previous Constable's Deed; and (ii) ancillary documents typically required by the title
company, including, if Seller is a legal entity rather than a natural person, satisfactory evidence of
authorization for the sale of the Property in a form provided by The T; and any other documents considered
M necessary for the proper and legal transfer of the property.
M
M d. Closing Costs: The T will pay all costs of title insurance, recording costs and other usual and customary
CZ; closing costs. Seller will pay all property taxes and other assessments on the Property accrued through the
n closing date. The T is not obligated to pay any broker or real estate agent a real estate commission, finder's
fee, or similar payment for this transaction.
INDN
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
City of Fort Worth
Parcel: X0484
Page 2
6. Special Provisions:
a. Board Approval: Acquisition and date of closing will be subject to the The T's Board review
and approval of the acquisition and related costs.
b. City Council Approval: Conveyance of the Property is subject to the approval of the Fort Worth
City Council and any other necessary approvals from other owners.
7. Effective Date: To accept this agreement, please sign one copy of these terms of purchase as soon as
possible after receipt. When The T receives your signed copy and The T's management executes it in the
space(s) provided below, this offer becomes a binding agreement between Seller and The T for the sale of
the Property to The T on the terms set forth herein. The date The T receives and executes your signed
original is the "Effective Date" of the agreement.
ACCEPTED AND AGREED TO BY
SELLERS:
CITY OF FORT WORTH FORT WORTH TRANSPORTATION
AUTHORITY
By: 4La I
Name: iqrnarido Cas4Jlard
h Name:
Title: Ad. Citw Minagee- Title: President/CEO
APPROVED AS TO FORM: By:
Name: Bob Baulsir
By: PI Title: Vice President TEX Rail
,1
Name:
Title: /
Effective Date: " 2 0 - s
Date: /1
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CITY SECRETARY
FT.WORTH,TX
City of Fort Worth
Parcel: X0484
Page 3
ATTACHMENT ONE
EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND
AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND
DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS
OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR
IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH
RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY
INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO
BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND
ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE
COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES,
ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR
BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF
THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE
MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY
OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS
NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS
REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND
USE LAWS, RULES, REGULATIONS, ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE,
AS DEFINED BY THE U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40
C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF ANY
HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL
RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND REGULATIONS
PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT
HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS
RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY
INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. AS A MATERIAL PART OF THE
CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT
PURCHASER IS TAKING THE PROPERTY "AS IS" WITH ANY AND ALL LATENT AND PATENT
DEFECTS AND THAT THERE IS NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A
PARTICULAR PURPOSE. PURCHASER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY
REPRESENTATIONS, STATEMENTS, ASSERTIONS OR NON-ASSERTIONS BY THE SELLER WITH
RESPECT TO THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION
OF THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS
UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED
WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). UPON CONVEYANCE, AS
BETWEEN SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR
ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS
BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS OF
WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING.
ONCE CLOSING HAS OCCURRED, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND
RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE
PROPERTY, INCLUDING, BUT NOT LIMITED TO, UNDER THE COMPREHENSIVE
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
City of Fort Worth
Parcel: X0484
Page 4
ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT ("CERCLA"), THE
RESOURCE CONSERVATION AND RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE
DISPOSAL ACT OR THE TEXAS WATER CODE. PURCHASER INDEMNIFIES, HOLDS HARMLESS
AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR
CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN
NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES, BUT NOT ANY
WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER OR SELLER'S
REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER
FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE
PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT
LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER
CONVEYANCE DATE THAT WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF
TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS
AFFECTING THE PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING.
IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY
PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND
PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER ACKNOWLEDGES
AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE HEREOF.
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
1k&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FoR_ TWoRni
� T
COUNCIL ACTION: Approved on 12/2/2014
DATE: 12/2/2014 REFERENCE **L-15735 LOG NAME: 17DIRECTSALE116HOGGSTREET
NO.:
CODE: L TYPE: CONSENT PUBLIC NO
NO
SUBJECT: Authorize Direct Sale of Tax-Foreclosed Property Located at 116 Hogg Street for
$5,922.00 to The Fort Worth Transportation Authority for the TEX Rail Project, in
Accordance with Section 34.05 of the Texas Tax Code (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the direct sale of tax-foreclosed property located at 116 Hogg Street for$5,922.00 to The
Fort Worth Transportation Authority for the TEX Rail Project, in accordance with Section 34.05 of the
Texas Tax Code; and
2. Authorize the City Manager or his designee to execute and record the appropriate instruments
conveying the property to complete the sale.
DISCUSSION:
The City of Fort Worth received the property referenced above through a Sheriffs Sale after a tax-
foreclosure suit. The City is authorized to conduct a direct sale of tax-foreclosed property to a buyer
for the lesser of the market value specified in the judgment or the tax judgment amount.
A request was received from The Fort Worth Transportation Authority (The T) to purchase the
referenced tax-foreclosed property for $5,922.00 for the TEX Rail project. The property is being
purchased since once completed, the TEX Rail line will eliminate all access to the property.
Since The T is using federal funds in the project, The T is required to buy the property for appraised
value even though the Sheriffs Deed amount is $10.00. Staff recommends selling this property to
The T for $5,922.00. The T will be responsible for all closing costs of this transaction, as well as post-
judgment taxes and any penalties and interest which may accrue before closing. As part of the sale
of this property, the City will release all liens. Additional information about the property is shown
below.
Addres 116 Hoag Street
TAD No. 05698464
Buyer The Fort Worth Transportation Authority The T
Council District 8
Legal Description Lot 13, Block 1, Live Oak Addition
Sales Price $5,922.00
Current Appraised TAD Value $3,375.00
Current Zoning J
Zoning Chane To be rezoned to H CBD by March 1, 2015
Ma sco 063T
The Planning and Development Department has reviewed the current zoning of this property and has
determined that the zoning classification of the property needs to be changed as shown above to be
compatible with the existing land uses of the surrounding neighborhood and future land use
http://apps.cfwnet.org/council_packet/mc review.asp?ID=20493&councildate=12/2/2014 3/24/2015
M&C Review Page 2 of 2
designations indicated in the Comprehensive Plan.
The property is located in COUNCIL DISTRICT 8.
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
GG01 240126 0000000 $5,922.00
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Cynthia Garcia (8187)
Bette Chapman (6125)
ATTACHMENTS
116 Hogg Street.0
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=20493&councildate=12/2/2014 3/24/2015