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HomeMy WebLinkAboutContract 33870-A5 CITY SECRETARY CONTRACT NO. 3M 2o-A6- AMENDMENT NO. 5 TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO. 33870) This AMENDMENT NO. 5 TO ECONOMIC DEVELOPMENT PROGRAM 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 PRESIDIO HOTEL FORT WORTH, L.P. ("Developer"), a Texas limited partnership acting by and through Presidio Hotel GenPar, LLC, a Texas limited liability company and Developer's general partner. The following introductory provisions are true and correct and for the basis of this Amendment: A. As of August 14, 2006 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. 33870, as previously amended by City Secretary Contract Nos. 34442 and 35075 and 36660 (collectively, the "Agreement"). Under the Agreement, Developer agreed, among other things, to construct certain improvements to the Hotel owned by Developer and located at 1701 Commerce Street in the City, which most recently operated as the Plaza Hotel. In return, the City agreed to pay Developer certain Program Grants as authorized by Chapter 380 of the Texas Local Government Code and outlined in the Agreement. B. Sections 4.4.1 and 4.4.2 of the Agreement call for Developer to meet certain annual supply and service spending commitments with Fort Worth Companies and Fort Worth Certified M/WBE Companies. Pursuant to Sections 6.2.4 and 6.2.5 of the Agreement, if Developer fails to meet either or both of these commitments in a given calendar year, the amount of the Program Grant paid in the following year will be reduced in accordance with a formula set forth in such Sections (the "Formula"). C. As set forth in the City Council agenda item authorizing this Agreement (M&C C-21326), which was approved by the City Council on February 28, 2006, the intention of the parties was that the failure to meet the annual supply and service spending commitments in a given year cause the Program Grant payable in the following year to be reduced by three (3) times the number of dollars by which Developer failed to meet such commitments. It has come to the attention of the parties that there is a typographical error in Sections 6.2.4 and 6.2.5 that causes the Formula to be misstated in the Agreement. D. The parties wish to amend the Agreement to correct this mutual mist t state the Formula as intended. OFFIC iAl C&D CITY SECRETARY FT.WORTH,TX Page I Amendment No.5 to CSC No.33870,as previously amended I !--— _— I I Economic Development Program Agreement with Presidio Hotel Fort Worth,L.P. NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City and Developer hereby agree as follows: 1. Section 6.2.4 of the Agreement is hereby amended to add the word "not" as the fifth from the last word of such Section, so that such Section reads as follows: 6.2.4. Failure to Meet Fort Worth Supply and Service Spending Commitment. If during the previous calendar year the Fort Worth Supply and Service Spending Commitment, as outlined in Section 4.4.1., was not met, the Program Grant payable to Developer in the following Program Year shall be reduced by an amount equal to the product of the number of dollars by which the Fort Worth Supply and Service Commitment was not met multiplied by three (3). 2. Section 6.2.5 of the Agreement is hereby amended to add the word "not" as the fifth from the last word of such Section, so that such Section reads as follows: 6.2.5. Failure to Meet M/WBE Supply and Service Spending Commitment. If during the previous calendar year the M/WBE Supply and Service Spending Commitment, as outlined in Section 4.4.2., was not met, the Program Grant payable to Developer in the following Program Year shall be reduced by an amount equal to the product of the number of dollars by which the M/WBE Supply and Service Commitment was not met multiplied by three (3). 3. All terms in this Amendment that are capitalized but not defined shall have the meanings assigned to them in the Agreement. 4. All terms and conditions of the Agreement that are not expressly amended pursuant to this Amendment shall remain in full force and effect. [SIGNATURES IMMEDIATELY FOLLOW ON NEXT PAGE] Page 2 Amendment No. 5 to CSC No.33870,as previously amended Economic Development Program Agreement with Presidio Hotel Fort Worth,L.P. EXECUTED as of the later date indicated below: CITY OF FORT WORTH: PRESIDIO HOTEL FORT WORTH, L.P., a Texas limited partnership: By: Presidio H el GenPar, LLC, a Texas limit liability company: By: 6san Alanis Sush atel ssistant City Manager Manall Date: (© a o Date. 101 2Gl l o APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney M&C: C-21326 2-28-06 a'O' 'foil r tea Attested by: '0' ®�°°°°°°°°°�®�0 Marry Hendrix, Secretary ��o ° 00 0 60000 rOFFICIAL RECORD Page 3 SECRETARY Amendment No.5 to CSC No.33870,as previously amended WORTH, TX Economic Development Program Agreement with Presidio Hotel Fort Worth,L.P.