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HomeMy WebLinkAboutContract 46292-A1 w , CUYSECRETAW CONTRACT NO, i".5 AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO. 46292 1)t ECONOMIC DEVELOPMENT PROGRAM AGREEMENT WITH VICTORY PACKAGING, L.P. This AMENDMENT NO. I TO CITY SECRETARY CONTRACT NO. 46292 ("Amendment") is made and entered into by and between the CITY OF FORT WORTH (the "City"), a home rule municipality organized under the laws of the State of Texas, and VICTORY PACKAGING, L.P. ("Company"), a Texas limited partnership. CITALS The City and Company hereby agree that the following statements are true and correct and constitute the basis upon which the City and Company have entered into this Amendment: A. The City and Company previously entered into that certain Economic Development Program Agreement, a public document on file in the City Secretary's Office as City Secretary Contract No. 46292 (the "Agreement") B. The Agreement provides for Company to expend at least $12,000,000.00 in Hard Construction Costs (as defined in the Agreement) for the construction of an approximately 325,000 square foot distribution center on real property located at 15101 Grand River Road (the "Land"). Due to lower-than-expected bids on this project, Company has notified the City that its Hard Construction Costs will be slightly lower than the originally-projected $12,000,000.00. As a result, Company has requested an amendment to the Agreement in order to lower its Hard Construction Cost expenditure obligation from $12,000,000.00 to $11,500,000.00. C. The City is willing to consent to Company's request, solely as outlined in this Amendment. NOW, THEREFORE, in consideration of the mutual benefits and promises contained in the Agreement and this Amendment and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and Company agree as follows: Y P -rr t Page 1 Amendment No. 1 to CSC.No.46292 Economic Development Program Agreement between City of Fort Worth and Victory Packaging, L.P. AGREEMENT 1. Section 4.2 of the Agreement (Real Property Improvements) is hereby amended to read as follows: 4.2. Real-PrODerty Im prove ments. Company must expend or cause to be expended at least Eleven Million Five Hundred Thousand Dollars ($11,500,000.00) in Hard Construction Costs for the Required Improvements by the Completion Date, and the Completion Date must occur on or before the Completion Deadline (collectively, the "Real Property Commitment"). 2. Section 4.7.1 (Final Construction Spending Report) is hereby amended to read as follows: 4.7.1. lu-*rj-a,'l Construction Spending Rsport. Within sixty (60) calendar days following the Completion Date, in order for the City to assess whether Company expended or caused to be expended at least Eleven Million Five Hundred Thousand Dollars ($11,500,000.00) in Hard Construction Costs for the Required Improvements by the Completion Date, and the extent to which the Fort Worth Construction Spending Commitment and the M/WBE Construction Spending Commitment were met, Company must provide the Director with a report in a form reasonably acceptable to the Director that specifically outlines (i) the total Hard Construction Costs expended or caused to be expended for the Required Improvements as of the' Completion Date; (ii) the total Hard Construction Costs expended or caused to be expended with Fort Worth Companies for the Required Improvements as of the Completion Date; and (iii) the total Hard Construction Costs expended or caused to be expended with Fort Worth Certified M/WBE Companies for the Required Improvements as of the Completion Date, together with supporting invoices and other documents necessary to demonstrate that such amounts were actually paid, including, without limitation, final lien waivers signed by the general contractor for the Required Improvements. 3. Section 5 of the Agreement (Certificate of Completion) is hereby amended to read as follows: Page 2 Amendment No. I to CSC No.46292 Economic Development Program Agreement between City of Fort Worth and Victory Packaging, L.P. 5. CERTIFICATE OF COMPLETION. Within ninety (90) calendar days following receipt by the City of the final construction spending report for the Required Improvements submitted in accordance with Section 4.7.1, and assessment by the City of the information contained therein pursuant to Sections 4.8 and 4.9, if the City is able to verify attainment of the Real Property Commitment set forth in Section 4.2 (that is, that Company expended or caused to be expended at least Eleven Million Five Hundred Thousand Dollars ($11,500,000.00) in Hard Construction Costs for the Required Improvements by the Completion Date, and that the Completion Date occurred on or before the Completion Deadline), the Director will issue Company a certificate stating the amount of Hard Construction Costs expended for the Required Improvements, and the amounts of such Hard Construction Costs expended specifically with Fort Worth Companies and Fort Worth Certified M/WBE Companies (the "Certificate of Completion"). The Certificate of Completion will also serve as the basis for determining the extent to which the Fort Worth Construction Spending Commitment and the M/WBE Construction Spending Commitment were met. 4. This Amendment is effective as of May 19, 2015. 5. All capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Agreement. 6. This Amendment contains the entire agreement between the parties with respect to the matters set forth herein. All provisions of the Agreement that are not specifically [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] Page 3 Amendment No. I to CSC No.46292 Economic Development Program Agreement between City of Fort Worth and victory Packaging, L.P. amended by this Amendment shall remain in full force and effect. EXECUTED to be effective as of May 19, 2015: CITY OF FORT WORTH: VICTORY PACKAGING, L.P. a Texas limited partnership: By: By:_ Jesus J. Chapa H. Benjamin Samuels Assistant City Manager Co- President Date: Date: APPROVED AS TO FORM AND LEGALITY: Peter Vaky Deputy City Attorney M&C: C-27304 05-19-15 4 wiw 0 Id b, • . d ��'""1 ^•� .h P"F'N. � ''^w.,_... ,..b' M"m���''4Mp,"N�"k�biCV ��� � t �l ttt ci . rc� f'W kW Page 4 Amendment No. 1 to CSC No.46292 Economic Development Program Agreement between City of Fort Worth and Victory Packaging, L.P.