HomeMy WebLinkAboutContract 45885-A1 �- AMENDMENT NO. 1 TO
CITY SECRETARY CONTRACT NO. 45885
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
WITH 3900 HEMPHILL STREET PARTNERS,LP
This AMENDMENT NO. 1 TO CITY SECRETARY CONTRACT NO.
45885 ("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 3900 HEMPHILL STREET PARTNERS, LP ("Developer"), a Texas
corporation.
RECITALS
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. The City Developer 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. 45885 (the "Agreement").
B. The Agreement provides for Developer to expend at least $654,000.00 in
Construction Costs for the redevelopment of certain real property in the City generally
within the boundary created by Hemphill Street, Fogg Street, Travis Street and Drew
Street (the "Land"), specifically including (i) divide the existing building into two
separate leasable spaces; (ii) construct facade improvements and a new roof for the
building; (iii) construct a new parking lot; and (iv) provide landscaping along Hemphill
Street (collectively the "Improvements"), all as specifically set forth in the Agreement.
Developer agreed to complete these improvements by March 31, 2015. In return, the
City agreed to pay Developer an economic development program grant equal to
$32,700.00.
C. Developer has been unable to finalize a lease with the second tenant as
originally envisioned. Accordingly, Developer wishes to extend the Completion
Deadline for all required improvements, as revised, from March 31, 2015, to September
30, 2015. All other commitments of the Agreement will remain in effect.
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
Developer agree as follows:
„ ...,...,,,,.,.
Page 1
Amendment No. 1 to Economic Development Program Agreement
�
between City of Fort Worth and 3900 HEMPHILL STREET PARTNERS,LP ap�� ��
AGREE NT
1. Section 2 (Definitions) is hereby amended to change the definition of the
following term:
Completion Deadline means September 30, 2015.
2. All capitalized terms used but not defined in this Amendment shall have the
meanings ascribed to them in the Agreement.
3. 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
amended by 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:
By: By .. .,
Fernando Costa Peter
Assistant City Manager Deputy City Attorney
Date: o 1 La M&C: C-27277 05-05-15
ATTEST: ,� ; „
O O
By: o
ity Seer ,
{y 4
i� m,���dDE?Od'?6CD
di � (`
Page 2
Amendment No. 1 to Economic Development Program Agreement
between City of Fort Worth and 3900 HEMPHILL STREET PARTNERS,LP
3900 HEMPHILL STREET PARTNERS,a Texas
Limited partnership:
By: 3900 Hemphill Street GP,LLC,
A Texas limited liability company
and its- e general partner:
Y
Ch-istopher M/Landers
Ge eral Partr r
Date:
ATTEST:
By: :` " .
Page 3
Amendment No. 1 to Economic Development Program Agreement
between City of Fort Worth and 3900 HEMPMLL STREET PARTNERS,LP
M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA
Fo TWORT1.1
COUNCIL ACTION: Approved on 5/512015
REFERENCE LOG 17NS AMENDNO.1-
DATE: 5/5/2015 NO.: C-27277 NAME: 3900HEM PHI LLSTREETPARTNERS-
EDPA
CODE: C TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Execution of Amendment No. 1 to Economic Development Program Agreement
with 3900 Hemphill Street Partners, LP, City Secretary Contract No. 45885, to Extend the
Completion Deadline for the Redevelopment Project of the Former Terry's Supermarket
Located at 3900 Hemphill Street (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council authorize the execution of Amendment No. 1 to Economic
Development Program Agreement with 3900 Hemphill Street Partners, LP, City Secretary Contract
No. 45885, to extend the completion deadline for the redevelopment project of the former Terry's
Supermarket located at 3900 Hemphill Street.
DISCUSSION:
On March 18, 2014, (City Secretary Contract No. 45885, M&C C-26716) the City Council authorized
execution of an Economic Development Program Agreement with 3900 Hemphill Street Partners, LP
(Developer), related to improvements at the site of the former Terry's Supermarket located at 3900
Hemphill Street (Agreement).
The Agreement requires the Developer to invest at least $654,000.00 into the project, including
dividing the building into two leasable spaces, fagade improvements, a new roof, parking lot
improvements and landscaping along Hemphill by March 31, 2015. The Developer has also agreed
to use best efforts to provide at least five full-time jobs at the site. Upon verifying the completion of
the project, the City agreed to pay the Developer an Economic Development Program grant, in
accordance with Chapter 380 of the Texas Local Government Code, in the amount not to exceed
$32,700.00.
The Developer has requested an amendment to the Agreement to extend the completion deadline to
September 30, 2015, due to challenges in finalizing a lease with the second tenant and will now need
time to finish out that space. All other commitments of the Agreement will remain in effect. To date,
the majority of the exterior remodel and the finish out for the first tenant are complete. Staff
recommends extending the completion deadline to September 30, 2015, in order to allow the
Developer time to complete the project.
This project is located in COUNCIL DISTRICT 9, Mapsco 90H.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on
City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
http://apps.cfwnet.org/council_packet/mc review.asp?ID=21025&councildate=5/5/2015 05/06/2015
M&C Review Page 2 of 2
Submitted for City Manager's Office by: David Cooke (6116)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Jay Chapa (5804)
ATTACHMENTS
3900HEMPHILL.pd
http://apps.cfwnet.org/council_packet/Mc—review.asp?ID=21025&councildate=5/5/2015 05/06/2015