HomeMy WebLinkAboutResolution - 012375B - Partial Assignment Of Contract-From Plains Coop-Lot 1 Blk 35 & 36, Coronado Add - 01_23_1975IIJWF:sw
RESOLUTION
WHEREAS, this City Council finds it is and will be to the public in-
terest to purchase a tract of land from the Urban Renewal Agency of the City
of Lubbock, and to do so it is necessary that the City of Lubbock execute
acceptance of a "Partial Assignment of Contract" from Plains Cooperative
Oil Mill, Inc., to said City of contract called "Contract for Sale of Private
Development Part I and Part II" dated November 8, 1974 executed by Plains
Cooperative Oil Mill, Inc., (as Purchaser) and the Urban Renewal Agency of
the City of Lubbock, (as Vendor) in order that said City will be in position to
purchase such propebty as aforesaid for public purposes and municipal pur-
poses; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock is hereby authorized and di-
rected to execute for and on behalf of said City an acceptance as set forth in
the preamble hereof for the purposes set forth in said preamble. A copy of
said partial assignment so accepted shall be spread upon the minutes of this
Council and as spread the minutes of this Council shall constitute and be a
part of this Resolution as if fully copied herein in detail.
Passed by the City Council this 23rd day of January, 1975.
ATTEST:
Y BASS, MAYOR
ocl
Treva Phillips, City S retary-Treasurer
APPROVED AS TO FORM:
Fred:O. Senter, Jr., qW Attorney
PARTIAL ASSIGNMENT OF CONTRACT
This Partial Assignment of Contract made on or as of the
day of , ! 7, by and between PLAINS COOPERATIVE OIL
MILL, INC., a corporation organized and existing under the laws of
the State of Texas, with its principal place of business being in
Lubbock, Texas, hereinafter called "PLAINS COOP", and the CITY OF
LUBB.00KI TEXAS, chartered and existing under the laws of the State of
Texas..
WITNESSETH:
WHEREAS,_PLPMIS COOP has heretofore entered into a contract
for. the purchase of ,certain real property,.styled "Contract for
Sale of Land'for PrivateRedevelopment, Part I and Part II" dated
as of''the 8th day of November,::1974, whereby PLAINS COOP agreed to
purchase certain real property situated in the City of Lubbock,
Lubbock County, Texas, from the Urban Renewal Agency of the City
of Lubbock, Texas,.a copy, of the same being attached hereto and
marked as Exhibit "A" and incorporated herein; and
t WHEREAS, PLAINS COOP desires'to assign to the:'CITY OF LUBBOCK,
TEXAS, a portion of its rights, duties and obligations as contained
within the said contract, being an assignment of a portion of the
property described in Schedule "A" annexed to the said contract and
made a part "thereof, the portion of the said property to be assigned
hereby being described in.the attached Exhibit "B", incorporated
herein and to which reference is here made; and
WHEREAS., the CITY OF LUBBOCK, TEXAS, desires to accept an assign-
ment from PLAINS COOP of that portion of said property which is
described in Exhibit "B" attached hereto, which, together with the
remaining property (all of which is described in Schedule "A" attached
to the said contract) is the subject of the existing contract between
PLAINS COOP and the URBAN RENEWAL AGENCY OF THE CITY OF LUBBOCK,
TEXAS; and.the CITY OF LUBBOCK, TEXAS, will assume all rights, duties
and obligations as are contained within the said contract by acceptance
of the assignment from PLAINS COOP.
NOW, THEREFORE, in consideration of the premises and of the
mutual obligations of the parties hereto, each of them does hereby
covenant and agree to the partial assignment of the said contract
upon the following terms and conditions:
1. PLAINS COOP does hereby partially assign and transfer that
portion of the property which is the subject of the above described
contract as described in the attached Exhibit "B" to the CITY OF
LUBBOCK,ITEXAS, together with all rights, duties and obligations as
contained within the said contract and subject to all terms, conditions
restrictions and limitations within the same; and the CITY OF LUBBOCK,
TEXAS, hereby accepts the assignment and transfer of the contract
rights assigned by PLAINS COOP, with respect to the property that is
described in the attached Exhibit"B", and assumes all terms, condi—
tions, restrictions and limitations as contained within..the said.
contract.
2. It is acknowledged by the parties to this assignment and
agreed by each of them that this assignment and transfer is subject. -
to and contingent upon the approval of the Department of Rou&ing, and.
Urban Development of .the United States, and is also subject to and
contingent upon the approval of the Urban Renewal Agency of the City
of Lubbock, Texas, and this assignment and transfer will not be
effective until the approval of both has been received.
3. It is acknowledged by the parties hereto that PLAINS.COOP
has heretofore deposited the sum of '$ 1,'788:85 ... with the Urban
Renewal Agency of the City of Lubbock, Texas, as a.good faith deposit,
pursuant to the terms of the said contract, and the parties agree
that said -sum will be kept on deposit in accordance with .the said
contract until conveyance of the property described in Exhibit "BR
to the CITY OF LUBBOCK, and until conveyance of the remaining prop-
erty to PLAINS COOP, at which time the full amount of the good faith
deposit will be returned to PLAINS COOP by the Urban Renewal Agency
of Lubbock, Texas.
IN WITNESS WHEREOF, PLAINS COOP has caused this assignment to
be duly executed in its name and in its behalf by its duly undersigned
officers, with its corporate seal hereunto duly affixed, and the
CITY OF LUBBOCK, TEXAS, has caused this assignment and agreement to
be duly executed in its name by its duly undersigned governing
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No Text
-- - _- SMEDULE A
Description of Property
all that certain .parcel or .parcels of land located in the City of Lubbock, County of
Lubbock, State of Texas, more particularly described as follows:
FIELD NOTES for a tract of land, being Lot 1, Block 35, and a portion of
Block 36, Coronado Addition to the City of Lubbock, Lubbock County,, Texas,_
Described by metes and bounds as follows. -
BEGINNING at the -Northwest corner of Lot 1, Block 35, Coronado Addition
to the City of Lubbock, Lubbock County, Texas, for the Northwest corner._
of this tract; -
THENCE S52 15' 48"E along the North Line of said Lot 1, -Block 35, A distance -
of $57.11 feet to a point;
THENCE S 51°01` E along the North Line of said Lot 1, Block 35, at
59.88 feet past the Northeast corner of said Lot 1, Block 35, the Northwest.'
Corner of Block 36, Coronadc Addition to the City of Lubbock, Lubbock County,
Texas, continuing along the North Line of said Block 36, in all a total
distance of 115.81 feet to the beginning of a curve;
THENCE in a Southeasterly direction along the North Line of said Block-36
around a curve to the left having a radius of 1085.56 feet, a delta angle
of 2*11' 42", a chord distance of 8.3.16 feet to the Northwest corner of
Lot 1, Block 36, Coronado Addition to the City of Lubbock, Lubbock County,
Texas, for the Northeast corner of this tract;
THENCE S18029' 05"17 along the West Line of said Lot 1, Block 36, a distance
of 242.62 feet to the Southwest corner of said Lot 1, Block 36, for -the
Southeast corner of this tract;
THENCE N71030' 55"11 along.the South Line of said Block 36, at 35 feet past
the Southwest corner of said Block 36, the Southeast corner of said Lot 1,
Block 35, continuing along the South Line of said Lot 1, Block 35, in al.l.
a total distance of 798.38 feet to the Southwest corner of said Lot 1,
Block 35, for the Southwest. corner of this tract;
THENCE North along the tlest'Line of said Lot 1, Block 35, a distance of'
624.63 feet to the place of beginning
tAN1131T "B"
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PLAT SEMNG SURVEY OF, A TRACT located in Block 3b. CORONADO ADDITION to the
City of Lubbock,.Lubbock County. Texar. further described by metes and bounds-
as follov.%:
9F.GIt:NI?'G at the most Northerly corner of Lot 1. Block 36. CORO:NAW ADDI1.109
to the City of Lubbock, Lubbock County. Texas;
THEVCr S18029405"k along the West line of said Lot 1. a distance of 242.62 feet
to the �.ost Westerly corner of paid Lot 1, said corner being in the t+orth-rly. .
Right -of -{lay line of PY f D Railrrad Right -•of -+day;
1VTNCE 1:71030155"w. along; said Railroad Right -of -Way and alone. the Southerly.
line of said Block % , a distance of 35.00 feet tc the. Southwest corner of
said Block 36;
TRUCE North along the Best line of Block 36, a dista+ncP of 303.91 feet to a
point in the' Southerly flight -of -Kay line of Coronado Drive;
TEENCE S510011F., along said line of Coronado -1rive a distance of 55.93 feet to
a point of curvature; .
THEME Southeasterly around a curve to the left in the Southerly Right-of-way
line of Coronado Drive, said curve having a radius of 1085.56 feet, and a`
chord distance of 83.16 feet to the Place of BeginninC.
��.+,•�t��k,i Certified Correct
October 30, 1974
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Liceusad Surveyor .
Lubbcck, Texas
CONTRACT FOR
SALE OF LAND FOR PRIVATE REDEVELOPMENT
AGREEMENT, consisting of this Part l and Part It (Form HUD-6209B, 9-69) annexed
hereto and made a part hereof (which Part I and.Part 11 are together hereinafter called
"Agreement"), made on or as of the Sth day of November t974,
by and between the Urban Renewal Agency of the City of Lubbock, a public body corporate
E (which, together with any successor public body or officer hereafter designated by or pur-
suant to law, is hereinafter,called "Agency"), established pursuant to the Urban Renewal
Law, Article 1269-3 and Article 1521 C-12, Vernon's Annotated Civil Statutes of the State
of Texas (hereinafter called "Urban Renewal Act") and having its office at 1114 loth
Street in the City of Lubbock (hereinafter called "City"), State of Texas, and the
? Plains Cooperative Oil Mill, Inc, s s corporation organized
and existing under the laws of the State of Texas (hereinafter
called "Redeveloper") and having an office for the transaction of business at
_ 2901 Avenue A
In the City of Lubbock County of Lubbock and -State
of Texas WITNESSETH:
1 WHEREAS, in -furtherance of the objectives of_the Urban Renewal' Act, the -Agency has
undertaken a program for`the clearance and recbnstruction or rehabilitation of slum and'
blighted areas in the City, and in this connection is engaged In carrying out an urban
,renewal project known as the "Coronado Urban Renewal Project" (hereinafter called "Project!
In an area (hereinafter called "Project Area") located -in the City for which an Urban
Renewal Plan consisting of: The Urban Renewal Plan for the Coronado Urban Renewal Project
as revised, August 31, 1960, on file at the Office of the City Secretary -Treasurer of
the City of Lubbock, and all' amendments thereto, hereinafter called the "Urban Renewal'
Plan", which was approved by the City by resolution passed and adopted on the 23rd day.
of March, 1961, notice of which Plan was filed for record on the 16th day of October,.1961
in Volume 862, Page 127,.Deed Records of Lubbock County, Texas, and
WHEREAS, in order to enable the Agency to achieve the objectives of the Urban Renewal
Plan and particularly to make the land in the Project Area available for redevelopment
by private enterprise for redevelopment for and in accordance'with the uses specified
In the Urban Renewal Plan, both the Federal Government and the City have undertaken to
provide and have provided substantial aid and assistance to the Agency through a Contract
for Loan and Capital Grant dated August, 1961, and all amendments thereto In the case
of the Federal Government and a Cooperation Agreement, dated March 23, 1961, and all
amendments thereto in the case of the City; and
WHEREAS, the Agency has offered.to sell and the RedeveToper is willing to purchase
certain real property located in the Project Area and more.particularly described in
Schedule A annexed hereto and made a part hereof (which property as so described is
hereinafter. called "Property"). and to redevelop the Property for and in accordance with
the uses specified In the Urban Renewal Plan and in accordance with the Agreement; and
WHEREAS, the Agency believes that the redevelopment of the Property pursuant to
the Agreement, and the fulfillment generally of the Agreement, are in the vital and
best interests of the City and the health, safety, morals, and welfare of its residents,
and in accord with the public purposes and provisions of the applicable Federal State,
and local laws and requirements under which the Project has been undertaken and is being
assisted:
NOW, THEREFORE, in consideration of the premises and the mutual obligations of.the
parties hereto, each of them does hereby covenant and agree with the other as.follows
SEC. 1. SALE: PURCHASE'PRICE
Subject to all the terms, covenants, and conditions of the Agreement, the Agency
will sell the Property to the Redeveloper for, and the Redeveloper will. purchase the
Property from the Agency and pay therefor, the amount of Thirty-five thousand seven
hundred sevens -seven and 10/100-----------------------Dollars ($ 3S,777.10 ), herein-
after called "Purchase Price", to be paid in cash or by -cashier's or certified check
simultaneously with the delivery of the deed conveying the Property to the Redeveloper.
SEC. 2. CONVEYANCE OF PROPERTY
(a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property
by Warranty deed [deeds] (hereinafter [collectively] called "Deed"). Such conveyance and
i
shall, in addition to the condition subsequent provided for in Section 704 hereof,
Td to all.other conditions, covenants, and restrictions set forth or referred to else -
We In the Agreement, be subject to:
NONE
(b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed and
possession of the Property to the Redeveloper on January 2, 7, 19 75 , or on
such earlier date as the parties hereto may mutually agree in writing. Conveyance shall
be made at a place designated by the Agency and the Redeveloper shall accept such convey-
ance and pay to the Agency at such time and place the Purchase Price.
(e) Recordation of Deed, The Redeveloper shall promptly file the Deed for recordation
among the land records of the County of Lubbock. The Redeveloper shall pay all costs of
the Deed.
(d) Title. The Agency will..furnish abstracts of title and/or title policies to the
Property to a current date and will convey good and merchantable title free and clear of
any and all encumbrances except those named herein. The Redeveloper agrees within fifteen
(15) days from the receipt of said abstracts and/or title policies either to accept the
title as shown by said abstracts and/or title policies or to return them to the Agency
with written objections to the title. If the abstracts and/or title policies are not
returned to the Agency with written objections noted within the time specified, it shall
be construed as an acceptance of title. If any title objections are made, then the Agency
shall have a reasonable time to cure said objections and show good andmerchantable title.
In the event of failure to furnish good and merchantable title, the Good Faith Deposit,
as referred to herein below, is to be returned to the Redeveloper and this Agreement shall
be cancelled and be null and Void.
SEC.•3. GOOD FAITH DEPOSIT
(a) Amount: The Redeveloper has, prior, to or simultaneously with the execution of
the Agreement by the Agency, delivered to the Agency 'a good faith deposit of a cashier's
check or a certified check satisfactory to the Agency in the amount of One thousand
seven hundred eighty-eight and 85/100----------------- Dollars ($ 1,788.8s ), herein-
after called "Deposit". as security for the performance of the obligations of the Redevel-
oper to be performed prior to the return of the Deposit to the Redeveloper,. -or its retention
by the Agency as liquidated damages, or its application on account of the Purchase Price,
as the case maybe, in accordance with the Agreement. The Deposit shall be deposited
in an account of the Agency in a bank or trust company selected by it.
(b) Application to Purchase Price. In the event the Redeveloper is otherwise entitled
to return of the Deposit pursuant to.paragraph (e) of this Section, upon written request
of the Redeveloper the amount of the Deposit if paid in cash or by certified check shall
1 be applied on account of the Purchase Price at. the time payment of the.Purchase Price is
made.-. ..:. _
(c)-Retention by Agency. Upon termination of the Agreement as provided in Sections
703 and 704 hereof, the Deposit or.the proceeds of the Deposit, if not theretofore returned
to.the Redeveloper..pursuant to paragraph (d) of this Section, including all interest payable
on such Deposit or the proceeds thereof after such termination, shall be retained by the
- Agency as provided in Sections 703 and 704 hereof..
(d) Return to Redeveloper. Upon termination of the Agreement as provided -in Section
702 hereof, the Deposit shall be'returned to the Redeveloper by the Agency as provided
in Section 702 hereof. If the Agreement.shall not have been theretofore terminated and
if no cause for termination then exists, the Agency shall return the Deposit to the
Redeveloper upon receipt by the Agency of the following:
(i) A copy of the commitment or commitments obtained by the Redeveloper for the
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t
mortgage loan or loans to assist in financing the construction of the Improve-
ments (as defined in Section 301 hereof), certified by the Redeveloper to be a
'true and correct copy or copies thereof;
Fi) Evidence satisfactory to the Agency that the interim mortgage loan to assist
in financing the construction of the Improvements has been initially closed;
(iii) A copy of the contract between the Redeveloper and the general contractor for
the construction of the Improvements, certified by the Redeveloper to be a
true -and -correct copy thereof; and
(iv) A copy'of the contract bond provided by the general contractor in connection
with the aforesaid construction contract which bond shall be in a penal sum
equal to not less than ten percent (10%) of the contract price under said
construction contract, certified by the. Redeveloper to be a true and correct
copy thereof.
SEC. 4. TIME FOR COMMENCEMENT AND COMPLETION 0i; IMPROVEMENTS
The construction of the Improvements referred to in Section 301 hereof shall be
commenced in any event within three ( 3 ) months after the date of the; Deed,
_and, except as otherwise provided in the Agreement, shall be completed within two
( 2} months after such date.
SEC. 5. TIME FOR CERTAIN OTHER ACTIONS
(a) Time for Submission of Construction Plans. The time within "which the Redevel--
oper shall submit its "Construction Plans" (as defined in Section 301 hereof) to the
Agency in any event, pursuant to Section-301 hereof, shall be,not.later than thirty
(30) days from the date of the -Agreement,
(b) Time for Submission of Corrected Construction Plans. Except as. provided in`
Paragraph (c) of this Section 5, the time within which the Redeveloper shall submit any
new or corrected Construction Plans as provided for in Section 301 hereof shall be not
later than thirty (.30) days after the date the Redeveloper receives
written notice from the Agency -of the Agency's rejection of the Construction Pians_referrec
to in the latest such notice.
(c) Maximum Time for Approved Construction Plans, In any event, the time within
which the Redeveloper shall submit Construction Plans which conform to the requirements
of Section 301 hereof and are approved by the Agency shall be not later than th irty
( ) days after the date the Redeveloper receives written notice from the Agency of the
.Agency's first rejection of the original Construction Plans submitted to it by the Redevel•
oper.
(d) Time for Agency Action on Chanqe in Construction Plans. The time within which
the Agency may reject any change in the Construction Plans, as provided in Section 302
hereof, shall be thirty (30 ) days after the date of the Agency's receipt
of notice of such change., -
'(e) Time for Submission of Evidence of Equity Capital and Mortgage Financing, The
time within which the Redeveloper shall submit to the Agency, in any event, evidence as
to equity capital and any commitment necessary for mortgage financing, as provided in
Section 303 hereof, shall be not later than ten (10 ) days after the
date of written notice to the Redeveloper of approval of the Construction Plans by_the
Agency, or, if the Construction Plans shall be deemed to have been approved as provided
in Section 301 hereof, after the expiration of thirty (30) days following the date of
receipt by the Agency of the Construction Plans so deemed approved.
SEC. 6. PERIOD OF DURATION OF COVENANT ON USE
The covenant pertaining to the uses of the Property, set forth in Section 401 hereof,
shall remain in effect from the date of the Deed until March 23, 2001, the period specifier
or referred to in the Urban Renewal Plan, or until such date thereafter to which it may,
be extended by proper amendment of the Urban Renewal Plan, on which date, as the case may
be, such covenant shall terminate.
SEC. 7. NOTICES AND DEMANDS
A notice, demand, or other communication under the Agreement by either party to the
other shall be sufficiently given or delivered if it is dispatched by registered or
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certified mail, postage prepaid, return receipt requested, or delivered personaly, and
(i) in the case of the Redeveloper, is addressed to or delivered personally to
the Redeveloper at 2901 Avenue A, Lubbock, Texas
and
i
(IT) in the case of the Agency, is addressed to or delivered personally to the
Agency at P. 0. Drawer No. 10336, Lubbock, Texas 79408 (mailing address) or
1114 10th Street, Lubbock, Texas (office location), or at such other address
with respect to either such party as that party may, from time to time, designate
In writing and forward to the other as provided in'this Section.
SEC. 8. SPECIAL PROVISIONS
Described in attached Schedule B
SEC. 9. MODIFICATIONS OF PART 11
The following amendments and modifications are hereby made in the terms, covenants,'
and conditions forming Part 11 hereof:
NONE
SEC. 10. COUNTERPARTS
I The Agreement is'executed in three (3) counterparts,•each of which shall constitute
one and the same instrument.
IN WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed in its
name and behalf by its Chairman and its seal to be hereunto duly affixed and attested by
.its.Secretary, and the Redeveloper has caused the Agreement to be duly executed in its
name and behalf by its President and its corporate seal to be hereunto duly affixed and
attested by its Secretary, on or as of the day first above written.
,. Urban Renewal Aqency of tbp City of Lubbock
(A en,cy)
By,
- �/'/�'i�
{ hairman
ATTEST:
(Secretary) .: .
T
Plains cooperative Oil .Mill, Inc.
(Redeveloper)
By
(President).
(Secretary)
It is understood and agreed by the Agency that the Redeveloper
plans to construct a fence enclosing the boundaries of the property
which is the subject of this contract, which will be the only improve-
merits constructed or pladed thereupon in the immediate future; how-
ever, Redeveloper agrees to comply with the terms and provisions
hereof with regard to the construction of additional improvements,
if any, which Redeveloper may propose to construct or erect there-
after,. and any such construction plans or plans for development
" which Redeveloper may propose after the initial construction of
said fence will be subject to the approval of the Agency, through
and under the Urban Renewal Plan for the Coronado Urban Renewal
Project, as is .before mentioned, and the zoning laws of the City
of Lubbock.
It is: expressly understood that no outside storage of loose
materials will be permitted