HomeMy WebLinkAboutResolution - 2009-R0234 - Amendment To Agreement - Mccanton Woods LTD - Additional Right Of Way NOTIF RZ - 06/23/2009Resolution No. 2009-RO234
June 23, 2009
Item No. 5.4
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Second Amendment to the
Agreement between the City of Lubbock and McCanton Woods, Ltd. regarding the
funding of acquisition of additional right-of-way in the North Overton Tax Increment
Finance Reinvestment Zone. Said Second Amendment is attached hereto and
incorporated in this Resolution as if fully set forth herein and shall be included in the
minutes of the Council.
Passed by the City Council this 23rd day of June , 2009.
TOM MARTIN, MAYOR
ATTEST:
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Rebec a Garza, City Secrezary
APPROVED AS TO CONTENT:
Rob Allis n, ss> ity Manager
Business Development
APPROVED AS TO FORM:
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Linda L. Chamales,
Economic Development Attorney
City Att 1 Linda. Res -NO TIF 2nd Amend, to City-McCanton Woods Agmt
June 8, 2009
Resolution No. 2009-RO234
SECOND AMENDMENT TO AGREEMENT BETWEEN THE
CITY OF LUBBOCK AND MC CANTON WOODS, LTD.
REGARDING ADDITIONAL RIGHT-OF-WAY FOR GLENNA GOODACRE
BOULEVARD, AVENUE X, AVENUE U, MAC DAVIS, AND AVENUE R IN THE
NORTH OVERTON TAX INCREMENT FINANCING REINVESTMENT ZONE
STATE OF TEXAS §
COUNTY OF LUBBOCK §
This agreement is between the City of Lubbock, a Texas municipal corporation
(hereinafter called "City") and McCanton Woods, Ltd. (hereinafter called "Developer").
WHEREAS, the City and Developer entered into an Agreement regarding
additional right-of-way for Glenna Goodacre Boulevard on September 18, 2003, which
was amended December 7, 2004, recognizing that due to street closures by Developer in
the Project, two additional lanes of traffic were required which represent approximately
40% of the additional right-of-way acquired for Glenna Goodacre Boulevard; and
WHEREAS, City and Developer desire to amend the Agreement a second time
regarding Developer obligations and City participation in additional right-of-way
acquisition costs and expenses in the remainder of Glenna Goodacre, as well as in the
widening of Avenue X, Avenue U, Mac Davis, and Avenue R as described in Exhibit A,
and in accordance with the Fourth Amended North Overton Tax Increment Financing
Reinvestment Zone Project Plan and Finance Plan;
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements herein, the Parties agree as follows:
I.
Article III, Section 3.5 is amended to read as follows:
"3.5 City agrees to dedicate and pledge the use of revenue in the Tax
Increment Fund to directly participate in the cost of the Right -of -
Way acquisition for the widening of Glenna Goodacre Boulevard
within the TIF project to the extent of 60%, as agreed in the first
Amendment to this Agreement, dated December 7, 2004. One
payment, in the amount of $427,446.00, shall be paid by City to
the Developer April 15, 2010 as agreed in the First Amendment.
In addition, City agrees to dedicate and pledge the use of revenue
in the Tax Increment Fund to directly participate in the cost of the
right-of-way acquisition for the widening of the remainder of
Glenna Goodacre Boulevard to the extent of 60%, and to directly
participate in the cost of the right-of-way acquisition and expenses
Second Amendment to Agreement Between City of Lubbock and McCanton Woods, Ltd.
1
for the widening of Avenue X, Avenue U, Mac Davis, and Avenue
R as described in Exhibit A which is attached hereto and
incorporated herein as if fully set forth, but in no case shall the
City be liable for any amount above and beyond a total of
$1,544,205.00, the agreed payment of the City's share of the right-
of-way costs for this Second Amendment. City's share shall be
paid to Developer in one payment prior to October 15, 2009.
Nothing in this Agreement or later Amendments shall be construed
to require City to approve reimbursements from any source of City
funds other than the North Overton Tax Increment Fund. In
addition, all funds for payment under this contract are subject to
appropriation for this purpose by the City Council. The payments
in this Section are based on the North Overton TIF functioning as
projected in the Fifth Amended Finance Plan. In the event of non
appropriation of funds by the City Council for payments under this
agreement or if the North Overton TIF does not function as
projected, City and Developer agree to renegotiate this amendment
in an equitable manner."
II.
Article IV, Section 4.7 shall be amended to read as follows:
"4.7 Developer agrees to dedicate to the City the land owned by
Developer within the TIF District which is necessary for widening
Glenna Goodacre Boulevard. Developer shall be responsible for
participating in the cost of the Right of Way acquisition for the
widening of Glenna Goodacre Boulevard to the extent of 40%.
Developer will provide documentation to City for the total cost of
said right-of-way acquisition, as needed for calculation of
payments due in accordance with Article III, Section 3.5,
Paragraph one.
Developer agrees to dedicate to the City the land owned by
Developer within the TIF District, which is necessary for widening
Avenue X, Avenue U, Mac Davis, and Avenue R. Developer will
provide documentation to City for the total cost of said right-of-
way acquisition, as needed for calculation of payments due in
accordance with Article III, Section 3.5, Paragraph two."
Second Amendment to Agreement Between City of Lubbock and McCanton Woods, Ltd.
2
EXECUTED in duplicate and effective as of the 23rd day of June , 2009.
CITY OF LUBBOCK
TOM MARTIN, MAYOR
ATTEST:
McCANTON WOODS, LTD.
McD EQ IPME LEAS G, L.C.,
General Partner
By: Delbert G. McDougal, Sole Manager
Q.'&-4-ec - C;-,
Rebec a Garza, City Secretary 6
APPROVED AS TO CONTENT:
Rob Al ' on, Assis ant City Manager
Business Development
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
Lc: city att/Linda/ GGB ROW Agmt Amendment 2
June 15, 2009
Second Amendment to Agreement Between City of Lubbock and McCanton Woods, Ltd.
Exhibit "A" Resolution No. 2009-RO234
North Overton TIF
Final Right of Way Purchase
June 23, 2009
Location
6th St. and Ave X NE corner of turnaround (Tract 7)
6th St. and Ave X SE corner of turnaround (Tract 5)
6th St. And Ave X NW corner of turnaround (Tract 3)
6th Stand Ave X SW corner of turnaround (Tract 213)
North side of 6th St. from Univ to Ave X (Tract 3)
South side of 6th St. from Univ to Ave X (213)
North side of 6th St. from Ave X to West side of Ave V (Tract 7 and 8)
South side of 6th St. from Ave X to West side Ave V (Tract 5 and 6)
West side from 4th on Ave X going South to 6th St. turnaround( Tract 3)
East side from 4th on Ave X going south to 6th St. turnaround (Tract 7)
TRACT 18 - North Side of GGB from East Side of Ave R to West Side of Alley on GGB.
East side Ave R from 7th St. to GGB (Tract 18)
TRACT 19 - North side of GGB from East side of Ave R to Alley
West side of Ave R from 7th St. to GGB (Tract 19)
TRACT 20 — Increase of corner radii for 15 foot to 25 foot
East side Ave R from 5th St. to 6th St. (Tract 21)
Tract 23 -South side of GGB 73.76 from the East side of Ave. R
West side of Ave U from North Side of Main
East side of Ave U North Side of Main
*Total Square Feet @ 73,926.4
*Total square footage includes curb radii located at street corners & alleys as per Overton Park street design.