On March 4, 2014, (M&C C-26698) the City Council authorized execution of an Economic Development Program Agreement (City Secretary Contract (CSC) No. 45725) (Agreement) with with Trademark Property Company or an affiliate (Trademark) related to a mixed-use project to be constructed on the west side of Bryant Irvin Road at Arborlawn Drive at the former site of the Lockheed Martin Recreation Area in southwest Fort Worth. The planned development was to be constructed in two phases, with the first phase to be completed by December 31, 2016. In return, the City agreed to pay Trademark certain annual economic development grants, as authorized by Chapter 380, Texas Local Government Code.
The Agreement provides that deadlines established by the Agreement may be extended on account of events that cause delays and that are not the fault of the performing party (identified in the Agreement as events of force majeure). On June 21, 2016, (M&C C-27774) the City Council approved an amendment to change the completion deadline for the first phase of the development from December 31, 2016 to March 19, 2017 as a result of inclement weather delays occurring between October 1, 2014 and January 31, 2016.
On February 2, 2017, the developer notified the City by letter that various events of inclement weather, as well as other unforeseen circumstances, occurring between February 1, 2016 and February 2, 2017 constituted events of force majeure under the Agreement. The developer provided Staff with documentation to substantiate a total of a 141 day delay during that period. In order to provide clarity to the rights of both the City and the developer, Staff recommends that the Agreement be amended to change the completion deadline for the first phase of the development from March 19, 2017 to August 1, 2017.
This project is located in COUNCIL DISTRICT 3.