The 2014 bond-funded project known as Montgomery Street from I-30 to Camp Bowie Boulevard consists of an existing arterial scheduled to be reconstructed in coordination with the Dickie's Arena and parking garage project. For the Montgomery Street project, the City of Fort Worth (City) needs to acquire from Event Facilities Fort Worth, Inc. (EFFW) the following property interests: Tract | Size | Location | Purpose | Appraised Value | ROW Tract (fee) | 0.030 acres | Eastern Frontage of Montgomery at the southwest corner of Trail Drive | Right-of-way and Right Turn Lane | $74,924.16 | Easement Tract | 20'x20' on approximately 0.009 acres | Adjacent to the eastern frontage of Montgomery Street | Electrical Easement | $19,743.54 | | | | | TOTAL: $94,667.70 |
EFFW is a support organization to the Southwestern Exposition and Livestock Show (SWELS), and by extension, supports agricultural and livestock events at the Will Rogers Memorial Center (WRMC) owned by the City. As consideration for the right-of-way and easement, EFFW will convey the property interests to the City in exchange for a reduction to the outstanding Partial Consideration owed to the City by EFFW under a previous Exchange Contract, as described below. On May 21, 2014, the City of Fort Worth and EFFW entered into an Exchange Contract (CSC No. 45622-EX) for the exchange of property (Exchange Contract), with the City conveying to EFFW a remainder tract from a parcel acquired for the Chisholm Trail Parkway project (City Tract) and EFFW agreeing to pay the costs of the City to acquire a tract of land on Bryce Avenue near Montgomery Street to be incorporated into use for WRMC (Bryce Tract). Because the value of the City Tract was greater than the value of the Bryce Tract, additional consideration was owed by EFFW to City in the amount of $397,544.00 (Partial Consideration). City Council approved in M&C L-15678 for the City to enter into a license agreement with EFFW for storage purposes, and the City would receive a license fee credit from EFFW in the amount of the Partial Consideration. However, a license agreement was not entered into by the parties and therefore the Partial Consideration remains outstanding. The City and EFFW agree that the fair market value of the ROW Tract is valued at $74,924.16 and the fair market value of the Easement Tract is valued $19,743.54. Following the conveyance of the property interests to the City, the outstanding Partial Consideration shall be reduced so that the remaining Partial Consideration owed shall be $302,886.30, less the City's closing costs (escrow fees and recording costs) related to the transaction contemplated by the Purchase and Sale Contract. Due to the timing of the Montgomery Street Project and the coinciding City Council summer break, the parties have executed the agreement and Staff now requests that the City Council ratify the execution of this Purchase and Sale Contract and all terms and conditions therein. |