M&C Review


COUNCIL ACTION:  Approved on 4/17/2018 

DATE: 4/17/2018 REFERENCE NO.: **L-16112 LOG NAME: 21LCP CENTREPORT APARTMENTS II
CODE: L TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Authorize Assignment of Option Contract for Approximately 19.663 Acres Located in the CentrePort Area from CentrePort DFW Development, LLC, to LCP Centreport Apartments II, LLC, Authorize Execution of a General Warranty Deed Conveying Approximately 19.663 Acres of Land to LCP Centreport Apartments II, LLC, and Accept Avigation Easement and Release from LCP Centreport Apartments II, LLC (COUNCIL DISTRICT 5)

RECOMMENDATION:

It is recommended that the City Council:

1.  Authorize the assignment of option contract for approximately 19.663 acres located in the CentrePort area from CentrePort DFW Development, LLC., to LCP Centreport Apartments II, LLC.;

2.  Authorize the execution of a General Warranty Deed conveying an approximately 19.663 acre tract of land in the Vincent J. Hutton Survey, A-681, City of Fort Worth, Tarrant County, Texas, to LCP Centreport Apartments II, LLC.; and

2.  Authorize the acceptance, filing and recording by the City of an Avigation Easement and Release from LCP Centreport Apartments II, LLC., covering the property conveyed, in favor of the cities of Dallas and Fort Worth and the Dallas-Fort Worth International Airport Board, previously known as the Dallas-Fort Worth Regional Airport Board or successor thereof.

 
DISCUSSION:

City Secretary Contract No. 11107 dated June 5, 1980 (Contract) granted CentrePort Venture, L.P., an exclusive option to purchase the city-owned property formerly known as the Greater Southwest International Airport.  The Contract was subsequently amended and supplemented by CSC No. 12937, No. 13060, No. 15392, No. 16815, No. 18299 and No. 35324.  

The Contract, as amended and supplemented, requires each conveyed property to be subject to an Avigation Easement and Release.  In addition, it also requires that any assignment or partial assignment of the Contract by CentrePort be approved by the City of Fort Worth (City).  CentrePort DFW Development, LLC., has requested that the Option that covers approximately 19.663 acres, described as follows, be assigned to LCP Centreport Apartments II, LLC.  

In accordance with the Contract, LCP Centreport Apartments II, LLC., has requested to exercise its option to purchase approximately 19.663 acres of land in the Vincent J. Hutton Survey, A-681, City of Fort Worth, Tarrant County, Texas and will execute and record an Avigation Easement and Release for the property being conveyed.

Parcel Buyer        Legal Description        Acreage

1

LCP Centreport Apartments II, LLCVincent J. Hutton Survey, Abstract 681

19.663


In accordance with the Contract, as amended and supplemented, the City will retain a 50 percent mineral interest in the property.

The property is located in COUNCIL DISTRICT 5.

This M&C does not request approval of a contract with a business entity.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that this action will have no material effect on City funds.

TO
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FROM
    Fund Department
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Submitted for City Manager's Office by:
Jay Chapa (5804)
Originating Department Head:
Steve Cooke (5134)
Additional Information Contact:
Deanna Cody (8379)

 
 
ATTACHMENTS
  CentrePort Parcel 1 19.663 Acres Assignment Plat 032218.pdf
  Centreport Parcel 1-19.663 Acres Assignment Exhibits.pdf
  LCP CENTREPORT APARTMENTS II MANDC MAP.pdf