22-10422-104ORDINANCE NO.
AN ORDINANCE OF THE CITY OF DENTON AUTHORIZING THE CITY MANAGER TOEXECUTE AN AMENDMENT TO THE CONTRACT OF SALE BETWEEN THE CITY OFDENTON AND DENTON CHAMBER OF COMMERCE AS SELLER, AND MARK HICKSINVESTMENTS, LLC. AS BUYER, REGARDING THE SALE OF CERTAIN REALPROPERTY AND IMPROVEMENTS LOCATED AT 414 WEST PARKWAY AND 413
CONGRESS STREET, FOR THE TOTAL SALE PRICE OF $665,000.00; AND PROVIDINGAN EFFECTIVE DATE.
WHEREAS, through Ordinance No. 21-2297, the City Council approved a Contract of
Sale for the sale of 414 West Parkway (the “Property”), jointly owned by the City of Denton (the
“City”) and the Denton Chamber of Commerce (the “Chamber”) and the Chamber owned property
at 413 Congress Street, to Mark Hicks Investments, LLC. (the “Buyer”) for a total sale price of
$725,000.00; and
WHEREAS, the City, the Chamber, and the Buyer agree to reduce the contracted sale
price to $665,000.00 in response to the commercial building inspection report findings that
significant repairs are needed to the building roof, electrical, and mechanical systems at 414 West
Parkway; and
WHEREAS, the City Council finds it is in the public interest to amend the contract to
reflect the new sale price of $665,000.00 as shown in the Amendment to Contract attached heretoas Exhibit A; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The findings and recitations contained in the preamble of this Ordinance are
incorporated herein by reference as true and as if fully set forth in the body of this Ordinance.
SECTION 2. The City Manager, or designee, is hereby authorized to execute the
Amendment to the Contract of Sale on behalf of the City.
SECTION 3. The City Manager, or designee, is further authorized to carry out all duties
and responsibilities of the City pursuant to the Contract.
SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
The motion to approve this Ordinance was made by B rta x
seconded by it Sk DA, ii . The Ordinance was
the following vote a -A :
Bc c it and
passed and approved by
Aye
,/
,/
/
J
Nay Abstain Absent
Gerard HudsDeth. Mayor:
Vicki Byrd, District 1 :
Brian Beck. District 2:
Jesse Davis, District 3 :
Alison Maguire, District 4:
Deb Armintor, At Large Place 5 :
Paul Meltzer, At Large Place 6:
PASSED AND APPROVED thi, th, 25"d,y ,f J Av.U'fy
\/
,/
/
2022
GERARD HUDSPETH. MAYOR
ATTEST:
ROSA RIOS, CITY SECRETARY BilIIe III/
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
aa„i/ d#,By:
2
EXHIBIT A
CONTRACr OF SALES
FIRST AMENDMENT
With regards to Article II, Section 2.01 of the Contract of Sale (“Contract") between
Mark Hicks Investments, L.L.C. a Texas limited liability company (“Buyer") and the City ofDenton, a Texas home-rule municipal corporation (“Seller"), for the property described as 414
West Parkway Street, Denton, Denton County, Texas. Seller and Buyer agree the Purchase
Price will be adjusted to $665,000.oa.
Seller CITY SECRrrARY
CITY OF DENTON, TEXAS
Date
Buyer
/-/7-22_
Date