The URL can be used to link to this page

Home My WebLink AboutContract 48851-� � REG�� CtTY �CR�1'�P f�..� �1�� 1 �:_, 1 �� CONTRAC7 PlUU. - 1 r`S !'��, wOR� ��` C cm� R�� ' COMPLETION AGREEMENT — SELF FUNDED This Completion Agreement ("Agreement"), is made and entered into by and between the City of Fort Worth, ("Ciry") and Bloomfield Homes, L.P., a Texas Limited Partnership, authorized to do business in Texas, ("Developer"), effective as of the last date executed by a Party hereto_ The City and the Developer may collectively be called the "Parties". WITNESSETH: WI�REAS, the Developer owns that certain tract of real property that contains approximately 10.511 acres of land located in the City, the legal description of which tract of real property is marked Exhibit "A" — Legal Description, attached hereto and incorporated herein for all purposes, ("Property"); and WHEREAS, the Developer intends to develop the Property as an addition to the City through plat FP 016-047; and WI�REAS, the Developer and the City have elltered into a Coinmunity Facilities Agreement relating to the development, Edaewood Phase 3 for Water, Sewer, Paving, Storm Drain, and Street Lights ("Improvements"); and WHEREAS, the City has required certain assurances that the Developer will cause to be constructed to City standards the Improvernents pursuant to the Community Facilities Agreement; and WHEREAS, the Parties desire to set forth the ternis and conditions of such accominodations as are described above. NOW, THEREFORE, for and in consideration of the mutual covenants and a�reements hereinafter set forth, it is hereby agreed by and between City and Deveioper as follows: L Recitals. The foregoing recitals are true, correct and complete and constitute the basis for this Agreement and they are incorporated into this Agreement for alI purposes_ 2. The Completion Amount. The City and the Developer agree that the Hard Costs (as shown on Exhibit "B") required to complete the Coriununity Facilities in the aggregate should not exceed the sum of Six Hundred Eighty-Three Thousand Nine Hundred Ten Dollars ($683,910.00), hereinafter called the "Completion Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of completion of the Community City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Date: 07.01.2015 Page 1 of 10 �FFICIA�. IREQORD CI'�' S��R�'f'�Y FI'. WO!'t'�'HI, TX Facilities may vary as a result of change orders am-eed to by the Parties, but such variances for the purposes of this Agreement shall not affect the Completion Amount as used herein. City hereby waives the requirement for developer to deposit a f nancial guarantee of 100% of the Hard Costs under the CFA Policy. 3. Completion by the Deveio�er. The Developer agrees to complete the Community Facilities and pay aIl Hard Costs in accordance with Ciry standards, the CFA, the Plat, and the Plans as approved by tlle City_ For the purposes of this Agreement, the de�relopment of the Property shall be deemed complete upon acceptance by the City of the Corrununiry Facilities pursuant to Section 6, hereof 4. Satisfaction of the Citv Requirements. The City agrees that the assurances and covenants contained in this Agreement satisfy all requirements of the City with respect to Developer's Financial Guarantee, as described in the CFA Policy, or other requirements for security in connection with the development of the Property and the completion of the Community Facilities that are contained in the CFA or in any other agreement relating thereto, and the City hereby accepts the assurances and covenants contained herein in Iieu thereof. To the extent the CFA irreconcilably conflicts with this Agreement, the provisions of this Agreement shall control. 5. Ternunation. This Am-eement shall ternunate upon the earlier to occur of the following: (a) acceptance by the City of the Comtuunity Facilities; or (b) mutual written agreement of the Parties. 6. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of the Property until the Community Facilities are completed and accepted by the City and all Hard Costs contractors have been paid, Iess retainage. Upon acceptance by the City and receipt of evidence from the Developer showing that all Hard Costs contractors have been paid, including but not necessarily limited to lien waivers and bills paid affidavits, the City shall within a reasonable time file the final plat for the Property in the Plat Records of the county where the Property is located. The purpose of the City retaining the final plat of the Property as provided herein is to guarantee the Developer's obligations under the CFA are completed. City of Fort Worth, Texas Standard Completion Ab eement — Self-Funded CFA Official Release Date: 07_01.2015 Page 2 of 10 the final plat of the Property as provided herein is to guarantee the Developer's obligations under the CFA are completed. 7. Construction Contracts. Developer agrees to include in each Construction contract that it enters into for the completion of the Community Facilities the following: A. A statement that the City is not holding any security to guarantee any payment for work performed on the Community Facilities; B. A statement that the Properly is private property and that same may be subject to mechanic's and materialman's liens; C. A requirement that each contractor contracting with the Developer release the City from any claim that is related to the Property; and D. A requirement that each contractor contracting with the Developer include in each subcontract the statements contained in (a), (b) and (c) above. 8. Miscellaneous. and/or A. Non-Assignment of Agreement. This Agreement may not be assigned by any of the Parties without the prior written consent of all the other Parties. B. Notice. Any notice required or permitted to be delivered under this Agreement shall be deemed received on actual receipt by the appropriate party at the following addresses: (i) Notice to the City shall be addressed and delivered as follows: City of Fort Worth Planning & Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division Janie Morales, Development Manager Email: Janie.Morales(a�fortworthtexas. o�v Confirmation Number: 817-392-7810 CFA Division Email: CFA a,fortworthtexas.gov Confirmation Number: 817-392-2025 City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Datee 07.01.2015 Page 3 of 10 City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Douglas W. Black Assistant City Attorney Confirmation Number: 817-392-7615 (ii) Notice to the Developer shall be addressed and delivered as follows: Bloomfield Homes, L.P. 1050 E. Hwy 114, Ste 210 Southlake, TX 76092 Attention: Donald J. Dykstra, President A party may change its address for notice upon prior written notice to the other parties pursuant to the terms hereof. C. Texas Law to Applv. This Agreement shall be construed under and in accordance with the laws of the State of Texas. D. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, successors and assigns. E. Le�al Construction. In case any one or more of the provisions contained in this Agreement shall for any reason is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained in this Agreement. F. Prior Agreements Superseded. This Agreement constitutes the sole and only agreement of the Parties with respect to the subject matter hereof and supersedes any prior understandings or written or oral agreements among the Parties concerning the subject matter hereof. G. Amendment. This Agreement may only be amended by a written instrument executed by all of the Parties to this Agreement. City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Date: 07.01.2015 Page 4 of 10 H. Headinas. The headings that are used in this Abreemeni are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement. (REMAINDER OF PAGE �1TEN'ITONALLY LEFT BLA�'vK) City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Date: 07.0 L2015 Page5of10 Executed in quadruplicate in each entity's respective name by its duly authorized signatories effective as of the date executed by the City's City Manager or his/her designee. CITY OF FORT WORTH: � �� Fernando Costa Assistant City Manager Date: ��"'� Ap�t•oved as to Fo»n & Legality: Richard A. McCracken � �� Assistant City Attorney µ� AT�sT: City M&C: ^�� Date: ;',w� i255: N�i�L City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Date: 07.01.2015 Page 6 of 10 DEVELOPER: Bloom�eld Homes, L.P. By: Bloomfield Properties, i�nc., �� l �_` , , , � �.` � ,. By. � � �., �,.��— Donald J. Dyk � a, P sident � � � � � Date: � � 2' � � OFFICIAL �CORD CIT'Y gECRE.�,ARY F1'. WORTH, 77( I LIST OF EXHIBITS ATTACHMENT "1"-CHANGES TO STANDARD AGREEMENT EXHIBIT A - LEGAL DESCRIPTION EXI�IBIT B - APPROVED BUDGET City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Reiease Date: 07.012015 Page 7 of 10 ATTACHMENT "1" Changes to Standard Agreement Self-Funded Completion Agreement None. City of Fort Worth, Texas Standard Completion Ab eement — Self-Funded CFA Official Release Date: 07.01.2015 Page 8 of 10 EXHIBIT A LEGAL DESCRIPTION City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA Official Release Date: 07_01.2015 Page9of10 EXHIBIT "A" All that certain lot, tract, or parcel of land, situated in a portion of the John Steel Survey, Abstract No. 1381, City of Fort Worth, Tarrant County, Texas, being part of that certain called 25.269 acre tract described in a deed from 210 Edgewood, LP to Bloomfield Homes, LP on May 18, 2012 and recorded in Instrument No. D212121037 of the Deed Records of Tarrant County, Texas (DRTCT), and being more completely described as follows, to-wit: BEGINNING at a 1/2" capped iron rod previously set stamped "Goodwin & Marshall" for the Northwest corner of Edgewood, Phase II recorded in Instrument No. D216055665 of the Plat Records of Tarrant County, Texas (PRTCT), being in the East line of Centennial Place Phase Three & Four recorded in Cabinet A, Slide 8488 (PRTCT), and being in the West line of said 25.269 acre tract; THENCE North 00 deg. Ol min. 35 sec. West along the West line of said 25.269 acre tract and the East line of said Centennial Place, a distance of 75.81 feet to a 2" iron pipe found for the Northeast corner of said Centennial Place and the Southeast corner of a called 9.271 acre tract described in a deed to Jack C. Wessler, Trustee recorded in Volume 6667, Page 705 (DRTCT); THENCE North 00 deg. 03 min. 42 sec. East along the West line of said 25.269 acre tract and the East line of said 9.271 acre tract, a distance of 550.23 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall" for the Northwest corner of said 25.269 acre tract; THENCE North 89 deg. 57 min. 40 sec. East departing said East line and continue along the North line of said 25.269 acre tract, a distance of 212.45 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall"; THENCE North 84 deg. 50 min. 49 sec. East along said North line, a distance of 104.10 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall"; THENCE North 79 deg. 45 min. 54 sec. East along said North line, a distance of 122.86 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall"; THENCE North 89 deg. 57 min. 40 sec. East along said North line, a distance of 167.52 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall"; THENCE South 00 deg. 02 min. 20 sec. East along said North line, a distance of 110.00 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshali"; THENCE North 89 deg. 57 min. 40 sec. East along said North line, a distance of 35.00 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall", said point being a Point of Curvature of a non-tangent circular curve to the right, having a radius of 50.00 feet, a central angle of 126 deg. 52 min. 12 sec., and being subtended by a chord which bears South 63 deg. 28 min. 26 sec. East - 89.44 feet; THENCE in a southeasterly direction along said curve to the right and said North line, a distance of 110.72 feet to a 1/2" capped iron rod set stamped "Goodwin & Marshall" for the most easterly Northeast corner of said 25.269 acre tract and being in the West line of a called 11.993 acre tract described in a deed to the City of Fort Worth recorded in Volume 9157, Page 1150 (DRTCT); THENCE South 00 deg. 02 min. 20 sec. East tangent to said curve and continue along the East line of said 25.269 acre tract, the West line of said 11.993 acre tract, and the West line of Coventry Addition recorded in Cabinet A, Slide 6991 (PRTCT), a distance of 500.13 feet to a 1/2" capped iron rod found stamped "TWB" for the Northeast corner of said Edgewood, Phase II, said point being a Point of Curvature radial to said line and being a circular curve to the left, having a radius of 625.00 feet, a central angle of 9 deg. 13 min. 08 sec., and being subtended by a chord which bears South 85 deg. 21 min. OS sec. West - 100.45 feet; THENCE in a westerly direction along said curve to the left, departing said East and West lines, and continue along the North line of said Edgewood, Phase II, a distance of 100.56 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE North 49 deg. 38 min. 57 sec. West non-tangent to said curve and continue along said North line, a distance of 12.96 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE North 00 deg. 02 min. 20 sec. West along said North line, a distance of 5.00 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE South 89 deg. 57 min. 40 sec. West along said North line, a distance of 50.00 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE South 00 deg. 02 min. 20 sec. East along said North line, a distance of 14.62 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE South 39 deg. 33 min. 21 sec. West along said North line, a distance of 15.41 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall", said point being a Point of Curvature of a non-tangent circular curve to the right, having a radius of 575.00 feet, a central angle of 10 deg. 33 min. 11 sec., and being subtended by a chord which bears South 84 deg. 41 min. 04 sec. West - 105.76 feet; THENCE in a westerly direction along said curve to the right and said North line, a distance of 10591 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE South 89 deg. 57 min. 40 sec. West tangent to said curve and continue along said North line, a distance of 269.87 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE North 45 deg. 02 min. 20 sec. West along said North line, a distance of 14.14 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE North 00 deg. 02 min. 20 sec. West along said North line, a distance of 13.96 feet to a 1/2" capped iron rod previously set stamped "Goodwin & Marshall"; THENCE South 89 deg. 57 min. 40 sec. West along said North line, a distance of 165.56 feet to the POINT OF BEGINNING, containing 457,878 square feet or 10.511 acres of land, more or less. Bearings are referenced to Texas State Plane Coordinate System, North Central Zone (4202), North American Datum of 1983 as derived from GPS observation. EXHIBIT B APPROVED BUDGET Section I Water Sewer Sub-total Section II Interior Streets Storm Drains Sub-total Section III Street Lights Sub-total TOTAL City of Fort Worth, Texas Standard Completion Agreement — Self-Funded CFA O�cial Reiease Date: 07.OL2015 Page 10 of IQ $133,950.00 $111,150.00 $245,100.00 $277,840.00 �98,270.00 $37b,110.00 $62,700.00 $62,�00.00 $683,910.00