HomeMy WebLinkAboutContract 35098� � ���
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THE STATE OF TEXAS
COUNTY OF TARRANT
WHEREAS, BP 200 Fort Worth LTD., by BP 200 Fort Worth GP, LLC, its
general partner ("Developer"), and the City of Fort Worth, a municipal corporation
situated in Tarrant, Denton, and Wise Counties, Texas ("City"), entered into City
Secretary Contract No. 33574, a Community Facilities Agreement ("CFA") concerning
Developer's development of Presidio West Phase I and the infrastructure necessary for
said development; and
WHEREAS, pursuant to the financial guarantee requirements and options of the
Policy for the Installation of Community Facilities, Developer submitted a Completion
Agreement to guarantee construction of the required infrastructure; and
WHEREAS, Developer has constructed most of the infrastructure required by the
CFA, but has not constructed all of the necessary sidewalks because a gas line must first
be laid under the proposed sidewalk area; and
WHEREAS, Developer desires to file the plat for the development and seeks the
City's release of the Completion Agreement while deferring the sidewalk construction
until after the gas line is constructed; and
WHEREAS, it is estimated that construction of the sidewalks will cost $25,515.00
as shown on Exhibit "A" attached hereto and Developer and City agree that Developer
will deposit 150% of the cost estimate, $38,272.50 (the "Funds"), to secure construction
of the sidewalks after the gas line is constructed and in exchange the City will release the
Completion Agreement upon acceptance of all other infrastructure; and
WHEREAS, Developer, upon receipt of notice from the City that the gas line has
been constructed and the site is ready for installation of the sidewalks, shall have thirty
(30) days to complete construction of said sidewalks or will forfeit the Funds and the City
will cause construction of the sidewalks; and
WHEREAS, if Developer completes construction of the sidewalks within the
parameters set forth herein, City will release the Funds to Developer.
NOW, THEREFORE KNOW ALL BY THESE PRESENTS:
I.
Except for the sidewalk provision expressly addressed herein, This
Agreement shall not alter the requirements of the CFA, the Policy for the Installation of
Community Facilities, or the Completion Agreement.
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II.
Upon the City's official acceptance of the infrastructure (other than the sidewalks
addressed herein) contemplated by the CFA, the Funds, and this executed Agreement, the
City will release the Completion Agreement.
III.
The City will notify the Developer when the gas line is constructed and the site
ready for the sidewalks.
IV.
The Developer shall have thirty (30) days to complete construction of the
sidewalks or it will forfeit the Funds and the City will cause the construction of the
sidewalks. If the Developer constructs the sidewalks within 30 days of receiving the
City's notice, the City will release the Funds to the Developer upon official acceptance of
the sidewalks.
IN'I`ESTIMONY WHEREOF, the City and Developer havec�ed this
instrument to be executed by a duly authorized representative this �, day of
�; 2007.
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C' of Fort Wort
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Marc A. Ott
Assistant City Manager
Approved
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Form and
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Attorney
ATTEST:
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MARTY H E R X
City Secretary
BP 200 Fort Worth, Ltd, by
BP 200 Fort Worth GP, LLC, its
general partner
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By. . r
Stacy Whitney
Executive Vice President �
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NO M&C R�QUIR�D
EXHIBIT A
PRESIDIO WEST , PHASE I- Sidewalk Cost Estimate
* Sidewalk along the northwest parkway of Heritage Trace Parkway from intersection at Harmon Road
to end of road.
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