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HomeMy WebLinkAboutContract 40595� , r COMPLETION AGREEMENT This Completion Agreement ("Agreement) is made and entered into by and among the City of Fort Worth ("City"), and Tarrant Regional Water District, a Water Control and Improvement District, a body politic and corporate under the laws of Texas ("Developer"), effective as of 2010. The City and the Developer are hereinafter collectively called the "Parties". WHEREAS, the Developer owns that certain tract of real property that contains approximately 1.164 acres that is located in the City, the legal description of which tract of real property is marked Exhibit "A," attached hereto and is incorporated herein for all purposes (which tract of real property is hereinafter called the "Property"); and WHEREAS, the Developer intends to develop the Property as an addition to the City through plat FP_____ or FS409435; and WHEREAS, the Developer and the City have entered into a Community Facilities Agreement relating to the development of Rogers Road Pavilion — Riverfront Addition (hereinafter called the "CFA"); and WHEREAS, the City has required certain assurances and accommodations by Developer to complete the streets, street signs and lights, and the water and sewer utilities for the development of the Property (herein collectively called the "Community Facilities"), and WHEREAS, the Parties desire to set forth the terms and conditions of such assurances and accommodations as are described above. NOW THEREFORE, for and in consideration of the benefits to be derived from the mutual observance by the parties of the terms and conditions hereof, and for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Parties agree as follows: OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX 07-22-1 0 P02 : 4 9 IN 1. Recitals. The foregoing recitals are true, correct and complete and constitute the basis for this Agreement and they are incorporated into this Agreement for all purposes. 2. The Completion Amount. The City and the Developer agree that the Hard Costs required to complete the Community Facilities in the aggregate should not exceed the sum of One Hundred Fifteen Thousand, Six Hundred Sixty -Three and 50/100ths Dollars ($115,663.50) hereinafter called the "Completion Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of completion of the Community Facilities may vary as a result of change orders agreed to by the Parties, but such variances for the purposes of this Agreement shall not affect the Completion Amount as used herein. 3. Completion by the Developer. The Developer agrees to complete the Community Facilities on or before one (1) year after commencement of construction in accordance with the CFA and the Plans that are approved by the City. For the purposes of this Agreement, the development of the Property shall be deemed complete upon acceptance by the City of the Community Facilities. The City shall promptly notify the Developer upon such acceptance. 4. Completion by the City. In the event that the development of the Property is not completed by the Completion Date for any reason whatsoever, then the City may, at its sole option and at the cost and expense of the Developer, commence, pursue, and complete the Community Facilities in a reasonably timely, diligent and workmanlike manner in accordance with the Plans, subject to the terms of this Agreement. The Developer agrees that the City may use the Plans as necessary to complete the Community Facilities. 5. Advance of Completion Costs to the City and Delivery of Hard Costs Collateral to the City. In the event the City has elected to complete the Community Facilities, Developer shall transfer to the City all remaining COMPLETION AGREEMENT January 2007 Page 2 of 10 undisbursed Hard Costs specified in the Approved Budget within 10 days of the date that the City elects to complete the Community Facilities. In the event the cost to complete the Community Facilities exceeds the moneys transferred to the City, City shall notify Developer in writing of the need of additional funds. The additional funds required to complete the Community Facilities shall be delivered to the City within 10 business days following notification to Developer. Failure to deliver the additional funds shall relieve the City of the obligation to complete the Community Facilities, in which event City shall use the Hard Costs funds in its possession to pay the contractors) all funds due it/them. Any remaining undisbursed Hard Costs shall be returned to Developer within a reasonable time. 6. Easements. In the event the City undertakes the completion of the Community Facilities, the Developer grants to the City open access to the Property and shall execute and deliver such temporary easements over and across the entirety of the Property for the purpose of access and use for the completion of the construction of the Community Facilities in accordance with this Agreement. To the extent requested by the City, written temporary construction easements in form acceptable to the City shall be executed by the Developer and filed of record. 7. Satisfaction of the City Requirements. The City agrees that the assurances and covenants contained in this Agreement satisfy all requirements of the City with respect to payment and performance bonds 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 lieu thereof. To the extent the CFA irreconcilably conflicts with this Agreement, the provisions of this Agreement shall control. 8. Termination. This Agreement shall terminate upon the earlier to occur of the following: (a) acceptance by the City of the Community Facilities; (b) mutual written agreement of all of the Parties; or (c) the COMPLETION AGREEMENT January 2007 Page 3 of 10 reduction of the Completion Amount to zero. However, release of the plat shall be governed by paragraph 9 hereof and termination pursuant to (b) or (c) of this paragraph 8 shall not require the City to release the plat. 9. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat %J the Property until the Community Facilities are completed and accepted by the City and all Hard Costs contractors have been paid, less 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 Tarrant County, Texas. 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. 10. 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 Property 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. 11. Miscellaneous. 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. COMPLETION AGREEMENT January 2007 Page 4 of 10 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 and Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division Jana Knight, Administrative Assistant Email: Jana. Knight@fortworthgov.org Confirmation Number: 817-392-2025 With a copy thereof addressed and delivered as follows: Amy J. Ramsey Office of the City Attorney City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Confirmation Number: 817-392-7617 (ii) Notice to the Developer shall be addressed and delivered follows: Tarrant Regional Water District 800 E. Northside Drive Fort Worth, TX 76102 Attention: James M. Oliver, General Manager Confirmation No. 817-335-2491 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 Apply. This Agreement shall be construed under and in accordance with the laws of the State of Texas. COMPLETION AGREEMENT January 2007 Page 5 of 10 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. Legal 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 his Agreement. H. Headings. The headings that are used in this Agreement 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 INTENTIONALLY LEFT BLANK) COMPLETION AGREEMENT January 2007 Page 6 of ]0 Executed by the Parties in five counterparts, each of which shall be deemed to be an original, to be effective as of the date first stated above. CITY OF FORT WORTH By: Fernando Costa Assistant City Manager DEVELOPER APPROVED AS TO FORM AND LEGALITY Amy Ramsey Assistant City Attorney TARRANT REGIONAL WATER DISTRICT, a Water Control and InArovement District By: Name: James M.10`Yiver Title: General Manager Attested bya NO M&C iiE�UIRI'sD P:\TRWD\Rodgers Land Purchase\CompletionAgreementWord_2008 6 8 2010 (JWS rl 6-21-10).doc COMPLETION AGREEMENT January 2007 Page 7 of 10 TX T. WORTH LIST OF EXHIBITS TO THE COMPLETION AGREEMENT EXHIBIT A - EXHIBIT B - LEGAL DESCRIPTION APPROVED BUDGET COMPLETION AGREEMENT January 2007 Page 8 of 10 Ill 51 x49 r®..L!& IA If A If RL IK.WG�tnt=Y�/ttl-0li'natC01 t rr�%%i�%i� C < L � . Will r t �+Y. L �2 i ♦A \ a f=�i�,� €�S irkf!(tj �xLd ic7ta ��,av i r{,pg pxc+ arScawRox.) �i ; lit tPANG£61 b'—bSA'J 5�< # �sri�f t � � 21i • �e his(( '� � � � `\ %°' nFe•ir. 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TG$p0 ( @ 3� .�, o iyf tf T [1 3� 2 # 7 i b;; j Y.<e3Y r i i t — i _P2 q y y a Y<:da t:iE oQ xF o �� r im eFL g# zLr� x Y IL Y I Fed L i f I2 MIL OF OF i Y L L i L L b 2tI _;ft VON 99t99fi� •1. 11 8193353 a:s§• 11 � # CCa11t @tF9tff� b Exhibit "B" at S1lntillttry Sltect Project NtiHEWS Ragel's Road I'RYitl011 Riverfront Addition C)?A No,: 2009.Ob 1 DCR No.: b�107 An i^ngineer's �silmate of probable Cost Is accapiabte. However, the construction contract price wIII ultimately determine the amount of CFA fees and financial guarantee. The bid price and any addillonal CFA payments will be required prior to scheduling a pre•construction meeting. An Itemized estimate corresponding to each proje6speclfic exhibit Is required to support the following information. !toms A. Water and Sewer Conshuction 1. Water Construction 2. Sawar Construction Waterand SewerConstwilon Toler e. 7PW Consirucllon 1. Street 2. Storm Drain 3. $treat Lights • Installed by Developer TPW Constarctlon Cost Sub-Tolol Total Conslructton Gost (oxctudtng the tees): ConsOuclion Fees: C. Water/Sewer inspection Fae (2He) O. Water/sewer Material Testing Fee (2°/°) Sub•Tolel for Water Construction Fees F. TPW Inspection Fee (4%) F. TPW Material Testng (2°�) O. Street Light inspsection Cost H. Street Signs installation Cost Sub•Totol for TPW Construction Fees Total Construction Fees: F/naneJnJ Rilsranfea Onrfnns_ npnnsn nna $ 13,971.00 $ 0,262.00 $ 23,22 = S 28,932.60 $ 24,073,00 $ 39A35.00 S 02,440960 S 118,883.80 $ 212022 s 1.oeo.0 $ 1,677.40 $ 4,767.73 Cholco Ame1InE rckonal Bond =100°l0 $ t 16 683.60 Com tenon Agreement = 1009'e 1 Holds Plot 116 883.60 Cash Escrow WaterlSenila $ewer- 126% $ 20 028.76 Cash 5scrow Pavin Storm Droln r� 125% $ 116 660.83 Letter ofCredit =126°kw/ rex frallon period $ 144679.38 6