HomeMy WebLinkAboutContract 54052 IVD CSCO No. 54052
DEVELOPER FUNDING AGREEMENT
FOR
BASSWOOD BOULEVARD ADJACENT TO LASATER ADDITION
THIS AGREEMENT is by and between SAGINAW 106 LTD, a Texas limited partnership,
hereinafter referred to as "Developer", and the City of Fort Worth, hereinafter referred to as
"City"
WHEREAS, Developer, is/was the owner of land being developed as a residential
community commonly known as Lasater Ranch, an addition to the City of Fort Worth, Tarrant
County Texas,more fully described in Exhibit"A" attached hereto (the"Property"); and
WHEREAS, in order to serve the Property, Developer would have been required to
construct the northern lanes of Basswood Boulevard along the subdivision's frontage; and
WHEREAS, City contracted to construct the northern lanes of Basswood Boulevard from
FM 156 to Big Fossil Creek; and
WHEREAS, in lieu of Developer constructing its portion of Basswood Boulevard pursuant to a
Community Facilities Agreement,the City constructed that portion of Basswood Boulevard as part
of the larger Basswood Boulevard bridge project(the"Facility")as a City project,with Developer
to contribute funds equivalent to its proportionate share of the arterial street toward the City's
construction of the Facility; and
WHEREAS, Developer will make a total contribution to the City of$686,150.00 for its
share of the Facility's design and construction costs (the "Contribution");
NOW THEREFORE, in consideration of the above recitals, City and Developer, acting
herein by and through their duly authorized representatives, do hereby agree as follows:
1.
City,at City's cost(including Developer's Contribution),has designed and constructed the
Facility.The scope of the Facility is shown on Exhibit"B"attached hereto and incorporated herein.
2.
Developer will pay the Contribution to the City within 10 days after the City fully executes
this agreement.
3.
Developer's Contribution to the City shall be the entire amount of Developer's obligation
for its costs related to the Facility, such Improvements being necessitated in part by the additional
traffic demands that the development of the Property will be placing upon the arterial street
network. The Contribution fairly represents the Developer's proportional share of the cost of the
Facility and shall not be refunded for any reason.
OFFICIAL RECORD
Dev Funding Agreement CITY SECRETARY Page 1 of 5
Lasater Ranch adjacent to Basswood Boulevard
FT WORTH,TX
4.
This Agreement shall be binding upon and inure to the benefit of the City and Developer
and their respective successors and assigns. This Agreement, together with any exhibits attached
hereto,constitutes the entire agreement between the parties hereto,and may not be amended except
by a writing signed by all parties and dated subsequent to the date hereof.
If Developer or any subsequent owner transfers the Property or any portion thereof prior
to the performance of all obligations of the Developer hereunder, Developer or such transferring
owner shall obtain an agreement from the transferee assuming the obligations of the transferring
owner under this Agreement performable from and after the date of transfer. From and after the
date of such transfer, the transferee shall be solely obligated under this Agreement, and the
transferring owner shall have no further obligations under this Agreement, with respect to the
Property or portion thereof transferred.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
Dev Funding Agreement Page 2 of 5
Lasater Ranch adjacent to Basswood Boulevard
Executed by each parry's duly designated and authorized representative,effective as of the
date subscribed by the City's designated signatory.
CITY OF FORT WORTH DEVELOPER
Saginaw 106,Ltd.,
a Texas Limited Partnership,
f�1Gl�GfP�IGIA�D�F
Dana Dana Burr&doff(Jun22,202 1:567 CDT) by: Windfall Investments,Inc.
Dana Burghdoff a Texas corporation
Assistant City Manager
Date: Jun 22,202U
Ddta A&ne
Don Allen(Jun 19,20201057 CDT)
Recommended by:
Name: Don E.Allen
Title: Development Manager
41W AV Jun 19,2020
DJ Ha (Jun 22,202017AO CDT) Date:
D.J. Harrell
Director
Development Services Department
Approved as to Form &Legality:
aruT.r.+w..
Mack(Jun 22,202016.05 CDT)
Douglas W Black
Assistant City Attorney
M&C No. N/A Contract Compliance Manager:
Date: By signing, I acknowledge that I am the
Form 1295: person responsible for the monitoring and
administration of this contract,including
ensuring all performance and reporting
ATTEST: requirements.
S � 4
' `TSs j 4Ay
Talle wesferman
Julie Westerma n(J u n 19,202011:09 CDT)
Mary J. Kayser ': ` t Julie Westerman
S'.i�
City Secretary
f: Graduate Engineer
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OFFMAL RECORD
CITY SECRETARY
FT. WORTr,
Dev Funding Agreement Page 3 of 5
Lasater Ranch adjacent to Basswood Boulevard
Exhibit A
The Property
BEING two tracts of land embracing Phases 1, 2 and 3 of LASATER RANCH, City of Fort Worth,
Tarrant County, Texas and being more particularly described as follows:
Tract One:
BEGINNING at the southwest terminus of Victoria Drive (SO'R.O.W.) in the east line of Blue
Mound Road(R.O.W. varies);
THENCE N 000 38' 00" W, 50.00 feet;
THENCE S 890 42'48" E, 300.28 feet;
THENCE N 000 38 32" W, 397.37 feet;
THENCE S 890 46' 29" E, 2568.62 feet;
THENCE S 000 03' 50" E, 1552.86 feet;
THENCE N 890 44'42" W, 1100.11 feet;
THENCE N 000 37'46" W, 280.00 feet;
THENCE N 890 42'48" W. 853.38 feet;
THENCE N 000 37'46" W, 419.85 feet;
THENCE N 890 42'48" W, 599.65 feet;
THENCE N 000 38' 32" W, 404.14 feet;
THENCE N 890 42'48" W, 300.29 feet to the POINT OF BEGINNING and containing 76.475 acres
of land, more or less.
Tract Two:
BEGINNING at the northwest corner of the herein described tract,being the northeast corner of Lot 1,
Block A, Advantage Self Storage Addition, an addition to the city of Fort Worth, Tarrant County,
Texas, according to the plat recorded in Cabinet A, Slide 12662, Plat Records, Tarrant County, Texas;
THENCE S 890 47' 14" E, 2133.15 feet;
THENCE S 000 03' 50" E, 223.89 feet;
THENCE S 880 35' 37" W, 2135.08 feet;
THENCE N 000 12'46" E, 284.21 feet to the POINT OF BEGINNING and containing 12.444 acres
of land, more or less
Dev Funding Agreement Page 4 of 5
Lasater Ranch adjacent to Basswood Boulevard
Exhibit B
The Facility
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Dev Funding Agreement Page 5 of 5
Lasater Ranch adjacent to Basswood Boulevard