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Home My WebLink AboutContract 39835CITV c�crNo�',1li5_. TRANSPORTATION IMPACT FEE CREDIT AGREEMENT THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the "Agreement") is made and entered into effective as of the Effective Date (as defined below), by and among THE CITY OF FORT WORTH, TEXAS (the "City"), a home rule municipal corporation situated in Tarrant, Denton, Parker, Johnson, and Wise Counties, Texas, and JEAN ACRES, L.P., a Limited Partnership (the "Owner") (the City and the Owner a "Party", and collectively, the "Parties"). RECITALS WHEREAS, the City is a home rule municipal corporation duly organized and validly existing under the laws and statutes of the State of Texas and is located within Tarrant, Denton, Parker, Johnson, and Wise Counties, Texas; and WHEREAS, the Owner is the owner of approximately 19.879 acres in Tarrant County, Texas, as described by metes and bounds in Exhibit "A" (the "Property") located within the corporate boundaries of the City. A map of the Property showing its location is attached hereto as Exhibit "B"; and WHEREAS, the Owner desires to proceed with development of the Property as described or illustrated on the Development plan, attached hereto as Exhibit "C", which Development Plan identifies the intended land uses in relation to the lay -out of on -site and off -site transportation facilities necessary for serving full development of the Property; and WHEREAS, the City has adopted a Transportation Impact Fee program pursuant to Tex. Loc. Gov't Code chapter 395, Ordinance No. 18083, under which charges ("impact fees") are imposed on new development for transportation facilities serving the development and which are identified within the City's adopted transportation improvements plan; and WHEREAS, transportation impact fees must be collected and spent within the service area(s) in which the new development is located; and WHEREAS, the Property is located within service area Z • and WHEREAS, the transportation facilities shown on the Development Plan are identified within the City's adopted transportation improvements plan or otherwise eligible for credit as described in Ordinance No. 18083; and WHEREAS, Ordinance No. 18083 Section 1-15 provides for credits against impact fees for dedication or construction of certain transportation improvements; and 1-16 CREDIT AGREEMENT OFFI(PIAL RECORD CITY SECRETARY Ft WORTH, TX WHEREAS, Owner agrees to dedicate and construct the transportation improvements shown on the Development Plan in exchange for credits against future transportation impact fees and WHEREAS, Owner has submitted a final plat to the City for approval, subject to dedication and construction of the transportation improvements shown on the Development Plan; and WHEREAS, based on the anticipated traffic impacts from the development, the City, and Owner contemplate the necessity for the construction of system facilities, which must be credited against transportation impact fees otherwise due; and WHEREAS, the City, in accordance with Chapter 395, has determined the maximum transportation impact fees to be charged against new development within service district no Z to be $1,618 per service unit; and WHEREAS, Owner has filed and recorded the following final plats: Phase 1 (FP 05-132) in Cabinet A, Slide 11400 on 9/1/2006; and WHEREAS, Owner has received approval for construction plans, executed Community Facility Agreements, constructed roadway improvements, obtained City acceptance of the improvements, and dedicated rights -of -way for the following: Phase 1, D 0 E No. 5030; NOW, THEREFORE, for and in consideration of the mutual agreements, covenants, and conditions contained herein, and other good and valuable consideration, the City and the Owner hereby covenant and agree as follows: 1. Recitals The recitals contained in this Agreement are true and correct as of the Effective Date and form the basis upon which the Parties negotiated and entered into this Agreement. 2. Transportation Improvements Owner agrees to dedicate the rights -of -way for and construct the system facilities identified in Exhibit "D", which is attached hereto and incorporated herein by reference. For any transportation improvement which has been dedicated or constructed by Owner on the Property and accepted by the City prior to execution of this Agreement, the improvement shall be identified as completed on Exhibit IIDii 3. Credits. The Parties agree that the estimated value of the credits for each 1-16 CREDIT AGREEMENT transportation improvement, expressed in current dollars, shall be as set forth in Exhibit "E" The value of credits associated with the improvements first shall be reduced by the Schedule 2 impact fee associated with any lot for which a building permit has previously been issued, and the net value of credits shown on Exhibit 'E' shall be considered as exact. 4. Phasing. The Parties acknowledge that, where it is anticipated that the project shall be developed in phases, the anticipated construction of improvements by phase shall be as depicted in Exhibit "D' , which is attached hereto and incorporated herein by reference. 5. Allocation of Credits by Phase. The general allocation of credits to each phase of the development shall be as shown on Exhibit 'F", which is attached hereto and incorporated herein by reference. The Parties agree that the credits identified in this Agreement shall not be deemed to have been created until the system facility for which credit is given shall either be guaranteed through an executed Community Facilities Agreement or approved and accepted by the City. The Parties further agree that, prior to the application of a credit against transportation impact fees otherwise due for any unit of development; the following events shall take place: (a) The Parties have entered into a Community Facilities Agreement for the dedication or construction of the system facility; (b) The number of credits resulting from such improvement has been valued; and (c) Concurrent with final plat approval, a credit allocation shall be provided by the developer for the phase of development to which the credit is to be applied, which allocation may either assign the credit expressed in dollars, to each finally platted lot or may create a credit -pool to be utilized by that phase of development. . (d) To the extent that any credit balance remams after allocation of credits this Agreement may be amended to allocate such unused credits to subsequent phases of the development. 6. Proportionality. Owner agrees that the obligation to dedicate and construct improvements to serve the development shown on the Concept Plan, as provided in section 2 of this Agreement, and the credits against transportation impact fees attributed to such contributions and generally allocated to phases of the development herein, are roughly proportionate to the nature and extent of the development shown on the Concept Plan. 7. Term and Effective Date. The initial term of this Agreement shall be ten (10) 1-16 CREDIT AGREEMENT years from its Effective Date, in accordance with Ordinance No. 18083, which shall be the date on which the last party executes the Agreement. 8. Agreement to Run with the Land. Owner shall have the right to assign this Agreement to any person or entity ('Owner's Assignee") with the written consent of the City, provided: (a) the assignment is in writing executed by the Owner and its assignee; and (b) the assignment incorporates this Agreement by reference and binds the Owner's Assignee to perform (to the extent of the obligations assigned) in accordance with this Agreement. Each Owner's Assignee shall become a Party to this Agreement upon the execution of such assignment In no event may this Agreement be construed to authorize assignment of any credits attributable to a system facility to be dedicated or constructed hereunder for use outside the boundaries of the Property. 9. Amendment. This Agreement shall not be modified or amended except as follows: (a) Any amendment or modification to this Agreement or any Exhibit or schedule hereto shall be in writing and signed by the Parties. (b) Any revision, amendment, or modification to this Agreement, the Development Plan, or any Exhibit or schedule thereto, shall become effective on the date executed by the Parties or, as applicable, upon the date of approval by the City Council or designated city official. 10. Exhibits. I'he exhibits attached to this Agreement are incorporated as part of this Agreement for all purposes as if set forth in full in the body of this Agreement. 1-16 CREDIT AGREEMENT INWITNES WHEREOF, the undersigned parties have executed this Agreement as of the cat -day of 2010. CITY OF FORT WORTH, TEXAS Fernando Costa Assistant City Manager Recommended By: Susan Alanis Director, Planning and Development Approved as to Form and Legality: Amy J. Ramsey ATTEST: Marty Hendrix City Secretary 1-16 CREDIT AGREEMENT By: stitr .4;;;"(> le Os :p4t.(Z2z7 •CY Nee 4 O4. itratteo flef.00 s'4 l/bi issp7 la>V yi-z irn N ACRES, L.P. Christopher Jea}C President Jean Acres, In Its General Partner r-calillerlsts--ac NO M&C R1O BRED EXHIBIT LIST Description of the Property Map of Property "C" Development Plan Map Transportation Improvements Credits Against Transportation Impact Fees Allocation of Credits 1-16 CREDIT AGREEMENT LEGAL DESCRIPTION BEING a tract of land situated in the W. Stone Survey, Abstract Number 1400, Tarrant County, Texas and being a portion of that certain tract of land, (Tract I) as descnbed by deed to Jean Acres, L.P., as recorded in County Clerk's Filing Number D205076768, Deed Records, Tarrant County, Texas and being more particularly described by metes and bounds as follows: BEGINNING at a 5/8 inch iron rod with cap stamped "Carter & Burgess" found at the southwest comer of said Tract I, Jean Acres L.P., said point being in the east right-of- way line of Hemphill Street (a 120 foot right-of-way); THENCE along said east right-of-way the following bearings and distances: NOO°38'15"E, 232.73 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" found at the beginning of a curve to the left; 422.37 feet with said curve to the left, through a central angle of 20°00'00", having a radius of 1210.00 feet whose long chord bears N09°21'44"W, 420.23 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" found; N19°21'49"W, 211.91 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" found at the beginning of a curve to the right; 523.94 feet with said curve to the right, through a central angle of 09°33'37", having a radius of 3140.00 feet whose long chord bears N14°34'55"W, 523.33 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set; THENCE N78°27'20"E, 119.35 feet, departing said east right-of-way line of Hemphill Street to a 5/8 inch iron rod with cap stamped "Carter & Burgess' set; THENCE N78°55'00"E, 50.00 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set THENCE N81°56'50"E, 62.94 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set THENCE S08°03' 10"E, 110.02 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set at the beginning of a non -tangent curve to the right; THENCE 4 85 feet with said non -tangent curve to the right, through a central angle of 00°31'45", having a radius of 525.00 feet, whose long chord bears N81°40'57"E, 4.85 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set THENCE N81°56'50"E, 30.15 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set 014012.010 001.0452 J:\JOB\01401201\SUR\WP\LEG\4012 pa1.leg.doc 1/26/2010 Page 1 of 2 THENCE S08°03' 10"E, 160.00 feet to a 5/8 inch iron rod with cap stamped "Carter & Burgess" set; THENCE N81°56'50"E, 575.00 feet to a 5/8 inch iron rod with cap stamped 'Carter & Burgess" set in the east line of said Tract I, said iron rod also being in the west right-of- way line of the M-K-T Railroad (a 100 foot right-of-way); THENCE S08°03' l0"E, 1004.86 feet along the common line of said Tract I and said M- KT Railroad to a 5/8 inch iron rod with cap stamped "Carter & Burgess" found' THENCE S73°33'50"W, 774.77 feet, departing said common line of Tract I and the M- K-T Railroad to the POINT OF BEGINNING and containing 19.879 acres of land, more or less. 014012.010 001.0452 J:\JOB\01401201 \SUR\WP\LEG\4012_pal .leg.doc 1/26/2010 Page 2 of 2 _ gl _ =4_,_ii m A 7. OWNER /DEVELOP JEAN ACRES, LP. 310 HOWZE BEACH LAN SLIOELL, LA 7046I PHONE, (985) 645-90E FAX, (985) 643-248A. 1� (� I x A I \ \ �ROWLEY , I ' g �' ---�-I , V / r CART � r� o 3o m oo �I 4i `....._.•n 4 ' BNSF BURLINGTON NORTH O f L ,o, - ,.....,..,. .. E .-- r =� / off — F rn, v V , , r 000, IN i 1W11 II ,,J� v'Y � � � -, V III � 1.�'I 0, I. o 171 --,) ___., PLANNER /ENGINEER EXHIBIT "B" 7v JACOB� COVENTRY EAST MAP OF PROPERTY A 03 I NOINf1 BNSF n✓ = UM rna. Z� J �� o� I _.. ) 3 r m v I 1 : 11 3223 - I „ OR� 1 \ FORT N , rn co ,TcH m I lM LIMIT City x `.-• v _ /, (1 WORTH ,.--__I MIT =' I'�� ,.✓ Iri 101 ,Ii I'{i if V 1�n PP 11 A. r.. I c I OUS 1 1 a l � i yOl'n"G I -- E7,'1$SS�G 1 Ems o r ,r11 t 0 0.5 1 E 1 zorNG paSatiG noPt,`l• P10 io H°'.�s COt LA9A.SVD .I.ONfiG O 1 N Rf OPEN 3 apr PRIVATE OPEN Gr_AC 1 - % itl co PRIVATE 0A pOt SPACE ..^a: $°ACE PC 13s i,_�Q I I I 1- \- I G'Ck ! I I .:. iII j .' —PI _-r--'� I 1_ 1 l L 10.. I I I � G SCUStJti, 0 1 1 ,.-- m 1 E ~ E I �"` _. — 1 E;.3STIN i 'ROJECL DATE PEY1510N5 OWNER JEAN 310 SLIDELL, PHONE, FAX, HORZE (9851 /DEVELOPER ACRES 4 9851 BEACH LA LP. LANE 70461 645 9062 643-2484 PLANNER c��b /ENGINEER EXHIBIT "C' �. COVENTRY EAST DEVELOPMENT PLAN Ay"D 011E®wq� a FORT WORTH Exhibit D _I, COVENTRYEAST ^��, CRLDITAGREEMENT '' ASSOCIATED IMUiPROVEMEF' VS DOE NUMBER FINAL PLAT 5030 CONSTRUCT EAST 1/2 OF HEMPHILL, MA-4D FP05-132 Legend Developer Built Roads* Status Accepted Coventry East *Eligible for Credit from Transportation Impact Fee FORT \\TORTFI NET CREDIT BALANCE Credits Against Transportation Impact Fees ,EXHIBIT E. VALUE OF EXISTING DEMAND VALUE OF CAPACITY PROVIDED 298, 502.03 A NET CREDIT BALANCE $ 298, 502.03 FORT WORTH COVENTRY EAST NET CREDIT OVERVIEW 01/29/2010 EXHIBIT E Credits Against Transportation Impact Fees FINAL PLAT DOE NUMBER ASSOCIATED IMPROVEMENTS ELIGIBLE FP05-132 5030 CONSTRUCT EAST 1/2 OF HEMPHILL, MA-4D $ 223,339.65 OTHER ELIGIBLE CREDITS $ 75,162.38 VALUE OF CAPACITY PROVIDED $ 298,502.03 COVENTRY EAST TOTAL CREDITS 01/29/2010 -EXHIBIT E Credits Against Transportation Impact Fees Quantity Unit Type Unit Cost Total 8,160.48 Grading and Mass Excavation Lights n/a - Hemphill Street 44,667.93 Engineering/Testing/Surveying @20% Geotech $ $ 22,333.97 10% ROW @ fiTotal Other Developer eligible Credits 75,162.38 COVENTRY EAST OTHER CREDITS 01/29/2010 E Credits Against Transportation Impact Fees Paving 7" REINF CONCREVE PVMT W/7" CURB 6" LIME STABILIZED SUBGRADE LIME FOR SUBGRADE 4' SIDEWALK ADA SIDEWALK RAMPS SAWCUT & REMOVE 6" CURB & GUTTER TYPE II CR4 PVMT MARKERS TYPE W-4 PVMT MARKERS Storm Drain 24" CLASS III RCP 10' STD DEPTH CURB INLET 4' SQUARE MH TRNCH SAFETY STORM WTR MGMT Quantity Unit Type Unit Cost 5947 SY $ 25.10 6262 92 SY $ 2 25 94.04 TN $ 102 00 1523 LF $ 14.00 4 EA $ 540.00 736 LF $ 5.00 180 EA $ 6.00 253 EA $ 6.00 Quantity Unit Type 225.02 LF 1 EA 1 EA 225.02 LF 1 LS Unit Cost $ 64.00 $ 2,900.00 $ 2,100.00 $ 1.00 $ 1,000.00 Total $ 149,269.70 $ 14,091.57 $ 9,592 08 $ 21,322 00 $ 2,160.00 $ 3,680.00 $ 1,080.00 $ 1,518.00 $ 202, 713.35 Total $ 14,401 28 $ 2,900.00 $ 2,100.00 $ 225.02 $ 1,000.00 $ 20,626.30 [TOTAL CRFDIT FOR DOE 5030 $ 223,339.65 COVENTRY EAST DOE5030 01/29/2010 11 LEI�l, 1 inn 1111 II i. .I It! d i: i E C 72 j NOTE. LOTS } ED YIIIHIN BJUNDARI ARE ELIGIBLE FOR I' ACT FEE CREO{T -EiCCO TO;:ER > I 1 1 I C. OV5 3 PAC' + I � t i 9 - or 1 1 1 1 { y - 0% 17 1 - o 1 t N s � { I I I I I 1 I i,_ - I I t 1 i 1 1 1 ®1 1 — - 11,11 — p 1 1 i� ;I I I F�Lv rR{ 1J { % r 4ft`/V PT OOPFP 5p reECI DATE DIVISIONS OWNER JEAN 310 PHONE FAX; /DEVELOPER ACRES, L.P. HOWZE BEACH LANER. 7061 E(985)LL A64549082 (9851 643-2484 PLANNER�� /ENGINEER EXHIBIT 'rl� UaAml % COVENTRY EAST ALLOCATION OF CREDITS + ROvED DV