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HomeMy WebLinkAboutContract 40835ai' Y SEUt&u'AuV CON'TRACT NO1. aSti TRANSPORTATION IMPACT FEE CREDIT AGREEMENT THIS TRANSPORTATION IMPACT FEE C)IT AGREEMENT (the "Agreement") is made and entered into effective as of the lffective 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 CLEAR CREEK R ESIDENTTIAL PARTNERS, L.P. and FOUR SEASONS AT CLEAR , R CREEK, LTD a Texas limited liability company (the "Owners") (the City and the Owners a "Party", and collectively, the "Parties"). RECITALS ECiTALS WEIEREAS, 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 Owners are the Owners of approximately 156.15 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 Owners desire 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 improvement plan; and WHERE k S, 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 'ed within the City's adopted transportation improvements plan; and WHERE l S, Ordinance No. 18083 Section 1-15 provides for credits against impact • 1-16 CREDIT AGREEMENT fees for dedication or construction of transportation improvements shown on the adopted transportation improvements plan; and WHEREAS, Owner (FS) 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 (FS) 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 Owners 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 area Z to be $1,618 per service unit; and WHEREAS, Owner (FS) has filed and recorded the following final plats: Clear Creek Addition, Lot 1 Block 1 (FP-009-005) Filed in Document D210171526 on 07-15-2010 WHEREAS, Owner (FS) has received approval for construction plans, executed Community Facility Agreements, and dedicated rights -of -way for the following For Seasons at Clear Creek Public Infrastructure, D.O.E. 6191 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 Owners 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 (FS) agree to dedicate the rights -of - way for and construct the system facilities identified m Exhibit "D", which is attached hereto and incorporated herein by reference. For any transportation improvement which has been dedicated or constructed by Owners on the Property and accepted by the City prior to execution of this Agreement, the improvement shall be identified as completed on 1-16 CREDIT AGREEMENT Exhibit "D". 3. Credits. The Parties agree that the estimated value of the credits for each 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 m 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 remains after allocation of credits this Agreement may be amended to allocate such unused credits to subsequent phases of the development. 6. Proportionality. Owners agree that the obligation to dedicate and construct improvements to serve the development shown on the Preliminary Plat, 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 1-16 CREDIT AGREEMENT roughly proportionate to the nature and extent of the development shown on the Concept Plan (Preliminary Plat). 7. Term and Effective Date. The initial term of this Agreement shall be ten (10) 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. Owners shall have the right to assign this Agreement to any person or entity ("Owners' Assignee') with the written consent of the City, provided: (a) the assignment is in writing executed by the Owners and its assignee(s); and (b) the assignment incorporates this Agreement by reference and binds the Owners' Assignee(s) to perform (to the extent of the obligations assigned) in accordance with this Agreement. Each Owners 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. The 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 IN�WITNESS WHEREOF, the undersigned parties have executed this Agreement as of th�3 day of ��" , , 20� CITY OF FORT WORTH, TEXAS Fernando Costa Assistant City Manager Recommended By: okr apt - Director, Planning and Development Approved as to Form and Legality: Amy it Ramsey ATTEST: Marty Hendrix City Secretary 1-16 CREDIT AGREEMENT OWNER Clear Creek Residential Partners, LP BY: Clear Creek Residential PartnersRP, its General Partner Gary ` effield Reg'stered Agent OWNER (FS) Four Seasons at Clear Creek, LTD, a Texas limited partnership By: Merced -Four Seasons at Clear Creek, LLC By: Merced Housing Texas, a Texas non-profit corporation, its sole member By: 4LC4CV\ . 4rCA-Wts-ev• Susan R Sheeran President i ik . 11: 0 =1 .E D tingco'Yoto�� � QQ O Q te4 0 13: 1131 O o° T"ig 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 EXHIBIT A Legal Description 156.165 acres of land situated in the Shelby County School Land Survey, Abstract Number 1375, Blocks 7 and 8 and being a portion of that certain tract or parcel of land conveyed to Shelby 161 L.P., a Texas Limited Partnership, as filed in C C. # D204071600, Deed Records, Tarrant County, Texas, said 156.165 acres of land being more particularly described by metes and bounds as follows: BEGINNING at a 3/4 inch iron rod found at a fence corner, same being the southwest corner of said 161.036 acre tract and by previous description being 778 varas East from southwest corner of said Shelby County School Land Survey, Abstract Number 1375; THENCE N 00 deg. 03'00" E, 2,237.56 feet to a 2 inch angle iron found in the south right-of-way line of County Road Number 1098 (Oak Grove -Shelby Road); THENCE N 89 deg. 49'30" E, 2,827.24 feet along said right-of-way line to a 1/2 inch iron rod set with plastic cap stamped "Landes & Assoc." in the south right-of-way line of said Oak Grove -Shelby Road; THENCE S 00 deg. 07'30" E, 700.26 feet to a 1/2 inch iron rod set (marked as before); THENCE N 89 deg. 49'27" E, 302.95 feet to a 1/2 inch iron rod set (marked as before) in the east line of said 161.036 acre tract and in the west right-of—way line of South Race Street; THENCE S 00 deg. 07'30" E, 1,538.97 feet along said west right-of-way line to a 1/2 inch iron rod set (marked as before) in a gravel road; THENCE S 89 deg. 51'00" W, 3,137.03 feet along the south line of said 161.036 acre tract to the POINT OF BEGINNING and containing 156.165 acres of land of which 2.632 acres of land lies within a 50.0 foot wide easement to Texas Power and Light Company as recorded in Volume 423, Page 41, Deed Records, Tarrant County, Texas. Transportation Impact Fee Credit Agreement City of Fort Worth DOE 6191 IT IS ThN• PALE • N BUURGUESS. ERMA ORW WAY GARDEN ACRE te LP et n IOTH • BUIE HANSAARGE AM. ELI AI LA lu US+. IARLE EON S': RR LE BELL o VAUG EY ENON MMBARRON ICHNS N EVrRMAN JADE N •ap 5,572 ROYAL CREST ARNOLD o J k BLUEBELL .ASTERIA COL1M9',4L1 CREEK 8 BLUEERD ALSUE PLAZA B LA TUG AE RI CROCKET OAK GRO PP HERSO! OAK GROVE CREEK 1 NTC AV NELS0 rt 0 8 ce w OAK GROVE R McPHERSON 4.6 ',al PION [Lerman Cemetery T OD UNTRY HILL OAK GRO VE-FEUOON 1 VELDT kF' F OAK GROVE VICINITY MAP N.T.S. • COar ov" w s 1 J do° / ( r�._Y_- E RYSP4GER Mania R.01I.) /p°" ( f'� OF 0 5' J _ $1 ]Y 6•' O �� •. / •R$ - T. s'�! �`�„Ar RX$INCER (ra ttp,TE1iO B0R) ,1 _ . a, ITaiv. r tincem•sc we " d e4...e ,..v ,� Jr r. lig r. r n Qua ZS a v resn .• _SR E «iomo`101..tioLe r—. �. 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(III TrL ..._e,.e EXHIBIT D Clear creek Addition Credit Agreement DEVELOPER BUILT ROADS Status Accepted Anticipated *Eligible for Credit Against Transportation Impact Fees FINAL PLAT FP-009-005 OA$_ ROVE SHaL BY PP-06-004 DOE NUMBER ASSOCIATED IMPROVEMENTS SERENE CREEK (WICHITA) C LIMITS NORTH 1/2 OF MA4D SERENE CREEK (WICHITA) FROM RACE STREET TO JUST WEST OF FOUR SEASONS 500 1,000 1,500 2,000 Feet FORT WORTH Credits Against Transportation Impact Fees NET CREDIT BALANCE FORT WORTH VALUE OF CAPACITY PROVIDED VALUE OF EXISTING DEMAND NET CREDIT BALANCE $ 304, 981.77 304, 981. 17 CLEAR CREEK NET CREDIT OVERVIEW 09/21/2010 Capacity Provided by DOE 6191 / Wichita: Paving PAVEMENT - UNCLASSIFIED STREET EXCAVATION SUBGRADE - LIME FOR STABILIZATION SUBGRADE - 6-INCH LIME STABILIZED CONCRETE PAVEMENT - 12 INCH CURB AND GUTTER - 7INCH W/18 INCH GUTTER WALK-4FT WALK - ADA WHEELCHAIR RAMP Storm Drain EXHIBIT E Credits Against Transportation Impact Fees Quantity Unit Type Unit Cost 1,700.00 CY $ 6.00 44.66 TONS $ 110.00 3,057.67 SY $ 3.00 2,746.00 SY $ 48.00 670.00 LF $ 22.00 2,980.00 LF $ 3.50 2.00 EA $ 400.00 uantit Total 10, 200.00 4,912.60 9,173.01 131,808.00 14,740.00 10,430.00 800.00 182,063.61 + PIPE 24" RCP 85 LF $ 55.00 $ 1,309.00 PIPE 30" RCP 109.00 LF $ 65.00 $ 1,983.80 PIPE 36" RCP 283.00 LF $ 85.00 $ 6,735.40 PIPE 42" RCP 113.00 LF $ 105.00 $ 3,322.20 PIPE 48" RCP 107.00 LF $ 125.00 $ 3,745.00 UNCLASSIFIED TRENCH EXCAVATION &BACKFILL 850 CY $ 15.00 $ 3,570.00 RIP RAP< THAN 18" ROCK 125 CY $ 60.00 $ 2,100.00 HEADWALL 48" PIPE 1.00 EA $ 3,000.00 $ 840.00 INLET - RECESSED 10FT INLET DROP 6X6 MANHOLE 4FT SQUARE MANHOLE > 4FT SQUARE 697.00 LF 2.00 EA 2.00 EA 1.00 EA 1.00 EA $ 1.00 $ $ 2,000.00 $ $ 3,500.00 $ $ 2,500.00 $ $ 3,650.00 $ 697.00 4,000.00 7,000.00 2,500.00 3,650.00 41,452.40 SUBTOTAL CONSTRUCTION $ 223,516.01 Grading and Mass Excavation Street Lights @ 6% Engineering/SurveyinglTesting © 20% Geotech (ESTIMATED) ROW @10% ISLIBTOTALotHER ELIGIBLE ITEMS Total 13,410.96 44, 703.20 1,000.00 22,351.60 81,465.76 TOTAL VALUE OF CAPACITY PROVIDED 304,981.77 I MARINE CREEK RANCH PROVIDED CAPACITY DOE6191 9/1/2010 LE & I !DIM MI Salta. 02 FUTURE =MGER ULTI ATE 110' R.O.W.) OAX GROVE SHELBY ROAD (DUSTING 06' ItO.W. LIAM ,w LON ASOI 0. MIE 1iM000N K'l 1103. Pt 10E7 DEALT. Imo O EL Ip aLIG Ai TO. 1i IL a®PY TRANSPORTATION IMPACT FEE NOTE: TRANSPORTATION IMPACT FEE CREDITS FOR THE PARCLES WITHIN THE DESIGNATED PLAT AREA TO BE APPLIED ON AN AS' DEVELOPED (CHRONOLOGICALLY) BASIS. AM AN MDR NON 1911001. 9TE 1E90 — aP 0#) '1NI[ St JOIN WL 009176 Pi. DATLT. 4 TRANSPORTATION IMPACT FEE POOL AREA WCN19Yts, LAP t iorl 1—. ra EXHIBIT F ALLOCATION OF CREDITS Wet Cilia an 201/1" ....- _ P,a KM 0MY tlR 1 IIb YVty. YIIYCT W. )A Al. YCII'G N M are crr t g11y 'GSM'GSMYCOS.TWA PATE ®ENGINFFWS I!!134 I »l NIi L Y[ A4 lo 01» e ms Ns Mawr La as o!.>m•= SR I or