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Home My WebLink AboutContract 43079 (2)CITY SECRETARY, o� CONTRACT NO.4 COMPLETION AGREEMENT This Completion Agreement ("Agreement"), is made and entered into by and between the City of Fort Worth, ("City") and Walsh Ranches Limited Partnership authorized to do business in Texas, ("Owner") effective as of the last date executed by a Party hereto. The City and the Owner may collectively be called the "Parties". WITNESSETH: WHEREAS, the Owner owns that certain tract of real property that contains approximately 7.2 acres of land located in the City, the legal description of which tract of real property is marked Exhibit "A" Legal Description, attached hereto and incorporated herein for all purposes, ("Property"); and WHEREAS, the Owner intends to develop the Property as an addition to the City through plat FP-O 1 1-014 as approved by the City on or before the date of this Agreement ("Plat"); and WHEREAS, the Owner and the City have entered into a Community Facilities Agreement (CFA # ; M&C relating to the development, Walsh Ranch -Old Weatherford Road Connector for Paving, Drainage, Lighting Improvements and signs. WHEREAS, the City has required certain assurances that the Owner will cause to be constructed to City standards the Improvements pursuant to the Community Facilities Agreement; and WHEREAS, the Parties desire to set forth the terms and conditions of such accommodations as are described above. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby agreed by and between City and Owner as follows: 1. Recitals. The foregoing recitals are true, correct and complete and constitute the basis for this Agreemei_tO th Apaccuto incorporated into this Agreement for all purposes.OITY SECRETARY FT. WORTH, TX 2. The Completion Amount. The City and the Owner agree that the Hard Costs (as shown on Exhibit "B") required to complete the Community Facilities in the aggregate should not exceed the sum of Eight Hundred Sixty Nine Thousand, Seven Hundred Nineteen Dollars and Ten Cents ($869,719.10), 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. City hereby waives the requirement for owner to deposit a financial guarantee of 100% of the Hard Costs under the CFA Policy. 3. Completion by the Owner. The Owner agrees to complete the Community Facilities and pay all Hard Costs in accordance with City standards, the CFA, the Plat, and the Plans as 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 pursuant to Section 6, hereof. 4. 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 Owner's Financial Guarantee, as described in the CFA Policy, 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. COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 2 of 12 5 Termination. This Agreement shall terminate upon the earlier to occur of the following: (a) acceptance by the City of the Community Facilities; or (b) mutual written agreement of the Parties. 6. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of 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 Owner 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 the county where the Property is located. The purpose of the City retaining the final plat of the Property as provided herein is to guarantee the Owner's obligations under the CFA are completed. 7. Construction Contracts. Owner 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 Owner release the City from any claim that is related to the Property; and D. A requirement that each contractor contracting with the Owner include in each subcontract the statements contained in (a), (b) and (c) above. 8. Miscellaneous. COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 3 of 12 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. 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: and/or City of Fort Worth Planning & Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division David Schroeder, Development Manager Email: David.Schroeder@fortworthtexas.gov Confirmation Number: 817-3 92-223 9 Attention: CFA Division Jana Knight, Administrative Assistant Email: Jana. Knight@fortworthtexas.gov Confirmation Number: 817-392-2025 With a copy thereof addressed and delivered as follows: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Douglas W. Black Assistant City Attorney Telecopy Number: 817-392-8359 Confirmation Number: 817-392-7600 COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 4 of 12 (ii) Notice to the Owner shall be addressed and delivered as follows: Walsh Ranches Limited Partnership 500 W 7th Street, Suite 1007 Fort Worth, Texas 76102 Attention: G. Malcolm Louden. President 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. 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 this 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. COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 5 of 12 Executed IN QUADRUPLET by the Parties hereto: OWNER: Walsh Ranches Limited Partnership By: Walsh North Star Company, a Texas corporation, General Partner Name G Malcolm t�uden Title: President Date: airO✓(.{'1 301 �q 2 S TO FORM: Rip CITY OF FORT WORTH Douglas W. B ack Fernando Costa Assistant City Attorney Mary J. 1< City Secretary M Off. C : 4114- Date: k t11t t. cc O� pia,pg. ea U b <Yr° COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 6 of 12 14TO O a21$ d� 4,1 pd000000 a„:" Assistant City Manager Date: ___"f/.�b OPICIAII RECORD I?Y UCRETARY Ft WO*TXJ EXHIBIT A - EXHIBIT B - COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 7 of 12 LIST OF EXHIBITS LEGAL DESCRIPTION APPROVED BUDGET EXHIBIT A LEGAL DESCRIPTION Being a 7 210 acre tract of land situated in the International & Great Northern RR Co Survey, Abstract Number 2004, the Heirs of C.H. Higbee Survey, Abstract Number 2740, and the M.0 Moulton Survey, Abstract Number 934, Parker County, being part of the tract of land described in the deed to Walsh Ranches Limited Partnership, recorded in Volume 1699, Page 1765, Deed Records, Parker County, Texas, said 7.210 acre tract of land being more particularly described as follows: COMMENCING at a stone found for the southwest corner of the John Kelsey Survey, Abstract Number 782 a re-entrant corner of the International & Great Northern RR Co Survey, Abstract Number 2004; THENCE with an east line of said Walsh Ranches tract and the west lines of the tract of land described in the deed to John and Mary Lowery, recorded in Volume 1540, Page 1666, Deed Records, Parker County, Texas, the tract of land described in the deed to Debra Faye Johnson Head, recorded in Volume 1410, Page 829, Deed Records, Parker County, Texas, and the tract of land described in the deed to Mary's Creek Properties, recorded in Volume 1848, Page 1466, Deed Records, Parker County, Texas Noith 00°46'53" West a distance of 2022.31 feet to a point from which a 1 inch iron rod found for the point of commencing of Tract II in the deed to John and Mary Lowery and the called northwest corner of the John Kelsey Survey bears North 00°46'53" West a distance of 737.21 feet; THENCE departing said east and west lines South 89°13'07" West a distance of 284.77 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of curvature of a non -tangent curve to the left having a radius of 1037.00 feet, a central angle of 11°36'O1' , and a chord bearing and distance of South 78°O1'58' West 209.59 feet, and the POINT OF BEGINNING; THENCE with said non -tangent curve to the left an arc distance of 209.95 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the right having a radius of 1076.50 feet, a central angle of 51 °45'52 ', and a chord bearing and distance of North 81°53'07" West 939.83 feet; THENCE with said reverse curve to the right an arc distance of 972.57 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 8 of 12 curve to the left having a radius of 1023.50 feet, a central angle of 31 ° 17'49 ', and a chord bearing and distance North 71°39'05" West 552.15 feet; THENCE with said reverse curve to the left an arc distance of 559.07 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of tangency; THENCE North 87° 18'00" West a distance of 146.19 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set; THENCE North 02°42'00" East a distance of 53.00 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set; THENCE South 87°18'00" East a distance of 13.00 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the left having a radius of 17.00 feet, a central angle of 90°00'00", and a chord bearing and distance of North 47°42'00" East 24.04 feet THENCE with said curve to the left an arc distance of 26.70 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of tangency; THENCE North 02°42'00" East a distance of 50 38 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of curvature of a curve to the left having a radius of 65.00 feet, a central angle of 77°04'41", and a chord bearing and distance of North 35°50'20" West 81.00 feet; THENCE with said curve to the left an arc distance of 87.44 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the end of curve in the occupied southerly line of Old Weatherford Road; THENCE with the occupied southerly line of Old Weatherford Road, North 82°36 43' East a distance of 122.71 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non -tangent curve to the left having a radius of 65.00 feet, a central angle of 53°30'46", and a chord bearing and distance of South 29°27'23" West 58.53 feet; THENCE departing the occupied southerly line of Old Weatherford Road, with said non -tangent curve to the left an arc distance of 60.71 COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 9 of 12 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of tangency; THENCE South 02°42'00" West a distance of 35.97 to a 5/8 inch iron iod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of curvature of a curve to the left having a radius of 60.00 feet a central angle of 40°O1'07", and a chord bearing and distance of South 17°18'33" East 41.06 feet; THENCE with said curve to the left an arc distance of 41.91 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve; THENCE South 88°52'02" East a distance of 20 21 feet to a 5/8 inch iron rod with a yellow plastic cap stamped `DUNAWAY ASSOC LP" set for the point of curvature of a curve to the left having a radius of 93.00 feet, a central angle of 26°50'37", and a chord bearing and distance of North 77°42'40" East 43.17 feet THENCE with said curve to the left an arc distance of 43 57 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the right having a radius of 207.00 feet, a central angle of 58°39'22", and a chord bearing and distance of South 86°22'58" East 202.78 feet; THENCE with said reverse curve to the right an arc distance of 211.91 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the left having radius of 593.00 feet, a central angle of 36°45'12', and a chord bearing and distance of South 75°25'53" East 373.90 feet; THENCE with said reverse curve to the left an arc distance of 380.39 feet to a 5/8 inch iion rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the right having radius of 427.00 feet, a central angle of 36°59'24', and a chord bearing and distance of South 75°18'47" East 270.91 feet; THENCE with said reverse curve to the right an arc distance of 275.67 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the left having radius of 143.00 feet, a central angle of 50°42' 13 ", and a chord bearing and distance of South 82 ° 10' 11' East 122.46 feet; COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 10 of 12 THENCE with said reverse curve to the left an arc distance of 126.55 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of tangency; THENCE North 72°28'42" East a distance of 78.56 feet to a 5/8 inch iron rod with a yellow plastic cap stamped DUNAWAY ASSOC LP" set for the point of curvature of a curve to the right having a radius of 207.00 feet, a central angle of 59°22'57", and a chord bearing and distance of South 77°49'49" East 205.07 feet THENCE with said curve to the right an arc distance of 214.54 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature of a curve to the left having radius of 218.00 feet, a central angle of 69°49'51", and a chord bearing and distance of South 83°03'16" East 249.55 feet; THENCE with said reverse curve to the left an arc distance of 265.69 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of reverse curvature of a curve to the right having radius of 207.00 feet, a central angle of 62°22'05", and a chord bearing and distance of South 86°47'09" East 214.36 feet; THENCE with said reverse curve to the right an arc distance of 225.33 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set for the point of tangency; THENCE South 55°36'07" East a distance of 7.05 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set; THENCE South 39°59'42" West a distance of 47 89 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set; THENCE South 83°49'58" West a distance of 14.46 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC LP" set; THENCE South 06°10'02" East a distance of 57.00 feet to the POINT OF BEGINNING. Containing a computed area of 314,077 square feet or 7.210 acres of land. Basis of bearings is the Texas Coordinate System of 1983 based on GPS observations using both Trimble and Leica Real Time Networks COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 11 of 12 EXHIBIT B COST LIST Section I Water Sewer Sub -total Section II Interior Streets Storm Drains Sub -total Section III Street Lights Sub -total Section IV N/A Street Signs $0.00 $0.00 $0.00 $548,932.10 $241,852.00 $790,784.10 $78,935.00 $78,935.00 $0 TOTAL $869,719.10 COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 9 of 9