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Home My WebLink AboutContract 43357 (2).ITV SECRETARY CONTRACT NO. 3.3s ri 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 HILLWOOD RESIDENTIAL SERVICES, LP, a Texas limited partnership ("Hillwood") (each 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, Golden Beach, LP, a Texas limited partnership ("Golden Beach), D.R. Horton -Texas, Ltd., a Texas limited partnership ("Horton") and Hillwood each own a portion of an approximately 51.293-acre tract 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, Hillwood owns approximately 1.54-acres to be dedicated to the City for the extension of North Beach Street, Horton owns approximately 28.066 acres to be developed for residential uses (the "Horton Property"), and Golden Beach owns the remainder of the Property (the "Golden Beach Property") ; and WHEREAS, Golden Beach and Horton 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 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 D; and 1-16 CREDIT AGREEMENT North Beach Street Addition OFFICIAL RECORD CITY SECRETARY ifi0ftli'H, TX 1560.012\24721.5 WHEREAS, the transportation facilities shown on the Development Plan are identified within the City's adopted transportation improvements plan; and WHEREAS, Ordinance No. 18083 Section 1-15 provides for credits against impact fees for dedication or construction of transportation improvements shown on the adopted transportation improvements plan; and WHEREAS, Hillwood agrees to dedicate and construct the transportation improvements shown on the Development Plan in exchange for credits against future transportation impact fees for the Golden Beach Property and the Horton Property; and WHEREAS, Hillwood, on behalf of Golden Beach, has submitted final plat FP-11- 020 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 Parties 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 D to be $987 per service unit; and WHEREAS, Hillwood, on behalf of Golden Beach, has received the following preliminary plat approval: North Beach Street Addition, PP-011-013; and WHEREAS, Hillwood has received approval for construction plans and executed a Community Facilities Agreement for the followings Improvements for North Beach Street, DOE No. 6508, City Project No. 01455. NOW, THEREFORE, for and in consideration of the mutual agreements, covenants, and conditions contained herein, and other good and valuable consideration, the Parties 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. 1-16 CREDIT AGREEMENT Page 2 of 1 North Beach Street Addition 1560.012\24721.5 2. Transportation Improvements. Hillwood 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 Hillwood on the Property and accepted by the City prior to execution of this Agreement, the improvement shall be identified as completed on 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, with $158,000 to be allocated to the Horton Property and $694,300.50 to be allocated to the Golden Beach Property. 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 approval of FP-11-020, credit allocations, expressed in dollars, shall be applied equally to each final platted single family residential lot on the Horton Property, in the total amount of $158,000. The remaining credit, in the amount of $694,330.50, shall be allocated to a credit pool to be utilized by the Golden Beach Property 6. Proportionality. Hillwood agrees that the obligation to dedicate and construct improvements to serve the development shown on the Development Plan, as provided in section 2 of this Agreement, and the credits against transportation impact fees 1-16 CREDIT AGREEMENT Page 3 of 1 North Beach Street Addition 1560.012\24721.5 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 Development Plan. 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. Impact Fee Credits to Run with the Land; Assignment. Hillwood shall have the right to assign this Agreement to any person or entity (each, an " Assignee") with the written consent of the City, provided: (a) the assignment is in writing executed by Hillwood and its assignee; and (b) the assignment incorporates this Agreement by reference and binds the Assignee to perform (to the extent of the obligations assigned) in accordance with this Agreement. Each 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. The impact fee credits allocated pursuant to this Agreement shall run with the property to which such impact fee credits are allocated and shall inure to the benefit of purchasers of such 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 Page 4 of 1 North Beach Street Addition 1560.012\24721.5 IN WITNESS WHEREOF, t Agreement as of the 11 day of CITY OF FORT WORTH, TEXAS Assistant City Manager Recommended By Randle Haood Director, Planning and Development Approved as to Form and Legality: Douglas Black Assistant City Attorney M&C: None required ATTEST: dic/ i ary J. Kayser City Secretary 1-16 CREDIT AGREEMENT North Beach Street Addition e undersigned parties have executed this 2012. acosstio-tvwilt, Ar *oar z2 *0400.0000/ 0, a v700000�°� ,G,G7' "Tkettesosse OFFICIAL REC4 +R CITY SECRETARY FT. ,.iTU9`X Page 5 of 1 1560.012\24721.5 IHILLWOOD RESIDENTIAL SERVICES, L.P., a Texas limited partnership By: Hillwood Services GP, a Texas limited liability company, its general partner By: Printed Name: gefMN eilietocit Title: kr 1-16 CREDIT AGREEMENT Page 6 of 1 North Beach Street Addition 1560.012\24721.5 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 Page 7 of 15 North Beach Street - From Golden Triangle to Keller Hicks 1560.012\24721.6 Exhibit "A" Description of the Property BEING a tract of land situated in the J. R. Knight Survey, Abstract N umber 902, City of Fort Worth, Tarrant County, Texas, and being a portion of that certain tract of land described by deed to Realty Capital Golden Beach, Ltd., as recorded in County Clerk's Filing Number D203430365, County Records, Tarrant County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at a 5/8 inch iron rod, being the northwest cornet of that certain tract of land described by deed to the City of Fort Worth, Tarrant County, Texas, as recorded in County Clerk's Filing Number D210072903, County Records, Tarrant County, Texas, also being in the common line of the easterly right-of-way line of that certain tract of land described by deed to the City of Fort Worth, Tarrant County, Texas, as recorded in Volume 9381, Page 654, County Records, Tarrant County, Texas, and the westerly property line of said Realty Capital tract and also being the beginning of a non -tangent curve to the right: THENCE with said common line, 1213.59 feet, along the arc of said curve, through a central angle of 62° 05'00" whose radius is 1120.00 feet, and the long chord which bears N 38°00'08"E, 1155.08 feet to a 5/8 inch iron rod found THENCE N 69°02'38"E, 978.54 feet continuing along said common line to a 5/8 inch iron rod found at the beginning of a curve to the left; THENCE continuing along said common line, 1080.52 feet, along the arc of said curve through a central angle of 49° 55'37" whose radius is 1240.00 feet, and the long chord which bears N44°04'49"E, 1046.66 feet to a P.K. Nail found in the approximate center line of Alta Vista Road; THENCE S 00°25'40"W, 986.90 feet along the approximate center line of said Alta Vista Road to a P.K. Nail found; THENCE S 89°59'21 "W, 493 90 feet to a 3/8 inch iron rod found; THENCE S 02°06'48"W, 1160.75 feet to a 5/8 inch iron rod found in the northerly right-of-way line of Golden Triangle Boulevard (a Variable width right-of-way), THENCE N 89°40' 13"W, 941.51 feet along the north line of said Golden Triangle Boulevard to the most easterly corner of the aforementioned City of Fort Worth tract recorded in D210072903, said County Records; I'HENCE N 88°31'24"W 400.08 feet along the north line of said City of Fort Worth tract (D210072903); THENCE N 90°00'00"W 44.55 feet continuing feet along the north line of said City of Fort Worth tract (D210072903); 1-16 CREDIT AGREEMENT Page 8 of 15 North Beach Street - From Golden Triangle to Keller Hicks 1560.012\24721.6 THENCE N 68°33'14"W, 34.02 feet continuing feet along the north line of said City of Fort Worth tract (D210072903); THENCE N 89°40' 09" W, 277.73 feet continuing feet along the north line of said City of Fort Worth tract (D210072903) to the beginning of a curve to the right; THENCE continuing feet along the north line of said City of Fort Worth tract (D210072903) 33.87 feet, along the arc of said curve, through a central angle of 10° 16'00" whose radius is 189.00 feet, and the long chord which bears N 81°57'03"W, 33.82 feet; THENCE N 43 ° 1 1 ' 18"W, 1 14.26 feet continuing feet along the north line of said City of Fort Worth tract (D210072903) to the beginning of a curve to the right; THENCE continuing feet along the north line of said City of Fort Worth tract (D210072903) 16.71 feet, along the arc of said curve, through a central angle of 00°51'28" whose radius is 1116.00 feet, and the long chord which bears N 06°20'43"E, 16.71 feet; THENCE N 83 ° 13' 3 3 "W, 3.85 feet continuing feet along the north line of said City of Fort Worth tract (D210072903) to the POINT OF BEGINNING, and containing 2,234,312 square feet, or 51.293 acres of land more or less. 1-16 CREDIT AGREEMENT Page 9 of 15 North Beach Street - From Golden Triangle to Keller Hicks 1560.012\24721.6 Exhibit "B" Map of the Property a z h _{ la MrMIIMMI i A 7 t tit ME filtnilit. 2AA 3 L k CO § §§ \ a 1560.012\24721.6 if Exhibit "C" Development Plan .QVC$ v srn.vtiv x met .41 1-16 CREDIT AGREEMENT North Beach Street - From Golden Triangle to Keller Hicks Page 11 of 15 1560.012\24721.6 EXHIBIT n \JORTH REACH STREET CREDIT AGREEMENT Developer Built Roads* Status Accepted Anticipated 'Eligible for Credit Against Transportation Impact Fees DOE NUMBER Exhibit "D" Transportation Irnprovelnents PP-011-013 ASSOCIATED IMPROVEMENTS N Beach St LIMITS Golden Triangle Blvd to Keller Hicks Rd Mal ICA 1-16 CREDIT AGREEMENT North Beach Street - From Golden Triangle to Keller Hicks Page 12 of 15 1560.012\24721.6 Exhibit "E" Credits Against Transportation Impact Fees FORT WORTH EXHIBIT E Credits Against Transportation Impact Fees NET CREDIT VALUE OF CAPACITY PROVIDED VALUE OF EXISTING DEMAND NET CREDIT AVAILABLE FORT WORTH $ 852, 330.50 $ $ 852, 330.50 1-16 CREDIT AGREEMENT Page 13 of 15 North Beach Street - From Golden Triangle to Keller Hicks 1560.012\24721.6 EXH0tom,U T E Credits Against Transportation Impact Fees Developer Costs for Nortn Beach Street (Golden Trianole to Keller Hicks) Construction Item Paving Mobilization/Traffic Control Excavation Storm Drainage Street Lights Street Si` ns ROW (TAb Methodology; Engineering Credit Available $ 503,518.30 $ 83,308.34 $ 132 ,499.13 33,224.70 1 84, 729.02 15,051.01 I 'Total Value of Capacity Provided $ 852,330.50 NORTH BEACH STREET DOE 6508 Provided Capacity - DOE 6508 12/01/2011 1-16 CREDIT AGREEMENT North Beach Street - From Golden Triangle to Keller Hicks Page 14 of 15 1560.012\24721.6 • T" f` l J c cri n � � y r n 171 O V 1 0 (D crq h•; 0 rD rD •• Ch 9'IZLfZ\Zt0'095t VICINITY MAP 2 N.T.S. 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