HomeMy WebLinkAboutContract 55196 CSCO No. 55196
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 Texas home
rule municipal corporation, and Cromwell Marine Creek, LLC, a Texas Limited Liability
company authorized to do business in Texas (the "Owner") (the City and the Owner a
"Party", and collectively, the"Parties").
RECITALS
WHEREAS, the Owner is the owner of approximately 2.995 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
identifies the on-site and/or 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 Texas Local Government Code Chapter 395, codified in City Code Chapter 30,Article
VIII, et seq., as amended, under which impact fees are imposed on new development for
impacts to the City's transportation facilities as a result of said development; and
WHEREAS,transportation impact fees are collected and must be spent by the City
on impact fee eligible transportation facilities identified within the City's adopted
Transportation Improvements Plan ("TIP"), as amended, within the service area(s) in
which the new development is located; and
WHEREAS, the Impact Fee Program provides for credits against impact fees for
dedication of right-of-way and/or construction of transportation improvements
identified as impact fee eligible on the adopted TIP; and
WHEREAS,the Property is located within service area G; and
WHEREAS, the City has determined the maximum transportation impact fees to
be assessed against new development within service area G to be$1,799 per service unit
(vehicle-miles of demand); and
WHEREAS,certain transportation facilities depicted on Exhibit"D"are identified
as impact fee eligible within the City's adopted TIP and therefore eligible for impact fee
credit; and
WHEREAS, Owner has agreed to dedicate the right-of-way and/or constructed
the transportation improvements shown on Exhibit "D" for which credits against
transportation impact fees shall be granted; and
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
WHEREAS, the Owner has received approval for the Marine Creek Hills final
short plat,FS-20-192;and
WHEREAS, the Owner has dedicated 4,766 square feet of right-of-way for
Cromwell Marine Creek Parkway, an eligible arterial, recorded in Instrument Number
D220338995, on December 23, 2020.
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 dedicated the rights-of-way for the
construction of the system facilities identified in 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".
4. Allocation of Credits. The general allocation of credits within the
development shall be as shown on Exhibit"F",which is attached hereto and incorporated
herein by reference. The Parties 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 number of credits resulting from such improvement has been
valued; and
(b) 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.
6. Term and Effective Date. The term of this Agreement shall be ten(10)years
from its Effective Date.
7. 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
Transportation Impact Fee Credit Agreement-CA-20-019 Page 2 of 11
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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.
8. 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.
9. 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.
(Remainder of Page Intentionally Left Blank)
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IN WITNESS WHEREOF,the undersigned parties have executed this Agreement
to be effective as of the date subscribed by the City's Assistant City Manager.
CITY OF FORT WORTH,TEXAS OWNER
Cromwell Marine Creek,LLC
✓ wa Xffl-whdWl
a Texas Limited Liability Company
Dana Burghdoff(Ja 22,2021 1 :39 CST)
By:
Dana Burghdoff,
Assistant City Manager a
1 g" 7h91(1(&
Jan 22, 2021 Kashyap ak r(Jan 14,202116:06 CST)
Date: Kashyap Thakkar
Managing Member
Recommended By:
c�f�
DJ Ha�22,202114:32 CST)
DJ Harrell
Director,
Development Services Department
Approved as to Form and Legality:
9
Mack(Jan 22,202117:38 CST) City Contract Compliance Manager:
Douglas Black
Assistant City Attorney By signing, I acknowledge that I am the
M&C:None required person responsible for the monitoring
Form 1295: None required and administration of this contract,
including ensuring all performance and
reporting requirements.
ATTEST:
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�0 o.�� Leonard mantey(Jan 14,202115:46 CST)
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o Leonard Mantey
Mary J. Kayser ��d °°°°°°°°°°° a Planning Manager,Strategic Operations
City Secretary
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
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EXHIBIT LIST
"A" Description of the Property
"B" Map of Property
"C" Development Plan
"D" Eligible Transportation Improvements
"E" Credits Against Transportation Impact Fees
"F" Allocation of Credits
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EXHIBIT A
Description of Property
STATCOFTEXAS §
COUNTY OFTARRANT §
WHEREAS CROMWELL MARINE CREEK, LLC, is the owner Of o lrnct of land siluvked in the A. Rpberks gurvoy, Abstradt Up- 1R62, City at Fart worth,
Tarrant County, Texas, being the rErnafnder of Blvok 17, of the Fnol Plot of BIaJ� 17, Ibrine Creek Villa d, Phase I, Section t gccvnng to the pl❑k
resonned In Volume 388-1y6. Poge 63 Of thg Pluk Records, Tarrant County. Texas (PRTC.T), w:th ihR So-bjRct lydct being mqr; parlivularfy described ar
follows:
BEGINNING at a 1/2" irate rod found on the eoat line of Bob hanger Streak, a 66 foot right—cf—way, for the southweet comer of Lot 24, 91ock A,
according to the finer plat of Late 1-24, Black A. Late 1-0, Black B, And Kota 1—d, Block C. Mod-e Creek Hma, a Reout of port of 9loch 17, Marine
Creek Hills, Phase 1, Sectlon 1, recorded In Cabinet A. Slide 4405 PRTCT;
THEt10E N a9-57'$4' E. 59$-62 feet 4larg the svVth line of tdid rhpldt to d 1/2" iron red found for the aouth,reat cort.er lhereaf, and thing an the weer
line of Lot 26, SloCk 18, Marine Creek Hills Pnose 1, Sectian t, an addition retarded in Volume 388-196, Page 40 PRTCT;
THENCE S W20'17" E. 325.77 feet along the weak line of Blo4k 115 IQ o I/2' iron rod with plastic cop stamped "SPIARSENG" sal on the north fine of
Cromwell—Marine Creek Road, a 11D foot righl—of—way;
THENCE S Sg3e'43' W. SF36.24 feet along the north line of said rood to a 1/2" iron red with plaetic cop stamped "SPIARSENG' sel for the east end of
d corner clip baing the intergectidn of CromweFl—Marine Creek Road and Bob Hangar Slraat:
THENCE along said comer clip, around o tangent curare to the right Irav;ng ❑ centml angle of 90'18'07", o radius of 20.00 lee}. a chord of N 45'11'14"
IN — 28.36 feel, an are length o1 31.52 feet to a point for comer;
THENCE N 00-02'10' W. 307.77 feet along the east line of Ban Hanger Street to the POINT OF BEGINNING with the subject tract contalnrng 13G.471
square feel or 2.995 acres o{ land,
NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS;
That We, CROW ELi MARINE CREEK. LLC. do hereby adopt this plot dcsignoting the hereinabove described property as the kWdNE CREEK HILLS MA5E 1,
SECTION 1, LGI 1R, BLGCK 17, on Addition to the City or Fort Worth, and do hereby dedicate to the public use rcrever the streets, sosemenia, and alleys
shuwri thereon.
Witness our hands dt Tarrant County, Tsxes, this day of 131G17 2024).
CROMWELL MARINE CREEK. LLC
Kashyvp Tr--okrur,,AlenTqlng Member ----
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EXHIBIT B
Map of Property
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�. -- CROM WELL-M ARINE CREED ED-
P Ri ET
LOCAT[ON
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EXHIBIT C
Development Plan
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EXHIBIT D
Transportation Improvements
Word Academy
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.mnsportaban Impxt Fers
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31ght of Way Dechi2tan
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El:glbk IrnRnaae mmtr Urnits
Crga well hiarir.e Lreck Parkway RIg-d of woyr OCAGAIan
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EXHIBIT E
Credits Against Transportation Impact Fees
Right-of-Way Value for Oxford Academy (Marine Creek Hills Addition)-
Cromwell Marine 1CFeek Pkwy+ ROW Dedication
ROW Valuation Based on Adopted Trans ortation Irn Favements Plan
E.i_-ihle Arterial Cromwell Marine Creek Pkwy
2J417 Transportation Improvements Plan Project D-4
Humber
Estimated Construction Costs from 2017 $1,398,000
Transportation Improvements Plan
Va lue of Tota I P r-Djert R ig ht-of-Way(20%of $3 79,600
Constructi-on Cost
Total Project Length(LF� 1,S05
Arterial Cross-Section Width(LF� 65
Additional ROW needed for Roundabout(SF) 4
Total Project Right-of-Way(SF� 117,325
Rig ht-of-Wa Value REF Square Foot $3.2.4
TAU Value as of 12 3 2020
TAD Account 5939419
Total Area{SF} 131r-028
Appraised Land Value $196,542_00
Value pe r Sig uar-e Foot $1.50
Ri ht-of-Wav Dedication
Cromwell Marine Creek Pkveyr
F ina l P lat Case N umbe r FS-20-192
Recording InstrumerrtNumber D220338995
Width of ROW dedicated 16 ft
Length of ROW dedicated 380 sq ft
Total area of ROW dedicated 4,766 sq ft
Value per SF(Maximum of highlighted tells) $3-24
Total CreditAvailable $15r44174
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EXHIBIT F
Allocation of Credits
First come-First Serve within FS-20-192
Transportation Impact Fee Credit Agreement-CA-20-019 Page 11 of 11
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