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Home My WebLink AboutContract 55346 CSCO NO. 55346 TRANSPORTATION IMPACT FEE CREDIT AGREEMENT THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the "Agreement's 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 Willow Springs Diamond Club, 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 17.211 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 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 B; and WHEREAS,the City has determined the maximum transportation impact fees to be assessed against new development within service area B to be$35316 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 Transportation Impact Fee Credit Agreement—CA-21-002 CITY SECRETARY Willow Springs Office Park FT.WORTH, TX WHEREAS, the Owner has dedicated 34,267 square feet of right-of-way for the eligible arterial,Willow Springs Road,Recorded by Instrument D220243727, on September 24, 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 has dedicated the rights-of-way for the system facilities that were accepted by the city prior to the execution of this Agreement,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". 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 will 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 to be granted has been dedicated and accepted (in the case of right-of-way) or constructed through an executed Community Facilities Agreement and final acceptance by the City has been obtained. 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 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 Transportation Impact Fee Credit Agreement—CA-21-002 Page 2 of 12 Willow Springs Office Park Updated 2/23/2021 shall become a Parry 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. 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) Transportation Impact Fee Credit Agreement—CA-21-002 Page 3 of 12 Willow Springs Office Park Updated 2/23/2021 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 Willow Springs Diamond Club,LLC a Texas Limited Liability Company Dana Burghdoff(Feb 25,20 11:30 CST( By- Dana Burghdoff Assistant City Manager Feb 25 2021 Date: Frederick Farnoush(Feb 24,202114:03 CST) Frederick Farnoush Manager Recommended By: Z-� DJ Harrell(Feb24,202114:12 CST) City Contract Compliance Manager: D.J.Harrell Director,Development Services Department By signing, I acknowledge that I am the person responsible for the monitoring and administration of this contract,including Approved as to Form and Legality: ensuring all performance and reporting requirements. Mack(Feb 25,202110:40 CST) Leonard Mantey(Feb 24,2021 13:53 CST) Douglas Black Leonard Mantey Assistant City Attorney Planning Manager,Strategic Operations M&C:None required Development Services Department Form 1295:None required ATTEST: a OR a� a FF°°°°r.00 0a a° o �° o lylav � Pv� °=d ° ° Mary J.Kayser o� o°° °o 41 City Secretary �� °°°°°°°° a tt"EXASbaa OFFICIAL RECORD Transportation Impact Fee Credit Agreement—CA-21-002 CITY SECRETARY Willow Springs Office Park FT.WORTH, TX 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 Transportation Impact Fee Credit Agreement—CA-21-002 Page 5 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT A Description of Property aFCNNNING AY A 112 )NCJ`t 1RON ROD FOLYNO FQR THL NOH)WEASf CANER OF (-OT F. BLOCK 1, MLLOfI' 9PRl7 GS IiFf7R.A� F AVDrT?CW, AN ADDOnCh'7 TD THF CJTY OF FORT Fj4. T,ARRAXT DOUNTY. tEXAS, ACf tW NU r0 n1E PCAF RFCCROF7) JN C-Ci D T?0$,?fM 4PMr, M10 FEC4NNeK+ PVfYr �-'A ORO A NA06J - T€xA,%; COORDUVATE SYSTEM PQSMON (CRO) OF N. 7032-0�:�3 F12,30 2-9.0 (SEAR)NOS R)NOS Ac CMRD7 AYE VALUES SH-OL4 7 HEREON .ARE ?N REF RI-Nr l rn tMt rYAnq_3 - TEXAS C DORDINA r E 5 YS TE40 - NOR N CEN MAL ZONE, 4202, i9A SEf) 00Y OBSE'RVADON.5 LMUBN6 THE LEIC4 CPS REFERENCE IVErWWK. ALL D7STANCJES G'-r0WN HERE WERE A0JLI5T-CD TO S()RFACE OSING A CfAONEE 5CALC EACH Or t.00750475CA6, BA. PDfNT Of 1�0.0); ;r!rr•. f7w GRA�5 23 rnr , SEGOnrDs MOZ W nw rKF S00 M f OF TiE SJkfD V AW TR4,-T OF �AwD. BEWG MWON mo rw rhE JyOR rm rrNE or 541D LOT 1, BLOCWt, _-- 'S �f'D MGr A,DD VEW. AT A OJS FA V;�E OF Q!8 25 rrt'f, PAS&VOG A 1/7 ANCH CAPPED „P1-A rrLk, AWFI D 'CARS JV WEU5— rO ht FOR TK NOPTHWST CCNWR M 51D LU+ A K :. 5A 11t N fEA S IF C °h�R OF A 4? T 0F=WAY DrEDOCA,4 FCW M L.()* -vWW-SS ROAD. A w R.r+&LE WPtll PUKd; :?;sht—of—WAY. AND A f A Cw$r -VCC a€` r250.a.c SET, PAS .4 1 JNCJM lRrSVV ROO POUND AN.P t70P,'77P,rl NG f.%f AEI A tOTAL 1Y5rAMCf OF F2;J.64 FffT F[J A Jr1AG NAK WV6f WASHER SrAMFED 'fl MA JNC FROPERrr COI�`f CR" 5V fN ASPHALT PAA-MENF OF EAFD MLLOW 5PffiNC5 ROAD. THENCE NO RD1 00 DEGREES .3? 14N UTES 03 G(W0:5 K5F. WQFM NE WEST UN€ OF THE SAO CALLED 18 0� AQPE fiRAC F OF 4AND, AT A IS F,ANCE OF r6.N F'EE7; PASSAC. A PK NArz FQU.ND FOR THE Si: V THEAS T C64 'RNER QF A CALLED 20.&H! ACRE (F�A C r L A N9 A.7 9ES Rf6Z.P IN THE 5PF%'OL WARRANTY DEED TO NAFLET SPRfNCS. �Pr A TEXAS LJMX7r0 PARTNFR. HIP, PLED FOR RECORD iN CCjf 0.2+6()60184. QPRTQT, ANO CONT7f,7LY7UO R4 ALL A 70TAL 015rwNCE OF 621.1d FEE F TO A JAG• ?YAOL WrH WAEHFR STAMPED 'MMA !NC PRQpERrY C CR' SCT 1X ASPHALT PAVE-WENT -9F EXID W LDW 5PRiNGS ROAD, THENCt NORTH d8 DEOPEE-S :55 U?NUT'S .*2 SECUY05 LASY. W TH Nt NORTH ONE - OF THE 5ArD CA.G f4.00 AM TVACT QF LAND. Al- A DiSrA CEr Or 2,2.35 rCEr, PASDNC A 7 WCH rRGN {BOO Fi5UND rDR W SODNNUST DOR.NEq Cl-: A CALLED !?r 8 ACRE 7:RACT OF i AND AE DFSCPfBED rN rHE i)f-FD TO ML50N OALt ffD+4Z. �1,== =Y R44uORD w jr V2r46,TY2.05a CeO?7CT AN13 CDN27Nr VYi� rk AU A TO rAi Df S FANCE OF 12 TA.6 r Fr r- TO 4 5 8 0JCH fj?CW ROO r("o FCR 174E NOR THCAS F C0&4W OF n E SAO CALLED 1$.DL' A TRACT OF LAND, R-f r 0?i .00 DECRUS 25 "MiTES 2$ :5ECCNC5 CAST. *F rN rqE EAST L94E OF 7FIE D €'AaFiD _ ?$00 ACPE TRACT QF LAIYV. A 06TANOF 609.M FEE: TO 7WE POW- 6E{�'JwG� AND CONM O rJ 997 ACOE5 (783 x38 SCUARE FEET) OF 1 W 40 RRE OR LESS_ Transportation Impact Fee Credit Agreement-CA-21-002 Page 6 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT B Map of Property A iF HASLET ROAD 7 T WAZ wrio M2OWE aw a SITE W T TO SCA L E Transportation Impact Fee Credit Agreement—CA-21-002 Page 7 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT C Development Plan s� - ¢�� Y�#p Mi 3� •kE 1�+ �� per�:vpryn.a m+r •� �-:' x,aur dY11MC A0.[G _`___ . __ �_�;'h._T +xn •t .4 J-r [ -� Y • � F � #1 � .LI zr I i1 S} 3 E} § d ':3 it F F f r � Transportation Impact Fee Credit Agreement—CA-21-002 Page 8 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT D Transportation Improvements 1 31 Willow Springs Office Park x a I cr CreGY Igam� •:.0rW1Cnimpact FEVS k 1 .r of•YY2y Constru.—mol 1 '�' j 1p f YI• jr El10Vr Inp•awcmentr L+Mrt3 44r1 L%w pr.n sttmd k1OW1*dlc3t1Dnlf& 9•14:4lp + 6■ .I . Transportation Impact Fee Credit Agreement—CA-21-002 Page 9 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT E Credits Against Transportation Impact Fees Willow Springs Office Park Net Credit Against Transportation Impact Fees Value of ROW Dedication Instrument# Plat Case # Eligible Arterial Value D220243727 FS-19-143 Willow Springs Rd $ 71,056.65 Value of Existing Demand $ - Net Credit Available $ 71,056.65 Transportation Impact Fee Credit Agreement—CA-21-002 Page 10 of 12 Willow Springs Office Park Updated 2/23/2021 Right-of-IlYak Va luatlorn f or 1rrlll low 5orl ilg&Storage Addition ROW Va luatlorr as&ed on Adopted Tea ii&pcirtat loo Impewerrrents Plan Eligible Arterial Yvillow springy Rd 2017 Tran poriauon Improvements Plan Pn*- t B-17 Nurnber Estimated Construction Dolts from 21317 Trangwrtahe�n I mproverrien s Plan Value of Total Pro e+ct Itt hi-oF-Wayr PM of Constrt,rtm Coso Total Project Length(LF) 2AW Arterial Cross-Suction wicith�tF) 110 Add rtlonal ROW needed for Roundabout(SF) 0 Total Project Right-of-Way(SF) 272,1= R -of-Wa Value Per!Square Fagot $2-59 TAD Value as of 11116J2a19 TAD Account OA7944,52 Total,Area M 72141 AppralEed Value # ,DM.-Y-) !value per 5.4tiare Foot $D-52 Rillht-of-Way Dedicstlorr Y1a I63W Wngs Rd Record inn Irisvument N umber D2M292727 Recording Vate si{n}2020 Total area of Raw dedicated M ft) 27,415 value per SF $25a Cr+Bdit Total credit Awailable $71 .65 EGdi:stl ng Derma rod $13-130 Piet credit Awalleble $7i,11%.1;5 Transportation Impact Fee Credit Agreement—CA-21-002 Page 11 of 12 Willow Springs Office Park Updated 2/23/2021 EXHIBIT F Allocation of Credits The Credit will be allocated on a first come, first serve basis within the boundary of FS-19-143 Transportation Impact Fee Credit Agreement—CA-21-002 Page 12 of 12 Willow Springs Office Park Updated 2/23/2021