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AMENDMENT Nof 1 To
COMMUNITY FACILITIES AGREEMENT
This AMENDMENT No I To COMMUNITY FACILITIES AGRVEMENT
("Amendment") is made and entered into by and between the CITY OF FORT
WORTH ("Clity"), a horse rule municipal corporation, organized under the laws of the
State of Texas 7 and WATE .VIEW ESTATES, L.P. ("Develol)er").
RECITALS
A, The City and Developer have entered into that certain Community
Facilities Agreement (the ,CFA") pursuant t which Developer will construct certain
drainage improvements, defined In the CFA collectively as the "Public Inipro ements",
as part of a new single-family residential ode lopment known as the "Waterfront at
Enchanted Bay " The CFA is a public document on file in the City Secretary's Office e as
City Secretary Contract NoI. 3131575.
B. Pursuant, to and in accordance with the CF.A.1, I)eveloper agreed to pay all
costs of the Public Improvements, and the City agreed to reimburse Developer for such
costs, not, to exceed $439,571.61. The CFA provides that the amount of this
reimbursement.bursement is subject to reduction if, among other things, Developer 1:"ails to construct
at least one hundred fifty (150) s residences by the Completion Date, as
defined in Section I.D1 of the CF'A. and that the CFA may be terminated by the City if at
least one hundred fifty (150) single-family r idences have not been completed by the
second anniversary of the CFA's date of execution by both. Developer and the City.
C'. Due to unforeseen circumstances, Developler's construction schedule for
'the single-family residences has been delayed. As a result, Developer has requested that
the City amend the CFA to change and extend the deadline schedule for completion of
single-farnily ros dencec ls. The City is willing to comply with Developer's, request sollel
pursuant to and m accordance with this Amendment.
NOW, THEREFORE, in consideration of the mutual benefits and promises
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is barely acknowledged, the City and Developer agree as follows.
AGREEMENT"
Ys The City and Developer hereby agree, that the recitals set 1", lrth above are true and
correct and form the basis i upon which the City has entered into this Amendment.
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Amendment No. I tio Community F'acilities Agreement
between City o"`Fort Worth and Wat rvie w Estates, L.T.
2. The CFA is hereby amended to delete the last sentence of Section LD and to
replace it with the following sentence*.
Thereafter, the City shall pay periodic installments of 10% of the
City Participation Amount within thirty (30!) calendar days
following the date as of which an additional '15 (fifteen) Private
improvements have been Substantially Completed; provided,
however, that this Agreement shall automatically terminate and
the City shall have no further obligation to Developer, regardless
q ' whether Developer has received the fiill Oty Participation
V IP
Amount, if' either (i) at least sixty (60) Private Improvements
have not been Substantially Completed by June 2, 201091 OR, (ii)
at least one hundred fifty (1'50) Private Improvements have not
been Substantially Completed by Jun e '. 2011.
3. This Amendment contains, the entire Linderstandi.ng and agreement between the
City and Developer as to the matters specifically contained herein. A I I terms and
conditions, of the CFA that are not directly amended by this Amendment shall remain in
full force and effect. Capitalized terms used, but not defined, in this Amendment shall
have the meanings assigned to them in the CFA.
EXECUTED to be effective as of the later date below.-
Approval Recommended:
Transportationend Public Works
Departm t.-
By
Greg t s,
Acting i ct r
i-A jv i5
w/J 11 U
'I r IS�q I
Page 2 rl
Amendment No. I to Community Facilities Agreement,
between City of Fort Worth and Waterview Estates, L.P.
............
0TY OF FORT' WORTH-,, WAT E. VIEW ESTATES, L.P.,
0
a Texas limited partnership,
By: Pars Investments, Inc., a
I"exas corporation and its general
partner,,,
By B,
Y
o
Fernando Costa Name: a Cky tZ4
,Assistant City Manager Title: en
Date: 6
APPROVED AS 1`0 FOR,VIAND LEGALITY: Attlesteld By;
J'A
By, Z.-O"LAe
PIeter Vaky
Assistant City Attorney
Coatr&6t h 'thorizat,ion
M&C:
Date _T
III
J
PaIge 3
Amendment No., I to,Community Facilities Agreement
between City of For Wortli acid water view Estates, L.,.P.
City o f Fort Worth, Texas
I C 1 0 0
Mayor and n�ci ol munication
COUNCIL., ACTIDN: A oved on 6/10/2008
DATE: Tuesday, June 10, 2008
LOG NAME: 17WEB,AMEND REFERE CE NO.: *,*C-22842
SUBJECT-
Authorize Execution of Amendment No., 11 to City Secretary Contract No. 33575, Community
1 �
Facilities Agreement with Waterview Estates, L.P,., to Extend the Termination Date of the Agreement
IffirmarMENNEW
RECOMMENDATION-.
It is recommended that the City Council authorize the pity Manager to execute Amendment No. 1 to the
Community Facilities Agreement with Watervielw Estates,, L.P., City Secretary No. 33575, to extend the
termination date of the Agreement.
DISCUSSION:
On March 21, 20067 (M&C C-21358) the City Council authorized the execution of an Enhanced Community
Facilities Agreement (CFA) with Waterview Estates, L.P., Developer, pursuant to which Developer agreed
to construct drainage improvements (the Infrastructure) within the Waterfront at Enchanted Bay residential
development. Under the CFA, the City agreed to reimburse the developer for the lesser of the actual cost of
the Improvements or$1439,1571.61. The final cost for the Improvements was $486,023.47.
In order to receive the full amount of' the reimburse ant, Developer was required to have substantially
completed at least 150 single-family homes. If' fewer 'than 1'510 sing!l,e-fam:ily homes were substantially
complete by the time the Infrastructure was complete, the City's reimbursement would, be paid incrementally
in installments in an amount equal to 10 percent of the reimbursement obligations for every 1:51 single-family
homes substantially completed. The CFA would terminate altogether if 150 single-family homes, were not
substantially completed by June 2, 2008, regardless of whether Developer had received the full amount of
the reimbursement by that date.
Due to unforeseen circumstances, Developer's construction schedule for -the residential component of the
project has been delayed. as of December, 2007, only 15 single-family homes have been substantially
completed. Therefore, under the existing CFA, Developer would only receive reimbursement of $43,,957.16
for Infrastructure costs of $486,023.47'. As a result, Developer has requested an amendment to the C,F ►
that would allow more time for the Developer to complete the residential portion of the project.
Under the proposed amendment, the city will have the right to terminate the CF'A if Developer doles not
substantially, complete 610 single-fa�mily homes by June 2, 2009, or if Developer does not s,ubsitanti illy
complete 150 single-family homes by June 2,1 2011. All other terms of the Agreement shall remain intact.
T'h�is project is located in COUNCIL DISTRICT 5.
FISCAL INFORIVIATION/CERTIFICATIONI:
The Finance Director certifies that this action will have no material effect on City funds.
Log name: 17WEBAMEND Page I of 2
TO FundlAccount/Centers FROM Fund/Account/Centers
Submitted for City Man.nees Offip b Toni Higgins (6140)
Qrj9in#ijnq,-.,Der)artment Healld: Jay Chapa (6192)
Additional Information Contact: Mark Folden (8634)
Logname: 17WEBAMEND Page 2 of 2