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HomeMy WebLinkAboutContract 25884 STATE OF TEXAS § CITY SECRETARY CONTRACT NO. A 5J©9 T COUNTY OF TEXAS § WHEREAS, the City of Fort Worth ("City") has adopted its "Master Thoroughfare Plan" (the "MTP") which describes the development of the City's roadway infrastructure; and WHEREAS, the MTP includes the development of Northeast Parkway from Mark IV Parkway westward for a distance of approximately one-thousand (1,000) feet (the "Improvements"); and WHEREAS, the City's Policy for Installation of Community Facilities requires Owner of property abutting proposed city roadways to contribute a portion of the construction costs; and WHEREAS, Terra Development, L.L.C. ("Owner") is the owner of Lot 2, Block 1 820 Mark IV Addition, D. Odum Survey, Abstract 1184, a parcel of property consisting of 4.185 acres and bordering the Improvements; NOW, THEREFORE, City and Owner, acting herein by and through their duly authorized representatives, enter into the following agreement: 1. The City may construct (or cause to be constructed) the Improvements provided public funds are available, abutting properties develop, or construction is found to be necessary by the Director of Transportation and Public Works. 2. Owner agrees to pay the city fifty-one thousand thirty dollars ($51,030.00), this amount being Owner's total contribution for the cost to construct the Improvements abutting Owner's property. By providing this amount, Owner agrees: (a) this payment to the City is an assessment contemplated under Chapter 313 of the Texas Transportation Code; and (b) the amount of special benefit and enhanced value to Owners' property resulting from construction of the Improvements is equal to or greater than the amount of payment in Section 2, and (c) to waive the rights granted to Owner in Chapter 313 of the Texas Transportation Code to contest or appeal the assessment. D NVAU EIRu 'GYMI F QY lyu 3. Owners and City agree the terms of this agreement eliminate the need for a public hearing and issuance of notices as required by Tex. Transp. Code Ann. §§313.047-313.048 (Vernon Supp 1998). 4. Owner and City agree this agreement shall terminate April 1, 2004 ("termination date"). Should a contract for construction of the Improvements be awarded prior to the termination date, the City will retain the entirety of Owner's contribution. In the absence of a construction contract for the Improvements,. the city will process a refund of Owner's contribution on the earlier of the following dates: (a) the termination date, OR (b) the date on which City Council approves an amendment removing the Improvements from the MTP. City will have 30 days from the date of refund (as described in either 4(a) or 4(b)) to process the Owner's refund check. 5. If Owner's contribution is refunded under Section 4 above, this agreement is null and void. Both the City and Owner shall retain their rights under Chapter 313 of the Texas Transportation Code, including but not limited to the City's right to assess cost of the Improvements against all abutting property owners. 6. This agreement shall be binding upon and inure to the benefit of the City and Owner and their respective successors and assigns. A: CUP 7 Executed on this the day of , 2000. 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