HomeMy WebLinkAboutContract 46702 CITY SECRETAIW, f
COMTRALCT NO. �+ I
COMPLETION AGREEMENT
This Completion Agreement ("Agreement"), is made and entered
into by and between the City of Fort Worth, ("City") and FTW28ST.70,
LLC_, authorized to do business in Texas, ("Developer") effective as of
the last date executed by a Party hereto. The City and the Developer
may collectively be called the "Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property
that contains approximately 13.16 acres of land located in the
City, the legal description of which tract of real property is marked
Exhibit "A" — Legal Description, attached hereto and incorporated
herein for all purposes, ("Property"); and
WHEREAS, the Developer intends to develop the Property as an
addition to the City through plat FP 14-027 as approved by the City
on or before the date of this Agreement ("Plat"); and
WHEREAS, the Developer and the City have entered into a
Community Facilities Agreement (CFA # _2014-083_; M&C _NA_)
relating to the development, Harlem Gardens , for Water, Sewer,
Paving, Storm Drain and Lighting Improvements ("Improvements"); and
WHEREAS, the City has required certain assurances that the
Developer will cause to be constructed to City standards the
Improvements pursuant to the Community Facilities Agreement; and
WHEREAS, the Parties desire to set forth the terms and
r" conditions of such accommodations as are described above.
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NOW, THEREFORE, for and in consideration of the mutual
covenants and agreements hereinafter set forth, it is hereby agreed by
1 and between City and Developer as follows:
1 . Recitals. The foregoing recitals are true, correct and complete
and constitute the basis for this Agreement and they are
incorporated into this Agreement for all purposes.
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
2. The Completion Amount. The City and the Developer agree that
the Hard Costs (as shown on Exhibit " B_") required to complete
the Community Facilities in the aggregate should not exceed the
sum of $973,510.05 ), hereinafter called the "Completion
Amount". Notwithstanding the foregoing, it is acknowledged that
the actual costs of completion of the Community Facilities may
vary as a result of change orders agreed to by the Parties, but
such variances for the purposes of this Agreement shall not affect
the Completion Amount as used herein. City hereby waives the
requirement for developer to deposit a financial guarantee of
100% of the Hard Costs under the CFA Policy.
3. Completion by the Developer. The Developer agrees to complete
the Community Facilities and pay all Hard Costs in accordance
with City standards, the CFA, the Plat, and the Plans as approved
by the City. For the purposes of this Agreement, the development
of the Property shall be deemed complete upon acceptance by the
City of the Community Facilities pursuant to Section 6, hereof.
4. Satisfaction of the Citv Requirements. The City agrees that the
assurances and covenants contained in this Agreement satisfy all
requirements of the City with respect to Developer's Financial
Guarantee, as described in the CFA Policy, or other requirements
for security in connection with the development of the Property
and the completion of the Community Facilities that are
contained in the CFA or in any other agreement relating thereto,
and the City hereby accepts the assurances and covenants
contained herein in lieu thereof. To the extent the CFA
irreconcilably conflicts with this Agreement, the provisions of
this Agreement shall control.
5. Termination. This Agreement shall terminate upon the earlier to
occur of the following: (a) acceptance by the City of the
Community Facilities; or (b) mutual written agreement of the
Parties.
6. Final Plat. The Parties acknowledge and agree that the City shall
hold the final plat of the Property until the Community Facilities
are completed and accepted by the City and all Hard Costs
contractors have been paid, less retainage. Upon acceptance by
the City and receipt of evidence from the Developer showing that
all Hard Costs contractors have been paid, including but not
necessarily limited to lien waivers and bills paid affidavits, the
City shall within a reasonable time file the final plat for the
Property in the Plat Records of the county where the Property is
located. The purpose of the City retaining the final plat of the
Property as provided herein is to guarantee the Developer's
obligations under the CFA are completed.
7. Construction Contracts. Developer agrees to include in each
Construction contract that it enters into for the completion of the
Community Facilities the following:
A. A statement that the City is not holding any security to
guarantee any payment for work performed on the Community
Facilities;
B. A statement that the Property is private property and that same
may be subject to mechanic's and materialman's liens;
C. A requirement that each contractor contracting with the
Developer release the City from any claim that is related to
the Property; and
D. A requirement that each contractor contracting with the
Developer include in each subcontract the statements
contained in (a), (b) and (c) above.
8. Miscellaneous.
A. Non-Assignment of Agreement. This Agreement may not be
assigned by any of the Parties without the prior written
consent of all the other Parties.
B. Notice. Any notice required or permitted to be delivered
under this Agreement shall be deemed received on actual
receipt by the appropriate party at the following addresses:
(i) Notice to the City shall be addressed and delivered as
follows:
City of Fort Worth
Planning & Development Department
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: CFA Division
Julie Westerman, Development Manager
Email: Julie.Westermankfortworthtexas.gov
Confirmation Number: 817-392-2677
and/or
CFA Division
Email: CFA(cr�,fortworthtexas.gov
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Douglas W. Black
Assistant City Attorney
Confirmation Number: 817-392-7615
(ii) Notice to the Developer shall be addressed and
delivered as follows:
Ted Zadeh
9400 N. Central Expressway
Ste 404
Dallas, Texas
75231
A party may change its address for notice upon prior written
notice to the other parties pursuant to the terms hereof.
C. Texas Law to Apply. This Agreement shall be construed under
and in accordance with the laws of the State of Texas.
D. Parties Bound. This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective legal
representatives, successors and assigns.
E. Legal Construction. In case any one or more of the provisions
contained in this Agreement shall for any reason is held to be
invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any
other provision of this Agreement, and this Agreement shall be
construed as if such invalid, illegal, or unenforceable
provision had never been contained in this Agreement.
F. Prior Agreements Superseded. This Agreement constitutes the
sole and only agreement of the Parties with respect to the
subject matter hereof and supersedes any prior understandings
or written or oral agreements among the Parties concerning the
subject matter hereof.
G. Amendment. This Agreement may only be amended by a
written instrument executed by all of the Parties to this
Agreement.
H. Headings. The headings that are used in this Agreement are
used for reference and convenience purposes only and do not
constitute substantive matters to be considered in construing
the terms and provisions of this Agreement.
Executed IN QUADRUPLET by the Parties hereto:
DEV CITY OF FORT// WORTH:
Nam Fernando Costa
Title: Assistant City Manager
Date: Date: As.
APPROVED AS TO FORM:
Doug s W. Black
Assistant City Att ney
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OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
LIST OF EXHIBITS
EXHIBIT A - LEGAL DESCRIPTION
EXHIBIT B - APPROVED BUDGET
EXHIBIT A
LEGAL DESCRIPTION
All that certain 13.16 acres of land which is Lots 1 and 2, Block 2, Harlem Gardens, an addition to
the city of Fort Worth, recorded in Cabinet B, Page 475, in the Plat Records of Tarrant County,
Texas, in the J. C. McComas Survey, A-1039, City of Fort Worth, Tarrant County, Texas, and
more particularly described by metes and bounds as follows (all bearings based on the Texas
State Plane Coordinate System, North Central Zone):
BEGINNING at a 1" iron rod found for the southeast corner of the herein described tract, common
to the southwest corner of Harlem Gardens, recorded in Volume 1689, Page 8699, in the plat
records of Tarrant County, Texas, in the north right-of-way line of 28th street (an 80' right-of-way);
THENCE South 890 32' 15" West -480.50' along the north right-of-way line of said 28th street to a
5/8" iron rod found for the southwest corner of the herein described tract, common to the
southeast corner of Lot 10, Block 6, Riverside Estates, recorded in Cabinet A, Slide 7087, in the
Plat Records of Tarrant County, Texas, from which a 1" iron rod found bears South 180 30' West-
0.53';
THENCE North 000 39' 41" West- 1,045.28' along the west line of the herein described tract,
common to the east line of said Lot 10, Block 6, Riverside Estates, to a 5/8" iron rod found for a
northwest corner of the herein described tract, in the south right-of-way line of Kimbo Road
(right-of-way varies);
THENCE North 680 38' 25" East - 56.45' (called 55.90') along the south line of said Kimbo Road to
a 5/8" iron rod found for an angle corner of the herein described tract;
THENCE North 590 36' 12" East - 106.62' continuing along the south line of said Kimbo Road to a
5/8" iron rod found for an angle corner of the herein described tract;
THENCE North 380 06' 00" East - 191.02' (called 191.23') continuing along the south line of said
Kimbo Road to A 5/8" iron rod with a cap stamped "PATE" set for an angle corner of the herein
described tract, in the south line of Riverside Estates, recorded in Volume 388-J, Page 603, in the
plat records of Tarrant County, Texas;
THENCE NORTH 890 22' 15" EAST - 216.23' (CALLED 216.66) along a north line of the herein
described tract, common to a south line of said Riverside Estates, to a 1" iron rod found for the
northeast corner of the herein described tract;
THENCE South 000 37' 45" East t 1,268.62' along the east line of the herein described tract, to
the POINT OF BEGINNING and containing 13.16 acres of land .
EXHIBIT B
APPROVED BUDGET
Section I
Water $223,893
Sewer $136,583
Sub-total $360,475.80
Section II
Interior Streets $438,536.00
Storm Drains $73,342.00
Sub-total $511,878.00
Section III
Street Lights $101 ,156.25
Sub-total $101,156.25
TOTAL $973,510.05