HomeMy WebLinkAboutContract 35162-AD1 CITY SECRETARY
CONTRACT ISO. �2(OLAU
FUTURE IMPROVEMENTS AGREEMENT
FOR
INFRASTRUCTURE IMPROVEMENTS
WHEREAS, the City of Fort Worth ("City") has entered into that certain
Community Facilities Agreement (City Secretary Contract No. 35162) ("CFA") with
Sycamore Partners, Ltd. ("Developer"); and
WHEREAS, the CFA specifies the development of Storm Drain Facilities
("Improvements") in an estimated amount of $153,350 (not including a 10% contingency
shown in the CFA); and
WHEREAS, in lieu of the requirement in the CFA for Developer to construct the
Improvements, Developer desires to provide to the City funds as described herein; and
WHEREAS, The City agrees to accept the Funds and to absolve Developer of its
obligation to construct the Improvements, to terminate the CFA and to release, as
Obligee, Development Bond No. 732563 Guaranteeing Performance and Payment of
Improvements ("Bond");
NOW THEREFORE, City and Developer, acting by and through their duly
authorized representatives, the above recitals being herein incorporated, enter into the
following agreement:
1.
On even date herewith, Developer has paid to the City the sum of One Hundred
Fifty Three Thousand Three Hundred and Fifty Dollars ($153,350.00) ("Funds"), such
Funds, the Developer and City agree, are the entire amount of Developer's contribution
for the cost to construct the Improvements.
2.
The City shall use the Funds to construct (or cause to be constructed) the
Improvements at a time convenient to the City. Should the City, in its sole discretion,
ever determine that the Improvements are not necessary the City may direct the use of
the Funds toward one or more drainage improvement projects with no additional notice
to Developer.
3.
By accepting the Funds and by execution of this contract, City agrees that the
Developer will have no obligation whatsoever to perform any further action under the
CFA, to pay any future amounts in addition to the Funds, or take any further action with
regard to the construction of the Improvements, even if (a) the actual costs to construct
the Improvements exceed the costs expected by the City as of the date of this contract,
Future Improvements Agreement for Infrastructure Improvements OFFICIAL RECORD
City of Fort Worth and Sycamore Partners Ltd.
Page I oft CITY SECRETARY
FT: WORTHO TX
(b) the specifications, composition, or other characteristics of the Improvements
hereafter change for any reason, (c) a mistake has been made (mutual or unilateral) in
computing the costs of the Improvements or otherwise, or (d) the costs or scope of the
Improvements change for any reason.
4.
City agrees to take appropriate administrative action to terminate the CFA, to
release the Bond and to timely provide Developer with a copy of said documentation.
5.
This agreement shall be binding upon and inure to the benefit of the City and
Developer and their respective successors and assigns.
Executed by each party's duly authorized representative to be effective on the date
subscribed by the City's designated City Manager.
Developer: CITY OF FORT WORTH
Sycamore Partners, Ltd.,
By: Sycamore GP, Inc.,
Its general partner,
ame:J o hr` V Lo--`\R-r Jesus J. Chapa
Title: Pre.Acg&.4- Assistant City Man/ager
Date: a- 1 1 Zb 1(� Date: a��'�Jr
i R EN BY:
an H ood
Planning a d Development irector
AP ROV D AS TO FORM ATTEST:
Douglas W Black Mary J. r IF 0
Sr Assistant City Attorney City Secretary
Future Improvements Agreement for Infrastructure Improvements OFFIC1A,L RECORD
City of Fort Worth and Sycamore Partners Ltd.
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FT. WORTH, TX