HomeMy WebLinkAboutContract 47677 CITY SECRETARY
CONTRACT NO.
COMPLETION AGREEMENT-LENDER FUNDED
This Completion Agreement ("Agreement) is made and entered into by and among the
City of Fort Worth ("City"), and BYD Talon Hill Development, LLC, a Texas limited liability
company ("Developer"), and Frost Bank ("Lender"), effective as of the date subscribed by the
City's City Manager or Assistant City Manager. The City, the Developer and the Lender are
hereinafter collectively called the "Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property that contains
approximately 54.998 Iacres that is 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 FP 15-044 or FS ; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development of Talon Hill-Phase 1 ("CFA"); and
WHEREAS, the City has required certain assurances of the availability of funds to
complete the water and sewer utilities, streets/paving, storm drain, street lights and street signs
for the development of the Property("Improvements"), and
WHEREAS, in order to provide such assurances as have been required by the City, the
Lender has agreed to advance certain funds to the City for Hard Costs (which term is hereinafter
defined) subject to, and in accordance with, the terms, provisions and conditions of this
Agreement; and
WHEREAS, the Developer has granted to the Lender as additional security for the Loan
(which term is hereinafter defined) a security interest in all plans and specifications for the
development of the Property(collectively, the "Plans"); and
WHEREAS, the Parties desire to set forth the terms and conditions of such
accommodations as are described above.
NOW THEREFORE, for and in consideration of the benefits to be derived from the
mutual observance by the Parties of the terms and conditions hereof, and for and in consideration
City of Fort Worth,Texas
Standard Completion Agreement-Lender-Funded OFFICIAL RECORD
CFA Official Release Date: 07.01.2015 CITY SECRETARY
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of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged, the Parties agree 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.
2. The Completion Amount. The City and the Developer agree that the Hard Costs
required to complete the Improvements in the aggregate should not exceed the sum of Two
Million One Hundred Fifty Six Thousand One Hundred Seventy Six and Seventy-Six/One
Hundred Dollars ($2156176.76), hereinafter called the "Completion Amount".
Notwithstanding the foregoing, it is acknowledged that the actual costs of completion of the
Improvements 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.
3. Reductions in the Completion Amount. The Lender may from time to time make
advances to the Developer for the development of the Property under the development loan that
has been made by the Lender to the Developer for the purpose of financing the costs of
constructing the Improvements for the Property (the "Loan") subject to, and in accordance with,
the terms, conditions and provisions of the Loan Documents (which term is hereinafter defined)
evidencing and securing the Loan. Some of those advances shall be for Hard Costs as specified
in the "Approved Budget" relating to the Loan, a copy of which Approved Budget is marked
Exhibit "B", attached hereto and incorporated herein for all purposes, with the Hard Costs line
items highlighted. The term "Hard Costs" shall mean the actual costs of construction and
installation of the Improvements. To the extent that advances under the Loan are for the payment
of Hard Costs, the Completion Amount shall be deemed reduced, dollar for dollar. The Lender
may withhold statutory retainage from any advances under the Loan or pursuant to this
Agreement. All such retainage withheld, to the extent it is attributable to Hard Costs, shall also
reduce the Completion Amount dollar for dollar. All retainage withheld by the Lender for Hard
Costs that are advanced to the City pursuant to this Agreement shall be released to the City as
provided in the Texas Property Code upon expiration of the statutory retainage period.
4. Completion by the Developer. The Developer agrees to complete the
Improvements on or before the date for completion that is established in the Loan Documents
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 2 of 20
plus thirty (30) days (the "Completion Date"), in accordance with the CFA, the Plans approved
by the Lender and the City and all documents evidencing or securing the Loan (collectively, the
"Loan Documents"). For the purposes of this Agreement, the development of the Property shall
be deemed complete upon acceptance by the City of the Improvements, including punch list
items, which acceptance shall not be unreasonably withheld, conditioned or delayed. The City
shall promptly notify the Lender and the Developer upon such acceptance.
5. Completion by the City. In the event that either: (A) the development of the
Property is not completed by the Completion Date for any reason whatsoever, or (B) the
Developer is in default under any of the Loan Documents, then the Lender, at its sole option,
may request the City to complete development. The City may, at its sole option and at the cost
and expense of the Developer, within 10 days from receipt of Lender's request, notify Lender
that it will undertake to complete the Improvements and the City shall then commence, pursue,
and complete the Improvements in a reasonably timely, diligent and workmanlike manner in
accordance with the Plans, subject to the terms of this Agreement. The Lender and the
Developer agree that the City may use the Plans as necessary to complete the Improvements.
If the City does not timely elect to complete the construction of the Improvements or if
the Lender does not request the City to complete construction of the Improvements, then the
Lender may at its election terminate this Agreement, or at its option, proceed to complete the
Improvements, or foreclose on any of its collateral, or take any and all such action as may be
provided for under the Loan Documents.
6. Advance of Completion Costs to the City and Delivery of Hard Costs Collateral
to the City. In the event the Lender has requested the City and the City has elected to complete
the Improvements, Lender shall transfer to the City all remaining undisbursed Hard Costs
specified in the Approved Budget within 10 days of the date that the City elected to complete and
provided Lender with written notice of such election.
The Developer hereby authorizes and instructs the Lender to make the transfer of any
remaining undisbursed Hard Costs specified in the Approved Budget to the City within 10 days
of notification that the City elects to complete the Improvements.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 3 of 20
In the event the cost to complete the Improvements exceeds the moneys transferred to the
City, City shall notify Lender and Developer in writing of the need for additional funds. The
additional funds required to complete the Improvements shall be delivered to the City within 10
business days following notification to Lender and Developer. Failure to deliver the additional
funds shall relieve the City of the obligation to complete the Improvements, in which event City
shall use the Hard Costs funds in its possession to pay the contractor(s) all funds due it/them for
work actually completed. Any remaining undisbursed Hard Costs shall be returned to Lender
within thirty(30) days after the contractor(s)have been paid in full for work to date.
7. Completion by the Lender. The Lender may, at its discretion, but shall not be
obligated to, undertake to complete the Improvements if there is any default under any Loan
Documents in lieu of requesting the City to complete the Improvements. If the Lender elects to
complete the Improvements, any Hard Costs it expends shall, dollar for dollar, reduce the
Completion Amount. Any retainage, when paid, shall also, dollar for dollar, reduce the
Completion Amount.
8. Easements. In the event the City or the Lender undertakes the completion of the
Improvements, the Developer (and to the extent necessary the Lender) grants to the City and the
Lender open access to the Property and shall execute and deliver such temporary easements over
and across the entirety of the Property for the purpose of access and use for the completion of the
construction of the Improvements in accordance with this Agreement. To the extent requested by
the City and the Lender, written temporary construction easements in form acceptable to the City
and the Lender shall be executed by the Developer and filed of record. Nothing in this paragraph
shall reduce any rights of the Lender or obligations of the Developer under the Loan Documents.
9. Lender's Rights. Nothing in this Agreement shall affect any portion of the
Lender's collateral for the Loan or limit or impair the Lender's right to foreclose the same or deal
with the collateral as it elects in accordance with the Loan Documents.
10. Satisfaction of the City Requirements. The City agrees that the assurances and
covenants contained in this Agreement satisfy the requirements of the City with respect to
Developer's performance bond or other financial security in connection with the development of
the Property and the completion of the Improvements that are contained in the CFA or in any
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 4 of 20
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.
11. Termination. This Agreement shall terminate upon the earlier to occur of the
following: (a) acceptance by the City of the Improvements; (b) mutual written agreement of
all of the Parties; or(c)the reduction of the Completion Amount to zero. However, release of the
plat shall be governed by paragraph 12 hereof and termination pursuant to (b) or (c) of this
paragraph 11 shall not require the City to release the plat.
12. Final Plat. The Parties acknowledge and agree that the City shall hold the final
plat of the Property until the Improvements 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 or Lender 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.
13. Construction Contracts. Developer agrees to include in each Construction
contract that it enters into for the completion of the Improvements the following:
a.A statement that the City is not holding any security to guarantee any payment for work
performed on the Improvements;
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 or the Improvements; and
d. A requirement that each contractor contracting with the Developer include in each
subcontract the statements contained in a.,b., and c. above.
14. 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.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 5 of 20
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 and Development Department
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: CFA Division
Julie Westerman, Development Manager
Email: Julie.Westerman@fortworthtexas.gov
Confirmation Number: 817-392-2677
and/or
Attention: CFA Division
Email: cfa@fortworthtexas.gov
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
Douglas W. Black
Office of the City Attorney
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Confirmation Number: 817-392-7615
(ii) Notice to the Developer shall be addressed and delivered as follows:
BYD Talon Hill Development, LLC,Attn: Shawn Goff
1105 Glade Road, Suite 100
Colleyville, Texas 76034
Email: shaven@bydevelopment.org
(iii) Notice to the Lender shall be addressed and delivered as follows:
Frost Bank,Attn: Derek Buchanan
777 Main Street, Suite 500
Fort Worth,Texas 76102
Email: derek.buchanan@frostbank.com
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 6 of 20
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, provided, however, that this Agreement shall not supersede, amend or
modify any of the Loan Documents or any portion thereof except as expressly provided
herein in the event Lender requests the City to complete the Improvements following a
default by Developer.
G. Amendment. This Agreement may only be amended by a written instrument executed by
all of the Parties to his 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.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 7 of 20
ACCORDINGLY,the City of Fort Worth, Developer and Lender have each caused this
instrument to be executed in quadruplicate in each entity's respective name by its duly
authorized signatories effective as of the date executed by the City's City Manager or his/her
designee.:
CITY OF FORT WORTH: DEVELOPER:
Jesus J Chapa Name: Shawn Goff
Assistant City Manager BYD Talon Hill Development, LLC
Title: Manager
Date: . �"
Date: �U lV
Approved as to Form and Legality:
LENDER:
Assistant City Attorney N me: Larry C ton
r^m- IZt6 014 Frost Bank
ATTEST: Title: Executive Vice President
r,
Mary J. e
City Secre ry g °q�
M&C: NIA °"°a°00°4
Date:
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded OFFICIAL RECORD
CFA Official Release Date: 07.01.2015
Page 8 of 20 CITY SECRETARY
FT. WORTH TX
Shawn Goff, the Guarantor of the Development Loan, is executing this Completion
Agreement for the sole purpose of acknowledging that advances that are made by the Lender
pursuant to this Completion Agreement shall be deemed to be advances that are made under the
Loan that shall be subject to and covered by the Loan Documents and the Guaranty Agreement
that was executed by the said Shawn Goff.
GUARANTOR
By: Suk 'll
Name: Shawn Goff
Title: Manager
City of Fort Worth, Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 9 of 20
List of Exhibits to the Completion Agreement
Attachment 1 —Changes to the Standard Completion Agreement
EXHIBIT A -Legal Description
EXHIBIT B Approved Budget
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 10 of 20
ATTACHMENT "1"
Changes to Standard Completion Agreement
Page 2 of 19, Section 3: remove the first two words "Adjustments to" and replace with the
words "Reduction in";
Page 3 of 19, Section 4: replace the second to last sentence to read: "For the purposes of this
Agreement, the development of the Property shall be deemed complete upon acceptance by the
City of the Improvements, including punch list items, which acceptance shall not be
unreasonably withheld, conditioned or delayed.
Page 3 of 19, Section 5 (B): replace the first sentence to read: "the Developer is in default under
any of the Loan Documents, then the Lender, at its sole option, may request the City to complete
development.;
Page 3 of 19, Section 5: before the fourth word from the end of the last sentence insert the word
"for" so that it reads . . . "provided for under the Loan Documents.";
Page 3 of 19, Section 6, 3rd paragraph, 1 st sentence: replace the third to last word "of' with the
word "for" so that it reads "...of the need for additional funds.";
Page 4 of 19, Section 6, 3rd paragraph, 2nd to last sentence: add to the end of the sentence "for
work actually completed."
Page 4 of 19, Section 6, 3rd paragraph, last sentence: delete the last three words "a reasonable
time" and replace with"thirty(30) days after the contractors have been paid in full for work to
date."
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 11 of 20
Page 4 of 19, Section 7, 1 st sentence: add the words "of the" prior to the words Loan
Documents;
Page 4 of 19, Section 7: Add a last sentence to read "Any retainage, when paid, shall also,
dollar for dollar, reduce the Completion Amount.";
Page 4 of 19, Section 10, 1 st sentence: replace the fourteenth word "all"with the word "the" so
that it reads "...in this Agreement satisfy the requirements . . ." ;
Page 5 of 19, Section 12, 2nd sentence: add the words "or Lender" following the word
"Developer" so that it reads ". . . receipt of evidence from the Developer or Lender showing that
all . . . "
Page 5 of 19, Section 13, Subsection c; replace the fourth to last word "of'with the word "or"
so that it reads "....related to the Property or the Improvements; and";
Page 7 of 19, Section F: add the following clause to the end of this section: "except as expressly
provided herein in the event Lender requests the City to complete the Improvements following a
default by Developer."
Page 9 of 19: add the words "the said"before the name of the guarantor at the end of this
sentence.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 12 of 20
EXHIBIT A
Being a tract of land situated in the G.S. Rall Survey, Abstract No. 1985, and the D.C. Pace
Survey, Abstract No. 1245, in the City of Fort Worth, Tarrant County, Texas, and being a portion
of that certain called 178.859 acre tract of land described in a deed to BYD Talon Hill Land,
LLC, recorded under County Clerk's File No. (CC#) D214222289, Real Property Records,
Tarrant County, Texas, (RPRTCT), and being more particularly described by metes and bounds
as follows;
Commencing at a 1/2 inch iron rod found, said point being the Southwest corner of said BYD
Talon Hill Land tract, said point being in the East line of a tract of land described in a deed to
Lake Worth United Methodist Church, recorded in Volume 13299, Page 481, Deed Records,
Tarrant County, Texas, (DRTCT);
Thence North 00 deg. 24 min. 02 sec. East, along the common line between said Talon Hill tract
and Church tract, passing the Southeast corner of Lot 1, Block 1, United Methodist Church
Addition, recorded in Cabinet A, Slide 9121, Plat Records, Tarrant County, Texas, (PRTCT) at a
distance of 173.95 feet, in all a distance of 242.61 feet to a 1/2 inch capped iron rod found,
stamped "Landes &Assoc.), at the Point of Beginning of the tract herein described;
Thence North 23 de. 07 min. 02 sec. East, continuing along the common line between said Tallon
Hill tract and said Lot 1, a distance of 219.43 feet to a 1/2 inch L&A iron rod found for corner;
Thence North 17 deg. 56 min. 21 sec. West. continuing along said common line a distance of
132.23 feet to a 1/2 inch L&S iron found for corner;
Thence North 10 deg. 21 min. 50 sec. West, continuing along said common line a distance of
468.69 feet to a 1/2 inch L&A iron rod found for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 13 of 20
Thence North 06 deg. 14 min. 49 sec. East, continuing along said common line a distance of
127.39 feet to a 1/2 inch iron rod set for corner;
Thence South 83 deg. 45 min. 11 sec. East, a distance of 28.73 feet to a 1/2 inch iron rod set for
corner;
Thence North 71 deg. 22 min. 23 sec. East, a distance of 170.00 feet to a 1/2 inch rod set for
corner, said point being on a curve to the left, said curve having a radius of 275.00 feet;
Thence in a Northwesterly direction of said curve, a distance of 4.83 feet to a 1/2 inch iron rod
set at the end of said curve, said curve having a chord bearing of North 19 deg. 07 min. 48 sec.
West, and a chord length of 4.83 feet;
Thence North 19 deg. 37 min. 58 sec. West, a distance of 108.13 feet to a 1/2 inch iron rod
found;
Thence North 70 deg. 22 min. 02 sec. West, a distance of 256.06 feet to a 1/2 inch iron rod set
for corner;
Thence North 19 deg. 55 min. 44 sec. West, a distance of 28.18 feet to a 1/2 inch iron rod set for
corner;
Thence North 19 deg. 55 min. 44 sec. West, a distance of 50.00 feet to a 1/2 inch iron rod set for
corner;
Thence North 24 deg. 17 min. 23 sec. East, a distance of 27.75 feet to a 1/2 inch iron rod set for
corner;
Thence North 70 deg. 21 min. 57 sec, East, a distance of 50.05 feet to a 1/2 inch iron rod set for
corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 14 of 20
Thence South 65 deg. 39 min. 34 sec. East, a distance of 28.79 feet to a 1/2 inch iron rod set for
corner;
Thence North 70 deg. 22 min. 02 sec. East, a distance of 110.05 feet to a 1/2 inch iron rod set for
corner;
Thence North 24 deg. 28 min. 04 sec. East, a distance of 27.84 feet to a 1/2 inch iron rod set for
corner;
Thence North 70 deg. 37 min. 14 sec. East, a distance of 80.07 feet to a 1/2 inch iron rod set for
corner, said point being the beginning of a non-tangent curve to the left, said curve having a
radius of 1290.00 feet;
Thence in Northwesterly direction along said curve to the left a distance of 348.63 feet to a 1/2
inch iron rod set for corner, said curve having a chord bearing of North 29 deg. 29 min. 26 sec.
West, and chord length of 347.57 feet;
Thence North 50 deg. 02 min. 25 sec. East, a distance of 375.36 feet to a 1/2 inch iron rod set for
corner;
Thence North 51 deg. 31 min. 41 sec. West, a distance of 71.21 feet to a 1/2 inch iron rod set for
corner;
Thence North 36 deg. 53 min. 07 sec. East, a distance of 195.14 feet to a 1/2 inch iron rod set for
corner;
Thence South 52 deg. 27 min. 20 sec. East, a distance of 12.65 feet to a 1/2 inch iron red set for
corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 15 of 20
Thence North 36 deg. 53 min. 07 sec. East, a distance of 382.03 feet to a 1/2 inch iron rod set for
corner;
Thence South 53 deg. 21 min. 22 sec. East, a distance of 46.23 feet to a 1/2 inch iron rod set for
corner;
Thence North 42 deg. 05 min. 37 sec. East, a distance of 253.61 feet to a 1/2 inch iron rod set for
corner;
Thence North 21 deg. 21 min. 38 sec. East, a distance of 431.77 feet to a 5/8 inch iron rod found
for corner, said point being in the common line between said Talon Hill tract and a tract land
described in deed to Eagle Mountain Golf Club, LLC., recorded in CC# D206172189, DRTCT;
Thence along the common line between said Talon Hill tract and said Eagle Mountain Golf Club
tract as follows;
South 76 deg. 34 min. 58 sec. East, a distance of 155.25 feet to a 5/8 inch iron for found for
corner;
South 72 deg. 02 min. 15 sec, East, a distance of 134.83 feet to a 5/8 inch iron rod found for
corner;
North 57 deg. 57 min. 12 sec. East, a distance 93.72 feet to a 5/8 inch iron rod found for corner;
South 26 deg. 19 min. 00 sec. East, a distance of 203.31 feet to a 5/8 inch iron rod found for
corner;
North 87 deg. 04 min. 18 sec. East, a distance of 53.71 feet to a 5/8 inch iron rod found for
corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 16 of 20
Thence South 03 deg. 04 min. 30 sec. East, a distance of 49.35 feet a distance of 49.35 feet to a
point for corner, said point being the Northeast corner of Lot 15, Block V, The Ranch of Eagle
Mountain, according to the plat recorded in Cabinet A, Slide 8587, PRTCT;
Thence along the common line between said Talon Hill tract and said Block V, the following;
South 58 deg. 50 min. 38 sec. West, a distance of 174.99 feet to a 1/2 inch L&A iron rod found
for corner;
South 10 deg. 19 min. 21 sec. West, a distance of 136.81 feet to a 1/2 inch L&A iron rod found
for corner;
South 29 deg. 18 min. 46 sec. East, a distance of 88.79 feet to a 1/2 inch iron rod found for
corner;
South 03 deg. 36 min. 22 sec. East, a distance of 195.74 feet to a Gin Spindle found for corner;
Thence 07 deg. 28 min. 18 sec. East, a distance of 60.67 feet to a 1/2 inch iron found for corner;
Thence South 11 deg. 17 min. 42 sec. East, a distance of 508.74 feet to a 1/2 inch capped iron
rod found ("Arthur Surveying") for corner;
South 18 deg. 14 min. 59 sec. East, a distance of 94.49 feet to a 1/2 inch iron rod found for
corner, said point being in the Northerly Right-of-Way (ROW) of Eagle Ranch Boulevard, (80'
ROW);
Thence South 55 deg. 38 min. 48 sec. West, along said ROW a distance of 308.84 feet to 1/2 iron
rod found at the beginning of a curve to right, said curve having a radius of 1349.53 feet;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 17 of 20
Thence in a Westerly direction along said curve and said ROW, a distance of 756.88 feet to a 1/2
inch iron rod found at the end of said curve, said curve having a chord bearing of South 71 deg.
42 min. 50 sec. West, and chord length of 747.00 feet;
Thence South 87 deg. 46 min. 51 sec. West, along said ROW, a distance of 94.69 feet to a 1/2
inch iron rod found, said point being the beginning of a curve to the left, said curve having a
radius of 940.00 feet;
Thence in a Westerly direction along said curve and ROW, a distance of 171.48 feet to a 1/2 inch
iron rod found at the end of said curve, said curve having a chord bearing of South 82 deg. 33
min. 18 sec. West, and a chord length of 171.24 feet;
Thence South 74 deg. 10 min. 02 sec. West, along said ROW, a distance of 40.16 feet 40.16 feet
to a Gin Spindle found for corner, said point being in the West ROW line of Lake County Drive,
(40' ROW), and being the beginning of a non-tangent curve to the right, said curve having a
radius of 3000.00 feet;
Thence in a Southerly direction along said curve and ROW, a distance of 826.10 feet to a Gin
Spindle found at the end of said curve, said curve having a chord bearing of South 07 deg. 56
min. 36 sec. East, and chord length of 823.50 feet;
Thence South 00 deg. 03 min. 16 sec. East, along said ROW, a distance of 325.37 feet to a Gin
Spindle found for corner, said point being the Southwest corner of said ROW;
Thence North 89 deg. 56 min. 44 sec. East, along the South line of said ROW, a distance of
40.00 feet to a 1/2 inch iron rod found for corner, said point being the Southwest corner of Lot 7,
Block W, The Ranch at Eagle Mountain, recorded in Cabinet A, Slide 9547, PRTCT;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 18 of 20
Thence South 00 deg. 01 min. 34 sec. West, a distance of 287.01 feet to a 5/8 inch capped iron
rod found, ("Gorrondona"), said point being in the North ROW line of Robertson Road,
described in a deed to the City of Fort Worth, recorded in CC#D212307618, DRTCT;
Thence South 89 deg. 59 min. 55 sec. West, along said ROW, a distance of 80.00 feet to a 5/8
inch capped iron rod found, ("Gorrondona");
Thence North 00 deg. 01 min. 35 sec. East, a distance of 287.01 feet to a 1/2 inch iron rod set for
corner;
Thence North 00 deg. 03 min. 16 sec. West, a distance of 10.86 feet to a 1/2 inch iron rod set for
corner;
Thence North 89 deg. 58 min. 25 sec. West, a distance of 651.48 feet to the Point of Beginning,
and containing 54.998 acres of land, more or less.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 19 of 20
EXHIBIT B
APPROVED BUDGET
Section I
Water $404762.20
Sewer $590514.75
Subtotal $995276.95
Section 11
Interior Streets $999207.69
Stonn Drains $64617.00
Subtotal $1063824.69
Section III
Street Lights $97075.12
Sub-total $97075.12
TOTAL $2156176.76
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 20 of 20