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Home My WebLink AboutContract 47747 30, 5 778 REGENT CITY SECKTAW .�� CONTRACT NO. y'��y �` � pftWOltTki COMPLETION AGREEMENT—SELF FUNDED �o Gf[YgpRY ' �6 8 t 5 � c.ti This Completion Agreement("Agreement"), is made and entered into by and between the City of Fort Worth, ("City") andhUSAOCk COOMMALIA919ka Texas LIMITED PARTNERSHIP, 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 9.062 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 15-066 or FS ; and WHEREAS, the Developer and the City have entered into a Community Facilities Agreement relating to the development, MATADOR ADDITION PHASE IIB for WATE SEMM PAVING. DRAIN GE AND STREET LIGHT ("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 conditions of such accommodations as are described above. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby agreed by 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. 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 FIVE HUNDRED NINETY SEVEN THOUSAND SIX HUNDRED FORTY SIX Dollars ($597,646.40), hereinafter called the "Completion City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 OFFICIAL RECORD Page 1 of 11 CITY SECRETARY FT.WORTH,TX 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 City 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 City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 2 of 11 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.Westerman(ri fortworthtexas.-ov Confirmation Number: 817-392-2677 and/or CFA Division Email: CFA(dfortworthtexas.gov Confirmation Number: 817-392-2025 City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 3 of 11 With a copy thereof addressed and delivered as follows: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: ] k 2*c6eA A • rAe&*.c ke&l Assistant City Attorney Confirmation Number: 817-392-7615 (ii) Notice to the Developer shall be addressed and delivered as follows: MATADOR COMMERCIAL PARTNER,LTD 6617 PRECINCT LINE RD., STE. 200 NORTH RICHLAND HILLS, TX 76182 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 Applv. 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. City of Fort Worth, Texas Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 4of11 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—Self-Funded CFA Official Release Date: 07.01.2015 Page 5of11 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: MATADOR COMMERCIAL PARTNER, LTD �? ��S-•S s: Assistant City Manager N e: MARK HOWE Title: VICE PRESIDENT Date: Approved as to Form &Legality: Date: Richard A. McCracken S K 6tc Assistant City Attorney ATTEST: ®� V ORPdy Mary J. K � �°°°"° � City Secretary M&C: MAr Date: City of Fort Worth, Texas OFFICIAL RECORD Standard Completion Agreement—Self-Funded CITY SECRETARY CFA Official Release Date: 07.01.2015 FT.WORTH,TX Page 6 of 11 LIST OF EXHIBITS ATTACHMENT "1"-CHANGES TO STANDARD AGREEMENT EXHIBIT A - LEGAL DESCRIPTION EXHIBIT B - APPROVED BUDGET City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 7 of 11 ATTACHMENT 46 1" Changes to Standard Agreement Self-Funded Completion Agreement NONE City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 8 of 11 EXHIBIT A LEGAL DESCRIPTION METES AND BOUNDS DESCRIPTION 9.062 ACRES IN THE J. JENNINGS SURVEY, A-873 CITY OF FORT WORTH, TARRANT COUNTY, TEXAS Whereas Matador Commercial Partners, Ltd. is the owner of all that certain 9.062 acres of land, which is out of the 14.60 acres described in the deed recorded in Document Number D209038727 in the Deed Records of Tarrant County, Texas (D.R.T.C.T), in the J. Jennings Survey, A-873, City of Fort Worth, Tarrant County, Texas and more particularly described by metes and bounds as follows: (all bearings shown hereon are based on the south line Block 3, Matador Ranch Addition, described in the plat recorded in Cabinet A, Slide 10849, in the Plat Records of Tarrant County, Texas (P.R.T.C.T.) ); BEGINNING at a 1/2" iron rod found for the most easterly northeast corner of the herein described tract, common to the northwest corner of a tract of land conveyed to William Ted Pate, by the deed recorded in Volume 9892, Page 2145, D.R.T.C.T., which is also a point in the south line of the remainder of the 14.60 acres of the said Matador Commercial Partners, Ltd. tract; THENCE South 00° 10' 17" West— 527.46' along the west property line of said William Ted Pate tract, to the southeast corner of the herein described tract, in the north right-of-way line of Cunningham Road (50' Right-Of-Way); THENCE North 890 53' 36" West— 762.66' along the north right-of-way line of said Cunningham Road, to a 1/2" iron rod found for the most southerly southwest corner of the herein described tract; THENCE North 000 07' 17" East—20.55' to a 3/4" pipe found for a southwesterly corner of the herein described tract, common to the southwest corner of a 4 acre tract of land conveyed to Ron & Constance A. Gyure in the deed recorded in Volume 15883, Page 146 D.R.T.C.T.; THENCE South 8911 47' 00" East—75.73' to a 1" iron rod found for an angle corner of the herein described tract, common to the southeast corner of said Gyure tract; THENCE North 0011 04' 04" East— 569.40' along the east property line of the said Gyure tract, to a 1/2" iron rod with a cap stamped "SPRY" found for the northwest corner of the herein described tract, common to the southwest corner of the remainder of the said Matador Commercial Partners, Ltd. tract; THENCE along the south line of the remainder of the said Matador Commercial Partners, Ltd. tract the following bearings and distances: City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 9 of 11 South 89° 54' 28" East— 119.92' to a 1/2" iron rod with a cap stamped "SPRY" found for a corner of the herein described tract; South 78° 33' 53" East—51.00' to a 1/2" iron rod with a cap stamped "SPRY" found for a corner of the herein described tract; South 89° 54' 28" East—387.50' to a 1/2" iron rod with a cap stamped "SPRY" found for the most northern northeast corner of the herein described tract; South 00° 05' 32" West—52.85' to a 1/2" iron rod with a cap stamped "SPRY" found for a corner of the herein described tract; North 89° 55' 56" East— 130.47' to the POINT OF BEGINNING and containing 9.062 acres of land. City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 10 of 11 EXHIBIT B APPROVED BUDGET Section I Water $142,149.90 Sewer $99,996.50 Sub-total $242,146.40 Section II Interior Streets $270,$35.00 Storm Drains $47,675.00 Sub-total $318,510.00 Section III Street Lights $36,990.00 Sub-total $36,990.00 TOTAL $597,646.40 City of Fort Worth, Texas Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 11 of 1t