HomeMy WebLinkAboutContract 48032 C1TY SECRETAIgr
JUL 212016 CONTRACT'No. SO-3
COMPLETION AGREEMENT
This Completion Agreement ("Agreement'), is made and entered into by and between the
City of Fort Worth, ("City") and First Texas Homes, Inc., a Texas Corporation, 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 23.162 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-015-124; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development, Presidio West, Phase VII for Water, Sewer, Paving,
Drainage and Street Light 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 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 One Million, Four Hundred, Ninety-Eight Thousand, Eight
Hundred Ninety-Four Dollars and Zero Cents ($1,498,894.00), hereinafter called the
"Completion Amount". Notwithstanding the foregoing, it is acknowledged that the
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded
CFA Official Release Date: 07.01.2015 OFFICIAL RECORD
Page 1 of 13 CITY SECRETARY
FT. N►oRT149 T'X
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 2of13
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(a,fortworthtexas. og_v
Confirmation Number: 817-392-2677
and/or
CFA Division
Email: CFA ,fortworthtexas.gov
Confirmation Number: 817-392-2025
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
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With a copy thereof addressed and delivered as follows:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: s a k 'R;avQ A. WCrcr-"'\
Assistant City Attorney
Confirmation Number: 817-392-7615
(ii) Notice to the Developer shall be addressed and delivered as follows:
First Texas Homes, Inc.
Attention: Keith Hardesty
500 Crescent Court, Suite 350
Dallas, Texas 75201
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.
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
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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.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
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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: Keith Hardesty
Assistant City Manager Title: DFW Division President
Date:
7 Date:
Approved as to Form &Legality:
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Assistant City Attorney
ATTEST: ®Rr
a' J. er
City Secr ary �EXP�
M&C: N 1A
Date:
met 5
OFFICIAL RECORD
City of Fort Worth, Texas CITY SECRETARY
Standard Completion Agreement— Self-Funded FT. WORTH, TX
CFA Official Release Date: 07.01.2015
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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 13
ATTACHMENT "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 8of13
EXHIBIT A
LEGAL DESCRIPTION
WHEREAS FIRST TEXAS HOMES, INC. ARE THE SOLE OWNERS
OF A 23. 162 ACRE TRACT OF LAND SITUATED IN THE J. WALKER
SURVEY, ABSTRACT NO. 1600, CITY OF FORT WORTH, TARRANT
COUNTY, TEXAS, AND BEING PART OF A TRACT OF LAND
CONVEYED AS TRACT II, TO FIRST TEXAS HOMES, INC., BY
DEED RECORDED IN COUNTY CLERK'S FILE NO. D210260522,
OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS. SAID
23. 162 ACRE TRACT, WITH REFERENCE BEARING BEING THE
RECORDED PLAT OF THE PRESIDIO WEST ADDITION, AN
ADDITION TO THE CITY OF FORT WORTH, AS RECORDED IN
CABINET A, SLIDE 11771 , PLAT RECORDS, TARRANT COUNTY,
TEXAS, AND BEING MORE PARTICULARLY DESCRIBED BY
METES AND BOUNDS AS FOLLOWS:
BEGINNING AT A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR THE SOUTHWEST CORNER OF LOT
1X, BLOCK 14, OF SAID PRESIDIO WEST. SAID POINT BEING ON
THE WEST LINE OF SAID FIRST TEXAS HOMES, INC. TRACT,
AND THE COMMON EAST LINE OF A CALLED 98.70 ACRE TRACT
OF LAND CONVEYED AS TRACT 1 , TO REVELSTOKE
INVESTMENT CORPORATION, N.V., BY DEED RECORDED IN
VOLUME 6932, PAGE 1091 , DEED RECORDS, TARRANT COUNTY,
TEXAS;
THENCE, ALONG THE NORTH LINE OF SAID TRACT II, AND THE
COMMON SOUTH LINE OF SAID PRESIDIO WEST, AND OVER AND
ACROSS SAID FIRST TEXAS HOMES, INC. TRACT, THE
FOLLOWING COURSES AND DISTANCES:
SOUTH 89 DEGREES 53 MINUTES 20 SECONDS EAST, A
DISTANCE OF 180.00 FEET TO A 5/8" IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER ON THE EAST RIGHT-OF-WAY LINE OF
SALTBRUSH STREET, A 50 FOOT RIGHT-OF-WAY, AS
RECORDED IN CABINET A, SLIDE 11771 , PLAT RECORDS,
TARRANT COUNTY, TEXAS;
NORTH 00 DEGREES 06 MINUTES 40 SECONDS EAST,
ALONG SAID EAST RIGHT-OF-WAY LINE OF SAID
SALTBRUSH STREET, A DISTANCE OF 5.00 FEET TO A 5/8"
IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
Page 9 of 13
"JACOBS" SET FOR THE SOUTHWEST CORNER OF LOT 14,
BLOCK 19 OF SAID PRESIDIO WEST;
SOUTH 89 DEGREES 53 MINUTES 20 SECONDS EAST, A
DISTANCE OF 305.00 FEET TO A 5/8" IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE
SOUTHEAST CORNER OF LOT 9, AND THE COMMON
SOUTHWEST CORNER OF LOT 8, BLOCK 19 OF SAID
PRESIDIO WEST;
SOUTH 85 DEGREES 04 MINUTES 24 SECONDS EAST, A
DISTANCE OF 47.78 FEET TO A 5/8" IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE
SOUTHEAST CORNER OF SAID LOT 8, AND THE COMMON
SOUTHWEST CORNER OF LOT 7, BLOCK 19 OF SAID
PRESIDIO WEST;
SOUTH 65 DEGREES 44 MINUTES 28 SECONDS EAST, A
DISTANCE OF 410.84 FEET TO A 5/8" IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED. "JACOBS" SET FOR
CORNER ON THE SOUTHEAST RIGHT-OF-WAY LINE OF
BRITTLEBRUSH TRAIL, A 50 FOOT RIGHT-OF-WAY AS
RECORDED IN CABINET A, SLIDE 11771 , PLAT RECORDS,
TARRANT COUNTY, TEXAS;
NORTH 24 DEGREES 15 MINUTES 32 SECONDS EAST,
ALONG SAID SOUTHEAST RIGHT-OF-WAY LINE OF SAID
BRITTLEBURSH TRAIL, A DISTANCE OF 3.00 FEET TO A
5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR THE SOUTHWEST CORNER OF LOT 2,
BLOCK 23 OF SAID PRESIDIO WEST;
SOUTH 65 DEGREES 44 MINUTES 28 SECONDS EAST, A
DISTANCE OF 185.00 FEET TO A 5/8" IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER IN THE APPROXIMATE CENTERLINE OF HERITAGE
TRACE PARKWAY, A VARIABLE WIDTH RIGHT-OF-WAY, AS
RECORDED IN CABINET A, SLIDE 11771 , PLAT RECORDS,
TARRANT COUNTY, TEXAS, SAID POINT BEING THE
NORTHWEST CORNER OF HERITAGE TRACE PARKWAY, A
65 FOOT RIGHT-OF-WAY, AS RECORDED IN COUNTY
CLERK'S FILE NO.D216078364, OFFICIAL PUBLIC RECORDS,
TARRANT COUNTY, TEXAS, SAME BEING THE NORTHWEST
CORNER OF PRESIDIO WEST, AN ADDITION TO THE CITY
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
Page 10 of 13
OF FORT WORTH, AS RECORDED IN COUNTY CLERK'S FILE
NO.D216078364, OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY, TEXAS;
THENCE, SOUTH 24 DEGREES 15 MINUTES 32 SECONDS WEST,
OVER AND ACROSS SAID TRACT II, AND ALONG THE
NORTHWEST LINE OF SAID HERITAGE TRACE PARKWAY,
(COUNTY CLERK'S FILE NO.D216078364), AND SAID PRESIDIO
WEST, (COUNTY CLERK'S FILE NO.D216078364), A DISTANCE OF
1037.28 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR THE SOUTHWEST CORNER OF SAID
HERITAGE TRACE, (COUNTY CLERK'S FILE NO.
D216078364),SAME BEING THE SOUTHWEST CORNER OF SAID,
PRESIDIO WEST, (COUNTY CLERK'S FILE NO.D216078364),AND
THE COMMON NORTHWEST CORNER OF HERITAGE TRACE,
PARKWAY, A 65 FOOT RIGHT-OF-WAY, AS RECORDED IN
CABINET A, SLIDE 11951 , PLAT RECORDS, TARRANT COUNTY,
TEXAS, SAME BEING THE NORTHWEST CORNER OF QUAIL
GROVE, AN ADDITION TO THE CITY OF FORT WORTH, AS
RECORDED IN CABINET A, SLIDE 11951, PLAT RECORDS,
TARRANT COUNTY, TEXAS, AND BEING ON THE SOUTH LINE OF
AFORESAID TRACT II;
THENCE, NORTH 88 DEGREES 32 MINUTES 47 SECONDS WEST,
ALONG THE SOUTH LINE OF SAID TRACT II, AND ALONG THE
NORTH LINE OF A TRACT OF LAND CONVEYED TO HARMON
ROAD 81 DEVELOPMENT, L.P., BY DEED RECORDED IN COUNTY
CLERK'S FILE NO. D204159922, OFFICIAL PUBLIC RECORDS,
TARRANT COUNTY, TEXAS, THE NORTH LINE OF A TRACT OF
LAND CONVEYED AS TRACT IV, TO FIRST TEXAS HOMES, INC.,
BY DEED RECORDED IN COUNTY CLERK'S FILE NO. D210260522,
OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS,
PASSING AT A DISTANCE OF 603.24 FEET A 5/8". IRON ROD WITH
A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE
NORTHWEST CORNER OF SAID TRACT IV, AND A COMMON
INTERIOR ELL CORNER OF AFORESAID TRACT I1, AND
CONTINUING OVER AND ACROSS SAID TRACT II, FOR A TOTAL
DISTANCE OF 653 .38 FEET TO A 5/8" IRON ROD WITH A YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER ON THE
WEST LINE OF SAID TRACT II, AND THE COMMON EAST LINE OF
LOT 2, OF THE F & W INDUSTRIAL PARK, AN ADDITION TO THE
CITY OF FORT WORTH, AS RECORDED IN VOLUME 388-160,
PAGE 2, PLAT RECORDS, TARRANT COUNTY, TEXAS;
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
Page 11 of 13
THENCE, NORTH 00 DEGREES 06 MINUTES 40 SECONDS EAST,
ALONG THE WEST LINE OF SAID TRACT 11, AND THE COMMON
EAST LINE OF SAID LOT 2, AND THE COMMON EAST LINE OF
AFORESAID REVELSTOKE INVESTMENT CORPORATION, N.V.
TRACT, A DISTANCE OF 1171 .23 FEET TO THE POINT OF
BEGINNING AND CONTAINING A CALCULATED AREA OF 23. 162
ACRES OF LAND.
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
Page 12 of 13
EXHIBIT B
APPROVED BUDGET
Section. I
Water $225,858.90
Sewer $187,422.70
Sub-total $413,281.60
Section II
Interior Streets $826,513.00
Storm Drains $259,099.40
Sub-total $1,085,612.40
Section III
Street Lights $90,743.12
Sub-total $90,743.12
TOTAL $1,589,637.12
City of Fort Worth, Texas
Standard Completion Agreement— Self-Funded
CFA Official Release Date: 07.01.2015
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