HomeMy WebLinkAboutContract 48515 CITY SSCRUARYL S)�
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COMPLETION AGREEMENT—LENDER FUNDED
This Completion Agreement ("Agreement) is made and entered into by and among the
City of Fort Worth ("City"), and HPC WELLINGTON NORTH DEVELOPMENT
CORPORATION, a Texas corporation ("Developer"), and Texas Capital Bank, National
Association, a national banking corporation("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 29.476 acres 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 ("Properly"); and
WHEREAS, the Developer intends to develop the Properly as an addition to the City
through plat FP 15-1111; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development of Wellington Master Infrastructure Blue Mound Road
West, 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.
City of Fort Worth,Texas A 3 4 S 6�
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 1 of 13 f__- - _
DF��3
OFFICIAL RJ 'OF
CITY SECRl '� �RT
FT. WORTH
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
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, Ninety Thousand, and Nine Hundred Ninety-Eight Dollars and Four Cents
($2,090,998.04), 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. Adjustments to 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.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 2 of 13
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
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. 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 the Loan, 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 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 13
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 of 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.
Any remaining undisbursed Hard Costs shall be returned to Lender within a reasonable time.
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.
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 all 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
other agreement relating thereto, and the City hereby accepts the assurances and covenants
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 4 of 13
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 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 of 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 13
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:
HPC Wellington North Development Corporation
Attention :Ben Luedtke
3001 Knox jStreet, Suite 207
Dallas, Texas 75205
Email: ben@hanoverproperty.com
(iii) Notice to the Lender shall be addressed and delivered as follows:
Texas Capital Bank,National Association
2350 Lakeside Boulevard, Suite 800
Richardson,Texas 75082
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 6 of 13
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.
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 13
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:
HPC WELLINGTON NORTH
DEVELOPMENT CORPORATION
A Texas corporation
Fernando Costa
Assistant City Manager
Name: Ben Luedtke
Title: Executive Vice President
Date: tea'
Approved as to Forfn and Legality:
Date: 1•�L,4 711 6�1
LENDER:
• �`— Texas Capital Bank,National Association
2:�y...�1 G4• ptit�4wc�.ti
Assistant City Attorney
ATTEST:
Name:
Title:
ry J. Kayser
City Secretary (� FO/�T
hip..,...... ...�2
M&C: ���°- 0
Date: ;
zXAS
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 8 of 13 OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
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:
HPC WELLINGTON NORTH
DEVELOPMENT CORPORATION
A Texas corporation
Fernando Costa
Assistant City Manager
Name: Ben Luedtke
Title: Executive Vice President
Date:
Approved as to Form and Legality:
Date:
LENDER:
Texas Capital Bank, National Association
Douglas W. Black
Assistant City Attorney
(I-
ATTEST:
Name:
Title: Jocelyn Ansley
Sr,Vlce President
Mary J. Kayser
City Secretary
M&C:
Date:
City of Fort Worth, Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 8 of 13
14dWlir.&AO14hQ, 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 Adayjl�' Cf161"II(.
GUARANTOR
By: -•��� 4;' �..,.�
Name:
Title:
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 9 of 13
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 13
ATTACHMENT"1"
Changes to Standard Completion Agreement
None
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 11 of 13
EXHIBIT A
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 12 of 13
LEGAL DESCRIPTION
29.476 ACRES
BEING A 29.476 ACRE TRACT OF LAND SITUATED IN THE M.E.P. &P.R.R. CO.
SURVEY, ABSTRACT NO. 1111 AND THE J. RIGHLY SURVEY, ABSTRACT NO. 1268,
IN THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, AND BEING PART OF A
117.311 ACRES OF LAND CONVEYED TO HPC WELLINGTON NORTH DEVELOPMENT
CORPORATION, AS RECORDED IN COUNTY CLERK'S FILE NO. D215257354,
OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS. SAID 29.476 ACRE
TRACT, WITH REFERENCE BEARING BASIS BEING GRID NORTH, TEXAS STATE
PLANE COORDINATES,NORTH CENTRAL ZONE NAD83, (CORS96, EPOCH DATE
2002), DETERMINED BY GPS OBSERVATIONS ON JULIAN DAY 253, 2004
CALCULATED FROM ARLINGTON RRP2 CORS ARP (PID-DF5387), AND DENTON
CORS ARP (PID-DF8986), AND BEING MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:
COMMENCING AT A BRASS TxDOT MONUMENT FOUND AT THE NORTHWEST
END OF A CORNER CLIP ON THE SOUTHWEST RIGHT-OF-WAY LINE OF U.S.
HIGHWAY NO. 81 AND NO. 287, A VARIABLE WIDTH RIGHT-OF-WAY, AS
RECORDED IN VOLUME 4500, PAGE 975, DEED RECORDS, TARRANT COUNTY,
TEXAS. SAID POINT BEING A NORTHEAST CORNER OF A 610.711 ACRE TRACT OF
LAND CONVEYED TO JASON LAND PARTNERS, LTD., AS RECORDED IN COUNTY
CLERK'S FILE NO. D214096672, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY,
TEXAS, FROM WHICH A BRASS TxDOT MONUMENT FOUND BEARS NORTH 53
DEGREES 05 MINUTES 36 SECONDS WEST, A DISTANCE OF 2299.00 FEET;
THENCE, SOUTH 26 DEGREES 52 MINUTE4S 48 SECONDS EAST, ALONG SAID
CORNER CLIP, A DISTANCE OF 134.82 FEET TO A 5/8 INCH IRON ROD WITH A
YELLOW PLASTIC CAP STAMPED "JACOBS" SET AT THE SOUTHEAST END OF SAID
CORNER CLIP, SAID POINT BEING THE NORTHWEST CORNER OF SAID 1.798 ACRE
TRACT, AND BEING ON THE WEST RIGHT-OF-WAY LINE OF WILLOW SPRINGS
ROAD, ALSO KNOWN AS COUNTY ROAD #4109, A VARIABLE WIDTH
PRESCRIPTIVE RIGHT-OF-WAY;
THENCE, SOUTH 33 DEGREES 39 MINUTES 17 SECONDS EAST, ALONG THE NORTH
LINE OF SAID 1.798 ACRE TRACT, A DISTANCE OF 42.44 FEET TO A NAIL WITH
WASHER FOUND FOR THE NORTHEAST CORNER OF A 1.798 ACRE TRACT OF LAND
CONVEYED TO JASON LAND PARTNERS, LTD., AS RECORDED IN COUNTY
CLERK'S FILE NO. D214096673, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY,
TEXAS AND THE COMMON NORTHWEST CORNER OF A 23.343 ACRE TRACT OF
LAND CONVEYED TO HASLET PROPERTY DBE REALTY INVESTMENTS, LTD., AS
RECORDED IN COUNTY CLERK'S FILE NO. D203065407, OFFICIAL PUBLIC
RECORDS, TARRANT COUNTY, TEXAS, SAID POINT BEING IN THE APPROXIMATE
CENTERLINE OF SAID WILLOW SPRINGS ROAD;
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THENCE, SOUTH 00 DEGREES 30 MINUTES 35 SECONDS EAST, ALONG THE EAST
LINE OF SAID 1.798 ACRE TRACT, THE COMMON WEST LINE OF SAID 23.343 ACRE
TRACT AND WITH THE APPROXIMATE CENTERLINE OF SAID WILLOW SPRINGS
ROAD, A DISTANCE OF 510.62 FEET TO THE POINT OF BEGINNING, SAID POINT
BEING THE NORTHEAST CORNER OF AFORESAID 117.311 ACRE TRACT;
THENCE, CONTINUING ALONG THE EAST LINE OF SAID 117.311 ACRE TRACT AND
WITH SAID CENTERLINE OF SAID WILLOW SPRINGS ROAD, THE FOLLOWING
COURSES AND DISTANCES:
SOUTH 00 DEGREES 30 MINUTES 35 SECONDS EAST, CONTINUING ALONG
THE WEST LINE OF SAID 23.343 ACRE TRACT, A DISTANCE OF 660.01 FEET
TO A 60D NAIL FOUND FOR THE SOUTHWEST CORNER OF SAID 23.343 ACRE
TRACT AND THE COMMON NORTHWEST CORNER OF THE REMAINDER OF A
168.242 ACRE TRACT OF LAND CONVEYED TO JARVIS H. PORTER AND WIFE,
PAMELA ADKINS PORTER, AS RECORDED IN COUNTY CLERK'S FILE NO.
D197153026, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS;
SOUTH 00 DEGREES 16 MINUTES 33 SECONDS EAST, PASSING AT A
DISTANCE OF 500.05 FEET THE SOUTHWEST CORNER OF SAID REMAINDER
168.242 ACRE TRACT AND THE COMMON NORTHWEST CORNER OF A 135.070
ACRE TRACT OF LAND CONVEYED TO NORTHWEST INDEPENDENT SCHOOL
DISTRICT, AS RECORDED IN COUNTY CLERK'S FILE NO. D208092668,
OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS AND CONTINUING
ALONG THE WEST LINE OF SAID 135.070 ACRE TRACT, A TOTAL DISTANCE
OF 660.00 FEET TO A POINT FOR THE SOUTHEAST CORNER OF SAID 117.311
ACRE TRACT AND THE NORTHEAST CORNER OF A 32.015 ACRE TRACT OF
LAND CONVEYED TO KNOX STREET PARTNERS NO. 18, LTD, AS RECORDED
IN COUNTY CLERK'S NO. D215257359, OFFICIAL PUBLIC RECORDS,
TARRANT COUNTY, TEXAS;
THENCE, SOUTH 89 DEGREES 45 MINUTES 57 SECONDS WEST, OVER AND ACROSS
SAID 1.798 ACRE TRACT, ALONG THE NORTH LINE OF SAID 32.015 ACRE TRACT,
PASSING AT A DISTANCE OF 21.16 FEET THE WEST LINE OF SAID 1.798 ACRE
TRACT, AND THE COMMON EAST LINE OF SAID 610.711 ACRE TRACT, AND
CONTINUING OVER AND ACROSS SAID 610.711 ACRE TRACT, FOR A TOTAL
DISTANCE OF 216.08 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR A SOUTHEAST CORNER OF A 42.419 ACRE TRACT OF
LAND CONVEYED TO HPC WELLINGTON SOUTH DEVELOPMENT CORPORATION,
AS RECORDED IN COUNTY CLERK'S FILE NO. D215257355, OFFICIAL PUBLIC
RECORDS, TARRANT COUNTY, TEXAS;
THENCE, NORTH 00 DEGREES 29 MINUTES 24 SECONDS WEST, ALONG A WEST
LINE OF SAID 117.311 ACRE TRACT AND THE EAST LINE OF SAID 42.419 ACRE
TRACT, A DISTANCE OF 500.39 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW
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PLASTIC CAP STAMPED "JACOBS" SET FOR THE NORTHEAST CORNER OF SAID
42.419 ACRE TRACT AND AN INTERIOR ELL CORNER OF SAID 117.311 ACRE TRACT;
THENCE, ALONG THE SOUTH LINE OF SAID 117.311 ACRE TRACT AND THE NORTH
LINE OF SAID 42.419 ACRE TRACT, THE FOLLOWING COURSES AND DISTANCES:
SOUTH 89 DEGREES 30 MINUTES 36 SECONDS WEST, A DISTANCE OF 213.98
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 81 DEGREES 53 MINUTES 31 SECONDS WEST, A DISTANCE OF 87.73
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 64 DEGREES 54 MINUTES 50 SECONDS WEST, A DISTANCE OF 90.50
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 52 DEGREES 09 MINUTES 41 SECONDS WEST, A DISTANCE OF 71.26
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 37 DEGREES 50 MINUTES 19 SECONDS WEST, A DISTANCE OF 36.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 52 DEGREES 09 MINUTES 41 SECONDS WEST, A DISTANCE OF 80.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 37 DEGREES 50 MINUTES 19 SECONDS EAST, A DISTANCE OF 36.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 52 DEGREES 09 MINUTES 41 SECONDS WEST, A DISTANCE OF 521.82
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 52 DEGREES 37 MINUTES 30 SECONDS WEST, A DISTANCE OF 80.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 37 DEGREES 22 MINUTES 30 SECONDS EAST, A DISTANCE OF 128.77
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A TANGENT CURVE
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TO THE RIGHT HAVING A CENTRAL ANGLE OF 36 DEGREES 53 MINUTES 07
SECONDS, A RADIUS OF 175.00 FEET, AND A LONG CHORD THAT BEARS
SOUTH 18 DEGREES 55 MINUTES 57 SECONDS EAST A DISTANCE OF 110.72
FEET;
ALONG SAID TANGENT CURVE TO THE RIGHT,AN ARC DISTANCE OF 112.66
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 00 DEGREES 29 MINUTES 24 SECONDS EAST, A DISTANCE OF 23.88
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 44 DEGREES 30 MINUTES 36 SECONDS WEST, A DISTANCE OF 14.14
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 89 DEGREES 39 MINUTES 35 SECONDS WEST, A DISTANCE OF 42.46
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 00 DEGREES 29 MINUTES 24 SECONDS WEST, A DISTANCE OF 119.89
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 89 DEGREES 30 MINUTES 36 SECONDS WEST, A DISTANCE OF 146.34
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 72 DEGREES 27 MINUTES 36 SECONDS WEST, A DISTANCE OF 456.92
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 43 DEGREES 33 MINUTES 18 SECONDS WEST, A DISTANCE OF 51.97
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 36 DEGREES 48 MINUTES 12 SECONDS WEST, A DISTANCE OF 73.82
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 79 DEGREES 32 MINUTES 00 SECONDS WEST, A DISTANCE OF 11.39
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A NON-TANGENT
CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 09 DEGREES 40
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MINUTES 22 SECONDS, A RADIUS OF 430.00 FEET, AND A LONG CHORD
THAT BEARS NORTH 05 DEGREES 37 MINUTES 49 SECONDS WEST A
DISTANCE OF 72.51 FEET;
ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF
72.59 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR CORNER;
NORTH 00 DEGREES 47 MINUTES 39 SECONDS WEST, A DISTANCE OF 25.32
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 89 DEGREES 12 MINUTES 21 SECONDS WEST, A DISTANCE OF 87.49
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A NON-TANGENT
CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 02 DEGREES 51
MINUTES 39 SECONDS, A RADIUS OF 490.00 FEET, AND A LONG CHORD
THAT BEARS SOUTH 12 DEGREES 55 MINUTES 04 SECONDS EAST A
DISTANCE OF 24.46 FEET;
ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF
24.47 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR CORNER;
SOUTH 75 DEGREES 39 MINUTES 06 SECONDS WEST, A DISTANCE OF 16.03
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 50 DEGREES 41 MINUTES 57 SECONDS WEST, A DISTANCE OF 24.88
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 57 DEGREES 02 MINUTES 22 SECONDS WEST, A DISTANCE OF 50.81
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 86 DEGREES 29 MINUTES 45 SECONDS WEST, A DISTANCE OF 121.11
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 71 DEGREES 59 MINUTES 55 SECONDS WEST, A DISTANCE OF 306.19
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
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SOUTH 42 DEGREES 47 MINUTES 03 SECONDS WEST, A DISTANCE OF 144.01
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR THE NORTHWEST CORNER OF SAID 42.419 ACRE TRACT
AND A SOUTHWEST CORNER OF SAID 117.311 ACRE TRACT;
THENCE, NORTH 18 DEGREES 00 MINUTES 05 SECONDS WEST, ALONG THE WEST
LINE OF SAID 117.311 ACRE TRACT, PASSING AT A DISTANCE OF A DISTANCE OF
200.05 FEET A POINT FOR AN INTERIOR ELL CORNER OF SAID 117.311 ACRE
TRACT, CONTINUING OVER AND ACROSS SAID 117.311 ACRE TRACT, PASSING AT
A DISTANCE OF 256.94 FEET A POINT FOR AN INTERIOR ELL CORNER OF SAID
117.311 ACRE TRACT, CONTINUING ALONG THE WEST LINE OF SAID 117.311 ACRE
TRACT IN ALL A TOTAL DISTANCE OF 696.96 FEET TO A 5/8 INCH IRON ROD WITH
A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER;
THENCE, OVER AND ACROSS SAID 117.311 ACRE TRACT, THE FOLLOWING
COURSES AND DISTANCES:
NORTH 89 DEGREES 52 MINUTES 02 SECONDS EAST, A DISTANCE OF 545.05
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 67 DEGREES 58 MINUTES 41 SECONDS EAST, A DISTANCE OF 103.95
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 12 MINUTES 21 SECONDS EAST, A DISTANCE OF 140.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 00 DEGREES 47 MINUTES 39 SECONDS EAST, A DISTANCE OF 161.21
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 12 MINUTES 21 SECONDS EAST, A DISTANCE OF 96.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 00 DEGREES 47 MINUTES 39 SECONDS WEST, A DISTANCE OF 3.55
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 12 MINUTES 21 SECONDS EAST, A DISTANCE OF 96.17
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
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NORTH 68 DEGREES 34 MINUTES 13 SECONDS EAST, PASSING AT A
DISTANCE OF 205.09 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHEAST CORNER; OF
SAID 46.954 ACRE TRACT,AND THE COMMON SOUTHWEST CORNER OF
SAID 38.927 ACRE TRACT, AND CONTINUING FOR A TOTAL DISTANCE OF
242.91 FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR CORNER;
NORTH 52 DEGREES 37 MINUTES 30 SECONDS EAST, A DISTANCE OF 120.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 37 DEGREES 22 MINUTES 30 SECONDS EAST, A DISTANCE OF 29.64
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 52 DEGREES 37 MINUTES 30 SECONDS EAST, A DISTANCE OF 80.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 37 DEGREES 22 MINUTES 30 SECONDS WEST, A DISTANCE OF 20.86
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 52 DEGREES 37 MINUTES 30 SECONDS EAST, A DISTANCE OF 120.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 37 DEGREES 22 MINUTES 30 SECONDS WEST, A DISTANCE OF 41.38
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 43 DEGREES 07 MINUTES 05 SECONDS WEST, A DISTANCE OF 118.74
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 32 DEGREES 51 MINUTES 16 SECONDS EAST, A DISTANCE OF 24.28
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 52 MINUTES 02 SECONDS EAST, A DISTANCE OF 300.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
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NORTH 00 DEGREES 07 MINUTES 58 SECONDS WEST, A DISTANCE OF 120.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 52 MINUTES 02 SECONDS EAST, A DISTANCE OF 106.86
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A TANGENT CURVE
TO THE LEFT HAVING A CENTRAL ANGLE OF 12 DEGREES 05 MINUTES 04
SECONDS, A RADIUS OF 175.00 FEET, AND A LONG CHORD THAT BEARS
NORTH 83 DEGREES 49 MINUTES 30 SECONDS EAST A DISTANCE OF 36.84
FEET;
ALONG SAID TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 36.91
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 62 DEGREES 48 MINUTES 45 SECONDS EAST, A DISTANCE OF 15.08
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 21 DEGREES 46 MINUTES 15 SECONDS EAST, A DISTANCE OF 28.82
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 68 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE OF 80.00
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 21 DEGREES 46 MINUTES 15 SECONDS WEST, A DISTANCE OF 10.49
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A TANGENT CURVE
TO THE LEFT HAVING A CENTRAL ANGLE OF 10 DEGREES 40 MINUTES 25
SECONDS, A RADIUS OF 310.50 FEET, AND A LONG CHORD THAT BEARS
NORTH 27 DEGREES 06 MINUTES 27 SECONDS WEST A DISTANCE OF 57.76
FEET;
ALONG SAID TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF 57.84
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 32 DEGREES 26 MINUTES 40 SECONDS WEST, A DISTANCE OF 18.23
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER, AND THE BEGINNING OF A TANGENT CURVE
TO THE RIGHT HAVING A CENTRAL ANGLE OF 07 DEGREES 25 MINUTES 15
SECONDS, A RADIUS OF 289.50 FEET, AND A LONG CHORD THAT BEARS
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NORTH 28 DEGREES 44 MINUTES 02 SECONDS WEST A DISTANCE OF 37.47
FEET;
ALONG SAID TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 37.49
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 68 DEGREES 50 MINUTES 07 SECONDS EAST, A DISTANCE OF 209.28
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 26 DEGREES 44 MINUTES 57 SECONDS EAST, A DISTANCE OF 115.27
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 52 MINUTES 02 SECONDS EAST, A DISTANCE OF 275.09
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER ON THE WEST LINE OF A 0.23 ACRE TRACT OF
LAND CONVEYED TO SOUTHWESTERN GAS PIPELINE, INC., BY DEED
RECORDED IN COUNTY CLERK'S FILE NO. D204005356, OFFICIAL PUBLIC
RECORDS, TARRANT COUNTY, TEXAS;
SOUTH 00 DEGREES 16 MINUTES 46 SECONDS EAST, ALONG SAID WEST
LINE OF SAID 0.23 ACRE TRACT, A DISTANCE OF 31.49 FEET TO A 5/8 INCH
IRON ROD FOUND FOR THE SOUTHWEST CORNER OF SAID 0.23 ACRE
TRACT;
NORTH 89 DEGREES 34 MINUTES 00 SECONDS EAST, ALONG THE SOUTH
LINE OF SAID 0.23 ACRE TRACT, A DISTANCE OF 100.52 FEET TO A 5/8 INCH
IRON ROD FOUND FOR THE SOUTHEAST CORNER OF SAID 0.23 ACRE
TRACT;
NORTH 00 DEGREES 32 MINUTES 51 SECONDS WEST, ALONG THE EAST LINE
OF SAID 0.23 ACRE TRACT, A DISTANCE OF 68.48 FEET TO A 5/8 INCH IRON
ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE
NORTHEAST CORNER OF SAID 0.23 ACRE TRACT;
SOUTH 89 DEGREES 33 MINUTES 19 SECONDS WEST, ALONG THE NORTH
LINE OF SAID 0.23 ACRE TRACT, A DISTANCE OF 30.20 FEET TO A 5/8 INCH
IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER;
NORTH 00 DEGREES 14 MINUTES 03 SECONDS WEST, DEPARTING SAID
NORTH LINE OF SAID 0.23 ACRE TRACT, CONTINUING OVER AND ACROSS
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SAID 610.711 ACRE TRACT, A DISTANCE OF 182.21 FEET TO A 5/8 INCH IRON
ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER;
NORTH 89 DEGREES 45 MINUTES 57 SECONDS EAST, A DISTANCE OF 162.20
FEET TO A 5/8 INCH IRON ROD WITH A YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 00 DEGREES 14 MINUTES 03 SECONDS WEST, ALONG THE EAST LINE
OF SAID 38.927 ACRE TRACT, A DISTANCE OF 352.92 FEET TO A 5/8 INCH
IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER ON THE NORTH LINE OF SAID 117.311 ACRE TRACT;
THENCE,NORTH 89 DEGREES 45 MINUTES 57 SECONDS EAST, CONTINUING OVER
AND ACROSS SAID 117.311 ACRE TRACT, A DISTANCE OF 90.10 FEET TO THE
POINT OF BEGINNING AND CONTAINING 29.476 ACRES OF LAND, MORE OR LESS.
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EXHIBIT B
APPROVED BUDGET
Section I
Water $47,541.75
Sewer $35,149.80
Subtotal $82,691.55
Section II
Interior Streets $1,252,496.54
Storm Drains $528,170.95
Subtotal $1,780,667.49
Section III
Street Lights $227,639.00
Sub-total $227,639.00
TOTAL $2,090,998.04
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
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