HomeMy WebLinkAboutContract 49142 CITY SECRETARY tj�
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 Wilbow - Llano Springs Development Corporation, a Texas
Corporation ("Developer"), and Southside 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 25.09 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 ("Property"); and
WHEREAS, the Developer intends to develop the Property as an addition to the City
through plat FP 16-064 or FS; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development of Primrose Crossing—Phase 4 ("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 co eof, and for and in consideration
r�
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded RECEIVED
CFA Official Release Date: 07.01.2015 rOFFICIAL RECORD
Page 1 of 13 JUN -7 2011 ECRETARY
0CITY OF FORT WOR? ORTHY TX
�, CITY SECRETARI'
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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 one
million seven hundred seventy-two thousand, three hundred thirty dollars and seventy-seven
cents ($1,772,313.77), 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.
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 13
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.
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
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 3 of 13
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
contained herein in lieu thereof. To the extent the CFA irreconcilably conflicts with this
Agreement, the provisions of this Agreement shall control.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 4 of 13
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-Assiamnent 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,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 5 of 13
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:
Wilbow- Llano Springs Development Corporation
4131 N. Central Expy, Suite 990
Dallas, TX 75204
Email: jrabon@wilbowusa.com
(iii) Notice to the Lender shall be addressed and delivered as follows:
Southside Bank
1320 S.University Drive, Suite 900
Fort Worth,Texas 76107
Email: Mark Cundiff Y o v,k,.C.0 riot l4& S6 0'4j-c,;;0C .COrv,
A party may change its address for notice upon prior written notice to the other parties pursuant
to the terms hereof.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 6of13
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:
Wilbow—Llano Springs Development
Corporation
ode-�e�ta��.�s�• �
Assistant City Manager
Name: Jennifer Rabon
Title: VP of Development
Date: 1 ( —17
Approved as to Form and Legality: Date:
LENDER:
Southside Bank
A, M 61*ev�
Assistant City Attorney a(S
ATTEST: me: Mark
Title: EVP Estate, North Texas Region
O�•FORT�L
Mary J. Kay IT U
U�
City Secretary
M&C: N(A 7EXPS
Date:
fiw► ILis nj1✓%-
City of Fort Worth,Texas CORD
Standard Completion Agreement—Lender-Funded QFFICIAL RE
CFA Official Release Date: 07.01.2015 CI'�Sr
CFA
Page 8 of 13 ��WCRTH,TX
Contract Compliance Manager:
By signing I acknowledge that I am the person
responsible for the monitoring and
administration of this contract,including
ensuring all performance and reporting
requirements.
D te:
Janie S.Morales
Development Manager
Lawrence A. Corson, 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 Lawrence A. Corson.
GUARANTOR
By: _
Name: Ldvrence A. Corson
Title: Co-President
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
OWNER'S CERTIFICATE
STATE OF TEXAS )(
COUNTY OF TARRANT )(
WHEREAS WILBOW-LLANO SPRINGS DEVELOPMENT CORPORATION IS THE SOLE
OWNER OF A 25.090 ACRE TRACT OF LAND SITUATED IN THE JUAN JOSE
ALBIRADO SURVEY, ABSTRACT NO. 4, AND IN THE A.H. HODGE SURVEY,
ABSTRACT NO. 1789, AND BEING PART OF A 106.863 ACRE TRACT OF LAND
CONVEYED AS TRACT III TO WILBOW-LLANO SPRINGS DEVELOPMENT
CORPORATION, BY DEED RECORDED IN COUNTY CLERK'S FILE NUMBER
D216076671, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS. SAID 25.090
ACRE TRACT WITH BEARING BASIS BEING GRID NORTH, TEXAS STATE PLANE
COORDINATES, NORTH CENTRAL ZONE, NAD83 (NAD83 (2011) EPOCH 2010),
DETERMINED BY GPS OBSERVATION, CALCULATED FROM DALLAS CORS ARP
(PID-DF8984) AND ARLINGTON RRP2 CORS ARP (PID-DF5387), AND BEING MORE
PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
BEGINNING AT A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR THE NORTHWEST CORNER OF SAID TRACT III AND THE COMMON
NORTHEAST CORNER OF A CALLED 13.39 ACRE TRACT OF LAND CONVEYED TO
TEXAS ELECTRIC SERVICE COMPANY, BY DEED RECORDED IN VOLUME 7228,
PAGE 1119, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS, AND THE
COMMON SOUTHWEST CORNER OF A CALLED 144.643 ACRE TRACT OF LAND
CONVEYED TO DENTON TEXAS VENTURE, LTD., BY DEED RECORDED IN COUNTY
CLERK'S FILE NUMBER D205197517, OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY, TEXAS,AND THE COMMON SOUTHEAST CORNER OF A CALLED 3.960
ACRE TRACT OF LAND CONVEYED AS TRACT 2 TO TEXAS ELECTRIC SERVICE
COMPANY, BY DEED RECORDED IN VOLUME 8728, PAGE 1700, OFFICIAL PUBLIC
RECORDS, TARRANT COUNTY, TEXAS:
THENCE, SOUTH 67 DEGREES 14 MINUTES 50 SECONDS EAST, ALONG THE NORTH
LINE OF SAID TRACT III AND THE COMMON SOUTH LINE OF SAID 144.643 ACRE
TRACT, A DISTANCE OF 336.27 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC
CAP STAMPED "JACOBS" SET FOR THE NORTHEAST CORNER OF SAID TRACT III,
AND THE COMMON NORTHWEST CORNER OF PRIMROSE CROSSING, PHASE 1B, AN
ADDITION TO THE CITY OF FORT WORTH AS RECORDED IN CABINET A, SLIDE
11616, PLAT RECORDS,TARRANT COUNTY,TEXAS, FROM WHICH A 1/2" IRON ROD
FOUND FOR THE NORTHEAST CORNER OF SAID PRIMROSE CROSSING, PHASE 1B,
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AND THE COMMON NORTHWEST CORNER OF SAID 144.643 ACRE TRACT, BEARS
SOUTH 67 DEGREES 14 MINUTES 50 SECONDS EAST, A DISTANCE OF 60.49 FEET;
THENCE, ALONG THE EAST LINE OF SAID TRACT III AND THE COMMON WEST
LINE OF SAID PRIMROSE CROSSING, PHASE 113, THE FOLLOWING COURSES AND
DISTANCES:
SOUTH 22 DEGREES 29 MINUTES 27 SECONDS WEST, A DISTANCE OF 55.48
FEET TO A 5/8" IRON ROD FOUND FOR CORNER;
SOUTH 06 DEGREES 01 MINUTE 44 SECONDS WEST, A DISTANCE OF 163.48
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
SOUTH 00 DEGREES 00 MINUTES 07 SECONDS EAST, A DISTANCE OF 110.04
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "CARTER
BURGESS"FOUND FOR CORNER;
NORTH 89 DEGREES 59 MINUTES 00 SECONDS EAST, A DISTANCE OF 61.96
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER AND THE BEGINNING OF A TANGENT CURVE TO THE
RIGHT HAVING A CENTRAL ANGLE OF 90 DEGREES 00 MINUTES 00
SECONDS, A RADIUS OF 150.00 FEET, AND A LONG CHORD THAT BEARS
SOUTH 45 DEGREES 01 MINUTE 00 SECONDS EAST A DISTANCE OF 212.13
FEET;
ALONG SAID TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 235.62
FEET TO A 5/8" IRON ROD FOUND FOR CORNER;
SOUTH 00 DEGREES 01 MINUTE 00 SECONDS EAST, A DISTANCE OF 8.16
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "CARTER
BURGESS"FOUND FOR CORNER;
NORTH 89 DEGREES 52 MINUTES 42 SECONDS EAST, A DISTANCE OF 110.04
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
SOUTH 00 DEGREES 03 MINUTES 41 SECONDS EAST, A DISTANCE OF 165.00
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
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NORTH 89 DEGREES 28 MINUTES 08 SECONDS EAST, A DISTANCE OF 18.77
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER AND THE BEGINNING OF A NON-TANGENT CURVE TO
THE RIGHT HAVING A CENTRAL ANGLE OF 90 DEGREES 28 MINUTES 45
SECONDS, A RADIUS OF 50.00 FEET, AND A LONG CHORD THAT BEARS
SOUTH 39 DEGREES 48 MINUTES 48 SECONDS EAST A DISTANCE OF 71.01
FEET;
ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF
78.96 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 00 DEGREES 02 MINUTES 49 SECONDS EAST, A DISTANCE OF 460.41
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER AND THE BEGINNING OF A NON-TANGENT CURVE TO
THE RIGHT HAVING A CENTRAL ANGLE OF 78 DEGREES 22 MINUTES 31
SECONDS, A RADIUS OF 50.00 FEET, AND A LONG CHORD THAT BEARS
SOUTH 07 DEGREES 31 MINUTES 57 SECONDS WEST A DISTANCE OF 63.19
FEET;
ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF
68.40 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
SOUTH 00 DEGREES 02 MINUTES 41 SECONDS EAST, A DISTANCE OF 122.75
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "CARTER
BURGESS" FOUND FOR AN EXTERIOR ELL CORNER OF SAID TRACT III AND
THE COMMON SOUTHWEST CORNER OF SAID PRIMROSE CROSSING, PHASE
1B, AND BEING IN THE NORTH LINE OF PRIMROSE CROSSING, PHASE IA, AN
ADDITION TO THE CITY OF FORT WORTH AS RECORDED IN CABINET A,
SLIDE 11617, PLAT RECORDS, TARRANT COUNTY, TEXAS;
THENCE, SOUTH 89 DEGREES 57 MINUTES 40 SECONDS WEST, CONTINUING
ALONG THE EAST LINE OF SAID TRACT III AND THE COMMON NORTH LINE OF
SAID PRIMROSE CROSSING, PHASE IA, A DISTANCE OF 50.00 FEET TO A 5/8" IRON
ROD WITH YELLOW PLASTIC CAP STAMPED "CARTER BURGESS" FOUND FOR THE
NORTHWEST CORNER OF SAID PRIMROSE CROSSING, PHASE IA, AND THE
COMMON NORTHEAST CORNER OF PRIMROSE CROSSING, PHASE 2, AN ADDITION
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TO THE CITY OF FORT WORTH AS RECORDED IN CABINET , SLIDE , PLAT
RECORDS, TARRANT COUNTY, TEXAS;
THENCE, ALONG THE NORTH LINE OF SAID PRIMROSE CROSSING, PHASE 2, THE
FOLLOWING COURSES AND DISTANCES:
SOUTH 89 DEGREES 57 MINUTES 15 SECONDS WEST, A DISTANCE OF 202.56
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
SOUTH 72 DEGREES 05 MINUTES 34 SECONDS WEST, A DISTANCE OF 161.22
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
SOUTH 80 DEGREES 56 MINUTES 44 SECONDS WEST, A DISTANCE OF 110.00
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR AN INTERIOR ELL CORNER OF SAID PRIMROSE CROSSING, PHASE
2, AND BEING IN THE EAST RIGHT-OF-WAY LINE OF HIGH GARDEN STREET,
A 50 FOOT RIGHT-OF-WAY OF SAID PRIMROSE CROSSING, PHASE 2;
THENCE, ALONG AN EASTERLY LINE OF SAID PRIMROSE CROSSING, PHASE 2, THE
FOLLOWING COURSES AND DISTANCES:
NORTH 09 DEGREES 03 MINUTES 16 SECONDS WEST, ALONG THE EAST
RIGHT-OF-WAY LINE OF SAID HIGH GARDEN STREET, A DISTANCE OF 67.25
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER AND THE BEGINNING OF A TANGENT CURVE TO THE
LEFT HAVING A CENTRAL ANGLE OF 04 DEGREES 53 MINUTES 31 SECONDS,
A RADIUS OF 350.00 FEET, AND A LONG CHORD THAT BEARS NORTH 11
DEGREES 30 MINUTES 01 SECOND WEST A DISTANCE OF 29.87 FEET;
ALONG SAID TANGENT CURVE TO THE LEFT, AND CONTINUING ALONG
SAID EAST RIGHT-OF-WAY LINE OF SAID HIGH GARDEN STREET, AN ARC
DISTANCE OF 29.88 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR THE CORNER AT THE SOUTH END OF A
CORNER CLIP AT THE INTERSECTION OF THE EAST RIGHT-OF-WAY LINE OF
SAID HIGH GARDEN STREET, AND THE SOUTH RIGHT-OF-WAY LINE OF
TRUE VINE ROAD, A 50 FOOT RIGHT-OF-WAY OF SAID PRIMROSE
CROSSING, PHASE 2;
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NORTH 27 DEGREES 46 MINUTES 40 SECONDS EAST, ALONG SAID CORNER
CLIP, A DISTANCE OF 14.74 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE NORTH END OF
SAID CORNER CLIP;
NORTH 19 DEGREES 40 MINUTES 46 SECONDS WEST, OVER AND ACROSS
SAID TRUE VINE ROAD, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD
WITH YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE
SOUTHEAST END OF A CORNER CLIP AT THE INTERSECTION OF THE NORTH
RIGHT-OF-WAY LINE OF SAID TRUE VINE ROAD AND THE EAST RIGHT-OF-
WAY LINE OF SAID HIGH GARDEN STREET;
NORTH 67 DEGREES 08 MINUTES 12 SECONDS WEST, ALONG SAID CORNER
CLIP, A DISTANCE OF 14.74 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE NORTHWEST
END OF SAID CORNER CLIP AND THE BEGINNING OF A NON-TANGENT
CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 14 DEGREES 53
MINUTES 08 SECONDS, A RADIUS OF 350.00 FEET, AND A LONG CHORD
THAT BEARS NORTH 32 DEGREES 51 MINUTES 19 SECONDS WEST A
DISTANCE OF 90.68 FEET;
ALONG SAID NON-TANGENT CURVE TO THE LEFT, AND ALONG THE EAST
RIGHT-OF-WAY LINE OF SAID HIGH GARDEN STREET, AN ARC DISTANCE
OF 90.93 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 40 DEGREES 17 MINUTES 54 SECONDS WEST, CONTINUING ALONG
THE EAST RIGHT-OF-WAY LINE OF SAID HIGH GARDEN STREET, A
DISTANCE OF 101.27 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP
STAMPED "JACOBS" SET FOR CORNER AT THE SOUTH END OF A CORNER
CLIP AT THE INTERSECTION OF THE EAST RIGHT-OF-WAY LINE OF SAID
HIGH GARDEN STREET, AND THE SOUTH RIGHT-OF-WAY LINE OF FALL
CREEK LANE, A 50 FOOT RIGHT-OF-WAY OF SAID PRIMROSE CROSSING,
PHASE 2;
NORTH 04 DEGREES 42 MINUTES 06 SECONDS EAST, ALONG SAID CORNER
CLIP,A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE NORTH END OF
SAID CORNER CLIP;
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NORTH 40 DEGREES 17 MINUTES 54 SECONDS WEST, OVER AND ACROSS
SAID FALL CREEK LANE, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD
WITH YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE
EAST END OF A CORNER CLIP AT THE INTERSECTION OF THE NORTH
RIGHT-OF-WAY LINE OF SAID FALL CREEK LANE, AND THE EAST RIGHT-
OF-WAY LINE OF SAID HIGH GARDEN STREET;
NORTH 85 DEGREES 17 MINUTES 54 SECONDS WEST, ALONG SAID CORNER
CLIP, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE WEST END OF
SAID CORNER CLIP;
THENCE, ALONG THE NORTHERLY LINE OF SAID PRIMROSE CROSSING, PHASE 2,
THE FOLLOWING COURSES AND DISTANCES:
SOUTH 49 DEGREES 42 MINUTES 06 SECONDS WEST, OVER AND ACROSS
SAID HIGH GARDEN STREET,A DISTANCE OF 50.00 FEET TO A 5/8" IRON
ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT
THE NORTH END OF A CORNER CLIP AT THE INTERSECTION OF THE WEST
RIGHT-OF-WAY LINE OF SAID HIGH GARDEN STREET, AND THE NORTH
RIGHT-OF-WAY LINE OF SAID FALL CREEK LANE;
SOUTH 04 DEGREES 42 MINUTES 06 SECONDS WEST, ALONG SAID CORNER
CLIP, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE SOUTHEAST
END OF SAID CORNER CLIP;
SOUTH 49 DEGREES 42 MINUTES 06 SECONDS WEST, ALONG THE NORTH
RIGHT-OF-WAY LINE OF SAID FALL CREEK LANE, A DISTANCE OF 100.00
FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS"
SET FOR CORNER;
THENCE,NORTH 40 DEGREES 17 MINUTES 54 SECONDS WEST, DEPARTING SAID
NORTHERLY LINE OF SAID PRIMROSE CROSSING, PHASE 2, AND OVER AND
ACROSS AFORESAID TRACT 111, A DISTANCE OF 581.76 FEET TO A 5/8" IRON ROD
WITH YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER IN THE WEST
LINE OF SAID TRACT III AND THE COMMON EAST LINE OF AFORESAID 13.39 ACRE
TRACT, AND THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT HAVING
A CENTRAL ANGLE OF 15 DEGREES 37 MINUTES 20 SECONDS, A RADIUS OF 3014.85
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FEET, AND A LONG CHORD THAT BEARS NORTH 34 DEGREES 53 MINUTES 19
SECONDS EAST A DISTANCE OF 819.48 FEET;
THENCE, ALONG SAID COMMON LINE, THE FOLLOWING COURSES AND
DISTANCES:
ALONG SAID NON-TANGENT CURVE TO THE LEFT, AN ARC DISTANCE OF
822.02 FEET TO A 5/8" IRON ROD WITH YELLOW PLASTIC CAP STAMPED
"JACOBS" SET FOR CORNER;
NORTH 27 DEGREES 04 MINUTES 39 SECONDS EAST, A DISTANCE OF 191.98
FEET TO THE POINT OF BEGINNING AND CONTAINING A CALCULATED
AREA OF 25.090 ACRES OF LAND.
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EXHIBIT B
APPROVED BUDGET
Section I
Water $267,050.00
Sewer $211,441.75
Subtotal $478,491.75
Section II
Interior Streets $617,690.45
Storm Drains $615,610.90
Subtotal $1,233,301.35
Section III
Street Lights $60,520.67
Sub-total $60,520.67
TOTAL $1,772,313.77
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
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