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HomeMy WebLinkAboutContract 49999 G�����1 CQ RACTNOSECRETARY DEVELOPER FUNDING AGREEMENT 0 FOR ROCK CREEK RANCH/TARLTON DEVELOPMENT THIS AGREEMENT is by and between Walton Development & Management TX, LLC, a Delaware limited liability company, hereinafter referred to as "Developer", and the City of Fort Worth, hereinafter referred to as "City". WHEREAS, Developer, is the owner of land to be developed as a mixed use residential community and college campus commonly known as the Rock Creek Ranch/Tarlton State University, a development within the City of Fort Worth, Tarrant County Texas, more fully described in Exhibit A attached hereto (the "Property"); and WHEREAS, in order to serve the Property, Developer is required to extend a sewer line from the proposed Tarlton State Campus to a future sewer lift station located on the downstream portion of the Property; and WHEREAS, approximately 1,100 linear feet of the sewer line, shown to be 18-inches in diameter,must cross land owned by the Conglomerate Gas 11, L.P. ("Conglomerate Gas Land"), as shown on Exhibit B attached hereto; and WHEREAS, Developer has made reasonable efforts to acquire a property interest across the land owned by Conglomerate Gas to serve the Property with sewer service but has been unsuccessful in acquiring said property interest; and WHEREAS, in order to promote safe, orderly and sanitary development pursuant to the City's standards, City will seek to acquire the needed property interest across the Conglomerate Gas Land, with Developer to contribute funds equivalent to the cost of such acquisition; and WHEREAS, as more fully set forth below, Developer will make an initial contribution to the City of$10,000.00 for City staff costs necessary to begin work to obtain legal access to, on and across the Conglomerate Gas Land (the "Initial Contribution"), which may include legal action, for survey, pipeline alignment and appraisal purposes; and WHEREAS, upon such time as the City acquires access rights to the Conglomerate Gas Land, Developer shall be granted access to as soon as possible; and WHEREAS, City will perform an appraisal of the Conglomerate Gas Land in order to determine a fair market value and initiate land acquisition proceedings; and WHEREAS, Developer shall deposit with the City an amount equal to the cost of the appraisal (if the Initial Contribution contains insufficient funds)plus 15%of that amount to cover the expected staff costs of the property acquisition up to but not including formal condemnation and an amount equal to the appraised value of the property interest sought ("Acquisition Contribution"); and WHEREAS, Developer shall deposit with the City any additional funds in excess of the Initial and Acquisition Contributions to include City staff costs, special c 3,,in issi , court costs, expert witness costs, title insurance, closing costs, and othe bLtn Page 1 of 8 CITY SECRETARY FT.VYORTH,TX complete a contested land acquisition ("Supplemental Contributions")as may be determined and requested by the City during the property acquisition process; and WHEREAS, Developer understands that property acquisition performed by a governmental entity is governed by a strict set of laws and rules and may take fifteen or more months to complete and that the City make no guarantee with respect to a timeframe for obtaining the property that the Developer seeks. NOW THEREFORE, in consideration of the above recitals, City and Developer, acting herein by and through their duly authorized representatives, do hereby agree as follows: 1. City, at Developer's cost (provided by Developer's collective Contributions), agrees to acquire a property interest across land owned by the Conglomerate Gas ll, L.P., sufficient to allow construction of the Sewer Facilities. 2. Developer's Initial Contribution shall be paid to the City within 10 days after Developer receives from the City a fully-executed copy of this Agreement, or sooner if Developer desires. 3. In order to facilitate preparation of an appraisal, Developer shall provide to City the survey and alignment data including size and location of the Sewer Facilities once finalized by Developer. City will engage a qualified appraisal firm to prepare an appraisal sufficient to determine the fair market value of the required property interest to serve the Sewer Facilities. City will provide Developer with a copy of the appraisal once received. Developer shall have 10 days to review the appraisal and to authorize City to proceed with the property acquisition consistent with state law. Developer understands that it will have no influence over the appraisal process. Developer will pay the Acquisition Contribution to the City simultaneously with the authorization to proceed. 4. Developer agrees to pay Supplemental Contributions, if any, within 10 days after City notifies Developer in writing that the City has either reached an agreement with the landowner or failed to reach an agreement and condemnation is the next step. If costs for condemnation exceed the provided collective Acquisition Costs and Supplemental Contributions, City will timely notify Developer in writing of this fact and request additional funds, which shall be paid to City within 10 days of the notice. Should City be forced to abandon or dismiss the proceedings for lack of Developer funds, Developer shall be responsible for paying all costs of dismissal. Any unspent Acquisition Contributions (including Supplemental Contributions) will be refunded to Developer within 15 days of final cost accounting. 5. Page 2 of 8 It is acknowledged and agreed by the parties that time is of the essence in the performance of this Agreement. From and after the execution of this Agreement and until acquisition of the property interest, City shall provide Developer with monthly progress reports. 6. Developer's collective Contributions to the City shall be the entire amount of Developer's obligation for its costs related to the acquisition of the property interest. The parties to the agreement understand that all property rights acquired under the agreement will be owned by the City. 7. The City will timely proceed with acquiring a property interest across land owned by the Conglomerate Gas Il, L.P. sufficient to allow construction of the Sewer Facilities but can make no guarantees as to the actual time it will take to perform the acquisition. 8. This Agreement shall be binding upon and inure to the benefit of the City and Developer and their respective successors and assigns. This Agreement, together with any exhibits attached hereto, constitutes the entire agreement between the parties hereto, and may not be amended except by a writing signed by all parties and dated subsequent to the date hereof. If Developer or any subsequent owner transfers the Property or any portion thereof prior to the performance of all obligations of the Developer or City hereunder, Developer or such transferring owner shall obtain an agreement from the transferee assuming the obligations of the transferring owner under this Agreement performable from and after the date of transfer. From and after the date of such transfer, the transferee shall be solely obligated under this Agreement, and the transferring owner shall have no further obligations under this Agreement, with respect to the Property or portion thereof transferred. Page 3 of 8 Executed by each party's duly designated and authorized representative, effective as of the date subscribed by the City's designated signatory. Developer: Walton Development and Management TX, LLC ciril OF FOR 1 V ORTH By. By:_ Jesus J. Chapa Name: Assistant City Manager Title:_ ll Date: 11 .15 .2011 Date: Recommended By: a 144,4 4r Kara L. Shuror Acting Director, Water Department APPROVED AS TO FORM LC' � ATTEST: F OR, Vary Jy � .•• Jessica Sangsvang,Assistant City AttorneyCity Sec tary XP•S NO M&C REQUIRED OFFICIAL RECORD Page 4 of 8 CITY SECRETARY FT.WORTH]TX STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Jesus J. Chapa, Assistant City Manager for the City of Fort Worth, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the City of Fort Worth and that he executed the same as the act of said City of Fort Worth for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this ay off l,C�iru , 2016. p f L r OoI4 Public, State of Texas v n'• MARIh�.��v1�GL t My Notary ID#2256490 My Commission expires: Expires December 19,2021 -L? Page 5 of 8 STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared John Vick, President of Walton Development & Management TX, LLC, a Delaware limited liability company, on behalf of said corporation, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to that he/she executed the same for the purposes and consideration therein expressed. GIVEN UNDER MY HAND AND SEAL OF OFFICE this `d day of NOV Llcvt � , 2017. a_Aj_'t Notary ublic, State of exas MAGDALENA M. MCCAULEY ""y Commission expires: Notary Public, State of Texas n)cdi 2 2-li Comm. Expires 03 03 2021 /lift Notary Notary ID 125218977 Page 6 of 8 v m n r- a �. Area Development NOTES �y ,:a�,x Concept Plan uuww„w"c „gwv.,srw.,w. Y '� 11z, nrr.n ,ti n"w Rock Creek Ranch v Mv.1 o a _ ..... ..w . ... . . --- 3 �......e.,............... .. .e.,,..�... i. � { LEGEND �n ttv�rtcuo SM s 1O m m C x - r .. MINR MAP O _ � © -* °° o �� Exhibit B The Facility Approximately 1,100 linear feet of 18" diameter sanitary sewer as shown in "red". / � pow opo ,Vt' 11 UFT STATTO Rock Creek Ra 24S.S. MAl S.S.UNEJ � FvW Tax.ETav lid / ) STAT U fly �al r CorVaInerate G II,L.P. Prop 4tyTAPUTON r r Dev Funding Agreement Walton Development& Management TX,LLC Tarleton Page 8 of 8