HomeMy WebLinkAboutContract 50261 STANDARD COMMUNITY FACILITIES AGREEMENT
THE STATE OF TEXAS § City Secretary
COUNTY OF TARRANT § Contract No. 50261
WHEREAS, PB Ventana I, LLC , ("Developer"), desires to make certain specific
improvements as described below and on the exhibits attached hereto("Improvements")related to
a project generally described as Jerry Dunn Parkway ("Project") within the City or the
extraterritorial jurisdiction of Fort Worth, Texas("City"); and
WHEREAS, the City has no obligation to participate in the cost of the Improvements or
Project; and
WHEREAS,any future City participation in this CFA is subject to the availability of City
funds and approval by the Fort Worth City Council and shall be memorialized as an amendment
to this Agreement; and
WHEREAS, the Developer and the City desire to enter into this Community Facilities
Agreement ("CFA" or "Agreement") in connection with the collective Improvements for the
Project.
NOW,THEREFORE,for and in consideration of the covenants and conditions contained
herein,the City and the Developer do hereby agree as follows:
General Requirements
A. The Policy for the Installation of Community Facilities ("Policy") dated March 2001,
approved by the City Council of the City of Fort Worth, as amended, is hereby incorporated
into this Agreement as if copied herein verbatim. Developer agrees to comply with all
provisions of said Policy in the performance of its duties and obligations hereunder and to
cause all contractors hired by Developer to comply with the Policy in connection with the
work performed by said contractors.
B. Developer shall provide financial security in conformance with paragraph 6, Section II, of
the Policy and recognizes that there shall be no reduction in the collateral until the Project
has been completed and the City has officially accepted the Improvements. Developer
further acknowledges that said acceptance process requires the Developer's contractor(s)
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway OFFICIAL RECORD
CFA Official Release Date:02,20.2017
Page 2 of 11 CITY SECRETARY
FT.WORTH,TX
to submit a signed affidavit of bills paid and consent of Surety signed by its surety to
ensure the contractor has paid any sub-contractor(s) and suppliers in full. Additionally,
the contractor will provide in writing that the contractor has been paid in full by Developer
for all the services provided under this contract.
C. Developer agrees to cause the construction of the Improvements contemplated by this
Agreement and that said construction shall be completed in a good and workmanlike manner
and in accordance with all City standards and the City-approved construction plans,
specifications and cost estimates provided for the Project and the exhibits attached hereto.
D. The following checked exhibits describe the Improvements and are incorporated herein:
Water(A) Sewer(A-1) _ Paving (B) F1- Storm Drain(B-1) ®; Street Lights& Signs
(C) 2.
E. The Developer shall award all contracts for the construction of the Improvements in
accordance with Section II,paragraph 7 of the Policy and the contracts shall be administered
in conformance with paragraph 8, Section II, of the Policy. Developer shall ensure its
contractor(s)pays the then-current City-established wage rates.
F. For all Improvements included in this Agreement for which the Developer awards
construction contract(s), Developer agrees to the following:
i. To employ a construction contractor who is approved by the director of the
department having jurisdiction over the infrastructure to be constructed, said
contractor to meet City's requirements for being prequalified,insured, licensed and
bonded to do work in public ways and/or prequalified to perform water/wastewater
construction as the case may be.
ii. To require its contractor to furnish to the City a payment and performance bond in
the names of the City and the Developer for one hundred percent (100%) of the
contract price of the infrastructure, and a maintenance bond in the name of the City
for one hundred percent (100%) of the contract price of the infrastructure for a
period of two (2) years from the date of final acceptance insuring the maintenance
and repair of the constructed infrastructure during the term of the maintenance
bond. All bonds to be furnished before work is commenced and to meet the
requirements of Chapter 2253, Texas Government Code.
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 3 of 11
iii. To require the contractor(s) it hires to perform the construction work contemplated
herein to provide insurance equal to or in excess of the amounts required by the
City's standard specifications and contract documents for developer-awarded
infrastructure construction contracts. The City shall be named as additional insured
on all insurance required by said documents and same will be evidenced on the
Certificate of Insurance (ACORD or other state-approved form) supplied by the
contractor's insurance provider and bound in the construction contract book.
iv. To require its contractor to give 48 hours advance notice of intent to commence
construction to the City's Construction Services Division so that City inspection
personnel will be available;to require the contractor to allow the construction to be
subject to inspection at any and all times by City inspection forces,to not install or
relocate any sanitary sewer, storm drain, or water pipe unless a responsible City
inspector is present and gives his consent to proceed, and to make such laboratory
tests of materials being used as may be required by the City.
V. To require its contractor to have fully executed contract documents submitted to
the City in order to schedule a Pre-Construction Meeting. The submittal should
occur no less than 10 working days prior to the desired date of the meeting. No
construction will commence without a City-issued Notice to Proceed to the
Developer's contractor.
vi. To delay connections of buildings to service lines of sewer and water mains
constructed under this Agreement, if any, until said sewer and water mains and
service lines have been completed to the satisfaction of the Water Department.
G. Developer shall provide at its expense, unless otherwise agreed to by City, all engineering
drawings and documents necessary to construct the improvements under this Agreement.
H. Developer shall cause the installation or adjustment of the required utilities to serve the
development or to construct the Improvements required herein.
I. City shall not be responsible for payment of any costs that may be incurred by Developer in
the relocation of any utilities that are or may be in conflict with any of the community facilities
to be installed hereunder.
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 4 of 11
J. Developer hereby releases and agrees to indemnify, defend and hold the City harmless
for any inadequacies in the preliminary plans,specifications and cost estimates supplied
by the Developer for this Agreement.
K. Developer agrees to provide, at its expense, all necessary rights of way and easements across
property owned by Developer and required for the construction of the current and future
improvements provided for by this Agreement.
L. The Developer further covenants and agrees to, and by these presents does hereby,
fully indemnify, hold harmless and defend the City, its officers, agents and employees
from all suits,actions or claims of any character,whether real or asserted, brought for
or on account of any injuries or damages sustained by any persons (including death)
or to any property, resulting from or in connection with the construction, design,
performance or completion of any work to be performed by said Developer, its
contractors, subcontractors, officers, agents or employees, or in consequence of any
failure to properly safeguard the work, or on account of any act, intentional or
otherwise, neglect or misconduct of said Developer, its contractors, sub-contractors,
officers, agents or employees, whether or not such injuries, death or damages are
caused, in whole or in part, by the alleged negligence of the City of Fort Worth, its
officers, servants, or employees.
M. Developer will further require its contractors to indemnify, defend and hold harmless
the City, its officers, agents and employees from and against any and all claims, suits or
causes of action of any nature whatsoever, whether real or asserted, brought for or on
account of any injuries or damages to persons or property, including death, resulting
from,or in any way connected with,the construction of the infrastructure contemplated
herein, whether or not such injuries, death or damages are caused, in whole or in part,
by the alleged negligence of the City of Fort Worth, its officers, servants, or employees.
Further,Developer will require its contractors to indemnify, and hold harmless the City
for any losses, damages, costs or expenses suffered by the City or caused as a result of
said contractor's failure to complete the work and construct the improvements in a good
and workmanlike manner, free from defects, in conformance with the Policy, and in
accordance with all plans and specifications.
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 5 of 11
N. Upon completion of all work associated with the construction of the Improvements,
Developer will assign to the City a non-exclusive right to enforce the contracts entered into
by the Developer with its contractor along with an assignment of all warranties given by the
contractor,whether express or implied. Further,Developer agrees that all contracts with any
contractor shall include provisions granting to the City the right to enforce such contracts as
an express intended third party beneficiary of such contracts.
O. Inspection and material testing fees are required as follows:
i. Developer shall pay in cash water and wastewater inspection fees and material
testing fees equal to two percent (2%) for a total of 4% of the developer's share of
the total construction cost as stated in the construction contract.
ii. Developer shall pay in cash paving and storm drain inspection fees equal to four
percent(4%) and material testing fees equal to two percent (2%) for a total of 6%
of the developer's share of the total construction cost as stated in the construction
contract.
iii. Developer shall pay in cash the total cost of streetlights or if the city is not installing
the streetlights, inspection fees equal to four percent(4%) of the developer's share
of the streetlight construction cost as stated in the construction contract.
iv. Developer shall pay in cash the total cost of street signs.
P. COMPLETION WITHIN 2 YEARS
i. Developer shall complete the Improvements within two (2) years, provided,
however, if construction of the Improvements has started within the two year
period,the developer may request that the CFA be extended for one additional year.
ii. Nothing contained herein is intended to limit the Developer's obligations
under the Policy, this Agreement, its financial guarantee, its agreement with
its contractor or other related agreements.
iii. The City may utilize the Developer's financial guarantee submitted for this
Agreement to cause the completion of the construction of the Improvements if at
the end of two(2)years from the date of this Agreement(and any extension period)
the Improvements have not been completed and accepted.
iv. The City may utilize the Developer's financial guarantee to cause the completion
of the construction of the Improvements or to cause the payment of costs for
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 6 of 11
construction of same before the expiration of two (2) years if the Developer
breaches this Agreement, becomes insolvent or fails to pay costs of construction
and the financial guarantee is not a Completion Agreement. If the financial
guarantee is a Completion Agreement and the Developer's contractors and/or
suppliers are not paid for the costs of supplies and/or construction,the contractors
and/or suppliers may put a lien upon the property which is the subject of the
Completion Agreement.
Q. Developer acknowledges that in accordance with Chapter 2270 of the Texas Government
Code,the City is prohibited from entering into a contract with a company for goods or services
unless the contract contains a written verification from the company that it: (1) does not
boycott Israel; and (2) will not boycott Israel during the term of the contract. The terms
"boycott Israel" and "company" shall have the meanings ascribed to those terms in Section
808.001 of the Texas Government Code. By signing this contract, Developer certifies that
Developer's signature provides written verification to the City that Developer: (1) does not
boycott Israel; and (2)will not boycott Israel during the term of the contract.
R. IMMIGRATION AND NATIONALITY ACT
Developer shall verify the identity and employment eligibility of its employees who perform
work under this Agreement, including completing the Employment Eligibility Verification
Form (1-9). Upon request by City, Developer shall provide City with copies of all 1-9 forms
and supporting eligibility documentation for each employee who performs work under this
Agreement. Developer shall adhere to all Federal and State laws as well as establish
appropriate procedures and controls so that no services will be performed by any Developer
employee who is not legally eligible to perform such services. DEVELOPER SHALL
INDEMNIFY CITY AND HOLD CITY HARMLESS FROM ANY PENALTIES,
LIABILITIES, OR LOSSES DUE TO VIOLATIONS OF THIS PARAGRAPH BY
DEVELOPER,DEVELOPER'S EMPLOYEES, SUBCONTRACTORS,AGENTS, OR
LICENSEES. City, upon written notice to Developer, shall have the right to immediately
terminate this Agreement for violations of this provision by Developer.
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 7 of 11
Cost Summary Sheet
Project Name: Jerry Dunn Parkway
CFA No.: 2017-116 City Project No.: 101 133
An Engineer's Estimate of Probable Cost is acceptable. However,the construction contract price
will ultimately determine the amount of CFA fees and financial guarantee. The bid price and
any additional CFA payments will be required prior to scheduling a pre-construction meeting.
An itemized estimate corresponding to each project-specific exhibit is required to support the
following information.
Items Developer's Cost
A. Water and Sewer Construction
1. Water Construction $ -
2.Sewer Construction $ 94.686 58
Water and Sewer Construction Total $ 94,686.58
B. TPW Construction
1.Street $ 266,859.00
2.Storm Drain $ 88,364.00
3.Street Lights Installed by Developer $ 12,013.00
4. Signals $ -
TPW Construction Cost Total $ 367,236.00
Total Construction Cost(excluding the fees): $ 461,922.58
Construction Fees:
C. Water/Sewer Inspection Fee(2%) $ 1,893.73
D. Water/Sewer Material Testing Fee(2%) $ 1,893.73
Sub-Total for Water Construction Fees $ 3,787.46
E. TPW Inspection Fee(4%) $ 14,208.92
F. TPW Material Testing(2%) $ 7,104.46
G. Street Light Inspsection Cost $ 480.52
H. Signals Inspection Cost S H. Street Signs Installation Cost 5
Sub-Total for TPW Construction Fees $ 21,793.90
Total Construction Fees: $ 25,581.36
Choice
Financial Guarantee Options,choose one Amount Mark one
Bond=100% $ 461,922.58
Completion Agreement=100%/Holds Plat $ 461 922.58 x
Cash Escrow Water/Sanitary Sewer-125% $ 118,358.23
Cash Escrow Paving/Storm Drain=125% $ 459,045.00
Letter of Credit=125%w/2yr expiration period $ 577,403.23
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 8 of 11
ACCORDINGLY,the City of Fort Worth and Developer 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
PB Ventana I,LLC
Jesus J Chapa(Feb 13,2018)
Jesus J. Chapa E. Peor 111
Assistant City Manager E.Peter Pincoffs III(Feb 1,2018)
Date: Feb 13,2018 Name: E. Peter Pincoffs, III
Title: President of PB Ventana Manager,
Recommended by: LLC,the General Partner of PB Ventana 1,
LLC
Evelyn Robe5(Feb 13,2018) Date: Feb 1,2018
Evelyn Roberts/Jennifer Ezernack
Project Assistant ATTEST: (Only if required by Developer)
Planning and Development Department
Approved as to Form & Legality: Signature
Name:
,�lG�l��f1. /1�1GC�GLG�(2!7
Richard A.McCracken(Feb 13,2018) Contract Compliance Manager:
Richard A. McCracken
Assistant City Attorney By signing, I acknowledge that I am the
M&C No. N/A person responsible for the monitoring and
N/A administration of this contract, including
Date: ensuring all performance and reporting
Form 1295: N/A requirements.
ATTEST:
: J e Scarlett Morales(Feb 13,2018)
0........
Mary T. K� sY er �`2 ame: Janie Morales
Mary J.Kayser(Feb 13,1018) itle: Development Manager
• i
Mary J. Kayser/Ronald Go e •
City Secretary/Assistant Cit ecretary
XAS
s-
City of Fort Worth,Texas OFFICIAL RECORD
Standard Community Facilities Agreement-Jerry Dunn Parkway CITY SECRETARY
CFA Official Release Date:02.20.2017
Page 9 of 11 FT.(NORTH,TX
Check items associated with the project being undertaken; checked items must be
included as Attachments to this Agreement
Included Attachment
Attachment 1 -Changes to Standard Community Facilities Agreement
® Location Map
C Exhibit A:Water Improvements
❑ Water Cost Estimate
® Exhibit A-1: Sewer Improvements
® Sewer Cost Estimate
® Exhibit B: Paving Improvements
® Paving Cost Estimate
® Exhibit 13-1: Storm Drain Improvements
® Storm Drain Cost Estimate
® Exhibit C: Street Lights and Signs Improvements
® Street Lights and Signs Cost Estimate
(Remainder of Page Intentionally Left Blank)
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 10 of 11
ATTACHMENT"1"
Changes to Standard Agreement
Community Facilities Agreement
City Project No. 101133
None
City of Fort Worth,Texas
Standard Community Facilities Agreement-Jerry Dunn Parkway
CFA Official Release Date:02.20.2017
Page 11 of 11
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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 PB Ventana s1LLC, a Texas Limited Liability Company
("Developer"), and Ciera 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 I lacres 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 17-070 or FS<Number>; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development of Jerry Dunn farkway ('-t'I'A"); 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 conditions hereof, and for and in consideration of Ten
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 1 of 17
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 Four
Hundred Sixty-One Thousand Nine Hundred T,*vcn[y Two Dollars and Fifty-Light Cents
($46 ;922:58), 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 "Load') 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 plus
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 2of17
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 Citv. 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 Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 3 of 17
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 Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 4 of 17
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.
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 Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 5 of 17
City of Fort Worth
Planning and Development Department
200 Texas Street
Fort Worth,Texas 76102
Attention: CFA Division
Janie Morales, Development Manager
Email: Janie.Morales@fortworthtexas.gov
Confirmation Number: 817-392-7810
and/or
Attention: CFA Division
Email: cfa@fortworthtexas.gov
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
Richard A. McCracken
Office of the City Attorney
City of Fort Worth
200 Texas Street
Fort Worth, Texas 76102
Confirmation Number: 817-392-7611
(ii) Notice to the Developer shall be addressed and delivered as follows:
PB Ventana 1,LLC
4145 Travis Street, Suite 202
Dallas, TX 75204
Email: taylor@pmbinv.com
(iii) Notice to the Lender shall be addressed and delivered as follows:
Ciera Bank
1501 Summit Avenue
Fort Worth,TX 76102
Email: justin.cowart@cierabank.com
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 Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 6 of 17
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. Leizal 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 Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 7 of 17
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:
PB Ventana 1, LLC
Jesus J Chapa(Feb 13,2018) E. PBt'er PlnGoAcs 111
Jesus J. Chapa E.Peter Pincoffs III(Feb 1,2018) —
Assistant City Manager Name: C. Peter Niicoffs. I i
Title:President of PB Ventana Manager,
LLC,the General Partner of PB Ventana 1,
LLC
Date: Feb 13,2018
Approved as to Form and Legality:
Date:
BURI-,YX 1q,10 ,,A9# LENDER:
Richard A.McCracken(Feb 13,2018) Ciera Bank
Richard A. McCracken
Assistant City Attorney
ATTEST: Ju owart(Ffbg,2018)
Name: Justin Cowart
Title: Senior Vice PresidentCorurar:i
Mary J. Ka;sver
Mary J.Kayser(Feb 13,2018)
Mary J.Kayser Compliance Manager:
City Secretary By signing, I acknowledge that I am the
person responsible for the monitoring and
M&C: administration of this contract, including
Date: ensuring all performance and reporting
requirements.
J e Scarlett Morales(Feb 13,2018)
Name: Janie Morales
Title: Development Manager
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 8 of 17
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 9 of 17
PB Long Term Hold 1, LP. 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 E.Peter Pincoffs;M.
GUARANTOR
E. Pefer Pincoffs 1/1
By: E.Peter Pincoffs III(Feb 1,7018)
Name: E. Peter Pincoffs, III
Title:President of PB Managing Member I,LLC,the
General Partner of PB Long Term Hold 1,LP
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 10 of 17
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 Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 11 of 17
ATTACHMENT"1"
Changes to Standard Completion Agreement
None
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 12 of 17
EXHIBIT A
WHEREAS PB VENTANA 1,LLC ARE THE SOLE OWNERS OF AN 85,158 SQUARE FOOT,
OR 1.955 ACRE TRACT OF LAND SITUATED IN THE E. LANGSTON SURVEY,
ABSTRACT NO. 988, AND THE E. TAYLOR SURVEY, ABSTRACT NO. 1560, CITY OF
FORT WORTH, TARRANT COUNTY, TEXAS, AND BEING PART OF A 21.204 ACRE
TRACT OF LAND CONVEYED TO PB VENTANA 1, LLC., BY DEED RECORDED IN
COUNTY CLERK'S FILE NO. D217119095, OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY,TEXAS,SAID 1.955 ACRE TRACT,WITH REFERENCE 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 5/8" IRON ROD FOUND FOR AN EXTERIOR ELL CORNER OF SAID
21.204 ACRE TRACT, THE COMMON SOUTHEAST CORNER OF A CALLED 12.135 ACRE
TRACT OF LAND CONVEYED TO GBR REALTY, LTD., BY DEED RECORDED IN
COUNTY CLERK'S FILE NO. D215163941, OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY, TEXAS, AND THE COMMON NORTHWEST CORNER OF JERRY DUNN
PARKWAY, AN ADDITION TO THE CITY OF BENBROOK, AS RECORDED IN COUNTY
CLERK'S FILE NO. , OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY,TEXAS. SAID POINT BEING ON THE WEST LINE OF A 9.301 ACRE TRACT OF
LAND CONVEYED AS TRACT TWO, TO GBR REALTY, LTD, BY DEED RECORDED IN
COUNTY CLERK'S FILE NO. D205226033, OFFICIAL PUBLIC RECORDS, TARRANT
COUNTY,TEXAS,AND BEING ON THE COMMON CITY LIMITS LINE OF FORT WORTH
AND BENBROOK;
THENCE, SOUTH 00 DEGREES 21 MINUTES 59 SECONDS EAST, ALONG THE EAST
LINE OF SAID 21.204 ACRE TRACT,THE COMMON WEST LINE OF SAID JERRY DUNN
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 13 of 17
PARKWAY,AND THE COMMON WEST LINE OF SAID 9.301 ACRE TRACT,A DISTANCE
OF 60.00 FEET TO A 5/8" IRON ROD FOUND FOR CORNER, FROM WHICH A 5/8" IRON
ROD WITH YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHWEST
CORNER OF SAID JERRY DUNN PARKWAY AND SAID 9.301 ACRE TRACT AND A
COMMON EXTERIOR ELL CORNER OF LOT 2, BLOCK A OF WHITESTONE GOLF
COURSE ADDITION, AN ADDITION TO THE CITY OF BENBROOK,AS RECORDED IN
COUNTY CLERK'S FILE NO. D199145186, AND IN CABINET A, SLIDE 5082, BEARS
SOUTH 00 DEGREES 21 MINUTES 59 SECONDS EAST,A DISTANCE OF 4.90 FEET;
THENCE, OVER AND ACROSS SAID 21.204 ACRE TRACT, THE FOLLOWING COURSES
AND DISTANCES:
SOUTH 89 DEGREES 26 MINUTES 39 SECONDS WEST,A DISTANCE OF 219.01 FEET TO
A 5/8" 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 61 DEGREES 31 MINUTES 56 SECONDS, A RADIUS OF 490.00
FEET, AND A LONG CHORD THAT BEARS NORTH 59 DEGREES 47 MINUTES 23
SECONDS WEST A DISTANCE OF 501.30 FEET;
ALONG SAID TANGENT CURVE TO THE RIGHT,AN ARC DISTANCE OF 526.23 FEET TO
A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER;
NORTH 29 DEGREES 01 MINUTE 23 SECONDS WEST,A DISTANCE OF 626.58 FEET TO
A 5/8" 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 08 DEGREES 35 MINUTES 58 SECONDS, A RADIUS OF 530.00
FEET, AND A LONG CHORD THAT BEARS NORTH 24 DEGREES 43 MINUTES 24
SECONDS WEST A DISTANCE OF 79.47 FEET;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 14 of 17
ALONG SAID TANGENT CURVE TO THE RIGHT,AN ARC DISTANCE OF 79.55 FEET TO
A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER ON THE NORTH LINE OF SAID 21.204 ACRE TRACT AND THE COMMON
SOUTH LINE OF A 117.198 ACRE TRACT OF LAND CONVEYED TO PB VENTANA 1,LLC,
BY DEED RECORDED IN COUNTY CLERK'S FILE NO. D215129625, OFFICIAL PUBLIC
RECORDS, TARRANT COUNTY, TEXAS, FROM WHICH A 1/2" IRON ROD WITH CAP
STAMPED "FULTON" FOUND BEARS SOUTH 60 DEGREES 58 MINUTES 38 SECONDS
WEST, A DISTANCE OF 221.34 FEET, AND A 5/8" IRON ROD WITH CAP STAMPED
"BURY" FOUND FOR THE SOUTHWEST CORNER OF SAID 117.198 ACRE TRACT AND
THE COMMON NORTHWEST CORNER OF SAID 21.204 ACRE TRACT,BEARS SOUTH 60
DEGREES 58 MINUTES 38 SECONDS WEST,A DISTANCE OF 492.10 FEET;
THENCE, NORTH 60 DEGREES 58 MINUTES 38 SECONDS EAST, ALONG SAID
COMMON LINE, A DISTANCE OF 60.77 FEET TO A 5/8" IRON ROD WITH YELLOW
PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER,FROM WHICH A 1/2" IRON ROD
WITH CAP STAMPED "FULTON" FOUND FOR THE NORTHEAST CORNER OF SAID
21.204 ACRE TRACT AND THE COMMON SOUTHEAST CORNER OF SAID 117.198 ACRE
TRACT,BEARS NORTH 60 DEGREES 58 MINUTES 38 SECONDS EAST,A DISTANCE OF
1060.44 FEET. SAID POINT BEING THE BEGINNING OF A NON-TANGENT CURVE TO
THE LEFT HAVING A CENTRAL ANGLE OF 09 DEGREES 42 MINUTES 26 SECONDS,A
RADIUS OF 470.00 FEET,AND A LONG CHORD THAT BEARS SOUTH 24 DEGREES 10
MINUTES 10 SECONDS EAST A DISTANCE OF 79.53 FEET;
THENCE, OVER AND ACROSS SAID 21.204 ACRE TRACT, THE FOLLOWING COURSES
AND DISTANCES:
ALONG SAID NON-TANGENT CURVE TO THE LEFT,AN ARC DISTANCE OF 79.63 FEET
TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR
CORNER;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 15 of 17
SOUTH 29 DEGREES 01 MINUTE 23 SECONDS EAST, PASSING AT A DISTANCE OF
220.76 FEET,A 5/8" IRON ROD FOUND FOR AN INTERIOR ELL CORNER OF SAID 21.204
ACRE TRACTAND THE COMMON NORTHWEST CORNER OF AFORESAID 12.135 ACRE
TRACT, AND CONTINUING ALONG THE NORTHEAST LINE OF SAID 21.204 ACRE
TRACT AND THE COMMON SOUTHWEST LINE OF SAID 12.135 ACRE TRACT, FOR A
TOTAL DISTANCE OF 626.58 FEET TO A 5/8" IRON ROD FOUND FOR CORNER, AND
THE BEGINNING OF A TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE
OF 61 DEGREES 31 MINUTES 56 SECONDS, A RADIUS OF 430.00 FEET, AND A LONG
CHORD THAT BEARS SOUTH 59 DEGREES 47 MINUTES 23 SECONDS EAST A
DISTANCE OF 439.92 FEET;
THENCE, CONTINUING ALONG SAID COMMON LINE, THE FOLLOWING COURSES
AND DISTANCES:
ALONG SAID TANGENT CURVE TO THE LEFT,AN ARC DISTANCE OF 461.79 FEET TO
A 5/8" IRON ROD WITH CAP STAMPED 'BURY" FOUND FOR CORNER;
NORTH 89 DEGREES 26 MINUTES 39 SECONDS EAST,A DISTANCE OF 219.21 FEET TO
THE POINT OF BEGINNING, AND CONTAINING A CALCULATED AREA OF 85,158
SQUARE FEET, OR 1.955 ACRES OF LAND.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 JLE
CFA Official Release Date:07.01.2015
Page 16 of 17
EXHIBIT B
APPROVED BUDGET
Section I
Water $0.00
Sewer $94,686.58
Subtotal $94,686.58
Section II
Interior Streets $266,859.00
Storm Drains $88,364.00
Subtotal $355,223.00
Section III
Street Lights $12,013.00
Sub-total $12,013.00
TOTAL $461,922.58
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded Revised 09.07.2017 ME
CFA Official Release Date:07.01.2015
Page 17 of 17
Received Date:2/13/18
Received Time: 11:40 am
Developer and Project Information Cover Sheet:
Developer Company Name: PB Ventana I,LLC
Address, State,Zip Code: 4145 Travis St. Ste.202,Dallas,TX 75204
Phone&Email: 214-954-7008, eter p_12mbinv.com
Authorized Signatory,Title: Peter Pincoffs,Manager
Project Name: Jerry Dunn Parkway
Brief Description: Sewer,Paving, Storm Drain, Street Lights
Project Location: Southwest corner of Aledo Rd and Chapin School Rd.
Plat Case Number: FP-17-070 Plat Name: Ventana
Mapsco 86S Council District: 3
CFA Number: 2017-116 City Project Number: 101133
LOFFICIALRECORD
City of Fort Worth,Texas RETARY
Standard Community Facilities Agreement-Jerry Dunn ParkwayCFA Official Release Date:02.20.2017 H,TX
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