HomeMy WebLinkAboutContract 50384 .—1' `'r-r",RY
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TRANSPORTATION IMPACT FEE CREDIT AGREEMENT
THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the
"Agreement") is made and entered into effective as of the Effective Date (as defined
below),by and among THE CITY OF FORT WORTH,TEXAS(the"City"),a Texas home
rule municipal corporation, and Columbus Trail 94, Ltd., a Texas limited partnership
company authorized to do business in Texas (the "Owner") (the City and the Owner a
"Party", and collectively, the "Parties").
RECITALS
WHEREAS,the Owner is the owner of approximately 19.09 acres in Tarrant County,
Texas, as described by metes and bounds in Exhibit "A" (the "Property") located within
the corporate boundaries of the City. A map of the Property showing its location is
attached hereto as Exhibit "B and
WHEREAS, the Owner desires to proceed with development of the Property as
described or illustrated on the Development Plan, attached hereto as Exhibit"C';which
Development Plan identifies the intended land uses in relation to the layout of on-site and
off-site transportation facilities necessary for serving full development of the Property;and
WHEREAS,the City has adopted a Transportation Impact Fee program pursuant to
Texas Local Government Code Chapter 395, Ordinance No. 18083, under which charges
("impact fees")are imposed on new development for transportation facilities serving the
development and which are identified within the City's adopted transportation
improvements plan;and
WHEREAS, transportation impact fees must be collected and spent within the
service area(s) in which the new development is located;and
WHEREAS, the Property is located within service area Y, and
WHEREAS, the transportation facilities shown on the Development Plan are
identified within the City's adopted transportation improvements plan;and
WHEREAS,Ordinance No. 18083 Section 1-15 provides for credits against impact
fees for dedication or construction of transportation improvements shown on the adopted
transportation improvements plan; and
WHEREAS,Owner has submitted a final plat to the City for approval,for which the
dedication of the transportation improvements shown on the Development Plan will be
complete; and
O"ICiAL RECORD
CREDIT AGREEMENT-CA-17-010 CITY SECRETARY Page 1 of 16
Columbus Trail Addition FT.WORTH,TX
WHEREAS,based on the anticipated traffic impacts from the development,the City
and Owner contemplate the necessity for the construction of system facilities,which must
be credited against transportation impact fees otherwise due; and
WHEREAS,the City,in accordance with Chapter 395,has determined the maximum
transportation impact fees to be charged against new development within service area Y to
be $2,370 per service unit (vehicle-miles of demand); and
WHEREAS,the Owner has dedicated 48,$$4 square feet of right-of-way for eligible
arterial, Sycamore School Road:
Recorded as Instrument D217267631 recorded November 17, 2017.
NOW,THEREFORE,for and in consideration of the mutual agreements,covenants,
and conditions contained herein,and other good and valuable consideration,the City and
the Owner hereby covenant and agree as follows:
1. Recitals. The recitals contained in this Agreement are true and correct as of
the Effective Date and form the basis upon which the Parties negotiated and entered into
this Agreement.
2. Transportation Improvements. Owner agrees to dedicate the rights-of-way
for and construct the system facilities identified in Exhibit "D",which is attached hereto
and incorporated herein by reference. For any transportation improvement which has
been dedicated or constructed by Owner on the Property and accepted by the City prior to
execution of this Agreement,the improvement shall be identified as completed on Exhibit
..D..
3. Credits. The Parties agree that the estimated value of the credits for each
transportation improvement,expressed in current dollars,shall be as set forth in.Exhibit
"E". The value of credits associated with the improvements first shall be reduced by the
Schedule 2 impact fee associated with any lot for which a building permit has previously
been issued,and the net value of credits shown on Exhibit"E"shall be considered as exact.
4. Phasing. The Parties acknowledge that, where it is anticipated that the
project shall be developed in phases, the anticipated construction of improvements by
phase shall be as depicted in Exhibit"D which is attached hereto and incorporated herein
by reference.
5. Allocation of Credits by Phase. The general allocation of credits to each
phase of the development shall be as shown on_Exhibit"F",which is attached hereto and
incorporated herein by reference. The Parties agree that the credits identified in this
Agreement shall not be deemed to have been created until the system facility for which
credit is given shall either be guaranteed through an executed Community Facilities
CREDIT AGREEMENT-CA-17-010 Page 2 of 16
Columbus Trail Addition
Agreement or approved and accepted by the City. The Parties further agree that,prior to
the application of a credit against transportation impact fees otherwise due for any unit of
development; the following events shall take place:
(a) The Parties have entered into a Community Facilities Agreement for
the dedication or construction of the system facility;
(b) The number of credits resulting from such improvement has been
valued; and
(c) Concurrent with final plat approval, a credit allocation shall be
provided by the developer for the phase of development to which the credit is to be
applied,which allocation may either assign the credit,expressed in dollars,to each finally
platted lot or may create a credit-pool to be utilized by that phase of development.
(d) To the extent that any credit balance remains after allocation of credits
this Agreement may be amended to allocate such unused credits to subsequent phases of
the development.
6. Proportionality. Owner agrees that the obligation to dedicate and construct
improvements to serve the development shown on the Concept Plan, as provided in
section 2 of this Agreement,and the credits against transportation impact fees attributed to
such contributions and generally allocated to phases of the development herein, are
roughly proportionate to the nature and extent of the development shown on the Concept
Plan.
7. Term and Effective Date. The initial term of this Agreement shall be ten(10)
years from its Effective Date, in accordance with Ordinance No. 18083, which shall be the
date on which the last party executes the Agreement.
8. Agreement to Run with the Land. Owner shall have the right to assign this
Agreement to any person or entity ("Owner's Assignee') with the written consent of the
City, provided: (a) the assignment is in writing executed by the Owner and its assignee;
and (b) the assignment incorporates this Agreement by reference and binds the Owner's
Assignee to perform (to the extent of the obligations assigned) in accordance with this
Agreement. Each Owner's Assignee shall become a Party to this Agreement upon the
execution of such assignment. In no event may this Agreement be construed to authorize
assignment of any credits attributable to a system facility to be dedicated or constructed
hereunder for use outside the boundaries of the Property.
9. Amendment. This Agreement shall not be modified or amended except as
follows:
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Columbus Trail Addition
(a) Any amendment or modification to this Agreement or any Exhibit or
schedule hereto shall be in writing and signed by the Parties.
(b) Any revision, amendment, or modification to this Agreement, the
Development Plan,or any Exhibit or schedule thereto,shall become effective
on the date executed by the Parties or, as applicable, upon the date of
approval by the City Council or designated city official.
10. Exhibits. The exhibits attached to this Agreement are incorporated as part of
this Agreement for all purposes as if set forth in full in the body of this Agreement.
(Remainder of Page Intentionally Left Blank)
CREDIT AGREEMENT-CA-17-010 Page 4 of lb
Columbus Trail Addition
IN WITNESS WHEREOF,the undersigned parties have executed this Agreement as of the
ay of �.
�-olS
CITY OF FORT WORTH,TEXAS OWNER
COLUMBUS TRAIL 94 LTD.
a Texas limited partnership
-` By: Windfall Investments, Inc.
��- Its general partner
Fernando Costa
Assistant City Manager
Recommended By: TiFleet
President
Adle rwod
Contract Compliance Manager:
Director,Planning and Development By signing, I acknowledge that I am the
person responsible for the monitoring and
Approved as to Form and Legality: administration of this contract, including
ensuring all performance and reporting
requirements.
b�w__ WMtyw
Douglas Black 1 ieWesterman
Assistant City Attorney rad:tee Engineer
M&C: None required
Form 1295: None requir G. ..........
ATTEST:
1 295:
J. Kayser
City Secretary
EFT.
RECORD
RETARY
TH,TSC
CREDIT AGREEMENT-CA-17-010
Columbus Trail Addition
EXHIBIT LIST
"A" Description of the Property
"B" Map of Property
"C" Development Plan
"D" Transportation Improvements
"E" Credits Against Transportation Impact Fees
"F" Allocation of Credits
CREDIT AGREEMENT-CA-17-010 Page 6 of 16
Columbus Trail Addition
EXHIBIT A
Description of Property
TRACT A
BEING a tract of Land situated in the 1. plan Lent Survey, Abstract No. 187 I1
City of Fort Worth, Tarrant County, Texas said tract being more particularly
described by metes and bounds as follows:
COMWENCING at the intersection of the right-of-way, line of Columbu%
Trait with the centerline of Summer Creek Boulevard, in a curve to the left;
THENCE-803.20 feet along the arc of said curve to the left, though a-central
angle of 20943'25", having a radius of 2220.64 feet, the long chord of which
bears N13451'53"W, 798.53 feet;
THENCE N65246'24"E, 72.00 feet to the POINT OF BEGINNING;
THENCE N62""33'20'1, 191.69 feet;
THENCE N27426'4 'W, 200.00 feet;
THENCE N62°33'20"E, 115.03 feet to the beginning of a curve to the right;
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Columbus Trail Addition
THENCE 131.19 feet along the arc of the said curve to the right, through a
central right angle of 06935'36", having a radius -of 1140.00 feet, the long
chord of which bears N65051'08"E, 131.11 feet;
THENCE S24918'06E, 138.07 feet;
THENCE 528$00'00"E, 220.41 feet;
THENCE 525035'3!"E, 61.15 feet;
THENCE S09905'28"E. 57.39 feet;
THENCE S04900'00'FE, 420.00 feet;
THENCE 503907'33"E, 60.58 feet;
THENCE 502928'45'W, 59.21 feet;
THENCE S06956-56"W, 253.55 feet the north right-of-way line of Columbus
Trail;
THENCE N839U3'04"W, along said north line, 310.84 feet to the beginning
of the curve to the left;
THENCE departing said north line, 608.30 feet along the arc of the said curve
to the left, through a central angle of 15°16'56", having a radius of 2284.64
feet, the long chord of which bears N1051'57"W, 606.50 feet to the
beginning of a curve to the right;
THENCE 87.85 feet along the arc of said curve to the right thmugh'a central
angle of 451192'40", having a radius of 1000.00 feet, the long chord of which
bears N15959'25"W, 87.$2 feet to the beginning of the curve to the left;
THENCE 102.51 feet along the arc of the said 'curve to the left, thought a
central angle of 09947'22", have a radius of 600.00 feet, the along chord of
which bears N 1 89122'06"W, 102.39 feet;
THENCE N23944'48"W, 38.52 feet to the POINT OF BEGINNING and
containing 424,282 square feet or 9.740 acres of land more or less.
Save and except Tract Al described below
CREDIT AGREEMENT-CA-17-010 Page 8 of 15
Columbus Trail Addition
TRACT A 1
Being a 2.622 acre tract of land in the J. Van Lent Survey,Abstract No.
1571,Tarrant County,Texas. Said tract of land is a portion of the
remainder of that 94.523 acre tract of lgnd described in a decd to
Columbus Trail—94, Ltd. and recorded in Volume 11751, Page 123, Deed
Records, Tarrant County,Texas. Said 2.622 acre tract of land is more
particularly described as follows;
Beginning at an "X"set in the gutter line of Columbus Trail, being in the
south lime of said 94.523 acre tract and from which a Ili"limn found in the
northerly line of Columbus Trail and at the southwest corner of Lot 1,
Block 1,Sumner Creek Meadows,an addition to the City of Fort Worth
as shown on the map rocorded in Cabinet A,Slide 4234,Plat Records,
Tarrant County,Texas bears N06056'56"E,9.00 feet;
Thence N83903029'V with the southerly line of a said 94.523 acre tract
and in the roadway of Columbus Trail,372.19 feet.to a P.K.nail set at the
southwest corner of said 94.523 acre tract and being at the beginning of a
curve to the left;
Thence with the westerly line of said 94.523 acre tract and said curve to
the left an arc distance of 267.20 Feet to a 515"iron with cap M, Said
curve to the left has a radius of 2,220.64 feet, a central angle of D6°53'39"
and a long chord which bears N06257'24"W,267.04 feet;
Thence S&9912'17"E.434.77 feet to a 5/9" iron with cap-set in the
westerly line of said Summer Check Meadows;
Thence S02225'05"VV with the westerly line of said Summer Creek
Meadows, 52.46 feet to a-W"iron with cap found;
Thence S06056'56"W, with the westerly One of said Summar Creek
Meadows,at 244.48 feet pass the aforementioned Vh" iron found at the
southwest corner of said Lot 1,Block 1,Summer Creek Meadows and the
northerly line of Columbus Trail,and continue on for a total distance of
253.48 feet to the point of beginning and containing 2.522 acres.
Tract B
Being all that certain lot, tract, or parcel of land located in the J. VAN LENT SURVEY, Abstract No.
1871, and the T. & P.R.R. CO. SURVEY, Abstract No. 1576, City of Fort Worth, Tarrant County,
Texas, and being part of a tract of land described in deed to Columbus Trail - 94, Ltd,, recorded in
Volume 11751, Page 123, Deed Records, Tarrant County, Texas, and being more particularly
described as follows:
Beginning at a 112" iron rod with a yellow plastic cap stamped "RPLS 5310" set in the Northeast line
CREDIT AGREEMENT-CA-17-010 Page 9 of 16
Columbus Trail Addition
of Summer Creek Drive, a variable width right-of-way, at the Southwest corner of Lot 38, of Block 4,
of Summer Creek Meadows, an Addition to the City of Fort Worth, Tarrant County, Texas, according
to the plat thereof recorded in Cabinet A, Slide 7165, Plat Records, Tarrant County, Texas;
Thence North 62°59'14" East, along the South line of said Block 4, a distance of 71.15' to a 112" iron
rod with a yellow plastic cap stamped "RPL S 5310" set for corner;
Thence North 89011'35" East, along said South line, a distance of 656.48' to a 1/2" iron rod with a
yellow plastic cap stamped "RPLS 5310" set in the South line of Lot 26 of said Block 4, at the
Northwest corner of Lot 8, of Block 4, of Summer Creek Meadows, an Addition to the City of Fort
Worth, Tarrant County, Texas, according to the plat thereof recorded in Cabinet A, Slide 5618, Plat
Records, Tarrant County, Texas;
Thence South 11 020'10" East, along the West line of said Block 4, a distance of 588.95' to a 112" iron
rod with a yellow plastic cap stamped "RPLS 5310" set for corner in the West line of Lot 1 of said
Block 4;
Thence South 04°40'09' East, a distance of 3.62' to an X found in the North line of Sycamore School
Road, a variable width right-of-way, at the Southwest corner of said Lot 1 of said Block, and being at
the beginning of a non4angent curve to the left, having a central angle of 03°45'10", a radius of
1260.00', and a chord bearing and distance of South 69051'58" West, 82.51';
Thence Southwesterly, along said North line and said curve to the left, an arc distance of 82.53'to an
X found for comer at the beginning of a curve to the right, having a central angle of 02002'29", a
radius of 990.00', and a chord bearing and distance of South 69000'47" West, 35.27';
Thence Southwesterly, along said North line and said curve to the right, an arc distance of 35.27' to a
112" iron rod with a yellow plastic cap stamped "RPLS 5310" set for corner;
Thence North 27018'43" West, a distance of 237.17' to a 112" iron rod with a yellow plastic cap
stamped "RPLS 5310" set for corner;
Thence South 62°32'56" West, a distance of 363.00' to a 1/2" iron rod with a yellow plastic cap
stamped "RPLS 5310" set for corner in the said Northeast line of Summer Creek Drive;
Thence North 27°26'04" West, along said Northeast line, a distance of 612.43' to the PLACE OF
BEGINNING and containing 339,414 sqaure feet or 7.792 acres of land.
Tract C
Being all that lot, tract or parcel of land located in the J. VAN LENT SURVEY, ABSTRACT NO. 1871,
City of Fort Worth, Tarrant County, Texas, and being part of a tract of land described in deed to
Columbus Trail 94 LTD,, recorded in Volume 11751, Page 123, Deed Records, Tarrant County,
Texas, and being more particularly described as follows:
BEGINNING at a 112" iron rod with a yellow plastic cap stamped "RPLS 5310" set in the Northeast
line of Summer Creek Drive, a variable width right-of-way, said point being South 27°26'04" East from
CREDIT AGREEMENT-CA-17-0 10 Page 10 of 16
Columbus Trail Addition
the South Comer of Lot 38, Block 4, of Summer Creek Meadows, an addition to the City of Fort
Worth, Tarrant County, Texas, according to the plat thereof, recorded in Cabinet A, Slide 7165, Plat
Records, Tarrant County, Texas;
Thence North 62°32'56" East, a distance of 376.91' to a 112" iron rod with a yellow plastic cap
stamped "RPLS 5310" set for corner;
Thence South 27°18'43" East, a distance of 237.18' to a 112" iron rod with a yellow plastic cap
stamped "RPLS 5310" set in the Northwest line of Sycamore School Road, a variable width right-of-
way, said point being in a non tangent curve to the right having a central angle of 02°03'35", a radius
of 990.00', and a chord bearing and distance of South 71'03'45"West, 35.63';
Thence Southwesterly, along said Northwest line and said curve to the right, an arc distance of
35.63' to a 112" iron rod with a yellow plastic cap stamped "RPLS 5310" set for corner, said paint
being the beginning of a curve to the left having a central angle of 09°32'38", a radius of 610.00', and
a chord bearing and distance of South 687°19'15" West, 101.49';
Thence Southwesterly, continuing along said Northwest line and said curve to the left, an arc
distance of 101.61' to a 112" iron rod with a yellow plastic cap stamped "RPLS 5310" set for corner;
Thence South 62°32'56" West, along said Northwest line, a distance of 150.00" to a 112" iron rod with
a yellow plastic cap stamped "RPLS 5310" set at the beginning of a transitional curve from said
Northwest line to the said Northeast line of Summer Creek Drive, having a central angle of 90°00'00",
a radius of 90.00', and a chord bearing and distance of North 72027'02" West, 127.28';
Thence Northwesterly, along said curve to the right, an arc distance of 141.37' to a 112" iron rod with
a yellow plastic cap stamped "RPLS 5310" set far corner;
Thence North 27°26'04" West, along said Northeast line, a distance of 133.46' to the PLACE OF
BEGINNING and containing 83,110 square feet or 1.908 acres of land.
CREDIT AGREEMENT-CA-17-010 Page 11 of 16
Columbus Trail Addition
EXHIBIT B
Map of Property
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CREDIT AGREEMENT-CA=17-010 Page 12 of 16
Columbus Trail Addition
EXHIBIT C
Development Plan
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CREDIT AGREEMENT-CA-17-010 Page 13 of 16
Columbus Trail Addition
EXHIBIT D
Transportation Improvements
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COLUMBUS TRA IL
CREDIT AGREEMENT
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CREDIT AGREEMENT-CA-17-010 Page 14 of 16
Columbus Trail Addition
EXHIBIT E
Credits Against Transportation Impact fees
Value of Capacity Provided
DOE # Eligible Arterial. Value
4480 Summer Creek Or&Sycamore Schaal Rd $ 304,280.00
Value of ROW Dedication
OOE# Eligible Arterial Value
4480 Summer Creek Or&Sycamore Schaal Rd $ 338,346.00
Valu_e of Existing Demand $ -
Net Credit Available $ 642,626.00
*Improvement and RDW credit valuations were previously determined and
memorialized in City Secretary Contract 36479
CREDIT AGREEMENT-CA-17-010 Page 15 of 16
Columbus Trail Addition
EXHIBIT F
Allocation of Credits
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Lots 1 and 2 Iwi,,t'in
covered 10,0% L. 1 �
credit. Remaining lots
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Vail receive credit on as�`� 4 , 3- �J�%'f` •.�� . r ;
first come, first serve
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CREDIT AGREEMENT-CA-]7-010 Page 16 of 16
Columbus Trail Addition