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COMPLETION AGREEMENT—SELF FUNDED
This Completion Agreement("Agreement"), is made and entered into by and between the
City of Fort Worth, ("City") and AD `Watson Creek:-LLC, a Texas limited liability company,
authorized to do business in Texas, ("Developer"), effective as of the last date executed by a
Party hereto. The City and the Developer may collectively be called the "Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property that contains
approximately 39.599 acres of land 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 17-136 or FS®; and
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development, Watson Creek Estates for Paving_Drainage, Water and
Sewer("Improvements"); and
WHEREAS, the City has required certain assurances that the Developer will cause to be
constructed to City standards the Improvements pursuant to the Community Facilities
Agreement; 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 mutual covenants and agreements
hereinafter set forth, it is hereby agreed by and between City and Developer 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 (as
shown on Exhibit `B") required to complete the Community Facilities in the aggregate
should not exceed the sum of One Million Seven Hundred Fifty Four Thousand Eight
Hundred Fifteen Dollars Forty Five Cents (1,754,815.45), hereinafter called the
"Completion Amount". Notwithstanding the foregoing, it is acknowledged that the
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 9.07.2017
CFA Official Release Date: 07.01.2015 OFFICIAL RECORD
Page 1 of 11 CITY SECRETARY
FY- WORTH,TX
actual costs of completion of the Community Facilities 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. City hereby waives the
requirement for developer to deposit a financial guarantee of 100% of the Hard Costs
under the CFA Policy.
3. Completion by the Developer. The Developer agrees to complete the Community
Facilities and pay all Hard Costs in accordance with City standards, the CFA, the Plat,
and the Plans as approved by the City. For the purposes of this Agreement, the
development of the Property shall be deemed complete upon acceptance by the City of
the Community Facilities pursuant to Section 6,hereof.
4. 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 Financial Guarantee, as described in the CFA Policy, or other requirements
for security in connection with the development of the Property and the completion of the
Community Facilities 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.
5. Termination. This Agreement shall terminate upon the earlier to occur of the following:
(a) acceptance by the City of the Community Facilities; or (b) mutual written agreement
of the Parties.
6. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of the
Property until the Community Facilities 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
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 2 of 11
the final plat of the Property as provided herein is to guarantee the Developer's
obligations under the CFA are completed.
7. Construction Contracts. Developer agrees to include in each Construction contract that it
enters into for the completion of the Community Facilities the following:
A. A statement that the City is not holding any security to guarantee any payment for
work performed on the Community Facilities;
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; and
D. A requirement that each contractor contracting with the Developer include in each
subcontract the statements contained in(a), (b) and (c)above.
8. 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
Planning& 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
CFA Division
Email: CFAWortworthtexas.gov
Confirmation Number: 817-392-2025
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 3 of 11
With a copy thereof addressed and delivered as follows:
City of Fort Worth
200 Texas Street
Fort Worth, Texas 76102
Attention: Richard A. McCracken
Assistant City Attorney
Confirmation Number: 817-392-7611
(ii) Notice to the Developer shall be addressed and delivered as follows:
ADG Watson Creek,LLC
405 Crown of Gold Drive
Lewisville, Texas 75056
A party may change its address for notice upon prior written notice to the other
parties pursuant to the terms hereof.
C. Texas Law to Apply. This Agreement shall be construed under and in accordance
with the laws of the State of Texas.
D. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective legal representatives, successors and assigns.
E. Legal Construction. In case any one or more of the provisions contained in this
Agreement shall for any reason is held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any other
provision of this Agreement, and this Agreement shall be construed as if such invalid,
illegal, or unenforceable provision had never been contained in this Agreement.
F. Prior -Agreements Superseded. This Agreement constitutes the sole and only
agreement of the Parties with respect to the subject matter hereof and supersedes any
prior understandings or written or oral agreements among the Parties concerning the
subject matter hereof.
G. Amendment. This Agreement may only be amended by a written instrument
executed by all of the Parties to this Agreement.
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
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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—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
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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:
ADG Watson Creek, LLC
Jesus J.Chapa(Aug 14,2018)
Jesus J. Chapa /
Assistant City Manager Name:
Title:
W=
Date: Aug 14,2018
Date: Aug 10,2018
Approved as to Form &Legality:
Contract Compliance Manager
By signing I acknowledge that I am the
Richar %+. OoCraoken person responsible for the monitoring and
Richard A.McCracken(Aug 14,2018) administration of this contract, including
Richard A. McCracken ensuring all performance and reporting
Assistant City Attorney requirements.
ATTEST:
Nathan Benson(Aug 14,2018)
� Janie S. Morales
Mary J. ayser(Aug 14, 18) Development Manager
Mary J.Kayser
City Secretary
M&C:
Date:
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 6 of 11
LIST OF EXHIBITS
ATTACHMENT"1"-CHANGES TO STANDARD AGREEMENT
EXHIBIT A- LEGAL DESCRIPTION
EXHIBIT B - APPROVED BUDGET
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 7 of 11
ATTACHMENT "1"
Changes to Standard Agreement
Self-Funded Completion Agreement
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 8 of 11
EXHIBIT A
LEGAL DESCRIPTION
BEGINNING at a 1/2" iron rod with plastic cap found for the north end of a corner clip being the
intersection of the north line of Golden Triangle Boulevard, a 120 foot right-of-way, as conveyed
by a Right-of-way Easement to the City of Fort Worth recorded in Document No. D208066963
OPRTCT, with the east line of Alta Vista Road, a variable width right-of-way;
THENCE N 01 037'49" W, 204.64 feet along the east line of said Right-of-way Easement to a
1/2" iron rod with plastic cap found for the most northerly corner thereof,
THENCE N 00°20'54" W, 736.79 feet continuing along the east line of Alta Vista Road to a 1/2"
iron rod found on the south line of a tract conveyed to Alta Vista Partners,Ltd., recorded in
Document No. D216220065 OPRTCT;
THENCE N 8902934" E, 1069.50 feet along the south line thereof to a 1/2" iron rod found for
the southwest corner of Lot 27,Block 1, BIG BEAR CREEK MEADOWS PHASE II, an
addition recorded in Document No. D216220065 OPRTCT;
THENCE N 89044'27" E, 722.57 feet along the south line thereof to a 1/2" iron rod with plastic
cap stamped "SPIARSENG" set for the northwest corner of Lot 1, Block 1, The Enclave on
Golden Triangle, an addition recorded in Cabinet A, Slide 10632, Plat Records, Tarrant County,
Texas;
THENCE S 00006'48" E, 966.49 feet along the west line thereof to a 1/2" iron rod with plastic
cap found on the north line of Golden Triangle Boulevard;
THENCE S 89047'49" W, 1762.76 feet along the north line thereof to a 1/2" iron rod with plastic
cap found for the south line of said corner clip;
THENCE N 47007'07" W, 27.43 feet along said corner clip to the POINT OF BEGINNING with
the subject tract containing 1,724,928 square feet or 39.599 acres of land.
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 9of11
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 JLE
CFA Official Release Date: 07.01.2015
Page 10 of 11
EXHIBIT B
APPROVED BUDGET
Section I
Water $376,343.80
Sewer $315,593.00
Sub-total $691,936.80
Section II
Interior Streets $882,892.00
Storm Drains $19,506.00
Sub-total $902,392.00
Section III
Street Lights $160,486.65
Sub-total $160,486.65
TOTAL $1,754,815.45
City of Fort Worth, Texas
Standard Completion Agreement—Self-Funded Revised 09.07.2017 ME
CFA Official Release Date: 07.01.2015
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