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HomeMy WebLinkAboutContract 51368 CITY SECRETARY C�14TRACT N0.. 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 HARMON 38 GP, LLC, a limited liability corporation 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 43.38 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 C; 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 4' C CF��FO OFFICIAL RECORD cs�Cyr� CITY SECRETARY 9�`TqDIT AGREEMENT—CA-18-005 FT.WORTH,TX Page 1 of 17 Presidio North Tarrant Parkway 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 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 C to be $1,144 per service unit (vehicle-miles of demand); and WHEREAS, the Owner has dedicated a total of 158,165 square feet of right-of-way for eligible arterial, Harmon Road recorded as Instrument D218189692 recorded August 24, 2018 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. CREDIT AGREEMENT—CA-18-005 Page 2 of 17 Presidio North Tarrant Parkway 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 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 CREDIT AGREEMENT—CA-18-005 Page 3 of 17 Presidio North Tarrant Parkway 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: (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-18-005 Page 4 of 17 Presidio North Tarrant Parkway IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the day of 2018. CITY OF FORT WORTH,TEXAS OWNER Harmon 38 GP,LLC -- �^ a limited liability corporation Jesus J. Chaps Assistant City Manager Recommended By: Steve McKeever Manager Randle Ha ood , Director,Planning and Development Approved as to Form and Legality: Douglas Black Assistant City Attorney City Contract Compliance Manager: M&C:None required By signing, I acknowledge that I am the Form 1295:None required person responsible for the monitoring and administration of this contract, including ATTEST: ensuring all performance and reporting requirements. F OR, Westerman ary J. ays r ,:A �:. ''•;�� raduate Engineer City Secretary = r * oVFICIAL RECORD 1 ruiry SECRETARY �XAS _ SUR,TX CREDIT AGREEMENT—CA-18-005 Page 5 of 17 Presidio North Tarrant Parkway 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-18-005 Page 6 of 17 Presidio North Tarrant Parkway B 1 ui n o 4 9 IL la 15n 32 n cm EUl r F QCD A m i eu 5 + ¢ 00 z op J2 CL C o m � as a s � ca LF $ � E co 3 Ci aoUl C c COL V W � n � i� E m £+ 3 g cd 15 n � 12 O m Z ? 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O q�1 t W L C L L C .s W W 0 W W W � O p f0 U O pp O O U U y U pps� U pp U _pp O Q d Z U IZ Z � Z fn Z 2 O W W C W CD IZ 0n cn W Z u fA �h = r N eq 1n m ti OG Q) _ _ .r = = r fV CrJ = r N frJ �R GJ uu H N EXHIBIT B Map of Property VICINH Y MAP e6d's Hys Rd Qmw ow.or Prsidb Vida Dr F So to Cm*In ParterCmokDr N Twraot P CRFDIT AGREEMENT—CA-18-005 Page 10 of 17 Presidio North Tarrant Parkway EXHIBIT C Development Plan —7 1 �� t��I1 i l: f ------------- rL 1; N h fit A 1Z 7 DIP; If 9Ff!j Ya ET CREDIT AGREEMENT—CA-18-005 Page 11 of 17 Presidio North Tarrant Parkway ■ra � 1tra.ruY..ms f l_ .�-- --- — tj tj Is z�S yy,,•f y .. cv ■ur rew � unr �• ..- urr. i MMTH TAKRAMr PARKWAY 91 04 SAMM fNAI RAT ru.r _....w THE PRE WO .■�■1a�lawAe■■4nc M1OJ`�'"�LiY•� ■av■.n■ww.+o. LOIS 711-7213.ROCK A ter. 210ii.Nrl,li ld _�_ a1■MAT f/WT1.■CO'kT1■/M'�10. it■1. GI"lVLE °i'�r.wol .�' r —� • Ml.eo■1o.eo11■Octcr ma 1O10j m 700° "' WC49M N CAWC!4 AM 12954 PKTLT. IXh+.l■IMIn _��— CF.f■.■■f1/fJ.[M+.�IMfI CTT cW CR WWK%mum CO{sm M" CREDIT AGREEMENT—CA-18-005 Page 12 of 17 Presidio North Tarrant Parkway EXHIBIT D Transportation Improvements Net Credit Against Transportation Impact Fees The Presidio - Block A Lots 7R1 - 7R13 Value of ROW Dedication Instrument# Plat Case # Eligible Arterial Value D218189692 FP-18-011 Harmon Rd $ 318,964.25 Value of Existing Demand $ Net Credit Available $ 318,964.25 CREDIT AGREEMENT—CA-18-005 Page 13 of 17 Presidio North Tarrant Parkway Right-of-Way Valuation for Harrison Rd METHOD 1: Percentage of Eligible Project Cost Transportation Improvements Plan Project C-32 Estimated Construction Costs from $5,812,000.00 Transportation Improvements Plan Value of Total Project Right-of-Way(20%of $1,162,400.00 Construction Cost) Total Project Right-of-Way(SF) 576,400 Right-of-Way Value Per Square Foot $2.02 METHOD 2: TAD Value TAD Account 07735235 Total Area (SF) 88,775 Appraised Value as of September 19,2018 $204.00 Value per Square Foot $0.00 Right-of-Way Dedication The Presidio-Block A Lot i &7 Replats Arterial Plat Case FP-18-011 Total ROW Dedication (sq ft) 158,165 Value per SF $2.02 Dedication Value $318,964.25 CREDIT AGREEMENT—CA-18-005 Page 14 of 17 Presidio North Tarrant Parkway EXHIBIT E Credits Against Transportation Impact Fees PRE51DIO NORTH TARRANT } CREDIT AGREEMENT Dedma&d RVM-of-VW .. `6pihle fa Qedd Apai6t s Transportation Fees FnR„�aRTH. r L � t m .n� I' S ti I dl�iblt Imprulle�tltnts omits - Harman Rd Approximately 6W north of Sonoma Creek Ln to US 287 Fra"e Rd CREDIT AGREEMENT—CA-18-005 Page 15 of 17 Presidio North Tarrant Parkway EXHIBIT F Allocation of Credits Credit shall be allocated on a first-come first served basis within the plat boundaries of FP-18-011 and FP-18-056, as shown below: FP-18-011 5 { i ;gl { LLL Kms• `.. .:v7iA011r E .... ��' r> %.Y II �S 't 1ST y vo ' _• '� M1a��f`w��w ` \�� '�•'�—r l–T"L'.Cw.c wig'–_'�'^— t.�_'��`••p +r en –..–. + •�'=r,rw�,r–t _ao Y.�y�.T=–'d_ '1- ' l l tii \ p 11 Qs� MOM rM!AT!wAROMY u • r N r•o +r uue.n �• �' — wou-rur — THE PR IO I3.ED ` EAGLE �•.uneo �L E r qm.m � ^�,' = W _—w'•�'�� �.po Hrurer�sa�w��w,rarcr. tt Y.V V.r0 tIR Cm P qt wglF, i•– $�{(j`IEYIW T•,wn1O•YT .. OI1��O��I�M• pry Olplr MGHµrMIWlCQM\,IIIM r.q b CREDIT AGREEMENT—CA-18-005 Page 16 of 17 Presidio North Tarrant Parkway FP-18-056 eh It !: Bry' iraai�r� 1 i. i f J_,r q .+t. la:1�. Iu I uiNNisu �N,I u,1111 !1111 ;;. !;:: �i4 ~I ( �i +! III I J1, gill He iamu' r m:.�x. �, r n: ��r'• I �• g � � /Ul C IF Lq 1'i is r. ; — --- tea—- --- -- -- -— — r --- N!" _ _-- - ------ -- ---- --"� - ��=- ��..; itl I 9}= �� � !ii! �1�•[ 1 1 11111 Jill 11� }� g I� g}�}i} 9 y ug fill Ii �l1111? ;E a 11,IV fif CREDIT AGREEMENT—CA-18-005 Page 17 of 17 Presidio North Tarrant Parkway