HomeMy WebLinkAboutContract 51773 C:TY SECRETARY
CONY'RACTNO._ 51-7-73
cocQ�P�t TRANSPORTATION IMPACT FEE CREDIT AGREEMENT
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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 EPC SPARROW KELLER, LLC, a Delaware limited
liability 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 12.83 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 D; and
WHEREAS, the transportation facilities shown on the Development Plan are
identified within the City's adopted transportation improvements plan; and
WHEREAS, Section 30-181 of the Fort Worth City Code provides for credits
against impact fees for dedication or construction of transportation improvements shown
on the adopted transportation improvements plan; and
€,lr�E`VAL RECORD
CREDIT AGREEMENT-CA-18-013 �4P! S gTARY
Solea Alta Vista F f WORTH,TX
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 D to be $463 per service unit (vehicle-miles of demand); and
WHEREAS, the Owner has dedicated 6,559 square feet of right-of-way for eligible
arterial, Alta Vista Road:
Recorded as Instrument D218260234, recorded November 27, 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.
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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-18-013 Page 3 of 12
Solea Alta Vista
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)
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IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of
the]�" day of n , 201,8'.
9
CITY OF FORT WORTH,TEXAS OWNER
EPC SPARROW KELLER, LLC
/ a Delaware limited liability company
By: Entrepreneurial Properties Corporation
a Nevada Corporation
Jes S G�►apq its Manager
Assistant City Manager
Recommended By:
Matt V. Wherry
E cutive esident
eane H I F 477olf
Director, Planning and Development
Approved as to Form and Legality:
Douglas Black
Assistant City Attorney
M&C: None required City Contract Compliance Manager:
Form 1295: None required
By signing, I acknowledge that I am the
ATTEST: person responsible for the monitoring and
administration of this contract, including
C,j . ensuring all performance and reporting
requirements.
G.P.4� �• � � � `�.
J. Kayser `*r
City Secretary r�::- J ie Westerman
raduate Engineer
OFFICIAL RECORD
CREDIT AGREEMENT-CA-18-013 �,�,PWORTH,
agLEe R o�7Z X
Solea Alta Vista WU
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-18-013 Page 6 of 12
Solea Alta Vista
EXHIBIT A
Description of Property
€1 iGUNNING at a 8. .h ire+ rad wth 'PATE RPLS 5647' cap found in the ua;-t We of Alta Vrsta Road (a lrJ-,k,rt
vvvrr;F,r ghl-C-N ay;, said pert berg the r t ae�t wirer of s.1id EPC Sp��•lCe&er LLC tad arl$tine roti'.}r est omrrr r e I�kO
71, Ir" ,Nkag" of 1,'4tsc;7land S;yr'^g5, an a&rttl� to tt* C,ty of Fort'E'-,xU. auord.N {o to -dat reccr-ded in Cant l4. Pale
9782 cf the Plat Recocds of Tarmnt Gaur Ti.Tees-
aE",iCE, in i1 easterly d•_Ter Gn: ung 1t-€oO.Lie of said EPC Sparrow Keller LLC tr`d-w U-c`r>Qcmtpg ti'ut�e X31 Cal's
h��h 8�'ST�a'East, a di5t�.r:-va dl 447,�i9 fit to a 1�1-itch ;raa rad f�:nd fir cvm•4r,
N�ttn E1::s�g 1�East, a clista`t:�r� 1�9.�p fejt t�a 1 f=-Ir'ct;;rpt ted f6fsnd fc;r�`rtt-r,
NoMn t39'5z 15" fast, a di Wnv-- cf 2SS 0''2 fret to a �LS-u-vn ir-n rcd 'PAM ULS SGA7 :ap k3und far tie rxaeVu ,r-i
corner:of 3x1 FPC. S,:%rrcw Keller LLC bw;t; 5ak! poiit being in 4he south Ione c`. Lk:zcx f t The Vil;ages a' Y oodami
S ring3. a-1 add;Lo1 fo t'w U.j w'1 � '�':�rtn�r r�rG��g, 11s1+ W.-41 rrcnrdrYt in C qtr s�:ii, Page 3G�1 p`sad iFlat kncnrys
THENCE, akc:v the e zl line, 0 szd EPC SparrDw Keller LLC trait a diistaim&of 71L,_?.`. N-r', to :1 print for in the sP}„
righ'-cif-way line of Kp?'er H3c" Fua-d(a ;an ie wadi) nghi-of-wayi. said paint being Iie s-,.v east C-0mur c's- ic EPC SpLVrr .v
Kelier LLC tract,
THENCE S"..h 69"44'06"4ilest wt" t�->t said r,uM tf e wf Kelier Hicks kw<,f, a d;s!ar!cv ct' fret to a pc-4M for -x.: w ir.
the sad ears:krr_of A."Vista feud.
T H F N Q F .v.11,.sa.d emst fine et`Ati V-sta Rea,:, t--" fc-?7,�v,,,,n-,,5 ;{ ca!ls-
t'`1.Crt�OYOZ5J 1'West,a ftaarce Cif 1 5 55('ev.t ui A p lint 1.=r rw,*r-,
Norah 89548,.9`E-, g a d"Lstar�oe c'_16.33 ftell to a 5.9,mh imn roe v th'KHA' mp set`u: ourn-L-,
f oM.46`12 17`W t, a dsnme al 42,413`tet to a carr'for rer
NW.h 0 12'17"West_a d-Man--e 0226.4-k`tc:to.3 paint'.ar 0;,r'H,
Ner1h O'AS'Or 1 t, a disjr� el •424-45 fcrt to th4� POINT OF B GINNING arra centaunin� 12.&-91 ar,� c 5.58,M11.
square�eet c•t Lind_rrc;_-u ov,it,-4m
CREDIT AGREEMENT - CA-18-013 Page 7 of 12
Solea Alta Vista
EXHIBIT B
Map of Property
VICINIW MAP N.T.S.
FELLER HICKS
SIT
E �
r
GOLDEN TRIANGLE
CREDIT AGREEMENT-CA-18-013 Page 8 of 12
Solea Alta Vista
EXHIBIT C
Development Plan
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CREDIT AGREEMENT-CA-18-013 Page 9 of 12
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EXHIBIT D
Transportation Improvements
'ft
Solea Alta Vista M 94r
Credit Agreement ati r
Dedicated Right-of-Way'
Accepted
'HiyibletorCreditAgainst t w *, ��. .�
40
Transportation Impact Fees i
�► v� "� a
FORT WORT th 1
*k:Jill,
Jf
_ 4
,
w
KELLER HICKS
s
Eligible Improvements Limits J#
Alta Vista Rd From Kelkr Hkks Road for
approximately 640 it to the with �+
eIMF .
w y ii
s • f21 �' w4t•iF44i~3 A
T�[46
�tI
CREDIT AGREEMENT-CA-18-013 Page 10 of 12
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EXHIBIT E
Credits Against Transportation Impact Fees
Right-of-Way Valuation for Alta Vista Road
City Capital Construction project CPN 012911
Estimated Construction Costs from 2017 $5,420,632.32
Transportation Improvements.Pian
Value of Total Project Right-of-Warr(2D%of $1,084,126.46
Construction Cost)
Total Project Length(LF) 5,355
Arterial Cross-Section Width(LF) 120
Additional ROW needed for Roundabout(SF) 0
Total Project R'% t-of Way(SF) 642,6W
Right-of-Way Value Per Square Foot $1.65
2017 Transportation Improvements Plan Project D-34
Estimated Construction Costs from 2017 $5,042,296.56
Transportation Improvements Plan
Value of Tota!Project Right-of-Way(2D%of 51,006,459.31
Construction Cost)
Total Project Length(LF) 5,465
Arterial Cross-Section Width(LF) 120
Additional ROW needed for Roundabout(SF) 0
Total Project Right-of-Way(SF) 655,800
Flight-of-Way Value Per Square Foot $1.54
TAD Value as of 1112912019
TAD Account 07547579
Total Area(SF) 602,434
Appraised Value $1,204,870.00
Value per Square Foot $2.00
R. ht-of-W Dodkafwn
Vista Road
FS-18090-Recorded as Instrument D218260234
Total area of ROW to he dedicated 6,559 sq ft
Value per SF 52.010
ToUl Credit Avagable 5 13,11R.0'2
Existing Demand 5 -
Net Credit Available 5 13.118.02
CREDIT AGREEMENT-CA-18-013 Page 11 of 12
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EXHIBIT F
Allocation of Credits
Credit will be allocated on a first come, first-served basis within the development's final plat
boundaries (FS-18-090).
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