HomeMy WebLinkAboutContract 47478-A1 ?:ECE�vEv
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UV sEC�E�ARv CONTRACT NO.�7y 7$',8
FIRST AMENDMENT TO AMENDED CREATION AND OPERATION AGREEMENT
FOR TRADITION MUNICIPAL UTILITY DISTRICT NO.2B OF DENTON COUNTY
This First Amendment to Amended Creation and Operation Agreement for Tradition
Municipal Utility District No. 2B of Denton County (this "First Amendment") is entered into by
the City of Fort Worth, Texas, a home-rule municipal corporation situated in Tarrant, Denton,
Johnson, Parker, and Wise Counties, Texas(the"City"), acting by and through its duly authorized
Assistant City Manager, and Tradition Municipal Utility District No. 2B of Denton County, a
municipal utility district created pursuant to Article XVI, Section 59, of the Texas Constitution,
Chapters 49 and 54 of the Texas Water Code, and Chapter 8189, Special District Local Laws Code
(the"District") (collectively,the "Parties"), effective upon execution of this First Amendment by
all Parties (the"Effective Date").
RECITALS
WHEREAS, the City and the District entered into the Amended Creation and Operation
Agreement for Tradition Municipal Utility District No. 2B of Denton County effective January 12,
20I6 (CSC 47478) (the "Agreement"); and
WHEREAS, the Parties wish to amend the Agreement to update certain information, to
amend the deadline for issuance of Bonds,and to require the District to levy a specified ad valorem
tax rate and establish a fund to assist the City in absorbing the costs of the District upon annexation
of all land within the District and dissolution of the District;
NOW, THEREFORE, in consideration of the premises, mutual promises, covenants,
obligations, and benefits herein contained,the Parties agree as follows:
I. The definition of"Development Agreement" is hereby amended to read as follows:
"Development Agreement"means the Development Agreement between the City and SLF
IV— 114 Assemblage, L.P. dated January 12, 2016 (CSC No. 47477), as amended by that
certain First Amendment to Development Agreement effective ,June 1-1 , 2019
(CSC No. 47477-A I).
2. Section 4.05(e) is amended to read as follows:
Unless the City consents in writing, no Bonds shall be issued having an issuance date more
than fifteen (15) years after recording in the Denton County plat records of the first final
plat for the Property that contains single-family residential lots.
3. A new section 4.12, "District Tax Rate; Establishment of Fund" is added, to read as
follows:
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal 'ty District
No. 2B of Denton County—Page 1
CITY SECRETARY
FT. WORTH,TX
Commencing with the first levy of ad valorem taxes by the District,the date of which shall
be determined by the District in its sole discretion, and each year thereafter, the District
shall levy a total ad valorem tax rate (including its debt service tax rate and maintenance
and operation tax rate)of no less than$1.00 per$100 valuation. Monies collected through
such tax shall be used to pay the debt service on the District's outstanding bonds,operating
costs of the District, and any other legally allowable costs of the District, and to establish
a fund to assist the City in absorbing the costs of the District when it annexes all the land
in the District and dissolves the District.
4. Section 8.05, "Full Purpose Annexation," is amended to read as follows:
The City will not annex the Property for full purposes any earlier than the first to occur of
(a)the date that construction of water, sanitary sewer, drainage and road facilities to serve
90%of the Property is complete; (b)dissolution of the District(other than as the result of
annexation by the City); or (c) the date twenty(20) years after approval by the City of the
first preliminary plat for the Property that contains single-family residential lots. If the
City elects to annex the Property, the City must annex all of the Property simultaneously.
The City may not annex the Property in phases.
5. The Notice addresses in Section 11.01 are updated to change the City's address to 200
Texas Street, Fort Worth, Texas 76102.
6. Exhibit D attached hereto, "Notice Concerning Annexation and Services" supersedes and
replaces Exhibit D to the Agreement.
7. All capitalized terms shall have the same meaning as set forth in the Agreement.
8. Except as specifically amended in this First Amendment, the Agreement shall remain in
full force and effect in accordance with its original terms and conditions.
IN WITNESS WHEREOF,each Party has caused this First Amendment to be executed by
its undersigned duly authorized representative in multiple copies on the date or dates indicated
below.
[The remainder of the page is intentionally left blank.]
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No.2B of Denton County—Page 2
y.
A CITY OF FORT WORTH
By-
ary K496f, C4ky ecretary Jay Chaap�a,, Assistant City Manager
MBcCi:, L-il,,225 to y/I9 Date:_
1295:_.
APPROVED AS TO FORM AND
LEGALITY:
41'u�.4
Assistant City Attorney
First Amendment to Amended Creation and Operation Agreement for Tradition Munic �
No. 2B of Denton County-Page 3 CMT" SECR TMRY
TRADITION MUNICIPAL UTILITY
DISTRICT NO. 2B O DENTON COUNTY
Z�
P esid n , B of Directors
Date:
First Amendment to Amended Creation and Operation Agreement for Tradition Municill�Aility-Distri -
No. 2B of Denton County—Page 4 OFFMAL E CCa [J
c;Tv SECRETARY
FT. WORTH,TX
Exhibit D
STATE OF TEXAS
COUNTY OF DENTON
NOTICE CONCERNING ANNEXATION AND SERVICES
THIS NOTICES SUPERSEDES NOTICE RECORDED IN THE DENTON COUNTY
PROPERTY RECORDS ON FEBRUARYII,2016,
AS DOCUMENT NO.2016-15209
The real property described in Exhibit A attached hereto and incorporated herein (the
"Property") is located in Tradition Municipal Utility District No. 2B of Denton County (the
"District"). The District is located wholly within the extraterritorial jurisdiction of the City of Fort
Worth. When a district is annexed, the district is dissolved. Until such time of annexation, the
City of Fort Worth does not impose property taxes within the District and is not required by state
law to provide police protection, fire protection, road maintenance or any other municipal services
to the District.
The City of Fort Worth may annex the Property for full purposes at any time after the
earliest to occur of the following, at such time as the City finds such annexation to be feasible:
(1) The date construction of water, sanitary sewer, drainage and road facilities to serve
90%of the Property is complete;
(2) Dissolution of the District; or
(3) The date twenty (20) years after approval by the City of Fort Worth of the first
preliminary plat for the Property that contains single-family residential lots.
If the City elects to annex the Property, the City must annex all of the Property simultaneously.
The City may not annex the Property in phases.
To obtain a copy of the Development Agreement between, SLF IV-1 14 Assemblage, L.P.
and the City of Fort Worth governing the Property(City Secretary Contract No.47477,as amended
by Contract No. 47477-A1) (the "Development Agreement"), contact the City Secretary of the
City of Fort Worth. For additional information concerning potential annexation of property within
the District, contact the Director of the City of Fort Worth's Planning and Development
Department.
[SIGNATURE APPEARS ON NEXT PAGE]
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 2B of Denton County—Page 5
TRADITION MUNICIPAL UTILITY DISTRICT NO.
211 OF DENTON COUNTY
By:
Name printed:
Title:
STATE OF TEXAS §
COUNTY OF §
This instrument was acknowledged before me, on the _ day of , 20195
by , President of the Board of Directors of Tradition Municipal Utility District
No. 2B of Denton County, on behalf of said district.
Notary Public, State of Texas
Printed Name:
My Commission Expires:
After recording,return to:
Planning and Development Director
City of Fort Worth
200 Throckmorton
Fort Worth, Tx. 76102
City Attorney
City of Fort Worth
200 Throckmorton
Fort Worth, Tx. 76102
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 213 of Denton County—Page 6
Exhibit A
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 2B of Denton County—Page 7
SLF IV-114 ASSEMBLAGE,L.P.,PROPERTY WITHIN TRADITION MUD 2
METES&BOUNDS
SLF 1V-114 ASSEMBLAGE TRACT 3
BEING a 662.91 acre tract of land situated in the William D.Redd Survey,Abstract No.1125,the James Cheshler Survey,Abstract No.
225,and the Guadalupe Cardinas Survey,Abstract No.214,Denton County,Texas,said tract being all of a called 50.00 acre tract of
land described as"Tract 2"in deed to SLF IV-114 Assemblage,L.P.,as recorded in County Clerk Document No.2014-53143,Deed
Records of Denton County,Texas(D.R.D.C.T.),and also being all of a called 46.00 acre tract of land described as"Tract 2"in deed to
SLF IV-114 Assemblage,L.P.,as recorded in County Clerk Document No.2014.47857,D.R.D.C.T.,and also being all of a called 148.00
acre tract of land described as"Tract 1"in said deed to SLF IV-114 Assemblage,L.P.,as recorded in County Clerk Document No.
2014-53143,D.R.D.C.T.,also being all of a called 330.21 acre tract of land described as"Tract 3"in said deed to SLF IV-114
Assemblage,L.P.,as recorded in County Clerk Document No.2014-47856,D.R.D.C.T.,and also being a part of a called 97.41 acre
$ tract of land described as"Tract 1"in said deed to SLF IV-114 Assemblage,L.P.,as recorded in County Clerk Document No.
{
2014-47857,D.R.D.C.T.,said 662.91 acre tract being more particularly described as follows:
BEGINNING at a found P.K.Nail in asphalt within Sam Reynolds Road(variable width)for the northwest corner of said 50.00 acre
a tract;
LL THENCE North 89 degrees 56 minutes 13 seconds East,along the north line of said 50.00 acre tract,a distance of 4,660.47 feet to a
found 1/2-inch iron rod with plastic cap stamped"RPLS 5439"(herein referred to as"with cap")for the northeast corner of said
50.00 acre tract;
THENCE South 00 degrees 02 minutes 37 seconds East,along the east line of said 50.00 acre tract,a distance of 27.00 feet to a found
1/2-inch iron rod for an angle point;
i
THENCE South 00 degrees 11 minutes 59 seconds West,continuing along the east line of said 50.00 acre tract,a distance of 185.95
feet to a 60D nail for an angle point;
a
THENCE South 01 degree 01 minute 11 seconds East,continuing along the east line of said 50.00 acre tract,a distance of 186.02 feet
to a found 1/2-inch iron rod with red cap stamped"ALLIANCE"for an angle point;
THENCE South 00 degrees 18 minutes 15 seconds East,continuing along the east line of said 50.00 acre tract,a distance of 68.40
feet to a found 1/2-inch iron rod with yellow cap stamped"RPLS 5439"for the southeast corner of said 50.00 acre Johnson Bank
tract and the northeast corner of said 46.00 acre tract;
g' THENCE South 00 degrees 19 minutes 44 seconds East,along the east line of said 46.00 acre tract,a distance of 117.99 feet to a
found 1/2-inch iron rod with cap for an angle point;
THENCE South 00 degrees 16 minutes 02 seconds East,continuing along the east line of said 46.00 acre tract,a distance of 185.64
feet to a found 1/2-inch iron rod for an angle point;
THENCE South 00 degrees 14 minutes 59 seconds East,continuing along the east line of said 46.00 acre tract,a distance of 126.10
feet to a found 1/2-inch iron rod with cap for the southeast corner of said 46.00 acre tract and the northeast corner of said 148.00
acre tract;
i THENCE South 00 degrees 25 minutes 32 seconds East,along the east line of said 148.00 acre tract,a distance of 60.38 feet to a
found 1/2-inch iron rod for an angle point;
continued on next page...
B000788.003 PAGE 4 OF 8
6 A drawing of even date accompanies TRADITION
this metes and bounds description. EXHIBIT OF
APRIL 15,2015 SLF IV-114 ASSEMBLAGE, L.P.
PROPERTY WITHIN
~ DUNAWAY TRADITION MUD 1 AND MUD 2,
AND OUTSIDE OF MUD
SWk0eyA 71 &ft
0-40kin
7sia Tt 76107 BOUNDARIES
1
RDA REGWRATONt00961M DENTON COUNTY,TEXAS
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 213 of Denton County—Page 8
SLF IV-114 ASSEMBLAGE,L.P.,PROPERTY WITHIN TRADITION MUD 2
METES&BOUNDS
SLF 1V-114ASSEMBLAGE TRACT 3 continued...
THENCE South 00 degrees 03 minutes 07 seconds West,continuing along the east line of said 148.00 acre tract,a distance of 186.20
feet a found 1/2-inch iron rod for an angle point;
THENCE South 00 degrees 28 minutes 16 seconds East,continuing along the east line of said 148.00 acre tract,a distance of 186.11
feet to a found 1/2-inch iron rod for an angle point;
THENCE South 00 degrees 08 minutes 31 seconds East,continuing along the east line of said 148.00 acre tract,a distance of 371.95
t feet to a found 1/2-inch iron rod for an angle point;
`i
THENCE South 00 degrees 16 minutes 37 seconds East,continuing along the east line of said 148.00 acre tract,a distance of 558.49
feet to a found 1/2-inch iron rod for an angle point;
i THENCE South 00 degrees 12 minutes 23 seconds East,continuing along the east line of said 148.00 acre tract,a distance of 186.22
feet to a found 1/2-inch iron rod for an angle point;
THENCE South 00 degrees 21 minutes 29 seconds East,continuing along the east line of said 148.00 acre tract,a distance of 1,198.93
feet to a found 1/2-inch iron rod with cap for the southeast comer of said 148.00 acre tract and an ell comer of said 330.21 acre
cs tract;
Q THENCE South 00 degrees 21 minutes 42 seconds East,along the northerly line of said 330.21 acre tract,a distance of 55.05 feet to a
found Mag nail with shiner in asphalt within Sam Reynolds Road(variable width);
THENCE North 89 degrees 56 minutes 15 seconds East,along the north line of said 330.21 acre tract,a distance of 3,409.24 feet to a
�. found 60D nail with shiner in asphalt within said Sam Reynolds Road for the northeast corner of said 330.21 acre tract;
F THENCE South 00 degrees 15 minutes 21 seconds East,along east fine of said 330.21 acre tract,a distance of 1,482.10 feet to a
found 1/2 inch iron rod for the most easterly southeast corner of said 330.21 acre tract and the northeast corner of said 97.41 acre
tract;
THENCE South 00 degrees 24 minutes 47 seconds East,along the east line of said 97.41 acre tract,a distance of 509.06 feet to a
found 5/8-inch iron rod with cap stamped"DUNAWAY ASSOC.LP"for the northeast corner of a called 17,852 acre easement tract of
f land described in Agreed Judgment,No.CV-93-00004-C,as recorded in County Clerk Document No.2014-46905,D.R.D.C.T.,and in
Volume 66,Page 104,Denton County District Court Records,said corner being on a circular curve to the left,having a radius of
5,829.65 feet and whose chord bears South 54 degrees 04 minutes 45 seconds West,a distance of1,951.17 feet;
THENCE Southwesterly,along said 17.8S2 acre easement tract and said curve to the left,through a central angle of 19 degrees 16
minutes 03 seconds,an arc distance of 1,960.39 feet to a found 5/8-inch iron rod with cap stamped"DUNAWAY ASSOC.LP"for the
end of said curve;
THENCE South 44 degrees 26 minutes 44 seconds West,continuing along said 17.852 acre easement tract,a distance of 27.66 feet
to a found 5/8-inch iron rod with cap stamped"DUNAWAY ASSOC.LP"for corner;
continued on next page...
F 8000788.003 PAGE 5 OF 8
A drawing of even date accompanies TRADITION
this metes and bounds description. EXHIBIT OF
APIUL15,2015 SLF IV-114ASSEMBLAGE, L.P.
PROPERTY WITHIN
DUNAWAY/ TRADITION MUD 1 AND MUD 2,
AND OUTSIDE OF MUD
SW SolleYT t8 71 3M.111�•-Fmc a517MS7d7t�76107 BOUNDARIES
L "' `R""ONt0D9°i°° DENTON COUNTY,TEXAS
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 2B of Denton County—Page 9
SLF IV-114 ASSEMBLAGE,L.P.,PROPERTY WITHIN TRADITION MUD 2
METES&BOUNDS
SLF 1V-114 ASSEMBLAGE TRACT 3 continued...
THENCE North 4S degrees 33 minutes 16 seconds West,continuing along said 17.852 acre easement tract,a distance of 50.DO feet
to a found 5/8-inch iron rod with cap stamped"DUNAWAY ASSOC.LP"for corner;
THENCE South 44 degrees 26 minutes 29 second West,continuing along said 17.852 acre easement tract,a distance of 1,446.34 feet
to a found 5/8 inch iron rod for the northwest corner of said 17.852 acre easement tract and the northeast corner of a tract of land
described in deed to The Atchison,Topeka and Santa Fe Railway Company,as recorded in County Clerk Document No.93-20408,
i
D.R.D.C.T.;
THENCE North DO degrees 07 minutes 11 seconds West,along the west line of said 97.41 acre tract,a distance of 860.88 feet a
found 1/2 inch iron rod with a plastic cap stamped"GOODWIN&MARSHALL"for the most southerly southeast corner of said 330.21
aacre tract;
THENCE North 90 degrees DO minutes DO seconds West,along the southwest line of said 330.21 acre tract,a distance of 773.30 feet
o to a point for corner within Harriet Creek;
8 THENCE North 65 degrees 58 minutes 36 seconds West,continuing along the southwest line of said 330.21 acre tract,a distance of
1,029.91 feet to a found 5/8 inch iron rod with a plastic cap stamped"DUNAWAY ASSOC.LP"for corner within said Harriet Creek,
from which a found 1/2 inch iron rod with a plastic cap stamped"GOODWIN&MARSHALL"bears North 66 degrees 30 minutes 20
seconds West,a distance of 0.74 feet;
THENCE North 44 degrees 08 minutes 03 seconds West,continuing along the southwest line of said 330.21 acre tract,a distance of
999.83 feet to a point for corner within said Harriet Creek;
o THENCE North 52 degrees 34 minutes 22 seconds West,continuing along the southwest line of said 330.21 acre tract,a distance of
8 867.86 feet to a found 1/2 inch iron rod with a plastic cap stamped"GOODWIN&MARSHALL"for corner near the south bank of said
Harriet Creek;
THENCE North 86 degrees 14 minutes 27 seconds West,continuing along the southwest line of said 330.21 acre tract,a distance of
222.13 feet to a found 5/8 inch iron rod with a plastic cap stamped"DUNAWAY ASSOC.LP"for an ell corner of said 330.21 acre
tract;
a THENCE North DO degrees 22 minutes 44 seconds West,continuing along the southwest line of said 330.21 acre tract,a distance of
102.S3 feet to a found 5/8 inch iron rod with a plastic cap stamped"DUNAWAY ASSOC.LP"for comer;
THENCE North 57 degrees 46 minutes 29 second West,continuing along the southwest line of said 330.21 acre tract,a distance of
253.45 feet to a found 1/2 inch iron rod for corner;
0
THENCE North DO degrees 21 minutes 19 seconds East,along the west line of said 330.21 acre tract,a distance of 1,372.86 feet to a
u found PK nail for corner in the turn of an asphalt road known as Sam Reynolds Road;
continued on next page...
3
g000788,003 PAGE 6 OF 8
A drawing of even date accompanies TRADITION
this metes and bounds description. EXHIBIT OF
APRIL 15,2015 SLF IV-114 ASSEMBLAGE, L.P.
PROPERTY WITHIN
~ DUNAWAY/ TRADITION MUD 1 AND MUD 2,
AND OUTSIDE OF MUD
S0 r ra 7i MS.I��aI -V514V 6107 BOUNDARIES
FIRM ROGWItA110N 10098t00 DENTON COUNTY,TEXAS
U
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 213 of Denton County—Page 10
SLF IV-114 ASSEMBLAGE,L.P.,PROPERTY WITHIN TRADITION MUD 2
METES&BOUNDS
SLF 1V-114 ASSEMBLAGE TRACT 3 continued...
THENCE North 00 degrees 12 minutes 20 seconds West,continuing along the west line of said 330.21 acre tract,passing at a
distance of 1,206.47 feet to a found Mag nail with shiner in asphalt within said Sam Reynolds Road for the northwest corner of said
330.21 tract,said corner being the southwest corner of said 148.00 acre tract,and continuing within said Sam Reynolds Road and
along the west line of said 148.00 acre tract,a total distance of 2,782.96 feet to a found railroad spike for the an ell corner of said
148.00 acre tract;
THENCE South 89 degrees 52 minutes 21 seconds West,within said Sam Reynolds Road and along the westerly south line of said
148.00 acre tract,a distance of 1,909.35 feet to a found 5/8-inch iron rod for the most westerly southwest corner of said 148 acre
a tract;
THENCE North 00 degrees 09 minutes 08 seconds West,within said Sam Reynolds Road and along the west line of said 148.00 acre
tract,passing at as distance of 18.67 feet a found 1/2-inch iron rod with cap for the most westerly northwest corner of said 148.00
'c acre tract,said corner being the southwest corner of said 46.00 acre tract,and continuing along the west line of said 46.00 acre
tract,passing at a cumulative distance of 448.40 feet a found 1/2-inch iron rod within said Sam Reynolds Road for the northwest
corner of said 46.00 acre tract and a southwest corner of said 50.00 acre tract,and continuing along the west line of said 50.00 acre
tract,a total cumulative distance of 915.74 feet to the POINT OF BEGINNING and containing 28,876,476 square feet or 662.91 acres
g of land,more or less.
Bearings are based upon the Texas State Plane Coordinate System(NAD83),North Central Zone 4202,and are based upon GP5
measurements made on the ground.Distance values are"surface"derived from grid data by utilizing the Denton County Surface
c Scale Factor of 1.00015063,as published by TxDOT.
3
PROPERTY OUTSIDE OF TRADITION MUD BOUNDARY ON NEXT PAGE
z
8
V
WW788.003
PAGE 7 OF B
3 A drawing of even date accompanies
TRADITION
this metes and bounds description. EXHIBIT OF
APRIL 15,2015 SLF IV-114 ASSEMBLAGE, L.P.
PROPERTY WITHIN
1 DUNAWAY TRADITION MUD 1 AND MUD 2,
b AND OUTSIDE OF MUD
ssp xe!712=1121-�a81i.ffi4J7t�76tO7 BOUNDARIES
y I AtREGISWPIXI1@96tCO DENTON COUNTY,TEXAS
First Amendment to Amended Creation and Operation Agreement for Tradition Municipal Utility District
No. 213 of Denton County—Page 11
6/17/2019 M&C Review
Officia Ate of t)r City of Fort Vkl th,TEXoS
CITY COUNCIL AGENDA FORTIVORTH
COUNCIL ACTION: Approved on 6/4/2019
DATE: 6/4/2019 REFERENCE L-16225 LOG 06FIRST AMENDMENTS TO TRADITION
NO.: NAME: MUDS NOS. 1 & 2B AGREEMENTS
CODE: L TYPE: NON- PUBLIC NO
CONSENT HEARING:
SUBJECT: Authorize Execution of First Amendment to Development Agreement with SLF IV - 114
Assemblage, L.P. and First Amendment to Agreement Concerning Creation and
Operation of Tradition Municipal Utility Districts Nos. 1 and 2B of Denton County (ETJ /
Denton County near COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager or a designee to execute the
following agreements and take any actions to carry out such agreements:
1. First Amendment to Development Agreement with SLF - 114 Assemblage, L.P. for Tradition
Municipal Utility Districts Nos. 1 and 26; and
2. First Amendment to Agreement Concerning Creation and Operation of Tradition Municipal Districts
Nos. 1 and 2B of Denton County.
DISCUSSION:
Tradition Municipal Utility Districts Nos. 1 and 2B of Denton County (Districts)encompass 1094.24
acres of land in Fort Worth's extraterritorial jurisdiction, north of Highway 114 and west of Texas Motor
Speedway. The Districts were created by special act of the Texas Legislature in 2005 and 2007,
respectively. The Council approved M&C L-15853 on January 12, 2016, to authorize the execution of
a development agreement for the property within the two Districts and amendments of the respective
creation agreements for the two Districts.
The Agreements presented to the City Council for approval updated and simplified prior agreements
for the Districts and created stand-alone Agreements for SLF's property. The Agreements required
that the developer comply with the City infrastructure standards and development codes and provided
that the City will be the retail service provider for water and sewer.
SLF IV- 114 Assemblage, L.P. and the Districts have asked, in order to provide flexibility in ordering
phases of development, that the City amend the Development Agreement to revise certain water,
sewer and road requirements and to modify the term. The City asked the Districts to amend the
Creation and Operation Agreements to address the deadline to issue bonds and to require the
Districts to levy a specified ad valorem tax rate and establish a fund to assist the City in absorbing the
costs of the Districts upon annexation of the land within the Districts and the dissolution of the
Districts.
The amendment to the Development Agreement will allow the property owner to submit updated
infrastructure studies and exhibits for administrative approval, require the property owner to submit
revised exhibits to the development agreement if those exhibits are not consistent with preliminary
plat, final plat or concept plan submitted to the City, and revise the definitions for "development plan"
and "term." The term for MUD No. 1 is a 20-year period commencing on recording in the Denton
County plat records of the first final plat that contains single-family residential lots. The term for MUD
No. 2B is a 20-year period commencing on approval by the City of the first preliminary plat that
contains single-family residential lots.
The Creation and Operation Agreement allows the District to issue bonds for reimbursement of
infrastructure costs. The amendment to the Creation and Operation Agreement provide that no Bonds
issued by the City shall have an issuance date beyond a certain date unless the City consents in
apps.cfwnet.org/council_packet/mc_review.asp?ID=27037&councildate=6/4/2019 1/2
6/17/2019 M&C Review
writing. At the City's request, the agreements have been amended to provide that the Districts have
agreed to levy an ad valorem tax rate of not less than $1.00 per$100.00 valuation, which funds will
be used to pay Districts expenses and to establish a fund to assist the City in absorbing the costs of
the Districts when the City annexes all land in the Districts and dissolves the Districts. The agreement
will also include provision for consent to annex by future property owners.
The property is located in the City's extraterritorial jurisdiction adjacent to COUNCIL DISTRICT 7.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that approval of the resolution and agreements will have no
immediate material effect on City funds. Any effect on expenditures and revenues will be budgeted in
future fiscal years.
TO _ _
Fund Department Account Project Program Activity Buciget Reference# Amount
ID ID Year (Chartfieid 2)
FROM Fund Department Account Project Program Activity Budg et Reference# T A- m_ount
ID ID Year Chartfield 2 l
Submitted for City Manager's Office by_ Jay Chapa (6122)
Originating Department Head: Randle Harwood (6101)
Additional Information Contact: Mary Elliott (7844)
ATTACHMENTS
Development Agreement First Amt 5-12-2019 (w Exhibits).pdf
FINAL Amendment to Creation Agt MUD 15.2019.pdf
FINAL Amendment to Creation Agt MUD 2B 5.2019.pdf
Form 1295 Certificate- First Amendment to DA- Executed Redacted.pdf
apps.cfwnet.org/council_packet/mc_review.asp?ID=27037&councildate=6/4/2019 2/2