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HomeMy WebLinkAboutContract 36109 COMMUNITY FACILITIES AGREEMENT THE STATE OF TEXAS § City Secretary /� COUNTY OF TARRANT § Contract No., . D IlJ'I WHEREAS, the Infrastructure Development Agreement (as referred to herein) between the City of Fort Worth (the "City") and Edwards Geren Limited (the "Family") effective April 26, 2005 (City Secretary Contract No. 31709) sets out the City's obligation to design and construct certain arterial roadways and utility infrastructure improvements (the "Project-Related Infrastructure") on property owned by the Family north of Highway 183 and south of West Vickery Street; and WHEREAS, the City has deposited funds in an account with Alamo Title Company (the "Escrow Account") for the costs of designing and constructing the Project- Related Infrastructure in accordance with the Escrow Agreement (as referred to herein) between the City, the Family and Alamo Title Company effective April 26, 2005 (City Secretary Contract No. 31721); and WHEREAS; the Project-Related Infrastructure includes improvements to Edwards Ranch Road from Bryant Irvin Road east to the eastern boundary of the Vickery diversion channel in the Edwards Ranch Clearfork Addition, identified as City of Fort Worth Project 400107, DOE Project#4906 ("DOE Project#4906"); and WHEREAS, the City has obtained plans and specifications for DOE Project #4906; and WHEREAS, the Family has assigned its rights and obligations under the Infrastructure Development Agreement and the Escrow Agreement relating to DOE Project #4906 to Clearfork Ranch, L.P. ("Developer") in accordance with Sections 7 and 8, respectively, of such agreements; and WHEREAS, Edwards Ranch Road is identified as Stonegate Boulevard in the plans for DOE Project #4906 prepared by Carter and Burgess, but Developer intends to request that the City officially designate the road as Edwards Ranch Road; and WHEREAS, the City and Developer have determined that it is advisable for Developer to take over certain of the City's obligations with regard to the construction of DOE Project #4906 pursuant to the Infrastructure Development Agreement; aP4 i WHEREAS, Developer has advertised for public bids and will award the contract for construction of the project; NOW, THEREFORE, KNOW ALL BY THESE PRESENTS: For and in consideration of the covenants and conditions contained herein, the City, Developer and Alamo Title Company (for purposes of Sections I (D) and (E) only) do hereby agree as follows: 1. General Requirements A. The Policy for the Installation of Community Facilities (the "Policy") dated March 2001, approved by the City Council of the City of Fort Worth and subsequently amended, is hereby incorporated into this Community Facilities Agreement as if copied herein verbatim. Developer agrees to comply with all provisions of said Policy in the performance of its duties and obligations hereunder. B. The requirements of the Policy shall govern this Community Facilities Agreement, provided, however, that any conflict between the terms of this Community Facilities Agreement and the Policy shall be resolved in favor of this Agreement. C. The Family has assigned its rights under the Infrastructure Development Agreement and the Escrow Agreement related to DOE Project #4906 to Developer. Developer's financial guarantee under this agreement shall be satisfied with funds deposited in the Escrow Account by the City, in accordance with the Infrastructure Development Agreement and the Escrow Agreement. Developer shall not be required to provide any additional financial security to guarantee its obligations pursuant to this Agreement. D. Subject to the limitations of Paragraph E of this Section 1, Developer shall be allowed to withdraw funds from the Escrow Account in accordance with Section 4.c of the Infrastructure Development Agreement and Section 5.d of the Escrow Agreement to pay for the City's share of the cost of the improvements as shown on the 2 "Summary of Costs" table and any related plan modifications and construction and inspection services. E. Execution of this Agreement constitutes compliance by the Family and Developer for submittal of documents 1 through 4 described in Section 5.d of the Infrastructure Development Agreement. Developer shall submit a written request for funds accompanied by copies of the invoices from Developer's contractors to the City to the attention of Bryan Beck, Department of Engineering, and to Alamo Title Company, Escrow Agent under the Escrow Agreement. Bryan Beck shall have five (5) business days to review each partial pay request submitted by Developer and to contest any disputed amount. Said contest must be made to Developer and Alamo Title Company. If no contest is made within five (5) business days of receipt of a partial pay request, the request shall be deemed approved. Unless in receipt of a timely submitted contest from the City through Bryan Beck or his designee, Alamo Title Company shall disburse the funds from the Escrow Account to Developer no later than seven (7) business days after receipt of Developer's written request. If Bryan Beck or his designee timely and reasonably objects to any portion of the partial payment request, then a written objection shall be delivered to Developer and Alamo Title Company during the review period. The written notice shall set forth objections in reasonable detail. The undisputed portion of the partial payment request shall be timely paid as provided above. Developer shall exercise good faith efforts to cure the objectionable items to the City's reasonable satisfaction, and the process set forth above shall be repeated until the payment request is completely approved and fully paid. F. Developer shall award contracts for the construction of community facilities in accordance with Section II, paragraph 7 of the Policy. 3 G. The contracts for the construction of the public infrastructure shall be administered in conformance with paragraph 8, Section II, of the Policy. H. Developer covenants and agrees to, and by these presents does hereby, fully indemnify, hold harmless and defend the City, its officers, agents and employees from all suits, actions or claims of any character, whether real or asserted, brought for or on account of any injuries or damages sustained by any persons (including death) or to any property, resulting from or in connection with the construction, performance or completion of any work to be performed by Developer, its contractors, subcontractors, officers, agents or employees in connection with DOE Project #4906, or in consequence of any failure to properly safeguard such work, or on account of any act, intentional or otherwise, neglect or misconduct of DEVELOPER, his contractors, sub-contractors, officers, agents or employees in connection with DOE Project 94906, whether or not such injuries, death or damages are caused, in whole or in part, by the alleged negligence of the City, its officers, servants, or employees. I. Developer agrees that no lot in the Clearfork Addition, with the exception of Lot 1, Block 1 (the Acme Brick corporate headquarters), shall be occupied under a certificate of occupancy until the improvements required herein have been constructed (Article 104.100, Ordinance 7234) J. The Family has conveyed the right-of-way for Edwards Ranch Road required for DOE Project #4906 to the City and has assigned its rights under the Infrastructure Development Agreement and the Escrow Agreement to Developer. Developer is not required to provide any rights-of-way or easements to construct the improvements provided for in this agreement. Right-of-way documents are shown as Attachment (X). 4 K. geveloper agrees to construct proposed improvements for DOE Project #4906, as shown on the exhibits attached hereto. The following exhibits are made a part hereof. Water (A-1) Attached; Sewer (A-2) Attached; Paving (B-1) Attached; Storm Drain (B-2) Attached. L. In accord with City of Fort Worth Ordinance No. 15530, the goal for the participation of minority business and/or woman business enterprises as subcontractors and/or suppliers for DOE Project #4906 is 12%. Developer agrees to require its contractors to meet or to exceed the goal or to demonstrate that a good faith effort was made to do so. The goal established herein does not apply to any design, surveying, or inspection services. II. Improvements A. Developer shall install the proposed water line(s), fire line(s), and/or meters as shown on Exhibit A-1, the estimated cost of which is $250,218.00. The City agrees to record the location of each said service line in respect to the corner of the lot served, and to retain said records in its possession. Developer and the City shall share in the cost of the water improvements as shown on the "Summary of Costs"table. B. Developer shall install sanitary sewer mains as shown on Exhibit A-2, the estimated cost of which is $124,212.00. The City agrees to record the location of each said service line in respect to the corner of the lot served, and to retain said records in its possession. Developer and the City shall share in the cost of the sewer improvements as shown on the "Summary of Costs"table. C. Developer shall install the street, storm drainage, street lighting, street name signs and other community facilities improvements shown on the attached Exhibits B-1 and B2, the estimated cost of which is $1,686,672.90. Developer and the City shall share in the cost of such improvements as shown on the "Summary of Costs"table. 5 SUMMARY OF COST Item Developer City Cost Total Cost Cost A. Construction $ - 1. Water $250,218.00 $250,218.00 2. Sanitary Sewer $124,212.00 $124,212.00 3. Paving and Drainage $1,042,991.71 $1,042,991.71 4. Bride $643,681.19 $643,681.19 B. Engineering Design $C. Construction Engineering and Management by DOE 4% $ - $ $ TOTALS 2,061,102.90 2,061,102.90 Notes: 1. 11 Preliminary Plats filed after July 2000 will require sidewalks on all streets. 2. ity prepared plans and specifications. 3. inal costs of improvements shall be based upon public bid. IN TESTIMONY WHEREOF, the City of Fort Worth has caused four copies of this instrument to be executed in its name and on its behalf by its Assistant City Manager, attested by its Cit Secretary, with the corporate seal of the City affixed, and said Developer and Ala�o Title ompany h ve executed fo c&*es of this instrument, at Fort Worth, Texas this the; ay of , 2007. CITY OF FORT WORTH ATTEST Marc A. Ott Assistant City Manager Marty Hendrix City Se eta�t� Contra t Authorizatioa 6 Date Approval Recommended: Transportation and Public Works Water Department Department Robert Goode, P. E. Pirector mb Director Approved as to Form and Legality: f Amy J. a ey Assistant City Attorney DEVELOPER Clearfork Ranch, LP By: Cassco Development Co., Inc. Its General Partner Name Printed: Scott Walker Title: Vice President ALA ITLE COMPANY y 1 Name: �il Title: 7 THE CITY OF FORT WORTH, TEXAS DEPARTMENT OF ENGINEEI$ING FLANS FOR THE CONSTRUCTION OF THE STONEGATE BOULEVARD COFW PROJECT #00107 FOF,TWOP,-M WE e w»1d" WE ARPORT r63 8� rare urnrn 8� 30 e g� FORT WORTH ARIINGTON 0 o eo PROJECT ^E LOCATION � I N NOT TO SCALE LOCATION MAP Carter--.-Burgess � �. % w 111 MW.in a FW Wml\To 70M fM1113.ffi0W AUGUST 1 , 2007 CITY OF FORT WORTH, TEXAS STONEGATE BLVD PHASE IIA CFA EXHIBIT COFW DOE #4906 DEPARTMENT OF ENGINEERING Carter=-Burgess 777 Main Street,Fort Worth,Texas 76102 AUGUST 1 , 2007 ' 1-12'x10" T�/ 1-10" VALVE O a 1,,t2" GATE VALVE ULO / w PROPOSED 16" o WATER LINE Edwards Garen, Ltd. Vol. 12915, Pg. 394 - 'Y Inst No. D 197175014 D.R., T.C.. TX PROPOSED 12" WATER LINE ` 'l \ 1-16" PLUG \ PROPOSED 12" 1-FIRE WATER LINE p• r HYDRANT / \ pW6 Edwards Goren,Ltd. Vol. 12915, Pg. 394 Imt. No. D 197175074 D.R.. T.C., TX / RIVER PARK � �-" - 1-FIRE HYDRANT t / Edvarda Garen,Ltd. e� Vol. 12915, Pg. 394 Inst. No. D 197175014 / D.R., T.G., TX j ', o it // j/ 4 •-�i' y 0.Pgi m �z �' z / �p1� p R• /i r LEGEND ir j , / ;r PROPOSED WATER LINE j - DEVELOPME ACME BRI T — PROPOSED FIRE HYDRANT ---►♦— PROPOSED GATE VALVE fl 1 PROPOSED AIR RELEASE W EXISTING WATER LINE EXISTING GATE VALVE EXISTING FIRE HYDRANT CITY OF FORT WORTH, TEXAS STONEGATE BLVD PHASE IIA EXHIBIT A-1 DEPARTMENT OF ENGINEERING COFW DOE #4906 WATER C=F1 Kimley-Horn 0 200 400 m and Associates, Inc. Ill Chergst.,Unit It,Iaile1025.FI.Worth,TX 75102111456-15t1 GRAPHIC SCALE IN FEET AUGUST 3, 2007 B" SS / r L-9892* SS H 8" PVC SS 10" w to", w % 100+ 00 SD q8., SD r' / % Edwards Goren, Ltd. { I Vol. 12915, Pg. 394 Inst_ No. D 197175D14 D.R.. T.C., Tx i PROPOSED 10" SEWER LINE r �" 1—SANITARY I SEWER CLEANOUT 1—MANHOLE (TYPICAL) (TYPICAL) ,1�16 Edwards Goren,Ltd. I 5 F Vol. 12915, Pg. 394 / \ ~ - Inst. No. D 197175D14 / D.R., T.C., TX P RIVER alib ` rr Edwards Garen,Ltd. / \�• 'S^ Vol. 12915, Pg. 394 Inst. No. D 197175Ot4 , {. ,{ D.R., T.C., TX Z Y / / a pg-`� / F I / gSgQ.R 1�' Z LEGEND 1. F PROPOSED SEWER LINE ACAS BRICK PROPOSED MANHOLE - DEVELOPMENT '. PROPOSED CLEANOUT ss EXISTING SEWER LINE S MH EXISTING MANHOLE CITY OF FORT WORTH, TEXAS STONEGATE BLVD PHASE IIA EXHIBIT A-2 DEPARTMENT OF ENGINEERING COFW DOE #4906 SEWER Kimley-Horn 0 200 400 EM" and Associates, Inc. III ChenlSt.,Unit 11,guile 1025,Ft.Worth,TX 76102 ft2-555•1511 GRAPHIC SCALE IN FEET AUGUST 3e 2007 r V / ti N r- z Fy♦ / z / / END PROJECT PHASE IIA ERRD STA 113+37.00 a / / END BRIDGE �\ ERRD STA 113+17.00 ` BEGIN BRIDGE % 00 ' ERRD STA 1 12+27.00 ' BEGIN PROJECT PHASE IIA '( ERRDJ 101+50. 83 „Sao . \ RIVER PARK \ 100+00 \ l , \ ; � z _ I M ACME BRICK DEVELOPMENT .,�. ..- ' z a m "..:. ITY RIVER CLEARFORK TRIN V i CITY OF FORT WORTH, TEXAS STONEGATE BLVD PHASE IIA EXHIBIT B-1 COFW DOE #4906 STREETS DEPARTMENT OF ENGINEERING Carter--Burgess 0 200 400 777 Main Street Fort Worth,Texas 76102 GRAPHIC SCALE IN FEET AUGUST 1, 2007 I _ i z / STUB FOR FUTURE z c, / '0.0 m OUTFALL TO EXIST CHANNEL f20' INLET 5a` I10' INLET J 20' INLETMH 10' \� I 10' INLET MH . 20' INLET 29� .• - _. 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W W W J U U J J 9 ZT 7 J J U U C/J J (/) J J J (/) (/) ? N T m p N Oo m le CD Q) c Nv coV' O O s 'N� ;O N 99 (O MOr V �� OO OrC.-O � 43o O O cc U) coA O n M COON CO CGO CA CM NQ M co ;4 a CU br g.: (CI O 0 m ` p 'a0 z -: a U N "06 CL W Q W M M CI) CI) M M (�7 (�7 4 O .O-� mJ OQpa ~ zZ „* CLEARFORK RANCH, L.P. 4200 South Hulen, Suite 614 Fort Worth, Texas 76109-4910 Phone (817) 731-7396 FAX (817) 731-7398 October 15, 2007 Mr. Bryan Beck, Project Manager Engineering Department City of Fort Worth 1000 Throckmorton Fort Worth, Texas 76102 RE: City of Fort Worth Project #00107, DOE Project 4906, Edwards Ranch Road east of Bryant Irvin Road to Channel CF-4 (the "Project") Dear Bryan: I have enclosed the following: 1. A copy of the Assignment from Edwards Geren Limited to Clearfork Ranch, L.P. of the rights related to the Project under the Infrastructure Development Agreement (City Secretary Contract #31709) and the Escrow Agreement (City Secretary Contract#31721); 2. Three originals of the Community Facilities Agreement that have been executed by Clearfork Ranch, L.P. and Alamo Title Company; and 3. Seven originals of the Specifications and Contract Documents for the Project. Let me know if you have any questions. Thanks. Sincerely, l Scott Walker Vice President of Cassco Development Co., Inc. General Partner of Clearfork Ranch, L.P. ASSIGNMENT OF RIGHTS AND OBLIGATIONS UNDER INFRASTRUCTURE DEVELOPMENT AGREEMENT AND ESCROW AGREEMENT THIS ASSIGNMENT ("Assignment") is made and entered into as of the 271h day of September, 2007, between Edwards Geren Limited, a Texas limited partnership ("Assi nor") and Clearfork Ranch, L.P., a Texas limited partnership ("Assignee") (collectively, the "Parties"). RECITALS A. Assignor owned approximately 730 acres within the corporate limits of the City of Fort Worth (the "City") located north of Highway 183 and south of West Vickery Street (on both sides of the Trinity River) as depicted on Exhibit A (the "North Tract"), consisting of a portion of the Edwards Ranch. B. Assignor and the City executed that certain Infrastructure Development Agreement (the "Agreement") effective April 26, 2005 (City Secretary Contract No. 31709) setting out the City's obligation to design and construct certain arterial roadways and utility infrastructure improvements within the North Tract(the "Project-Related Infrastructure"). C. Assignor, the City and Alamo Title Company executed that certain Escrow Agreement (the "Escrow Agreement") effective April 26, 2005 (City Secretary Contract No. 31721), pursuant to which the City deposited funds for design and construction of the Project- Related Infrastructure in an escrow account with Alamo Title Company. D. The City has prepared plans and specifications, advertised for public bids and designated the contractor for construction of certain Project-Related Infrastructure, consisting of a portion of Edwards Ranch Road from Bryant Irvin Road east to the eastern boundary of the Vickery diversion channel identified as City of Fort Worth Project #00107, DOE Project #4906 ("DOE Project No. 4906"). E. Pursuant to the Agreement, Assignor has the right to construct all or any portion of the Project-Related Infrastructure under specified circumstances and to assign, in whole or in part, its rights, duties and obligations under the Agreement to any owner or developer of all or any portion of the Edwards Ranch. F. The City, Assignor and Assignee have determined that it is advisable for Assignee to take over certain of the City's obligations with regard to the construction of DOE Project No. 4906, to enter into a Community Facilities Agreement with the City concerning such project, and to enter into a contract with the designated contractor concerning such project. G. Assignor desires to assign its rights, duties and obligations under the Agreement relating to the construction of DOE Project No. 4906 to Assignee, and Assignee desires to acquire such rights, subject to the terms and conditions of this Assignment. Assignment—Page 1 014545.00010:1053996.02 NOW, THEREFORE, in consideration of the premises, the mutual covenants and obligations set forth herein, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Parties hereby agree and act as follows: 1. Assignment. Subject to all of the terms and conditions of this Assignment, Assignor assigns all of its rights, duties and obligations pursuant to the Agreement (and all exhibits thereto, expressly including, without limitation, the Escrow Agreement) with regard to construction of DOE Project No. 4906 to Assignee. 2. Assumption. Assignee assumes all obligations of Assignor relating to the construction of DOE Project No.4906 and agrees to be bound by the terms and conditions of the Agreement with regard to such project. Assignor is hereby released from all such obligations and liabilities from and after the effective date of this Assignment. 3. Governing Law. THIS ASSIGNMENT MUST BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, AS THEY APPLY TO CONTRACTS PERFORMED WITHIN THE STATE OF TEXAS AND WITHOUT REGARD TO ANY CHOICE OF LAW RULES OR PRINCIPLES TO THE CONTRARY. 4. Notice to City. A copy of this Assignment shall be provided to the City within ten (10) days after execution. 5. Binding Effect. This Assignment shall be binding upon and shall inure to the benefit of Assignor and Assignees and their respective heirs, personal representative, successors, and assigns. EXECUTED as of the day and year first written above. ASSIGNOR: EDWARDS GEREN LIMITED, a Texas limited partnership By: Jennie Beth Edwards Trust Its: General Partner By: Crawford H. Edwards, Co-Trustee Assignment—Page 2 014545.00010:1053§96.02 ASSIGNEE: CLEARFORK RANCH, L.P., a Texas limited partnership By: Cassco Development Co., Inc., a Texas corporation Its: General Partner By: — Scott Walker, Vice President •`•;*pY PCB� KRISTA PAIGE NIX STATE OF TEXAS § `•"= Notary Public,state of Texas My Commission Expires § June 08,2011 COUNTY OF TARRANT § ` SWORN-TO AND SUBSCRIBED before me on the� day of , 2007, by Crawford H. Edwards, Co-Trustee of the Jennie Beth Edwards Living Tius , in its capacity as General Partner of Edwards Geren Limited, a Texas limited partnership, on behalf of said limited partnership. Notar ic, Sae of Texas STATE OF TEXAS prPo' KRISTA PAIGE NIX Notary Public,State of Texas § I '` My Commission Expires COUNTY OF TARRANT § "".00 June 08,2011 SWORN TO AND SUBSCRIBED before me on the day of , 2007, by Scott Walker, Vice President of Cassco Development Co., Inc., a Texas corporation, in its capacity as General Partner of Clearfork Ranch, L.P., a Texas limited partnership, on behalf of said limited partnership, Ayb l'c, Stat"eo Tex s Assignment—Page 3 014545.00010:1053996.02 1 1 1 I I I ON yam. i, 4 � IMF e ' , � 3 4 N--n Y i .c-- t 41 iv AS, ?�, _ 4' d t 4 ka tX& xA egend North Tract �!* ..�`.. +.yam j ,R•_ t�S� �,z r -' Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 4/26/2005 DATE: Tuesday, April 26, 2005 LOG NAME: 30REVIDA SH121 REFERENCE NO.: C-20685 SUBJECT: Authorize Amendment to M&C C-20437 and Authorize Execution of Revised Infrastructure Development Agreement with Edwards Geren Limited Relating to State Highway 121-T RECOMMENDATION: It is recommended that the City Council: 1. Authorize the City Manager to execute a revised Infrastructure Development Agreement with Edwards Geren Limited (Edwards Geren), subject to non-material changes that may be agreed to between the parties prior to execution, relating to the construction of State Highway 121-T; and 2. Approve the wire transfer of funds to an escrow account overseen by Alamo Title in the amount of $11,163,481.25, as provided by an escrow agreement that will be attached to and incorporated as part of the Infrastructure Development Agreement. DISCUSSION: The Infrastructure Development Agreement previously approve by the City Council on December 7, 2004 pursuant to M&C C-20437, calls for the City to fund and construct approximately $11,163,481.25 in infrastructure related to the development of State Highway 121-T, subject to a final estimate prepared by the City and Edwards Geren. These infrastructure improvements provide for water, sewer, paving and drainage improvements as part of the construction of Stonegate Boulevard from Hulen Street to Bryan Irvin Road, Arborlawn Drive from International Parkway to Bryant Irvin Road and Bellaire Drive from the current terminus to Arborlawn Drive. it is recommended that the City Council now add the construction of Arborlawn from Bellaire Drive to International Plaza to the scope of the Agreement. This additional project is anticipated to cost $1,501,450.00. The revised Infrastructure Development Agreement (Agreement) adds this project to the scope of work covered by the Agreement. The Agreement allows Edwards Geren to construct these improvements if the City fails to do so and to receive reimbursement from the City pursuant to an escrow agreement that will be attached to and incorporated as part of the Agreement. This property is located in COUNCIL DISTRICT 3. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds are available in the current capital budget, as appropriated, of SH121T-Southwest Parkway Fund and Water and Sewer Operating Fund. TO Fund/Account/Centers FROM Fund/Account/Centers PE45 106000 00000 $2,135,827.00 PE45 101000 00000 $2,135,827.00 http://www.cfw"et.org/council_packet/Reports/mc_print.asp 10/31/2007 Page 2 of 2 C221 106000 303230Q00500 $9,027,654.25 C221 101000 303230000500 _$9_027, 554.25 Submitted for City Manager's Office by� Marc Ott (8476) Originating_Department Head: Douglas Rademaker(6157) Additional Information Contact: Bryan Beck (7909) http://www.cfwoet.org/council_packet/Reports/mc_print.asp 10/31/2007 Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved As Amended on 12/7/2004 DATE: Tuesday, December 07, 2004 LOG NAME: 30EDWARDS GEREN REFERENCE NO.: C-20437 SUBJECT: Authorize Execution of Infrastructure Development Agreement with Edwards Geren Limited Relating to State Highway 121-T RECOMMENDATION: It is recommended that the City Council: 1. Authorize the City Manager to execute the attached Infrastructure Development Agreement with Edwards Geren Limited (Edwards Geren), subject to non-material changes that may be agreed to between the parties prior to execution, relating to the construction of State Highway 121-T; and 2. Approve the wire transfer of funds to an escrow account overseen by Alamo Title in the amount of $9,662,031.25 as provided by an escrow agreement attached hereto as Exhibit D. DISCUSSION: The attached Infrastructure Development Agreement (Agreement) calls for the City to fund and construct approximately $9,662,031.25 in infrastructure related to the development of State Highway 121-T, subject to a final estimate prepared by the City and Edwards Geren. These infrastructure improvements provide for water, sewer, paving and drainage improvements as part of the construction of Stonegate Boulevard from Hulen Street to Bryan Irvin Road, Arborlawn Drive from International Parkway to Bryant Irvin Road and Bellaire Drive from the current terminus to Arbodawn Drive. The Agreement allows Edwards Geren to construct these improvements if the City fails to do so and to receive reimbursement from the City pursuant to an escrow agreement attached to the Agreement as Exhibit E. M&C G-14605 for Council's consideration on this weeks agenda City staff is recommending that the City Council designate an area that includes the property where the infrastructure will be constructed as a Tax Increment Reinvestment Zone (TIF). The preliminary project and financing plan for the proposed TIF includes all infrastructure that the City is to construct pursuant to this Agreement. This will allow the TIF to reimburse the City for costs incurred by the City for the construction of the infrastructure from future tax increment funds generated by the TIF. The TIF may also reimburse Edwards Geren for costs incurred for the construction of the infrastructure by Edwards Geren in the event the City fails to undertake such construction. It is anticipated that all procedures necessary for designation of the TIF will be completed by the end of this calendar year. This property is located in COUNCIL DISTRICT 3. http://www.cf,�et.org/council_packet/Reports/mc_print.asp 10/31/2007 Page 2 of 2 a FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds are available in the current capital budget, as appropriated, of the SH121T - Southwest Parkway Fund and the Water and Sewer Operating Fund. TO Fund/Account/Centers FROM Fund/Account/Centers PE45 106000 000000 $1,770,977.00 PE45 101000 000000 $1,770,977.00 C221 106000 303230000500 $7,891,054.25 C221 101000 303230000500 $7,891,054.25 Submitted for City Manager's Offices Marc Ott (6122) Originating Department Head: A. Douglas Rademaker(6157) Additional Information Contact: A. Douglas Rademaker(6157) http://www.cfwnet.org/council_packet/Reports/mc_print.asp 10/31/2007