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HomeMy WebLinkAboutContract 53023 CITY ERRY *01/ F� CONTRACT NO 3®c�'3 cry oFF s2019 crn'sF�9r�vo�r TRANSPORTATION IMPACT FEE CREDIT AGREEMENT �99y H 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 800 McPherson Partners, LLC, a Texas limited liability corporation 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 11.96 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 identifies the on-site and/or 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, codified in City Code Chapter 30, Article VIII, et seq., as amended, under which impact fees are imposed on new development for impacts to the City's transportation facilities as a result of said development; and WHEREAS,transportation impact fees are collected and must be spent by the City on impact fee eligible transportation facilities identified within the City's adopted Transportation Improvements Plan ("TIP"), as amended, within the service area(s) in which the new development is located; and WHEREAS, the Impact Fee Program provides for credits against impact fees for dedication of right-of-way and/or construction of transportation improvements identified as impact fee eligible on the adopted TIP; and WHEREAS, the Property is located within service area Z; and WHEREAS, the City has determined the maximum transportation impact fees to be assessed against new development within service area Z to be $3,706 per service unit (vehicle-miles of demand); and OFFICIAL REC CITY SECRETA " Transportation Impact Fee Credit Agreement-CA-19-013 FT. W0fakt_1l W I I J Brook Meadow G WHEREAS,certain transportation facilities depicted on Exhibit"D"are identified as impact fee eligible within the City's adopted TIP and therefore eligible for impact fee credit; and WHEREAS, Owner has agreed to dedicate the right-of-way and/or constructed the transportation improvements shown on Exhibit "D" for which credits against transportation impact fees shall be granted; and WHEREAS, the Owner has received the following preliminary plat (or concept plan) approval: Development Name, PP-017-069; and WHEREAS, the Owner has dedicated 11,189 square feet of right-of-way for eligible arterial, McPherson Road: Recorded as Instrument D219203440, recorded September 9, 2019. 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/or construct the system facilities identified in Exhibit "D". For any transportation improvement which has been previously 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 will 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. Transportation Impact Fee Credit Agreement-CA-19-013 Page 2 of 11 Brook Meadow Updated 2/15/19 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 to be granted has been dedicated and accepted (in the case of right-of-way) or constructed through an executed Community Facilities Agreement and final acceptance by the City has been obtained. 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 number of credits resulting from such improvement has been valued;and (b) 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. 6. Term and Effective Date. The initial term of this Agreement shall be ten (10) years from its Effective Date. 7. 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 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. 8. 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. Transportation Impact Fee Credit Agreement-CA-19-013 Page 3 of 11 Brook Meadow Updated 2/15/19 9. 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. IN WITNESS WHEREOF, the undersigned parties have executed this Agreement to be effective as of the date subscribed by the City's Assistant City Manager. CITY OF FORT WORTH,TEXAS OWNER 800 McPherson Partners,LLC a Texas limited liability company WABy: Haddock Interests, Inc.,Manager Dana BurghdoJfT1U[ 1 ' ' Fb Interim Assistant City Manager Date: I P —rrT— J es B Haddock President Recommended By: - J , Randle Harwood Director,Planning and Development Approved as to Form and Legality: D6r— 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 F O R7 6?r person responsible for the monitoring and ATTEST: .,O administration of this contract, including ;J ensuring all performance and reporting requirements. Cityecr)ea ry Ju e Westerman raduate Engineer Transportation Impact Fee Credit Agreement-CA-19-013 FT f°°� Brook Meadow Update 2/ SIk EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development Plan "D" Eligible Transportation Improvements "E" Credits Against Transportation Impact Fees "F" Allocation of Credits Transportation Impact Fee Credit Agreement-CA-19-013 Page 5 of 11 Brook Meadow Updated 2/15/19 EXHIBIT A Description of Property PLAT METES AND BOUNDS DESCRIPTION BEING A 11.960 acre tract of land situated in the Hiram Little Survey,Absbad Number 930, being all of a tact of land described In the General Warranty Deed with Vendor's Lien from BONNIE S. GOREE to 800 MCPHERSON PARTNERS, LL.C, recorded in Instrument Number D217238382 of the Official Public Records of Tarrant County, Texas(OPRTCT), said 11.96 acre tract being more particularly described as follows: BEGINNING at a pant for comer at the northwest corner of said Goree tract in County Road 1072 also known as McPherson Road (variable width right-of-wN where road has been dedicated), from which a found i"pipe for reference bears South 00 degrees 48 minutes 02 sewnds East, a distance of 25.00 feet; THENCE North 89 degrees 34 minutes 59 seconds East,with the north line of said Goree tract, a distance of 562.53 feet to point for corner at the northeast comer of said Goree tract; THENCE South 00 degrees 47 minutes 24 seconds East, with the east line of said Goree tract, passing at a distance of 25.00 feet a found 3/40 iron rod at the northwest comer of a called 3.0 acre tract of land described in the General Warranty Deed to Martin Mora et ux, recorded In Instrument Number D208380100, OPRTCT,continuing with the east line of said Goree tract, a total distance of 923.20 feet to a found 1/2" iron rod at the southeast comer of said Goree tract and the northeast comer of a called 6.641 acre tract of land described as TRACT 2 in the Warranty Deed with Vendor's Lien to Scott Grand Bloxom et ux, recorded in Instrument Number D203203819, OPRTCT,from which a found 5/8"iron rod Lars South 88 degrees 57 minutes 26 seconds West, a distance of 0.90 feet and from which a found 1/2" iron rod at the southwest comer of said Mora tract bears North 00 degrees 47 minutes 24 seconds West,a distance of 146.92 feet; THENCE South 88 degrees 57 minutes 26 seconds West, with the south line of said Goree tract and the north line of said TRACT 2, a distance of 562.36 feet to a 6"metal post at the southwest comer of said Goree tract and the northwest corner of said TRACT 2; THENCE North 00 degrees 48 minutes 02 seconds West, with the west line of said Goree tract, a distance of 929.35 feet to the POINT OF BEGINNING and containing 11.960 acres of land,or 529,073 square feet of land, more or less. Transportation Impact Fee Credit Agreement-CA-19-013 Page 6 of 11 Brook Meadow Updated 2/15/19 EXHIBIT B Map of Property r SITE �• . 4 MW 4.974 kkr s 1 •_ x� o yy 4. rr M^- •� 44t I VICINITY MAP tr.,o-scoul WAZ:M VICINITY MAP EXHIBIT PAPS-DAWSON 901 'o"�'" ENGINEERS t'�Lrl BROOK MEADOW=MP�ORAWK—Fa— IMT VOR7V l SAA AYTO/10 1 AMTIN 1 NOtllT6%1 DALLAS1 OF7 FORT WORTH TEXAS m ww� MW Kr��0�MQ�p4OY•rYw11�RIr MB1�IYi�IMX Transportation Impact Fee Credit Agreement-CA-19-013 Page 7 of 11 Brook Meadow Updated 2/15/19 EXHIBIT C Development Plan CW MO McMwim Road Z;Z! L.--- 7 I I ' I � 7 „ C ���� I 7 Q 13 1 MY 14 .�4 13 Jews% W41P vim" We UR SLOdow P r. Z— Transportation Impact Fee Credit Agreement-CA-19-013 Page 8 of 11 Brook Meadow Updated 2/15/19 EXHIBIT D Transportation Improvements Brook Meadow MCKAViT Credit Agreement , Eligible Improvements Dedicated ROW �"- NFORT WO T ad MCPHERSON MC PHERSOAO ku x WW 2 PEACEFUL BROOK ' AUTUMN BROOK - BLUEBIRD' y T F Eligible Improvements Umita '40 - �� ROW dedication from 1W McPherson Rd west of Alpine Meadow In to 107 east of Summer Place In :. AR.US tgL Transportation Impact Fee Credit Agreement-CA-19-013 Page 9 of 11 Brook Meadow Updated 2/15/19 EXHIBIT E Credits Against Transportation Impact Fees Right-of-Way Valuation for McPherson Rd 2017 Transportation Improvements Plan Project Z-15 Estimated Construc6m Costs from 2017 A102f000-00 Transportation Improvements Flan Value of Total Project Rat-of-Way(20%of $1,6620,400.00 Construction Cast) Total Pmaject Length(LF) 7,625 Arterial Crass-Section Width(LF) 110 Additional ROW needed for Roundabout(SF) 0 Total Project Right-of-Way(SF) 838,750 Righter-Way Value Per Square Foot SL94 TAD Value as of€19/10/19 TAD Account 03988074 Total Area (SF) 495,712 Appraised Value $267,600.N) Value per Square Foot $0.54 Right-of-Way Dedication Min Rd FP1S-M7-Recorided as Ins rument D22920344Q Total area of RD+IM too be dedicated 11,10 sq ft Value per SF 51-M Tta�tal Credit Availale $ 21,306.12 Exisflng Demand $ - Met Credit Available 21,706.12 Transportation Impact Fee Credit Agreement-CA-19-013 Page 10 of 11 Brook Meadow Updated 2/15/19 EXHIBIT F Allocation of Credits Credit of$361.76 shall be allocated to each of the 60 single family lots within the property boundaries. Transportation Impact Fee Credit Agreement-CA-19-013 Page 11 of 11 Brook Meadow Updated 2/15/19