HomeMy WebLinkAboutContract 53075 530-75
� SFaR�P�� 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 AMCAL ALLIANCE, L.P., a Texas limited partnership
authorized to do business in Texas (the "Developer") (the City and the Developer a
"Party",and collectively, the "Parties").
RECITALS
WHEREAS, the Developer is the owner of approximately 35.3 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 Developer 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 Developer intends to transfer fee simple title to the portion of the
Property identified as Phase 1 on Exhibit "C" attached hereto to FW Alliance Public
Facility Corporation, a Texas non-profit public facility corporation (the "PFC") and the
Developer will then enter into a ground lease with the PFC for such Phase 1 portion of
the Property; and
WHEREAS, the Developer may transfer fee simple title to the portion of the
Property identified as Phase 2 on Exhibit "C" attached hereto to an affiliate of the
Developer or to a non-profit public facility corporation whereupon the Developer (or an
affiliate thereof) will enter into a ground lease with such public facility corporation for
such Phase 2 portion 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
OFFICIAL RECOR
Transportation Impact Fee Credit Agreement-CA-19-008 CI'YIA£RMRY
AIliance Apartments U d t /1
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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 A; and
WHEREAS, the City has determined the maximum transportation impact fees to
be assessed against new development within service area A to be $2,025 per service unit
(vehicle-miles of demand); and
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, Developer 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 Developer has received the following preliminary plat approval:
Alliance Apartments, PP-18-048;and
WHEREAS, the Developer has dedicated 71,482 square feet of right-of-way for
eligible arterial, North Beach Street:
Recorded by Instrument D219179246, recorded August 13, 2019; and
WHEREAS, the Developer has dedicated 52,410 square feet of right-of-way for
eligible arterial,Westport Parkway:
Recorded by Instrument D219179246, recorded August 13, 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 Developer 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. Developer 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
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Developer 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. Ph sing. 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.
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. Developer shall have the right to assign
this Agreement to any person or entity("Developer's Assignee")with the written consent
of the City, provided: (a) the assignment is in writing executed by the Developer and its
assignee; and (b)the assignment incorporates this Agreement by reference and binds the
Developer's Assignee to perform(to the extent of the obligations assigned) in accordance
with this Agreement. Each Developer's Assignee shall become a Party to this Agreement
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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.
S. 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.
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.
10. Reimbursement. Developer has executed a Community Facilities
Agreement, recorded as City Secretary Contract 52644, which includes the construction
of impact fee eligible infrastructure improvements, specifically an extension of N. Beach
St from SH-170 to just north of Westport Pkwy, including related drainage, street lights,
and intersection improvements with Westport Pkwy. The transportation impact fee
credit for the eligible improvements will be deemed to have been created upon final
acceptance of those improvements by the City. Upon City acceptance of improvements
and application by Developer, this Agreement will be amended to add the credit created
by the accepted infrastructure. Additionally upon request by Developer,City will refund
to Developer any transportation impact fees that have been paid by Developer for then-
issued building permits within the Alliance Apartments Addition, Final Plat FP-19-001,
which can be offset by the total credit for Alliance Apartments Addition. To the extent
that any credit balance remains after allocation of credits as provided above,such unused
credits shall be available to be applied to subsequent phases of the development of the
Property by amending Exhibit"F".
(Remainder of Page Intentionally Left Blank)
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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 DEVELOPER
AMCAL Alliance, L.P.
a Texas limited partnership
By: AMCAL Equities, LLC
Jestts-J Chapa " _ ' Its general partner
-Assistant City Manugcc
Date:
Perc-v �--
Recommended By: P " n
/°
Pandlerw
Director, Planning and Development
Approved as to Form and Legality:
46 �_
Douglas Black City Contract Compliance Manager:
Assistant City Attorney
M&C: None required By signing, I acknowledge that I am the
Form 1295: None required person responsible for the monitoring and
t.9 administration of this contract, including
ensuring all performance and reporting
ATTEST: requirements.
Wry J. Kay Jul' WesterMan
City Secretary aduate Engineer
UFMIAL RECORD
CITY SECRETARY
rH
FT.WORTH,IN
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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
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EXHIBIT A
Description of Property
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DESCRIPTION,of a 35.331 acre bad of land aicu in the lassos Mattlu s Statray,Abstract
No. 1021,Tarrant Ccatrlty,Ted said tract bed dwee same tracts of land described as"Tract I
and Tract 2"in t3casc W Warranty Dood to Pbihp K. Sold 2000 Tnuk a L tv Trust w re w dW
in Voluxw 14797,Pogo M ofttk reed Recorde ofTUTUA County.Texas; said 3S.331 acre
L"wa bring mace patticultaty dcowl.eW as#allows:
COMMENCING.at the awrtllww c.saraa of Lot 24,Block 6,Loot Cmck Ranch West,�
addition to the Crty of Fort Worth,amwdinS to the plat recordied is Ca bore t A. Sbide 6476 of the
Plat Reowds ofTarrrctt County,y,Texas;said point belt m the west tarmimis of Westfbrk Rancht
Road(a 70-foci.ride rift-of waft said paint also being 111.35 feet west of the Intersection of
the south line of said Was"Ranch Road and the west tors of Fondesoa Ranch Road(a SO-
fix)(vide 44-at-way);
THENCE,South 00 degram,29 mouses.43 saoonds E&M.akin the want hnc of said Bloch 6.a
distance of 76.31 feet to a 1124=h iron rod with"PACHECO KOCH"cap set for the POINT OF
BEGDNIM; hen w1xh a s*Ayw markea hound scars South 96 degrees 06 mmutes West a
distance of 1.9 feet;
THENCE, South 00 degrees,29 ininattes,43 seconds Bais,along the acid west line of Block 6,
at a distame of 1,311.03 foe the southwest cocoa of that traLl of land described in
Special Warranty Dead to wiloam Blake Jamaa and Ina Bca ttutrcacm Revocable Living Tent
mearded in Volume 1238S,Pogo 1941 of seed Ck*d Records; In all a disumi ae of 1.320,01 feet to
a 1/2-auh iKe rod with "PACH KOCH'cap sat fin coma in X*Uer-Hukt Road(s am-
dedicated rigbtro€mW also k xnvn w+ vumy Road 4042);
THENCE, Swath 89 degreaa,57 mmuaen, 0b aewnds West,&long said Kdlw-Hasher Road.a
distance of 1.168 51 fcct to a'P-K' nail with set for corner;
THENCE,North 00 deiprces. 15 minutes,46 sowads Wat.Pusigg at a d4tance of 28.36 fact the
southeast comer ci that tract of lead dascribcxl its Spacial Watralaty Dead with Vendors Liam to
Kith W. Bradley and Shawn&Hradley recerOed in lrjzmestt Number D207453939 of dw
Of idol Public Rexx &of Ta mot County.Teresa;pasting at a distance of 293.34 fed the
southeast carer of that tract of land dacsati and to is Spot Wwracny Deed to Qukkalver
Rcxtomv m► Ise. rewrded in Instrumou Number D20W5292 of said Off dial Publw Rewr4s; in
all a total distw=of 1,320.27 foot to it stone found for coma in dw mouth line of that tract of
land described in Dead withoudt Wsrrany to CitirAMM Creels Rassctt,L.L.C. recorded in
Ixrstruittab I I lumber D208398266 of ni4 Official Public Rocxrr4a,;
THENCE,North 89 degrees.57 mWatea, 57 seconds gnat, along the said south lino of dw
Cirwamon Crock Ranch, L.LC.tnrcc, a dial— of 1,163.16 feet l+o the PODff OF BE!OMING;
CONTAINWQQ 1,539.036 equate feet or 35.331 acres of land,more or Jena.
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EXHIBIT B
Map of Property
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EXHIBIT C
Development Plan
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EXHIBIT D
Transportation Improvements
Alliance Apartments {
Credit Agreemem # �' .
Right-of-way. ." rr •
t • _
s>•r Dedicated ROW
AR
'Eligible for Credit Against 4 '
Transportation Impact Fees , t'w
FORTWORTH
4�
w e #
r a
s
! Eligible Improvements Llmlts
From Westport for 602
N Beach St feet to the north
r
From N Beach for 1,169
Westport pkwy feet to the west
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EXHIBIT E
Credits Against Transportation Impact Fees
RWM-of-Way Valuation for Apiance Apaatwanb
ROW Valuation 9asW on Adopwd Transportation Improwerromts Plan
EligibAe Arterial N Beach St Westport Pkwy
20:7 Trams imprwemo+sts Plan Projecct A-27 A-9
Nurnbet
Estimated Construction Cosu from 2017 $1,412.000 $3,337,000
Transportal-on Improverner is Plan
Value of Total Protect Right-of-Way 420%of S262.400 $667,400
Construction Cost)
Total Project L&Vh(LF) 1,350 3,275
Arterial Cross•'Sectwn Width(LFM 110 110
Add-tonal ROW needed for Row4about(SF) 0 0
Total Project Right-d-Way(SF) 148,500 360.250
R -0f-W Value Per Square Foot $1.91 $1.06
TAD Value as of S/12/19
TAD Account 5309379
Total Area(SF) 1,495,4SS
Appra,sed Value $3.159.00
Value per Square Foot $0.01
Right-of-Way Dedication
N Beach St Westport Pkwv
Recording Instrument Number D219179246
Recording Date 09/09/2019
Total area of ROW dedicated 71.492 sq ft S2,410 sq ft
Value per SF S191 Slab
Credit $136.S30.62 597,492.60
Total Credit AvaAaW S234.013.22
Dottand $0A0
He CMIA ArSN" $234AL#.t8
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EXHIBIT F
Allocation of Credits
Credit shall be allocated on a first-come, first-served basis to building permits within the
Property (PP-18-048) until the credit is exhausted.
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