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Home My WebLink AboutContract 53265 CITY RETARY J�T� . 53ae5 OEO pew 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 BCD Singh Properties, LLC, a Texas 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 2.529 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 rlescribi,ii nr illiycfriferl nn t11e T)PvialnnmPnft Plan gtt,,rh M 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 B; and WHEREAS, the City has determined the maximum transportation impact fees to be assessed against new development within service area B to be$16,082reelvice unit (vehicle-mile of demand); and UAL RECOR®SECRETARY OR` H Transportation Impact Fee Credit Agreement-CA-19-015 Page 1 of 11 Goddard at Fort Worth Updated 2/15/19 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 final plat approval: Goddard at Fort Worth, FS-18-251; and WHEREAS, the Owner has dedicated 23,663 square feet of right-of-way for eligible arterial, Avondale-Haslet Road: Recorded as Instrument D219236600, recorded October 16, 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-19-015 Page 2 of 11 Goddard at Fort Worth 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. 1erm and Effective Date. The initial term of this Agreement shall be tent (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-19-015 Page 3 of 11 Goddard at Fort Worth 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 BCD Singh Properties,LLC a Texas limited liabi ' pany Dana Burghdo Interim AssistaAt City Manager Charan Walia Date: _� Owner Recommended By: 1 A Ran le Harwood Director,Planning and Development Approved as to Form and Legality: 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 �= n administration of this contract, including 0 ensuring all performance and reporting ATTEST: � fffz requirements. ary s %'" %7, u"e Westerman City Sec etary Waduate Engineer OFFOCUAL RECORD COrl SECRETARY FT. WORTH®` X Transportation Impact Fee Credit Agreement-CA-19-015 Goddard at Fort Worth Updated 2/15/19 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-19-015 Page 5 of I 1 Goddard at Fort Worth Updated 2/15/19 EXHIBIT A Description of Property Beginning at Mag nail set In asphalt In Avondale Road,at the Northwest corner of a tract of land described in deed to SSGN Investments I-I-C,recorded In Instrument No. D21421 1589, Offlnial Public Records,Tarrant County,Texas; Thence South 00'01*OY'East,a distance of 548.69'to a 3h4"iron pipe found at the Southeast comer of said SSGN Investments LLC tract,same being the common Northerly corner of a tract of land described In deed to Francis Hoskin and Pr(cIlla Joy Hoskin, recorded In Instrument No.D214033352,Official Public Records,Tarrant County,Texas.and Lot 7,Block 1,of Boyd Addillon,an addition to the City of Fort Worth.Tarrant County.Texas,according to the plat thereof recorded In Cabinei A, Page 1795,Plat Records,Tarrant County,Texas-, Thence South 89'56'57"West,a distance of 394.31'to a 314"Iron pipe found at.the common Northerly corner of a tract of land described In dead to Carolyn C.Huntyn,recorded In Instrument No.D20=5517,Official Public Records, Tarrant County.Texas,and a tract of land degcflbed In dead to Bret B.White recorded In Insturmant No.D20BOI 9777, Official Public Records,Tarrant County,Texas, same being the Southeast comer of a tract of land described In dead to Jonathan Wastram and Tracy Westrom,recorded In Instrument No.D218121542,Official Public Records,Tarrant County,Texas; Thence North 00"OV03"Wast,a distance of 541.23'to a Mag nail set In Avondale Road,at the Northeast corner of said Wesirorn tract; Thence North 88"63*56"East,.along said Avondale Road,a distance of 394.38'to the PLACE OF BEGINNING and containing 214,883 square feet or 4.933 acres of land. Transportation Impact Fee Credit Agreement-CA-19-015 Page 6 of 11 Goddard at Fort Worth Updated 2/15/19 EXHIBIT B Map of Property .......... [70 65 Avondale Haslet d I T E � i Boaz Rd Bluff Spring D VICINITY MAP ,T, . GODL ARD SCHOOL DEVEL PIMF.NT 1257 AVONDALE HASLET R f FORT`WG�.TH,TEXAS CITY PROJECT T#101909 T 1AN LE 3c�,i �x aLx[ ter-[ Iw)icer Ha -..ver xa to u, Hm, y�u nW A' fl'aIPF' PT FIE PIP110,no. Transportation Impact Fee Credit Agreement-CA-19-015 Page 7 of I 1 Goddard at Fort Worth Updated 2/15/19 EXHIBIT C Development Plan rr ` ,=[ir r,! ,l i f rf aii ri; � k 1 ��Ft a�a � F" r }fix � 1� 1�= •i �_ � F� �� riff ;��i t,�i��iaF�;�}t� ��jj�f�I�1�#F � � � }i;� �t;��•��t ��,��'f �; o�_, � r � �� Jl !�� f �� 'if f 3� ! F}i�. rr� �!•! f� i,lF� �� €{� F w �•� � �,� l�Fi,�� fF� a 1k�F F=��( �i ��f!f r �'� @�a�i �i�ii� f F�ft�Fl �� Ff�• � � s !a[� #!�jr if�IF �•��F = �l Flfrt! � a }� � � FIF = 1 =� � I Fft=F�='j�y�F t f`��ft(!�F �� `' k ai}6 F! ! ,f �f!�•t{,�!rf � f1'( � _� ( y� � }} F It i r t 1� 5kf}� 5 F" k°!i; i'; . .IIri �flFI1 � � kafa a 1 e a1F}f� 4 < d 5+ jgo C s } age 9E% g,*ir, - „! 3 `- .89YM 3=�00.10�9G + .I�. Q •.�`,;t'}�; i�. �zn,U i gel:, otr 'lit dy`< �.. _ [k,+ i .Ci'iM M.CAI0.00N }; •��F� �ii[� 3-i18Cl3NI fill OZ5 Nl1S?1V T k lit ! �E --!u• '":11'1'f 1 f k'�1}L' ,7' r'f`-i 1'1��+.1} � ']�a�iis tj. �: Transportation Impact Fee Credit Agreement-CA-19-015 Page 8 of 11 Goddard at Fort Worth Updated 2/15/19 EXHIBIT D Transportation Improvements „+ Goddard at Fort Worth f _, Credit Agreement Dedicated Right-of-Way' Dedicated IL y� •�'• � f 'Bigible for Credit Against C� Transportation Impact Fees r tl; lp 1 IV AV2NDAM,HASLET AVONDA4LGHAXE;r"e4' „7 4LO�"Poo r. I Eligible Improvements Limits Auondala-Haslek.Rt1 From Austin Stone Rd to 395 ft east of Austin Stone Rd � I r Transportation Impact Fee Credit Agreement-CA-19-015 Page 9 of 11 Goddard at Fort Worth Updated 2/15/19 EXHIBIT E Credits Against Transportation Impact Fees 1fa9irafion for Gcddwird at Fart'Wwalh Mdliitim HOW Vaktatum Based an Adopted Transponation 1Gmpi aver waft PMn Eli ilnEe i Avondab-H wkr fir 7 Traz sportatimn knpr wn-ents 14an Pf ojea B-9 Number Es�d Consauctim Cwts from 2017 SIAMM Tramp=lati=rn Impromments rJan Arterial Cr cibm d-lb(LFJ 11e Addhiwjai ROW needed for Roundabmad0 ToW Project Way( l� R t-O&waV V3?--je Per Square Fact $Lai TAD Vidue as of 10JJ jf 9 Tom?►Acawat GSaM4,51 TMW.Area ,033 Appraised Vakse S226,440.00 r Square Foot 1. ► Rjg�rt-of- Amundale-[islet Rd &eta Imarumeut Mndaer D219236 Reowdina Dam 10111 .43 Total area of ROW dedHated[s+q fQ 23fi63 Vag per 3F SLB1 Oredlit SQaM&03 Tam 1Cmdit.wa zbJ* s4ZEMM Eidsfing Demand m Net Credit Available $42,830.03 Transportation Impact Fee Credit Agreement-CA-19-015 Page 10 of 11 Goddard at Fort Worth Updated 2/15/19 EXHIBIT F Allocation of Credits J_ - All credit shall be ;{#t, used on a first-come, � 1 a �a � a R IN first-serve basis gill within the boundaries !j 111 � t� •�EE r:�, f� # tf� �r •t I{I {,tI! �¢ ,1 • of the Goddard at g }� Fort Wort ph final plat, 'FS-18-251. j It +P�� tP itl�P �€}t 1 ifs ��;" �� ., Ik� 5 -�•Yf�� .%� � � �� f lit, t it �, ! �� ' C ti9Js=iu iEji�E�1�� { !� �fel 7 f\\ i ► ��=i'1 � i � `y.� {]-k! ,lz' �P {��J'P r�1ifPk{pis!,sl �°9�i P 1 Y J 1 etYiir� i Earii¢� '� ��I[ ! �s' =t (�I!• �� Flo NO bye lit V 14 t9nro a.rarams i5 _ ,: , Oft lunar ENE e�� t! H +r'.a'i.• .r: S � ^ , ... _...M...._J ISFF��t IF! mga�N01SNI1SnB !lit11 tly,J Sa' "+3go •1!. 5� 5 I 4 11�ik'M�;E!,,i:rt.rrrrc�F �P� Jill �. � ► ;s E' f� Transportation Impact Fee Credit Agreement-CA-19-015 Page 11 of 11 Goddard at Fort Worth Updated 2/15/19