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Home My WebLink AboutContract 53646 Mar 12,2020 CSC No.53646 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 Meritage Homes of Texas, 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 29.239 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 G;and WHEREAS, the City has determined the maximum transportation impact fees to be assessed against new development within service area G to be$1,799 per service unit (vehicle-miles of demand);and j EFT. L RECORD CRETARY ORTH,TX Transportation Impact Fee Credit Agreement-CA-20-002 Western Ridge 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: Western Ridge, PP-16-042; and WHEREAS, the Owner has dedicated 45,147 square feet of right-of-way for eligible arterial,Cromwell Marine Creek Road: Recorded as Instrument D220038399, recorded February 18, 2020. 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-20-002 Page 2 of 12 Western Ridge 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-20-002 Page 3 of 12 Western Ridge 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 Meritage Homes of Texas,LLC a Texas limited liability company Dana - r Dana Burghdoff Mar 11,2020) Dana Burghdoff ---�� Assistant City Manager David Augr bau Date: 'Var" Mar ii,2020 Vice Preside evelopment Recommended By: b I Harrel DJ Harrell(Mar 10,2020) DJ Harrell Interim Director,Development Services Approved as to Form and Legality. ordre- DBlack(Mar 11,2020) 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 administration of this contract, including OR ensuring all performance and reporting ATTEST: O: ' o requirements. * :` %e* 1 �7 Gt�9ItEt#ta�r Mary J. ayser(Mar 11, 20) Julie Westerman(Mar 10,2020) Mary J.Kayser %+ Julie Westerman "- - City Secretary ° '''r Graduate Engineer OFFICIAL, RECORD CITY SECRETARY FT WORTH, TX Transportation Impact Fee Credit Agreement-CA-20-002 Page 4 of 12 Western Ridge 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-20-002 Page 5 of 12 Western Ridge EXHIBIT A Description of Property BEGINNING at 1 /2" iron rod for the eastern most northeast corner of the herein described tract,in the west right-of-way line of Bob Hanger Street (60' Right-Of-Way); THENCE South 00' 05' 23" West -576.24' along the west right-of-way line of said Bob Hanger Street,to a 1/2" iron rod with a cap stamped "SPRY 5647" set for the southeast corner of the herein described tract, at the northwest intersection corner of Cromwell Marine Creek Road (Right-Of-Way Varies) and said Bob Hanger Street; THENCE South 89'48' 42" West- 1842.36' along the north right-of-way line of said Cromwell Marine Creek Road,to a 1/2"iron rod with a cap stamped "SPRY 5647" set for the most southerly southwest corner of the herein described tract, common to the east corner of the northeast right-of-way corner clip at the intersection of Bowman Roberts Road (A.KA County Road No. 4123,Right-Of-Way Varies) and said Cromwell Marine Creek Road; THENCE North 44'54' 09" West-42.21' to a 1 /2" iron rod with a cap stamped "SPRY 5647" set for the most westerly southwest corner of the herein described tract, common to the north corner of said northeast right-of-way corner clip,in the east right-of-way line of said Bowman Roberts Road; THENCE North 00' 23' 00" East- 725.18' along the east right-of-way line of said Bowman Roberts Road,to a 1 /2" iron rod with a cap stamped "SPRY 5647" set for the northwest corner of the herein described tract,common to the southwest corner of a tract of land conveyed to Fred Howard Spindor &Marlys Joy Spindor in the deed recorded in Volume 8341,Page 1664 P.R.T.C.T., from which a 1 /2" iron rod with a cap stamped "RPLS 4277" found for the southwest corner of Lot 1, Block 1, Hardy Addition recorded in Document Number D206223228, P.R.T.C.T.,bears North oo• 23' 00" East- 225.20', then North 89"51' 39" East- 10.00' along the east right-of-way line of said Bowman Roberts Road; THENCE North 89" 47 55" East-passing at a distance of 636.43' a 1/2"iron rod found for the common south corner of a tract of land conveyed to Guadalup Acuna,Jr. & Ascent Acuna in the deed recorded in Document Number D206384878, P.R.T.C.T. and a tract of land conveyed to Jean&Jon Connelly, recorded in Document Number D205193610,P.R.T.C.T., continuing for a total distance of 1063.33' to a 1/2" iron rod with a cap stamped "SPRY 5647' set for the southeast corner of a tract of land conveyed to Maria A. Gonzalez in the deed recorded in Document Number D215268011, Transportation Impact Fee Credit Agreement-CA-20-002 Page 6 of 12 Western Ridge P.R.T.C.T., in the west property line of Lot 1,Diaz Addition recorded in Document Number D211094321 P.R.T.C.T.; TEHNCE South 00' 26' 31" West - 179.68' to a 1/2"iron rod with a cap stamped "SPRY 5647" set for the southwest corner of said Lot 1, Diaz Addition; THENCE North 89'46' 25" East-passing a distance of 460.05' a 3/ 4" iron rod found the southwest corner of Lot 2, Block 1, Gallegos Addition recorded in Cabinet B, Slide 935 P.R.T.C.T., and continuing for a total distance of 773.27 to the POINT OF BEGINNING and containing 29.239 acres of land. Transportation Impact Fee Credit Agreement-CA-20-002 Page 7 of 12 Western Ridge EXHIBIT B Map of Property mill AOJEtl I LOCATION Ile �.rra. CAM tr. CITY 'PRJECT NO. 101181 MAIPSCO RCM_46-0 Transportation Impact Fee Credit Agreement-CA-20-002 Page 8 of 12 Western Ridge EXHIBIT C Development Plan fill fit !.1 ! 1_ ! oil €, l J � , t g bum fit19 . pit !�t' dl ..lip? i • 1 E, aJOE 0 .,'�' a_ t1t��!� !• F�t 3i ' 1 �� ! i €aB��r�tE��e� =�M! F€Fill,� ifi4�! f �x�ft !F w # 'iot 1 i�•� Aa$ -d t t 1 F t r `° + ([t j ra•�nw•iwiw ssa -- 1_ f t ', C•+ ..1mowa.umaa,faw �.. ( gip - am E �__ I i'JlYi QI SI HK 7 7 Rut ��f= tY� 9i` '�IE a�au luxvi 1 •��$E� 41 E Y 8+ ,§3s't�y��=•:: �`'. ��jl`' �f aeea'°"' � � E 1. - — E, i • i € lil I- J, L jt aaara �ii t4ri 1 � � _ �� • ..$ I I = a 1 kg t i r Awl - If J_ tj t,y�i _E aew aseetmr .. y .r:: �r K r kk 7sn telm..e lo.,e.dwwa bbb Transportation Impact Fee Credit Agreement-CA-20-002 Page 9 of 12 Western Ridge EXHIBIT D Transportation Improvements J westem Ridge Credit Agreernent Dedicated Righ"f-ll W Dedicated h . Ebgible for Credit Against - Tra.nsportadon Impact Fees FORTWORM LONGHORN 40 *A7T 2 x U 4 o � � ca s� TENDERFOOT CR .NVELL MARINE CREEK low rM CligiWe Improvements Limits f From Bowman itobens to Bob Cromwell Marne Creek fRd Hanger Transportation Impact Fee Credit Agreement-CA-20-002 Page 10 of 12 Western Ridge EXHIBIT E Credits Against Transportation Impact Fees Right-of-8ill1►ay Valuation for Cr well Marine Creek ME-- HOD 1: Percentaee of I:Iizible Prom Cast Year of TiransImrtation Impmverrients, Plan 2017 Transportation Improvements Plan Project 6-3 Estimal, ed Construction its from Traansp attJon Improvements Plan $�1�9�3r f} Value of Total Project Righvof�WaY (20 of Construction Cost) �s,�2;O U0 Total Project Iti rt-of Way(5F) 59%.300 Right-of-Way Valves Per Square Foot $i.66 METHOD 2: TAD Valtse TAD Account 041,05958 Total Area. (SF) 1,16 531 Appraised Value as of July 73,i019 $567,110.00 Value per Square Foot $O)49 Mcht-tom ay Dedication Plat Case FP-17.0 22 Total RO4'u'`Dedication(stq it) 45 J47 Value per SF $1,66 Dedication Value $74,944M Net Credit Available $74,944.02 Transportation Impact Fee Credit Agreement-CA-20-002 Page 11 of 12 Western Ridge EXHIBIT F Allocation of Credits Credit shall be allocated on a first-come, first-served basis within the boundaries of Western Ridge final plat,FP-17-022. Of Jill to IM' oi i - �,..r 7 rla a t pq !� €+t�ti , ,�l��rl`1;' ��1. ; 7l ea 4 $Jlr 1 4r 1 !�1 . 1 P !-, iY=Ea $:� '�' l E eJ :�� {•�� !1 � J J �e'� ,� jJ � J T�j}ip}p��,,y7��J"•S� )�� !iF'Yil .re�sb�yrs � �\ / r� 1J 1 [16S�i•K�aO Ra � I. �, i rnp iwW'a'iu'e•eP� p �i � � � 1fKW4 P e t FP+ lA`a M+mu•ism .MCI ' ,L ii F lvlr.rlx+l xsv rTWUP __ J Y F ! _ S • Y ietylifa.ze 'E.• .9 f7.V.M 1 Y+ - � •� 1 .>, . _� ,� HIS ` - R �i■! ren ae+ c _Mil Transportation Impact Fee Credit Agreement-CA-20-002 Page 12 of 12 Western Ridge