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HomeMy WebLinkAboutContract 43394ciry SECRETARY No. 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 D. R. Horton - Texas, Ltd. , a Texas Limited Partnership 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 154.78 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 Development Plan identifies the intended land uses in relation to the layout of on -site and 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, Ordinance No. 18083, under which charges ( "impact fees ") are imposed on new development for transportation facilities serving the development and which are identified within the City's adopted transportation improvements plan; and WHEREAS, transportation impact fees must be collected and spent within the service area(s) in which the new development is located; and WHEREAS, the Property is located within service area F; and WHEREAS, the transportation facilities shown on the Development Plan are identified within the City's adopted transportation improvements plan; and WHEREAS, Ordinance No. 18083 Section 1 -15 provides for credits against impact fees for dedication or construction of transportation improvements shown on the adopted transportation improvements plan; and WHEREAS, Owner agrees to dedicate and construct the transportation improvements shown on the Development Plan in exchange for credits against future transportation impact fees; and 1 -16 CREDIT AGREEMENT FOFFICIAL REC °R0 Page 1 of 15 Parr Trust - Santa Fe West CRETARY 07- 13 -1'' PL3:11 Iv RTH, TX WHEREAS, Owner has submitted a final plat to the City for approval, subject to dedication and construction of the transportation improvements shown on the Development Plan; and WHEREAS, based on the anticipated traffic impacts from the development, the City and Owner contemplate the necessity for the construction of system facilities, which must be credited against transportation impact fees otherwise due; and WHEREAS, the City, in accordance with Chapter 395, has determined the maximum transportation impact fees to be charged against new development within service area F to be $387 per service unit; and WHEREAS, the following preliminary plat has been approved by the City: Parr Trust, PP -010-019; and WHEREAS, the Owner has received approval for construction plans, executed Community Facilities Agreements, and dedicated rights -of -way for the following: Santa Fe West, Phase 1 - DOE No. 6657, City Project No. 01727 Santa Fe Enclave, Phase 3 - DOE No. 6721, City Project No. 01787. 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 construct the system facilities identified in Exhibit "D ", which is attached hereto and incorporated herein by reference. For any transportation improvement which has been 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. 1-16 CREDIT AGREEMENT Page 2 of 15 Parr Trust - Santa Fe West 4. Phasing. The Parties acknowledge that, where it is anticipated that the project shall be developed in phases, the anticipated construction of improvements by phase shall be as depicted in Exhibit" Li ", 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 given shall either be guaranteed through an executed Community Facilities Agreement or approved and accepted by the City. 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 Parties have entered into a Community Facilities Agreement for the dedication or construction of the system facility; (b) The number of credits resulting from such improvement has been valued; and (c) 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. (d) To the extent that any credit balance remains after allocation of credits this Agreement may be amended to allocate such unused credits to subsequent phases of the development. b. Proportionality. Owner agrees that the obligation to dedicate and construct improvements to serve the development shown on the Concept Plan, as provided in section 2 of this Agreement, and the credits against transportation impact fees attributed to such contributions and generally allocated to phases of the development herein, are roughly proportionate to the nature and extent of the development shown on the Concept Plan. 7. Term and Effective Date. The initial term of this Agreement shall be ten (10) years from its Effective Date, in accordance with Ordinance No. 18083, which shall be the date on which the last party executes the Agreement. 8. 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; 1 -16 CREDIT AGREEMENT Page 3 of 15 Parr Trust - Santa Fe West 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. 9. 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. 14. 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. (Remainder of Page Intentionally Left Blank) 1 -16 CREDIT AGREEMENT Page 4 of 15 Parr Trust - Santa Fe West ay of IN WIT ESS WHEREOF, the undersigned parties have executed this Agreement as of the d _, 2012. CITY OF FORT WORTH, TEXAS OWNER 4ZL— Fernando Costa Assistant City Manager Recommended By: Vandle Harwood Director, Planning and Development Approved as to Form and Legality: Douglas Black Assistant City Attorney M &C: None required ATTEST: nq'n�"��4'44 XV 50 0 4 p Mary J. Ka °� °d4vaoo ° ° °o *dd a City Secretary aICA'5�" 1 -16 CREDIT AGREEMENT Parr Trust - Santa Fe West D. R Horton — Texas, Ltd. A Texas Limited Partnership By: D. R. Horton, Inc. A Delaware Corporation its authorized agent DA E. Allen, Assistant Secretary OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 5 of 15 EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development PIan "D" Transportation Improvements "E" Credits Against Transportation Impact Fees "F" Allocation of Credits 1 -16 CREDIT AGREEMENT Page 6 of 15 Parr Trust - Santa Fe West EXHIBIT A Description of Property 1 -16 CREDIT AGREEMENT Page 7 of 15 Parr Trust - Santa Fe West LEGAL DESCRIPTION BEING a tract of land situated in the Milly Gilbert Survey, Abstract No. 565 and in the J. Walker Survey, Abstract No. 1602, Tarrant County, Texas, Texas and being a portion of those tracts of land (tracts 1 & 3) as described in a deed to Martha Sue Parr as recorded in Volume 4186, Page 160, of the Real Property Records of Tarrant County, Texas, and being a portion of that tract of land described in a deed to Bank One Trust Company, N.A. as recorded in Document No. D2OS192817 of said County Records, said tract being more particularly described by metes and bounds as follows: BEGINNING at a 518" iron rod found for the southeast east corner of said Martha Sue Parr tract (tract 1) and being in the north line of that tract of land described in a deed to BN Leasing Corporation as recorded in Volume 10437, page 790 of said County Records; THENCE S89 °49'23 "W, 2619.41 feet (previously recorded as 589 °38'W, 2619.44') along the south line of said Parr tract (tract 1) and along the north line of said BN Leasing tract and then along the north line of Lot 2, Block 1 of Burlington Northern Santa Fe Railway Addition, an addition to the city of Fort Worth as recorded in Cabinet A, Slide 4653 of the Plat Records of Tarrant County, Texas, to a 314 inch iron rod found said point being in the east line of that tract of land described in a deed to Bank One Trust Company, N.A. as recorded in Document No. D205192817 of said County Records; THENCE 500 017'58 "E, 977.91 feet (previously recorded as SO °15'W, 981.38') along the east line of said Bank One Trust tract to a 112 inch iron rod found for the southeast corner of said Bank One tract, said point being the northeast corner of Western Meadows Addition, Phase I, as recorded in Volume 388 -201, Page 91 of said Plat Records; THENCE N89 016'15 "W, 2163.41 feet (previously recorded as N88 °42'W) along the south line of said Bank One Trust tract and the north line of said Western Meadows Addition to a 518 inch iron rod with yellow cap stamped "PELOTON" set; THENCE NOO °45'37 "W, 1697.19 feet to a S18 inch iron rod with yellow cap stamped "PELOTON" set in the north line of said Bank One Trust tract; THENCE 589 057'15 "E, 2176.21 feet (previously recorded as S89 °27'E) along the north line of said Bank One Trust tract to a 1" iron rod found for the northeast corner of said tract and being in the west line of said Martha Sue Parr tract (tract 3); THENCE N 00 °15'54 "W, 39.12 feet along the west line of said Parr tract to a 518" iron rod with a yellow cap stamped "PELOTON" set; THENCE S 89 °58'15 "E, 390.41 feet to a 518" iron rod with a yellow cap stamped "PELOTON" set at the beginning of a curve to the left; GAJ08110- DRH001- RANCHO SANTA FE SOUTH\CIV\IMPACT FEE CREDIT APPLICATION\LEGAL DESCRIPTION.DOCX THENCE 587.53 feet, along the arc of said curve, through a central angle of 32 °22'05 ", whose radius is 1040.00 feet, and the long chord which bears N 73 °50'43 "E, 579.74 feet to a 5/8" iron rod with a yellow cap stamped "PELOTON" set; THENCE N 57 °39'40 "E, 791.36 feet to a 5/8" iron rod with a yellow cap stamped "PELOTON" set at the beginning of a curve to the right; THENCE 568.57 feet, along the arc of said curve, through a central angle of 31 °19'24 sec., whose radius is 1040.00 feet, and the long chord which bears N 73 °19'23 "E, 561.51 feet to a 5/8" iron rod with a yellow cap stamped "PELOTON" set; THENCE N 88°59'05 "E, 449.73 feet to a 5/8" iron rod with a yellow cap stamped "PELOTON" set being in the east line of said Parr tract (tract 1) and being in the center line of the westerly terminus of Basswood Boulevard (a 130' public right -of -way) as dedicated by the Plat of Santa Fe Enclave an addition to the city of Fort Worth as recorded in Cabinet A, Slide 12321 of said Plat Records; THENCE 5 00 °46'16 "E, 1529.62 feet along the east line of said Parr tract and along the westerly terminus of said Basswood Boulevard and then along the west line of said Santa Fe Enclave addition to the POINT OF BEGINNING, and containing 6,742,071 square feet, or 154.777 acres of land more or less. G: \1C1B\10- DRHOOI- RANCH❑ SANTA FE SOUTH\CIVjiMPACT FEE CREDITAPPLICATICIN\LEGAL DE SC RIPTION.DDCX EXHIBIT B Map of Property 1 -16 CREDIT AGREEMENT Page 8 of 15 Parr Trust - Santa Fe West 4IVOi _ - ....- ....... j and ion r 10 IZ Fort Worth Y ' SUfFirryCrfsgEc}S Hoithwcs! .. ;h Pack y . Y = ' k . a Blue Mound y `' F N , �( 3m .. . 1+ Clly Pa rk EXHIBIT C Development Plan 1 -16 CREDIT AGREEMENT Page 9 of 15 Parr Trust - Santa Fe West NMI milli IM a . A 4��a ■ ' - logo - ►mom_ Fjg_ IIlrO p, �CG6 a 16r to c3q; CAP v b 1991 o lot . �� ME � la ®� �® ; • 111 pA 1 gill -- :�� :• � 6a11 1e as � 19 9• ��i w�1 fib to oMm iy, y' s:�� �^ Imo' ��•� Q1 plp DI xcl- w .rv„ i. mwsi r. ue T—L n[S�ccn wi ^iw . =1 r -3" ••• • • � -• _ _ 11 F a u s - > _ auFHmCFwiFA COFMF Al aoF�so,�r — rFF� F Auw �.._ lea• d � -IV e� R oG! v o r �� �� I lerl milli ;� � 1:0f1o1147C9416 .� Ei-1 01111 III 1 pHI1G .© ME Ns spy y �;Y1 O � Dz Irr�yp�GaQ. o rl ���i AiSrcR � "�i yyddy ,� ING 4 Rar7FF�� II'fr[�F fin{ - '° ad IH'An pl IR.�I Lim[ME{� ■�a F K * 9 sjj loin �_�� 1d�..�rs EQ R � . - n�i..MA AIL Ni I el Fh10 a '�9 ra � � 11rr �4� ;Fw Ir�pl a: 'rcawvu' fora= i'— — l8 a:. ,A000OOaR�o 1 15 — a WK'S mltib6� a EXHIBIT D 1 -16 CREDIT AGREEMENT PagelOof15 Parr Trust - Santa Fe West EXHIBIT E Net Credit Against Transportation Impact Fees Parr Trust - Santa Fe West & Santa Fe Enclave Value of Capacity Provided Robert W. Downing Dr $ 310,011.78 Basswood Blvd $ 36,518.79 Value of Existing Demand $ - Net Credit Available $ 346,530.57 1 -16 CREDTr AGREEMENT Page 11 of 15 Parr Trust - Santa Fe West Capacity Provided by Robert W. Downing Dr. Paving DOE Number 6657 City Project Number 01727 Item ML Desvipdon Unit unit Price Mgible BgBrble prnount 1 9 -1/2" Reinf. Conc. Pvmt. w/7" Curbs 5Y S 38.DO 3,445 $ 130 910.00 2 9 2" Reinf. Conc. Pvmt. w 7" Curbs ITur naround & Tra n sl SY $ 38.00 0 5 - 3 6" Reinf. Conc. Pvmt. w " C urbe for 29' B -B street SY 175.00 24.00 0 - 4 6" Lime Stabilized Subgrade SY 125.00 3.00 3,652 $ 10 956.57 5 Hydrated Lime TON 105.00 120.00 55 5 6,573.94 6 5' 4" Conc. Sidewalk LF S 25.00 870 $ 21 750.00 7 4' 4" Conc. Sidewalk LF 70.00 14.00 0 8 8 std. Street Header LF 65.DD 15.D0 28 420.00 9 Std. Street Barricade LF $ 15.00 54 $ 810.00 10 Wheelchair Rams EA $ 400.00 2 $ 800.00 11 Street Markings - Detail W LF $ 3.50 1,380 $ 4,930.00 12 Street Markings - Detail 'B' LF 4,000.00 350 1 016 $ 3j556.00 13 Street Markin - Detail 'C' LF S 3.50 150 $ 525.00 14 Street Markings - Detail 'D' LF S 3.50 100 $ 350.00 15 Traffic Signs EA S 340.00 6 - 2,040.00 16 Remove Exist Barricades & Guardrails EA $ 1,000.00 1 1000.00 17 Remove Exist End of Road Barricade EA 5 200.00 0 $ - 18 Remove Exist Traffic Sin EA 2,500.00 200.00 1 200.00 19 Topsoil 6" for all flcways and Medians CY $ 15.0 486 $ 7.290-00 20 Seed in/Hydromulch of all Parkways and Medians (Includes Waterin Irri ation until 80% Vegetative Cover is Attained SY $ 0.50 2,916 $ 1,458.00 33" Headwall EA PavinY Subtotal 1,8M,00 $ 193,469.52 Storm Drain Item l�la Deso ption Unit Unit Price 1Jilsibk nowo 1511&% a Arrtourrt I 6'X4' RCB LF $ 241.50 57 $ 13 765.50 2 514' RCS LF 235.00 233 54 755.00 3 54" RCP LF $ 175.00 0 4 48" RCP LF 125.00 0 5 42" RCP Lf 105.00 0 6 39" RCP LF $ 100.00 0 7 33" RCP LF $ 70.00 0 $ 8 30" RCP LF 5 65.DD 0 $ 9 27" RCP LF S 60.00 0 5 10 24" RCP LF S 55.00 0 $ - 11 21" RCP LF 5 45.00 95 $ 4,275-00 12 8'X8' Junction Box EA 5 4,000.00 1 S 4,000.00 13 Straight Wings DOT - "SW -0" for 6'X4` RBC EA --§ ,500.00 1 $ 6,500.00 14 10' Recess d Curti Inlet FA 2,000.00 1 -2000.00 15 WSW Curb Inlet EA $ 1800.00 0 S - 16 15"M Curb Inlet FA $ 3,000.00 0 17 4'X4' Dro Inlet EA $ 3,000.00 0 S 18 4'5quare Manhole EA $ 2,500.00 0 $ 19 5'5quare Manhole EA 3,500.00 0 $ 20 6' Square Manhole EA 3,650,00 1 $ 3,650.00 21 33" Headwall EA $ 1,8M,00 0 - 22 27" Headwall EA $ 1,685.00 0 $ - 23 18" Rock Rip Rap SY $ 60.00 33 $ 1,980.00 24 12" Thick Rock Rip Rap 5Y $ 60,00 0 $ 25 Remove and Haul Off 18" Storm Pie LF $ 15.00 0 26 Outfall Excavation - Includes channel and rams LF 10.00 532 $ 5,320.00 Parr Trust - Santa Fe West Santa Fe Endave 1 -16 CREDIT AGREEMENT Page 12 of 15 Parr Trust - Santa Fe West Capecity Provided by Robert W. Downing Dr. DOE Number 6657 City Project Number 01727 Storm Drain jcontinuedl 27 Seed ing/Hydromuich of Channe (Includes Water /Irrigation until SY $ 0.50 2,403 80% Vegetative C er is Attained ) - Assumes 50' Width $ 1,201.67 28 Trench Safety LF 5 1.00 385 $ 385.00 Subtotal 97,832-17 Pro rata share from arterial 7% Storm Wain Subtotal $ 6,34,1.25 Paring Subtotal S 193,469.52 Storm Drain Subtotal s 6,848.25 Street Lights Subtotal (6% of Payi ng and Sturm Drain] $ 12,019.07 CONSTRUMON St19T0?AL 312,336.84 Other Eligible Items Dowription AnKKwFt Engineerin& Surveying and Material Testing 20% $ 42 467.37 Street Lighting 6% $ 12 740.21 ROW Dedication 209`0 $ 42,467-37 veal V" of Celpaf#ty Provided 5310,41i.7ss Parr Trust - Santa Fe West Santa Fe Enclave 1-16 CREDU AGREEMENT Page 13 of 15 Parr Trust - Santa Fe West Capacity Provldad by Basswood Boulevard Storm Drain DOE Number 6657 City Project Number 01727 Item No. DesWpdon Unit Unt Price ENO QUWMY Eligible Amount 1 8'x4' RCB LF $ 285.00 597 170 145.00 2 8'x5' RCB LF $ 310.00 276 $ 85 560.00 3 8'x6' RCB LF $ 330.00 32 $ 10 560.00 4 4U'Drop Inlet FA $ 3,000.00 1 3 000.00 5 12" Gabion Matress SY $ 100.00 50 $ 5,000.00 6 Remove RIP Rap and Winirwal ts - Connect to £x. 8'x4' RCB LS $ 1,000.00 1 $ 1,000.00 7 Seeding/Hydromulch of Channe (lnclude.s Water/irrigation until 80%Ve a at+ve Cover is Attained - Assumes 50' width SY $ 0.75 650 $ 487.50 8 Trench SafetY LF $ 1.00 905 $ 905.00 Subtotal 276 657.50 Pro rata share from arterial 11.0% Storm Drain Subtotal $ 30,432.33 CONSTRUCTION SUBTOTAL $ 30,431.33 Other Elloble Items Dmcnipthn Engine'ering, Surveying end Material Testing 20% of Paving &Storm Drain $ 6,086.47 ROW Dedication 20% of Paving& Storm Drain 6,086A7 Value of Qp m" Prwldad $ 41,61]5.26 Parr Trust - Santa Fe West Santa Fe Enclave 1 -16 CREDIT AGREEMENT Page 14of15 Parr Trust — Santa Fe West EXHIBIT F Allocation of Credits 1 -16 CREDIT AGREEMENT Page 15 of 15 Parr Trust - Santa Fe West M dp to q M =001v. ..... ...... OOP YZ MUM01 all '1w I a. k_LA q 5m kRTOT•s l] 560.5 U I CUP III ai . N NN ots located within All un■ary are eligible for impact fee credits. xS POO MA Pma - art kAI IC IM