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HomeMy WebLinkAboutContract 40228CITY SECRETARY 0 . CONTRACT NO L COMPLETION AGREEMENT This Completion Agreement ("Agreement) is made and entered into by and among the City of Fort Worth ("City"), and RENAISSANCE SQUARE,_LLC_, a Texas LIMITED LIABILITY COMPANY_ (as "Developer"), and WESTERN NATIONAL BANK(as "Lender"), effective as of 20 t_ Q The City, the Developer and the Lender are hereinafter collectively called the "Parties". WITNESSETH: WHEREAS, the Developer owns that certain tract of real property that contains approximately _66 acres that is located in the City, the legal description of which tract of real property is marked Exhibit "A" — Legal Description, attached hereto and incorporated herein for all purposes (which tract of real property is hereinafter called the "Property"); and WHEREAS, the Developer intends to develop the Property as an addition to the City through plat FP010-002or FS ; and WHEREAS, the Developer and the City have entered into a Community Facilities Agreement relating to the development of THE SHOPPES AT RENAISSANCE SQUARE and known as 01447 City Project No. (hereinafter called the "CFA"); and WHEREAS, the City has required certain assurances of the availability of funds to complete the streets, street signs and lights, and the water and sewer utilities for the development of the Property (herein collectively called the "Community Facilities"), and WHEREAS, in order to provide such assurances as have been required by the City, the Lender has agreed to advance certain funds to the City for Hard Costs (which term is hereinafter defined) subject to, and in accordance with, the terms, provisions and conditions of this Agreement; and WHEREAS, the Developer has granted to the Lender as additional security for the Loan (which term is hereinafter defined) a security interest in all plans and specifications for the development of the Property (hereinafter collectively called the "Plans"); and WHEREAS, the Parties desire to set forth the terms and conditions of such accommodations as are described above. NOW THEREFORE, for and in consideration of the benefits to be derived from the mutual observance by the parties of the terms and conditions hereof, and for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Recitals. The foregoing recitals are true, correct and complete and constitute the basis for this Agreement and they are incorporated into this Agreement for all purposes. 2. The Completion Amount. The City and the Developer agree that the Hard Costs required to complete the Community Facilities in the aggregate should not exceed the sum of SIN HUNDRED SIXTEEN THOUSAND FIVE HUNDRED SIXTY ONE Dollars ($ _ 716,561 hereinafter called the "Completion Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of completion of the Community Facilities may vary as a result of change orders agreed to by the Parties, but such variances for the purposes of this Agreement shall not affect the Completion Amount as used herein. 3. Adiustments to the Completion Amount, The Lender may from time to time make advances to the Developer for the development of the Property under the development loan that has been made by the Lender to the Developer for the purpose of financing the costs of constructing the Community Facilities for the Property (the "Loan") subject to, and in accordance with, the terms, conditions and provisions of the Loan Documents (which term is hereinafter defined) evidencing and securing the Loan. Some of those advances shall be for Hard Costs as specified in the "Approved Budget" relating to the Loan, a copy of which Approved Budget is marked Exhibit "B", attached hereto and incorporated herein for all purposes, with the Hard Costs (which term is hereinafter defined)- line items highlighted. The term "Hard Costs" shall mean the actual costs of construction and COMPLETION AGREEMENT October 2008 Page 2 of 12 installation of the Community Facilities. To the extent that advances under the Loan are for the payment of Hard Costs, the Completion Amount shall be deemed reduced, dollar for dollar. The Lender may withhold statutory retainage from any advances under the Loan or pursuant to this Agreement. All such retainage withheld, to the extent it is attributable to Hard Costs, shall also reduce the Completion Amount dollar for dollar. All retainage withheld by the Lender for Hard Costs that are advanced to the City pursuant to this Agreement shall be released to the City as provided in the Texas Property Code upon expiration of the statutory retainage period. 4. Completion _ by the Developer, The Developer agrees to complete the Community Facilities on or before the date for completion that is established in the Loan Documents plus thirty (30) days (hereinafter called the "Completion Date"), in accordance with the CFA, the Plans that are approved by the Lender and the City and all documents evidencing or securing the Loan (which documents are hereinafter collectively called the "Loan Documents"). For the purposes of this Agreement, the development of the Property shall be deemed complete upon acceptance by the City of the Community Facilities. The City shall promptly notify the Lender and the Developer upon such acceptance. 5. Completion by the City. 1n the event that either: (A) the development of the Property is not completed by the Completion Date for any reason whatsoever, or (B) the Developer is in default under the Loan, then the Lender, at its sole option, may request the City to complete development. The City may, at its sole option and at the cost and expense of the Developer, within 10 days from receipt of Lender's request, notify Lender that it will undertake to complete the Community Facilities and the City shall then commence, pursue, and complete the Community Facilities in a reasonably timely, diligent and workmanlike manner in accordance with the Plans, subject to the terms of this Agreement. The Lender and the Developer agree that the City may use the Plans as necessary to complete the Community Facilities. COMPLETION AGREEMENT October 2048 Page 3 of 12 If the City does not timely elect to complete the construction of the Community Facilities, then the Lender may at its election terminate this Agreement, or at its option, proceed to complete the Community Facilities, or foreclose on any of its collateral, or take any and all such action as may be provided under the Loan Documents. 6. Advance of Completion Costs to the City and Delivery of Hard Costs -Collateral to the City. In the event the Lender has requested the City and the City has elected to complete the Community Facilities, Lender shall transfer to the City all remaining undisbursed Hard Costs specified in the Approved Budget within 10 days of the date that the City elected to complete and provided Lender with written notice of such election. The Developer hereby authorizes and instructs the Lender to make the transfer of any remaining undisbursed Hard Costs specified in the Approved Budget to the City within 10 days of notification that the City elects to complete the Community Facilities. In the event the cost to complete the Community Facilities exceeds the moneys transferred to the City, City shall notify Lender and Developer in writing of the need of additional funds. The additional funds required to complete the Community Facilities shall be delivered to the City within 10 business days following notification to Lender and Developer. Failure to deliver the additional funds shall relieve the City of the obligation to complete the Community Facilities, in which event City shall use the Hard Costs funds in its possession to pay the contractor(s) all funds due it/them. Any remaining undisbursed Hard Costs shall be returned to Lender within a reasonable time. 7. Completion by the Lender. The Lender may, at its discretion, but shall not be obligated to, undertake to complete the Community Facilities if there is any default under any Loan Documents in lieu of requesting the City to complete the Community Facilities. If the Lender elects to complete the Community Facilities, any Hard Costs it expends shall, dollar for dollar, reduce the Completion Amount. COMPLETION AGREEMENT Octobzr 2008 Pege 4 of I2 8. Easements. In the event the City or the Lender undertakes the completion of the Community Facilities, the Developer (and to the extent necessary the Lender) grants to the City and the Lender open access to the Property and shall execute and deliver such temporary easements over and across the entirety of the Property for the purpose of access and use for the completion of the construction of the Community Facilities in accordance with this Agreement. To the extent requested by the City and the Lender, written temporary construction easements in form acceptable to the City and the Lender shall be executed by the Developer and filed of record. Nothing in this paragraph shall reduce any rights of the Lender or obligations of the Developer under the Loan Documents, 9. Lender's Rights. Nothing in this Agreement shall affect any portion of the Lender's collateral for the Loan or limit or impair the Lender's right to foreclose the same or deal with the collateral as it elects in accordance with the Loan Documents. 10. Satisfaction of the City Requirements. The City agrees that the assurances and covenants contained in this Agreement satisfy all requirements of the City with respect to payment and performance bonds or other requirements for security in connection with the development of the Property and the completion of the Community Facilities that are contained in the CFA or in any other agreement relating thereto, and the City hereby accepts the assurances and covenants contained herein in lieu thereof. To the extent the CFA irreconcilably conflicts with this Agreement, the provisions of this Agreement shall control. 11. Termination. This Agreement shall terminate upon the earlier to occur of the following: (a) acceptance by the City of the Community Facilities; (b) mutual written agreement of all of the Parties; or (c) the reduction of the Completion Amount to zero. However, release of the plat shall be governed by paragraph 12 hereof and termination pursuant to (b) or (c) of this paragraph l 1 shall not require the City to release the plat. COMPLF,TION AGREEMENT October 2008 Yale 5 of 12 12. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of the Property until the Community Facilities are completed and accepted by the City and all Hard Costs contractors have been paid, less retainage. Upon acceptance by the City and receipt of evidence from the Developer showing that all Hard Costs contractors have been paid, including but not necessarily limited to lien waivers and bills paid affidavits, the City shall within a reasonable time file the final plat for the Property in the Plat Records of the county where the Property is located. The purpose of the City retaining the final plat of the Property as provided herein is to guarantee the Developer's obligations under the CFA are completed. 13. Construction Contracts. Developer agrees to include in each Construction contract that it enters into for the completion of the Community Facilities the following: a. A statement that the City is not holding any security to guarantee any payment for work performed on the Community Facilities; b. A statement that the Property is private property and that same may be subject to mechanic's and materialman's liens; c. A requirement that each contractor contracting with the Developer release the City from any claim that is related to the Property; and d. A requirement that each contractor contracting with the Developer include in each subcontract the statements contained in a., be, and c. above. 14. Miscellaneous. A. Non -Assignment of Agreement. This Agreement may not be assigned by any of the Parties without the prior written consent of all the other Parties. Be Notice. Any notice required or permitted to be delivered under this Agreement shall be deemed received on actual receipt by the appropriate party at the following addresses: (i) Notice to the City shall be addressed and delivered as follows: COMPLETION AGREEMENT October 2008 Page 6 of 12 City of Fort Worth Planning and Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division Catherine Davidson, Administrator Email: Catherine.Davidson@fortworthgov.org Confirmation Number: 817-392-8188 Attention: CFA Division Jana Knight, Administrative Assistant Email: Jana.Knight@fortworthgov.org Confirmation Number: 817-392-2025 With a copy thereof addressed and delivered as follows: Amy J. Ramsey Office of the City Attorney City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Confirmation Number: 817-392-7617 (ii) Notice to the Developer shall be addressed and delivered as follows: 303 W. WATT, STREET, SUITE 1500 MIDLAND, TX 79704 (iii) Notice to the Lender shall be addressed and delivered as follows; WESTERN NATIONAL BANK ATIN:MARSHALL VICKNAIR 508 W. WALL STREET, SUITE 1000 MIDLAND, TX 79704 Email: COMPLE"PION AGREEMENT October 2008 Page 7 of !2 A party may change its address for notice upon prior written notice to the other parties pursuant to the terms hereof. C. Texas Law to Apply. This Agreement shall be construed under and in accordance with the laws of the State of Texas. D. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, successors and assigns. E. Legal Construction. In case any one or more of the provisions contained in this Agreement shall for any reason is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained in this Agreement. F. Prior Agreements Superseded. This Agreement constitutes the sole and only agreement of the Parties with respect to the subject matter hereof and supersedes any prior understandings or written or oral agreements among the Parties concerning the subject matter hereof; provided, however, that this Agreement shall not supersede, amend or modify any of the Loan Documents or any portion thereof. G. Amendment. This Agreement may only be amended by a written instrument executed by all of the Parties to his Agreement. H. Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement. (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) COMYLE't'ION AGREEMENT October 2008 PNgC s ar Iz Executed by the Parties in five counterparts, each of which shall be deemed to be an original, to be effective as of the date first stated above, NO M&C REQUIRED CITY OF FORT W By: >�ernando Assistant DEVELOPER Costa City Ma ag r � al' �� i C L ► il.l Title: MANAGING MEMBER APPROVED AS TO FORM AND LEGALITY Amy TJgAmsey Assistant City Attorney LENDER Name: Title: Attested by: lud: .= I �1.�►� G ly%or_V\_ rrVeS the "Guarantor" of the Development Loan, is executing this Completion Agreement for the sole purpose of acknowledging that advances that are made by the Lender pursuant to this Completion Agreement shall be deemed to be advances that are made under the Loan that shall be subject to and covered by the Loan Documents and the Guaranty Agreement that was executed by aS4 DEVELOPER Title: MANAGING MEMBER COMPLF.'rION AGREEMENT Octobcr 2008 Page 4 of I2 OFFIGIA�. itEC®RD CITY SECRETARY I :T. WORTH, TX LIST OF EXHIBITS TO THE COMPLETION AGREEMENT EXHIBIT A - EXHIBIT B - COMPLF.TfON AGREF,MENT October 2008 Page 10 of 12 LEGAL DESCRIPTION APPROVED BUDGET 0. — 992.82' _ R• _ it FF _ _ _ _ _ — wz SEreAa _ — _ _ — — Nyn t. — — s-G _ g of I —I g� o$ "I I I I I" i t ',•min � I -I Lot i..�{I yl%�'� n E t"' a T p .�+ 1 3ssm og s T Y �g151, and'3N�� I j�IA Ei �r 'F€3°' I ,L',L',,`�� rtcSLEYYAN fee k l � . `•I €ICI �8 1 I , - h r-I I z �_• N OOVO'22'm.� '1 -a 91 i IS_Act piirg C rT-- zes,o-v K ^s. IS1SS oStSS- 1 It ae6 . N 11 I Yoo I I k� �o iwm mr uay moett Mal ^8�° Y °o 00 SSZ n x u> gee aam• 2 Gv^ my DmfIIIeO�* k> I1r 1 II Ir'5 1 jr-= "'f"""" -34^ '4aoMm Oy�mN m� -%tI I IIM1G� o:og 44 m om mN fro I sc 1 I IqE> SUM. s.6 r�12' Tit' R���. 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FINAL PLAT & Associates, Inc, T� �0 MAS THE SHOPPES AT RENAISSANCE SQUARE UMSMIOC C`rL nOwIn a owtval 2W42FPT� 49N PRIOR IMM. CoTaLIVAL Two "In "M 401-TIM M-7101 To FORT WORTH, TEXAS MM F� XMIA W13 �Ivrt Re- 2W42 01 (311) Community Facilities Agreement for The Shoppes at Renaissance Square April 23, 2010 Exhibit A "Water Description Quantity Unit Unit Price Total A. 12" Water 27362 L.F. $ 26.00 $ 61,412.00 Be 8" Water 31365 L.F. $ 17.00 $ 57,205000 C. 6" Water 300 L.F. $ 15.00 $ 41500000 D. 12" Gate Valve 11 Ea. $ 11223000 $ 13,453,00 E. 8" Gate Valve 20 Ea. $ 676.00 $ 13, 520.00 F. 6" Gate Valve 7 Ea. $ 500.00 $ 3,500.00 G. Fire hydrant 7 Ea. $ 11500000 $ 10,500,00 H. Fittings 4.00 Tons/LS $ 2,969.00 $ 11,876.00 I. Conn. To Ex. Water 4 Ea./L.S. $ 2,000,00 $ 8,000.00 J. 16"x12" Tapping Sleeve& Valve 1 Ea. $ 51000,00 $ 5,000.00 K. 10"x8" Tapping Sleeve& Valve 2 Ea. $ 31000400 $ 61000400 L. Street pavement repair 340 S. . $ 20.00 $ 61800400 M. 70LF Open Cut on E. Berry St. 1 Ea. $ 61000000 $ 61000000 N. 65LF Open Cut on Mitchell Blvd. 2 Ea. $ 5,000.00 $ 10,000,00 O. 65LF Open Cut on Vaughn St. 1 Ea. $ 51000400 $ 51000000 P. 2" Dom, water service 13 Ea. $ 1,000.00 $ 13,000,00 Q. 1" Irr. Service 13 Ea. $ 800.00 $ 101400,00 R. Type A Meter Box 13 Ea. $ 100.00 $ 11300,00 S. Type B Meter Box 13 Ea. $ 120.00 $ 1,560.00 T. Trench Safety 6,027 L.F. $ 1.00 $ 61027,00 U. Removal ex. 20" water / caps 1 L.S. $ 5,000.00 $ 51000,00 V. Testing 1 L.S. $ 10,000.00 $ 10,000400 W. Traffic Control 1 L.S. $ 20,000000 $ 201000,00 Subtotal $ 290,053.00 2% Testing Fee $ 51801606 2% Inspection fee $ 51801006 Total $ 301,655,12 G: \off iced atalwo rk\26042\26042cfa Community Facilities Agreement for The Shoppes at Renaissance Square April 23, 2010 Exhibit AA * Sanitary Sewer Description Quantity Unit Unit Price Total A. 8" PVC 21459 L.F. $ 25.00 $ 61,475.00 A. 8" DIP 393 L. F. $ 30.00 $ 11, 790.00 B. 4' Dia. Manhole 8 Ea. $ 11293000 $ 10,344.00 C. 4' Dia. Drop MH w/Corrosion Prol.nction 2 Ea. $ 21000400 $ 41000,00 D. 4' Dia. Shallow Manhole 1 Ea. $ 11500400 $ 11500400 E. Concrete Collars 11 Ea. $ 220.00 $ 21420,00 F. Clay Dam 9 Ea. $ 500.00 $ 4,500.00 G. 50LF Open cut on E. Berry St. 1 Ea. $ 5,000.00 $ 5,000.00 H. Street pavement repair 70 stye $ 20.00 $ 1,400.00 I. Conn. To ex. S.S. MH 2 Ea. $ 31000000 $ 6,000.00 J. Vacuum test for MH 11 Ea. $ 11000000 $ 11,000000 K. TV inspection 21852 L.F. $ 2.00 $ 51704,00 L. Trench Safety 21852 L.F. $ 1.00 $ 2,852.00 M. Removal ex. 8" S.S. 1 L.S. $ 3,000.00 $ 31000,00 N. Traffic Control 1 L.S. $ 5,000.00 $ 51000400 Subtotal $ 135,985.00 Z% TestingFee $ 27719,70 2% Inspection fee $ 21719,70 Total $ 141,424.40 Exhibit B- Paving Descri tion Quantit Unit Unit Price Total A. 6" Driveway Approach Pavement 450 S.Y. $ 25.00 $ 11,250.00 B. Scarified Recom acted Subgrad 500 S.Y. $ 2.00 $ 11000,00 C. Saw Cut-18" Full Depth 384 L.F. $ 10.00 $ 31840,00 D. 6' Side walk 2500 L.F. $ 20.00 $ 50,000,00 E. 4' Side walk 500 L.F. $ 14.00 $ 71000,00 F. Sidewalk Ram (Type licit 4 Ea. $ 500.00 $ 21000,00 G. Sidewalk Ram (Type "Hit 3 Ea. $ 500.00 $ 1,500.00 H. Sidewalk Ram (Type "Bit 4 Ea. $ 300.00 $ 11200,00 I. Traffic Control 1 L.S. $ 15,000,00 $ 15,000.00 Subtotal $ 92,790.00 2% Testing Fee $ 11855080 4% Inspection Fee $ 31711 a60 Total $ 98,357.40 G:lofficedatalwork�26042126042cfa Community Facilities Agreement for The Shoppes at Renaissance Square April 23, 2010 Exhibit 0-1 * Storm Drain Description Quantity Unit Unit Price Total A. 36" Reinforced Concrete Pie 138 L.F. $ 64.00 $ 81832,00 B. 33" Reinforced Concrete Pie 80 L.F. $ 58.00 $ 4,640.00 E. 21" Reinforced Concrete Pie 56 L.F. $ 40.00 $ 2,240.00 F. 18" Reinforced Concrete Pie 15 L. F. $ 38.00 $ 570.00 G. 4'x4' Drop Inlet 4 Ea. $ 31000000 $ 12,000.00 K. 60" Type B Headwall 1 Ea. $ 41000,00 $ 41000400 K. 36" Type B Headwall 2 Ea. $ 21700400 $ 5,400.00 K. 30" Type B Headwall 1 Ea. $ 21500600 $ 2,500.00 L. 55LF Open Cut on E. Berry St. 1 Ea. $ 6,000.00 $ 61000000 M. 80LF Open Cut on Vaughn St. 1 Ea. $ 51000,00 $ 5,000.00 N. Street pavement repair 190 S. . $ 20.00 $ 3,800.00 O. Conn. To ex. Storm MH. 2 Ea. $ 51000000 $ 10,000.00 P. Curb Inlet 10' 1 Ea. $ 21200,00 $ 21200,00 Q. Detention Pond Dirt Excavation 23,991 C.Y. $ 2.00 $ 47,982,00 R. Matting/SeedingMatting/Seeding on Detention Poi 20,815 S.Y. $ 3.00 $ 62,445.00 S. Trench Safety 274 L.F. $ 1.00 $ 274.00 T. Traffic Control 1 L.S. $ 10,000.00 $ 10,000,00 Subtotal $ 187,883.00 2% Testing Fee $ 31757,66 4% Ins ectionFfee $ 71515,32 Total $ 199,155098 Exhibit C *Street Lights Descri tion Quanti Unit Unit Price Total A. Ex, Street Light Relocation 2 E.a. $ 3,000.00 $ 6,000.00 B. 2"PVC Sch. 80 Conduit 385 L.F. $ 10.00 $ 3,850.00 Subtotal $ 99850.00 4% Inspection Fee $ 394.00 Total $ 10,244.00 G: \officedata\work\26042\26042cfa Community Facilities Agreement for The Shoppes at Renaissance Square April 23, 2010 TOTALS Exhibit A ` Water $ 290,05100 Exhibit A-1 " Sanitary Sewer $ 135,985.00 Subtotal $ 426,038.00 2% Testing Fee $ 8152016 2% Inspection Fee $ 8152016 Total $ 4439079.52 Exhibit B * Paving $ 92,790*00 Exhibit BA " Storm Drain $ 187,883*00 Exhibit C * Street Lights $ 9,850.00 Subtotal $ 290,52300 2% Testing Fee $ 5161146 Total $ 307,757.38 G:lofficedatalwork126042�26042cfa