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Home My WebLink AboutContract 40214 (2)ciTr sLcRh raRv ) In �oCTNO, �a� TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT This TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT ("Agreement") is entered into by and between the BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS (the "Board"), an administrative body appointed in accordance with Chapter 311 of the Texas Tax Code (the "TIF Act") to oversee the administration of Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas, a reinvestment zone designated by ordinance of the City of Fort Worth in accordance with the TIF Act, and the CITY OF FORT WORTH ("City"), a home rule municipality organized under the laws of the State of Texas. The Board and City hereby agree that the following statements are true and correct and constitute the basis upon which the Board and City have entered into this Agreement: A. On December 9, 2003 the City Council adopted Ordinance No. 15774, establishing Tax Increment Financing Reinvestment Zone Number Seven, City of Fort Worth, Texas (the "TIF District"), and establishing the tax increment fund of the TIF District (the "TIF Fund"). Be On February 3, 2005 the Board adopted a project and financing plan for the TIF District, as amended on September 29, 2005 (the "TIF Project Plan"). The TIF Project Plan was approved by the City Council on October 25, 2005 pursuant to Ordinance No. 16667-1Owe 2005. C. The TIF Project Plan includes the widening of North Riverside Drive (Old Denton Road) into a four (4)-lane divided roadway between Heritage Trace Parkway and North Tarrant Parkway. Hillwood Alliance, GP, LLC or an affiliate thereof ("Hillwood") and the City jointly wish to initiate these improvements in accordance with the general plan attached hereto as Exhibit "A", which is hereby made a part of this Agreement for all purposes (the "Project"). In accordance with the City's powers set forth in Section 311.008 of the TIF Act, and with the Board's consent, as authorized by the Board during its meeting on April 30, 2010, the City wishes to use up to $2,200,000.00 of revenues in the TIF Fund to pay for or reimburse the City for the costs of the Project. The Board and the City wish to enter into this Agreement to memorialize the manner in which such funds will be transferred from the TIF Fund to other appropriate funds or accounts of the City. D. The costs of the Project qualify as lawful "project costs", as that term is defined in Section 311.002(1) of the TIF Act ("Project Cost"). NOW, THEREFORE, the Board and the City, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: ��_- _ _,- �� -_ �- Page 1 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth OFFICIAL RECORD CITY SECRETARY F To WORTH, T3( 1. CITY'S OBLIGATIONS. Hillwood will oversee and be responsible for all aspects of the Project in accordance with a Community Facilities Agreement between the City and Hillwood. The costs of the Project will be borne by the City and Hillwood substantially in accordance with the summary set forth in Exhibit "A". The Project will be constructed in accordance with all applicable Legal Requirements. 2. TIF FUND CONTRIBUTIONS; PRIORITY OF PAYMENT. The Board hereby acknowledges and consents to the transfer from the TIF Fund of up to $2,200,000.00, in whole or in part, to other funds or accounts of the City that have been identified as the funding source for the Project. Notwithstanding anything to the contrary herein, such transfers shall be subject and subordinate to the following existing contractual obligations of the Board: (i) The retention by the Board of up to five percent (5%) of the tax increment annually deposited into the TIF Fund in order to pay actual administrative and operating expenses of the TIF District; (ii) The obligation of the Board to pay any Reimbursement Amount required pursuant to and in accordance with that certain Tax Increment Financing Development Agreement by and between the Board, the City, and AIL Investment, L.P. dated on or about December 20, 2005 (City Secretary Contract No. 33002); and (iii) The obligation of the Board to pay any Reimbursement Amount or to retain any tax increment pursuant to and in accordance with that certain Tax Increment Financing Development Agreement by and between the Board, the City, and Presidio Vista I, Ltd. dated on or about March 21, 2006 (City Secretary Contract No. 33343). 3. TERM. The term of this Agreement shall commence on the later date of execution by both the Board and City and expire upon the earlier of (i) the complete performance of all obligations and conditions precedent by the Board and City; (ii) termination by either the Board or City as permitted by this Agreement; or (iii) termination of the TIF District in accordance with Section 311.017 of the TIF Act. Page 2 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth 4. NOTICES. All written notices called for or required by this Agreement shall be following, or such other party or address as either party designates in writing, Board: City: Attn: Director Attn: City Manager Housing & Economic Development Dept. City Manager's Office 1000 Throckmorton 1000 Throckmorton Fort Worth, Texas 76102 Fort Worth, Texas 76102 5. COMPLIANCE WITH LEGAL REQUIREMENTS. by This Agreement and the Project are subject to all applicable federal, state and local laws, ordinances, rules and regulations, including, but not limited to, all provisions of the City's Charter and ordinances, as amended, and violation of same shall constitute a default under this Agreement. In undertaking any work on the Project, City, its officers, agents, servants, employees, contractors and subcontractors shall comply with all federal, state and local laws and all ordinances, rules and regulations of the City, as such laws, ordinances, rules and regulations exist or may hereafter be amended or adopted (collectively, "Legal Requirements"). 6. SEVERABILITY. If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 7. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. 8. CAPTIONS. The captions to the various clauses of this Agreement are for informational purposes only and shall not alter the substance of the terms and conditions of this Agreement. Page 3 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth 9. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the Board and City, their assigns and successors in interest, as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. This Agreement shall not be amended unless executed in writing by both parties and approved by the Board in an open meeting held in accordance with Chapter 551 of the Texas Government Code. IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the later date below: CITY OF FORT WORTH: BOARD OF DIRECTORS OF TAX By. 4% 4 or . Tom Higgins cz Assistant City Manager S�v�v Date: APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City M&C: none required SEVEN, TEXAS: By: Date: Da�ii31 Sd Chairman Page 4 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth n�EICI�iE. FtECDRD CITY SECRETARY ET.1WORTH, TX EXHIBIT THE PROJECT Page 5 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth TIr / RIVGRS urE DRIVC Alliance Town Center S14N,►LIZATION OF \ HERrraCE TRACE & FEATIIERCRASS LN Nearrnve Tr+nce rlRAwnv �� _. -�-- - slcNaLlznnoN' or• IIERIT.ACETRACE&RIVERSIDE - 1 - 9 � 3 j �MITIMI ,. LCr:LXb 1'P Itnl � I � City of Fnrt 1ti'o►-th>rI'IF 7 , ` 1 R ' J r f NORTH RIVERSIDE DRIVE EXHIBIT D'N.J;-R nEVF1 CIF FR PLANNER !ENGINEER i J cJ.ACQBS uu,„'.i J i EfioF - - Page 6 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth TIF 7 SUMMARY - NORTH RIVERSIDE DRIVE Alliance Tovm Center Road Cost Estimate for 4 Lane - Heritage Trace Parkway to Dalton Street Alliance Town Center- North Riverside Drive Prepared: December-4, 2009 Heritage Trace Pkwy to Dalton St - 4 LN Divided Major Arterial Revised: March 29, 2010 CITY OF Preliminary Estimates for Offsite Road Improvements Printed: March 29, 2010 HILLWOOD FORT WORTH DESCRIPTION OF ITEMS QUANT. I UNIT UNIT COST SUBTOTAL GENERAL ASSUMPTIONS 4. Approx 1260 L.F. from Heritage Trace Pkwy to and including the Dalton St Intersection 2. 4 Lane divided with pedestrian Intersection decorative Paving Improvements 3. EastlWest parkway & median landscape and irrigation. 4. Includes signalization at Heritage Trace Parkway & Feathergrass Lane and Heritage Trace & Riverside. 5. Excludes future Dalton St intersection pedestrian street lights, crossing signals, trellis shade structures, and landscape walls and beds 6. Excludes ROW cost. STREET IMPROVEMENTS EARTHWORK Assumes reduced dirt cost due to adjacent Hlhvood stockpile Placed Import Fill -Assumes 15%compaction 31,233 C,Y, $3 S93,699 S33,900 $59,799 Cut&Fill 780 Cry. $3 51,950 S63 S108 PAVING 6' Stabilized Subgrade 10,750 S.Y. S2 S20,425 S6717 $13,709 Hydrated Lime (30t1/SY) 162 TON $110 S17,820 S61050 S11,770 4" HMAC Base Course 10,475 S.Y. A $20 S209,500 $684700 $1409800 8" R.C. Street Pavement 10,200 S.Y. $30 $306,000 $100,050 S205,950 6" Curb 2,395 LF- 91 $2,395 $890 $1,505 7" Curb 2505 L.F. $2 S3,758 S1,343 S2,415 Temporary Asphalt Transition- South from Dalton St 750 L.F. S150 S1127500 $60,000 S52,500 LIGHTING Lights, Double Head Cobra vA stone base, 209 O.C. in median 7 EA 8,000.00 S56.000.00 S321000 S24,000 Pedestrian Lighting at Intersection 0 EAC 6,000.00 S0.00 $0 $0 SUBTOTAL $824,047 $309,712 $514,335 Contingency 10% $82,405 S301971 $51,434 Engineering/Surveying 12% $98,886 S37,165 $61,720 Testing) Observation 4% $323962 S12,388 $20,573 Permitting 4% $329962 $121388 S20,573 TOTAL $1,0711260 $4029625 S668,636 STORM DRAINAGE 5-81X6' MBC 205 L.F. $1,650 S338,250 $214,500 S123,750 21"RCP 290 L.F. $45 S73,050 $900 $12,150 Rock Faced Parallel Wings for5-8'X6' MBC 2 EA. $35.000 S70,000 $60,000 S10,000 Decorative Handrail 380 L,F. $100 S38,D00 S30,400 $7,600 STD 10' Curb Inlet 4 EA. $2,000 58,000 $20000 $6,000 Rip Rap (18" Thick) 1,335 S.Y. $90 S120,150 $120,150 SO Rip Rap (12" Thick) 555 S.Y. $65 S36,075 $36,075 $0 Rock Check Dam 2 EA. S750 $1,500 S1,500 $0 Trench Safely 495 L.F. $1 $495 S150 $345 SUBTOTAL $625,520 S465,675 S159,845 Contingency 10% $622552 $46568 S15,985 Engineering l Surveying 12% $75,062 $552881 $19,181 Testing l Observation 4% $25,021 $18,627 $60394 Permitting 40k $259021 S18,627 S64394 TOTAL $813,176 $6054378 $207,799 SANITARY SEWER COLLECTION SYSTEM 12"Seaer Main SDR-26 wf Cement Stabilization Backfill 135 L.F. $75 S10.125 S101125 SO Remove Exist Plug & Connect To Exist To 12" Line 1 EA S1,000 $1,000 $17000 SO Ballast Stone 10 CY $5 S50 $50 SO Crushed Limestone 10 CY $5 $50 S50 so Class B Concrete 10 CY $5 $50 $50 $0 Class E Concrete 10 CY $5 $50 $50 $0 Trench Safety 135 L,F. $1 $135 S135 s0 SUBTOTAL $119460 S11,460 SO Contingency 1D% $1,146 S1,146 SO Engineering l Surveying 12% $1,375 $1,375 SO Testing l Observation 4% $458 S458 $0 Permitting 4% $458 $458 SO TOTAL $14,898 $14,898 SO Page 7 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth TIF 7 SUMMARY - NORTH RIVERSIDE DRIVE Alliance Town Center Road Cost Estimate for Lane • Heritage Trace Parkway to Dalton Street Alliance Town Center • North Riverside Drive Prepared: December 4, 2009 Heritage Trace Pkwy to Dalton St • 4 LN Divided Major Arterial Revised: March 29, 2010 CITY OF Preliminary Estimates for Offsite Road Improvements Printed: March 29, 2010 HILLWOOD FORT WORTH DESCRIPTION OF ITEMS QUANT, UNIT UNIT COST SUBTOTAL WATER• NS II EXTENSION Extend to East Side of Road 8 Sleeving Only 16"Water Main 100 L.F. S70 57,000 57,000 SO 12"Water Main 0 L.F. $35 so $0 SO 8" Water Main 0 L.F. S20 SO SO SO 16"Gate Valve &Vault 0 EA. $10,000 SO SO $0 12" Gate Valve & Box 0 EA. $1,700 $0 SO $0 8" Gale Valve & Box 0 EA. 5900 SO SO $0 24" PVC Casing 130 L.F. S70 S%100 $93100 S0 18" PVC Casing 395 L.F. S6D 523,700 $239700 SO 4" Blow Off Valve & MH 0 EA. S4,2o0 SO s0 $0 Connect to Existing W 0 L.S. $1,000 SO so SO 2" Service for Irrigation 2 EA. $850 S1,700 $1,700 $0 4" Irrigation Conduit 400 L.F. $8 $3,200 $3,200 SO STD Fire Assembly 0 EA. $2,700 50 SO SO Cast iron Fittings 1 TON $4,500 $47500 54,500 SO Trench Safety 630 L.F. S1 5630 5630 SO Erosion Control 630 L.F, S2 $1,260 51,260 SO SUBTOTAL $51,090 5511090 $0 Contingency 10% $50109 $5,109 s0 Engineering l Surveying 12% $6,131 S64131 s0 Testing / Observation 4% $2,044 $2,044 SO Permitting 4% $2,044 52,044 SD TOTAL $66A17 $66,417 s0 LANDSCAPING & PEDESTRIAN IMPROVEMENTS Excludes future pedestrian seating, trellis end crossmq signals Landscape Median Berms - Fill & Fine Grading 51O00 CY S5 525,000 SO 525,000 5' Sidewalk both sides of road 29520 LF S20 S50A00 $15,000 535A00 Sod & Irrigation - Median & Parkways (including taps, meters) 75,000 SF $1,50 S712,500 5351250 5771250 EasUWest Parkway Street Trees 65 EA $500.00 532,500 S10,000 5221500 Median Trees 50 EA $500.00 $25,000 so $25,000 radian Beds/Groundcover& landscape walls 0 SF $g,nn co so $n Trellis/Shade/Seating Structures 0 EA TBD $0 $0 SO Crossing pavers at Kroger drives 2 EA $2,500.00 S5,000 55,000 $o Crossing pavers at Riverside/HTP 1 LS . $15,000 $15,000 SO S15,000 Crossing & intersection decorative pavers at RiversidefDalton St. 1 LS $150,000 s150,000 So $150,000 Crossing Pedestrian Signals at Riverside/Dalton Sl. 0 EA TBD SO $0 s0 SUBTOTAL $415,400 S65,250 5350,150 Contingency 10°% $41,540 $6,525 $35,015 Engineering/Surveying 12% $49,848 $7,830 542,018 Testing/Observation 4% $16,616 521610 S14,006 Permitting 4% $16,616 52,610 S141006 TOTAL $540,020 5844825 $455,195 SIGNAL17ATION Riverside & Heritage Trace Parkway 1 LS $250,000 $250,000 $0 $250000 Feather Grass Lane & Heritage Trace Parkway 1 LS 5200,000 $200,000 s0 $200:000 SUBTOTAL $450,000 s0 S25O,OOO Contingency 1056 $45,000 $0 S45,OOD Engineering / Surveying 12% $54,000 SO $54,000 Testing/Observation 4% $18,000 $0 $181000 Permitting 4% $18,000 SO $18,000 TOTAL $585,000 s0 5585,000 Page 8 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth TIF 7 SUMMARY • NORTH RIVERSIDE DRIVE Alliance Totvn Center Road Cost Estimale for 4 Lane - Heritage Trace Parkway to Dalton Street Alliance Town Center - North Riverside Drive Prepared: December 4, 2009 Heritage Trace Pkwy to Dalton St • 4 LN Divided Major Arterial Revised: March 29, 2010 CITY OF Preliminary Estimates for Offsite Road Improvements Printed: March 29, 2010 HILLWOOD FORT WORTH DESCRIPTION OF ITEMS QUANT, I UNIT UNIT COST SUBTOTAL UTILITY RELOCATION Tri-County, OncorlATBT 1,260 LF S150 S189,000 SO S189,000 SUBTOTAL $189,000 SO S189,000 Contingency 10% $18,900 SO S18,900 Engineering I Surveying 12% $22,680 SO S22,680 Testing l Observation 4% $7,560 $0 $7,560 Permitting 4% $7,560 $0 $7,560 TOTAL $245,700 $0 S245,700 404 MITIGATION - WHITES BRANCHINORTH RIVERSIDE DRIVE Assumes proceeding under Nationwide 4 14 permit. Mitigation Credits 11 EA $15,000.00 $165,000 $165,000 80 SUBTOTAL $165,000 S165,000 $0 Contingency 0% $0 50 SO Engineering/Surveying 0% $0 $0 $0 Testing f Observation 0% $0 SO SO Pemlitting 10% $16,500 $16,500 $0 TOTAL $181,500 $181,500 SO TOTAL 4 LANE OFFSITE INFRASTRUCTURE $3,517,971 $1,355,642 52,162,329 SUMMARY OF COSTS FOR 4Lh'MAJOR ARTERIAL HERITAGE TRACE PKWY TO DALTON ST TOTAL HILLWOOD TOTAL CITY STREET IMPROVEMENTS $1,071,260 $402,625 $668,636 STORM DRAINAGE $813,176 $605,378 $207,799 SANITARY SEWER $14,898 $14,898 $0 WATER $66,417 $66,417 $0 LANDSCAPING & PEDSTRIAN $540*020 $84,825 $455,195 SIGNALIZATION $5859000 $0 $585,000 UTILITY RELOCATION $245,700 $0 $245,700 404 MITIGATION - WHITE BRANCH $181,500 $18100 $0 SUB TOTAL S3,517,971 S11355,642 S2,162,329 Page 9 Development Agreement for North Riverside Drive (Old Denton Road) Improvements between N. Tarrant Parkway TIF and City of Fort Worth