HomeMy WebLinkAboutContract 54732 CSC No. 54732
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 FW I-35 Logistics Center LLC, a Delaware limited
liability company authorized to do business in Texas ("Owner") (the City and Owner a
"Party", and collectively, the"Parties").
RECITALS
WHEREAS,Owner is the owner of approximately 39.977 acres in Tarrant County,
Texas, as described 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, 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 C for purposes of
determining transportation impact fees; and
WHEREAS, the City has determined the maximum transportation impact fees to
be assessed against new development within Service Area C to be $1,144.00 per service
unit (vehicle-miles of demand); and
OFFICIAL RECORD
Transportation Impact Fee Credit Agreement—CA-20-006 CITY SECRETARY Page 1 of 13
North Quarter 35 FT. WORTH, TX 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 dedicated the right-of-way shown on Exhibit "D" for
which credits against transportation impact fees shall be granted; and
WHEREAS, Owner has received the following preliminary plat approval:
R&S Miller Family Addition, PP-19-031 on August 28, 2019; and
WHEREAS, Owner has dedicated 83,224 square feet of right-of-way for eligible
arterials Golden Triangle Blvd.and Harmon Rd. ("Rights-of-Ways') within the following
final plat:
R & S Miler Family Addition final plat, FP-19-138, recorded as Instrument
D220067160 on March 20, 2020; and
WHEREAS, the City and Owner have entered into that certain Future
Improvements Agreement for Infrastructure Improvements - North Quarter 35 which
was executed on March 17, 2020 and recorded as City Secretary Contract No. 53666 (the
"FIA"); and
WHEREAS,pursuant to such FIA,Owner has paid the City the sum of$353,801.00
in full satisfaction of Owner's obligation to construct the Paving and Storm Drain
Improvements for Golden Triangle Blvd. and Harmon Rd.
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 has dedicated the Rights-of-Way for
the system facilities identified in Exhibit "D" and satisfied the obligation to construct
system facilities via the FIA.
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
Transportation Impact Fee Credit Agreement—CA-20-006 Page 2 of 13
North Quarter 35 Updated 2/15/19
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.
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) A credit allocation shall be provided by Owner 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 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.
Transportation Impact Fee Credit Agreement—CA-20-006 Page 3 of 13
North Quarter 35 Updated 2/15/19
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.
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.
Signatures on Following Page.
Transportation Impact Fee Credit Agreement—CA-20-006 Page 4 of 13
North Quarter 35 Updated 2/15/19
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
FW I-35 Logistics Center LLC,
a Delaware limited liability company
ISa
Dana Burghdoff(06 22,20 17:03 CDT) By: M2G I-35 Logistics Center GP LLC,
Dana Burghdoff a Texas limited liability company
Assistant City Manager its Managing Member
Oct 22, 2020
Date: By: M2G Ventures LLC,
a Texas limited liability company,
its Manager
Recommended By:
0 tf '2� z�
DJ Harrell(Oct 19,202017:32 CDT)
Susan S. Gruppi
DJ Harrell Manager
Director,Development Services
Approved as to Form and Legality:
hg�Ar—
DBlack(Oct 22,202016:59 CDT)
Douglas Black City Contract Compliance Manager:
Senior Assistant City Attorney
M&C: None required By signing, I acknowledge that I am the
dovbnn
Form 1295:None required apF FORr �d person responsible for the monitoring
�° °°o°�� and administration of this contract,
°o o o=d including ensuring all performance and
ATTEST: ��d'�°°°° o°°p�� reporting requirements.
�a�nEXAS�p
2 /Zi2�e�i d G2�,
r Ronald P.Gonzales(Oct 23,202010: DT) Leonard Mantey(Oct 16,202015:54 CDT)
Mary J. Kayser Leonard Mantey OFFICIAL RECORD
City Secretary Planning Manager CITY SECRETARY
FT. WORTH, TX
Transportation Impact Fee Credit Agreement—CA-20-006 Page 5 of 13
North Quarter 35 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-20-006 Page 6 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT A
Description of Property
Lots 1,4,5X, 6, and 7, Block 1, of R&S Miller Family Addition, an addition to the City of
Fort Worth,Tarrant County,Texas, according to plat thereof recorded in Instrument No.
D220067160 of the Plat Records of Tarrant County, Texas.
Transportation Impact Fee Credit Agreement—CA-20-006 Page 7 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT B
Map of Property
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Transportation Impact Fee Credit Agreement—CA-20-006 Page 8 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT C
Development Plan
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Arterials Golden Triangle Blvd. and Harmon Rd. are both Off-Site facilities to the Property.
Transportation Impact Fee Credit Agreement—CA-20-006 Page 9 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT D
Transportation Improvements
FORT WORTH rY ,
North Quarter 35 ,
Credit Agreement
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Credit Eligible Items '''
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Completed ROW
Dedication
Future Improvements
Agreement Executed
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Eligible Improvements Recorded Document
Harmon Rd&Golden Triangle Blvd Final Plat,FP-19-138
ROW dedication InstrumentD220067160
Future Improvements Agreement
in lieu of construction for Harmon City Secretary Contract,
Rd&Golden Triangle Blvd CSCO 53666
fUearMap'
Transportation Impact Fee Credit Agreement—CA-20-006 Page 10 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT E
Credits Against Transportation Impact Fees
North Quarter 35
Net Credit Against Transportation Impact Fees
Value of Capacity Provided for Harmon Rd &Golden Triangle Blvd
Item Instrument# Plat Case# Value
ROW Dedication D220067160 FP-19-138 $ 205,563.28
Future Improvements Agreement CSC❑ 53666 FP-19-138 $ 353,801.00
Total Credit Earned $ 559,364.2-8
Existing Demand for Shell Warehouses
Address Building Permit Number Date Used Value
10717 North Fwy 1 PB20-00955 4/16/2020 $ -
2709 Graham Cracker Dr 2 PB20-00956 4/16/2020 $ 83,933.64
2600 Graham Cracker Dr 3 PB20-00958 4/16/2020 $ 71,048.26
2500 Golden Triangle Blvd 4 PB20-00959 4/16/2020 $ 49,303.86
Total Existing Demand $ 203,285.76
Net Credit Available (Credit less Demand) $ 356,078.52
Calculation of ROW credit value is on the following page.
Transportation Impact Fee Credit Agreement—CA-20-006 Page 11 of 13
North Quarter 35 Updated 2/15/19
Calculation for ROW Dedication Credit set forth on preceding page.
ROW Valuation Based on Adopted Transportation Improvements Plan
Eli�il:-Jl- Arterial Golden Triangle Blvd
2017 Transportation Improvements Plan Project C-8 C-9
Number
Estimated Construction Costs from 2017 $595,000 $6501000
Transportation Improvements Plan
Value of Total Project Right-of-Warr (20 of $119,000 $130,C00
Construction Cost)
Total Project Length (LF) 595 615
Arterial Cross-Section Width (LF) 110 130
Additional ROW needed for Roundabout (SF) 0 0
Total Pro i+?-�t Right-of-Way (5F) 65,450 79,950
Rig ht-of-WayVaIue PerSquare Foot $1. 2 $1.63
TAD Value as of 5f 12/19
TAD Account 06555578
Total Area (SF) 551,200
Appraised Value $t357,330.00
Value per Square Foot $2.47
Right-of-Way Dedication
Golden Triangle Blvd
Final Plat Case Number FP-19-138
Recording Instrument NUMber D2 0067160
Total area of ROW dedicated 83,224 sq ft
Value per SF $2.47
Credit $205,5 3.28
Total Credit Available $205,563.28
Transportation Impact Fee Credit Agreement—CA-20-006 Page 12 of 13
North Quarter 35 Updated 2/15/19
EXHIBIT F
Allocation of Credits
Credit shall be allocated by lot according to the following table:
North Quarter 35
FW 1-35 Logistics Center LLC
Lots 1, 4, 6, and 7, Block 1, R&S Miller Family Addition FP-19-138
Current Net Credit Available as of S.18.2020 $ 356,078.52
Property Legal Impact Fee Credit Allocation By
Building Number Description Building SF Building
1 Lot 6, Block 1 119,665 $ 66,063.35
2 Lot 4, Block 1 257,117 $ 141,946.36
3 Lot 7, Block 1 159,659 $ 88,142.81
4 Lot 1, Block 1 108,548 $ 59,926.00
$ 356,078.52
Transportation Impact Fee Credit Agreement—CA-20-006 Page 13 of 13
North Quarter 35 Updated 2/15/19