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Home My WebLink AboutContract 54870 54870 CSCO 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 Kingspoint Antares S-F, 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 25.346 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 Z and WHEREAS, the City has determined the maximum transportation impact fees to be assessed against new development within service area Z to be $3,706 per service unit (vehicle-miles of demand); and OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Transportation Impact Fee Credit Agreement-CA-20-009 Page 1 of 11 Kingspoint Phase 3 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 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: Kingspoint Phase 3, PP-18-079; and WHEREAS, the Owner has dedicated 95,895 square feet of right-of-way for eligible arterial,Wichita St: Recorded as Instrument D22095109, recorded April 27, 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-20-009 Page 2 of 11 Kingspoint Phase 3 Updated 2/15/19 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 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-20-009 Page 3 of 11 Kingspoint Phase 3 Updated 2/15/19 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 Kingspoint Antares S-F. LLC ,7 a Texas limited liability company Dana Burghdoff(Nov 18,20 14:43 CST Dana Burghdoff Assistant City Manager Nov 18 2020 Mark Men(Nov 9,2020 09:27 CST) Date: Mark Allen VP-Land Recommended By: DT Harrell DJ Harrell(Nov 17,202011:28 CST) D.J. Harrell Director,Development Services Approved as to Form and Legality: 6� City Contract Compliance Manager: Mack(Nov 18,202014:35 CST) Douglas Black By signing, I acknowledge that I am the Senior Assistant City Attorney person responsible for the monitoring and M&C: None required administration of this contract, including Form 1295:None required ensuring all performance and reporting requirements. 400avUnb ATTEST: a�0 0 � ool noo oxd p��*o *� Leo Mantey(Nov 7,2020 08:37 CST) Leonard Mantey LLQdd40 Planning Manager Mary J. Kayser City Secretary OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Transportation Impact Fee Credit Agreement-CA-20-009 Page 4 of 11 Kingspoint Phase 3 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-20-009 Page 5 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT A Description of Property BEGINNING AT A 1/2"IRON ROD WITH CAP STAMPED"COMBS RPLS 5294"FOUND FOR THE NORTHWEST CORNER OF SAID 25.346 ACRE TRACT AND THE COMMON NORTHEAST CORNER OF A CALLED 72.808 ACRE TRACT OF LAND AS CONVEYED TO DAVID J.WELLS BY DEED RECORDED IN COUNTY CLERK'S FILE NO.D203443155,OFFICIAL PUBLIC RECORDS,TARRANT COUNTY,TEXAS,AND BEING IN THE SOUTH LINE OF A CALLED 156.165 ACRE TRACT OF LAND CONVEYED TO CLEAR CREEK RESIDENTIAL PARTNERS,L.P.BY DEED RECORDED IN COUNTY CLERK'S FILE NO.D206007157,OFFICIAL PUBLIC RECORDS, TARRANT COUNTY,TEXAS; THENCE,NORTH 89 DEGREES 37 MINUTES 21 SECONDS EAST,ALONG THE NORTH LINE OF SAID 25.346 ACRE TRACT AND THE COMMON SOUTH LINE OF SAID 156.165 ACRE TRACT,A DISTANCE OF 615.07 FEET TO A 112"IRON ROD FOUND FOR THE NORTHEAST CORNER OF SAID 25.346 ACRE TRACT AND THE COMMON NORTHWEST CORNER OF A CALLED 19.641 ACRE TRACT CONVEYED TO ROY BEAN 11,BY DEED RECORDED IN COUNTY CLERK'S FILE NO.D218191524,OFFICIAL PUBLIC RECORDS,TARRANT COUNTY,TEXAS; THENCE,ALONG A COMMON LINE OF SAID 25.346 ACRE TRACT AND OF SAID 19.595 ACRE TRACT,THE FOLLOWING COURSES AND DISTANCES: SOUTH 46 DEGREES 53 MINUTES 34 SECONDS WEST,A DISTANCE OF 224.89 FEET TO A 1/2"IRON FOUND FOR CORNER; SOUTH 01 DEGREE 53 MINUTES 22 SECONDS EAST,A DISTANCE OF 317.57 FEET TO A 112"IRON FOUND FOR CORNER; SOUTH 44 DEGREES 56 MINUTES 49 SECONDS EAST,A DISTANCE OF 210.44 FEET TO A 1/2"IRON FOUND FOR CORNER; NORTH 89 DEGREES 37 MINUTES 01 SECOND EAST,A DISTANCE OF 235.99 FEET TO A 5/8"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"LJA SURVEYING"SET FOR AN EXTERIOR ELL CORNER OF SAID 25.346 ACRE TRACT AND THE COMMON NORTHWEST CORNER OF KINGSPOINT,PHASE IB,AN ADDITION TO THE CITY OF FORT WORTH,AS RECORDED IN CABINET A,SLIDE 10263,PLAT RECORDS,TARRANT COUNTY,TEXAS,FROM WHICH A 518"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"CARTER BURGESS"FOUND,BEARS NORTH 89 DEGREES 37 MINUTES 01 SECOND EAST,A DISTANCE OF $4.01 FEET; THENCE,ALONG THE EAST LINE OF SAID 25.346 ACRE TRACT AND A COMMON WEST LINE OF SAID KINGSPOINT,PHASE IB, THE FOLLOWING COURSES AND DISTANCES: SOUTH 21 DEGREES 10 MINUTES 14 SECONDS EAST,A DISTANCE OF 285.11 FEET TO A 518"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"LJA SURVEYING"SET FOR AN EXTERIOR ELL CORNER OF SAID KINGSPOINT,PHASE IB; NORTH 68 DEGREES 49 MINUTES 46 SECONDS EAST,A DISTANCE OF 5.00 FEET TO A 5/8"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"LJA SURVEYING"SET FOR AN INTERIOR ELL CORNER OF SAID KINGSPOINT,PHASE IB; SOUTH 21 DEGREES 10 MINUTES 14 SECONDS EAST,A DISTANCE OF 379.17 FEET TO A 518"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"CARTER BURGESS"FOUND FOR THE SOUTHEAST CORNER OF SAID 25.346 ACRE TRACT,THE COMMON SOUTHWEST CORNER OF SAID KINGSPOINT,PHASE IB,AND BEING IN THE NORTH LINE OF KINGSPOINT, PHASE IA,AN ADDITION TO THE CITY OF FORT WORTH,AS RECORDED IN CABINET A,SLIDE 10078,PLAT RECORDS, TARRANT COUNTY,TEXAS; THENCE,ALONG THE SOUTH LINE OF SAID 25.346 ACRE TRACT AND ALONG THE NORTH LINE OF SAID KINGSPOINT,PHASE IA,THE FOLLOWING COURSES AND DISTANCES: SOUTH 68 DEGREES 44 MINUTES 30 SECONDS WEST,A DISTANCE OF 185.97 FEET TO A 518"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"LJA SURVEYING"SET FOR CORNER; SOUTH 89 DEGREES 26 MINUTES 45 SECONDS WEST,A DISTANCE OF 489.73 FEET TO A 518"IRON ROD FOUND FOR CORNER; SOUTH 68 DEGREES 36 MINUTES 54 SECONDS WEST,A DISTANCE OF 273.04 FEET TO A 518"IRON ROD WITH YELLOW PLASTIC CAP STAMPED"LJA SURVEYING"SET FOR THE SOUTHWEST CORNER OF SAID 25.346 ACRE TRACT AND THE COMMON NORTHWEST CORNER OF SAID KINGSPOINT,PHASE IA, AND BEING IN THE NORTHEASTERLY RIGHT-OF-WAY LINE OF A 60 FOOT RIGHT-OF-WAY DEDICATION,AS RECORDED IN CABINET A,SLIDE 3894,PLAT RECORDS,TARRANT COUNTY,TEXAS,AND THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 32 DEGREES 53 MINUTES 02 SECONDS,A RADIUS OF 980.00 FEET,AND A CHORD WHICH BEARS NORTH 44 DEGREES 17 MINUTES 04 SECONDS WEST A DISTANCE OF 554.77 FEET; THENCE,ALONG THE COMMON SOUTHWESTERLY LINE OF SAID 25.346 ACRE TRACT AND SAID NORTHEASTERY 60 FOOT DEDICATED RIGHT-OF-WAY LINE,AND ALONG SAID TANGENT CURVE TO THE LEFT,AN ARC DISTANCE OF 562.45 FEET TO A 1/2"IRON ROD WITH CAP STAMPED"RPLS 1276"FOUND FOR THE MOST WESTERLY SOUTHWEST CORNER OF SAID 25.346 ACRE TRACT BEING IN THE EAST LINE OF AFORESAID 72.808 ACRE TRACT; THENCE,NORTH 12 DEGREES 00 MINUTES 18 SECONDS EAST,ALONG THE WEST LINE OF SAID 25.346 ACRE TRACT AND THE COMMON EAST LINE OF SAID 72.808 ACRE TRACT,A DISTANCE OF 1029.12 FEET TO THE POINT OF BEGINNING,AND CONTAINING A CALCULATED AREA OF 25.346 ACRES OF LAND. Transportation Impact Fee Credit Agreement-CA-20-009 Page 6 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT B Map of Property 101, 0 M � ❑ W � w o 1S3dELJ A Ci 331�3- 3 IH N Lu Q) fl 'n o 0- 3NI� A CO No LDz 0 r � WU o Li l l Q _ � (!7 u Y 0C) z 4 U —i c) a- U U w d :D N � � Q � J J GG 4 0. � z U 0 w � o0 � p � J JWu 440" Q>Dr ,m BL:OI 6 xz/OL/b -P,s*iNx3 VH0 CHd 1N!Od50N!l\VJO\s)9!4K3 ZOb`ONVI 0041LZOO\ONVl—KL4VS Transportation Impact Fee Credit Agreement-CA-20-009 Page 7 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT C Development Plan [I f ter• ,�� al r o- i 0'-, '1vnc d �/y +` :++i+`i•i`+: � TIVL-1 TT„ITl p![ M IMFi[TI 41, 1 r` t +TiT• II 0.F.6JJl X ITL --l[M6µyyeClITT 4! ti� a ar.c T �Ta •T��++y a t• +�:�+u� +Yi+�....+ fr{ Lf Ifl rrTi�•lF[ r�lu[ u[.v-r : . ate.r,... �, i•i `+ %.} +r+ jt: ` w': • , •`. rt p... .-.•R,ALL •:1 ice+ +3#++'S-£++ + 9C�``!ff4l+ +�• e ♦`S. • +• +('Tr LI*'[r `a i+ :+++++ T M'�4T:ri ++++++++++++e++ •+ ++ T. •++�!///yyy,,, + !• µi�NUW[y I.'YFAllF1F� •P i`iY i i +: - �tiT1CYW + :+ + +i lF M i i-i 3, . + ;a j, ..� f. 7�J r --_ I I-•.Y♦Cow�I Il+ �ilq iri r-e' n61�4 YYrtL �f��• J" Jam^ -'fit_ • __ _1_ � }- al r _ _ LE E 6 CV CLORC�f�7NMCR: u p nor SuN. PP-18-839 C HGIHCCR: slNLl.lw ala SA 441tl NIIY 14PI% RRCLIUIMARY PLAT artrr rrs rrR 9I�dlwa vle.ar wmn 1! hllflMd-0Fr9HLT'.tlYs1kLTM�LIH.hH TIMGS pO IMT pHASC3 rR�i rtp MiNrl Illlr]MiY.Ni L22TF8 ill - Ts�e.a i CPV Or r4Rr'MC}RTH, - f0f6°' -1tl TARRANT coLiNT`f.rIXl5s rerrtm.dl.o-u Transportation Impact Fee Credit Agreement-CA-20-009 Page 8 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT D Transportation Improvements Kings point Ph 3 'Eligible for-Credit Against �•+ '� -- Trartsportation Impact Fees Developer Built toads' ROW Dedic.Aon Credit Agreements Creditftreemerx Roundar{ Ilk F4TWil TH 7r�— S r � • r 1r yet I 5 r' GO PL rap Instrument flii E&Arwial. Oigibl�arrlprouryrn�nts N u rrob�r t22wD9S1D9 S2 re n� ek(%rich i* ROW Ded hntion.for EMS ft aid ng TR�11i[SstiD pro pi�rty frontage iVC PFi1FRSf3l4 lE�kir i ta..r��avr* Transportation Impact Fee Credit Agreement-CA-20-009 Page 9 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT E Credits Against Transportation Impact Fees Right of-Way Value Estimate for Kingspoint, Ph 3, FP-19-028 ROW Valuation Based on Adopted Transportation Improvements Plan Eligible Arterial Wichita St 2017 Transportation Improvements Plan Project Z-36 Number Estimated Construction Costs from 2017 $4,617,000 Transportation Improvements Plan Value of Total Project Right-of-Way (20% of $923,400 Construction Cost) Total Project Length (LF) 4,445 Arterial Cross-Section Width (LF) 110 Additional ROW needed for Roundabout (SF) 0 Total Project Right-of-Way (SF) 488,950 Right-of-Way Value Per Square Foot $1.89 TAD Value as of 7/31/20 TAD Account 40517926 Total Area (SF) 198,198 Appraised Land Value $49,550.00 Value per Square Foot $0.26 Right-of-Way Dedication Wichita St Final Plat Case Number FP-19-028 Recording Instrument Number D22095109 Total area of ROW dedicated 95,895 sq ft Value per SF (Maximum of highlighted cells) $1.89 Total Credit Available $181,241,55 Transportation Impact Fee Credit Agreement-CA-20-009 Page 10 of 11 Kingspoint Phase 3 Updated 2/15/19 EXHIBIT F Allocation of Credits Credit will be allocated on a first-come,first-served basis within the boundaries of the recorded plat FP-19-028. Transportation Impact Fee Credit Agreement-CA-20-009 Page 11 of 11 Kingspoint Phase 3 Updated 2/15/19