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HomeMy WebLinkAboutContract 39091 CITY SECRETARY CONTRACT NO 09 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 home rule municipal corporation situated in Tarrant, Denton, Parker,Johnson, and Wise Counties, Texas,and F.W.Mill Stone Partners,L.P.a LLC company(the"Owner")(the City and the Owner a"Party",and collectively,the"Parties"). RECITALS WHEREAS, the City is a home rule municipal corporation duly organized and validly existing under the laws and statutes of the State of Texas and is located within Tarrant,Denton,Parker,Johnson, and Wise Counties,Texas;and WHEREAS,the Owner is the owner of approximately 16.011 acres(net after Right of Way dedication) 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 lay-out 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 Tex. Loc. Gov't 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 M.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 [Type text] OFFICIAL RECORD CITY SECRETARY FT.WORTH, TX 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 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 district no. M to be$1,450.00 per service unit;and WHEREAS,Owner has filed and recorded the following Final Plat: County Clerk Instrument No. D209215166 for Lot 2,Block 1 Mill Stone Addition, and WHEREAS, Owner has received approval for construction plans, executed Community Facility Agreements and dedicated rights-of-way for the following: D.O.E. No. 6240,and 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 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. [Type text] (a) The parties acknowledge and agree that Exhibit E and the Transportation Impact Fee Credit will be revised based on actual costs of construction of the eligible improvements. 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"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 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. 6. 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. [Type text] 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; 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. 10. 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. [Type text] IN WITNESS:WHEREOF,the undersigned parties have executed this Agreementas of the 1tM"day of 2009. CITY OF FORT WORTH,TEXAS Date: By: By: Susan Al Fernando Costa Director, lanning and Development Assistant City Manager F.W. Mill Stone Partners,L.P. Date:_� Z Magill Development Company,LLC By: -- Name: Albert E. Magill,III APPRO 'Al TO P AN LEGALITY. Title:_General Partner C7y A Hendrix-MY 8;4� V__ NO M&C REQUIRED [Type text] EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development Plan Map "D" Transportation Improvements "E" Credits Against Transportation Impact Fees "F" Allocation of Credits [Type text] EXHIBIT A CITY OF FORT WORTH § COUNTY OF TARRANT § STATE OF TEXAS § BEING a 17.370 acre tract of land situated in the E. Andes Survey, Abstract No. 66,Fort Worth, Tarrant County, Texas, and all of a tract of land described by deed to F.W. Mill Stone Partners, L.P. as recorded in Document No. D209132794,Deed Records,Tarrant County,Texas(DRTCT) and being all of a tract of land described by deed to Bentley Venture, as recorded in Volume 7180,Page 785, DRTCT, and being all of a tract of land described by deed to Bentley Venture, as recorded in Volume 7180, Page 773, DRTCT and being all of Lot 2,Block 1,Mill Stone Addition as shown on plat recorded in County Clerk's No. D209215166, Plat Records, Tarrant County, Texas and being more particularly described by metes and bounds as follows (bearings referenced to the west line of said 17.370 acre tract): BEGINNING at a point for the southwest corner of said Lot 2, from which a found railroad spike for the northwest corner of Lot 1,Block 13, Eastchase Addition, an addition to the City of Fort Worth, Tarrant County,Texas as recorded in Cabinet A, Slide 2443, Plat Records,Tarrant County,Texas bears South 89°59'53"West, a distance of 4.05 feet, also being in the east right- of-way line of John T. White Road North(a 60' Right-of-Way) as shown on said Mill Stone Addition Plat; THENCE North 00°01'19"East with the common line between said right-of-way line and said Lot 2, a distance of 566.29 feet to a point in the southernmost south line of the aforementioned F.W. Mill Stone Partners tract, same being the westernmost northwest corner of said Lot 2; THENCE South 89°58'41"West, a distance of 11.66 feet to a found 5/8 inch capped iron rod marked`BHB INC"(found iron rod); THENCE NORTH with the aforementioned John T. White Road, a distance of 499.38 feet to a found iron rod for the northwest corner of the aforementioned F.W. Mill Stone Partners tract, same being in the southeast corner of the intersection of said John T. White Road and Randol Mill Road(a 110' Right-of-Way); THENCE South 57' 18'00"East with the common line between said Randol Mill Road and said F.W.Mill Stone tract, at 411.70 feet passing a found iron rod for the northeast corner of said F.W.Mill Stone tract and the aforementioned Lot 2 in all a distance of 683.79 feet to a found iron rod; THENCE along the arc of a curve to the right,having a central angle of 17°24'02", a radius of 1102.33 feet, an are length of 334.77 feet,and a chord which bears South 48°25'51"East,a distance of 333.49 feet to a found iron rod in the northeast line of the aforementioned Bentley Venture tract, as recorded in Volume 7180,Page 773,DRTCT; THENCE South 39°43'55"East continuing with the south right-of-way line of the aforesaid Randol Mill Road, a distance of 418.64 feet to a found iron rod in the northeast line of the aforementioned Bentley Venture tract, as recorded in Volume 7180, Page 785 DRTCT; THENCE South 35°31'49"East continuing along said Randol Mill Road, a distance of 142.82 feet to a found iron rod for the southeast corner of said Bentley Venture tract as recorded in 7180,Page 785, DRTCT; THENCE South 89°59'53"West at 555.56 feet passing a found iron rod for the southwest corner of said Bentley Venture tract, as recorded in 7180,Page 785, same being the southeast confer of the aforementioned Lot 2, and at 659.47 feet to a found iron rod for the northwest corner of a tract of land described by deed to Eastchase Enterprises L.P., as recorded in Volume 10851,Page 1415,DRTCT, swine being the northeast corner of Lot 1, Block 13, Eastchase Addition, an addition to the City of Fort Worth, as recorded in Cabinet A, Slide 2443, PRTCT,in all a distance of 1162.54 feet to the POINT OF BEGINNING and containing 16.011 acres of land more or less. �+ 1I YFjWR PROJECT LOCATION a ADO» 'r. COrMWOOD Creek ]LIlD1E1� e &W aea n o�_ Baird g Brom Inc, MILL STONE APARTMENTS CHECKED BY: 66 cm O mRE.A�rn� r pf do Surveying.. BHB PROJECT: 2009.103.000 ���/iYi FIOOCM N�6�/S101L00 EXHIBIT B DATE: August, 2009 EXHIBIT C DEVELOPMENT PLAN MAP 11.4 \, r �QS! zm \ 0� ing•C- i L J \1.6 A \4+,.P La 1,Bk I Leasure Living h Mobile Home Sae Addition Volurne 38 &75,Page 99 0 PRTCr E 9 � e 1 � '�ii.59 zoning"P •--•--•—T ' \ \ z W i2AW L. moww Zoning"ER• ' y Irn.wg'C 16.547 Acre Volume 11251'Page 8 69 11. D.&T.C.T. 1 't l �` ♦ Y_4�mIFLoe Wr. gymn Mi.,baP9m.lnnwn ilmll'Y'.I.es brmarmd,utr j \ w. 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Ifi =ff6ULL FINAL DOE ASSOCIATED LIMITS PLAT NUMBER IMPROVEMENTS Construct south 2 lanes of Randol Mill Rd FP-09-011 6240 RA MILL RD from approx 365'east of John T White(N/S) to Racquet Club including intersection t FORT WORTH EXHIBIT E FORT WORTH Credits Against Transportation Impact Fees NET CREDIT BALANCE TOTAL IMPACT FEES CALCULATED $ - TOTAL CREDITS CALCULATED $ 377,243.92 REMAINING BALANCE $ 377,243.92 MILL STONE ADDITION NET CREDIT OVERVIEW 08/17/2009 EXHIBIT E Credits Against Transportation Impact Fees FINAL PLAT DOE NUMBM'R--- ASOCIATMYWROVEMENTS LIMITS ELIGIBLE Construct south 2 lanes of Randol Mill from Racquet Club to approx 365' East of John T FP-09-011 6240 Randol Mill Rd White (N/S) $ 300,512.00 OTHER ELIGIBLE COSTS $ 76,731.92 TOTAL CREDITS CALCULATED $ 377,243.92 MILL STONE ADDITION TOTAL CREDITS 08/17/2009 EXHIBIT E Credits Against Transportation Impact Fees Quantity Unit Type Unit Cost Total Grading and Mass Excavation Street Lights ARTERIAL STREET LIGHTS @ 6%CONSTRUCTION COST $ 18,030.72 Engineering ENGINEERING DESIGN $ 27,000.00 Geotech GEOTECHNICAL ENGINEERING $ 1,650.00 ROW ROW DEDICATION FOR RANDOL MILL $ 30,051.20 ROW @ 10%CONSTRUCTION COST Total Other Developer Eligible Credits $ 76,731.92 MILL STONE ADDITION OTHER CREDITS 08/17/2009 EXHIBIT E Credits Against Transportation Impact Fees DOE 6240/CFA 2009012 Paving Quantity Unit Type Unit Cost Total PROJECT DESIGNATION SIGN 2 EA $ 250.00 $ 500.00 EROSION CONTROL 1 EA $ 1,500.00 $ 1,500.00 TRAFFIC CONTROL 1 LS $ 4,000.00 $ 4,000.00 TEMP MARKING/SIGNS FOR TRAFFIC CONTROL 1 LS $ 2,500.00 $ 2,500.00 PAVEMENT STRIPING 1 LS $ 3,000.00 $ 3,000.00 PERMANENT TRAFFIC SIGNS 1 LS $ 1,500.00 $ 1,500.00 DEMOLISH/REMOVE EXIST ASPHALT 2100 SY $ 3.50 $ 7,350.00 DEMOLISH/REMOVE EXIST GUARD RAIL 1 LS $ 400.00 $ 400.00 SSMH RIM ADJUSTMENT 3 EA $ 250.00 $ 750.00 6"TOPSOIL 350 CY $ 8.00 $ 2,800.00 HYDRO MULCH FOR PARKWAY&MEDIAN 3100 CY $ 1.00 $ 3,100.00 UNCLASSIFIED EXCAVATION 2200 CY $ 7.50 $ 16,500.00 8"LIME STABILIZED SUBGRADE 5150 SY $ 2.50 $ 12,875.00 HYDRATED LIM @27LBS/SY FOR LIME STAB. 69 TN $ 105.00 $ 7,245.00 12"CONCRETE PAVEMENT 4831 SY $ 42.00 $202,902.00 7"CONCRETE CURB 2575 LF $ 3.00 $ 7,725.00 4'SIDEWALK 4490 SF $ 3.50 $ 15,715.00 $290,362.00 Storm Drain Quantity Unit Type Unit Cost Total DEMOLISH/REMOVE EXIST HEADWALL 1 EA $ 1,000.00 $ 1,000.00 PLUG& REMOVE EXIST 18"STORM DRAIN 1 LS $ 1,000.00 $ 1,000.00 CONNECT TO EXIST 4'X4' BOX CULVERT 1 EA $ 1,000.00 $ 1,000.00 4'X4' BOX CULVERT 40 LF $ 100.00 $ 4,000.00 24" RCP 10 LF $ 65.00 $ 650.00 10'CURB INLET 1 EA $ 2,500.00 $ 2,500.00 $ 10,150.00 TOTAL CREDIT FOR DOE 6240 $300,512.00 MILL STONE ADDITION DOE 6240 08/17/2009 EXHIBIT F ALLOCATION OF CREDITS Lot 1, Block 1 Mill Stone Addition: $ 175,000.00 Lot 2, Block 1 Mill Stone Addition: $ 176,832.00 Lot 39 Block 1 Mill Stone Addition: $ 25,411.92 Net Credit Balance Approved $ 3773,243.92 Note: Dollar amount specified shall be applied as a pool upon development of each lot.