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HomeMy WebLinkAboutContract 45343 (2)CITY SECRETARY coNTRAcTNo._LML/. 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 JOE CARL PAYNE, Individually and as Trustee for the SSP TRUST B and the JCP TRUST A; JCP IRA, LLC, a Texas limited liability company; PAUL G. BANKS; and ROBERT M. BANKS (collectively, the "Owner") (the City and the Owner are sometimes referred to herein as a "Party", and collectively, the "Parties"). i RECITALS WHEREAS, the Owner is the owner of approximately 26.463 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 Development Plan identifies the intended land uses in relation to the layout 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 Texas Local Government Code Chapter 395, Ordinance No. 18083-05-2008, as amended, codified at Chapter 30, Article VIII of the City of Fort Worth Code of Ordinances, 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 Y; and WHEREAS, the transportation facilities shown on the Development Plan are identified within the City's adopted transportation improvements plan; and re) rn co ost eta • WHEREAS, City Code, Chapter 30, Article VIII, Section 30-181 et seq., provides for credits against impact fees for dedication or construction of transportation improvements shown on the adopted transportation improvement art; an __ - - OFFICIAL RECORD 1 Transportation Impact Fee Credit Agreement — JCP & Banks ,r� , Page 1 of 17 ©0 � CR rT CA, TX RECEIVED !2V 0 7 2613 WHEREAS, Owner agrees to dedicate the right-of-way necessary for the transportation improvements shown on the Development Plan in exchange for credits against future transportation impact fees; 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 area Y to be $1,213 per service unit; and WHEREAS, the Owner has dedicated 116,881 square feet of right-of-way for McPherson Blvd by a document in the Real Property Records of Tarrant County,. Document Number 1721L1 C.Y.DL 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 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 "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 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. Transportation Impact Fee Credit Agreement — JCP & Banks Page 2of17 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; valued; and (b) The number of credits resulting from such improvement has been (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 and understands that notwithstanding the dedication of right-of-way and allocation of credits against transportation impact fees herein, the obhgation to construct transportation improvements to serve the development area shown on Ex. C shall remain subject to impact fee assessments additional credits, and rough proportionality analysis when Owner submits a final plat apphcation for any portion(s) of the development. 7. Term and Effective Date The initial term of this Agreement shall be ten (10) years from its Effective Date which shall be the date on which the last party executes the Agreement. 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 Transportation Impact Fee Credit Agreement — JCP & Banks Page 3 of 17 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. (Remainder of Page Intentionally Left Blank) Transportation Impact Fee Credit Agreement — JCP & Banks Page 4 of 17 IN WITNESS WHEREOF, the Agreement as of the day of CITY OF FORT WORTH: nYvc,-dlo Fernando Costa Assistant City Manager Recommended By: Randle H. ' ood (Af Director, Planning and Development Approved as to Form and Legality: prDbo,1,41 tOgiu, ouglas Black Assistant City Attorney M&C: None required A'IuI'EST: Mary J. Kay City seer- ary MiCr Rakt WIRED C`Q y\C% Transportation Impact Fee Credit Agreement — JCP & Banks Page 5 of 17 undersigned parties 2013. OWNERS: P Joe L. Payne,' O have executed this Robert Michael Banks r Cue1/4„12 Paul Glekn Banks • od --t- TA44-4-beie- Joe Carl Payne, Trus ee of the SSP Trust • B, Dated May 21, 2009 • 94:L. _17AAAaiti- JcCe'Carl Payne, rus e of the JCP Trust B, Dated May 21, 2009 JCP-IRA, LLC, a Texas Limited Liability Company tvutacitA., oe Payne, Manager FIFIFICIAL RECORD CITY SECRETARY 'rT, WORTH, TX IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the day of , 2013. CITY OF FORT WORTH: OWNERS: Fernando Costa Assistant City Manager Recommended By: Randle Harwood Director, Planning and Development Approved as to Form and Legality: Douglas Black Assistant City Attorney M&C: None required ATTEST: Mary J. Kayser City Secretary Joe C Payne, Owner st•••-a.„, Robert Michael Banks Paul Glenn Banks Joe Carl Payne, Trustee of the SSP Trust B, Dated May 21, 2009 Joe Carl Payne, Trustee of the JCP Trust B, Dated May 21, 2009 JCP-IRA, LLC, a Texas Limited Liability Company By: Joe Payne, Manager Transportation Impact Fee Credit Agreement JCP & Banks Page 5 of i7 EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development Plan "D" Transportation Improvements "E" Credits Against Transportation Impact Fees "F" Allocation of Credits Transportation Impact Fee Credit Agreement — JCP & Banks Page 6 of 17 EXHIBIT A Description of Property LEGAL DESCRIPTION 1,152,712 SQ. FT. / 26.4626 ACRES BEING a 26.4626 acre tract of land situated in the J. J. ALBIRADO SURVEY, ABSTRACT NO. 4, Tarrant County, Texas and being a part of that called 29.296 acre tract of land conveyed by deed to Joe Cart Payne, recorded in Volume 10278, Page 582, Deed Records, Tarrant County, Texas (D.R.T.C.T.) and being more particularly described as follows: BEGINNING at a 5/8" iron rod with a plastic cap stamped "Survcon' found for corner in the westerly right-of-way line of Chisholm Trail Parkway (State Highway 121) and being the southwest corner of that called 2 834 acre tract of land i conveyed by deed to Texas Transportation Commission, recorded in Document No. D207319265, D.R.T.C.T. and also being in the south line of sad called 29.296 acre tract of land; THENCE N 89 deg. 45 min. 00 sec_ W, along the south line of said called 29.296 acre tract of land, a distance of 1887.10 feet to a 5/8' iron rod with a plastic cap stamped "Carter & Burgess" found for corner, THENCE N 50 deg_ 47 min. 11 sec. W, along the southwest line of said called 29 296 acre tract of land, a distance ofl 704.19 feet to a 5/8' iron rod with a plastic cap stamped "Carter & Burgess' found for comer in the center of Sun Country Boulevard (a 120' R.O W.) THENCE N 39 deg. 12 min. 49 sec. E, along the center of said Sun Country Boulevard, a distance of 500.00 feet to a 5/8' iron rod with a plastic cap stamped 'Carter & Burgess" found for corner in the center of McPherson Boulevard (a 120' P.O.W.); THENCE S 50 deg 47 ruin. 11 sec. E, along the center of said McPherson Boulevard, a distance of 95.65 feet to a 5A iron rod with a plastic cap stamped "Carter & Burgess" found for corner and being the beginning of a curve to the left having a central angle of 38 deg. 57 min. 49 sec., a radius of 1400.00 feet and a chord which bears S 70 deg. 16 min 05 sec. E, a distance of 933.83 feet; THENCE southeasterly, along the center of said McPherson Boulevard and along the said curve, an arc distance of 952.06 feet to a 5/8" iron rod with a plastic cap stamped "Carter & Burgess' found for comer and being the end of sail curve' THENCE S 89 deg. 45 min. 00 sec. E, continuing along the center of said McPherson Boulevard, a distance of 1 1 13.71 feet to a 5/8 iron rod with a plastic cap stamped "Survcon" found for corner in the westerly right-of-way line of said Chisholm Trail Parkway; THENCE S 00 deg. 20 min. 49 sec. W, along the westerly right-of-way line of saki Chisholm Trail Parkway, a distance of 79.71 feet to a 5/8" iron rod with a plastic cap stamped "Survcon" found for corner; THENCE S 07 deg. 31 min. 30 sec. E, a distance of 383.82 feet to the POINT OF BEGINNING and containing 1,152,712 sq. ft. or 26.4626 acres of land. Transportation Impact Fee Credit AQ reement — JCP & Banks Page 7 of 17 EXHIBIT B Map of Property Transportation Impact Fee Credit Agreement — JCP & Banks Page 8 of 17 5 a e 6 bN r z to o h. r m N cn C i a t • • 1 j asap fact ?PUS PRAWSOPAraTION SSION LW- ail WW1t wm TC .w / / S Iact CHISHOLM TRAIL PARKWAY ..naL.fl:n. m s mMi...:im EXHIBIT C Transportation impact Fee Credit Aareement — JCP & Banks Page9of17 i 0 1.0021D2 ON1O3rObd Development Plan The entirety of this property is zoned E — Neighborhood Commercial and there has been no formal develop- ment application submitted to the City of Fort Worth as of August 24, A N i 511 Pp Transportation Impact Fee Credit Agreement — JCP & Banks Page 10 of 17 Mud 14•9100011.0101 Oattl 2, CIUSHOLM MAIL PARKWAY :a sAat a . EXHIBIT D Transportation Improvements Transportation Impact Fee Credit Agreement — JCP & Banks Page 11 of 17 FORT WORTH. JCP Trust Developer Built Roads' Accepted Anticipated 'Eligible tor Credit Against Transportation Impact Fees DOE Number Associated Improvements Right -of -Way dedication for McPherson Boulevard Transportation Impact Fee Credit Aereement —JCP & Banks Page 12 of 17 Limits JCP Trust Property Limits EXHIBIT E Credits Against Transportation Impact Fees Right -of -Way Valuation for McPherson Blvd from Old Granbury Rd to Chisholm Trail Pkwy Construction Cost McPherson Blvd West Value of Total Project Right -of -Way (20% of Construction Cost) Total Construction Project Right -of -Way (North half of McPherson Blvd) Right -of -Way Value Per Square Foot JCP Trust Right -of -Way Dedication McPherson Blvd Transportation Impact Fee Credit Agreement — JCP & Banks Page 13 of 17 $ 1,871,043.10 TOTAL $ 1,871,043.10 $ 374,208.62 293,185 sq ft $ 1.28 TOTAL R.O.W. Credit Available $ 116,881 sq ft 149,607.68 Total Credit Available $ 149,607.68 Capacity Provided by McPherson Blvd from Old Granbury Rd to Chisholm Trail Pkwy Paving IItem-; No.- 1 Pavement (Including on -street bike lane and 5-ft 3 W/5S Utilities 6 Franchise utility coordination (relocation of overhead elec as needed, extend electricity and transformers as required for streetlights) 7 Tree planting for Urban Forestry Phase 2 (1 tree/ 150 LF) I I I Storm Drain Description' escription; 2 Storm Drainage (Includes inlets, laterals, mains, etc) 5 Culverts for shared pavement section (East endl Street Lights Item-. Nor. I 4 Street Lighting (1 ea / 200 LF) I Other Eligible Items Description Engineering, Surveying and Material Testing !Total Value of Capacity Provided Description IF LF LS EA Unit=: LF $ LS $ Unit,Price 270.00 Total Quantity 1 5,550 0 50,000.00 1 Eligible Eligible'-. Quantity: `°-. .:Amount - 5,550 $ 1,498,500.00 0 $ - 0 $ - 500.00 40.0 0.0 $ lnit Price 50.00 50,000.00 Paving Subtotal $ 1,498,500.00 Total" Eligible Quantity- Quantity 4,600 4,600 $ 1 1 $ Subtotal $ Pro rata share from arterial Storm Drain Subtotal $ 'Total' Quantity Mount::: 230,000.00 50,000.00 280,000.00 13% 36,400.00 Eligible -:";,.. Amount Quantity ; 4,980,00 25.00 25.00 $ $ 124,500.00 Street Lights Subtotal Paving Subtotal Storm Drain Subtotal Street Lights Subtotal (6% of Paving and Storm Drain) CONSTRUCTION SUBTOTAL Transportation Impact Fee Credit Agreement — JCP & Banks Page 14 of 17 124,500.00 1,498,500.00 36,400.00 92,094.00 1,871,043.10 Amount 4` $ 374,208.62 $ 2,245,251.72 j Arterial Contribution to Total Storm Water Flow Drainage- = Areal::_-°_::: Al-1 Al-2 Al-3 Al -4 Al-5 B1-1 B1-2 B2-1 82-2 B 2-3 82-4 B3-1 83-2 B3-3 TOTAL McPherson Blvd West 48.56 8 96 5 26 10.77 49.82 22.92 12.58 20.32 45.77 12.25 5.35 14.31 8 63 349.35 614.85 Development Arterial Arterial Arterial Development Development Arterial Development Development Arterial Arterial Arterial Arterial Development Drainage : = Area A1-2 8.96 A 1-3 5.26 Al-4 10.77 B1-2 12.58 B2-3 12 25 B2-4 5.35 93-1 14.31 B3-2 8 63 TOTAL 78.11 Transportation Impact Fee Credit Aereement — JCP & Banks Page 15 of 17 too.. Arterial Arterial Arterial Arterial Arterial Arterial Arterial Arterial = 12.70% EXHIBIT F Allocation of Credits Transportation Impact Fee Credit Agreement — JCP & Banks Page 16 of 17 4 1 A3AHf1S 31111 ONH1 Property within the boundary is eligible for 100% credit allocation on a first -come, first -served basis until said credit is exhausted. 1 Ifl wise tra Transportation Impact Fee Credit Agreement — JCP & Banks Page 17 of 17 seem .or' \ •<"`A +i N "NiT ryas � asat. O70 Melt c i jsi S CHIBHOLM 7IA/L IALLWAY 11) .mall.owl !a. ro K CvaTv/III