HomeMy WebLinkAboutContract 55393 CSCO NO. 55393
TRANSPORTATION IMPACT FEE CREDIT AGREEMENT
THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the
"Agreement's is made and entered into effective as of the Effective Date (as defined below),by and
among THE CITY OF FORT WORTH, TEXAS (the "Cite, a Texas home rule municipal
corporation, and TX Riverside Seniors GP, 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 9.820 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 D;and
WHEREAS,the City has determined the maximum transportation impact fees to be assessed
against new development within service area D to be$463 per service unit(vehicle-miles of demand);
and
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 approval for the Legacy Riverside Seniors final short
plat,FS-20-211;and
WHEREAS, the Owner has dedicated 44,209 square feet of right-of-way for Summerfields
Boulevard,an eligible arterial,recorded as Instrument Number D220310475,on November 25,2020.
OFFICIAL RECORD
Transportation Impact Fee Credit Agreement-CA-20-020 CITY SECRETARY
Legacy Riverside Senior Addition FT. WORTH, TX
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 dedicated the rights-of-way for the
construction of the system facilities identified in 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".
4. Allocation of Credits. The general allocation of credits within the development shall
be as shown on Exhibit "F", which is attached hereto and incorporated herein by reference. The
Parties 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.
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.
(Remainder of Page Intentionally Left Blank)
Transportation Impact Fee Credit Agreement-CA-20-020 Page 2 of 11
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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
TX Riverside Seniors GP,LLC
7�AA4, "Ue a Texas Limited Liability Company
Dana Burghdoff( r 9,20z 1:03 CST) By_ TX Riverside Seniors,LP
Dana Burghdoff, Its general partner
Assistant City Manager
Mar 9, 2021
Date:
Melissa Fisher
Sole Manager
Recommended By:
Z-�
DJ Ha�r 5,202115:06 CST)
DJ Harrell
Director,
Development Services Department
Approved as to Form and Legality:
B
Mack(Mar 9,202110:26 CST)
Douglas Black City Contract Compliance Manager:
Assistant City Attorney
M&C:None required By signing, I acknowledge that I am the
Form 1295:None required person responsible for the monitoring and
administration of this contract,including
ensuring all performance and reporting
ATTEST: requirements.
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�6 o 15 o Leonard Mantey( b 23,202115:58 CST)
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Mary J.Kayser dad °°°°°°°°°°°° 4Y Leonard Mantey
City Secretary ���rEXp-' Planning Manager,Strategic Operations
Development Services Department
OFFICIAL RECORD
Transportation Impact Fee Credit Agreement-CA-20-020 CITY SECRETARY
Legacy Riverside Senior Addition FT. WORTH, TX
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-20-020 Page 4 of 11
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EXHIBIT A
Description of Property
BEING a tract of land located in the W. W. THOMPSON SURVEY,ABSTRACT No. 1498, City of
Fort Worth,Tarrant County, Texas and being the remainder of that certain tract of land described in
deed to H.P.T., L.L.P.,recorded in Volume 12063, Page 986 of the Deed Records of Tarrant County,
Texas and more particularly described by metes and bounds as follows:
BEGINNING at a%-inch iron rod found in the East boundary line of said H.P.T. Tract, lying in the
North right-of-way line of Summerfields Boulevard, a called 60-foot wide right-of-way, as described
in deed to the City of Fort Worth,recorded in Volume 13116,Page 310 of the Deed Records of
Tarrant County, Texas and the Southwest corner of said Summerfields Boulevard as shown on plat of
Summerfields Addition,Phase 8, Section 4, an addition to the City of Fort Worth, Texas as recorded
in Cabinet A, Slide 3135 of the Plat Records of Tarrant County, Texas;
THENCE S 890 35' 32"W, 658.19 feet along the said North right-of-way line of Summerfields
Boulevard to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A." at the most
Easterly corner of that certain tract of land described in deed to the City of Fort Worth,recorded in
Clerk's File No. D216156482 of the Official Public Records of Tarrant County, Texas;
THENCE along the Easterly boundary line of said City of Fort Worth Tract with the Northerly right-
of-way line of said Summerfields Boulevard and Easterly right-of-way line of North Riverside Drive
(a variable width right-of-way) as follows:
N 820 49' 06"W, 28.65 feet to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A."
at the Beginning of a Curve to the Right;
NORTHWESTERLY, 51.64 feet along said Curve to the right,having a radius of 60.50 feet, a
central angle of 480 54' 31"and a chord bearing N 580 21' 42"W, 50.09 feet to a 5/8-inch iron rod
found with yellow plastic cap stamped"A.N.A."at the End of said Curve;
N 330 54' 19"W, 21.40 feet to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A."
at the Beginning of a Curve to the Right;
NORTHWESTERLY, 28.81 feet along said Curve to the Right,having a radius of 60.50 feet, a
central angle of 270 17' 08"and a chord bearing N 200 15' 46"W, 28.54 feet to a 5/8-inch iron rod
found with yellow plastic cap stamped"A.N.A."at the End of said Curve;
N 060 37' 12"W, 31.53 feet to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A.";
N 000 03' 40"E,43.56 feet to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A.";
N 290 56' 20"W, 10.12 feet to a 5/8-inch iron rod found with yellow plastic cap stamped"A.N.A."
at the Beginning of a Curve to the Right;
Transportation Impact Fee Credit Agreement-CA-20-020 Page 5 of 11
Legacy Riverside Senior Addition Updated 2/15/19
NORTHWESTERLY, 60.74 feet along said Curve to the Right,having a radius of 984.50 feet, a
central angle of 030 32' 06"and a chord bearing N 020 1 V 33"W, 60.73 feet to a 5/8-inch iron rod
found with yellow plastic cap stamped"A.N.A."at the End of said Curve;
N 000 30' 06"W, 214.44 feet to a%-inch iron rod found with orange plastic cap stamped"TEXAS
SURVEYING"at the Beginning of a Curve to the Left;
NORTHWESTERLY, 96.71 feet along said Curve to the Left,having a radius of 1855.00 feet, a
central angle of 020 59' 14"and a chord bearing N 01° 59' 44"W, 96.70 FEET TO A 5/8-inch iron
rod found with yellow plastic cap stamped"A.N.A."at the End of said Curve;
N 01° 57' 45"W, 93.00 feet to a%-inch iron rod found with orange plastic cap stamped"TEXAS
SURVEYING"in the North boundary line of aforesaid H.P.T. Tract,being the Southwest corner of
Lot 1, Block A, Residences at Old Denton Road, an addition to the City of Fort Worth, Texas
according to the plat recorded in Cabinet A, Slide 12594 of the Plat Records of Tarrant County,
Texas;
THENCE N 890 32' 45"E, 766.02 feet along the common boundary line between said H.P.T. Tract
and said Lot 1 to an"X" cut in concrete found at the Northeast corner of said H.P.T. Tract,lying in
the East boundary line of Block 169, aforesaid Summerfields Addition, Phase 8, Section 4;
THENCE S 020 24' 33"E, 624.15 feet along the common boundary line between said H.P.T. Tract
and said Summerfields,Addition to the PLACE OF BEGINNING, containing 10.835 acres (471,977
square feet)of land.
Transportation Impact Fee Credit Agreement-CA-20-020 Page 6 of 11
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EXHIBIT B
Map of Property
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Hem ROAD
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UMM,ERFIELD 13L1lp,
Transportation Impact Fee Credit Agreement-CA-20-020 Page 7 of 11
Legacy Riverside Senior Addition Updated 2/15/19
EXHIBIT C
Development Plan
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Transportation Impact Fee Credit Agreement-CA-20-020 Page 8 of 11
Legacy Riverside Senior Addition Updated 2/15/19
EXHIBIT D
Transportation Improvements
Legacy RiMeHide Senior Add itifln
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Transportation Impact Fee Credit Agreement-CA-20-020 Page 9 of 11
Legacy Riverside Senior Addition Updated 2/15/19
EXHIBIT E
Credits Against Transportation Impact Fees
Right-of-Way Value Estimate for Legacy Riverside-
Summerfields Blvd ROW Dkg!dicatiorl
ROW Valtiation Based on Adopted Transportation iMPM%rernerlts Plain
Eligible Arterial 5u rr-r-lerrields Blvd
2017leanspartation Improuem-ertitSPlan Praj.�!Ct D-21
Number
Estlmated CbMitruttion Casts frnrin �JD17
Tran sportation Im prov2m-prlts Plan
Value of Total project Right-of-war(2C% of $i r2W
Constructian Cost)
Total project Length (0) q3O
Arterial Cross-Section width (LF) SS
Additlarial ROW rtieked for Roundabmrt{SF} t
Iota I Project Right-of-way{SF} S 1,1SO
RGgfit-of-Way Vatue Per Square Foot $Z.55
TAD Value as of 7 17 2020
IAD Accou nt 413BE042
Iota I Area (SF) d 73,247
Appraised Land value $556-D0
Value per Square Foot $10.01
IRj&t--Of-Wa}r Dedication
5u mmerfields Rlyd
Final plat-Case Number F5-20-211
Recording IrtisltrumentNumbet D220310475
width of RDW dedicated G1 it
length of ROW dedicated 658 Sq ft
Total area of ROW de-dicated 46,958 Sq ft
Value per SF (Maxlmum of highl ighted tells) $2-55
Total Cm&t Available $119,742.08
Transportation Impact Fee Credit Agreement-CA-20-020 Page 10 of 11
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EXHIBIT F
Allocation of Credits
The impact fee credits will be allocated on a first come, first served basis for building permits within
the final plat boundary of FS-20-211.
Transportation Impact Fee Credit Agreement-CA-20-020 Page 11 of 11
Legacy Riverside Senior Addition Updated 2/15/19