HomeMy WebLinkAboutContract 5584706/15/2021
11:34 am
CSC No. 55847
DEVELOPER FUNDING AGREEMENT
FOR
BERKSHIRE COMMERCIAL
HOODED LEFT TURN IMPROVEMENTS
ON FM 156
THIS AGREEMENT is by and between Knox Street Partners No. 7, LTD hereinafter referred to as
"Developer", and the City of Fort Worth, hereinafter referred to as "City".
WHEREAS, Developer, is the owner of land adjacent to FM 156 and within the City of Fort Worth,
Tarrant County Texas, more fully depicted on Exhibit A attached hereto (the "Property"); and
WHEREAS, in order to serve the Property, Developer is required to construct paving improvements for
a hooded left turn lane on FM 156; and
WHEREAS, FM 156 is being reconstructed by the Texas Department of Transportation ("TxDOT"); and
WHEREAS, to avoid having multiple contractors working in the area, TxDOT has agreed to install the
paving improvements required to seroe the Property and be reimbursed for the cost thereof; and
WHEREAS, in lieu of constructing the paving improvements, the Developer has agreed to pay the
Contribution, as defined herein, to the City, which will transfer the Contribution to TxDOT; and
WHEREAS, Developer will make a contribution to the City in the amount of $97,858.42 (the
"Contribution"), the estimated cost for construction of hooded left turn lane; and
WHEREAS, after final accounting by TxDOT of the improvements to FM156, if any additional amount
is owed for the construction, Developer shall remit same to the City or if any credit or refund is owed to Developer,
City shall remit same to Developer.
NOW THEREFORE, in consideration of the above recitals and the promises and covenants herein, Ciry
and Developer do hereby agree as follows:
1.
Developer will provide to City the Contribution amount of $97,858.42 for construction of hooded left turn
lane concurrent with Developer's execution and return of this Agreement.
�
Developer's Contribution to the City is an estimate of Developer's obligation for its costs related to the
paving improvements described herein and illustrated on Exhibit "A". If any cost overages are due TxDOT for
the construction, Developer shall remit same to City within 30 days of receipt of a request for same; likewise, if
any credit or refund is due Developer at the completion and final accounting of the TxDOT improvements to
FM156, same shall be refunded by City to Developer.
3.
City will use its best reasonable efforts to perform this Agreement without undue delay.
�
This Agreement shall be binding upon and inure to the benefit of the City and Developer and their respective
Dev Funding Agreement: Page 1 of 3 OFFICIAL RECORD
Berkshire Commercial Paving Improvements (CPN 102943) CITY SECRETARY
FT. WORTH, TX
successors and assigns. This Agreement, together with any exhibits attached hereto, constitutes the entire agreement
between the parties hereto, and may not be amended except by a writing signed by all parties and dated subsequent
to the date hereof.
If Developer or any subsequent owner transfers the Property or any portion thereof priar to the performance
of all obligations of the Developer or City hereunder, Developer or such transferring owner shall obtain an agreement
from the transferee assuming the obligations of the transferring owner under this Agreement performable from and
after the date of transfer. From and after the date of such transfer, the transferee shall be solely obligated under this
Agreement, and the transferring owner shall have no further obligations under this Agreement, with respect to the
Property or portion thereof transferred.
Notices required pursuant to the provisions of this Agreement shall be conclusively determined to have
been delivered when (1) hand-delivered to the other Parry, its agents, employees, servants or representatives,
(2) delivered by electronic means with confirmation of the transmission, or (3) received by the other Party by
United States Mail, registered, return, receipt requested, addressed as follows:
City of Fort Worth
Attn: Dana Burghdoff, Assistant City Manager
200 Texas Street
Fort Worth, TX 76102-6311
Email: dana.bur h� doff(a�fortworthtexas. o�v
Facsimile: (817) 392-8654
With Copy to the CityAttorney.
Knox Street Partners No. 7, LTD
Attn: Brian T. Hall, EVP
3001 Knox Street, Suite 405
Dallas, TX 75205
Email:
Facsimile: (214) 368-7985
Executed by each party's duly designated and authorized representative; effective as of the date subscribed by the
City's designated Assistant City Manager.
CITY OF FORT WORTH, TEXAS:
��� dG�iz.Qi�e�i.lr
Dana Burghdoff (Jun 14, 20 20:44 CDT�
Y�
Dana Burghdoff
Assistant City Manager
Jun 14, 2021
Knox Street Partners No. 7, LTD:
By: ����
Brian T. Hall
Executive Vice President
J u n 9, 2021
Date:
APPROVAL RECOMMENDED:
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By; w�on�=o� �� �a,zoz��3�,���,
William M. Johnson, Director
Transportation and Public Work
Dev Funding Agreement:
Berkshire Commercial Paving Improvements (CPN 102943)
�FFICIAL RECORD
CITY SECRETARY
Page FT. WORTH, TX
APPROVED AS TO FORM AND LEGALITY:
�
B�]� DL'.ack'Juii1�.LUL1I�S�CDT'�
.7
Douglas W. Black
Senior Assistant City Attorney
CONTRACT AUTHORIZATION
M&C: N/A
Date Approved:
ATTEST:
f� Raiu�Cr7 P. �v�z�Ce�
�forRonald P. Gonzales (Jun 15, 2021 08:53 CDI�
By:
Mary J. Kayser
City Secretary
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CONTRACT COMPLIANCE MANAGER:
By signing, I acknowledge that I am the person responsible for the monitoring and administration of this
contract, including ensuring all performance and reporting requirements.
B�7;Patrick io<ley(Jur ,202109:53CDT)
Patrick J. Buckley, P.E.
Senior Professional Engineer
Dev Funding Agreement:
Berkshire Commercial Paving Improvements (CPN 102943)
�FFICIAL RECORD
CITY SECRETARY
Page FT. WORTH, TX
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