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Home My WebLink AboutContract 55962 CSCO NO. 55962 TRANSPORTATION IMPACT FEE CREDIT AGREEMENT THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the "Agreement'D 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 Texas Star Building Owner,LLC,a Texas,limited liability company authorized to do business in Texas (the "Owner'D (the City and the Owner a"Party",and collectively,the"Parties'D. RECITALS WHEREAS,the Owner is the owner of approximately 4.098 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 B;and WHEREAS,the City has determined the maximum transportation impact fees to be assessed against new development within service area B to be$3,316 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 dedicated 39,100 square feet of right-of-way for the eligible arterial,Avondale-Haslet Road recorded by Instrument D220239021,April 18,2020;and Transportation Impact Fee Credit Agreement-CA-21-012 OFFICIAL RECORD Pinnacle Montessori Haslet Addition CITY SECRETARY 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 has dedicated the rights-of-way for the system facilities identified as completed 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". 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. Phi. 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. 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. Assignment. Owner shall have the right to assign this Agreement to any person or entity ("Owner's Assignee's 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. Transportation Impact Fee Credit Agreement-CA-21-012 Page 2 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 S. 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-21-012 Page 3 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 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 Texas Star Building Owner,LLC a Texas,limited liability company 'a�urgJul6,202 :08 CDT) ffArshal S ChhjgvA Harshal S Chhava(Jun 30.202107:15 CDT) Dana Burghdoff Harshal Chhaya Assistant City Manager Manager Date: Jul 6, 2021 Recommended By: City Contract Compliance Manager: DJ Harrell 30,202108:50 CDT) DJ Harrell By signing,I acknowledge that I am the Director,Development Services person responsible for the monitoring and administration of this contract,including ensuring all performance and reporting Approved as to Form and Legality: requirements. Mack(Jul 2,202111:25 CDT) LEONARDLEONARD A�(Jun 25,202115:53 CDT)25,202115:53 CDT) Douglas Black Leonard Mantey Assistant City Attorney Planning Manager,Strategic Operations M&C:None required Development Services Department Form 1295:None required ATTEST: � 40a,0°F OR Ted �O° °O'p�d l.° Pam° o=� Mary J.Kayser o ° City Secretary d� °°° 00*000000 ��EXASa�a Transportation Impact Fee Credit Agreement-CA-21-012 OFFICIAL RECORD Pinnacle Montessori Haslet Addition CITY SECRETARY 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-21-012 Page 5 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT A Description of Property WHEREAS, TEXAS STAB BUILDING OWNERS,LAC ARE THE OWNERS OF A TRACT OF 1AUD IN THE M.E.P,&P. R.R.CO, SURVEY NO, 13, ABSTRACT NO. 1129, CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, AND REWO ALL OF A CALLED &005 ACRE TRACT OF LAND AS DESCRIBED IN A DEED RECORDED IN INSTRUMENT NO, 17319286658, OFFICiRL PIJBLIC RECORDS OF TARRANT COUNTY, T1..XAS (O.P.R.T.C.T.), AND BEING MORE PARTICULARLY AESC KME13 AS FOLLOWS: BEGINNING AT A 8"IRON ROD wITH A CAP STAMPED"CROSSWAiY'FOUND AT THE SOU'I'HWF�T CORNER OF SAID 5,4 ACRE TRACT,ALSO BEMG THE NORrnrWEST CORNS$OF A CALLED 6.02 ACRE TRACT OF LANE As DESCRIBED IN A DEED RECORDED IN VOLUME 7326. PAGE M, DEED RECORDS OF TARRANT COUNTY, TEXAS (ID,R_T.C.T_), THE NORTHEAST CORNER OF A, CALLED 5.017 ACRE 'TRACT OF hAND AS DESCRIBED IN A DEED RECORDED IN INSTRUMENT NO. D21403336&, O-P-R.'1,C.1„ AUD A140 B81NO TlZ SOUTHEAST CM"OF LOT 1, "OCR 1,S7'rM ADDITION TO THE CITY OF FORT WORTH,AS SHOWN ON THE:PLAT RECORDED W 1bISTRUMENT NO. D&14211989, O.P.R-MC.T.; THENCE N WOd'SB"W VMH THE COMMON LINE BETWEEN SAID 5.0 ACRE TRACT AND SAID LOT 1,AT R DISTANCE OF 584.03 FEET PASSING A 8"IRON ROD FOUND NEAR A FENCE CORNER IN THE SOUTHERLY 1JNE OF AVONDALE-HASLET ROAD,INALL A DISSTANCE OF 553.36 FEET TO THE NORTHWEST CORNER OF SAID 5.0 ACRE TRACT; THi ME N 89646'08" E WITH THE NORTH LIVE OF SAID 5.0 ACRE TRACT, AND GE92RALY ALONG SAID AiVONDALE-HASLET ROAD, A DUrANCE OF 393.80 FEET TO THE NORTHEAST CORNER OF SAW 5.0 ACRI;TRACT, G1 riMRALLY LOCATED NEAR THE IiTi'ERSECTION OF SAID RVONDALE-HASLET ROAD AND BOAZ ROAD; THENCE S M1'33" E WITH THE PAST LINE Of SAID 5.0 ACRE TRACT AMEX THE CENTERLINE OF SAID BOAZ ROAD, A DISTANCE OF 552,86 FOP TO A PIS NAIL FOUND AT THE SOUTHEAST CORNER OF SAID 5.0 ACRE TRACT,ALSO BE xr, THE NORTHF ST CORNER OF SAID 102 ACRE TRACT; THENCE S BV48'48"W WTIH TI-iE COMMON LIME BETWEEN SA10 6.0 ACRE TRACT AND SAID 6,02 ACRE TRACT, A DLSTANCE OF 393.89 FEET TO THE PLACE OF BEGINNING AND CONTFiWMG 4.995 ACRES OF LAND. Transportation Impact Fee Credit Agreement-CA-21-012 Page 6 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT B Map of Property PRQIECT fiVC1l7�7i TILE ; '1��{ Illlllj � 'ffif Gm or FORT WMeTH I� I V OP Forr WORTH E-T.J. VICINITY MAP Transportation Impact Fee Credit Agreement-CA-21-012 Page 7 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT C Development Plan oil € ggE i ga�°€�'a� S®pA��i� 9 3 �8ffifga799A€ 3€€c 3� Rip [!,I �. a idA3s Res iFC� 6g1@�b Rdi�Ra30NA P€ g� °la� €�� ga f! g�° ABgge � €a gg a4 plil gi a s a�� g¢¢ g gs$s k§ a9g�`� ;r g ��= ° fig 0'9 A i � i gg ne SIN . i �� ! h a:= gag IN � 111! 111 Jill Mi w i a ° a as — i--��--- ---------�--��-�--- --------� y c i r', s � R1 ' �ee� g�€€giCgiggligiiEiigEC� ' n ai�4 o � g {� ��B o 0 � f[[ifif[Ff3affFF6f3e6e� � 1 i 3 � o a9;i gI i(0S'a.gggi=..:Jill Gg4g3A� �Af g ; B� F� a w 3 8 a� •3�a�.F�� :�� gG � ��€F Sa� ��R°i ia�� e• ids � : ! Jill!, rllg 9g�r p'l.� Transportation Impact Fee Credit Agreement-CA-21-012 Page 8 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT D Transportation Improvements ]I I j - Pin nacIL-Mone&sori Haslet Add ition 'C:g;a�br(tid;l Against Ira nsporLi Lxrn ImpacL Fees I � llgfit-al-WaV dcdical»n I '4 — =-rrRriTn 3 r *: mar i it A'�r 47�=LEHr SLE T: JC, E Aim r II4YYs -_. E - _•_q'BTnerwts ikrdt5 rRE-etR M RCVfEGedcarLion{P5-261H1} Transportation Impact Fee Credit Agreement-CA-21-012 Page 9 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT E Credits Against Transportation Impact Fees Pinnacle Montessori Transportation Impact Fee Credit Overview Value of ROW Dedication Instrument# Plat Case# Eligible Arterial Value D2200332858 FS-20-081 Avondale Haslet $ 70,771.00 Total Transportation Impact Fee Credit $ 70,771.00 Value of Existing Demand Building Permits in review 2 $ 98,446.77 Street No Street Permit No. Collection Rate 1135 Avondale Haslet Rd. P320-18186 $ 78,676.77 1135 Avondale Haslet Rd. PB20-18392 $ 19,770.00 Net Credit Available $ (27,675.77) Transportation Impact Fee Credit Agreement-CA-21-012 Page 10 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021 EXHIBIT F Allocation of Credits $51,001.00 in credit will be applied to PB20-18186 $19,770.00 in credit will be applied to PB20-18392 Transportation Impact Fee Credit Agreement-CA-21-012 Page 11 of 11 Pinnacle Montessori Haslet Addition Updated 2/23/2021