HomeMy WebLinkAboutContract 56088 CSCO NO. 56088
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 Stanford Sons Investments,LP, a Texas limited partnership 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 16.504 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 A;and
WHEREAS,the City has determined the maximum transportation impact fees to be assessed
against new development within service area A to be$2,025 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, Owner has dedicated 17,490 square feet of right-of-way for Old Denton Road,
an eligible arterial,Recorded as Instrument D221100038,recorded April 12,2021.
OFFICIAL RECORD
Transportation Impact Fee Credit Agreement-CA-21-015
Stanford Sons 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 dedicated the rights-of-way for 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". 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. Pha�sin . 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). 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") 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-21-015 Page 2 of 11
Stanford Sons Addition Updated 2/23/2021
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-21-015 Page 3 of 11
Stanford Sons 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
Stanford Sons Investment,LP
A Texas Limited Partnership
baru�B AGu7
Dana Burghdoff(M 26,20 118:30 CDT)
By: SFI Guardian,Inc.
Dana Burghdoff Its general manager
Assistant City Manager
Date:
Jul 26) 2021
John Stanford
Recommended By: President
Z L
DJ Harrell(Jul22,202109:13 CDT)
DJ Harrell
Director,Development Services
Approved as to Form and Legality:
owl
DBlack(Jul 26,202116:25 CDT)
Douglas Black City Contract Compliance Manager:
Assistant City Attorney aqOR �tia
M&C:None required ,§Q�°�°°°°��L�d� By signing, I acknowledge that I am the
Form 1295:None required p�o °o'p�d person responsible for the monitoring and
00 0 administration of this contract,including
0
o*�d ensuring all performance and reporting
ATTEST: °�� °°°°°°°°°° a requirements.
Ronald P.Gonzales(Ju127,2 2�409:41,TZ5 Leonard Mantey(Jul 21,202116:49 CDT)
Ronald Gonzalez Leonard Mantey
Acting City Secretary Planning Manager, Strategic Operations
Development Services Department
OFFICIAL RECORD
Transportation Impact Fee Credit Agreement-CA-21-015 CITY SECRETARY
Stanford Sons 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-21-015 Page 5 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT A
Description of Property
WHEREAS. Stanford Sons Investments, LP, are the owners of all that certain 16.504 acres of land, .described
in the deed recorded in Document Number 0207096201 in the Public Records of Tarrant County, Texas
(P-R_T-C.T.), in the N. S. Creed Survey, A-1898, City of Fort Worth, Tarrant County, Texas, and more
particularly described by the metes and bounds as follows: (all bearings shown hereon are based on the
Texas Coordinate System of 1983, North Central Zone)
BEGINNING at ❑ 5/8" iron rod found for the southeast corner of the herein described tract, cornmon to the
northeast corner of a 5.00 acres tract of land described in the deed to Kiewit Texas Construction LP
(Formerly Gilbert Texas Construction Corp.), recorded in Document Number D201196640 P.R.T.C_T., In the:
west right—of—way line of Old Denton Road (Right—Of—Way Varies);
THENCE South 89' 11' 18" West — 1000,00' to a 5/8" iron rod found for the southwest corner of the herein
described tract, common to the northwest earner of the 12.00 acres tract of land described in the deed to
Kiewit Texas Construction LP (Formerly Gilbert Texas Construction Carp,) recorded in Volume 11901, Page
213 P.R.T.C.T., in the east line of Tract C — 49.5996 acres of land described in the deed to James Russell
Egleston, M.D. and Marcia Stathos Eglestan, Trustees of the JRE—MSE Living Trust created by trustee
agreement dated May 14, 2014, recorded In Dorornent Number D201493¢93 P.RJ,C.T.;
THENCE North 00' 30' 02" West — 718.25' along the east line of said 49.5995 acre tract, to a 1/2' rron
rod with a cap stamped 'SPRY 5647" set for the northwest corner of the herein described tract, common
to the southwest corner of ❑ 20.003 acres tract of lord described in the deed to Ail Investments, IP,
recorded in Document Number 0204242155 P.R.T.C.T.;
THENCE North 89' 10' 58" East — 1 fl01.75' along the south line of said 20.003 acre tract, to a 5/8".iron
rod found for the northeast corner of the herein described tract, in the east right—of—way line of said Old
Denton Road, from which a 1/2" iron rod found for a point for corner in the east line of said 20,003
acres tract, bears North 00' 21' 34" West — 282.56' along the east right—of—way line of said Old Denton
Road;
THENCE South 00' 21' 34" East — 718.36' along the east right—of—way line of said Old Denton Road, to
the POINT OF BEGINNING and containing 16.504 acres of land.
Transportation Impact Fee Credit Agreement-CA-21-015 Page 6 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT B
Map of Property
t. x
' irk r{'� •4
$ Olii
{ +�
'aL 41 {�
ri.1 4 U.
t
� of
fir+ •{' ti� _
L #
k f J k 1r• J
VICINITY . MAP
HOT TO SCALE
Transportation Impact Fee Credit Agreement-CA-21-015 Page 7 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT C
Development Plan
A sr w[�3D+�E�Rr
_r
____ •W §z LA
� I y � � e.�FgapspaP:a
4 J O 4-•-4 op
03
aN $ • �Ysda E$ 1 f
box $ i F� r tdlgr agl 9 g;i 3
ys„ 4 f+k
F w' s\wsr•.H r nsre' aK * S -SeeHS r 3 °9
�7fii kv.�T _ _ �T]S�_'"—_ _ `_�- •`E..:7<i`.. -A `Y.F.v.&�. a
So P v E Y. A R"0 3
g rPg
�13Z�Q
wrM GeM 1 Lar a+t +m :.ygly e`
nwaN(E yAIEWAY NEST •ivx�[!a��Ewnx xE�T �p REuuxpER�Ex.m n�Ea ` L 59 y dEEda
Rp v�ic ¢ P.R. YYS]A2 ¢ HfLL1Nd�x AnTAGYLY Lui0.w S•i
g[1rs' `
i#ayji€y I jl jgs 3{7 i€ [[jig ?i Ft�i! I��yei �t t 1 s 4� �3 In 111
¢ a
�S j { dxe7 i E"�7E�35�3 @ g 2 9 i`S =r g_ 1!g Fsl k of d5 yg q
gg�l's3ia lr,;�'yy7{ 3 sp?4��4i'c "gs 3 e•t •�aA g _�'�i
31a3 °•9 y$$3 ,�,1$i S 1ae• t 8 ¢11t rs ¢�g•8�'
E;+gd _•li f g�•134 `� � r'�!s r d 3� � 14d3 $
=•��?11•gsu pl $e E •ilSar`�� 1� �g Y 9� $•� �x�e
3r fi 1:1g&;t .Tg 1�1${Rpz�
7 `_x-##$3� � �1't?i� 1<4TS�r r�$$�� �•i gill? r. �•�, �•• s!%.rs� saE
g $rs 9? ?f1.1 %t4 3 g }� ff4au $$} }'p ° ;r Q '=gg,�- k9 F
gtrR= 5if$u N 1 '=l 9 {p .' ;E3`9s1; 1 �s I;s 'i`§:� :�see i3'#s73 F $S pgg,t #a3E
= �a $ _ d9 ltlY3, xrs.rltl. % ode lEt :gtr
is . ;@3" g $r HIM g €?$ $
c" P r M t 1 E��9 €, 5�i� • y � � 3 xR � i �P '�€z,;'��rh� g fY�nl�q
s z
N 'I ?•
g
M E g 3P a 3 fl�jj. g� s t ��j•' °' 1
&- g y�€ssgg ejnrg
Rg42 a $ F i g1r" i Eg yd1 a�915 � 6�
s
x b p
pi Oz7s p 1fr�E �M��
Z gill' F Ej tQ• tlilfc
Transportation Impact Fee Credit Agreement-CA-21-015 Page 8 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT D
Transportation Improvements
Stanford Sons Addition
•Eligible for Credit Against
Transportation Impact Fees
Right-of-War Dedication
Fnirr%birtm
WESTPORT y
Eligible Improvements Limits
Old Denton Road ROW Dedication(F5.21.018)
Transportation Impact Fee Credit Agreement-CA-21-015 Page 9 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT E
Credits Against Transportation Impact Fees
Stanford Sons Addition
Transportation Impact Fee Credit Overview
Value of ROW Dedication
Instrument# Plat Case# Eligible Arterial Value
D221100038 F5-21-018 Old Denton Road $ 34,630.20
Total Transportation Impact Fee Credit $ 34,630.20
Value of Existing Demand
Building Permits in review 0 $ -
Net Credit Available $ 34,630.20
Transportation Impact Fee Credit Agreement-CA-21-015 Page 10 of 11
Stanford Sons Addition Updated 2/23/2021
EXHIBIT F
Allocation of Credits
First come, first serve within FS-21-018
Transportation Impact Fee Credit Agreement-CA-21-015 Page 11 of 11
Stanford Sons Addition Updated 2/23/2021