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Home My WebLink AboutContract 56263 CPN:103115 CSC No.56263 DEVELOPER FUNDING AGREEMENT FOR VICTORY @ BASSWOOD,LLC DEVELOPER STORM DRAINAGE IMPROVEMENTS THIS AGREEMENT is by and between Victory @ Basswood,LLC,a Texas limited liability company, 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 described in +�' attached hereto(the"Property");and WHEREAS,in order to serve the Property,Developer is required to construct storm drainage improvements along the eastern side of FM 156;and WHEREAS,FM 156 within this area is under reconstruction by the Texas Department of Transportation (TXDOT)including a 24"reinforced concrete pipe along the eastern side of FM 156 to convey stormwater("Storm Drainage System");and WHEREAS,the Developer and TxDOT agreed to upsize the Storm Drainage System to serve the Property and be reimbursed for the differential cost thereof; and WHEREAS,the Developer has agreed to pay $172,000700 to the City which comprises $171,550.00 for TxDOT to upsize the Storm Drainage System,and$450.00 for City staff administration costs(the"Contribution"); and WHEREAS, TxDOT advises that it has expended the full amount of$171,550.00 to upsize the storm drainage system,but is due a credit or refund from the contractor,which credit or refund is eligible to be passed on to the Developer; and WHEREAS, TxDOT has advised that it cannot provide the credit or refund until the FM 156 project is complete,which is estimated to be at the end of calendar year 2023;and WHEREAS,in the interim,Developer has agreed to pay the Contribution to the City; and WHEREAS, after final accounting by TxDOT and its contractor for the upsizing of the Storm Drain System,if any credit or refund is due to Developer,TXDOT will remit same to the City and,upon receipt of such credit or refund,City shall forward the credit or refunded amount to Developer. NOW THEREFORE, in consideration of the above recitals and the promises and covenants herein, City and Developer do hereby agree as follows: 1. Developer will provide to City the Contribution concurrent with Developer's execution and return of this Agreement. 2. Developer has no further obligations with respect to the cost of the storm drainage improvements described herein and illustrated on Exhibit"A".If any credit or refund is due Developer,to be determined at the completion and final accounting of TxDOT's FM 156 project, TXDOT shall remit same to City and,upon City's receipt of said funds from TxDOT,shall be forwarded to the Developer by City. Dev Funding Agreement: OFFICIAL RECORD Victory @ Basswood,LLC.,,Storm Drainage Improvements(CPN 103115) CITY SECRETARY E FT. WORTH, TX CPN:1031t5 3. The parties hereto acknowledge that the upsized Storm Drainage System has been completed by TxDOT. 4. City will use its best reasonable efforts to perform this Agreement without undue delay. 5. This Agreement shall be binding upon and inure to the benefit of the City and Developer and their respective 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. Notwithstanding the transfer of all or any portion of the Property, any payment due hereunder to or from Developer shall be paid to or by Developer,as the case maybe,unless Developer directs the City,in writing, to make payment to any other person. 6. Notices required pursuant to the provisions of this Agreement shall be conclusively determined to have been delivered when(1)hand-delivered to the other Party,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 Victory @ Basswood,LLC Attn: Dana Burghdoff,Assistant City Manager Attn: Tony Ramji 200 Texas Street 8201 Preston Road, Suite 700 Fort Worth, TX 76102-6311 Dallas,TX 75225 Facsimile: (80)392-8654 tony@vg-re.com With Copy to the City Attorney. With a copy to: Douglas W Black Shirley Farrell,Esq. Sr. Assistant City Attorney 621 N.Park Road 200 Texas Street LaGrange Park,IL 60526 Fort Worth, TX 76102 708.738.8344 Douglas.black@fortworthtexas.gov Shirley@farreil-law.org 817-392-7615 SIGNATURE PAGES AND EXHIBITS TO FOLLOW I Dev Funding Agreement: Page 2 of 3 Victory @ Basswood,LLC.,Storm Drainage Improvements(CPN 103115) CPN:103115 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: VICTORY @ S5W00 ,LLC: Dana BurandoAc By:Dana Burghd off(Sep 1,202119:44 CDT) By: Dana Burghdoff Tony Ramji Assistant City Manager Manager Date: Sep 1, 2021 Date: APPROVAL RECOMMENDED: ' �) . By:WJ(Aug 31,20 10:24 CDT) William M. Johnson,Director Transportation and Public Work APPROVED AS TO FORM AND LEGALITY: By.DBI-k(Sep 1,202112:10 CDT) Douglas W. Black Senior Assistant City Attorney CONTRACT AUTHORIZATION M&C: 21-0525 a� FoRr,�aa Date Approved: 08/03/2021 7 Dook-�O-, 000000 o ATTEST: ~o °O'p�l 000 00 d �? o By: �� 00 *�d Ronald P. Gonzales � °O000000° d Acting City Secretary ��nEXASaA 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. By:David�B. odray ug 31,20210914 CDT) David B.Jodray Transportation Manager OFFICIAL RECORD Dev Funding Agreement: CITY SECRETARY Victory @ Basswood,LLC.,Storm Drainage Improvements(CPN 103115) FT. WORTH, TX SVX3WHIHO,M 1aod Sll£Cl NdO �f -\ C�� 1N3W3A021dWF3�tlNR210951W�❑OaMSStl9ttlAt13H�1� �y i V I!q!gx:l low u: OAl@ b31N30 ' Na31S3M iC J r J� zqa n �Nm Tim ol L WO.- P Ewa x �as 0r a o a City of Fort Worth, Texas Mayor and Council Communication DATE: 08/03/21 M&C FILE NUMBER: M&C 21-0525 LOG NAME: 20VICKERY AT BASSWOOD FM156 DRAINAGE IMPROVEMENT SUBJECT (CD 2)Authorize Execution of Developer Funding Agreement with Victory @ Basswood, LLC in the Amount of$172,000.00 for Construction of Drainage Improvements Along Farm to Market Road 156; Authorize Execution of an Advanced Funding Agreement with Texas Department of Transportation in the Amount of$171,550.00 for Constructing the Drainage Improvements; and Adopt Appropriation Ordinance RECOMMENDATION: It is recommended that the City Council: 1. Authorize execution of Developer Funding Agreement with Victory at Basswood, LLC in the Amount of$172,000.00 for construction of drainage improvements along Farm to Market Road 156; 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Developer Contribution Fund in the amount of$172,000.00, from developer contributions, for the purpose of funding the Victory @ Basswood FM156 project(City Project No. 103115); and 3. Authorize execution of an Advanced Funding Agreement with Texas Department of Transportation in the amount of$171,550.00 for constructing the drainage improvements(City Project Number: 103115). DISCUSSION: In May 2019, Victory @ Basswood, Limited Liability Company(LLC)expressed an interest in upsizing planned drainage improvements along the eastern side of Farm to Market Road 156 to serve the future needs of their development. Victory @ Basswood, LLC evaluated the hydraulics to determine the necessary increase in the Texas Department of Transportation's planned drainage system to support the needs of the proposed development. The drainage system project upsizes approximately 1,250 linear feet of storm drainage system from 24 inch reinforced concrete pipe to 4 foot by 2 foot reinforced concrete box. The Texas Department of Transportation constructed the upsize storm drainage improvement as requested to support the future development. The cost for the upsize drainage improvements was$171,550.00. This Mayor and Council Communiction is to authorize the execution of a Developers Agreement between Victory @ Basswood, LLC and the City of Fort Worth for the City of Fort Worth to accept funds in the amount of$172,000.00 from Victory @ Basswood, LLC and the execution of a funding agreement between the City of Fort Worth and Texas Department of Transportation to transfer$171,550.00 to Texas Department of Transportation for constructing of the drainage improvements. The remaining amount of$450.00 is for city staff costs to execute these two agreements. The Victory @ Basswood, LLC drainage improvements along Farm to Market Road 156 is located within COUNCIL DISTRICT 2. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that upon approval of the above recommendations, execution of the funding agreements and adoption of the attached appropriation ordinance, funds will be deposited into the Developer Contribution Fund for the Victory @ Basswood FM156 Drainage project and available as appropriated to support the approval of the above recommendations and execution of the funding agreement with the Texas Department of Transportation. The Transportation and Public Works Department(and Financial Management Services)are responsible for the collection and deposit of funds due to the City of Fort Worth. Prior to an expense being incurred,the Transportation and Public Works Department has the responsibility of verifying the availability of funds. Submitted for City Manager's Office by: Dana Burghdoff 8018 Originating Business Unit Head: William Johnson 7801 Additional Information Contact: Monty Hall 8662 David Jodray 2891