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Home My WebLink AboutContract 44602 (3)C1TY SECItETI�i f � � � � COMTRA�TT N0. / COMPLETION AGREEMENT This Completion Agreement ("Agreement"), is made and entered into by and between the City of Fort Worth, ("City") and Bayley Yandell, Ltd., a Texas limited partnership, authorized to do business in Texas, ("Developer") effective as of the last date executed by a Party hereto "Parties" The City and the Developer may collectively be called the WITNESSETH: WHEREAS, the Developer owns that certain tract of real property that contains approximately 10.10 acres of land located in the City, the legal description of which tract of real property is marked Exhibit "A" — Legal Description, attached hereto and incorporated herein for all purposes, ("Property"); and WHEREAS, the Developer intends to develop the Property as an addition to the City through plat FP 009-004 as approved by the City on or before the date of this Agreement ("Plat"); and WHEREAS, the Developer and the City have entered into a Community Facilities Agreement (CFA # 2013-029; M&C None) relating to the development, Skyline Ranch, Phase II� for Pavin�, Drainage, Water, Sewer and Li h�t'ing�Improvements ("Improvements"); and WHEREAS, the City has required certain assurances that the Developer will cause to be constructed to City standards the Improvements pursuant to the Community Facilities Agreement; and WHEREAS, the Parties desire to set forth the terms and conditions of such accommodations as are described above. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby agreed by and between City and Developer as follows: OFFICIAL RECORD RECEIVE� .JUI� CITlf SECREI'ARIf 2 � Z�� '1'e �IVO�P'9'641� 1'X 1. Recitals. The foregoing recitals are true, correct and complete and constitute the basis for this Agreement and they are incorporated into this Agreement for all purposes. 2. The Completion Amount. The City and the Developer agree that the Hard Costs (as shown on Exhibit "B") required to complete the Community Facilities in the aggregate should not exceed the sum of three hundred forty-four thousand six hundred seventy- eight dollars and seventy-five cents ($344,678.75), hereinafter called the "Completion Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of completion of the Community Facilities may vary as a result of change orders agreed to by the Parties, but such variances for the purposes of this Agreement shall not affect the Completion Amount as used herein. City hereby waives the requirement for developer to deposit a financial guarantee of 100% of the Hard Costs under the CFA Policy. 3. Com�letion by the Developer. The Developer agrees to complete the Community Facilities and pay all Hard Costs in accordance with City standards, the CFA, the Plat, and the Plans as approved by the City. For the purposes of this Agreement, the development of the Property shall be deemed complete upon acceptance by the City of the Community Facilities pursuant to Section 6, hereof. 4. Satisfaction of the Cit�quirements. The City agrees that the assurances and covenants contained in this Agreement satisfy all requirements of the City with respect to Developer's Financial Guarantee, as described in the CFA Policy, or other requirements for security in connection with the development of the Property and the completion of the Community Facilities that are contained in the CFA or in any other agreement relating thereto, and the City hereby accepts the assurances and covenants contained herein in lieu thereof. To the extent the CFA COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 2 of 9 irreconcilably conflicts with this Agreement, the provisions of this Agreement shall control. 5. Termination. This Agreement shall terminate upon the earlier to occur of the following: (a) acceptance by the City of the Community Facilities; or (b) mutual written agreement of the Parties. 6. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of the Property until the Community Facilities are completed and accepted by the City and all Hard Costs contractors have been paid, less retainage. Upon acceptance by the City and receipt of evidence from the Developer showing that all Hard Costs contractors have been paid, including but not necessarily limited to lien waivers and bills paid affidavits, the City shall within a reasonable time file the final plat for the Property in the Plat Records of the county where the Property is located. The purpose of the City retaining the final plat of the Property as provided herein is to guarantee the Developer's obligations under the CFA are completed. 7. Construction Contracts. Developer agrees to include in each Construction contract that it enters into for the completion of the Community Facilities the following: A. A statement that the City is not holding any security to guarantee any payment for work performed on the Community Facilities; B. A statement that the Property is private property and that same may be subject to mechanic's and materialman's liens; C. A requirement that each contractor contracting with the Developer release the City from any claim that is related to the Property; and COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 3 of 9 D. A requirement that each contractor contracting with the Developer include in each subcontract the statements contained in (a), (b) and (c) above. 8. Miscellaneous. A. Non-Assignment of Agreement. This Agreement may not be assigned by any of the Parties without the prior written consent of all the other Parties. B. Notice. Any notice required or permitted to be delivered under this Agreement shall be deemed received on actual receipt by the appropriate party at the following addresses: (i) Notice to the City shall be addressed and delivered as follows: and/or City of Fort Worth Planning & Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division David Schroeder, Development Manager Email: David.Schroeder(a�fortworth og v.or� Confirmation Number: 817-392-2239 Attention: CFA Division Jana Knight, Administrative Assistant Email: Jana.Knight ct,fortworth og v.or� Confirmation Number: 817-392-2025 With a copy thereof addressed and delivered as follows: City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Douglas W. Black Assistant City Attorney Telecopy Number: 817-392-8359 Confirmation Number: 817-392-7600 COMPLET[ON AGREEMENT SELF FUNDED Reviscd January 2012 Page 4 of 9 (ii) Notice to the Developer shall be addressed and delivered as follows: Bayley Yandell, Ltd. Bryan Holland Director of Land Acquisitions & Development 1203 S. White Chapel, Suite 250 Southlake, Texas 7609 (214) 626-8590, ext. 109 office (817) 875-5215 cell (817) 545-1455 fax Bryan.holland(a�grahamhart.com A party may change its address for notice upon prior written notice to the other parties pursuant to the terms hereof. C. Texas Law to A�ply. This Agreement shall be construed under and in accordance with the laws of the State of Texas. D. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, successors and assigns. E. Legal Construction. In case any one or more of the provisions contained in this Agreement shall for any reason is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained in this Agreement. F. Prior A�reements Superseded. This Agreement constitutes the sole and only agreement of the Parties with respect to the subject matter hereof and supersedes any prior understandings or written or oral agreements among the Parties concerning the subject matter hereof. G. Amendment. This Agreement may only be amended by a written instrument executed by all of the Parties to this Agreement. COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 5 of 9 H. Headin�s. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement. Executed IN QUADRUPLET by the Parties hereto: D VE O :�z}tc7� 'a�dc.it,LTO CITY OF FORT WORTH: � +x: G�D�� at ?ac� G�it2alo �� Name 5��,,,� („�,FF Fernando Costa Title: �-cs;��. Assistant City Manager Date: I� ��,�� oi O l3 Date: _(o�2G�/ PR D S TO FORM: � ,�� __ _. ., Douglas W Black �.c��'�� " Assistant City Attorney � �t,�eo°aQ�o��`� �o o �i� G � {'��py po'�`� AT'�EST: Mary J. Kay�f City Secretary M&C: _ �?�1�� __ Date: COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 6 of 9 �° °�f �� a � 0 o°.�L` � ��'o o°� r ��.� �� FFICIAL RECORD �I'TY SECREI'ARY �i'. WOR�'ai, Tac LIST OF EXHIBITS EXHIBIT A - LEGAL DESCRIPTION EXHIBIT B - APPROVED BUDGET COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 7 of 9 EXHIBIT AD ��GAL DESCRCPTii?1`I A 10.100 ACRE TRACT OF LAND COM P LGl'll1N SF.LF FUND!?D Re��ised .fnnuar� Page S of 9 AGREEM�NT � Being a trect oi land in the D. H. Dickson Survey, Abstract No. 442 and the 1. F. Eiliott Survey, Abstract No. 495, Tarcant Counry, i exas and being a portion of that trect ot land described as Tract One in a deed to Wilbow - Skyline Ranch Development Corporetion and recorded in Volume 17055, Page 258, County Records, Tarrant County, Texas and being more particularly described as follows: Beginning at a capped 5/8" iron found in the northerly line of said Tract One, in the southerly Il�e of a llnion Paciflc Railroad right of way (150 foot wide) and at the northeast corner oF Lot 122, Block 4, SkyUne Ranch, an addition to the City of Fort Worth as shown on the plat recorded in Cabinet A, Siide 11740, Piat Records, Tarrant Counry, Texas; Thence with the northeriy Ilne of said Tract One and the southerly line of said Union Paciflc Railroad right of way the follawing calis: N 85 degrees 56 minutes 13 seconds E, 4137 feet to a capped 5/8" iron set; N 84 degrees 57 minutes 13 seconds E,101.34 feet to a capped 5/8" iron set; N 83 degrees 53 minutes 13 seconds E,101.31 feet to a capped 5/8" iron set: N 82 degrees 57 minutes 13 seconds E, 101.25 feet to a capped 5/8" iron set; N 81 degrees 56 minutes 13 seconds E, 101,32 feet to a capped 5/8" iron set; N BO degrees 56 minutes 13 seconds E,101.36 feet to a capped 5/8" iron set; N 79 degrees Sl minutes 13 seconds E,101.35 feet to a capped 5/8" iron set; N 78 degrees 52 minutes 13 seconds E, 101.27 feet to a capped 5/8" iron set: N 77 degrees 54 minutes 13 seconds E,1U1.20 feet to a capped 5/8" iron set; N 76 degrees 54 minutes 13 seconds E,101.33 feet to a 1/Z" fron found; N 75 degrees 52 minutes �3 seconds E,101.30 feet to a capped 5/8" iron set; N 74 degrees 55 minutes 13 seconds E, 101.31 feet to a capped 5/8" Iron set; N 73 degrees 52 minutes 13 seconds E,10131 feet to a capped 5/8" iron set: N 72 degrees 55 minutes 13 seconds E,101.30 feet to a capped 5/8"' iron set; N 71 degrees 53 minutes 13 seconds E, 101.31 feet to a capped 5/8" iron set; N 70 degrees 55 minutes 13 seconds E,101.29 feet to a capped 5/8" iron set; N 69 degrees 54 minutes 13 seconds E,101.31 feet to a capped S/8" iron set; N 68 degrees 54 minutes 13 seconds E,101.30 feet to a capped 5/8"' iron set; N 67 degrees 54 minutes 13 seconds E,1a1,29 feet to a capped 5/8" iron set; N 66 degrees 55 minutes 13 seconds E, 101.2a feet to a capped 5/8" iron set; N 65 degrees 56 minutes 13 seconds E, 1U1.30 feet to a capped S/8" iron set; N 64 degrees 55 minutes 13 seconds E,101.32 feet to a capped 5/8" iron set; N 63 degrees 54 minutes 13 secands E, id1.28 feet to a capped 5/8" iron set N 62 degrees 57 mtnutes 13 seconds E,101.30 feet to a capped S/8" Iron set; N 61 degrees 55 minutes 13 seconds E, 101.33 feet to a capped 5/8" iron set at the easterly corner of said Tract One and in the northwesterly I(ne of Texas E�ectric Service Company right of way as described in a deed recorded in Volume 5419, Dage 795, said daod racords; 'fhence S 61 degrees 35 minutes 58 setonds W wlth a sautheasteriy line of said Tract One and the northwesterly Iine of sald Texas Electric Service Company right of way, 2,467.14 feet to a capped 5/8" iron found at the southeast corner of said Skyline Rench; Thence with the easterly lines of said Skyline Ranch the foilowing calls: N 33 degrees 08 minutes 54 seconds W, 132.49 feet to a capped 5/8" iron found; N b2 degrees 49 minutes 38 seconds W, 154.36 feet to a cappad 5/8"' iron found; N 23 degrees 54 minutes 25 seconds W, 83.58 feet to capped 5/e" iron found; N 08 degrees 30 minutes 58 seconds E,182.94 feet to the polnt of begl�ning and containing 10.100 acres or 439,973 square feet, Section I Water Sewer Sub-total Section II Interior Streets Storm Drains Sub-total Section III Street Lights Sub-total TOTAL COMPLETION AGREEMENT SELF FUNDED Revised January 2012 Page 9 of 9 ExxaBiT B COST LIST $65,030.00 $64,058.50 $129,088.50 $160,079.75 $37,075.50 $197,155.25 $18,435.00 $18,435.00 $344,678.75