HomeMy WebLinkAboutContract 59081CSCO NO. 59081
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 Magnolia Pads LTD, a Texas domestic 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 60.1914 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 dedicated the right-of-way and provided funds in a future
improvement agreement for transportation improvements shown on Exhibit "D" for which credits
against transportation impact fees shall be granted; and
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Transportation Impact Fee Credit Agreement - CA-21-020 Page 1 of 11
Lovett Alliance Addition Updated 2/23/2021
W REAS, the Owner has dedicated 54,310 square feet of right-of-way for Westport H]
Parkway with FS-21-207, recorded by Instrument D221341755, November 22, 2021; and
WHEREAS, the Owner has received approval for the future improvement agreement, and
executed a Community Facilities Agreement (CFA21-0100), deposited the funds with the city and
executed the Future Improvement Agreement (City Secretary Contract Number 56539, October 12,
2021.
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 right-of-way for and paid
the future improvement funds to construct the system facility identified in Exhibit "D". For any
transportation improvement which has been previously dedicated or constructed by Owner on the
Property and accepted by the City prior to execution of this Agreement, the improvement shall be
identified as completed on 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. Phasing. 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.
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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.
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)
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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
Dana Burghdoff (Ntar 20, 20 1 17:19 CDT)
Dana Burghdoff
Assistant City Manager
Date:
Recommended By:
DJ Harrell (Mar 14, 202313:46 CDT)
DJ Harrell
Director, Development Services
Approved as to Form and Legality:
DBlack (Mar 20, 2023 12:07 CDT)
Douglas Black
Assistant City Attorney
M&C: None required
Form 1295: None required
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Jannette Goodall
City Secretary
Transportation Impact Fee Credit Agreement - CA-21-020
Lovett Alliance Addition
OWNER
Magnolia Pads, LTD
a Texas domestic limited partnership
Charles Meyer (Mar 12, 202311:26 CDT)
Charles Meyer
Authorized Signatory Title
City 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.
J fifer Rob s (Mar 7, 2023 10:28 CST)
Jennifer Roberts
Assistant Director, Development Coordination
Development Services Department
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Page 4 of 11
Updated 2/23/2021
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
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Lovett Alliance Addition Updated 2/23/2021
F.XHTRTT A
Description of Property
METES & BOUNDS DESCRIPTION;
LOVETT ALLIANCE ADDITION
BEING a 60.1914 acre tract of land situated in the N. S. Creed Survey, Abstract No. 1898, City
of Fort Worth, Tarrant County, Texas, being all of Tracts I, II, & III, as described in the Special
Warranty Deed recorded in Instrument No. D220197492 Official Public Records, Tarrant
County, Texas, and being all of the Lovett Alliance Addition, an addition to the City of Fort Worth
as shown on the plat recorded in Instrument No. D221341755, said Official Public Records, and
being more particularly described as follows:
BEGINNING at a mag nail found at the northwest corner of said Tract I, and being a point in
Keller Haslett Road, a variable width right-of-way;
THENCE North 89'10'40" East, with the north line of said Tracts I, II, & III, a distance of 987.29
feet to a mag nail set at the northeast corner of said Tract II;
THENCE South 0'56'19" East, with the east line of said Tracts II & III, a distance of 843.88 feet
to a 5/8-inch iron rod found for corner:
THENCE South 0'22'11" East, with the east line of said Tract III, a distance of 718.25 feet to a
1/2-inch iron rod found for corner;
THENCE South 0'21'05" East, continuing with the east line of said Tract III, a distance of
1088.57 feet to a 5/8-inch iron rod found for the southeast corner of said Tract III;
THENCE South 89'12'21" West, with the south line of said Tract III, a distance of 985.32 feet to
a 5/8-inch iron rod found for the southwest corner of said Tract III;
THENCE North 0'3509" West, with the west line of said Tracts III & I, a distance of 2650.17 feet
to the POINT OF BEGINNING and containing 60.1914 acres or 2,621,938 square feet of land,
more or less.
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F.X14TRTT R
Map of Property
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EXHIBIT C
Development Plan
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EXHIBIT D
Transportation Improvements
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EXHIBIT E
Credits Against Transportation Impact Fees
Lovett Alliance
Transportation Impact Fee Credit Overview
Value of ROW Dedication
Instrument # Plat Case # Eligible Arterial Value
0221341755 FS-21-207 Westport 136,318.10
Total ROW Dedication Credit 136,318.10
Value of Future Improvement Agreement
Instrument # Plat Case # Eligible Arterial Value
CSC(D NO. 56539 FS-21-207 Westport 574,000.00
Total Future Improvement Agreement Credit 710,318.10
Value of Existing Demand
Building Permits in review
Transportation Impact Fee Credit Agreement - CA-21-020
Lovett Alliance Addition
2 $ 631,448.22
Net Credit Available 78,869.88
Page 10 of 11
Updated 2/23/2021
EXHIBIT F
Allocation of Credits
Credit will be allocated on a first-come/first-serve basis
Within the final plat boundary of FS-21-207
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Transportation Impact Fee Credit Agreement - CA-21-020
Lovett Alliance Addition
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Page 11 of 11
Updated 2/23/2021