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HomeMy WebLinkAboutContract 61066CSCO NO. 61066 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 Forestar (USA) Real Estate Group Inc, a Delaware corporation 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 128.549 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 transportation 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 Transportation 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 Y; and WHEREAS, the City has determined the maximum transportation impact fees to be assessed against new development within service area Y to be $2,588 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 Transportation Impact Fee Credit Agreement-CA-23-016 OFFICIAL RECORD 02/27/2024 Cohix CITY SECRETARY page I I FT. WORTH, TX 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 received Preliminary Plat approval for Cohix, PP-20-060, on 5/18/2023; and WHEREAS, the Owner has received Final Plat approval for Cohix, FP-22-139, on 10/20/2023; and WHEREAS, the Owner has dedicated 123,592 square feet of right-of-way for McPherson Boulevard with FP-22-139, recorded as Instrument DD223190338 on 10/20/2023; and WHEREAS, the Owner has received approval for construction plans (IPRC 21-0036) on 10/25/2023, and executed a Community Facilities Agreement (CFA21-0144, CSCO 57472) on 4/29/2022, and obtained final acceptance by the City for Cohix, 103287, on 4/29/2022 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 agrees to dedicate the rights -of -way for and/or construct the system facilities 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 Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 12 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") 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. 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-23-016 02/27/2024 Cohix Page 13 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 Darla 6-91-a blq Dana Burghdoff (Mar ''202415:13 CST) Dana Burghdoff Assistant City Manager Date: Mar 7, 2024 Recommended By: Dalton J. Harrell r 5, 202411:14 CST) DJ Harrell Director, Development Services Approved as to Form and Legality: �Q� Douglas Black (Mar 5, 202416:31 CST) Douglas Black Assistant City Attorney M&C: None required Form 1295: None required �� �oFORf �9 d ATTEST: o v!`o pV0 °=d QPQ * 000 oo° 00*�d � d�a� nEXA?opa Jannette Goodall City Secretary OWNER Forestar (USA) Real Delaware Corporation ®l L7rL� Stephen Brim (Feb 27, 2024 09:40 CST) Stephen Brim Vice President Estate Group Inc. a 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. Tanya Boyd (Feb 27, 2024 09:37 CST) Tanya M. Boyce Planning Manager, Development Services Department Transportation Impact Fee Credit Agreement-CA-23-016 OFFICIAL RECORD Colux CITY SECRETARY FT. WORTH, TX 02/27/2024 Page 14 EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development Plan "D" Eligible Transportation Improvements "B" Credits Against Transportation Impact Fees "F" Allocation of Credits Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 15 EXHIBIT A Description of Property: Cohix, PP-20-060 Being a tract of land situated in the Moses Walters Survey, Abstract No. 1598, City of Fort Worth, Tarrant County, Texas, being a portion of Tract 3 as described by deed to Cohix LLC, a Texas Limited Liability Company, and recorded in County Clerk's File No. (CC#) D208444286, Official Public Records, Tarrant County, Texas, (OPRTCT), and being more particularly described by metes and bounds as follows ( Basis of bearings reference to the Texas State Plane Coordinate System, North Central Zone, NAD83 via the Trimble VRS network for North Central Texas. All distances are surface distances.) BEGINNING at a 1/2-inch capped iron rod found marked Brittain and Crawford for the northeast corner of Tract M160 as described by deed to Total E&P USA Barnett, LLC, a Delaware Limited Liability Company and recorded in (CC#) D216266568, (OPRTCT), in the east line of the said Tract 3, and being in the west line of Lot 7, Block 19, Carson Ranch Estates, an addition to the City of Fort Worth, Tarrant County, Texas, as shown on plat thereof and recorded in Cabinet A, Slide 7114, (OPRTCT); THENCE North 86°57'33" West, being common with the north line of said Tract M160, a distance of 3 700.5 9 feet to a PK nail set for the northwest corner of Tract M160, being in the west line of the said Tract 3, and being in the east line of a residue of Tract 2, as described by deed to Forestar (USA) Real Estate Group INC, a Delaware Corporation and recorded in (CC#) D212079898, (OPRTCT), also being in the centerline of West Cleburne Road ( a variable width right of way); THENCE North 00°42'32" West, being common with the west line of said Tract 3, being common with the east line of said Tract 2, being common with the east line of a tract of land described by deed to the City of Fort Worth and recorded in (CC#) D201260957, (OPRTCT), and being common with the center line of West Cleburne Road, a distance of 2454.42 feet to the northwest corner of the said Tract 3; THENCE North 89°34'07" East, being common with the north line of the aforesaid Tract 3 at 16.57 feet pass a 5/8-inch capped iron rod found marked Sempco Surveying for the southwest corner of a tract of land described by deed to Daljit Singh and recorded in (CC#) D214256810, (OPRTCT), an continuing a total distance of 1363.46 feet to a 5/8-inch capped iron rod set marked Shield Engineering for a point for corner, from which a 5/8-inch capped iron rod found marked ARS Engineering in the south line of a tract of land described by deed to Meng Zhu - Shen and recorded in (CC#) D216268349, (OPRTCT) and the reentrant corner of the aforementioned Tract 3, bears North 89°34'07" East, a distance of 302.73 and being a PC of a curve to the right, having a radius of 1000.00 feet, having a central angle of 24°00'41", a chord bearing and distance of South 75°33'55" East, a distance of 416.02 feet, an arc distance of 419.08 feet; Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 16 THENCE over and across the said Tract 3, the following courses and distances: South 00°12'42" East, a distance of 1235.32 feet to a 5/8-inch capped iron rod set marked Shield Engineering for a point for corner; South 58°43'46" East, a distance of 931.76 feet to a 5/8-inch capped iron rod set marked Shield Engineering for a point for corner; South 88°14'26" East, a distance of 1561.32 feet to a 5/8-inch capped iron rod set marked Shield Engineering in the east line of said Tract 3 and being in the west line of Amerifax Road ( 60 foot right of way) as shown on the said Carson Ranch Estates; THENCE South 00°02'58" East, with the east line of said Tract 3 and being common with the west line of the said Carson Ranch Estates, at 54.73 feet pass a'/2-inch capped iron rod found marked Beasley for the northwest corner of Lot 1, of said Block 19, continuing with the said common line at 753.11 feet pass a'/2- inch capped iron rod found marked Beasley for the common corner of Lots 6 and 7, of said Block 19, and continuing a total distance of 893.89 feet to the POINT OF BEGINNING, containing 5,599,598 square feet or 128.549 acres of land more or less, of which 1.843 acres lies within the future right of way of McCart Avenue, 3.102 acres of land lies within the future right of way of McPherson Boulevard, and 0.944 acres of which lies within West Cleburne Road. Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 17 EXHIBIT B Map of Property MAPSCO NO. TAR-117C COUNCIL OISTRICTOG qRCRlSIwI1154 SN w srIGINl:��CKG"i�AyP, n,r REAL ESTATE GROUP, INC. 16W W 7" S;RE67, STATE 400 2221 E L AR 9LW. Sl11TE 790 S L7• ,C0 ARLINOT]N, TX 7WS 817-7641860 Transportation Impact Fee Credit Agreement-CA-23-016 Cohix „SHIELD a I-aoa z.aoa s,00a GRAPHIC SCALE IN FEET COHIX FORT WORTH, TX November 2023 VICINITY MAP 02/27/2024 Page 18 ---j :`-7 EXHIBIT C Development Plan: COHIX, PP-20-060 Ldn Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 19 EXHIBIT D Transportation Improvements Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 110 EXHIBIT E Credits Against Transportation Impact Fees Cohix Transportation Impact Fee Credit Overview Value of ROW Dedication Instrument # Final Plat # Eligible Arterial Value DD223190338 FP-22-139 McPherson Blvd $ 401,726.00 TOTAL ROW TRANSPORTATION IMPACT FEE CREDIT $ 401,726.00 Value of Community Facilities Agreement Construction City Secretary # CFA/CPN # Eligible Arterial(s) Value 57472 CFA21-0144 Cohix $ 872,247.19 CPN 103287 TOTAL COMMUNITY FACILITIES AGREEMENT CREDIT $ 872,247.19 TOTAL TRANSPORTATION IMPACT FEE CREDIT $ 1,273,973.19 Transportation Impact Fee Credit Applied to Date Value Building Permits 31 $ 184,925.54 TOTAL TRANSPORTATION IMPACT FEE CREDIT APPLIED TO DATE $ 184,925.54 NET TRANSPORTATION IMPACT FEE CREDIT REMAINING $ 1,089,047.65 Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page111 Right -of -Way Valuation for McPherson Blvd Valuation Method 1 - Percentage of TIP Project Cost Eligible Arterial McPherson Blvd 2022 Transportation Improvements Plan Project Number Y-17 Estimated Construction Costs from 2022 Transportation $7,354,000 Improvements Plan Value of Total Project Right -of -Way (20% of Construction Cost) $1,470,800 Total Project Length (LF) 4120 Arterial Cross -Section Width (LF) 110 Additional ROW needed for Roundabout (SF) $0 Total Project Right -of -Way (SF) 453,200 Right -of -Way Value Per Square Foot $3.25 Valuation Method 2 - Percentage of Construction Project Cost Eligible Arterial McPherson Blvd City Project Number 103287 Final Construction Costs from Notice of Completion (Green Sheet) $726,873 Value of Total Project Right -of -Way (20% of Construction Cost) $145,375 Total Project Length (LF) 1,329 Arterial Cross -Section Width (LF) Varied (73 -13 1) Additional ROW needed for Roundabout (SF) $0 Total Project Right -of -Way (SF) 123,608 Right -of -Way Value Per Square Foot $1.18 Valuation Method 3 - TAD appraised value TAD Value as of 08/9/2023 McPherson Blvd TAD Account 42793899 Total Area (SF) 3,336,696 Appraised Value $1,761,200.00 Value per Square Foot $0.53 Right -of -Way Dedication McPherson Blvd Recording Instrument Number DD223190338 Final Plat Number FP-22-139 Recording Date 10/23/2023 Total area of ROW dedicated (SF) 123,608 Value per SF $1.18 ROW Credit Available $401,726.00 Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page112 Paving Item Completed Description Unit Unit Price Credit Available No. Quantity 1 10" Concrete Pavement SY 3,211 $ 59.94 $ 192,467.34 2 Lime Treatment SY 3,532 $ 3.25 $ 11,479.00 3 Hydrated Lime TON 71 $ 280.83 $ 19,938.93 4 4" Concrete Sidewalk (10' Sidewalk) SF 10,883 $ 6.53 $ 71,065.99 5 BFR, Type R-1 EA 2 $ 2,095.29 $ 4,190.58 6 BFR, Type P-1 EA 2 $ 2,095.29 $ 4,190.58 7 Furnish/Install Alum Sign Ground EA 3 $ 500.00 $ 1,500.00 8 Traffic Control MO 1 $ 2,500.00 $ 2,500.00 9 Install FOR Barricade EA 1 $ 1,500.00 $ 1,500.00 10 6" DOT Pavement Marking LF 272 $ 2.50 $ 680.00 11 24" Solid Pavement Marking LF 27 $ 25.00 $ 675.00 12 4" Solid Pavement Marking LF 584 $ 2.50 $ 1,460.00 13 Raised Marker EA 15 $ 6.50 $ 97.50 14 Block Sod Placement SY 3,695 $ 16.38 $ 60,524.10 15 Topsoil CY 616 $ 86.83 $ 53,487.28 Paving Subtotal $ 425,756.30 Storm Drain Item Estimated Description Unit Unit Price Credit Available No. Quantity 1 21" RCP, Class III LF 107 $ 79.00 $ 8,453.00 2 24" RCP, Class III LF 915 $ 88.00 $ 80,520.00 3 30" RCP, Class III LF 281 $ 110.00 $ 30,910.00 4 4' Storm Junction Box EA 1 $ 5,200.00 $ 5,200.00 5 5' Storm Junction Box EA 2 $ 5,400.00 $ 10,800.00 6 4' X 4' Drop Inlet EA 1 $ 5,200.00 $ 5,200.00 7 10' Recessed Curb Inlet EA 3 $ 4,900.00 $ 14,700.00 8 15' Recessed Curb Inlet EA 1 $ 6,800.00 $ 6,800.00 9 30" Sloping Headwall EA 1 $ 3,200.00 $ 3,200.00 10 Rock Riprap, Dry SY 354 $ 74.00 $ 26,196.00 11 Concrete Lined Channel SY 516 $ 88.00 $ 45,408.00 12 Energy Dissapator Blocks EA 14 $ 140.00 $ 1,960.00 13 6' Chain Link, Steel LF 483 $ 30.00 $ 14,490.00 Transportation Impact Fee Credit Agreement-CA-23-016 Cohix Storm Drain Subtotal $ 253,837.00 02/27/2024 Page 113 Street Light Improvements Item No. Description Unit Estimated Quantity Unit Price Credit Available 1 2" CONDT PVS SCH 80(T) LF 1,152 $ 13.68 $ 15,759.36 2 NO 2 Insulated Elec Cond LF 1,152 $ 4.50 $ 5,184.00 3 Furnish/Install LED Lighting Fixture EA 4 $ 450.00 $ 1,800.00 4 Furnish/Install Type 33A Arm EA 4 $ 250.00 $ 1,000.00 5 Rdwy Ilium Foundation TY 3,5,6, and 8 EA 4 $ 1,384.00 $ 5,536.00 6 Rdwy Ilium TY 18 Pole EA 4 $ 2,100.00 $ 8,400.00 7 Ground Box Type B EA 3 $ 800.00 $ 2,400.00 8 Furnish/Install 240-480 Volt Metered Pedestal EA 1 $ 7,200.00 $ 7,200.00 Street Lights Subtotal $ 47,279.36 Other Eligible Items Engineering, Surveying and Material Testing Paving Subtotal $ 425,756.30 Storm Drain Subtotal $ 253,837.00 Street Lights Subtotal $ 47,279.36 CONSTRUCTION SUBTOTAL $ 726,872.66 20% of Paving & Storm Drain $ 145,374.53 Value of Community Facilities Agreement Construction $ 872,247.19 Transportation Impact Fee Credit Agreement-CA-23-016 Cohix 02/27/2024 Page 114 Transportation Impact Fee Credit Applied to Date Number of Permits 31 Street Collection Street Permit No. No Rate 4300 Cornelia St PB24-00522 $5,965.34 4301 Cornelia St PB24-00523 $5,965.34 4304 Cornelia St PB24-00524 $5,965.34 4305 Cornelia St PB24-00526 $5,965.34 4308 Cornelia St PB24-00527 $5,965.34 4309 Cornelia St PB24-00528 $5,965.34 4312 Cornelia St PB24-00529 $5,965.34 4313 Cornelia St PB24-00530 $5,965.34 4316 Cornelia St PB24-00532 $5,965.34 4317 Cornelia St PB24-00533 $5,965.34 4320 Cornelia St PB24-00534 $5,965.34 4321 Cornelia St PB24-00535 $5,965.34 4324 Cornelia St PB24-00536 $5,965.34 4325 Cornelia St PB24-00537 $5,965.34 4328 Cornelia St PB24-00539 $5,965.34 4329 Cornelia St PB24-00540 $5,965.34 4340 Briargrove Ln PB24-00544 $5,965.34 4344 Briargrove Ln PB24-00545 $5,965.34 4348 Briargrove Ln PB24-00546 $5,965.34 4352 Briargrove Ln PB24-00548 $5,965.34 4356 Briargrove Ln PB24-00549 $5,965.34 4364 Briargrove Ln PB24-00550 $5,965.34 4368 Briargrove Ln PB24-00551 $5,965.34 9632 Springmill Ln PB24-00552 $5,965.34 9636 Springmill Ln PB24-00053 $5,965.34 9640 Springmill Ln PB24-00554 $5,965.34 9644 Springmill Ln PB24-00555 $5,965.34 9648 Springmill Ln PB24-00556 $5,965.34 9652 Springmill Ln PB24-00557 $5,965.34 9656 Springmill Ln PB24-00558 $5,965.34 9660 Springmill Ln PB24-00559 $5,965.34 Transportation Impact Fee Credit Applied to Date $184,925.54I Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 115 EXHIBIT F Allocation of Credits Credit shall be allocated on a first -come, first -served basis within the preliminary plat boundary of COHIX, PP-20-060 119 �U-1 D Transportation Impact Fee Credit Agreement-CA-23-016 02/27/2024 Cohix Page 116