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HomeMy WebLinkAboutContract 62092CSCO NO. 62092 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 D.R. Horton Texas, LTD, 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 44.131 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, 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 D; 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 construct 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 Keller -Hicks, PP-19- 029, on 05/18/2023; and OFFICIAL RECORD Transportation Impact Fee Credit Agreement- CA-24-007 CITY SECRETARY Page 1 of 12 Keller Crossing Ph 1 & 2 FT. WORTH, Tx 10/04/2024 WHEREAS, the Owner has received approval for and executed a Future Improvements Agreement (CFA23-0160, CSCO 60879), on 1/31/2024, and deposited funds with the City for the estimated construction costs, material testing, and inspection costs less the value of the right-of- way dedication for Keller Hicks Road via Final Plat of Keller Hicks FP-21-168, recorded on 3/8/2022, and via Correction Plat of Final Plat of Keller Hicks FP-22-173 CP, recorded on 2/9/2024. 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 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 Transportation Impact Fee Credit Agreement- CA-24-007 Page 2 of 12 Keller Crossing Ph 1& 2 10/4/2024 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. Assianment. 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-24-007 Page 3 of 12 Keller Crossing Ph 1& 2 10/4/2024 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 Turd 8= i. CDe Dana Burghdoff (Oct 20242 T) Dana Burghdoff Assistant City Manager Date: OU 8, 2024 Recommended By: —A— Dalton Harrell Pct 7, 2024 09:48 CDT) DJ Harrell Director, Development Services Approved as to Form and Legality: fj� Douglas Black (Oct 8, 2024 11:46 CDT) Douglas Black Assistant City Attorney M&C: None required Form 1295: None required �.044Upnn ATTEST: p F foRr °�°d 0!`8 ° .10 Pvo o=4 opQ,� 0o0 00o*� nE�65gpa Jannette Goodall City Secretary OWNER D.R. Horton -Texas, LTD a Texas Limited Partnership By: D.R. Horton -Texas INC A Delaware Corp Its Authorized Agent Justin Bosworth Assistant Secretary 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. nifer Ro erts (Oct 4, 202415:40 CDT) Jennifer H. Roberts Assistant Director, Development Services Department OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Transportation Impact Fee Credit Agreement- CA-24-007 Page 4 of 12 Keller Crossing Ph 1& 2 10/4/2024 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-24-007 Page 5 of 12 Keller Crossing Ph 1& 2 10/4/2024 EXHIBIT A Description of Property: Keller -Hicks Preliminary Plat, PP-19-029 BEING ALL THAT CERTAIN TRACT OF LAND SITUATED IN THE WILLIAM HUFF SURVEY, ABSTRACT NUMBER 649, TARRANT COUNTY TEXAS AND BEING ALL THAT CERTAIN TRACT OF LAND DESCRIBED BY DEED TO D.R. HORTON-TEXAS, LTD. RECORDED IN INSTRUMENT NUMBER D219227742, COUNTY RECORDS, TARRANT COUNTY, TEXAS AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID D.R. HORTON-TEXAS TRACT AND BEING THE NORTHEAST CORNER OF LOT 7, BLOCK A, VILLAGES OF WOODLAND SPRINGS, AN ADDITION TO THE CITY OF FORT WORTH RECORDED IN CABINET A, SLIDE 7785, SAID COUNTY RECORDS, AND BEING IN THE WEST LINE OF A TEXAS POWER & LIGHT COMPANY OF DALLAS EASEMENT AND RIGHT-OF- WAY AS RECORDED IN VOLUME 6166, PAGE 67, SAID COUNTY RECORDS; THENCE N 89045'54"E, 100.00 FEET, OVER AND ACROSS SAID TEXAS POWER & LIGHT EASEMENT,; THENCE N 00009'54"W, 111.10 FEET WITH THE EAST LINE OF SAID TEXAS POWER & LIGHT EASEMENT, TO THE SOUTHWEST CORNER OF THE NEWTON ADDITION, AN ADDITION TO THE CITY OF FORT WORTH, RECORDED IN CABINET A, SLIDE 1571, SAID COUNTY RECORDS; THENCE N 89044'19"E, 1289.11 FEET, WITH THE SOUTH LINE OF SAID NEWTON ADDITION AND THE NORTH LINE OF SAID D.R. HORTON -TEXAS TRACT, TO THE NORTHWEST CORNER OF THAT TRACT OF LAND DESCRIBED BY DEED TO BRAZOS ELECTRIC POWER COOPERATIVE, INC., RECORDED IN VOLUME 13962,PAGE 185, SAID COUNTY RECORDS; THENCE S 00014'36"E, 200.11 FEET, TO THE SOUTHWEST CORNER OF SAID BRAZOS ELECTRIC POWER COOPERATIVE TRACT; THENCE N 89047'55"E, 454.94 FEET, WITH THE SOUTH LINE OF SAID BRAZOS VALLEY ELECTRIC TRACT, TO THE WEST LINE OF KATY ROAD AND BEING THE NORTHEAST CORNER OF AFOREMENTIONED D.R. HORTON-TEXAS TRACT; THENCE S 00015'43"E, 896.78 FEET, WITH THE WEST LINE OF KATY ROAD AND THE EAST LINE OF SAID D.R. HORTON-TEXAS TRACT, TO THE APPROXIMATE CENTERLINE OF KELLER-HICKS ROAD (COUNTY ROAD 4033, A PAVED TRAVELED ROADWAY); THENCE S 89044'18"W, 1845.89 FEET, WITH THE APPROXIMATE CENTERLINE OF SAID KELLER-HICKS ROAD, TO THE SOUTHWEST CORNER OF AFOREMENTIONED Transportation Impact Fee Credit Agreement- CA-24-007 Page 6 of 12 Keller Crossing Ph 1& 2 10/4/2024 D.R. HORTON-TEXAS TRACT, IN THE EAST LINE OF LAUREN WAY (A 50 FOOT RIGHT-OF-WAY); THENCE N 00009'46"W, 986.32 FEET, WITH THE WEST LINE OF SAID D.R. HORTON- TEXAS TRACT, TO THE POINT OF BEGINNING AND CONTAINING 1,922,339 SQUARE FEET OR 44.131 ACRES OF LAND MORE OR LESS. Transportation Impact Fee Credit Agreement- CA-24-007 Page 7 of 12 Keller Crossing Ph 1& 2 10/4/2024 EXHIBIT B Map of Property: Keller -Hicks Preliminary Plat, PP-19-029 NOR1N 1 LIBERTY WAY GPI I� P� WESTPORT PKWY. I 1 I� i 3- UL KELLER -41CKS RD. SITE 2 � n l GOLDEN TRWw,LE ©L':O VICINITY MAP N.T.S. Transportation Impact Fee Credit Agreement- CA-24-007 Keller Crossing Ph 1& 2 Page 8 of 12 10/4/2024 EXHIBIT C Development Plan: Keller -Hicks Preliminary Plat, PP-19-029 i tl _�f = --- -- -- ---� Transportation Impact Fee Credit Agreement- CA-24-007 Page 9 of 12 Keller Crossing Ph 1& 2 10/4/2024 EXHIBIT D Eligible Transportation Improvements 'RRoos FORT WORTH T" : y �— Keller Crossing Ph 1& 2 I Eligible Transportation Improvements ca for Credit against Transportation Impact Fees ''__ W _ , Y Key ` Development Plan Area FEED M/LL4-d.&' Future Improvement ._�— - Agreement/Including ROW t iar w�-w. ELBER'IfpN 2 J DEWY ROSE Q ., KELLER HICKS Ir Eligible Improvements Reference # Limits Keller Hicks Road CSCO 60879 Future Improvement Agreement including ROW dedication for Keller Hicks Rd between Lauren Way and Katy Rd. Transportation Impact Fee Credit Agreement- CA-24-007 Page 10 of 12 Keller Crossing Ph 1& 2 10/4/2024 EXHIBIT E Credits Against Transportation Impact Fees Keller Crossing Phase 1 & 2 Transportation Impact Fee Credit Overview Value of Future Improvement Agreement Including Right of way City Secretary # CFA/FIA# Eligible Arterial Value 60879 CFA23-0160 Keller Hicks Road $371,847.00 Total Future Improvement Agreement Credit $371,847.00 Total Transportation Impact Fee Credit $371,847.00 Transportation Impact Fee Credit Agreement- CA-24-007 Page 11 of 12 Keller Crossing Ph 1 & 2 10/4/2024 EXHIBIT F Allocation of Credits Credit shall be allocated on a first -come, first -served basis to building permits within the preliminary plat boundary of Keller -Hicks Preliminary Plat, PP-19-029 and shall run with the land y HIM. ilia -AEI Sia f7'If r � 'L�7�� !Q m " .�..w� ,. ". �.m,.aE„�o,.n I�III PELOTON KELLER—HICKS ��ts�r�,�.•—, Transportation Impact Fee Credit Agreement- CA-24-007 Page 12 of 12 Keller Crossing Ph 1& 2 10/4/2024