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Home My WebLink AboutContract 62294CSCO NO. 62294 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 Rocky Creek Crossing, Ltd., a Texas Limited Partnership 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 developer, and is or has been the owner of approximately 242.279 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 Y; 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 cause the construction of 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 Rocky Creek Crossing, PP-21-092, on 12/03/2021; and OFFICIAL RECORD Transportation Impact Fee Credit Agreement- CA-23-015 CITY SECRETARY Page 1 of 12 Rocky Creek Crossing FT. WORTH, Tx 11/04/2024 WHEREAS, the Owner has received approval for the future improvement agreement, and executed a Community Facilities Agreement (CFA22-0166), deposited the full amount of $3,178,038.44 with the city and executed the Future Improvements Agreement for McPherson Boulevard (CSCO# 61339, CPN# 103936 on April 26, 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 through executed Future Improvements Agreement. 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 Transportation Impact Fee Credit Agreement- CA-23-015 Page 2 of 12 Rocky Creek Crossing 11/04/2024 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. A credit agreement amendment executed by the City, any remaining Owners, and the Owner's Assignee will be required to formally transfer any credits for use. 8. Amendment. This Agreement shall not be modified or amended except as follows: (a) Any revision, amendment, assignment, or modification to this Agreement or any Exhibit or schedule hereto shall be in writing and signed by the Parties. (b) Any revision, amendment, assignment, 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-23-015 Page 3 of 12 Rocky Creek Crossing 11/04/2024 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 bay B�ALu7o� Dana Burghdoff (NoV12, 2024'4:00 CST) Dana Burghdoff Assistant City Manager Date: Nov 12, 2024 Recommended By: DaG m ,7. 1 favnU Dalton J. Harrell (Nov 11, 2024 15:19 CST) DJ Harrell Director, Development Services Approved as to Form and Legality: Douglas Black (Nov 12, 202412:39 CST) Douglas Black Assistant City Attorney M&C: None required Form 1295: None required ppouvnUIl aq�FAR?OG� ATTEST: � °�9.;°0 Pam° d dV8 o=d o Jannette Goodall City Secretary Transportation Impact Fee Credit Agreement- CA-23-015 Rocky Creek Crossing OWNER Rocky Creek Crossing, Ltd., a Texas Limited Partnership By: C.I.L. Holdings LLC, a Texas limited liability company, its general partner By: Patrick Carrigan -Smith (No 202411 03 CST) Patrick Carrigan -Smith Vice President, Land Development & Acquisitions 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. a _l� nifer Ro erts (Nov 4, 2024 17:54 CST) Jennifer H. Roberts Assistant Director, Development Services Department OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 4 of 12 11 /04/2024 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-23-015 Page 5 of 12 Rocky Creek Crossing 11/04/2024 EXHIBIT A Description of Property: Rocky Creek Crossing, PP-21-092 BEING A 242.279-ACRE TRACT OF LAND SITUATED IN THE BENJAMIN THOMAS SURVEY, ABSTRACT No. 1496, THE JUAN JOSE ALBIRADO SURVEY, ABSTRACT No. 4, AND THE LUTICIA GOFF SURVEY, ABSTRACT No. 633, TARRANT COUNTY, TEXAS, AND BEING A PORTION OF THAT TRACT OF LAND DESCRIBED TO WALSH RANCHES LIMITED PARTNERSHIP BY DEED RECORDED IN VOLUME 12624, PAGE 92 OF THE OFFICIAL PROPERTY RECORDS OF TARRANT COUNTY, TEXAS AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING AT A 1-INCH PIPE FOUND IN THE CENTERLINE OF OLD GRANBURY ROAD (AN 80-FOOT WIDE RIGHT-OF-WAY) FOR THE SOUTHEAST CORNER OF SAID WALSH RANCH TRACT; THENCE SOUTH 89006'45" WEST, WITH THE SOUTH LINE OF SAID WALSH RANCHES TRACT AND THE CENTERLINE OF SAID OLD GRANBURY ROAD, A DISTANCE OF 978.22 FEET TO A 3/8-INCH IRON ROD FOUND AT THE REENTRANT CORNER OF SAID LUTICIA GOFF SURVEY; THENCE SOUTH 00042'28" EAST, CONTINUING WITH SAID SOUTH LINE AND SAID CENTERLINE, A DISTANCE OF 320.87 TO A MAG NAIL SET FOR THE SOUTHERNMOST SOUTHEAST CORNER OF SAID WALSH RANCHES TRACT; THENCE SOUTH 89015'30" WEST, DEPARTING SAID CENTERLINE AND CONTINUING WITH SAID SOUTH LINE, A DISTANCE OF 2,740.57 FEET TO THE SOUTH COMMON CORNER OF SAID WALSH RANCHES TRACT AND A TRACT OF LAND DESCRIBED TO ONCOR ELECTRIC DELIVERY COMPANY BY DEED RECORDED IN COUNTY CLERK FILE No. D202329261 OF SAID OFFICIAL PUBLIC RECORDS, FROM WHICH A 60d NAIL FOUND IN A FENCELINE BEARS SOUTH 88026'54" EAST, 1.43 FEET; THENCE WITH THE EAST LINE OF SAID ONCOR ELECTRIC TRACT, THE FOLLOWING COURSES AND DISTANCES: NORTH 28004'42" EAST, A DISTANCE OF 1,870.95 FEET TO A TO A 5/8-INCH CAPPED IRON ROD STAMPED "LJA SURVEYING" SET (HEREINAFTER REFERRED TO AS "SET IRON ROD") FOR CORNER; NORTH 61 °55' 18" WEST, A DISTANCE OF 25.00 FEET TO A TO A SET IRON ROD FOR CORNER; NORTH 28004'42" EAST, A DISTANCE OF 1458.01 FEET TO A TO A SET IRON ROD FOR THE BEGINNING OF A CURVE TO THE RIGHT HAVING A RADIUS OF 17,039.00 FEET AND A CHORD THAT BEARS NORTH 29°34'12" EAST, 887.10 FEET; WITH SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF Transportation Impact Fee Credit Agreement- CA-23-015 Page 6 of 12 Rocky Creek Crossing 11/04/2024 2059'00", AN ARC LENGTH OF 887.20 FEET TO A SET IRON ROD FOR CORNER; NORTH 31003'42" EAST, A DISTANCE OF 644.92 FEET TO A TO A SET IRON ROD AT THE SOUTH LINE OF SAID OLD GRANBURY ROAD FOR CORNER; THENCE NORTH 89015'30" EAST, WITH THE NORTH LINE OF SAID WALSH RANCHES TRACT AND ALONG SAID SOUTH RIGHT-OF-WAY LINE, A DISTANCE OF 1,348.52 FEET TO A MAG-NAIL SET IN THE CENTERLINE OF SAID OLD GRANBURY ROAD FOR THE NORTHEAST CORNER OF SAME TRACT; THENCE SOUTH 00044'30" EAST, WITH SAID CENTERLINE, A DISTANCE OF 3,919.23 FEET TO THE POINT OF BEGINNING, AND CONTAINING A CALCULATED AREA OF 242.279 ACRES (10,553,672 SQ. FEET) OF LAND. Transportation Impact Fee Credit Agreement- CA-23-015 Page 7 of 12 Rocky Creek Crossing 11/04/2024 EXHIBIT B Map of Property: Rocky Creek Crossing, PP-21-092 VICINITY MAP Transportation Impact Fee Credit Agreement- CA-23-015 Page 8 of 12 Rocky Creek Crossing 11/04/2024 ENGINEER LJA ENOINEERINO .a:mumxr.3x EXHIBIT C Development Plan: Rocky Creek Crossing, PP-21-092 I BY DE�VEL�OPER: x;Y OW anw:+-+mo w PP-21-092 — PRELIMINARY PHASING PIAN �� a u —® _ ROCKY CREEK CROSSING � Transportation Impact Fee Credit Agreement- CA-23-015 Page 9 of 12 Rocky Creek Crossing 11/04/2024 EXHIBIT D Eligible Transportation Improvements FORTWORTH Rocky Creek Crossing Eligible Transportation Improvements for Credit against Transportation Impact Fees Key - Development Plan Area - Future Improvement Eligible Improvements McPherson Road Limits Future Improvements Agreement between Old Granbury rd. Transportation Impact Fee Credit Agreement- CA-23-015 Page 10 of 12 Rocky Creek Crossing 11/04/2024 EXHIBIT E Credits Against Transportation Impact Fees Rocky Creek Crossing Phase 1 Transportation Impact Fee Credit Overview Value of Future Improvement Agreement City Secretary # CFA/FIA # Eligible Arterial 61339 CFA22-0166 McPherson Blvd CPN 103936 Total Future Improvement Agreement Credit Value $3,178,038.44 $3,178,038.44 Total Transportation Impact Fee Credit Remaining $3,178,038.44 Transportation Impact Fee Credit Agreement- CA-23-015 Page 11 of 12 Rocky Creek Crossing 11/04/2024 EXHIBIT F Allocation of Credits Credit shall be allocated on a first -come, first -served basis to building permits for the residential lots only within the preliminary plat boundary of Rocky Creek Crossing Preliminary Plat, PP-21- 092 and shall run with the land LJ� ENGINEER: L.JA ENGINEERING Drxv�E®OieEmo g OWNERS: WRww PP-21-092 — PRELIMINARY PHASING PIAN �- � u� —® ROCKY CREEK CROSSING 6 Transportation Impact Fee Credit Agreement- CA-23-015 Page 12 of 12 Rocky Creek Crossing 11/04/2024