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HomeMy WebLinkAboutContract 62923Transportation Impact Fee Credit Agreement- CA-25-001 Page 1 of 18 West Square 2/28/2025 CSCO NO.____________________ 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 Lennar Homes of Texas Land and Construction, 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 80.137 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 S; 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 Transportation Impact Fee Credit Agreement- CA-25-001 Page 2 of 18 West Square 2/28/2025 WHEREAS, the Owner has received preliminary plat approval for West Square, PP-22- 024, on 08/08/2023; and WHEREAS, the Owner has dedicated 71,438 square feet of right-of-way for Academy Boulevard with FP-23-090 recorded as Instrument D224125683, on 07/17/2024; and WHEREAS, the Owner has received approval for construction plans (IPRC22-0198) on 06/29/2023, and executed a Community Facilities Agreement (CFA23-0066, CSCO No. 60126), on 09/18/2023, and obtained final acceptance by the City for Academy Boulevard, City Project Number 104258, on 01/15/2025. 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 (for 75% of the eligible roadway construction credit) and final acceptance by the City has been obtained (for 100% of the eligible roadway construction credit). 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 Transportation Impact Fee Credit Agreement- CA-25-001 Page 3 of 18 West Square 2/28/2025 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. 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-25-001 Page 4 of 18 West Square 2/28/2025 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 _______________________________ Jesica McEachern Assistant City Manager Date: Recommended By: DJ Harrell Director, Development Services Approved as to Form and Legality: Douglas Black Assistant City Attorney M&C: None required Form 1295: None required ATTEST: Jannette Goodall City Secretary OWNER Lennar Homes of Texas Land and Construction, Ltd. By: Name: Jennifer Eller Title: Authorized Agent Date: 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. Jennifer H. Roberts Assistant Director, Development Services Department Transportation Impact Fee Credit Agreement- CA-25-001 Page 5 of 18 West Square 2/28/2025 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 Transportation Impact Fee Credit Agreement- CA-25-001 Page 6 of 18 West Square 02/28/2025 EXHIBIT A Description of Property: West Square Preliminary Plat, PP-22-024 Being a tract of land situated in the B.B.B.C.R.R. CO. Survey, Abstract No. 219, City of Fort Worth, Tarrant County, Texas, and being all of a Tract 2 and being a portion of Tract 1, as described by deed to TCL LAND BK 3 (2022), LP., a Texas Limited Partnership and recorded in Instrument No. D222135302, 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.) COMMENCING at ½ inch iron rod found at the westerly southeast corner of the said Tract 1 and being at the intersection of the northwest right of way line of Interstate Highway No. 30 (a variable width right of way) and the north right of way line of Northview Road (a 50 foot right of way); THENCE South 89°53’06” West, with the south line of the said Tract 1 and being common with the north right of way line of the said Northview Road, a distance of 674.34 feet to 5/8 inch capped iron rod marked “Shield Engineering” found for the southwest corner of the said Tract 1 and being in common with the southeast corner of the said Tract 2, and the POINT OF BEGINNING; THENCE South 89°53’06” West, with the south line of the said Tract 2 and the north right of way line of the said Northview Road, a distance of 998.01 feet to a ½ inch capped iron marked “WW Ward RPLS 2014” found for the easterly southwest corner of the said Tract 2 and being in common with the southeast corner of the certain tract of land as described by deed to Azadi Group, LLC, and recorded in Instrument No. D221165640, (OPRTCT); THENCE North 00°23’12” East, with the southerly west line of the said Tract 2 and the east line of the said Azadi tract, at a distance of 530.05 feet pass a ½ inch iron rod found for the northeast corner of the said Azadi tract and being in common with the southeast corner of a certain tract of land as described by deed to Clairemont MCD, LLC and recorded in Instrument No. D221367884, (OPRTCT) and continuing a total distance of 1266.20 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found for the northeast corner of the said Clairemont MCD tract and being in common with the reentrant corner of the said Tract 2; THENCE westerly with the north line of the said Clairemont MCD tract, the following courses and distances: North 89°41’45” West, a distance of 447.04 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found; South 45°22’13” West, a distance of 14.16 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found; North 89°41’45” West, a distance of 29.70 feet to the northwest corner of the said Clairemont MCD tract and being in common with the westerly southwest corner of the aforesaid Tract 2, also, in the centerline of Chapel Creek Boulevard ( a variable width right of way ); Transportation Impact Fee Credit Agreement- CA-25-001 Page 7 of 18 West Square 02/28/2025 THENCE North 00°22’01” East, with the center line of the said Chapel Creek Boulevard, a distance of 75.00 feet to the westerly northwest corner of the aforementioned Tract 2; THENCE South 89°41’45” East, with the westerly north line of the said Tract 2 at 29.79 feet pass a 5/8 inch capped iron rod marked “Cole Design Group” found for the southwest corner of Lot 1, Block 1, Chapel Creek Cottages, LLC Addition, an addition to the City of Fort Worth, Tarrant County, Texas, as shown on plat thereof and recorded in Instrument No. D222032025, (OPRTCT), at 707.57 feet passing a 5/8 inch capped iron rod marked “Cole Design Group” found for the southeast corner of the said Lot 1 and being in common with the westerly southwest corner of a certain tract of land, as described by deed to Clairemont Rock, LLC, and recorded in Instrument No. D221367897, (OPRTCT) and continuing a total distance of 732.66 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found for the reentrant corner of the said Clairemont Rock tract; THENCE with the said Clairemont Rock tract, the following courses and distances: South 00°32’39” East, a distance of 205.95 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found; South 89°57’34” East, a distance of 350.02 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found; North 00°32’39” West, a distance of 309.17 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found; North 01°23’37” East, a distance of 457.02 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found for the northeast corner of the said Clairemont Rock tract and being common with the easterly northwest corner of the said Tract 2, also, being in the south line of Lot 13X, Block A, Phase 1, Chapel Creek Addition, an addition to the City of Fort Worth, Tarrant County, Texas, as shown on plat thereof and recorded in Instrument No. D218113596, (OPRTCT) and the north right of way line of the Old Weatherford Road ( a variable width right of way ); THENCE South 88°01’18” East, with the easterly north line of the said Tract 2, being with the north line of the said Tract 1, being with the north right of way line of the said Old Weatherford Road and the south line of the said Lot 13x,being with the south line of Block K, Phase 2, Chapel Creek Addition, an addition to the City of Fort Worth, Tarrant County, Texas, as shown on plat thereof and recorded in Instrument No. D219026539, (OPRTCT), and the south line of Block K, Phase 3, Chapel Creek Addition, an addition to the City of Fort Worth, Tarrant County, Texas, as shown on plat thereof and recorded in Instrument No. D219152183, (OPRTCT) a distance of 1,540.06 feet to a “X” cut found for the northeast corner of the said Tract 1 and at the intersection of the north right of way line of the said Old Weatherford Road and the west right of way line of Academy Boulevard (a 55 foot right of way); THENCE South 00°11’50” West, with the northerly east line of the said Tract 1 and being in common with the west right of way line of the said Academy Boulevard, a distance of 1246.14 feet to a ½ inch iron rod found for the easterly southeast corner of the Transportation Impact Fee Credit Agreement- CA-25-001 Page 8 of 18 West Square 02/28/2025 said Tract 1 and at the intersection of the west right of way line of the said Academy Boulevard and the northwest right of way line of the said Interstate Highway No. 30; THENCE North 89°57’22” West, with the southeast line of the said Tract 1, and the northwest line of the said Interstate Highway No. 30, a distance of 55.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set, from which a 1 inch iron rod found bears North 89°57’22” West, a distance of 4.89 feet; THENCE over and across said Tract 1 the following courses and distances: North 00°11’50” East, a distance of 415.07 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 175.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 00°11’50” East, a distance of 77.52 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 220.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; South 00°11’50” West, a distance of 5.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 50.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 44°48’10” West, a distance of 14.14 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 200.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; South 45°11’50” West, a distance of 14.14 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 50.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 44°48’10” West, a distance of 14.14 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 100.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 00°11’50” East, a distance of 541.08 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 100.00 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; South 45°11’50” West, a distance of 14.14 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set a point for corner; South 00°11’50” West, a distance of 23.18 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set; North 89°48’10” West, a distance of 180.53 feet to a 5/8 inch iron rod with cap stamped “Shield Engineering” set in the west line of the said Tract 1 and being in common with the east line of the said Tract 2; Transportation Impact Fee Credit Agreement- CA-25-001 Page 9 of 18 West Square 02/28/2025 THENCE South 00°32’41” East, with the common lines of Tract 1 and Tract 2, a distance of 1597.87 feet to the POINT OF BEGINNING, containing 52.116 acres of land more or less. Being a tract of land situated in the B.B.B.C.R.R. CO. Survey, Abstract No. 219, City of Fort Worth, Tarrant County, Texas, and being a portion of Tract 1, as described by deed to TCL LAND BK 3 (2022), LP., a Texas Limited Partnership and recorded in Instrument No. D222135302, 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 ½ inch iron rod found at the westerly southeast corner of the said Tract 1 and being at the intersection of the northwest right of way line of Interstate Highway No. 30 (a variable width right of way) and the north right of way line of Northview Road (a 50 foot right of way); THENCE South 89°53’06” West, with the westerly south line of the said Tract 1 and being common with the north right of way line of the said Northview Road, a distance of 674.34 feet to a 5/8 inch capped iron rod marked “Shield Engineering” found for the southwest corner of the said Tract 1 and being in common with the southeast corner of Tract 2, as described by deed to TCL LAND BK 3 (2022), LP., a Texas Limited Partnership and recorded in Instrument No. D222135302, (OPRTCT); THENCE North 00°32’41” West, with the west line of the said Tract 1 and being common with the east line of the said Tract 2, a distance of 1597.87 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; THENCE over and across the said Tract 1, the following courses and distances: South 89°48’10” East, a distance of 180.53 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; North 00°11’50” East, a distance of 23.18 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; North 45°11’50” East, a distance of 14.14 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 100.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 00°11’50” West, a distance of 491.08 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 100.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 00°11’50” West, a distance of 50.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 44°48’10” East, a distance of 14.14 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 50.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; North 45°11’50” East, a distance of 14.14 feet to a 5/8 inch capped iron rod marked “Shield Transportation Impact Fee Credit Agreement- CA-25-001 Page 10 of 18 West Square 02/28/2025 Engineering” set; South 89°48’10” East, a distance of 200.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 44°48’10” East, a distance of 14.14 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 50.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; North 00°11’50” East, a distance of 5.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 220.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 00°11’50” West, a distance of 100.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 50.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; North 00°11’50” East, a distance of 22.48 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 89°48’10” East, a distance of 125.00 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 00°11’50” West, a distance of 415.07 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set in the easterly south line of the aforesaid Tract 1 and being in common the northwesterly right of way line of the said Interstate Highway No. 30; THENCE southerly with the northwesterly right of line of Interstate Highway No. 30, the following courses and distances: North 89°57’22” West, a distance of 4.89 feet to a 1 inch iron rod found; South 00°05’43” West, a distance of 56.93 feet to a 5/8 inch capped iron rod marked “Shield Engineering” set; South 28°20’41” West, a distance of 132.29 feet to a ½ inch iron rod found for the PC of a curve to the left, having a radius of 736.20 feet; With said curve to the left, having a central angle of 18°36’01”, a chord bearing and distance of South 44°28’57” West, a distance of 237.95 feet, an arc distance of 239.00 feet to a ¾ inch iron rod found; South 35°14’10” West, a distance of 152.47 feet to a ¾ inch iron rod found for a PC of a curve to the right, having a radius of 934.95 feet; With said curve to the right, having a central angle of 09°33’34”, a chord bearing and distance of South 39°56’34” West, a distance of 155.81 feet, an arc distance of 155.99 feet to the POINT OF BEGINNING, containing 1,224,492 square feet or 80.137 acres of land more or less. Transportation Impact Fee Credit Agreement- CA-25-001 Page 11 of 18 West Square 02/28/2025 EXHIBIT B Map of Property: West Square Preliminary Plat, PP-22-024 Transportation Impact Fee Credit Agreement- CA-25-001 Page 12 of 18 West Square 02/28/2025 EXHIBIT C Development Plan: West Square Preliminary Plat, PP-22-024 Transportation Impact Fee Credit Agreement- CA-25-001 Page 13 of 18 West Square 02/28/2025 EXHIBIT D Eligible Transportation Improvements Eligible Improvements Reference #Limits Academy Boulevard Academy Boulevard 60126 FP-23-090 CPN 104258 CFA23-0066 IPRC22-0198 Right-of-Way Dedication Construction of western two lanes, sidewalks, street lights and drainage West Square Eligible Transportation Improvements for Credit against Transportation Impact Fees Key Development Plan Area Right-of-Way Dedication Transportation Impact Fee Credit Agreement- CA-25-001 Page 14 of 18 West Square 02/28/2025 EXHIBIT E Credits Against Transportation Impact Fees West Square Transportation Impact Fee Credit Overview Value of ROW Dedication – Academy Blvd. Instrument # Final Plat # Eligible Arterial Value D224125683 FP-23-090 Academy Blvd. $148,591.04 ROW Transportation Impact Fee Credit $148,591.04 TrIF Eligible Community Facilities Agreement Construction City Secretary # CFA # Eligible Arterial Value 60126 CFA23-0066 CPN 104258 IPRC22-0198 Academy Blvd. $691,773.50 Engineering, Surveying, and Material Testing = 20% of total eligible construction costs $138,354.70 Transportation Impact Fee Credit $978,719.24 Total Transportation Impact Fee Credit $978,719.24 Transportation Impact Fee Credit Agreement- CA-25-001 Page 15 of 18 West Square 02/28/2025 Transportation Impact Fee Credit Agreement- CA-25-001 Page 16 of 18 West Square 02/28/2025 Transportation Impact Fee Credit Agreement- CA-25-001 Page 17 of 18 West Square 02/28/2025 Right-of-Way Valuation for Valuation Method 1 - Precentage of TIP Project Cost Eligible Arterial Academy Blvd. 2022 Transportation Improvements Plan Project Number S-11 Estimated Construction Costs from 2022 Transportation Improvements Plan $2,421,000 Value of Total Project Right-of-Way (20% of Construction Cost) $484,200 Total Project Length (LF) $3,610 Arterial Cross-Section Width (LF) $110 Additional ROW needed for Roundabout (SF) $0 Total Project Right-of-Way (SF) 397100 Right-of-Way Value Per Square Foot $1.22 Valuation Method 2 - Precentage of Construction Project Eligible Arterial Academy Blvd City Project Number 104258 Final Construction Costs for ROADWAY ONLY from Notice of Completion (Green Sheet)831481 Value of Total Project Right-of-Way (20% of Construction Cost) $166,296 Total Project Length (LF) 1632 Arterial Cross-Section Width (LF) 49 Additional ROW needed for Roundabout (SF) 0 Total Project Right-of-Way (SF) 80,033 Right-of-Way Value Per Square Foot $2.08 Valuation Method 3 - TAD appraised value TAD Value as of 08/9/2023 Academy Blvd. TAD Account 42762187 Total Area (SF) 6,263 Appraised Value $1.00 Value per Square Foot $0.01 Right-of-Way Dedication Academy Blvd. Recording Instrument Number D224125683 Final Plat Number FP-23-090 Recording Date 7/17/2024 Total area of ROW dedicated (SF) 71,438 Value per SF $2.08 ROW Credit Available $148,591.04 West Square Transportation Impact Fee Credit Agreement- CA-25-001 Page 18 of 18 West Square 02/28/2025 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 West Square Preliminary Plat, PP-22-024 and shall run with the land.