HomeMy WebLinkAboutContract 37280-A2 CITY SEC,,,RETAr" ,,
CONTR
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AMENDMENT . 2 TO
COMMUNITY FACILITIES AGREEMENT
This AMENDMENT NO. 2 TO COMMUNITY FACILITIES AGREEMENT
("Amendment") is made and entered into by and between the CITY OF FORT
WORTH ('Tity"), a home rule municipal corporation portion organi zed under the laws of the
State of Texas, and WATERVIEW ESTATES,L.P. ("Developer"').
RECITALS
w A. The City and Developer have entered into that certain �ommunity
Facilities litres Agreement, as previously amended by that certain Amendment Noy 1 to
Community Facilities Agreement (collectively, the "CFA'1'' , pursuant to which
Developer will construct certain drainage improvernents, defer.ed ire the CFA collectively
as the "Pub tic Improvements", as part of anew ew single-family residential development
known as the ""Waterfront t r c hinted ayw" The CFA is a public document on file in
the City Secretary's Office as City Secretary Contract Nos. 335�7'5 and 37280.
B, Pursuant to and in accordance with the CFA, Developer agreed to pay all
casts of the Public Improvements and the City agreed to, reimburse Developer µfor such
costs, not to exceed $439,571 w61. The CFA provides that the amount of this
reimbursement is suhject to payment in installments and reduction if, among other things,
Developer falls, to construct at least one hundred fifty 50 single-family residences by
the Completion Late, as defined in Section LD of the CFA, and that the CF" will
automatically terminate if at least sixty I single-family residences have not been
completed by .tune 2, 20091 and one hundred fifty (150) single-family residences have not
been completed by June 2, 2011
Due to unforeseen circumstances, Developer's construction schedule for
the single-family residences has been delayed. As a result, Developer has requested that
the City amend the CFA to eliminate the provision that provides tor automatic
to ination of the CFA if at least sixty, I0) single-family residences have not been
completed by June 2, 2009, but retains the provision for automatic tern
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termination if at least
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one hundred fifty single-fare i ly residences have not been conipleted by June 2,
2011. The City is willing to comply with Develo er"s request solely pursuant to, and in
accordance with this Amendment.
NOW, THEREFORIE, in, consideration of the mutual benefits and promises
contained herein and for other, good and valuable consider rtion, the receipt and
sufficiency of which is hereby acknowledged, the pity and Developer agree as follows:
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Amend ment"N .2 to Community Facilities Agreement
between City of Fort,Worth and Waterview Estates, L.P.
AGREEMENT
L The City and Developer hereby agree that the recitals set forth above are true and
correct and form the basis upon which the City has entered into this Amendment.
20 "...F e, CFA is hereby amended to delete the last sentence of Section L and to
replace it with the following sentence:
Thereafter,
') the City shall pay periodic installments of 10% of the
City Participation Amount within thirty (3:0) calendar days
following the date as of which an additional 15 (fifteen) Private
Improvements have been Substantially Completed; provided,
h �w er, that this Agreement shall automatically terminate and
the City shall have no further obligation to Developer, regardless
'e m net off wether Developer has received the fii City Participation
Amount, q'at least one hundredfify (150) Private Improvements
have not been Substantially Completed by June 2, 2011.
3. This Amendment contains the entire understanding and agreement between the
City and Developer as to the matters, specifically contained herein. All terms and
conditions of the CFA that are not directly amended by this Amendment shall remain in
-full force and effect. Capitalized terms used, but not defined, in this Amendment shall
have the meanings assigned to them, in the CFA.
EXECUTED to be effective as of the later date below:
Approval Recommended:
Transportation and Public Works
Department:
W I i am V6rkest
Director
Page 2
Amendment No.2 to Community Facitities,Agreement
between City of Fort Worth and Waterview Estates,,L.I.
... .................... .......-111,111,
C"ITY OF FORT WORTH'. WATERVtEW ESTATES, L.P.,
a Texas limited partnership,.,
By: Pars Investments, Inc., a
0 #
Texas corporation and its general
partner*
By-
By
Fernando Costa Mehrdad Moayedl
Assistant City Manager President
Date: --5//3,1,0-y Date:
APPROVED AS TO FORM AND LEGALITY-
By:
7(
Peter Vaky WOO ttested by:
Assistant City Attorney
g3i 71 .-Io Marty Hendrix, C% See ary
IIAL RECOlt
Off C
D
CITYSECRET
ARY
Page 3 FT T
WORT X
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Amendment No.2 to CommunityFacilities Agreement
rview Estates, 'L.P.
between,City of Fort Worth and Wate
M&C Review Page lof2
Official site of ti'le City of Fort Worth,,Texas
CITY L,, AIAGENDA FORIrWORTII
DATE. 3/10/2009 REFERENCE NO.: C-23391 LOG NAME" 17WEBAMEND2
CODE: C TYPE: NOW PUBLIC NO
CONSENT HEARING,.'
SUBJECT: Authorize Execution of Amendment No. 2 to City Secretary Contract No. 3�3,5751, a
Community Facilities Ag�reemient with Water view Estates, L.P., for Certain Drainage
Improvements, to Revise Milestones, Required for City Participation in that Project
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute Amendment No. 2 to
the Community Facilities Agreement with Wa ter view Estates, L.P., for certain drainage improvement
within the Waterfront at Enchanted Bay residential development (City Secretary No., 3,3575) to revise
the milestones required, for City participation in that project.,
DISCUSSION:
On March 21, 2006, (MI&C C-21358) the City Council authorized the exelcut,ion of an Enhanced
Community Facilities Agreement (CFA) with Water view Estates, L.P., (Developer) re sat to,which
Developer agreed to construct drainage improvements (the, Infrastructure Improvements) within the
Waterfront at Enchanted Bay residential development in east Fort Worth (the Development). Under.
the CFA, the City agreed to reimburse Developer for the lesser of the actual cost of the InfrastructurE
Improvements or $ 39,57'1.611. The final cost for the Infrastructure Improvements was $48,61,0123.47.
In order to receive the full amount of the reimbursement, Developer was required to have
substantially completed at least 150 single-family homes in the Development. If fewer than 150
single-family homes were substantially complete by the time the Infrastructure Improvements,were:
completed, the City's reimbursement would be paid incrementally in installments in an amount equal
to 10 percent of the reimbursement obligations for every 15 single-family homes substantially
completed over time. The CFA would terminate altogether if 150 single-family homes were not
substantially completed by June 2, 2008, regardless of whether Developer had received the full
amount of the reimbursement by that date.
Pursuant to M&C C-22842, the City Council authorized the execution of an amendment to the CFA
modifying the City's termination rights so that Developer would be in default under the CFA if 60
single-family homes were not completed by June 2, 2,009 and if 1,50 single-family homes were not
completed by June 2, X011.
Developer's construction schedule for the residential component of the project has been further
delayed. As of January 2009, only 30 single-family homes have been substantially completed.
Therefore, under the existing CFA, Developer would only receive reimbursement of$87,9114.32 for
Infrastructure costs of$486,023.47. As a result, Developer has requested an amendment to the CFA
that would allow more time for the Developer to complete the residential portion of the project.
Under the proposed amendment, the City will forgo its right to terminate the CFA if Developer has nc
substantially completed 60 single-family homes by June 2, 2009. All other terms of the CFA shall
remain intact, including the continuing right of the City to terminate the CFA if 1,50 single-family
homes have, not been substantially completed by June 2, 12011.
This project is located in COUNCIL DISTRICT 5.
http:,//www.fortwofthgov,.org/councll_packet/mc.review.asp'?ID==l 1296&counci1date==3/1... 3/10/20019
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FISCAL INF R A TIONICERTIFICAT ON .
The Financial Management Services Director certifies that this action will have no, material effect on
City fund's.
TO F u nid/Accoul nVCenters FROM F u nd/AccounVCenters
Submitted or.0 V_ .araa- er"'.s Office 4Y---;,. Thomas Higgins (6140)
Or in D
vpjartment Head'-. Jay Chapa, (6192)
Addittonall Inn Inform t,m Conta,cte. Mark Folden (8634)
ATTACHMENTS
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