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HomeMy WebLinkAbout062463-A1 - Construction-Related - Contract - SRAK CorporationCity Secretary Contract No. �(__ FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASE BETWEEEN THE CITY OF FORT WORTH AND SRAK CORPORATION This FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASE ("First Amendment") is made and entered into by and between the City of Fort Worth ("City"), a home -rule municipal corporation of the State of Texas, and SRAK Corporation ("Developer"), a Texas corporation. The City and Developer are referred to herein individually as a "party" and collectively as the "parties." WHEREAS, on December 18, 2024, the City and Developer entered into a Settlement Agreement and Release requiring Developer to pay to the City a total of $64,264.50 for construction inspection service fees and administrative material testing service fees, City Secretary Contract Number 62463 ("Settlement Agreement"); and WHEREAS, the Settlement Agreement requires Developer to pay the City an initial payment of $5,355.38 and monthly payments of $5,355.38 on the 15th day of each month beginning in January 2025 and continuing through November 2025; and WHEREAS, to date Developer has paid to the City $42,843.04; and WHEREAS, Developer has an outstanding balance owed to the City in the amount of $21,421.46; and WHEREAS, in accordance with Section 35-58 of the City Code and the Installation Policy and Design Criteria for Water, Wastewater, and Reclaimed Water Infrastructure, the City owes Developer a reimbursement of front foot charges that have been collected on the line Developer constructed in the amount of $21,325.24; and WHEREAS, in lieu of the City paying the reimbursement amount to Developer, Developer desires for the City to apply the reimbursement amount to Developer's outstanding balance under the Settlement Agreement; and WHEREAS, City and Developer desire to execute this First Amendment to memorialize the application of the reimbursement amount to Developer's outstanding balance; NOW THEREFORE, in consideration of the mutual conditions and covenants described herein, and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties agree as follows: OFFICI FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASE BETWEEEN THE CITY OF FORT WORTH AND SRAK CORPORATION FT WORTH, TX 1. Section II of the Settlement Agreement is amended in its entirety to be and read as follows: II. PAYMENT AND OTHER CONSIDERATION City and Developer agree that Developer owes the City an additional $64,264.50 for construction inspection service fees and administrative material testing service fees. Since the date of execution of this Settlement Agreement, Developer has paid the City $42,843.04, and has a remaining balance of $21,421.46 ("Remaining Balance"). In accordance with Section 35-58 of the City Code and the Installation Policy and Design Criteria for Water, Wastewater, and Reclaimed Water Infrastructure, the City owes Developer a reimbursement of front foot charges that have been collected on the line Developer constructed in the amount of $21,325.24 ("Reimbursement Amount"). City and Developer agree that instead of the City paying the Reimbursement Amount to Developer, City may apply the Reimbursement Amount to the Remaining Balance. Upon application of the Reimbursement Amount to the Remaining Balance, Developer owes the City $96.22. Contemporaneous with Developer's execution of this First Amendment, Developer shall pay $96.22 to the City. Upon execution of this First Amendment and payment of the $96.22, Developer shall have satisfied all payment obligations in the Settlement Agreement. 2. a. All other provisions of the Settlement Agreement which are not expressly amended herein, shall remain in full force and effect. b. All terms in this First Amendment that are capitalized, but not defined, shall have the meanings ascribed to those terms in the Settlement Agreement. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASE Page 2 of 3 BETWEEEN THE CITY OF FORT WORTH AND SRAK CORPORATION EXECUTED to be effective on the date signed by all parties. THE CITY OF FORT WORTH (iIT4ED Jesica McEachern Assistant City Manager Recommended by: DJ Harrell Director, Development Services Department APPROVED AS TO FORM AND LEGALITY: oZ - Richard A. McCracken Sr. Assistant City Attorney No M&C Required. Form 1295: N/A ATTEST SRAK CORPORATION Rajeev Gupta Director Date: 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 andice Merric Contract Management Manager OFFICIAL RECORD CITY SECRETARY FIRST AMENDMENT TO SETTLEMENT AGREEMENT AND RELEASE Page3 of 3 BETWEEEN THE CITY OF FORT WORTH AND SRAK CORPORATION FORT WORTHC , City Secretary's Office Contract Routing & Transmittal Slip Contractor's Name: SRAK CORPORATION Subject of the Agreement: First Amendment to Settlement Agreement and Release M&C Approved by the Council? * Yes 0 No 8 If so, the M&C must be attached to the contract. Is this an Amendment to an Existing contract? Yes 8 No ❑ If so, provide the original contract number and the amendment number. Is the Contract "Permanent"? *Yes B No ❑ If unsure, see back page for permanent contract listing. 62463 Is this entire contract Confidential? *Yes ❑ No 8 If only specific information is Confidential, please list what information is Confidential and the page it is located. Effective Date: Expiration Date: If different from the approval date. If applicable. Is a 1295 Form required? * Yes O No B * If so, please ensure it is attached to the approving M&C or attached to the contract. Project Number: If applicable. 104209 *Did you include a Text field on the contract to add the City Secretary Contract (CSC) number? Yes 8 No ❑ Contracts need to be routed for CSO processing in the following order: 1. Katherine Cenicola (Approver) 2. Jannette S. Goodall (Signer) 3. Allison Tidwell (Form Filler) *Indicates the information is required and if the information is not provided, the contract will be returned to the department.