HomeMy WebLinkAboutContract 45684 CITY SECRETARY ,
aNTRACT No.L ILI�,"A�
COMPLETION AGREEMENT
This Completion Agreement ("Agreement"), is made and entered
into by and between the City of Fort Worth, ("City") and Victory at
North Tarrant, authorized to do business in Texas, ("Developer")
effective as of the last date executed by a Party hereto. The City and
the Developer may collectively be called the "Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property
that contains approximately 9.807 acres of land located in the
City, the legal description of which tract of real property is marked
Exhibit "A" — Legal Description, attached hereto and incorporated
herein for all purposes, ("Property"); and
WHEREAS, the Developer intends to develop the Property as an
addition to the City through plat FP FS-13-158 as approved by the City
on or before the date of this Agreement (-Plat"); and
WHEREAS, the Developer and the City have entered into a
Community Facilities Agreement (CFA 14 2014-017; M&C N/A) relating
to the development, Victory at North Tarrant, for Water, Sewer, Paving,
Drainage and Street Light Improvements ("Improvements"); and
WHEREAS, the City has required certain assurances that the
Developer will cause to be constructed to City standards the
Improvements pursuant to the Community Facilities Agreement; and
WHEREAS, the Parties desire to set forth the terms and
conditions of such accommodations as are described above.
NOW, THEREFORE, for and in consideration of the mutual
covenants and agreements hereinafter set forth, it is hereby agreed by
and between City and Developer as follows:
1 . Recitals. The foregoing recitals are true, correct and complete
and constitute the basis for this Agreement and they are
incorporated into this Agreement for all purposes.
OFFICIM RECORD
MIN 5E(';'RE17%JtN'
F'r,',, WORTIt TX
..........
2. The Completion Amount. The City and the Developer agree that
the Hard Costs (as shown on Exhibit "B") required to complete
the Community Facilities in the aggregate should not exceed the
sum of Three Hundred Forty One Thousand, Fifty Five Dollars
and Forty Cents ($341 ,055.40), hereinafter called the
"Completion Amount". Notwithstanding the foregoing, it is
acknowledged that the actual costs of completion of the
Community Facilities may vary as a result of change orders
agreed to by the Parties, but such variances for the purposes of
this Agreement shall not affect the Completion Amount as used
herein. City hereby waives the requirement for developer to
deposit a financial guarantee of 100% of the Hard Costs under the
CFA Policy.
3. Completion by the Developer. The Developer agrees to complete
the Community Facilities and pay all Hard Costs in accordance
with City standards, the CFA, the Plat, and the Plans as approved
by the City. For the purposes of this Agreement, the development
of the Property shall be deemed complete upon acceptance by the
City of the Community Facilities pursuant to Section 6, hereof.
4. Satisfaction of the City Requirements. The City agrees that the
assurances and covenants contained in this Agreement satisfy all
requirements of the City with respect to Developer's Financial
Guarantee, as described in the CFA Policy, or other requirements
for security in connection with the development of the Property
and the completion of the Community Facilities that are
contained in the CFA or in any other agreement relating thereto,
and the City hereby accepts the assurances and covenants
contained herein in lieu thereof. To the extent the CFA
irreconcilably conflicts with this Agreement, the provisions of
this Agreement shall control.
COMPLETION AGREEMENT
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5. lermination. 'This Agreement shall terminate upon the earlier to
occur of the following: (a) acceptance by the City of the
Community Facilities; or (b) mutual written agreement of the
Parties.
6. Einal Plat, The Parties acknowledge and agree that the City shall
hold the final plat of the Property until the Community Facilities
are completed and accepted by the City and all Hard Costs
contractors have been paid, less retainage. Upon acceptance by
the City and receipt of evidence from the Developer showing that
all Hard Costs contractors have been paid, including but not
necessarily limited to lien waivers and bills paid affidavits, the
City shall within a reasonable time file the final plat for the
Property in the Plat Records of the county where the Property is
located. The purpose of the City retaining the final plat o f t he
Property as provided herein is to guarantee the Developer's
obligations under the CFA are completed.
7. Construction Contracts. Developer agrees to include in each
Construction contract that it enters into for the completion of the
Community Facilities the following:
A. A statement that the City is not holding any security to
guarantee any payment for work performed on the Community
Facilities;
B. A statement that the Property is private property and that same
may be subject to mechanic's and material man's liens;
C. A requirement that each contractor contracting with the
Developer release the City from any claim that is related to
the Property; and
D. A requirement that each contractor contracting with the
Developer include in each subcontract the statements
contained in (a), (b) and (c) above.
8. Miscellaneous.
COMPLEVION AGRFEMENT
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A. Non-Assignment of Agreement. This Agreement may not be
assigned by any of the Parties without the prior written
consent of all the other Parties.
B. Notice. Any notice required or permitted to be delivered
under this Agreement shall be deemed received on actual
receipt by the appropriate party at the following addresses:
(i) Notice to the City shall be addressed and delivered as
follows:
City of Fort Worth
Planning & Development Department
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: CFA Division
David Schroeder, Development Manager
Email: David.Sclirqc
Ld L ort
Lr((,f -,NT o r th(-)o o r
Confirmation Number: 817-392-2239
and/or
Attention: CFA Division
Jana Knight, Administrative Assistant
Email:
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Douglas W. Black
Assistant City Attorney
Telecopy Number: 817-392-8359
Confirmation Number: 817-392-7600
12OMPLETION AGREEMENT
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(ii} Notice to the Developer shall be addressed and
delivered as follows:
Victory at North Tarrant, LLC
Attention: Tony Ramji
825 W. Royal Lane, Suite 250
Irving, Texas 75039
A party may change its address for notice upon prior written
notice to the other parties pursuant to the terms hereof.
C. Texas Law to Apply. This Agreement shall be construed under
and in accordance with the laws of the State of Texas.
D. Parties Bound. This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective legal
representatives, successors and assigns.
E. Legal Construction. In case any one or more of the provisions
contained in this Agreement shall for any reason is held to be
invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any
other provision of this Agreement, and this Agreement shall be
construed as if such invalid, illegal, or unenforceable
provision had never been contained in this Agreement.
F. Prior Agreements Superseded. This Agreement constitutes the
sole and only agreement of the Parties with respect to the
subject matter hereof and supersedes any prior understandings
or Written or oral agreements among, the Parties concerning the
subject matter hereof.
G. Amendment. This Agreement may only be amended by a
written instrument executed by all of the Parties to this
Agreement.
H. Headinzs. The headings that are used in this Agreement are
used for reference and convenience purposes only and do not
constitute substantive matters to be considered in construing
the terms and provisions of this Agreement.
COMPLETION AGREEMENT
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Executed IN QLJADRUPI..,ET by the Parties hereto:
EVEN E CITY F I
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Name: T ony ji Fernando Costa
Title:
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Assistant City Manager
Date: Date:
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LIST OF EXHIBITS
EXHIBIT A - LEGAL DESCRIPTION
EXHIBIT B - APPROVED BUDGET
COMPLETION A<iR1:;,E,MENT
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EXHIBIT A
LEGAL DESCRIPTION
COMPLETION AGREEMENT
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WHEREAS,Victory at N. Tarrant, LLC is the owner of a parcel of land situated in the John Edmonds
Survey,Abstract Number 457 in the City of Fort Worth, Tarrant County, Texas. Said parcel of land being
the same parcel as described in the deed to Victory at N. Tarrant, LLC recorded in Instrument Number
D212318172 of the Official Public Records of Tarrant County,Texas(Hereafter referred to as the Victory
Tract). Said parcel of land being more particularly described as follows:
BEGINNING at a 3/4 inch rebar found at the southeast corner of said Victory Tract, also being the
northeast corner of a parcel of land described in the deed to Tarrant County,Texas recorded in Volume
12487, Page 1762 of the Deed Records of Tarrant County,Texas.
THENCE SOUTH 89 degrees 40 minutes 36 seconds WEST,433.44 feet with the north line of said parcel
of land described in the deed to Tarrant County,Texas to a 3/4 inch capped rebar stamped "Peloton"
found at the southwest corner of said Victory Tract;
THENCE NORTH 00 degrees 21 minutes 28 seconds WEST, 907.52 feet with the west line of said Victory
Tract to a 112 inch capped rebar stamped "W.A.I." found on the southwest line of Lot 26X, Block 18 of
Lots 1-16, 17X, 18X, Block 16, Lots 9-25, 26X, Block 18, Lots 1-5, 6X, Block 19, Lots 20-31, 32X, Block 20,
Valley Brook recorded under Instrument Number D211131540 of said Official Public Records (hereafter
referred to as Lot 26X);
THENCE SOUTH 60 degrees 31 minute 48 seconds EAST, 131.05 feet with the southwest line of Lot 26X,
to a 1/2 inch rebar found at the beginning of a non-tangent curve concave to the southeast having a
radius of 515.00 feet and a chord bearing of NORTH 36 degrees 29 minutes 44 seconds EAST;
THENCE northeasterly an arc length of 71.18 feet coincident with the southerly curving line of said Lot
26X to a 1/2 inch rebar found at the beginning of a tangent line to said southerly curving line;
THENCE NORTH 40 degrees 27 minutes 17 seconds EAST, 416.20 feet with the southerly line of said Lot
26X to a 1/2 inch rebar found at the southeast corner of said Lot 26X;
THENCE SOUTH 00 degrees 35 minutes 50 seconds EAST, 1214.52 feet with the east line of said Victory
Tract to the POINT OF BEGINNING, containing 9.809 acres.
Basis of Bearings is the east line of Lot 1, Block A of the Aventine at Parkway Addition according to the
plat recorded in Cabinet A, Slide 9633 of the Plat Records of Tarrant County, Texas (N00°21'28"W)
EXHIBIT B
COST LIST
Section I
Water $70,148.50
Sewer $23,037.50
Sub-total $93,186.00
Section II
Interior Streets $10,911 .40
Storm Drains $210,364.00
Sub-total $221,275.40
Section III
Street Lights $26,594.00
Sub-total $26,594.00
TOTAL $341,055.40
COMPLETION AGREEMENT
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