HomeMy WebLinkAboutContract 45754 CITY SECRETAW
CONTRACT N®. ��
Development Agreement
BETWEEN
STEADMAN FARMS, LLC
AND
THE CITY OF FORT WORTH
This Development Agreement (this "Agreement") is by and
between Steadman Farms, LLC ("Steadman"), and the City of Fort
Worth ("City"), a Texas home-rule municipal corporation. City and
Steadman may be referred to herein individually as a 'Party," or collectively
as the "Parties."
SECTION 1. Purpose of the Development Agreement
1.1. Steadman is the owner of Steadman Farms Addition, which will
be developed in phases. Steadman Farms Addition will include
approximately 358 single-family residential lots adjacent to the Project
(hereinafter defined). Due to its development of Steadman Farms Addition,
Steadman has a Phase 1 proportional obligation of $697,515 (the "Phase 1
Proportionality Amount") worth of improvements to Timberland Blvd. and Park
Vista Blvd., based on a projected lot count of 247 and the rough proportionality
analysis performed by the City. Once Steadman completes final plats of Phase 2
Steadman will have a Phase 2 proportional obligation of $313,458 (the "Phase 2
Proportionality Amount") worth of improvements to Timberland Blvd. and Park
Vista Blvd., based on a projected lot count of 111 and the rough proportionality
analysis performed by the City. Additionally, Steadman has agreed to fund
$250,000 (the "Steadman Off-Site Contribution") to be applied to pay the cost of
off-site improvements to Timberland Blvd. east of Steadman Farms Addition. The
Phase 1 Proportionality Amount, the Phase 2 Proportionality Amount and the
Steadman Off-Site Contribution is referred to in this Agreement collectively as the
"Total Steadman Obligation."
1.2. The City will initiate and lead the design and construction, including
corresponding drainage and infrastructure, of at least two lanes of Timberland
Blvd., a major arterial, from Excelsior Lane to Highway 377 and Park Vista north
to Timberland. Collectively these improvements represent the "Project" (Exhibit
A). The City will lead the construction of the Project with Steadman's financial
participation totaling, but not exceeding under any circumstances, the Total
Steadman Obligation. With this Agreement, Steadman will have no responsibility
for the construction of the remaining half of either Timberland Blvd. or Park Vista
Blvd.
1.3. This Agreement represents the intent of the Parties, including their
respective obligations and responsibilities, to take the necessary step
implement the Project. OFFICIAL RECORD
CITY SECRETARY
CFW-Steadman Timberland and Park Vista MOU RECEIVED JUL 112W FXMC#W'H,TX
7209.115/52849.3
SECTION 2. Design & Right-of-Way
2.1. The City will engage a qualified design engineer to design the Project,
including, Timberland Blvd., which may also include a 36-inch water transmission
line, and Park Vista Blvd.
2.2. It shall be the responsibility of the City to acquire the additional
necessary right-of-way for Timberland Blvd beyond what Steadman is required to
dedicate as a condition of platting for Phases 1 and 2 of Steadman Farms Addition
and as described in Section 2.3 below.
2.3 Steadman shall dedicate a minimum of 110' for right-of-way along
Timberland Blvd. and 110' along Park Vista Blvd.
SECTION 3. Construction
The City will cause the construction of the Project, including Timberland
Blvd. and Park Vista Blvd. and the designed water line
SECTION 4. Funding Responsibilities
4.1. Steadman understands it must participate in the cost of the Project up
to the Total Steadman Obligation.
4.2 The City agrees to dedicate all transportation impact fees collected by
the City as building permits are issued within Phase 1 of the Steadman Farms
Addition against the Total Steadman Obligation. These proceeds will be used to
help fund the construction of the sections of Timberland Blvd. and Park Vista
Blvd. contemplated within this Agreement. It is expected that the City will collect
impact fees attributable to Phase 1 of Steadman Farms Addition of at least
$741,000.00 and that such collections will exceed the Steadman's Phase 1
Proportionality Amount (the "Phase 1 Carry Over Amount"). The Phase 1 Carry
Over Amount shall be carried over to apply as a credit against the remaining
portion of the Total Steadman Obligation. This funding arrangement shall apply
only to Phase 1 of Steadman Farms Addition.
4.3 Steadman agrees to file the necessary documents against the
property that constitutes the future right-of-way that Steadman will be
dedicating, in the recorded Deed Records of Tarrant County to
memorialize Total Steadman Obligation set forth by this Agreement.
Those documents shall reference this Agreement and shall also denote the
Total Steadman Obligation as referenced in Section 1.1 of this Agreement.
4.4 As a condition of final plat approval for Phase 2 of Steadman Farms
Addition, the City will collect from Steadman the dedication of the Right-of-Way
CFW-Steadman Timberland and Park Vista MOU Page 2 of 6
7209.115/52849.3
for Timberland Blvd and Park Vista and the remainder of the Total Steadman
Obligation not satisfied by the application of impact fee credits as provided in
Section 4.2 of this Agreement.
SECTION 5. Credit Agreement
5.1 Upon Steadman's funding of the remaining balance of the Total
Steadman Obligation (i.e., the aggregate unpaid balance of the Phase 2
Proportionality Amount plus the Steadman Off-Site Contribution) as required by
Section 4.4 above, the City and Steadman shall execute a Transportation Impact
Fee Credit Agreement (the "Credit Agreement") to equal the total Steadman
obligation of $1,260,973 The Credit Agreement will reference the funds Steadman
has deposited with the City pursuant to Section 4.4 above. Upon execution of the
Credit Agreement, the impact fee credits shall be applied to impact fees payable
upon issuance of building permits within Phase 2 of Steadman Farms Addition.
EXECUTED by duly authorized signatories of each party and EFFECTIVE as
of the date subscribed by the City Manager's office, below.
APPROVED: DEVELOPER:
CITY OF FORT WORTH Steadman Farms, LLC
:i���� a Texas Limited Liability Company
Fernando Costa By: Hanover Services Group, Inc.,
Assistant City Manager a Texas corporation, its manager
DATE:_ By: — L " `—
Richard E. LeBlanc, President
DATE: 3� /
CGAPP ` V AL REivivENDED:
tj
Douglas . Wiersig
Director, Transportation and Public Works Department
CFW-Steadman Timberland and Park Vista MOU Page 3 of 6
7209.115/52849.3
APPROVED AS TO FORM AND LEGALITY:
Doug as . Black
Assistant City Attorney M&C: l�-
AT T: Date:
PCr��
Mary J. Kayser
City Secretary F
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OFFICIAL RECORD
CITY SECRETARY
CFW-Steadman Timberland and Park Vista MOU FT.WORTIII„gXX of
7209.115/52849.3
FORT WORTH Rough Proportionality Worksheet
for Roadway Infrastructure Improvements
City of Fort Worth,Texas
Development Name: Smdm a Farms Addition
Applicant: Sbad—Farm*,LLC
Legal Description(Lok Stook):
Case I Plat Number. Date: .luty 14,2014
wotrr�rrm.ra oavam
DEMAND-Traffic Generated by Proposed Development Se-e 1 :
t..e Nrrs
N....tm Emma.
L,tlltlllM:pbr .eerodw..euassar.onwn.ear.memgpr�.a.a�.�ararAKarrwn0
PM Pk See" Trip Derree: Inpaetd
Lab Uas TYpe': Deveioprrrd ties. Y*..V: Hour Trip C.pbve .;
R.b': R.S0: M"ts""eq Davelopmarrl':(5)
Bp.Fwaarore.l N dy Drwang Unit 247 1.Dt 0% 1.50 374.21 $897,524
V,4%4%.k Derdb H..ua Dwwkw wit 111 1.01 1 0% 1.50 168.17 $313,457
ZonatllClan:NaveasasaWia.apmasoeereert..mroM...eprapmau*r'xarwrepfee
PM Pri We" trip
Zoning Ches: Me A-9. D. 1.11 Luft L 'd H—Trip Capture �g,e; Derrerd: trrrpa f
Raue: Rae': neap (•r*b-d-) Developi ens:(5)
POTENTIAL MAYJMUM ASSESSABLE IMPACT FEE(SCHEDULE I): $2,141,188
POTENTIAL IMPACT FEE COLLECTION AMOUNT(SCHEDULE 2): $718,000
IMPACT OF DEMAND PLACED ON THOROUGHFARE SYSTEM: 542.38 $1,010,991
imrc'H.e.rrE nP a.mer.eima;'tdwer r e..,n.e a e.ewrrpe.e.r er r pm.ra'T4P ar r m.eq pveie rr ew.wsnee tr P�rVe r<tr rm nip o.mrbn
rrimmt wr.y weir eaimr.e v.4 e.rr r e.aea Own e..o.m,re.ym er.q.Par_.aO.ee�v�r.�e.rewee�4r..e.:meee�neeW rrbae r
rbeen.•eearrCpmdraM.eree mrr,l,e,rgvW 4.rbbdWi;'ltrp l�peder rtl eoebwwy.i4 rnW.rmm bMCfCOO Gb.'�re'+*mrsr A.mr.'s..emw
fir,W C mop.e�r alt AM b P.'dr b cP�'(m✓t'dr.,.�mvY0..d'Wbr�I*.�'�.0 b os cant b.Y
Roadway Supply-Off-site Roads to be Built or Funded by the Applicant
Rwd—y Nm: Ciassi6olmn: Roedwry Nmber Ce"'Clyrauppy Ood e.M.r,••;
olLwe: ( -d-) (4)
TEA Arw 1,580 2 410.88 818
PWkVIAa eyrr— 850 2 251.69 5447 itM
ROADWAY SUPPLY ADDED TO SYSTEM SUBTOTAL- 66187 $1,1T6,800
Intersection Improvements-Specific Improvements to be Built or Funded by the Applicant
himadbn Deferipdonorknie-.ant Eetirbed coee;(3)
MEE
INTERSECTION IMPROVEMENTS ADDED TO SYSTEM SUBTOTAL: $D
Right-of-Way Dedication-ROW to be dedicated by the Applicant:
NOW Dblraa.n: Gerwel D..dpd-of ROW Dedk d-: E.W..W Coe":(S)
M962
MIAMI
544,719
RIGHT-0F-WAY DEDICATION SUPPLY ADDED TO SYSTEM SUBTOTAL: $117,680
TOTAL VALUE OF SUPPLY ADDED TO THOROUGHFARE SYSTEM: $1,294,480
TOTAL VALUE OF POTENTIAL IMPACT FEE CREDITS": $1,117,960
Yo16'Admrotledwe m m.m.ra and m ta.w a.imd.�yeggN(m.eedl.,rd.perrd rye m a.d..errrn:'M.remr�r.tr..r,mmrd mprw.�t�E m
emw ar,ae ryyaemr eae'�Oa w'*vr 4w4y.'emere eeaeedbn inpumr*mr4"mr r roMSew bMdk aeierd m e.ta,<r w.e,.r m+erm.m ape�ear ar urte m t.
m.ware e�m apwr.a.m mr.a"om..cars r ass r a..*r.r4 ur.:d tr�may.r car rrm�,t.pmmo Pea ee rr car nasty r ee Raw a.aea..
SUPPLY I DEMAND COMPARISON:COST A comparison of the me or MO&AWfadlia pohded by a development epatret 6rs
baf o Impede of the popaed derdnpmetL
Cost r-ompd.an
TOTAL IMPACT OF DEMAND PLACED ON THOROUGHFARE SYSTEM: $1,010,981 SUPPLY.DEMAND
TOTAL VALUE OF CAPACITY(SUPPLY)ADDED TO THOROUGHFARE SYSTEM: 91,117,880 80.43%
Based on to ra uft of tale rough propor9onafy enalyee,the value of Cape*(wPpy)PoAded bytre Pmpcaed devdopmerdemeeds the arddpeed Impact of
damerM9piecason0waptem.Glwnthaas Mpbrre,o*90.43%ofthevYrod capadtywppMdmbe*ltdWESd IDOMPoponddwebP WC ThMebM
the roadway Imprwenene are NOT rou"proportional to the impact or demand placed on the Syateru(Lathe Mpleord Y eddn9 mom eaptSythan needed to
moppet their devebpnent).
SUPPLY I DEMAND COMPARISON:VEHICLE MILES Acampedwnpftecapxgpovid dby.dwd n-tgdMfttmftknpce
of Dye proposed development
CepstlLy(veh-H-) Compemaon
TOTAL IMPACT OF DEMAND PLACED ON THOROUGHFARE SYSTEM: 54298 SUPPLY.DEMAND
TOTAL VALUE OF CAPACITY(SUPPLY)ADDED TO THOROUGHFARE SYSTEM: 662.87 81.52%
Based on the resub of th'e rough pmpordonsey anry*i4 the value of capacity(Supply)provided by to proposed development—de the ardt*psed Impd of
dehandaplamonthasyst in.Given trees anumplook only 81.82%orthe velus ofupa*Suppled can be aMbuted to to pmpoeed developmMR Themlhre,
the medeey Inp umne is Me NOT mughy pmpomlond to the impad of demand ple ed on Iheaydm (La Oro appli ed r addng man capcify than needed In
support their de dopmwd).
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