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HomeMy WebLinkAboutContract 46408 CITY SECRETARY CONTRACT NO. CREDIT SALES AGREEMENT This Credit Sales Agreement (the "Agreement") is entered into by and between Trinity River Mitigation Bank, L.P., a Texas limited partnership ("TRMB"), and Citv ok' l ort 1%l orth. a Texas municipality (the "Purchaser"). RECITALS: A. Pursuant to that certain Mitigation Banking Instrument Agreement dated April, 2001 (the "MBI") between, among others, Wetland Partners, L.P., a Texas limited partnership ("Wetland Partners"), as the sponsor, West Fork Partners, L.P., a Texas limited partnership ("West Fork") and the U.S. Army Corp of Engineers ("USACE"), Wetland Partners, as Sponsor of the Bank, and West Fork established the Trinity River Mitigation Bank under Permit Number 199800370 (the "Bank"). B. TRMB is the successor in interest to West Fork's rights under the MBI, although West Fork remains the,owner of the surface of real property subject to the MBI. C. Pursuant to the terms of the MBI, TRMB and Wetland Partners, as Sponsor of the Bank, intend to develop, restore, enhance, create and preserve wetlands, open water and riparian habitat on certain real property described in the MBI in exchange for mitigation bank credits authorized by USACE (the "Credits"). D. The Purchaser is developing certain real property and in conjunction with such development, USACE has required that the Purchaser provide off-site wetland mitigation to compensate for impacts to USACE jurisdictional wetlands. E. The Purchaser desires to purchase cight and one-tenths (8.1 ) Credits to satisfy the Purchaser's mitigation obligation. AGREEMENT: NOW, THEREFORE, for good and valuable consideration described in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the Purchaser and TRMB agree as follows: 1. Sale of the Credits. TRMB hereby agrees to sell and assign, and does hereby sell, assign, transfer and convey to the Purchaser, and the Purchaser hereby agrees to purchase and accept, and does hereby purchase, accept, acquire and receive from TRMB, eight '.tnd otic- tenths (8.1 ) Credits. 2. Payment for Credits. In consideration of the delivery of the Credits, the Purchaser agrees to pay to TRMB the sum of One I tundred Fortv One 1-housand and Sc%en Hundred F"if`ty Dollars and no cents 1.7"'0.00) for all of the Credits purchased pursuant to this Agreement. OFFICIAL RECORD CITY SECRETARY FT.WORTH,TX RECEIVED FEB 10 2015 3. Representations. (a) Representations of TRMB. TRMB represents to the Purchaser the following: (i) TRMB is a Texas limited partnership, duly formed and validly existing; (ii) the Credits are free and clear of all liens, pledges, security interests or other encumbrances other than those imposed by the MBI; (iii) TRMB has duly taken all action necessary to authorize its execution and delivery of this Agreement and to authorize the consummation and performance of the transactions contemplated by this Agreement; and (iv) this Agreement, and all other agreements executed in connection with this Agreement, are the legal, valid and binding obligations of TRMB, enforceable in accordance with their terms except as such enforcement may be limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors' rights. (v) The Bank is operated, and will continue to be operated, in accordance with all applicable USACE laws, regulations, orders, permit requirements, agreements and guidance, including, without limitation,the MBI and Permit Number 199800370. Other than as expressly set forth above, TRMB does not make any representations or warranties to Purchaser, including, without limitation, the suitability of the Credits or whether or not the Credits will satisfy, in whole or part, any mitigation obligation of the Purchaser. (b) Representations of Purchaser. The Purchaser represents to TRMB the following: (i) the Purchaser is a In the �,ttitc ol' I evlt,,, duly formed and validly existing; (ii) the Purchaser has duly taken all action necessary to authorize its execution and delivery of this Agreement and to authorize the consummation and performance of the transactions contemplated by this Agreement; and (iii) this Agreement, and all other agreements executed in connection with this Agreement, are the legal, valid and binding obligations of the Purchaser, enforceable in accordance with their terms except as such enforcement may be limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors' rights. Other than as expressly set forth above, Purchaser does not make any representations or warranties to TRMB. z 4. Confidentiality. The Purchaser shall keep absolutely confidential the existence of this Agreement, its terms, and all information regarding the MBI, TRMB, the Credits and the Bank that the Purchaser learned, was provided or was otherwise disclosed to Purchaser in connection with the negotiation, execution and consummation of this Agreement, except for the disclosure of those items that are already in the public domain, where disclosure is otherwise required by law, or the disclosure is approved by TRMB in writing. 5. Notices. Notices or other communications under this Agreement by either party to the other shall be given or delivered sufficiently if they are in writing and are delivered personally, or are dispatched by registered or certified mail, postage pre-paid, or facsimile, addressed or delivered to the other party as set forth on the signature pages to this Agreement. 6. Binding Agreement; Assignment. This Agreement, and its benefits and obligations, shall inure to and bind the respective heirs, executors, administrators, successors and assigns of the parties hereto. This Agreement may not be assigned by TRMB or the Purchaser without the written consent of the other. 7. Restriction on Recordation. Neither this Agreement nor any notice, memorandum nor notation thereof shall be recorded or disclosed by TRMB or the Purchaser in any public records or in any document made public. 8. Attorney's Fees. If there is a dispute between the Purchaser and TRMB under this Agreement, the prevailing party shall be entitled to recover all costs incurred, including reasonable attorney's fees, paralegal's fees and appellate and post judgment proceedings and all costs thereof. 9. Final Agreement. This Agreement embodies the whole agreement of the Purchaser and TRMB. This Agreement shall supersede all previous communications, discussions, representations, advertisements, proposals or agreements either verbal or written, between the Purchaser and TRMB not otherwise contained in this Agreement. 10. Captions. The captions in this Agreement are included for convenience only and shall be given no legal effect whatsoever. 11. Modification. This Agreement may not be modified except by written instrument executed by both the Purchaser and TRMB. 12. Choice of Laws: Venue. This Agreement shall be governed by the laws of the State of Texas, and the venue for all disputes with respect to this Agreement shall be in Dallas, Dallas County, Texas. 3 13. Partial Invalidity. Should any part of this Agreement be rendered void, invalid or unenforceable by any court of law for any reason, such a determination shall not render void, invalid or unenforceable any other part of this Agreement, provided, however, that the parties receive the full consideration bargained for hereunder. 14. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, and all of which shall constitute one and the same agreement. [the remainder of this page intentionally left blank] 4 IN WITNESS WHEREOF, the Purchaser wand -RMB have executed this Agreement effective for all purposes as of thenf="ay of THE PURCHASER: TRMB: CITY OF FORT WORTH, TEXAS TRINITY RIVER MITIGATION BANK, L.P. a Texas Municipality a Texas limited partnership By: Wetland Partners, L.P. By: Its: General Partner Fernando Costa Its: Assistant City Manager By: WF Investments, Inc. Its: General Partner RECOMMENDED: By: _ r('"�C�� By; (�..� ChoyL ng . cott Douglas . Wiersig, PE Its: CFO Its: Director, Department of Transportation/Public Works 5956 Sherry Lane, Suite 1810 Dallas, Texas 75225 APPROVED AS TO FORM AND LEGALITY: Telephone: 214/891-0920 Facsimile: 214/891-9855 Tax ID #: 20-2137693 By: Douglas W. Black Its: Assistant City Attorney ATTEST: By: �g , 0 ary J. Kay $,Q� o3 `y Its: City Secreta J 3G S�y"kU:YCJt:rJ00� M&C: Date: 112- r Lr_ 11-1 Attn: Mike Weiss, PE Transportation and Public Works 1000 Throckmorton Street Fort Worth, Texas 76102 Telephone: (817) 392-8485 OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX 5 M&C Review Page 1 of 1 Official site of the City of f=ont Worth, Texas CITY COUNCIL AGENDA FoRTII COUNCIL ACTION: Approved on 10/14/2014 DATE: 10/14/2014 REFERENCE NO.:**C-27030 LOG NAME: 20E FIRST ENV MITIGATION 00145 CODE: C TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: Authorize Execution of an Agreement with Trinity River Mitigation Bank in the Amount of $224,000.00 for the Purchase of Stream and Wetland Mitigation Bank Credits Required for the Construction of East First Street from Beach Street to Oakland Boulevard (COUNCIL DISTRICT 4) RECOMMENDATION: It is recommended that the City Council authorize the execution of an Agreement with Trinity River Mitigation Bank in the amount of$224,000.00 for the purchase of stream and wetland mitigation bank credits required for the construction of East First Street from Beach Street to Oakland Boulevard. DISCUSSION: The 2004 Capital Improvement Program (CIP)includes funding for the design and construction of East First Street from Beach Street to Oakland Boulevard (City Project No. 00145). The project is impacting United States Army Corps of Engineers (USACOE)jurisdictional streams and wetlands. Therefore, 4.8 perennial stream, 5.7 ephemeral stream and 2.3 wetland mitigation bank credits are required as a condition of a USACOE Individual Permit at a total cost of$224,000.00. This project is located in COUNCIL DISTRICT 4, Mapsco 64S, 64T, 64U and 64V. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that funds are available in the current capital budget, as appropriated, of the Street Improvements Fund. TO Fund/Account/Centers FROM Fund/Account/Centers C200 539120 204230014542 $224,000.00 Submitted for City Manager's Office by: Fernando Costa (6122) Originating_Department Head: Douglas W. Wiersig (7801) Additional Information Contact: Mike Weiss (8485) ATTACHMENTS 20E FIRST ENV MITIGATION 00145 MAP.pdf http://apps.cfwnet.org/council_packet/mc—review.asp?ID==2032... 10/15/2014 MAYOR AND COUNCIL COMMUNICATION MAP 20E FIRST ENV MITIGATION 00145 Ivey .z HOL & p ¢i 7 1.4. vai YItAtTAU6Aj' :! � :hELMA QVC i I; nJ�;✓�� i pi < r J SP�INGUALEsi Jg� j so, Q EARLz -4i ! p �� `EOE j Wi Ru z > ! -,EiLh?Ti Y�C4A F 21 0: REEDFR T 26 1 t 40% a BIRD 70 p OPS•, / IRPa. �0V �.' Q Zq ND app AAC4 I 'O RANoOL yl!' y q Na i "0' M ILL t INO' ' LLEV ETON IE P fir' i i / IST 1ST I t 4Qp m 4TH GALVEZ uJ o BRENTWOOD j Q w Rt GESTAIR' ot 6LUERID3E. ' f` m � �( F�..`f 287 ; " .0 W a t / ! �', •,,,., O CAIN sHEL10h z 1.MEADOWBROOK .�� (t �1, 7.5 I 2'� Pg = ..pA51 o V : j ' I NORMA{ ! ,' i i 6 t.Ww� '{ - In N In, � m' .MT VER ON 0 0 ELLA �8a� BES$lE 10 1 TUGKfLANCA:8TER� ::. 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Ft EAST FIRST ST FELIX' "• I Va (NORTH BEACH ST-OAKLAND BLVD) °v Copyright 2014 Cly of Fort Worth. llnauthonxed reproduction is a violation of applicable laws.This product Is for 0 1500 3000 CITY PROJECT#00145 informational purposes and may not have been prepared for or be suitable for legal,engineering,or surveying purposes. It does not represent an on-the-ground survey and represents only the approximate relative location of property boundaries. 6MM06=101 Ft DOE#6124 Th.City of Fort North assumes no responsibility for the accuracy of sold data.