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Home My WebLink AboutContract 46919 �4 E� CITY SECRETAN RIO�tiN 1� �, CONTRA,(NT N0. pv�',6 �10��+ TRANSPORTATION IMPACT FEE CREDIT AGREEMENT � p4F��R�ZAR - 2� 4 THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the "Agreement") is made and entered into effective as of the Effective Date (as defined below),by and among THE CITY OF FORT WORTH,TEXAS (the"City"), a Texas home rule municipal corporation, and Summer Sycamore I, Ltd., a Texas Limited Partnership authorized to do business in Texas (the"Owner") (the City and the Owner a"Party", and collectively, the "Parties"). RECITALS WHEREAS, the Owner is the owner of approximately 66.950 acres in Tarrant County,Texas,as described by metes and bounds in Exhibit"A" (the"Property") located within the corporate boundaries of the City. A snap of the Property showing its location is attached hereto as Exhibit "B"; and WHEREAS, the Owner desires to proceed with development of the Property as described or illustrated on the Development Plan, attached hereto as Exhibit"C",which Development Plan identifies the intended land uses in relation to the layout of on-site and off-site transportation facilities necessary for serving full development of the Property;and WHEREAS,the City has adopted a Transportation Impact Fee program pursuant to Texas Local Government Code Chapter 395, Ordinance No. 18083, under which charges ("impact fees") are imposed on new development for transportation facilities serving the development and which are identified within the City's adopted transportation improvements plan; and WHEREAS, transportation impact fees must be collected and spent within the service area(s) in which the new development is located; and WHEREAS, the Property is located within service area Y; and WHEREAS, the transportation facilities shown on the Development Plan are identified within the City's adopted transportation improvements plan; and WHEREAS, Ordinance No. 18083 Section 1-15 provides for credits against impact fees for dedication or construction of transportation improvements shown on the adopted transportation improvements plan; and WHEREAS, Owner agrees to dedicate and construct the transportation improvements shown on the Development Plan in exchange for credits against future transportation impact fees; and OFFICIAL RECORD CITY SECRETARY 1-16 CREDIT AGREEMENT FT. WORTH, TX Page 1 of 12 Summer Creek Station TOD 03-03-2015 WHEREAS, Owner will submit a final plat to the City for approval, for which the dedication and construction of the transportation improvements shown on the Development Plan will be complete; and WHEREAS,based on the anticipated traffic impacts from the development,the City and Owner contemplate the necessity for the construction of system facilities,which must be credited against transportation impact fees otherwise due; and WHEREAS, the City, in accordance with Chapter 395, has determined the maximum transportation impact fees to be charged against new development within service area Y to be $2,370 per service unit (vehicle-miles of demand); and WHEREAS, the Owner has received approval for construction plans, executed Community Facilities Agreements, dedicated rights-of-way, constructed roadway improvements, and obtained City acceptance of the improvements for the following: Sycamore School Rd&Summer Creek, DOE No.4480,Plans File No.W-2000 Summer Creek & Sycamore School Rd, DOE No. 4612, Plans File No. W- 1554; and WHEREAS, the value of said right-of-way and roadway improvements agreed to by the Owner and City is $2,091,714, which was memorialized by City Secretary Contract 36479, executed on January 10, 2008; and WHEREAS, the approved Development Plan at the time the credit amount was agreed to was Preliminary Plat PP-003-038. NOW,THEREFORE,for and in consideration of the mutual agreements,covenants, and conditions contained herein,and other good and valuable consideration,the City and the Owner hereby covenant and agree as follows: 1. Recitals. The recitals contained in this Agreement are true and correct as of the Effective Date and form the basis upon which the Parties negotiated and entered into this Agreement. 2. Transportation Improvements. Owner agrees to dedicate the rights-of-way for and construct the system facilities identified in Exhibit "D", which is attached hereto and incorporated herein by reference. For any transportation improvement which has been dedicated or constructed by Owner on the Property and accepted by the City prior to execution of this Agreement, the improvement shall be identified as completed on Exhibit „D„ 3. Credits. The Parties agree that the estimated value of the credits for each transportation improvement, expressed in current dollars, shall be as set forth in Exhibit 1-16 CREDIT AGREEMENT Page 2 of 12 Summer Creek Station TOD 03-03-2015 "E". The value of credits associated with the improvements first shall be reduced by the Schedule 2 impact fee associated with any lot for which a building permit has previously been issued, and the net value of credits shown on Exhibit "E" shall be considered as exact. 4. Phasing. The Parties acknowledge that, where it is anticipated that the project shall be developed in phases, the anticipated construction of improvements by phase shall be as depicted in Exhibit "D", which is attached hereto and incorporated herein by reference. 5. Allocation of Credits by Phase. The general allocation of credits to each phase of the development shall be as shown on Exhibit"F", which is attached hereto and incorporated herein by reference. The Parties agree that the credits identified in this Agreement shall not be deemed to have been created until the system facility for which credit is given shall either be guaranteed through an executed Community Facilities Agreement or approved and accepted by the City. The Parties further agree that,prior to the application of a credit against transportation impact fees otherwise due for any unit of development; the following events shall take place: (a) The Parties have entered into a Community Facilities Agreement for the dedication or construction of the system facility; (b) The number of credits resulting from such improvement has been valued; and (c) Concurrent with final plat approval, a credit allocation shall be provided by the developer for the phase of development to which the credit is to be applied, which allocation may either assign the credit,expressed in dollars, to each finally platted lot or may create a credit-pool to be utilized by that phase of development. (d) To the extent that any credit balance remains after allocation of credits this Agreement may be amended to allocate such unused credits to subsequent phases of the development. 6. Proportionality. Owner agrees that the obligation to dedicate and construct improvements to serve the development shown on the Concept Plan, as provided in section 2 of this Agreement,and the credits against transportation impact fees attributed to such contributions and generally allocated to phases of the development herein, are roughly proportionate to the nature and extent of the development shown on the Concept Plan. 7. Term and Effective Date. The initial term of this Agreement shall be ten(10) years from its Effective Date, in accordance with Ordinance No. 18083, which shall be the date on which the last party executes the Agreement. 1-16 CREDIT AGREEMENT Page 3 of 12 Summer Creek Station TOD 03-03-2015 8. Agreement to Run with the Land. Owner shall have the right to assign this Agreement to any person or entity ("Owner's Assignee") with the written consent of the City, provided: (a) the assignment is in writing executed by the Owner and its assignee; and (b) the assignment incorporates this Agreement by reference and binds the Owner's Assignee to perform (to the extent of the obligations assigned) in accordance with this Agreement. Each Owner's Assignee shall become a Party to this Agreement upon the execution of such assignment. In no event may this Agreement be construed to authorize assignment of any credits attributable to a system facility to be dedicated or constructed hereunder for use outside the boundaries of the Property. 9. Amendment. This Agreement shall not be modified or amended except as follows: (a) Any amendment or modification to this Agreement or any Exhibit or schedule hereto shall be in writing and signed by the Parties. (b) Any revision, amendment, or modification to this Agreement, the Development Plan, or any Exhibit or schedule thereto,shall become effective on the date executed by the Parties or, as applicable, upon the date of approval by the City Council or designated city official. 10. Exhibits. The exhibits attached to this Agreement are incorporated as part of this Agreement for all purposes as if set forth in full in the body of this Agreement. (Remainder of Page Intentionally Left Blank) 1-16 CREDIT AGREEMENT Page 4 of 12 Summer Creek Station TOD 03-03-2015 IN WITNESS WHEREOF, the undersigned parties have executed this Agreement to be effective as of the date subscribed by the City's Assistant City Manager. CITY OF FORT WORTH, TEXAS OWNER Summer Sycamore I, Ltd. a Texas Limited Partnership Fernando Costa Assistant City Manager Steve Saxon President Date: 8A S Date: c/NF ?—to !S Recommended By: andle H#anning ood Director, and Development Approved as to Form and Legality: Douglas Black Assistant City Attorney M&C: None required ATTEST: �°R�' 0 / ° M ry J. Kayser° OFFICIAL RECORD City Secretary j�°°000000000° CITY SECRETARY FXAS FT. WORTH, TX 1-16 CREDIT AGREEMENT Page 5 of 12 Summer Creek Station TOD 03-03-2015 EXHIBIT LIST "A" Description of the Property "B" Map of Property "C" Development Plan "D" Transportation Improvements "E" Credits Against Transportation Impact Fees "F" Allocation of Credits 1-16 CREDIT AGREEMENT Page 6 of 12 Summer Creek Station TOD 03-03-2015 EXHIBIT "A" THE PROPERTY LEGAL DESCRIPTION OF 66.950 ACRES OF LAND TRACT 1: BEING a 39.874 acre tract of land located in the J.F. Heath Survey, Abstract No. 641, the T.&P. R.R. Survey, Abstract No. 1576, and the J. Valent Survey, Abstract No. 1871, in the City of Fort Worth,Tarrant County, Texas, and being a portion of that certain tract of land described in a deed to Summer Sycamore I, LTD, a Texas Limited Partnership, recorded in D207385663 (called Tract 1), of the Deed Records of Tarrant County, Texas save and except all that certain tract of land described as Parcel No. 114-PTI as described below. TRACT 2: BEING a 36.01 acre tract of land situated in the J. Heath Survey, Abstract No. 641,J. Asbury Survey, Abstract No. 52,A.H. Hodge Survey, Abstract No. 1789, J. Valent Survey, Abstract No. 1871, and the P.T.I. R.R. Survey, Abstract No. 1831, in the City of Fort Worth, Tarrant County, Texas, and being a portion of a tract of land conveyed to Summer Sycamore I, LTD, a Texas Limited Partnership, recorded in D206233688(called Tract 2), of the Deed Records of Tarrant County, Texas save and except all that certain tract of land described as Parcel No. 114-PT2 and Parcel No. 129-PT2 as described below. Save and Except the following tracts of land described as follows: a. All that certain tract of land described as PARCEL No. 114-PT1 (5.363 acres) to the City of Fort Worth, according to the plat of State Highway 121 Right-of-Way recorded in County Clerk's Document No. ROW CSJ: 0504-02-021, Deed Records of Tarrant County,Texas. b. All that certain tract of land described as PARCEL No. 114-PT2 (0.035 acres) to the City of Fort Worth, according to the plat of State Highway 121 Right-of-Way recorded in County Clerk's Document No. ROW CSJ: 0504-02-021,Deed Records of Tarrant County, Texas. c. All that certain tract of land described as PARCEL No. 129-PT2 (3.536 acres) to the City of Fort Worth, according to the plat of State Highway 121 Right-of-Way recorded in County Clerk's Document No. ROW CSJ: 0504-02-021,Deed Records of Tarrant County, Texas. For a net total of 66.950 acres of land. WIN ON • \ • \, � ,/ ___-�-��"6 WIN Ili .e• r e� t i - .1.11 1 < • ,1.11 •11 11 1 '1 • • • ,� � n R All NIP r w ' - �� ♦ f - �•••• ` R �,�*ice,• ` ♦ " WINE"` R ` 115�. `—_lam 'EMEN, NO EXHIBIT D Transportation Improvements I SUMMER CREEK e� STATION CREDIT ' AGREEMENT Developer Built Roads' Accepted 'Eligible for Credit AQa ra TrAnpodation ink Fees FORTWORT_H F �e i r DOE ASSOCIATED LIMITS NUMBER IMPROVEMENTS 4480 Summer Creek Dr Approx.1SW south of Meadow Valley Dr to Columbus Trail 4480 SKam+ore School Rd Columbus Trail to Summer Creek Rd 1-16 CREDIT AGREEMENT Page 10 of 12 Summer Creek Station TOD 03-03-2015 EXHIBIT E Credits Against Transportation Impact Fees Net Credit Value of Capacity Provided DOE 4480-Sycamore School Rd & Summer Creek $ 1,971,714.00 DOE 4612 -Summer Creek Rd & Sycamore School Rd $ 120,000.00 Net Credit Available $ 2,091,714.00 1-16 CREDIT AGREEMENT Page 11 of 12 Summer Creek Station TOD 03-03-2015 MINNEW •• �_••1� IjIIIIpIjjjIl�II I! t� R •