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Home My WebLink AboutC2005-059 - 2/15/2005 - ApprovedDEFERMENT AGREEMENT STATE OF TEXAS § COUNTY OFNUECES § This Agreement is entered into between the City of Corpus Christi ("City") and ONAC Developers Inc., ("Developer"), and pertains to deferral of the improvements required prior to filing the final plat of The Boardwalk Unit 2, which was approved by Planning Commission on January 26, 2005, a copy of the plat is attached and incorporated as Exhibit 1. WHEREAS, the Developer is obligated under Section III, Paragraph H, Subparagraph 5, of the Platting Ordinance to construct seventy-five percent (75%) of the required on-site and off-site, public improvements, including construction of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains, see Exhibit 2, before the final plat is endorsed by the City's Director of Engineering. Detail construction drawings will be provided by the Developer and approved by the City's Departments of Development Services and Engineering prior to the start of construction; and WHEREAS, the Developer is seeking to have the plat filed immediately with the County Clerk of Nueces County, Texas, before completion of seventy-five percent (75%) of the required improvements as required by Section III, Paragraph H, Subparagraph 5, of the Platting Ordinance; and WHEREAS, the Developer has endorsed a letter of credit payable to the City of Corpus Christi in the amount of one million, one hundred foudeen thousand, five hundred and sixty dollars and thirty two cents, (1,114,560.32) which is 110% of the estimated cost of constructing the required improvements, as shown on the attached costs estimate, which is attached and incorporated as Exhibit "3", with the City of Corpus Christi; and WHEREAS, the City Attorney and Director of Finance have approved this transaction; and WHEREAS, the Developer has satisfied all other subdivision requirements, park dedications, park dedication deferment agreements, and maintenance agreements and all special covenants have been completed; and WHEREAS, the Developer is entering into this Deferral Agreement as required by Section V, Paragraph A, Subparagraph 3.6) of the Platting Ordinance. NOW, THEREFORE, the City and Developer agree as follows: The City agrees to waive the requirement that required improvements be seventy-five percent (75%) completed before the final plat is endorsed by the City's Director of Engineering and further agrees to allow the Developer to defer the completion of the construction of the required improvements, including construction of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains, for up to twelve (12) months from the date of this Deferment Agreement. 2005-059 02/15/05 M2005-053 ONAC Developers The Developer agrees to deposit one million, one hundred fourteen thousand, five hundred and sixty dollars and thirty two cents, (1,114,560.32), in the form of an irrevocable letter of credit issued by Charter Bank, 601 Navigation, Suite100, Corpus Christi, Texas 78406 with the City of Corpus Christi, which is 110% of the estimated cost of constructing the required improvements, on or before the plat is filed with the County Clerk, and if the deposit is not made by that time this Agreement shall become null and void. The City's Director of Financial Services must approve the form of the letter of credit. The Developer agrees to construct the required improvements, including construction of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains to serve The Boardwalk Unit 2 subdivision in accordance with the City's engineering standards in effect at the time of construction. The principal amount of one million, one hundred fourteen thousand, five hundred and sixty dollars and thirty two cents, (1,114,560.32), shall be placed by the City in an interest-bearing account and the total sum, both principal and interest, shall be made available to the Developer in such amounts and on such dates as may be mutually agreed upon by both parties, by and through their designated representatives, for use by the Developer solely for the construction of the required improvements hereunder. Such funds shall not be used for any other purpose whatsoever. Upon completion of the deferred improvements, including the construction of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains to serve The Boardwalk Unit 2 subdivision, by February 15, 2006, or such later time as may be mutually agreed upon by both parties, and upon acceptance of the Project by the City Engineer and upon compliance by the Developer with the terms of the Deferment Agreement, the City Engineer shall immediately release Developer from all obligations hereunder, by mailing such Release Letter to: Onac Development Inc. Mr. Emilo Cano P.O. Box 271201 Corpus Christi, Texas 78427 and thereafter refund to the Developer within sixty (60) days of the completion of construction and settlement of construction contracts, any balance remaining of all monies received by the City from the Developer, including interest earned. 6. If the deferred improvements, have not been completed by February 15, 2006, or if the Developer fails to deposit any increase security as set out below, after notice to the Developer and opportunity to cure as stated in Paragraph 8 below, the City will transfer the balance of the amounts received, including any interest earned, to the appropriate City fund and the City will then begin completion of the deferred improvements, including construction of the of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains to serve The Boardwalk Unit 2 subdivision with any monies received from the Developer, both principal and interest, remaining after completion of construction being refunded by the City to the Developer. If City constructs all or any part of the improvements, the Developer agrees to reimburse the City for any additional cost of the improvements, if the sum of money and Deferment AgmemenLdoc 10. 11. 12. 13. interest prove inadequate to complete the improvements, within thirty (30) days after City completes the improvements and bills the Developer. The City and Developer agree that if the Developer formally vacates the current plat, with approval of the Planning Commission, prior to the deadline for the completion of the construction of the deferred improvements, including construction of the of street pavement, curb, gutter and sidewalks, sanitary and storm sewer lines and water mains, with related infrastructure the money received by the City from the Developer, remaining on deposit, plus interest earned, will be released and immediately returned to the Developer. If Developer defaults in any of its covenants or obligations under this Deferral Agreement, the City Engineer will send Developer and the Project Engineer written notice by certified mail, return receipt requested, advising Developer of the default and giving Developer thirty (30) days from date of receipt of the letter to cure the default. If the Developer fails to cure the default after such notice and opportunity to cure, the City Engineer will exercise the City's rights and transfer any monies received and interest earned to the appropriate fund of the City to complete the deferred improvements. In the event there are any monies received by the City from the Developer, plus interest earned, remaining after the City has completed construction of the improvements, the excess monies, both principal and interest, shall be refunded to Developer within sixty (60) days of the completion of construction and settlement of construction contracts. The Developer agrees that the City, after notice in writing to the Developer and Project Engineer, may accelerate payment or performance or require additional security when the City Engineer determines that the prospect of payment or performance is questionable. The Developer covenants to construct the required improvements, and that such covenant shall be a covenant running with the land. The City's Director of Engineering Services, at Developer's expense, shall file of record this Deferment Agreement in the records of Nueces County. No party may assign this Deferment Agreement or any rights hereunder with the prior written approval of the other padies. Unless otherwise stated herein, any notice required or permitted to be given hereunder shall be in writing and may be given by personal delivery, by fax, or by certified mail, and if given personally, by fax or by certified mail, shall be deemed sufficiently given if addressed to the appropriate party at the address noted opposite the signature of such party. Any party may, by notice to the other in accord with the provisions of this paragraph, specify a different address or addressee for notice purposes. 14. This Agreement shall be construed under and in accord with the laws of the State of Texas and all obligations of the parties created hereunder are performable in Nueces County, Texas, and all lawsuits pursuant hereto shall be brought in Nueces County. 15. The Developer further agrees, in compliance with the City of Corpus Christi Ordinance No. 17113, to complete, as part of this Agreement, the Disclosure of Ownership interests form attached hereto (Exhibit "4"). Deferment Agreemenl 16. This Agreement shall be executed in triplicate, all original copies of which shall be considered one instrument. When all original copies have been executed by the City, and at least two original copies have been executed by the Developer, this Agreement shall become effective and binding upon and shall inure to the benefits of the parties and their respective heirs, successors and assigns. EXECUTED in triplicate this~¢'- Onac~Development Inc. Emilio Cano ("Developer") P.O. Box271201 Corpu~ Christi, Texas Emilio Cano, Onac Development, Inc. STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on the ~'~ day of Fe~-,~.~-9 Cano. J NOTARY PUBLIC, ,2005, by Emilio CITY OF CORPUS CHRISTI ("City") P. O. Box 9277 Corpus Christi, Texas 78469 Telephone: (361) 880-3500 Facsimile: (361) 880-3501 ATTEST: ,/,-~ City Secretary By: Noe · City Manager THE STATE OF TEXAS § COUNTY OF NUECES § J This instrument was acknowledged before me on the¢~- l~ ~ day of ,2005, by George K. Noe, City Manager for the City of Corpus Christi, a Texas municipal corpo~tion, on behalf of said corporation. APPROVED AS TO FORM: This NOTARY PUBLIC, STATE OF TEX~ -~,..7¢~-,.,~ ~,~--~,~,~, ......... ! day of ,¢~ , 2005T By: As~i¢~'nl Cit~ A~torney ' For City ,~,tlnrnmy Deferment Agreement Z o ooo°°°~ooooOooooo~oOOo Z CITY OF CORPUS CHRISTI DISCLOSURE OF INTERESTS City of Corpus Christi Ordinance 171 12, as amended, requires all persons or fin-ns seeking to do business with the City to provide the following information. Every question must be answered. I[' the question is not applicable, answer with 'NA'. FIRM NAME: ....... '"'.~,~ .~'~......~..~...~) ~ .~...¢;...~.?..J~'.~:~..'~... T - ' ....................................................... ...... s RE~: ............. .~ ........ 2Z ............ / ............................. c,~: ........... ~ .......................... z~.:.?_0~..~:.;.......'2.. FIRM Is: 1. Corporation ~ 2. Partnership [] 3. Sole Owner [] 4. Association [] 5. Other [] DISCLOSURE QUESTIONS I! additional space is necessary, please use the reverse side of this page or attach separate sheeL 1. State the names of each "employee" of the City of Corpus Christi having an "ownership Interest" constituting 3% or more of the ownership in the above named "firm". Name / Job Title and City Depar'b'nenl (if know~) , 2. State the names of each "official" of the City of Corpus Christi having an "ownership Interest" constituting 3% or more of the ownership In the above named "firm". Name / TiLle ....... ......... ......................................................................................................... 3. Stale the names of each 'board member' o1' the City of Corpus ChdslJ having an 'ownership interest' consLilul]ng 3% or more of the ownership in the above named "firm". Name / x/~3 Board, Commission or Committee ...... ....................................................................................................... 4. State the names o! each employee or officer of a "consultant" for the City of Corpus Christi who worked on any matter relsted to the subject of this contract and has an "ownership Intereel" constituting 3% or more of Ihe ownership In the above named "firm", Name Consultani CERTIFICATE I certify thai all informalion provided is true and correct as o1' the date of this statement, thai I have not knowingly wilhheld disclosure of any information requested; and that supplemental statements will be promptly submitted to the City of Corpus Christi, Texas asjT,.hanges Ce trying Person: ......................................... /~T.~:~;A.~_,.... Title: .......?~ ................................................. Signature of Certifying Person: .~~~'...~ Date:.....~..~/..~i?....~'~ ....................... EXHIBIT 4_