HomeMy WebLinkAboutC2005-088 - 3/29/2005 - ApprovedDEFERMENT AGREEMENT
STATE OF TEXAS §
COUNTY OFNUECES §
This Agreement is entered into between the City of Corpus Christy, Texas ("City") and
Shaws Development Joint Venture ("Developer"), and pertains to deferral of the
improvements required prior the City's final acceptance of Northwest Crossing Unit 4
subdivision, which was approved by Planning Commission on March 24, 2004, 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
improvements, including construction of public sidewalks, as shown on Exhibit 2,
copies of the approved engineering construction drawings, which are attached to and
incorporated into this Agreement, before the final plat is endorsed by the City's Director
of Engineering; and
WHEREAS the Developer has file the plat with the County Clerk of Nueces County,
Texas, at completion of seventy-five percent (75%) of the required improvements as
required in Section III, Paragraph H, Subparagraph 5, of the Platting Ordinance; and
WHEREAS, the Developer will deposit the sum of thirty four thousand, eight hundred
and twenty three dollars, and sixty eight cents ($34,823.68) 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:
1. The City agrees to waive the requirement that requires improvements be 100%
completed before the subdivision is accepted 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 the of
public sidewalks, as shown in Exhibit 2, to be constructed as residential
development occurs for up to two (2) years from the date of this Deferment
...... ~ever, within the overall two year deferment period, the sidewalk
2005-088
03/29/05
M2005-106
Shaws Development Joint Venture
improvements specific to each lot in the subdivision are required to be
constructed and inspected before a certificate of occupancy is issued for that lot."
The Developer agrees to submit a thirty four thousand, eight hundred and twenty
three dollars, and sixty-eight cents ($34,823.68) letter of credit, with the CITY OF
CORPUS CHRISTI, before the public improvements in the subdivision are
accepted by the City, and if the letter of credit is not submitted this Agreement
shall become null and void.
The Developer agrees to construct the required improvements, including
construction of the public sidewalks, in accordance with the City's engineering
standards in effect at the time of construction.
LE'I-I'ER OF CREDIT OPTION
The Developer agrees to submit a thirty two thousand, three hundred and ninety
four, and twelve cents ($32,394.12) deposit, in the form of an irrevocable letter of
credit issued by American Bank, PO Box 6469 Corpus Christi Texas, 78466-
6469 for 110% of the estimated cost of constructing the required improvements,
as shown in Exhibit 3, which is attached to and incorporated into this agreement,
with the City of Corpus Christi on or before the subdivision public improvements
are accepted the City, and if the deposit is not made this Agreement shall
become null and void.
Upon completion of the required improvements, including public sidewalks, within
two (2) years, 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:
Shaws Development Joint Venture
101 N. Shoreline Drive, Suite 600
Corpus Christi, Texas 78401
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.
If the required improvements, including construction of the public sidewalks, have
not been completed by March 31, 2007, 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 required improvements, including
construction of the of public sidewalks improvements 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
Deferment Agreement
10.
11.
12.
13.
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 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 required improvements, including
construction of the of the public sidewalks, 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 dghts hereunder with the
prior written approval of the other parties.
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.
Dererment Agreement
14.
This Agreement shall be construed under and in accord with the laws of the State
of Texas and all obligations of the padies 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 (E×hibit 4).
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 I~'¢r~ day of ~¢~yC.~ ,2005.
STATE OF TEXAS §
COUNTY OF NUECES §
Shaws Development Joint Venture
("Developer")
101 N. Shorelipe Dr[¥~ Suite 600
Corpus ~'/~78401
JOhn Wallace, Vice President
This instrument was acknowledged before me on the'-'~ll day of f4/~Pl1'C-~
2005, by John Wallace, in the capacity herein stated and as the act and deed of said
entity.
Deferment Agreement
ATTEST: /'~
ARMANDO CHAPA,
City Secretary
CITY OF CORPUS CHRISTI ("City")
P. O. Box 9277
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
· Noe
'City Manager
THE STATE OF TEXAS §
COUNTY OF NUECES § . ,~/..
~1~
This ir~u..menl'~vas acknowledged before me on the ~ day of
//CJ'jf)"J/J./4~ ,2005, by George K.Noe, Ci~ MAnager for the CI~ OF CORPUS
CHRI~TI~ a Texas municipal corporation, on behalf of said corporation.
_ ' ..... flOTARY PUBLIC, STATE OF TE~S
APPROVED AS TO FORM: This
Mary K. Fisher
City Attorney
By: Joseph H~ey ~
Assistant City Attorney
First Assistant City Attorney
_ . day of
,2005.
EXHIBIT 1 J
n - EXH Bpdf
L
LEGEND:
[~ ~'~ ~ SIDEWALK TO BE INSTALLED AS PART
SUBDIVISION DEVELOPMEN~1 CONTI~&tTT
j _ _ : SIDEWALK TO BE DEFERED AND INSTALLED
BY BUILDER OF TIlE LOT DEVELOPED
SIDEWALK CONSTRUCTION
EXHIBIT 2
PROJECT:
Job No, 2040.A4.04
Date: 8-31-04
DESCRiPTiON
-A. DEFER.ED SIDEWAL
IMPROVEMENTS
I 4' Concrete Sidewalk
NORTHWEST CROSSING UNIT 4
HASS
ANDERSON
QUANTITY UNIT UNIT PRICE TOTAL PRICE
11,640
SF $2,53 $29,449.20
Deferment $29,449.20
Subtotal
Engineering at $2,208.69
7.5%
Subtotal $31,657.89
10% per $3,265.79
Deferment
Agreement
TOTAL
DEFERMENT
$34,823.68
EXHIBIT 3
[ o~pu< CITY OF CORPUS CHRISTI
('hrixt~ DISCLOSURE OF INTEREST
cC!ty of Corp.~. C,,hris,[i,,Ord!nan~e_l 711~, as mended, requires all persons or firms seeking to do business with the
~ty to .p~.vloe me rooowmg m!o_rmat~on. Every question must he answered. If the question is not applicable,
answer with 'NA-. See reverse s~de for definitions.
COMPANY NAME: SHAWS DEVELOPMENT JOINT VENTURE
P. O. BOX:
STR£EI': 101 N. SHORELINE, STE. 600 ciTY: CORPUS CHRISTI
zm: 78401
FIRM IS: 1. Corporation ( ) 2. Partnership (X) 3. Sole Owner ( )
4 Association( ) 5. Other ( )
DISCLOSURE QUESTIONS
If additional space is n~, pl~,ea~, use the reverse side oT this page or attach separate sheet
I. Stale the names of each employee o£the City &Corpus Christi flaying an ,ownership interest- constFmting 3%
or mom of the ownership in the above named 'tim].'
N/A
Nil. me
Job Title and City Depamnent (if known)
2. Stale 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
N/A
3 State the names of each ,board member' of the City of Corpus Christi having an ,ownership interes~
constituting 3% or more of the ownership in the above named ,firm.,
Name Board, Commission, or Committee
N/A
4. Slate the names of each employee or officer of a ,consultant, for the City of Corpus Christi who worked on any
matter related to the subject of this contract and has an 'ownership interest- constituting 3% or more of thc
ownership in the above named ,firm.-
Consullant
N/A
CERTIFICATE
I certi~ that all information provided is Irue and con'eet as of the date of this statement, that I have not
knowingly withheld disclosure of any information requested; and that supplemental statements will be promptly
submitted to the City of Corpus Christi, Texas as changes occur.
Certifying Person: John Wallace z~///~/~z Title: V~ce' President'
Signature of Certifying Person: /.~.,/~//S/./f~._ Date: ~ 7/g::~-q
EXHIBIT 4