HomeMy WebLinkAboutC2005-219 - 5/10/2005 - ApprovedDEFERMENT AGREEMENT
STATE OF TEXAS §
COUNTY OFNUECES §
This Agreement is entered into between the City of Corpus Christi, Texas ("City") and
Hogan Development Company, L.P., ("Developer"), and pertains to deferral of the
improvements required prior to filing the t~nal plat of Los Vientos at Terra Mar Unit 1
subdivision, which was approved by Planning Commission on June 30, 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, before the i~nal plat is endorsed by the City's Director of Engineering;
and
WHEREAS, the Developer is seeking to defer the construction of the required sidewalk
improvements, ( the "Deferred Improvements"), as required by the City's Platting
Ordinances, as shown on Exhibit 2, copies of the approved engineering construction
drawings, which are attached to and incorporated into this Agreement; and
WHEREAS, the Developer is seeking to have the plat filed 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 will deposit a letter of credit in the amount of Eighty
Thousand Nine Hundred and Eighty Eight and no/100 Dollars ($80,988.00) representing
110% of the estimated cost of constructing sidewalk improvements, as shown on the
attached cost 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 Deferment Agreement as required by
Section V, Paragraph A, Subparagraph 3(b) of the Platting Ordinance.
NOW, THEREFORE, the City and Developer agree as follows:
The City agrees to waive the requirement that referred improvements be 75%
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
2005-219
05/10/05
M2005-139
Hogan Development Company
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the construction of public sidewalks improvements referred to in this Agreement
as the "Deferred Improvements"), as shown in Exhibit 2, to be constructed as
residential development occurs for up to two (2) years from the date of this
Deferment Agreement. However, within the overall two year deferment period,
the sidewalk 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 construct the Deferred Improvements, including
construction of the public sidewalks, in accordance with the City's engineering
standards in effect at the time of construction
The Developer agrees to submit the sum of Eighty Thousand, Nine Hundred and
Eighty Eight and no/100 Dollars ($80,988.00) deposit, in the form of an
irrevocable letter of credit issued by Prosperity Bank, 500 N. Water Street, Suite
100, Corpus Christi, Texas 78471 for 110% of the estimated cost of constructing
the Deferred improvements, as shown in Exhibit 2, which is attached to and
incorporated into this agreement, with the City of Corpus Christi on or before the
plat is filed with the County Clerk, 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 from the date this Deferment is approved, or at a later time as may
be mutually agreed upon by both parties, and upon acceptance of the
construction of public sidewalks by [he City Engineer and upon compliance by
the Developer with the terms or the Deferment Agreement, the City Engineer
shall:
immediately release Developer from all obligations hereunder, by
mailing such Release Letter to:
Hoqan Development Company, L.P.
800 N. Shoreline Drive, Suite 350 South
Corpus Christi, Texas 78401
Return to the Developer within sixty (60) days of the completion of
construction of the sidewalks and settlement of the construction
contracts and costs, the letter of credit for the construction of
sidewalks any balance remaining of all monies received by the City
from the Developer, including interest earned.
If the Deferred Improvements have not been completed within two (2) years from
the date this Agreement is approved, 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 7 below, the City may call the letter (s) of credit
and transfer the amounts received, including any interest earned, to the
appropriate City fund and the City will then begin completion of the construction
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of the required improvements, with any monies received from the Developer,
both principal and interest, remaining after completion of construction being
refunded by the City to the Bank and the Developer, as ~heir interests may
appear. If City constructs all or any part of the Deferred Improvements, the
Developer agrees to reimburse the City for any additional cost of the Deferred
Improvements, if the sum of money and interest prove inadequate to complete
the Deferred Improvements, within thir[y (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, the letter of credit
and any 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 Deferment
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 under the
letter(s) of credit 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 Deferred
Improvements, the excess monies, both principal and interest, shall be refunded
to the Bank and Developer, as their interests may appear, 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 Deferred Improvements, and that this
covenant shall be a covenant running with the land.
The City's Director of Engineering Services, at Developer's expense, shall file for
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 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
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opposite the signature or 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.
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 per[ormable in
Nueces County, Texas, and all lawsuits pursuant hereto shall be brought in
Nueces County.
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).
The City will not be required in any event to issue a certificate of occupancy for a
residence until the sidewalks and all required utilities and other infrastructure
improvements on the lot have been completed, inspected and accepted. The
Developer shall be required to have all sidewalks and the infrastructure
improvements constructed in the subdivision within two (2) years from the date of
this agreement.
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.
Deferment-Agmt-LV 1-81 k-2 do~:
Hogan Development Company L.P.
800 N. Shoreline Drive, Suite 350 South
Corpus Christi, Texas 78401
N'eill F. Amslerr, III
Manager, Seabreeze, Ltd. Co.
II.s General Partner
STATE OF TEXAS §
COUNTY OF NUECES §
This instrument was acknowledged be[ore me on the ~dayof
2005, by Neill F. Amsler, III, Manager, Seabreeze, Ltd. Co a Texas
limited ~ability
company, acting as a General Partner of Hogan Development Company, L.P., a Texas
limited partnership, on behalf of the par[nership.
NOTARY P~JBLIC, STATE OF TEXAS
Deferment-AgmI-LV1-8 lk-2.doc
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
By: ~N
Ge oe
City Manager
THE STATE OF TEXAS §
COUNTY OF NUECES § ~ ~
This instrument was acknowledged before me on the day of
2005, by George K.Noe, City Manager for the CITY OF E;ORPUS CHRISTI, a~exas
municipal corporation, on behalf of said corporation.
NOTARY PUBLIC, STATE OF TEXAS
APPROVED AS TO FORM: This ~, day of
Mary K. Fisher
City Attorney
By: Joseph H;r~ey ¢%
Assistant City Attorney
AUTHUI~IL~.,
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EXHIBIT 1
"1
'!
LOS VlENTOS AT TERRA MAR - UNIT 1
DEFERRED 81DEWALK~I
EXHIBIT 2
Exhibit C - Part 2
Los Vientos at Terra Mar Unit 1
Cost Estimate
NO DESCRIPTION
SIDEWALK iMPROVEMENTS
1. 14' Concrete Sidewalk
Subtotal Sidewalk Improvements
26,7731 SF
PROJECTCOST-PART2
PROJECT COST- PART 2 x 110%
Is 2.?sI
I TOTAL PRICE
$ 73,625.75
$ 73,625.75
I$ 73.625_75
$80,988.33
EXHIBIT 3
EXHIBIT D
CITY OF CORPUS CHRISTI
DISCLOSURE OF INTERESTS
Cib/of Corpus Chdsti ordinance 17112, as amended, requires all persons or firms seeking to do busine~ss with the City to
provide the following information. Every question must be answered. If the question is not applicable, answer with "NA".
FIRST NAME: HOGAN DEVELOPMENT COMPANY, L.P.
STREET: 800 N. Shoreline Drive, Suite 350 South Tower CITY: Corpus Chdsti, TX ZIP: 78401
FIRM IS: I--I1. Corporation ~]2. Partnership [~3. Sole Owner [~4. Association El5. Other
DISCLOSURE QUESTIONS
If additional space is necessary, please use the reverse side of this page or attach separate sheet.
1. State the names oi~ each "employee" of the City of Corpus Christi having an ~ownership interest" constituting 3%
or more oi' the ownership in the above named "firm".
Name Job Title and Cit~ Department (If known)
None
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 Title
State the names of each "board member" of the City of Corpus Christi having an "ownership interest" constituting
3% or more of the ownership in the above named "firm".
Name Board, Commission, or Committee
None
State the names of each employee or officer of a "consultant" for the City of Corpus Chdsti who worked on any
matter related to the subject of this contract and has an "ownership interest" constituting 35 or more of the
ownership in the above named "firm".
Name Consultant
None
CERTIFICATE
I certify that all information provided is true and correct 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: Neill F. Amsler, III
(Type or Print) ,~
Signature of Certifying Person: ~'~'~"..~¢
Title: Manager of Gen. Partner
Date: ·~-? ~7/~
EXHIBIT 4