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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 4 5 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 DefermenI-Agm[-LVl~ lk 2.doc 10. 11. 12. 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 Deferrnen[-Agm[-LVl ~ 1 k-2 doc 13. 14. 15 16. 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~., Defermen[-Agm[-LVl-8 lk-2.doc I.l.I i .0.5 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