HomeMy WebLinkAboutC2005-360 - 7/26/2005 - ApprovedDEFERMENT AGREEMENT
STATE OF TEXAS ~
COUNTY OF NUECE8 ~
This Agreement Is entered Into between the City of Corpus Christi, Tex~ ('City') and
Shoreline Oaks, Inc. ('Developer'), and pertains to deferral of haft street Improverne,~[~
required prior to final approval of Shoreline Oaks SubdMslon Unit 1. Exhibit I
WHEREAS, fl'~ Developer la being required by the City of Corpus Chrlatl to d~[=r
constnJctlcm of sidewalks, curbs, guttem and s'e'eet paving of the remaining unimproved
portion of a haft-street (Purdue Road), shown on attached and Incorpomt~ as Exhibit
2; and
WHEREAS, the Developer has endorsed a certified check or a cashier check payable to
the City of Corpus Christi In the amount of fifty-two thousand, seven hundred dollars
and ninety-one cei-,~ ($52,700.91), which Is 110% of the estimated cost of constructing
the requlrecl Improvements, shown on the attached costs estimate, which Is attached
and Incorporated as Exhibit 3, wtth the City of Corpus Chr'l~fl; and
WHEREAS. an Increase In security may be required on an annual baals If the Director
of Engineenng Services/City Englnser determlnas that the present principal and Interest
are not equal to 110% of the eatlmated conslnJctlon costs; and
WHEREAS the City Attorney and Director of Finance have app~-oved this i~unsectlon;
WHEREAS. the Developer has satisfied all other subdivision requlmmente, park
dedications, park dedication defe~,nent egmernen~, and maintenance agreernente and
all special covenants have been completed; and
NOW,
1
THEREFORE, the City and Developer agree as follows:
The City agrees to allow the Developer to defer cona'e'ucUon of the required
street Improvements Including c~Jrbs, gufie__rs, sidewalks and pavement section
along Purdue Road as shown in Exhibit 2 until the City causes said
improvements to be consl]'ucted as a portion of an overall plan.
The Developer agrees to depose fifty-two thousand, seven hundred dol[am and
ninety-one cents ($52,700.91), with tbe City of Co~pua Chrl~l, which ~ 110% of
the estimated cost of consl~ctlng fl'm required Improvements, Exhibit 3 and ff
the deposit Is not made by that time this Agreement ~all become null and void.
The principal amount of fifty-two thousand, seven hundred dollars and ninety-one
cents ($52,700.91) 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 City of
21~360
O7/26/05
M20~-246
Shoreline Oakt
10
Corpus Chdsfl solely for the conatmcflon of l~ required Improveme~
hereunder. Such funds shall not be used for any other purpose what~eever.
The City's Director of Engineering Services, at ~ Developers expense, shall file
fa' record this Defe,,,,ent Agreement In the records of Nueces Count~.
The City agrees that the 110% estlma~:l cost of $52,700.91 for ~ half
conal~uction of Purdue Road has been received, or the required Improvements
shown In E.xhlblt 2 have been accepted by the City, the CAty'8 Director of
Engineering Services shall Issue a 'Final Letter of Acceptance' for Shoreline
Oaks Subdivision Unit 1 to the Developer;,
Shoreline Oaks, Inc.
3756 Bratton Road
Corpus Christi, Texa~ 78413
No party may assign this Deferment Agreement a' any rlgh~ hereunder with the
prior w¥~m=n approval of the olher parties.
Unless otherwise at--~KI heroin, any notice required er permitted to be gJv~
hereunder shell be in writing end may be given by personal clMIvery, by fax, or by
cerLIfled mall, end If given personally, by fax o~ by cerlJfled mall, shall be deemed
opposite ~ s~ature of such parb/. Any path/may, by notice ~ the o~er In
accord w~ ihs provisions of this paragraph, specify a different addre~ or
addressee for no6ce pu~.
This Agreement .hall be cor~rued under and In accord w~ the ~ of 1~ State
of Texas and all obligations of the parties created hereunder am perk)rma~e In
Nueces County, Texas, and all lawsuits pursuant hereto ahMI be brought In
Nuece~ County.
The Developer further agrees, In compliance wffh the City of Corpu~ Christi
Ordinance No. 17113, to complete, e~ part of this Agreement, lyre Disclosure of
Ownership Intere6[~ form attached hereto (E~hlMt 4).
This Agreemeflt shall be executed In trl~lcate, afl original copies of which shall
be considered one In~bument. When all original copies have been ~ by
the City, and at lea~t two original copies have been executed by the Developer,
this Agreement shell become ~ and binding upon and shall Inure to ~
bens;;;- of the parties and their reapeclNe helm, successors and aa~grm.
EXECUTED In tripl~m~ 2,~ dayof /~I~
8horMlne Oaks, Inc.
By:.
Richard Voll, Prelldent
of Shorelmrm O~k~, Inc.
,2005.
3756 B,~dun Road
Corpus Christi, Texas 78413
STATE OF TEXAS §
COUNTY OF NUECES § .
This instrument was acknowledged be,om me on the ~ day of ~u [*.~ .2005,
by Richard Voss, President of Shoreline Oaks, Inc., a Tex~a Corporation, eh behalf of
Shoreline Oaks, Inc. owner and developer of Shoreline Oaks Subdivision Unit 1.
CITY OF CORPUS CHRISTI ('~
P. O. Box 9277
Corpus Christi, Texa~ 78489
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
ATTEST:
By.
City Secretary
'City Manager
THE STATE OF TEXAS ~
COUNTY OF NUECES § . onthe ,/3~ of /~.'-~-~ daY ~t~''1~''
Th~s instrument was acknowledged beEom me ,
2005, by George K. Noe, City Manager for the City of Corpus Christi, aTe~ municipal
NOTARY PUBLIC, STATE OF TEXA~
APPROVED AS TO FORM: This ~ ,' day of
By. ~
Fox City Attorney
~h~, ~r~OalaU1D~l~m~m Agmeme~ _,J~-
Itljl
fi
COST E S T1MA 7'E-OEF F E RED ~ VEMENTS
SHOREL//~ OAKS SUBD/V/S/ON
PURDUE ROAD ,MJPI~VEIJEk'TS
Exhibit "3"
PURDUE ROAD ESCROW 1/'2 PAVING IMPROVEMENTS:
8 Slotlnleto~E~st. 18'RCP
9 18'RCP~
0~ 66 AC
2,186 CY
1,603 S¥
1,603 SY
2 EA
I ,FA
PAVING TOTAl_'
TOTAL ES'I'gMATE IMPROVEMENTS:
TOTAL
TOTAL REQUIRED FOR Lc ~ ;,-R OF CI~_ : ,
1-361-864-3101
lofl
Exhibit '4"
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