HomeMy WebLinkAboutC2005-462 - 8/19/2005 - NAINFIt~sTRUCFUIti~ Dr. VI~I,OPME~ AGItgEMENT
The l~-ties, hereto, C.C.T. Na 'vlplimm-Came~o~ LP, a Te~ms {i,,H~.a pemlermhip (tho
'Pm'tnersbtp~), and the City of Corpus Chris6, a municipal COrlX, mfiou orpni2~ u-nr~ tho
imvs of the St,,t~ of Tcxm C'CIty"), hve euterud iuto thi, ~nfiumsctu~ Do'clopmmt
s4l~,menI (thi., "Agr~mmf') to be effective as of August 15, 2005.
WI~REAS, ~ Houshsg Texas. a Texas non-prufit corpomtiofl h,,. founed
affili-.,, eufity Mcxced-N~on, LI.C, a Texas limited ~ company to ~erve es the
~ parttmr of time Pm~u~,~p which Ires beeu formed for the puquose of
cxmstmcfiu~ owning. ~ and operating a multifamily housing proj_,~_, in Coqmus (]mrMi,
texas to be known as Navigation Pointe which is described on Exhibit A, (the
intended ~% oc~ by iow income families and individuals in such a ~ that tbe
Prolx'rvy will qualify for time Iow income housing lax aredit provided under Section 42 of the
interns{ I~-vemmue Code;
WHERRAS, the Pm-tuer,hip inteu~ m acquire 17.743 acres, mot~ or tess, (the 'L~d')
which the Property will be constructed:
WHE~F. AS, the Partnership inumds to work with City for the approval ami rucotding of
a plat for all or a portion of the [~,md (th~ "Plst'). a draft m,,p. of which is ~ ~ as
WHERFAS, the PIsI calls for the comtrucfion of a portion ofa ro~d, BaIes Drive.
sWrm sewer snd w~ uIi[ities (collectively re~rr~ to he.in as ']~i~s
along the northern lx'rinmer of the l_anct;
WI-IF_,REAS, ~ Corpus Christi LIrbsn Transporuaion Plan daUxl Mm~ 3 2005, Bates
Drive is a C-I Cxdkx:tor which m~am the Ri.~ht of way ~ for the Bates Drive
Imp~vem~Is is 60' wihh a 40' b~ck of curb to back of curb s~.~.-t sogtion and 4, sidewalks em
each Side:
WHEREAS, the estimated co~ oft~ B~te~ Drive ! ~mm'ovemenls is set forth on P~l~it [t
here~:
WHEREAS, City plat~ug requimamemm applicable to the Land requiru that the
Pmne~ip escrow monies necessary to ensu~ thc construction ofB~s Driv~ ~ ._,
WHEREAS, thc PlanvinE Commission of the City of ~ Christi (th~
Comm~imf') has det~--q-,Amd th;, the c~cmw requixe~ent detain'bed above co~_ff~ mm
irrevocable sight dra~ letter of credit (the ~ of Credif3 in full 8mouut of ~ Drive
Improvements from a fLuancial institution -__oceplablc to City.
20(0--462
08/19/0~
&GRZ,~M~NT:
AGI~EMI~'T - PAGE I
( .('.'1 x av~ltlop-('nmeron
NOW THg. llk'~ORF~ in cons&lga'~k~ of the ~ of tl~ nmtual gtomi~ of ~
1 A0ttI~aNIENT~ OF ~ PARTNgJL~ffP. Subject to the roms and ctmditions
~ forth herein, tl~ Pmnership ~ ~ ~llows:
(a) Witb~ 12 months of plat recordaticm, bul no later tb~ ~ae 30. 2007. it
,,d]l _coaqzuct, in accordaz~ with applicable FederaL, Stme taxi Load codm, rulea, lava,
,R'd~ ~mna regu.hiti~ ~ B~ites ~ I .rr~rov~R~! perminir~ tO thru poetio~ ofth~
ultimately plal~xi ~! to which ~ above t'~'e~:~d pbmlnE t"~]u~nl~l~l~ Iq~, in
and C/l~ in form and ~on~m. Pm~n~ip Sl~cifically ~ to fully oomm.~t both i~ ~d
City's portions of Ba~ Drive Improvc~mz as psrt of the conzi~ far cma'lng
Concurrently with the r~:tnrli~ of the Plat,/t will pwvide CiD' with a
t~r of Credit in an amoum cqual to the eatima~d coat of tl~ Balm Ddvc ~ ~uc.h
ofl3ev~opm~t .'4~rvic~ in ~ reachable clho,~on.
2 ESCROW FUND RffOLTIRRMP. NT WAFV]qL Subjo~ to tl~ tgrmz ami
co~l;tion~ ~"t forth lgrtin, City agr~s to waive the ~qui~mm~t for tlg Pm'tnamhip to ~ tn
~cmw fitmla in an mnount estimated w be $151.423.67 W ea~a'~ the fu~um con~zuofon of ttm
Bat~a Dnv~ im,rn'ovements.
3 CONDITIONS TO THE PARTNF. RSHlP~ OBI.IOATION3. TI~ ~~
obligation t~ complete the Bates Drive ~ts bet~xmd~ is subject to ~on of the
t'ollowmg con&lions:
(~) The PI~ is approved ami recorded, in form ami conl~ acceptable to the
Pm'merahip, prior to the Pammr~hip's acqui~don of the Lame
(b') ~ Pmmerahip aequima the Land; and
(c.) '1~ Partmrship closes and funds a coastrtetion loan. the proem& of
wi~ch arc to be used for~e construction of the Property.
4. CONDITIONS TO CITY'S 0RLIGATIONS. City's obligmioa to waive the
plaRing requiremeat that fund~ be e~:rowed to secure the comlrtmfion of the ~ Drive
impmvemem~ ia subject to satisfaction of the followin~ cooditio!3~:
(a) 'Fh~ Plm is approved ,md meonied; and
INII~.A,I'I~ I)~'Vl;I,O~ENT AGg. E~¥1E:NT - PAG~ 2
Cb) City nw. eivestheLett~rofCmditinform, amoum, andeont~m~
fa) Th~ partita agr~ to ~.ug str. h doo. am~ and do ~h thia~ ~ n~ be
n~cms~.' or sppmpri~ to facilic-te the com~,mm~tion ofth~ ~E,,.x~.~ hmzd~
{b) The ~r~d~s ac..knowi~l~ tl~ ~r.h of ~ ires b~m ,~,.~.a,-d by
with r~acct to th~ ~on of thi. ~ taxi h~m ~ a~a~a'l{~ t~
th~ r~mific~fions of tl~ provisiom of this ~ In tl~ ~ of
~~on or,my provision of"this A~,~mt. th~ provision ~ not b~
{c) If t~ pint is mcortled or the Laml Ls ~quir~l by Jtme 30, 2006, the BaJ~s
Drive lmpmvenx=ms n~ r~lu/md to be complete__ no lnt~' than Jung 30, 2007. Thts~
ends wh~ all condifiom and ~ of this Agreement lm~ bee:n ~ compk'~-a
I"nis Agrtzmmt tony be tr~minnted if the Pm'am-.hip nmi City sign a muttml coasgnt to tmmitmg
fi:ds Agre~ment. Additionnlly. this Agn:eme~ ,d~q bc terminated ~,toau,fio, lly upon the
~bliowing conditi(~s:
(i) I'he Plat is nat recorfied by Jura 30. 2006; or
(fi) H~cP~docsnotacquircthcLandlyyJune30,2006.
Upon m'mim~n of this Agreeme~ r~iilm' ~ shall hav~ ~ny ongoing obli~tlons m dae
the other for dnmng~ mt~ocinted with a breatch of this AgreeamnxL
(d) This Agr,'~mem shall be binding upon and ~ to th~ benafit of each
pm'ty and to anyone who lawfully succeeds to the riel,*- or takes th~ place of any party
without tl~ prior written consent of thc otlm' party..
writing signed ~' each of thc parties hereto.
INl~4a'nH:cTtrlg I)EVgiA:Mq, IgI~ AGRrrMlavr - PAGE 3
(l) THIS AORF~HNT SI-L~I.L BE GOVERNT~ AND CONS'FRUED IN
4,CCORDANCE WITH THE INTERNAL LAWS OF ~ STATE OF IIgKAS, EXCLUSIVE
OF CONFLICT OF LAWS PRINCIPLES.
(h) In case any one o~ mom of th~ tn'ovisions ~ in this A~memmt fi:g
· my ruasou nrc held to be invalid, ill. al or ut..~'~le ir, .ny ruspect, such invalidS,
herein.
{i) Thc ~ hereto submit exclusivrAy to th~ jurisdiction of the st,,~ ,nd
t~icral coum of Nucces County, Tex-.. mmcl venue for .ny cnuse of nclion ~ hcrummd~r
· ~,11 lie exclusively in the stme nnd federal courts ofNucces Cotmly, Texns.
rl~ Cil~ of~ ~ T~xs~
a T~xaa municipsl ___r~l~m~gon
C.C.T. Navlg-;gon-Cam~m, LP,
EXHIBIT A
1
EXHIBIT A
P~le 2 of 2
iI
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.I
'I
EXHIBIT B
Eng: Mud Hu¢I~ P.E
By C.R R.
PRELIMINARY Pr. ATt'lNG co~r ESTIMATE
FOR
BATE8 DRIVE ADJACENT TO LOT 1, BLOCK 1
NAVIGATION POINT APARTMENTS
Aug. 12, 21X~
Job No. 27700.A5.01
A. PA~NG IMP~~ FOR BATES DRJV~ (1/2 be eecrowed:
--~ 5,157 ' ' 5,673 CY __ $2.70
.2' I-IMAC Includlag P,k.e Coat 3,775. 4,153 . SY__ $7.40
'8'~Sllbilzed ~ BaJe 3,775 "4,153 ! S'~ $10.80
a" Lime 8tabllzed_ _8.ubgr~..e . . 4,608: 5,0~g sY__ ~4.00
8' 'L' Cufo .. 1~878. 2,064. LF____' $10.20
...? :,F_ ..c,j~_ ._a~Le~._.a. 7,s04, ~,2.54 SE $3.2~
2 18' RCP ....... 345 380 "T.F ~ .... $25.00
5 4'~~ ..... ~' 2 EA · $2,040.00
C. WATE~ IM~:'
2 ,8- Ga~ va~e and Bo~'
BATES DRIVE ST'O~M 8EWER 8U~-TOTAL:
..... DEVF_L.OO~m ,*~:X. JNT (~
{:-03i 1,134' LF : $17.50
4 '4 ,'~F_~ ? .... $714.00
...... ~. WATER ~.J~-TOTA~
GRAh~ TOTAL:
$1,988.00
$15,317.10
~21,062.80
$28,412.80
._ SlS9~oo.7o
$183,770.81
$17,457.00
$1,500.00
$8,114.42
$4~,a77~2
$23,438.B1
$19~45.00
$2.~r~.oo
ta47s.oo
$215.00