HomeMy WebLinkAboutC2005-508 - 10/11/2005 - ApprovedDEFERMENT AGREEMENT
STATE OF TEXAS .~
COUNTY OF NUECES ~
improvements required prior to final aPlxOVal of Homedale Addition, Unit 1. The ~ of
Homedale Addition Units 1 and 2 was filed for record with ~ County Clerk of Nueces
County, Texas on October 22, 1954 and ia recorded In Volume 17, Page 5, a copy of
the recorded pa~t is attached and Incorporated as Exhibit 1.
WHEREAS, the Developer is being required by the City of Corpus Christi to defer
construction of sidewalks, curbs, guffers and ~et paving of the remaking unlm~
~ of a half street (Homedale Drive) as shown on attached and Incorporated aa
Exhibit 2; and
WHEREAS, the Developer is to endorse a cashier check payable k) Ihe City of Corpus
Chri~ In the arno~m of thirteen Itxxmarxl, fifty six dollam and eighty o~e cer~
($13,056.81 ), whic~ Is 110% d I~e estlrn~cl cost of conatmctlr~ ~e required
impmveme~, as shown on the attached co~ ~, which b atlzclmd and
incorporated as F_xhlbit ~; with the City of Corpus ~; and
WHEREAS, ~ Developer will deposit the sum of th~'teen thousand, fifty six dollars and
eighty one cents ($13,056.81), which is 110% of th~ eaSrnated coat of ~ng the
requk'ed improvement, aa shown on tt~e attached coat esflrne~___, which Is attached and
incorporated as E~lbit 3, with the City d Corpus Chrtsfl; and
WHEREAS, the City Attorney and I:)tmctor of Finance have approved ~ls tranaaction;
and
WHEREAS, the Developer has satisfied all other sutx:livtak)n requirements, park
dedicatlon~, park dedication deferment agreement, and maln;~nance agreements and
all st)eclal covenarYm have been completed: and
NOW, THEREFORE, the City and Develop~ agree as folows:
The City agrees to alow the Developer to defer ~ olive required
street [mprowments including cta'ba, guflx~rs, sidewalks and pavement section
along Homedale Street as shown In E~hlbit 2 until l)he City causes sald
Improvements to be constructed as a portion of an overall plan.
The Developer agrees to deposit I~lrteen Itxxma~, ~ty six clollam and eighty
o~e cents ($13,058.81), ~ the City of Corpus Chrlatl, which la 110% ofthe
esUmated cost of constructing the required ~mpmver~[,, Exhblt 3 and If t~e
2005-508
10/11/05
M2005-351
Diamondhead Development
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The principal amount of Iblrteen l~x. mancl, fifty six do,lam and eighty o~e cents
($13,056.81) shall be placed by the City In an in.,rest bearing account and the
total sum, both principal and intemat, shall be rrmcle avalla~e to ttm City ~
Corpus Christi solely for the consl]'uctJon of Ibe required improvements
hereunder. Such funds shall not be used for any other purpose whatsoever.
The City's Director of Engineering Services, at Ibe Developers expense, ehal fie
for record Ibis Deferment Agreement In the records of Nueces County.
The City agrees that the sum of $13,056.81 cash, or 110% of the estimated cost
of required improveme.~ as shown in Exhibit 2 has been received by the City,
Ibe City's Director of Englneedng Services shall issue a 'Final letter of
Dlamondhead Development Co.
1618 Carltera Bay Dltve
Corpus Christi, Texas 78418
No party may ~Ign Ibis D~f~'ment ,~ or any rights hereunder wtib the
prior wd[len approval of bhe oh"mr parties.
ce4;[',ed mall, and If given pamonally, by fax or certified mali, ~d~ be ch~erned
sufficiently given if addressed to the approprtate party at the address notod
This Agreement shall be construed under and In accord wflb the ~ of the ~
of Texas ar~l all obligations of Ibe parties created bereundef am ~ In
Nuecas County, Texas, and all lawsuits pursuant hereto ahab be I:xzx. H~ht In
Nuecas County.
Owr~rship intems~ form attached to Ibis Agreeme.;~ as ExhE~t 4.
This Agreement shall be executed In trlpik:ate, all original copi~ of whicfl shall
be considered one Ins'a'umenL When all original copies have been executed by
If~ CAy, and at least two original co, las have been executed by Ibe Developar,
Ibis Agreement shall become effective and binding upon and shall Inure to I~
benefits of the parties and Ibelr reapaclNe heirs, succeasom and assigns.
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EXECUTED In triplicate Ibis __
~1 dayof ~ ,2005.
Gemrdo M. Garcia, Parb~r
For DiamorKIheed Development Co.
Diamo~dhead Development Co.
1618 Cantata Bay Drive
Corpus Christi, Texas 78418
STATE OF TEXAS ~
COUNTY OF NUECES § _ I ~
2(X)5, by Freddie R. Seaquiat, Partner of Sunray Entmprlaea Inc., a TeJ[ae Corporation,
NOTARY PUBLIC, STA-E OF ~
STATE OF TEXAS ~
COUNTY OF NUECES § ~ .....
2005, by~ M. Garda, Pmtner of Sunray Enterpdses Inc,., a TeXi!m Corporation,
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A~MANDO CHAPA,
crrY OF CORPU~ CHIn ~'CIt~)
P. O. Box ~77
~ ~ri~, Tex~ 7~!~
Telephone: (~1) ~
Facsimile: (361) 880-3501
By: ~EENOE
City Manager
APPROVED AS TO FORM: This _ ~ day of ~.F~.~..
Assislant City Attorney '
THE STATE OF 'IT:.XAS §
COUNTY OF NUECES §
~ ~ ~'~.~ , 2005, by GEORGE K. NOE, City Manager for the cn'Y OF
CORPUS CHRISTI, a Texas municipal corp(xafio~, on behaE of sald
NOTARY PUBLIC, STATE OF TEXAS
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(~ UNDS ~ TO COidl~.E]'E P.F_~m~'.D IMI~OYEMENT~ ~ ~ ~ tt(IIEI)A~ S'T)
~ ~ * l~q, ~ = $ IA44.OO
2 6' Cub & Gu~=r 220 L.F. (~ ~.00 .- 1,9~0.00
3 4' KC. ~ W~lk ~0 S_~. ~ $~.00 == 2A40.00
4. ! ~/2' Hot l~f;tAsphnlt 293.3 S.Y.~ ~.50 - 1,613.15
5 6' Cenm~ .~ ~'r,~d 391.1 $.Y.(~ $6.50 = 2,542.15
6 TrafBc CmJUul * l..un~ Sum = 115.20
7. Pollution Qxtuoi * Lump Sum = 307~n
Total
En~iia~ ~l (7.5~) ,-
To~l -
Sll.041.7o
~.13
S11,869.83
Roqubu:l AddJ6oml 10% == 1,186.99
Total Requi~d -
~ II
EX H I BIT-"3