HomeMy WebLinkAboutC2005-551 - 11/8/2005 - ApprovedDEFERMENT AGREEMENT
STATE OF TEXAS
COUNTY OF NUECES
This Agreement Is entered Into betwccn the City of Corpus Christ], Texas ("City') and
Dlamondhead Development Co., ('Developer'), and pertains to defe. ul of the
improvemeF,~ required prior to final approval of Homedale Addition, Unit 2. The plat of
Homedale Addition Units 1 and 2 was filed for record with the County Clerk of Nueces
County, Texas on October 22, 1954 and Is recorded In Volume 17, Page 5, a copy of
tr~e recorded plat is attached and incorpo~u[ed as Exhlb~ 1.
WHEREAS, the Developer is being required by the City of Corpus Christi to d~;er
construction of sidewalks, curbs, gutters and street paving of the remaining unimproved
portion of a half street (Homedale Drive) as shown on attached and Incorporated as
F_xhlbit 2; and
WHEREAS, the Developer Is to endorse a cashier check payable to the City of Corpus
Christi in the amount of fo~rtccn thousand, slx hundred and forty six dollam and fifty
cents ($14,646.50), which Is 110% of the estimated cost of constnx~ng the required
improvements, as shown on the attached co~ estimate, which Is attached and
inconx)rated as Exhibit 3; with the City of Corpus Christ]; and
WHEREAS, the Developer will deposit the sum of fourteen thousand, six hundred and
forty six dollam and fifty cents ($14,646.50), which is 110% of the estimated cost of
consl~ucting the required Improvements, as shown on the a[[~:l cost eatlma~, which
is attached and incorporated as Exhibit 3, with the City of Corpus Christi; and
WHEREAS, the City Attomey and Director of Finance have approved this tmnaactlon;
and
WHEREAS, the Developer has satisfied all other sulxlMslon requirements, perk
dedications, park dedication deferment agreements, and malnte~ance agmerne.~ and
all special covenants have I~n completed; and
THEREFORE, the City and Developer agree as follows:
The City agrees to allow t~e Developer to defer construction of the required
street impmveme~-~, including curbs, gutters, sidewalks and pavemerrt sect]on
along Homedale St]'eet as shown In Exhibit 2 until the City causes said
improvements to be constructed as a portion of an overall plan.
The Developer agrees to deposit fourtccn thousand, slx hundred and forty slx
dollars and G;~y cents ($14,646.50), with the City of Corpus Christi, which is
110% of the estimated cost of conslnJcflng the required improvements, Exhibit 3
and if the deposit is not made before the City Council meeting o~ O~___ober 25,
2005 this Agreement shall become null and void.
200~!
I !/08~
1V12005-388
Diamondbead Developmeal
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The principal amount of fourteen thousand, six hundred and forty slx dotlam and
fifty cents ($14,646.50 shall be placed by the City in an Interest beadng accent
anc the total sum, 3oth principal and Interest, shall be made available to the City
of Corpus Chdstl solely for the consl~ction of the required Impmvarnenls
hereunder Such funds shall not be used for any other purpose wha'a~3ever.
The City's Director of Engineering Services, at the Developers expense, shall file
for record this Defem,ent Agreement in the records of Nueces County.
The City agrees that the sum of $14,646.50 cash, or 110% of the astlmak~l cost
of required Improvements as shown in Exhibit 2 has been received by the City,
the C~y's Director of Englneeflng Services shall Issue a 'Final letter of
Acceptance' for Homedale Addition to the Developer,
Diamondhead Development Co.
1618 Can~era Bay Drive
Corpus Chdstl, Texas 78418
No party may assign this Deferment Agm...,,"rnent or any rlgh~ hereunder with the
prior written approval of the other parties.
Unless otherwise slated herein, any noUce required or permitted to be glvan
hereunder shall be In writing and may be given by personal delivery, by fax, or by
ce,~];~ed mall, and If given personally, by fax or certified mall, shall be deemed
sufficiently given If addressed to the appropriate party at the address noted
opposite the signature of 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.
Th~s Agreement shall be construed under and In accord wfth the ~ of the State
of Texas and all obligations of the partJas created hereunder am performable 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 ~o this Agreement as Exhibit 4.
Th~s Agreement shall be executed In triplicate, all original copies of which shall
Oe considered one Insfl'ument. 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 Ihs
OeneGbs of the parties and their respective heirs, successors and assigns.
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EXECUTED In b'ipllcate bgis ~.ma~ day of l~ ,2005.
Dlamondhead Development Co.
Freddie R. Seaqulst, Partner
For Dlamondhead Develol~nent Co.
By: ·
Gerardo M. Gar(ia, Partner
For Dlamondhead Development Co.
1618 Cantem Bay Drive
Corpus Christi, Texas 78418
STATE OF TEXAS ~
COUNTY OF NUECES §
This insa'ument was acknowledged buxom me on the ~ day of IN'~O~I~
2005, by Freddie R. Seaqulet, Partner of Sunray Enterprlees Inc.., a Texas Corporation,
on behaff of D~arnondhead Development Co. owner and developer of HomedaJe
Addition Phase ~-.
COUNTY OF NUECES §
This instrument was acknowledged before me on the Z.4~ day of t~.~o~t
2005, by Gemrdo M. Garcla, Partner of Sunmy Enterprises Inc., a Texas Corporation',
on behalf of Dlamondhead Development Co. owner and developer of Homedsle
Addition Phase2.
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A .'-rEST:
B~ I'~
,~RMANDO CHAPAi
City Se~-et~ry
CITY OF CORPUS CHmSTI ('CK'y")
P. O. Box 9277
Corpus Christi. Texas 78489
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
~R~E NOE
City Manager
APPROVED AS TO FORM: This ~ day of . ~'.~..,.. s.... .2005.
BY: Joseph Hal~e~ /~ ~
Assistant City Attorney
For City Attorney
THE STATE OF TEXAS
COUNTY OF NUECES §
This I .~.' ~1~- a~n~edged b~[ure me on the i ~'7/d'~ay of
.2005. by GEORGE K. NOE. City Manager for the CITY OF
CORPUS CHRISTI. a Texas municipal corporation, on behalf of saki co3x)mflcm.
NOTARY PUBLIC. STATE OF TEXAS
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HOMEDAI,F, ADDtTtO~
F~ :'41~, REQI IIRED I'O COMPLETE ,RF.f~IRED IMPROVEMENTS TO SOI~ HALF 14e'-~--~-Al~ 8T.
I F..xc~v~tion * Lamp Sum
2 6" Cu~o 8: OuIter 220 L.F. -(~ $7 SO ~ 1,650.00
3 4' R.C. Coocrete Walk SgO S.F. (~ 3.30 -- 2,904.00
4 I I /2' Hot Mix A~ 293.3S.Y.(~ 6.30 = 1,~48.-00
5 6' C, erne~ Stabiliz~l 391. I S.Y.{~ 7.50 = 2,933.00
13ase to 2' Ba~ of C'm~
6 Trn~c Control * ~ Sum = 85.00
7 Pollu6on Contrnl * Lump Sum = 384.00
Tt~d Comtruc6ou
Tc~l $13,315.00
RzquJr~ Additional I 0%
$ 1.3~1.50
Total $14,646.50
m'meme~l~m .... ~, ~1[ InU~mbmmmmm~"'ln~.
EXHIBIT-4