HomeMy WebLinkAboutC2005-703 - 12/20/2005 - Approved
DEFERMENT AGREEMENT
STATE OF TEXAS ~
~
COUNTY OF NUECES ~
This Agreement is entered into between the City of Corpus Christy, Texas ("City") and
Corpus Christi Housing Finance Corporation, ("Developer"), and pertains to deferral of
the improvements required prior to filing the final plat of West Park Addition Lots 2 and
3, which was approved by Planning Commission on September 7,2005 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, including construction of public water lines, as shown on Exhibit 1,
copies of the approved engineering construction drawings, which are attached to and
incorporated into this Agreement, before the final plat is endorsed by the City's Director
of Engineering; and
WHEREAS, the Developer is seeking to have the plat filed immediately 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 the sum of ninety five thousand, and eighteen
dollars and seventy four cents ($95,018.74), which is 110% of the estimated cost of
constructing the required improvements, as shown on the attached costs 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 Deferral Agreement as required by
Section V, Paragraph A, Subparagraph 3. (b) of the Platting Ordinance.
NOW, THEREFORE, the City and Developer agree as follows:
1. The City agrees to waive the requirement that required improvements be
seventy-five percent (75%) completed before the final plat is endorsed by the
City's Director of Engineering and further agrees to allow the Developer to defer
the completion of the construction of the required improvements, including
construction of the of public water lines, as shown in Exhibit 2, for up to twelve
; -1 '1\ ~~~~h~ 4'~')m the date of this Deferment Agreement.
2005- 703
12/20/05
M2005-440
CCHFC
2, The Developer agrees to submit ninety five thousand, eighteen dollars and
seventy four cents ($95,018.74) bond, with the CITY OF CORPUS CHRISTI, on
or before the plat is filed with the County Clerk, and if the bond is not presented
for deposit by that time this Agreement shall become null and void.
3. The Developer agrees to construct the required improvements, including
construction of public water lines to serve West Park Addition Lots 2 and 3, in
accordance with the City's engineering standards in effect at the time of
construction.
4. The Developer shall post a corporate surety performance bond for ninety five
thousand, eighteen dollars and seventy four cents ($95,018.74), issued by a
surety acceptable to the City and approved by for 110% of the estimated cost of
constructing the required improvements, as shown in Exhibit 3 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 bond is not posted by that
time this Agreement shall become null and void. The bond must be executed by
the Developer, as principal, and by a corporate surety acceptable to the City, as
obligee, and conditioned upon the Developer named in the bond faithfully
complying with all of the provisions of this Agreement until the City has accepted
the of public water lines.
a. The bond shall secure the City against all costs, charges, and expenses
related to the failure of the Developer to construct the public improvements,
including the construction of the public water lines by the City or another
developer, regardless of whether the city has incurred any costs. A bond
issued under this provision must be valid for six (6) years or more, and
require as sole documentation for payment a statement in writing from the
City Manager setting forth the circumstances giving rise to the call on the
bond, or a statement of the failure to furnish proof of renewal or replacement
of the bond, no less than thirty (30) days prior to the expiry of the then current
bond.
b. The bond must be renewed upon expiration, and proof of the renewal must
be received by the City's Director of Engineering Services at least thirty (30)
days prior to the bond's expiration. If no renewal is received, or cash or other
approved substitute security provided, the City may, after ten (1 0) days prior
written notice mailed to the Developer at the address listed in this Agreement,
call the bond for failure to timely renew.
c. If the bond is called for failure to timely renew, the money will be held in an
account, as if cash had been posted in lieu of a bond. The City shall not be
liable for any interest on any bond so called.
d. To be acceptable to the City, the company issuing the bond must be:
(1) Licensed in Texas.
Deferment Agreement.doc
(2) Authorized (certified) by the U.S. Department Of The Treasury
Financial Management Service to give bonds to the Federal Government.
(3) Approved by the City's Director of Financial Services.
5. Upon completion of the required improvements, including installation of public
water lines, by December 20,2006, or such later time as may be mutually agreed
upon by both parties, and upon acceptance of the Project by the City Engineer
and upon compliance by the Developer with the terms of the Deferment
Agreement, the City Engineer shall immediately release Developer from all
obligations hereunder, by mailing such Release bond to:
Costa Tarragona I, Ltd.
C/o Matt Shoemacher
Project Manager, The NRP Group, LLC.
5309 Transportation Boulevard
Cleveland, Ohio 44125
and thereafter refund to the Developer within sixty (60) days of the completion of
construction and settlement of construction contracts, any balance remaining of
all monies received by the City from the Developer, including interest earned.
6. If the required improvements, including construction of the of public water lines,
have not been completed by December 20, 2006, 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 8 below, the City will transfer the
balance of the amounts received, including any interest earned, to the
appropriate City fund and the City will then begin completion of the required
improvements, including construction of the public water lines, with any monies
received from the Developer, both principal and interest, remaining after
completion of construction being refunded by the City to the Developer. If City
constructs all or any part of the improvements, the Developer agrees to
reimburse the City for any additional cost of the improvements, if the sum of
money and interest prove inadequate to complete the improvements, within thirty
(30) days after City completes the improvements and bills the Developer.
7 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 required improvements, including
construction of the of public water lines, with related infrastructure improvements,
the money received by the City from the Developer, remaining on deposit, plus
interest earned, will be released and immediately returned to the Developer.
Defennen! Agreement.doc
8. If Developer defaults in any of its covenants or obligations under this Deferral
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 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 improvements, the excess monies, both
principal and interest, shall be refunded to Developer within sixty (60) days of the
completion of construction and settlement of construction contracts.
9 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.
10. The Developer covenants to construct the required improvements, and that such
covenant shall be a covenant running with the land.
11. The City's Director of Engineering Services, at Developer's expense, shall file of
record this Deferment Agreement in the records of Nueces County.
12. No party may assign this Deferment Agreement or any rights hereunder with the
prior written approval of the other parties.
13. 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
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.
14. 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 performable in
Deferment Agreement.doc
Nueces County, Texas, and all lawsuits pursuant hereto shall be brought in
Nueces County.
15. 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.
16 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 rm~ctive ,heirs~ successor~:nd assigns.
EXECUTED in triplicate this K day of 't?U~\Jy~ ,2005.
Corpus Christi Housing Finance
Corporation
("Developer")
1201 Leopard Street
Corpus Christi, Texas 78401
(361) 826-3220
~
By: i
qe' rg . Noo
Gen ral Manager
STATE OF TEXAS
s
s
S I rlt.-
~Jr~~rum~Alt yv.as acknowledged before me on the l Lft day of
~A n ~~. J.{) ,2005, by Georae K. Noe, the General Manager of the
Corpu s Ch risli H ous i ng Fi nance corporal,io, n,' aTe, Xi\,hO usi ng fi na nee
corporation, on behalf of said corporr~ VU--~
~ARY PUBLIC, STATE OF TEXAS
COUNTY OF NUECES
tS''''''~
l~'f, ConnIe Parks
;., ~ /.. My Commission Expires
~~Of~~ November 09.2007
Deferment AgreemenLdoc
CITY OF CORPUS CHRISTI ("City")
P. O. Box 9277
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
ATTEST: ~
By: I -
ARMANDO CHAPA,
City Secretary
By:
@,-
Gj!c>rg K. Noe
City anager
THE STATE OF TEXAS S
S
COU~TY OF NUECES s (YJ(t---
This~tfU,re"ent was acknowledged before me on the (lJ day of
-l A/ , 2005, by George K. Noe, City Manager for the City of Corpus
Christi~ a Texas municipal corporation, on behalf of said corporation.
./2t'-'~
',?
,2005.
APPROVED AS TO FORM: This / r day of
, '\
By: -~ ( '\--t
Joseph arney' ,
Assistant City Attorney
For City Attorney
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EXHIBIT 1
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EXHIBIT 2
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EXHIBIT 2
Eng: Murph Hudson
By:agr
1!1:~t-- __
DESCRIPTION
A.:. vv.~ter Improvements
1 i8" PVC C-900
t=-- - -~-- -- - --
2 Fire Hydrant Complete In-Place
--I=:- ----- -- --
3 iTie to EXisting Line
- -~------------ ---- ----
4 18" Cap with 2" Blowott Valve and Riser
- .. - I - ----- .~- ------
_ 5.190 DegrE)e D.I Bend _____
6 !peflection (f:'ipeline EasElment)
EXHIBIT 3
SEPTEMBER 26, 2005
Job NO.18423.A5.01
UNIT
PRICE
1,441 LF $35.00
4 EA $2,669.00
1 EA $750.00
1 LS I $250.00
2t Ea $300.00
_ _=:II L_S $10,000.00
OFF-SITE WATER SUB-TOTAL:
----=~=r
CONTINGENCY @ 10%
TOTAL
COST
$50,435.00
$10,676.00
$750.00
$250.00
$600.00
$10,000.00
$72,711.00
SUB-TOTAL: $79,982.10
$7,271.10
-_.-'--------~_. ---~-~----------- ._~~------_._._._"
B. ENGINEERING AND ADMINISTATIVE COSTS:
_! Ef'lgineerfee_@.8.0%- $6,398.568
ESTIMATE FOR DISTRIBUTION WATERLINE
for
WEST PARK
ADDITION
Lots 2 and 3
QUAN.__~ . QUAN. +_ UNIT
, 10%
SUB-TOTAL: $6,398.57
GRAND TOTAL: $86,380.67
REQUIRED DEFERMENT at 110% $95,018.74
Urban Engineering
2725 Swantner
Corpus Christi, TX 78404
1-361-854-3101
-t
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1 of 1
EXHIBIT 3
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EXHIBIT 4
CITY OF CORPUS CHRISTI
DISCLOSURE OF INTERESTS
City of Corpus Christi ordinance 17112, as amended, requires all persons or firms seeking to do business with the City to
provide the following information. Every question must be answered. If the question is not applicable, answer with "NA".
FIRST NAME CORPUS CHRISTI HOUSING FINANCE CORPORATION
STREET: 1201 Leopard Street
CITY: Corpus Christi, TX
ZIP: 78401
FIRM IS 01 Corporation 02 Partnership 03, Sole Owner 04. Association 05. Other
DISCLOSURE QUESTIONS
If additional space is necessary, please use the reverse side of this page or attach separate sheet.
1. State the names of each "employee" of the City of Corpus Christi having an "ownership interest" constituting 3%
or more of the ownership in the above named "firm",
Name
Job Title and City Department (if known)
None (nonprofit entity)
2. 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
None (nonprofit entity)
3. 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 (nonprofit entity)
4. State the names of each employee or officer of a "consultant" for the City of Corpus Christi 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' Geor e K. Noe
(Type or Print)
Signature of Certifying Person:_
Title: General Manager
Date: i'}r{1~
EXHIBIT 4