HomeMy WebLinkAboutC2006-047 - 2/21/2006 - Approved
DEFERMENT AGREEMENT
STATE OF TEXAS ~
~
COUNTY OF NUECES ~
This Agreement IS entered into between the City of Corpus Christi, a Texas home rule
municipality, 1201 Leopard Street, Corpus Christi, Texas 78401 (hereinafter "City") and
King's Crossing Realty, L TO, a Texas limited partnership, 101 N. Shoreline, Suite 600,
Corpus Christi, Texas 78401, (hereinafter "Developer").
WHEREAS, Developer in compliance with the City's Platting Ordinance, has filed a plat
to develop a tract of land "King's Crossing Unit 1 The Village at King's Crossing, Block
1 Lots 1 and 2" (herein called "Development");
WHEREAS, the plat of King's Crossing Unit 1, The Village at King's Crossing, Block 1,
Lots 1 and 2, (Exhibit 1), approved by the Planning Commission on September 28,
2005 provides for the construction street pavement and storm sewer public
mprovements;
WHEREAS, the Platting Ordinance, Section III, Paragraph H, Subparagraph 5, requires
Developer to construct seventy-five percent (75%) of the required on-site, public
improvements, including construction of street pavement and storm sewer, Exhibit 2,
prior to the time that the above said plat of the Development is filed for record;
WHEREAS, Developer agrees to construct on-site infrastructure and related site
mprovements in accordance with the City approved construction plans and
specifications;
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
Improvements required by Section III, Paragraph H, Subparagraph 5, of the Platting
Ordinance
WHEREAS, the Developer will deposit the sum of Twenty-two Thousand and 00/100
Dollars ($22,000.00), which is 110% of the estimated cost of constructing the deferred
Improvements, as shown on the costs estimate, which is attached hereto and
incorporated herein as Exhibit 3, with the CITY OF CORPUS CHRISTI;
WHEREAS, the City Attorney and Director of Finance have approved this transaction;
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.
2006-047
02/21/06
M2006-042
King's Crossing Realty
NOW, THEREFORE, the City and Developer agree as follows:
The City agrees to waive the requirement that required improvements be
seventy-five percent (75%) complete 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 street pavement and storm sewer, as shown in Exhibit 2,
(hereinafter "deferred improvements"), for up to one (1) year from the date this
Deferment Agreement is approved.
2 The Developer shall deposit Twenty-two Thousand and 00/100 Dollars
($22,000.00) check with the City of Corpus Christi on or before the beginning of
the City Council meeting to be held on February 14, 2006, which is 110% of the
estimated cost of constructing the deferredjmprovements, as shown in Exhibit
3, which is attached to and incorporated into this agreement. Failure of
Developer to deposit said check as set forth herein shall make this Agreement
null and void.
4 City shall deposit said Twenty-two Thousand and 00/100 Dollars ($22,000.00)
Exhibit 4, in an interest bearing account and the total sum, both principal and
interest, shall be made available to the City of Corpus Christi solely for the
construction of deferred improvements hereunder. Such funds shall not be used
for any other purpose whatsoever.
5. The Developer agrees to construct the deferred improvements, including
construction of deferred improvements, in accordance with the City's engineering
standards in effect at the time of construction.
6. Upon completion of the deferred improvements by February 14, 2007, 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 Letter
to:
Kino's Crossino Realtv, L TO
101 N. Shoreline. Suite 600.
Corpus Christi. Texas 78401
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.
7 If the deferred improvements have not been completed by February 14, 2007, or
if the Developer fails to deposit any increased security as set out below, after
notice to the Developer and opportunity to cure as stated in Paragraph 9 below,
Deferment Agreement.doc
the City will withdraw and 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 deferred improvements with any monies received from the
Developer, both principal and interest, remaining after completion of construction
bemg refunded by the City to the Developer. If the City constructs all or any part
of the deferred improvements, the Developer agrees to reimburse the City for
any additional cost of the deferred improvements, if the sum of money and
Interest prove Inadequate to complete the deferred improvements, within thirty
(30) days after City completes the deferred improvements and bills the
Developer.
8 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 deferred 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.
':l 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 deferred 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.
10. 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.
11 The Developer covenants to construct the deferred improvements, and that such
covenant shall be a covenant running with the land.
12. The City's Director of Engineering Services, at Developer's expense, shall file of
record this Deferment Agreement in the records of Nueces County.
13. No party may assign this Deferment Agreement or any rights hereunder with the
prior written approval of the other parties.
14. 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
Deferment Agreement.doc
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.
15. This Agreement shall be construed under and in accordance with the laws of the
State of Texas. All obligations of the parties created hereunder are performable
In Nueces County, Texas. Any and_all lawsuits pursuant hereto shall be brought
In Nueces County, Texas.
16. 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 as Exhibit 5.
17. 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 respective heirs, successors and assigns.
EXECUTED in triplicate this !"711day of ~@,lil{~ ,2006.
"
John Wallace, Vice President
King's Crossing Realty, L TD
("Developer")
101 N. Shoreline, Suite 600
Corpus Christi, Texas 78401
PHONE NUMBERS
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GUIllERMO M. MEDINA
MY COMMISSION EXPIRES
MIlch 9, 2008
, /
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By'M" "','? / L, . .'
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STATE OF TEXAS S
S
COUNTY OF NUECES S
ct and
Deferment Agreement doc
NOTARY PUBLIC, STATE OF TEXAS
CITY OF CORPUS CHRISTI ("City")
P. O. Box 9277
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
ATTEST: .
.~
By: Ie " '
ARMANDO CHAP,
City Secretary
By:
/ 1
, ~ ) I '::".
G RGE K. NOE
City Manager
THE STATE OF TEXAS S
S
COUNTY OF NUECES S
. 'n
This instrument was acknowledged before me on the i l day of
i ' I'~ '^-/~ 'v ,2006, by GEORGE K. NOE, City Mana~r for the CITY OF
CORPUS CHRISl1l, a fe "0 munici al cor, ora' / ',on be~lf saiA corporation.
, 0"~_ \, Conn'€' Parks I, .. ' 1\ ~.
I t~ ~ My Con",."sslon ExpIres ~ lLf
[""'()F~ N~ve,:,bef 09, 2 PUBLIC, STATE OF TEXAS
APPROVED AS TO FORM: This ____ day of
By: JI/y' SJ;;,'ith))) idl\-
Assistant City Attorney
For the City Attorney
,2006.
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5' SLOT INLET
0+20
SHADED AREA IS THE SJl)twALK
AND PAVING PUBUC -iJ;4PROVEMENTS
"- SEE APPBOVED IDNS FOR DETAILS
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SHEET TITLE
PUBLIC IMPROVEMENT
DEFERMENT EXHIBIT
IEURBAN
~ I _ ENGINEERING
, CORPUS CHRISTt.~/
DATE: 1-19-06
t(N3'S CRO~ :#21
~ Exhibit 211
Page 1 of 1
I
cORPUS CHRISTl TEXAS
JOB NO. 20354.A5.01 I
PROJECT: KINGS CROSSING UNIT 21
'PUBLIC IMPROVEMENTS
-.--~---_._-
,
iJOB NO 20354.A501
~ 15A -':ff~: -1 ~ 1'9=00 - --
PUBLIC IMPROVEMENT DEFERMENT
TABULATION
---t-
----~I-.
._ _._.g.~_C.~IR~?J~ .::_::: ::g~ar;tiM U~it ;-'Onit~PrlcE
~. : PAVING IMPROVEMENTS IAsphaltl____~ ___+
1i~': .~~~~~~~!>!I~_~~~_~ra.d~. 296 ~ Sy ~.~ oc
2i!. Y2" J:lM~fl~~!,nme Coat _ ?96T _SY _.. i ~ C OC
3 :6' Limestone 296 SY ~ . 2 OC
~l~.~L:~lI.rb--- 1~~~C: Si j OC
5fSidewalk . _5!16! ~ ~~5C
PAVING SUB-TOTAL
B :STORM SEWER IMPROVEMENTS
-- --~_._--~_.~ - --'~-'-
.1 :18" RCP__________
2:0SHA Trench Protectiop
_.,..._n_._ .__.___ ___ _ _____._.._.__ ...._ __ __ __.._
~l~:_~.k.J!Jn!~!....___ '_
4: Cc!.rwe,!_E..xist. Slot Inlet
5:Tie to Exist. Inlet
---~-~----'-
~?TO'3.M SE~~l?_U~:TOT~L
TOTAL CONSTRUCTION COST
201 LF S25.5C
- --+.
201 LF ~:.2C
"11 E~_~ $155C.OC
1. EA $1.65COC
1 i EA $77COC
iENGlNEERlNG @7.5%--" .- ..
~C;:ONTINC3~~~~_S_~ +/:,4.~%_. .
-'tOTAL CONSTRUCTION AND ENGiNEERING
---'-- ..- ..---....- ------_.__.. -.---_._-----~---- ~_._~-----_._-
LT()!f'l D-'~~~R!!1.~_~T@11Q"Io~
i
----------.... --1
Total PriCE 1
,
I
.1
$1,1849.9]
. $1~~QQJ
$3,848001
- - -----------------j
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$510 00
$44.00
- -'- ----.-----.-.-
~1.,~?0.:QQ
$1,650,00
$770.00
-------.-----
$4,524.00
--,. '---l
- ----J
______~~_.. ..-J
$17,873.00
__.~. $1,~.48
$786.52
$20,000.00
~-~~~~
I Exhibit 3 I
Page 1 of 1
PagE -
~ CORPUS CHR'S n. TEXAS ,......... 3<11992.""
A B k '101 C;E TO LUSTOMER Texas State Law requires a 90 day wailing penod before the bank can
accep1 a Declaration of Loss on a Cashier's Check without an Indemnity Bond Amencan Bank
ill e n can an eta" ,< the noh! to reoulre the remrtler Of payee 10 purchase an Indemnity Bond at any lime
234327
Cashier's Check
Date:
02/13/2006
Amount $22,000.00
American Bank Uptown
Fee Paid $0.00
Payee,
Remitter.
City of Corpus Christi
Kings Crossing Realty Ltd
*** Twenty-Two Thousand Dollars and Zero Cents
~ CORPUS CHRISTI, TEXAS 78466-6469
~ 361/992-9911
AmencanBank Cashier's Check
234327
Date: 02113/2006
ABC 402L ''')'i~i4
~~~ctIY $22,000.00
PAywenty-Two Thousand Dollars and Zero Cents
TO THE r.ity f C Ch ' t'
ORDER OF 0 orpus ns I
emitter Kings Crossing Realty Ltd
Void If Over: $22,ooe.oo
II" 2 3 ~ 3 2 7 1/- I:.. ~ g 0 3 2 8 ~ I: 11-. 0 0 0 0 ~ 0 0 b II-
NOTICE TO CUSTOMER: Texas State Law requires a 90 day waiting period before the bank can accept a
Declaration of Loss on a Cashier's Check wilhout an Indemnity Bone!. American Bank retains the righllo
require thf' remiller or payee to purchase 'in Indemnity Bond at any time.
EXHIBIT 4
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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".
FIRM NAME: ..K .I.N .G'.5.... .C~Q~~..I. N.~.... d.N .\T..2...l. ... ......... ............ ................. ...................................... ......
STREET: .. JOL..~t..~..1:':'.qg;~.L.J.N.~........... CITY: .CO'RPU.S....Cl:.H?,\>.r..I..... ZIP: .7.84Q.I.......
FIRM is: Corporation 0 2. Partnership ~ 3. Sole Owner 0 4. Association 0
5 Other 0
....-.......... .................................................................
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 Christl 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
........ -.. ..... ... .................... '" ......~-~....... .... ...~.~...~... .~~......~..........~ ..~...~
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
...... .. ...... .............., .........................~..~.~.~..~~.~.........~~.~-...........
\"-l 0 f..l E
. . . . . . . . . . . . . . . . .. ... - . . . . . . . . . . . . ~. . . . . . . . . . . ... . . . . . . . . . . . . . . . . " ~. . . .. . . . . . . . . .... .. . .. . . . ... ~. . . . ....
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".
r\jame Board, Commission or Committee
.......... > . .,.... ........ ... ......,......................~.~~.~~~..~~............~..............
NONe
. . . . . . . . . . . . . . . . , . . . . , . . . .. ...,... . . . . " . . . . . . . . . . . . . . . . . . . . . ~ .. . .. .. . ~. <0.. .. . . . . . ... . . . . . . . . . . . . . . .
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 3% or more of the
ownership in the above named "firm".
Name Consultant
. ..,.'........ ,..................................................................
No~E.
. . . . . . . . . . .. . .... '. . . . ~. . . . . . . . . . . . . .. .. . . ... .. .. .. .. . .. . . . . . . . . ... .. . . . . . . . . . . . .. . . .
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 .JOHN. .~!I~~. t. ......-:. . ....... ....
(T rin
Signature of Certifying Person: .... ... .. .~...........
. Title: ..YL.Ce7. PR~? r1?~.~.I..................
Date: .. .Q~/.I.~!05.......... ... ................... .....
EXHIBIT 5