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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 ~,' {.;'+!*i ~~~! flit.' GUIllERMO M. MEDINA MY COMMISSION EXPIRES MIlch 9, 2008 , / 1'/ .,/' / By'M" "','? / L, . .' '.--- u -i.. c- / / '- 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. (yl~:.. 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'. /------ V ) PRIVATE STRm ~ -""" -- -.- --~~::::::::::::::--- :.--"- s" ~~~~~'< OSO -- - ---::;;~~-; ----~.,;::.- ~= ------ ~ ~ 8- RC~ / UNE '0; I ,/ ~- ! 5' SLOT INLET 0+20 SHADED AREA IS THE SJl)twALK AND PAVING PUBUC -iJ;4PROVEMENTS "- SEE APPBOVED IDNS FOR DETAILS 1-- -'-_.'''--~ s~(. JI1 HOUSiN(; NiT HOUSING UNIT HOUSING UNIT _.__..__..J..._ 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 . . ,~:~~ I --j $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 -\ili-~, tl~.~~. I~/ .. \~\. )~ , '~/ .~------ 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