HomeMy WebLinkAboutC2006-060 - 2/28/2006 - Approved
DEFERMENT AGREEMENT
STATE OF TEXAS 9
9
COUNTY OF NUECES 9
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
Kelly Pharr Investors, L TO, a Texas limited partnership, 1317 Hackberry Ave., McAllen,
Texas 78501 (hereinafter "Developer")
WHEREAS, Developer in compliance with the City's Platting Ordinance, has filed a plat
to develop a tract of land "Brookhaven Subdivision, Block 8, Lots 2 and 3" (herein called
., Development")
WHEREAS, the plat of Brookhaven Subdivision, Block 8, Lots 2 and 3, (Exhibit 1),
approved by the Planning Commission on June 15, 2005 provides for the construction
water, sanitary and storm sewer lines public improvements;
WHEREAS, the Platting Ordinance, Section III, Paragraph H, Subparagraph 5, requires
Developer to construct seventy-five percent (75%) of the required on-site and off-site,
public improvements, including construction of water, sanitary and storm sewer lines,
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 and off-site infrastructure and related
site improvements 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 Ninety-eight Thousand One Hundred
and 20/100 Dollars ($98,100.20), 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.
2006-060 30203.doc
02/28/06
1\12006-064
Kelly Pharr Investors
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 signed 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 water, sanitary and storm sewer lines, 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 with the City of Corpus Christi, an irrevocable letter
of credit issued by International Bank of Commerce (IBC) in the amount of
Ninety-eight Thousand One Hundred and 20/100 Dollars ($98,100.20), in a form
and substance acceptable to the Director of Finance, for 110% of the estimated
cost of constructing the deferredjmprovements, as shown in Exhibit 3, which is
attached to and incorporated into this agreement. Said irrevocable letter of
credit, Exhibit 4 shall be deposited with the City of Corpus Christi before the City
Council meeting to be held on February 14, 2006. Failure of Developer to
deposit said letter of credit as set forth herein shall make this Agreement null and
VOid,
3 The Developer agrees to construct the deferred improvements, including
construction of water, sanitary sewer and storm sewer lines, in accordance with
the City's engineering standards in effect at the time of construction.
4 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
Kelly Pharr Investors. L TO
1371 Hackberry Ave.
McAllen. Texas 78501
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.
5 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 8 below,
the City will call the letter of credit andJransfer 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
Deferment Agreement Kelly Pharr gws 060203 doc
received from the Developer, both principal and interest, remaining after
completion of construction being 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.
~--.,
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.
'7
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
8
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.
9
The Developer covenants to construct the deferred improvements, and that such
covenant shall be a covenant running with the land.
10.
The City's Director of Engineering Services, at Developer's expense, shall file of
record this Deferment Agreement in the records of Nueces County.
11 .
No party may assign this Deferment Agreement or any rights hereunder with the
prior written approval of the other parties.
12.
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
Deferment Agreement Kelly Pharr gws 060203 doc
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f~~:*~~:~'~~t:\ JESSICA M HERNANDEZ
~ *~. ) * ~ Notary PUl)lIC. Slat!: of Texas
"\"';'" .,~ g My Commiaalon Expires
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J8nCe with the laws or the
:ysunder are peliorTn2Dle
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of Corpus Christi
c.:";'3I1t Lne Disclosure of
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CITY OF CORPUS CHRISTI ("City")
P. O. Box 9277
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
:7EST~:
ARMANDO CHAPAT
City Secretary
By:
Ii
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GEORGE K. NOE
City Manager
THE STATE OF TEXAS S
S
COUNTY OF NUECES S
Thi 'n~trwrfe))t was acknowledged before me on the lJtt'iJay of
I l~tV' ,~I 1 , K. NOE, City Manager for the CITY OF
ORPUS CHRIS !!~~~~;~~~,c rpor 'ib ~f~ corporation.
NOTARY PUBLIC, STATE OF TEXAS
APPROVED AS TO FORM: This d.?J:.-d day of rehri>o Hi
By' ~.... .. J:1.v
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G ry ith
Assistant City Attorney
,2006.
For the City Attorney
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JFFSITE DRAINAGE EASEMENTS FOR
STORM SEWER HAVE BEEN ACQUIRED
WATEF, SftNI AR{jEWER/1
Af\JD STORM SEWEF' ~)LAN .
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DEFERRMENT EXHIBIT
FOF
BROOKHAVEN SUBDIVISION
moo 8, LOTS 2 & J
Cor us Christi, Texas
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Stf!r
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30" OUTFAlL STRlJClURE
FL=70.00
.--....-.-.-------.- --.--.--------.-- '~--
200
EXHIBIT 2
o 2006 by Urban Engineering
(III ( URSA
'! I ENGINEERING
. . CORPUS CHRISTI, TEXAS
I
p..o. .:>>c CJIIIO. COIIPUS ~. ~ ~_~
PHOfiIlE: be1) ~1D' ,.~ (381) ~1
~OB Nq., 16s9RA"l 01 ,
LJATE: 1/20/06 BY:M..E!:i&rr
Eng Murray Hudson
BV C RR
DEFERRMENT AGREEMENT
FOR
BROOKHAVEN SUBDIVISION
BLOCK 8, LOTS 2 3
Corpus Christi, Texas
Jan. 20,2006
Job No. 16798.A5.01
QUAN.
~TEM"-----" DESCRIPTlDN---
AU STORM SEWER IMPROVEMENTS
1 24" RCP
~ c 30" ReF'
! 'J OSH,A,Trench Protection
I 4 4'-Oiameter ManholE:
___u......__.. .._
S 2~'~BCPF'.lug
6 30" Outfall Structure
QUAN. + UNIT
5%
265 278
495 520
760 798
~ :3
,-
UNIT
PRICE
TOTAL I
- u'i
COST I
I
$9,452.001
$22,360.00 I
$1,596.00 I
$7,500.00 I
$200 00
LF
LF
LF
EA
EA
LS
$34.00 .
$43.00
$2.00 i
$2,500.00 I
$200 00 !
LF
EA
LS
EA
EA
EA
- $4,500.00 I $4,500.00
-
_., SUB-TOTAL: . $45,608.00
-----
---------+
I
$22.00 i $7,282.00
--."-- . $750.00 ! $750.00
.-- $3,000.00 T $3,000.00
$250.00 i $250.00
-- $2,500.00 T $2,500.00
-----. $1,000.00 $1,000.00
i
SUB- TOTAL: i $14,782.00
STORM SEVVER
8 WATER IMPROVEMENTc
--.,------
1 8" PVC C-9oo
- ---.--"" ----
2 8" Gate Valve and Box
--...-....-.. -'---
-, Fir~~_Y~~~!lt Complete and InplaC€
4 8" PVC Plug
_n_' ______
S 8"T~p'pi~Sleeve w/8" Ta~pm~Gate Vavie
6 Tie to Existing Waterline
315
- - -
C SANITARY SEVVER IMPROVEMENTS
_.--~.- -~.- .--_.
8"_~\lC (~ 8' Cut)
2 Class '0' Embedment
- --"--- -.--......-
" OSHA Trench Protection
.-- -- ---------..-..-..----
4 4' Diameter Manhole (5'-8' Deep)
100
100
100
2
331
1
1
1
1
1
WA TER
1 05 LF
1 05 LF
1 05 LF
2 EA
SANITARY SE\NER 1M
D MI SCELLANEOUS ITEMS
---~- ---_._-.~_..__._.__._-
General Conditions OCP Insurance
::: Silt Fence
'J Construction Entrance
1 LS
1 LS
1 LS
---."- - -..--- I .--
$25.00 I $2,625.00
----- $7.00 i $735.00
$2.001 $210.00
------- $2,500.00 . $5,000.00
i
PROVEMENTS: ' $8,570.00
i ..-
$10,000.00 i $10,000.00
---------- . I $2,000.00
$2,000.00 i
_.--.--...- $2,000.00 . $2,000.00
i
--!
$14,000.QQJ
$82,960.00 I
$6,222.00 I
. ___ __._._. ____. I
MISCELLANCEOUS SUB-TOTAL:'
TOTAL ESTIM,c.,TED IMPROVEMENTS COSTS:
ENGfNEERII'J<:?FEE @ 7.5%:
i
i
GRAND TOTAL:, $89,182.00 I
_._-~--------I
DEFERMENT @ 110% OF GRAND TOTAL: $98,100.201
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Urban Engineering
2725 Swantner
ell pus Christi TX 78404
1 361-854-3101
EXHIBIT 3
.'IBC
lntenlational Bank
of ConUllerce
Page 1 of3
Februar~ 17, 2006
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB501202
BENEFICIARY:
CITY OF CORPUS CHRISTI
4225 SOUTH PORT
CORPl S CHRISTL TEXAS 78469-9277
ATIN: DIRECTOR OF ENGINEERING SERVICES
APPLICANT:
HARLINGEN INVESTORS, L TD
1317 E. HACKBERRY AVE.
MCALLEN,TX 78501
AMOUNT: USD 98,100.20
NINETY EIGHT THOUSAND ONE HUNDRED AND 20/100 U.S. DOLLARS
DATE AND PLACE OF EXPIRY:
FEBRUARY 17,2007 AT OUR COUNTERS IN LAREDO, TEXAS
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN
FAVOR OF THE CITY OF CORPUS CHRISTI ("BENEFICIARY") FOR THE ACCOUNT OF
HARLINGEN INVESTORS, LTD., ACTING BY .J\NI) THROUGH ITS CHIEF EXECUTIVE
OFFICER. VINOD K. KASAN, AUTHORIZING BENEFICIARY TO DRAW ON
INTERNATIONAL BANK OF COMMERCE. LAREDO. TEXAS, THE AMOUNT OF (NINETY
EIGH1. THOUSAND ONE HUNDRED AND 201100 U.S. DOLLARS) $98.100.20, UNDER
BENEFICIARY'S DRAFT BEARING THE CLAUSE "DRAWN UNDER INTERNATIONAL
BANK OF COMMERC E. IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB501202
DA rEI) EEBRlL\R)~ZL:::()Qtl". :\ND ACC'OMPANIED BY i\LL OF THE FOLLOWING
DOl 'L \1 ENTS
- i JRIGINAL of I HI~ LETTER OF CREDIT AND ORIGINAL AMENDMENTS, IF ANY.
.:'- S\\ URN AFFlDA VI r OF THE CITY OF CORPUS CHRISTI'S CITY MANAGER, OR
rHE CITY MANACiER'S DESIGNEE, STATING THE AUTHORITY OF THE AFFIANT
['0 MAKE THE A.FFIDA VIT ON BEHALF OF BENEFICIARY AND FURTHER
')1 \TING -\S FOLl OWS
EXHIBIT 4 (Page 1 of 3)
15" :'R'O. iE>;'~ '8(~2 <59 11561 ~'2:
TElEx 763-.:35 ~I1EMBER INTERNATIONAL BANCSHARES CORPORATION-FDIC
.'IBe
Intenlational Bank
of Conunerce
Page 2 of3
"HARLINGEN INVESTORS, LTD, HAS NOT INSTALLED THE REQUIRED
IMPROVEMENTS OR V ACA TED THE PLAT OF BROOKHAVEN SUBDIVISION AS
REQUIRED BY ITS DEFERRAL AGREEMENT WITH THE CITY OF CORPUS CHRISTI
WITHIN THE TIME PERIOD ALUJWED"
THIS IRREVOCABLE LETTER Of CREDIT GUARANTEES THE OBLIGATIONS OF THE
CUSTOMER TO THE BENEFICI/\RY AS PROVIDED IN THE DEFERRAL AGREEMENT.
P ARTLL\L DRAWINGS ARE NOT PERMITTED UNDER THIS IRREVOCABLE LETTER OF
CREDIT THIS IRREV< )CABLF LETTER OF CREDIT IS NOT TRANSFERABLE.
ALL DOCUMENTS MUST BE SENT TO INTERNATIONAL BANK OF COMMERCE, 1200
SAN BERNARDO, 2ND FLOOR, LAREDO, TEXAS 78040, ATTN: INTERNATIONAL
LETTERS OF CREDIT IN ONE MAILING BY COURIER SERVICE
ISSUER HEREBY AGREES WITH BENEFICIAR Y THAT UPON PRESENTMENT ON OR
BEFORE 5:00 PM, LAREDO, TEXAS, LOCAL TIME NO LATER THAN EXPIRATION DATE,
THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THE
IRREVOCABLE LETTER OF CREDIT, ISSUER WILL DULY HONOR THIS LETTER OF
CREDn
THIS LETTER OF CREDIT SHALL BE EXTENDED AUTOMA TICALL Y FOR A PERIOD OF
ONE I]) YEAR FROM ITS CURRENT EXPIRATION DATE OR ANY EXTENSION
THEREOF, UNLESS WE SEND YOU, THE BENEFICIARY, A NOTICE IN WRITING AND
BY COURIER SERVICE TO THE ABOVE ADDRESS, AT LEAST NINETY (90) DAYS PRIOR
TO SUCH EXPIRATION DATE OR EXTENSION THEREOF. THAT WE ELECT NOT TO
EXTEND THIS LETTER OF CREDIT UPON RECEIPT OF SUCH NOTICE, BENEFICIARY
SHALL HA VF THE RIGHT OF DR/\ WING UPON THE LETTER OF CREDIT AS NOTED
ABOVE, ACCOMPANIED ()NL'{ BY AN ORIGINAL NOTARIZED STATEMENT SIGNED
BY THE CIT'{'S DIRECTOR (IF ENGINEERING SERVICES STATING THAT THE
/\PPLICA.NTS OBL.1G\TION ro THE BENEFICIARY REMAINS OUTSTANDING IN THE
AM01NT DR~,"" \\iN
THIS IRREVOCABLE LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR
UNDERT AKING AND SUCH UNDERTAKING MUST NOT IN ANY WAY BE MODIFIED,
AMENDED, OR AMPLIFIED BY REFERENCE TO ,A.NY DOCUMENT, INSTRUMENT OR
AGREEMENT REFERRED TO HEREIN OR IN WHICH THIS IRREVOCABLE LETTER OF
CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES, AND
ANY SUCH REFERENCE IS NOT DEEMED TO INCORPORATE HEREIN BY REFERENCE
ANY DOCUMENT INSTRUMENT OR AGREEMENT ISSUER IS NOT A PARTY TO, OR
EXHIBIT 4 (Page 2 of 3 )
8:' ,.Ri
fE:X"'~ 8C~259 !156i n
TElLx 763-.:35 MEMBER I~HERNATIONAL BANCSHARES CORPORATION-FDIC
."IBe
lntenlational Bank
of Comn1erce
Page 3 of3
BOUND BY THE TERMS OF ANY AGREEMENT BETWEEN BENEFICIARY AND
CUSTOMER. FURTHERMORE, ISSUER SHALL HONOR THIS LETTER OF CREDIT
\VITHOUT INQUIRINCl IN THE TRUTH OF THE STATEMENTS MADE IN THE SWORN
i\FFIDA VIT OF BENEFICIARY WHICH STATEMENT WILL BE CONSIDERED BY THE
[SSl.iER TO BE DETERMINATIVE. CONCLUSIVE AND FINAL.
THIS lETTER OF CREDIT SHALL BE GOVERNED BY UNIFORM CUSTOMS AND
PRAC'TICE FOR DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL
CHAMBER OF COMMERCE (PUBLICATION NO. 500), AND TO THE EXTENT NOT
INCONSISTENT THEREWITH. THE PROVISIONS OF CHAPTER 5 OF THE BUSINESS AND
COMMERCE CODE IN EFFECT FROM TIME TO TIME.
EXHIBIT 4 (Page 3 of 3 )
P DP~V\i' :'59 LJ."1E TEXi\S 780';2-1 ')9 !9')6) '22 76 i ~ TELEX 763-435 MEMBER INTERNATIONAL BANCSHARES CORPORATION-FDIC
C i. )f Corpus
T provde
:;R::;wB~~~r~ ~:~~nlWruen~T1_ZIP:19SDI .
P2..,c;er.ship ~
= -;-c' OF CORPUS GHRIST~
DISCLOSURE OF iNTERESTS
hnstlOcClndnC; 171 '2 2S ;:w'er:ded reqUires 211 persons or firms seeking to do business with the
'r,e ToI!O\f\JI['g '1fC"'3~!~ :. 'fc. .est!on rYll: cl ')2 answerecjf the question is not applicable, answer
FIRM is
orporatlcHl
Sole Owner 0
4.
Association 0
. ,ther
O!SC,--OSURE QUESTiONS
T >:dltlonal space IS necessary Jlease use tneeverse sldejf thiS page or attach separate sheet
1 State the names of each "employee" :Ji tne City of Corpus Cnristi having an "ownership interest"
constituting 3% or more of the ownership ;:1 the above named "firm".
\!ame NrA
nl~- -
'Jb Title anei C!tv Departmem (if known)
2 State the names of each "official" of the City of Corpus Christi having an "ownership interest"
constituting 3% or more of the ownership ;n the above named "firm".
Name N!A n\a rle
3
State the names of each' board member" OT the City of Corpus Christi having an "ownership interest"
constituting 3% or more m the ownership in the above named "firm".
!\jame NiA 30ard Commission or Committee
.....~~_u
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 me above named "firm".
'\~ame NJAonsultam
J)l~
CERTIFICATE
.:ertify that alllnforniat!on p JVIClEG .:" IrU2COf:ect 3" of ttie cale c.T th.s statement, that I have not knOWingly
ii'thileld disclosure of any Ih"orr.'at!cw 'emje:-;te('~')d that sLople'Tlemal statements will be promptly submitted to the
" elf Cmcus Christi Texas as "
'>It;f Ino Person II):. t- \ 0 -D \'C" A (~/~
Y ~ _.____._Il:.__ ._.o__ __..__ ...____.._.
T De I PrWI
, .)
//;1~ ~. .(1Yf-rvI
J.-_ili- .n._ ....__~___
'-,tie
(j U_)1~/L .
)l loLl l) 6
nature 0" CertifYing Perscn
Oate
EXHIBIT 5