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Home My WebLink AboutC2006-128 - 4/11/2006 - Approved FIRST AMENDMENT TO DEVELOPER COST SHARE AGREEMENT FllNDING ACCESS MANAGEMENT IMPROVEMENTS STATE OF TEXAS ~ COUNTY OF NllECES ~ rHls FIRSl AMENDMENT TO DEVELOPER COST SHARE AGREEMENT Funding Access Management Improvements dated February 17. 2006, is entered into between the City ot' Corpus Christl. a Texas Home-Rule MUl1lcipal Corporation, P. O. Box 9277, Corpus ChnstL Texas 7R4h9-Q277. hereinafter called "City" and SDT Realty, LTD., a Texas Limited Partnership. 712 Main 291h Flpor. Houston. Texas 77002 hereinafter called "Developer". WHEREAS. the ('it:- and Developer entered into an Agreement entitled Developer Cost Share\greement I unding Access Management Improvements dated February 17, 2006, and wish tl) amend said Agreement WHEREAS. the Ci1\ and Devcl'lper agree that the portion of the access management Impro\ement project Il1volving the installation of traffic delineators along the double yellow center Ime 01 AlI'line Road should be deferred until determination on additional traffic access management measure~ is made. fhe funding for this portion of the project shall be appropnated and held in an interest bearing account until the determination on the installation of delineattlrs is made: and WHEREAS, the (it) will return after five (5) years that portion of funding related to the delineators and provided by Developer should the delineators along the double yellow center line 01 !\irline Road n( It be installed NOW THEREFORE, the City and Developer. for and in consideration of the mutual covenants herein exchanged to be kept and performed and agree as follows: The Paragraph "ReqUlred Improvements" of the original Developer Cost Share Agreement Funding Access Management Improvements dated February 17. 2006 is amended by adding the following: Heretofore, there vvas delivered to the City the sum of $36,925.65, being Developer's contrihution for all the access management improvements at the intersection of Airline Road and Sputh Padre Island Drive. Of this sum $13.925.66 shall be held in an interest bearing account. for a period oltime not to exceed five (5) years from the date that City Council appropriates funding in No.4 TW Infrastructure Fund for the Developer's share of construction of the traftic congestion management project at Airline Road northbound right- turn lane at State Highway 358 eastbound frontage road (Bond Issue 2004). The principal amount deposited and accrued mterest may be used by the City. during said five (5) year penod. to pay Developer's share of the construction cost of the installation of delineators along the double yello\\ center line 01' Airline Road in connection with said project. ,s Management improvements 2006-128 ;t, Block i. 1.01+ 04/11/06 \12006-107 SDI Realt\ t'uture \.:hanges III tJanie conditions are anticipated in this area due to increased development. Cit: statTwill be monitoring the traffic patterns in the area after the development opens to determll1e if additional traffic access management measures are necessary. Should such delineators not be installed within said five (5) year period, then, in such event, the $13..925,66 plus accrued interest. shall be refunded to Developer. Nothing in this Amendment is intended. nor ma: it be deemed, to waive any governmental, official. or other immunity (1J defense of any of the Parties or their officers, employees, representatIves. andlgents as cl result of the execution of this Agreement and the performance of the 120\ enants conta1l1ed in thi s Agreement. All other terms of the Developer Cost Share Agreement remain the same. EXECUTED IN DUPLICATE originals, this ({-11. day of Ap,J.. ,2006. 'r ') ~ ral PaJ1ner STATE OF TEXAS ~ It tfU.l COUNTY OF.-NUECES ~ This instrument was acknowledg~d,before me on; If" ~. ..,.2006, by C?arles W. Shears. as General Partner. of SDI Realty. Ll D.. a Texas lImIted lIabIlIty partnershIp, on behalf of said partnership. LORRAINE STUIAN iC tdry P IOlie. State of T.)r./I~ \1, Cvnmrssion E~pir.s JLne 20. 2000 ,~,., )C:ft' NotarY Public, State of Texas ~:) ~~ .l' Escro~ Agreement for Access Management Improvements Shannon Middle School Tract, Block I. Lot 4 Page 2 nf3 \TTEST: THE CITY OF CORPUS CHRISTI i~/( __ ,/'~/;} .t:. - " Armahd~ Chapa. City Secre.ary oe, City Manager APPROVED: ~~ day (If u_,:~ . ~006 By: _~ ~j ~~~;~ tk \ssistant City \ttorne:- m ~~-'02~A4Jnt4i<w.. I\' ~'l.-Jl1J../~ --_.__ ._._ .k ......~~~itiTf;~ STATE OF TEXAS ~ COUNTY OF NIIECES l': '\ s \ , Thi, instrument was acknnwledged betore me on _ ~YtL l (~ ,2006, by George K. Noc. Cit) Manager of the City of Corpus Christi. exas. a Texas home-rule mUnIcIpal corporation. on behalf nf said corpnratinn. L~1LL PI1-~ Notary Public, State of Texas 1 - ,s>-V "v -- I o-<;~ \.. COnnie Parks II ~ tFf ~ My CommiSSion Expires I .~ F ~ No_ember 09. 2007 Escrow Agreement for Accc:ss Management lmprovements Shannon Middle School TClct, Block I [ot.~ Page j \,1 3