HomeMy WebLinkAboutC2006-144 - 4/25/2006 - 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
Raju Bhagat (hereinafter "Developer")
WHEREAS, Developer In compliance with the City's Platting Ordinance, has filed a plat
to develop a tract of land Whelan Tract, Unit 4, Block 1, Lots 1 and 2 (herein called
"Development")
WHEREAS, the plat of Whelan Tract, Unit 4, Block 1, Lots 1and 2, (Exhibit 1),
approved by the Planning Commission on November 2, 2005 provides for the
construction of storm sanitary and water 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, public
Improvements, Including construction of storm, sanitary and water public improvements,
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 Forty-two Thousand, Nine-hundred
and 00/100 Dollars ($42,900.00), 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.
2006-144
04/25/06
1\12006-1.30
8hagaL Ra.iu
NOW, THEREFORE the City and Developer aqree 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 storm, sanitary and water public improvements, as shown
!n Exhibit 2, (hereinafter "deferred improvements"), for up to one (1) year from
the date this Deferment Agreement is approved.
L The Developer shall deposit with the City of Corpus Christi, an irrevocable letter
of credit Issued by Charter Bank in the amount of Forty-two Thousand, Nine-
hundred and 00/100 Dollars ($42,900.00) in a form of a irrevocable letter of
credit, for 110% of the estimated cost of constructing the deferred improvements,
as shown on Exhibit 3, which is attached and incorporated into this agreement.
Said irrevocable letter of credit, Exhibit 4, shall be deposited with the City of
Corpus Christi before the beginning of the City Council meeting to be held on
April 25, 2006 Failure of Developer to deposit said letter of credit as set forth
tlerein shall make this Agreement null and void.
3 The Developer agrees to construct the deferred improvements, including
construction of storm, sanitary and water public improvements, in accordance
with the City's engineering standards in effect at the time of construction.
4 Upon completion of the deferred improvements by April 25, 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:
Mr. Raiu BhaQat
Best Western Garden Inn
112171H37
Corpus Christi. Texas 78410
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 April 25, 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 7 below, 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
Deferment Agreement doc
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
6
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 Deferment
Agreement, the City Engmeer 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.doc
accord with the provisions of this paragraph, specify a different address or
addressee for notice purposes
13 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
14 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.
15. 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.
Defennent Agreement.doc
r""
EXECUTED in triplicate this_Ll_ day of __
/tfJ!<,L-
,2006.
Raju Bhagat
Best Western Garden Inn
112171H37
Corpus Christi, Texas 78410
("Developer")
By
',-{\ ) '^
\1 h <A. j~r
-
STATE OF TEXAS S
S
COUNTY OF NUECES S
..\-'v\ /\ _ \
This instrument was acknowledged before me on the ~ day of "M~l" ,
2006. by ~~\J 'B~~.\-,--________ __' in the capacity herei~ted a d as the act and
deed of said entity '---- \
" \
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"'11,"\\\"
XAVIER GALV.A,N I
!\ecTar- Pl.b!lc. )tate ot Texas i
'\Il'y Conl'T'!SSlor Expires _
FeblUory 01. 2009
Deferment Agreement
CITY OF CORPUS CHRISTI ("City")
P.O Box 9277
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
THE STATE OF TEXAS S
S
COUNTY OF NUECES S ",7J1
Thi On tru~nt was acknowledged before me on the K day of
_ l \.....\.. '. '.' 20. 06.,. bY. .G. EO.R.GE K. N..OE,.City Manl1erfo.r. the CITY OF
COR US CHRI . f1' IJ rporq-tion, on betlal said corporation.
(! 0,(" ~ ~~ Conme Park.s ,/ : ;\
:' r ).\ ~ My Ci"r-.""", I ".IIe, . Ie) .t i l . <1l U ~l~
}! ~_^._~ A-" NOvep'De 9 200:- ~,~',^-.,' "-'.r - it ~.~
, 'I: "'f ,"'"
l.,~_~..===-~c.c...--.-=-.-,-~.- OTARY PUBLIC, STATE OF TEXAS
,APPROVED AS TO FORM: This -.:'.:!:~__ day of _
By: if'. .J. "{ht:O\...
" -1:----------.
G ry Smith
Assistant City Attorney
l-it..N
.
,2006.
For the City Attornev
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EXHIBIT 2
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C< )ST ESTIMATE-DEFFERED IMPROVEMENTS
\VHELAN TRACT UNIT 4
DESCRIPTION
ITEM
AiOFF-SITE rr..fp-R()VEMENTS
~'{C(6~=fl'cLJt}?Cl~it~~ S~~~r
2' 8"PVC (4-,=-6'~t)Sar1itary SewElr
3,4' Diameter ManHole(6'-8'cut) Sanitary Sewer
4ConnectTo And Rehabilitate EXISting-Man Hole
5-36" RCPStorm~Sewer- ~ .
6, Connect To ExistlnlJ Box i Storm Sewer)
-t= ._~~~--- ...---. .~~~ ..
~: Pav~m~~Q! ReQalf
~lFIi-eHydr:.ant
912" Valve anC Bo~
---- --- .. - --
1)lal Off Site Improve~llts
per orclnance~r~quirements add 10%
TOTAL CONSTRUCTION COST:
URBAN ENGINEERING
ESTIMATED LlJNJT
QUANTITY
360
110
1
1
40
1
1
1
1
UNIT
..1-.. PRICE
+-----
.. .. -~+--
LF . $30.00
LF $28.00
EA $3,000.00
E~_ .1-.. $4,000.00
LF . $48.00
LS i $8,000.00
csT $4,000.00
EA $2,800.00
EA $1,400.00
+-~
+ __SubTotal
---+--~-
+----- ----
,
2725 SWANTNER ee, TX 78404
3/20/06
Job No. 40235.00.00
EXHIBIT "e"
TOTAL
PRICE
$10,800.00
$3,080.00
$3,000.00
$4,000.00
$1,920.00
$8,000.00
$4,000.00
$2,800.00
$1,400.00
$39,000.00
$3,900.00
$42,900.00
EXHIBIT 3
CharterBank
Charter Hank
10See leopard St
Corpus ChrISt. 'T exas - 84] (I
Irre\, !etble Letter 01 Credit No 816~
Date April] 9. ::'00(1
BENEIlClARY
CIty ,)f Corpus Chrl'>ti
PO Box 9::'77
Corpus ChrIstl. Texas 78469-92T
Attn Dnector of Engineering Senlcc'-
CUSTOMER: Raju Bhagat
DEVELOPMENT: Hampton Inn
DEVELOPER'S ADDRESS:
11217 IH 37, Corpus Christi,
TX 78410
Attn: Raju Bhagat
AM( llNT $42.90(iO(
EXPIRATION: April 19, 2007
Gentlemen
We hereby establIsh our irrevocable letter of credit ("Irrevocable Letter of Credit") in
favo' of the Clt) \)1 Corpus Christi ("Beneficiary") for the account of Raju Bhagat, acting
by and through Raju Bhagat,("< 'ustomer"), authorizing Beneficiary to draw on Charter
Bank. (orpus Christi, Texas ("issuer"J the amount of Forty Two Thousand Nine Hundred
and no ] 00 Dt)llars $42,900.(0), under Beneficiary's draft bearing the clause "Drawn
under ( 'harter Bank Irrevocable Letter of Credit No. 8168, dated April 19,2006" and
accompanied t'ly all of he following documents ("Documents"):
i ) The drirmal of this Letter of Credit: and
.2) The \w( ,m affidavit clj the City of Corpus Christi's, City Manager, or his
designee, statmr the authority of the affiant to make the affidavit on behalf
of Bene'iciar:v and further stating as follows:
fhat Raj u Bhagat, has not installed the required improvements
, 'r vacated the plat of Hampton Inn as required by its Deferral
\greement With the City of Corpus Christi within the time period
allowed .
This Irrevocahle LeIter of Credn guarantees the obligations of the Customer to the
BenefiClar:v as proVided in the Deferral Agreement
EXHIBIT 4 (Page 1 of 3)
(361) 241-7881
Fax (361) 241-3544
P.D Box 10306
10502 Leopard Street . Corpus Christi. Texas 78460-0306
PartJ : )ra\\ llig~m nl 1 pcn11lt!ed under this Irrevocable Letter of Credit.
This In<.'vocahle l.cHer i)fCred1t is l1(1t transferable
Issue! hc:'rehy dgree~ \Vah Bcneiiciary that upon presentment on or before 5 o'clock p.m.,
Corpus ChnstL TeX,iS. oeal time no later than Apnl 19,2007, that drafts drawn under
and 111 lumpliclllcc with the terms of this Irrevocahle Letter of Credit, Issuer will duly
honor tillS lrrn(li.:able I eHer of ('fedit
This Irrevocable Lettt:r of Credit is guaranteed for one year from date of issuance, it
must be automaticall~ extended for additional periods of one year, and at one year
intervals thereafter', until April 19. 2007, unless, at least 90 days prior to April 19,
200'7. Beneficiary'~ Cit)' Manager notifies Issuer in writing by Certified Mail at the
aboH' address that Beneficiar) has elected not to renew. Issuer shall send notice of
the automatic extension to tht, City's Director of Engineering Services thirty (30)
days prior to npiration of tht, then l'urrent Irrcyocable Letter of Credit. Failure to
recein the automatic extension or a substitute Irrevocable Letter of Credit 30 days
priM to expiration of the then current Irrevocable Letter of Credit constitutes a
default upon which the then current Irrevocable Letter of Credit may be called in
its entire~. even though not stated above as a specific event of default.
This rrevocahle .citer of Credit sets lorth in full the terms of our undertaking and such
undertakmg must nut in any \\'3) be modified. amended. or amplified by reference to any
documL'nt, mstrument ('r agreement referred to herein or in which this Irrevocable Letter
of CredIt is referred to !f to \\'hlch nus Irrevocable Letter of Credit relates, and any
instrument. or agreement I ssuel IS !lql d party to, or bound by the terms of any agreement
betv-cen BenefiCidP aId Customer Furthermore. Issuer shall honor this Letter of Credit
withuUl Il1quiring into 1 he truth of the statements made in the sworn affidavit of
Beneliuary which statt'ments "'Ill be considered by Issuer to be determinative,
conclusive and tina
This Irrevocahle LetteJ of CredIt will be governed by the provisions of the Uniform
CUS1,'ms and practice 1.>r Documentary Credits (1994) Revision, International Chamber
of C lmmerce Publi,.'atHm No. SOO) l(l the extent not inconsistent with the laws of the
State of Texas and more particll]ar]~ with the provisions of Chapter 5 of the Texas
Busmess and Commerce Code currently in effect
Charter Bank
/~~
EXHIBIT 4 (Page 2 of 3)
riOe: Preslden:
<\ppn'\'ed as tc t(lrm
City A tt\ lrne:-
City or ( orpus Christi
By __ __ __ _____
Assistant City Anorne)
Name
Actini2 Di rector (I t F nance
EXHIBIT 4 (Page 3 of 3)
Ci:y of Corpus Crlrlstl Ordinance 17112
C:v te provide the following In'ornation
Wit" NAn
CITY OF CORPUS CHRISTI
DISCLOSURE OF INTERESTS
as amended. requires all persons or firms seeking to do business with the
E verv question must be answered If the question is not applicable, answer
FIRM NAME
STREET:
}
',,4 ] c
/ "'- ---
L
f) /1",4 & if f
-_._.,~1-t..-~_.,--- _m ---- '.... ."~_....- .__ -~._-___... '.___.,_.__..._.. ........__..__._,
-:--1~-2- CITY:c~~pvrU1(hrTI_ ZIP: 71'flo
::lanne'shlp 0 3 Sole Owner ~ 4. Association 0
(a t:L
FIRM IS
(xporatIOl: c:
5 (rher C
DISCLOSURE QUESTIONS
If additional space IS necessari peaseJse the :everse side of thiS page or attach separate sheet.
1
State the names of each "employee" of the City of Corpus Christi having an
constituting 3% or more of the ownership in the above named "firm".
~~ame N/A Job Title and City Department (if known)
- -#tti. -.
"ownership interest"
2 State the names of each "official" of the City of Corpus Christi
constituting 3% or more of the ownership in the above named "firm",
Name N/A"tle
-+Y-/-1L
having an "ownership interest"
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 N/A f3oard. Commission or Committee
___ _ /l//fJ
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 N/A Consultant
;vI rr.
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__+~_:! (...) 1l/1 A (, 4~__ Title V v-J !l.IL.-"A2...
(Type or Prinl\
Signature of Certifying Person _ "~
~~ Date: F2 f-- a.G
.._-_._.,~_.,..^---
EXHIBIT 5