HomeMy WebLinkAboutC2007-097 - 4/17/2007 - ApprovedDEFERMENT AGREEMENT
ST~TE ~ TEXAS §
§
COI~NNTY OF NUECES §
This Agreement is entered into between the City of Corpus Christi, Texas, a Texas
home rule municipality, (hereinafter "City") and Landmark Valley Homes, Inc., a Texas
corporation, (hereinafter "Deveioper"), and pertains to deferral of the required
compfetion of certain improvements required prior to filing the final plat of Vista
Herr~osa Subdivision Phase I(the ''plat), which was approved by the Planning
Corrtmission on February 13, 2007 A copy of the preliminary plat is attached and
incorporated as Exhibit 1
WH~RE/~S, the Developer is obligated under Section III, Paragraph H, Subparagraph
5, of the Platting Ordinance to construct seventy-five percent (75%) of the required
improvements, before the final plat is endorsed by the Development Services Engineer.
Deta~il construction drawings must be provided by the Developer and approved by the
City's Departments of Development Services prior to the start of construction;
WH~EREAS, the Developer is seeking to defer, for a period up to one year, the
con~#ruction of the sidewalk improvements (hereinafter the "deferred improvements"),
as shown in Exhibit 2, as required by the City's Platting Ordinance;
WF~REA~, the Developer is seeking to have the plat filed immediately with the County
Clerk of t~ueces County, Texas, before completion of seventy-five percent (75%) of the
reqt:~red improvements as required by Section III, Paragraph H, Subparagraph 5, of the
Plat~ng C?rcfinance:
VNFI~REA~, the Developer will deposit, with the City of Corpus Christi, a letter of credit,
drawn on a bank with affices in the State of Texas, in the amount af One Hundred
Sixti~en Thousand Seven Hundred Fifty Four pollars and 00/100 ($116,754.00),
repnesenting 110% of the estimated cost of constructing the deferred improvements, all
as ~own on the attached cost estimate, which is attached and incorporated as Exhibit
3:
WF~REA~S, the City Attorney and Director of Finance have approved this transaction;
WF~EREI~,S, the Developer has satisfied all other subdivision requirements, park
dec~~ations, park dedica#ion deferment agreements, and maintenance agreements and
all s~pec~al covenants have been completed;
Wt~REA~, the Developer is entering into this Deferment Agreement as required by
Sec~ion V, Paragraph A, Subparagraph 3. bl of the Platting Ordinance;
NO~I, TIiEREFORE, for the consideration set forth hereinafter, the City and Developer
agre~e as follows
~t)0?-0~~7
I)4/ 17' ~17 Page 1 of 5
1~[ 200?-1 ~)3
Landn-ark Valle~ Aome~
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Upon Developer s 75% compfetion of operable water and wastewater to serve
each lot within the development, the City shall waive the requirement that
~onstruction of the deferred improvements be completed before the final plat is
endorsed by the City's Development Services Engineer and filed for record with
the County Clerk of Nueces County and further agrees to allow the Developer to
defer constructian of the deferred improvements as shown in Exhibit 2, for up to
one (1) year from the date of this Deferment Agreement.
2 The Developer shall deposit, with the City of Corpus Christi, a letter of credit,
drawn on a bank with offices in the State of Texas, in the amount of One
Hundred Sixteer~ Thousand Seven Hundred Fifty Four pollars and 00/100
{$116,754.00) as shown in Exhibit 4, before the Agreement is approved by
Council: for 110°io of the estimated cost of constructing the deferred
~mprovements.
3 The Developer shall construct the deferred improvements, in accordance with the
City's engineering standards in effect at the time of construction.
4 Upon completion of the ~eferred improvements within one (1) year from the date
of this Agreement, or later time as may be mutually agreed upon, in writing, by
both parties, and upon acceptance of the deferred improvements by the City
Engineer and upon compliance by the Developer with the remaining terms of the
Deferment Agreement, the Development Services Engineer shall:
a Immediately release Developer from the obligations to construct the deferred
improvements by mailing a Release Letter to:
Landmark Valley Homes, Inc.
3054 Holly Road
Corpus Christi, TX 78415
b Return to the Developer within sixty (60) days of the completion of the
constructian of the deferred improvements and settlement of the
construction costs, any balance remaining of all monies received by the
City from the Developer, including any interest earned.
5. If the deferred irnprovements have not been completed within one (1) year from
the date of this Agreement, or if the Developer fails to deposit any increased
security as set out below, after notice to the Developer and opportunity to cure as
sta#ed in Paragraph 7 below the City will call the letter of credit and transfer the
money received including any interest earned, to the apprapriate City fund and
the City may begin completion of the construction of the deferred improvements
witfi any monies received from the Developer, both principal and interest,
remaining after completion of construction being refunded by the City to the
Developer. If City constructs all or any part of the required improvements, the
Developer shall reimburse the City for any additional cost of the deferred
improvements, if the sum of money and interest prove inadequate to complete
Page 2 of 5
deferred improvements within thirty (30) days after City completes the required
+mprovements 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
~~ompletion of the construction of the deferred improvements, any money
received by the t;ity from the Developer remaining on deposit, plus interest
eamed, will be reEeased and immediately returned to the Developer.
? If Developer defaults in any of its covenants or obligations under this Deferment
Agreement, the ~ity Engineer will send the Developer and the Project Engineer
wrilten 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 receipt of the
~otice and opportunity to cure, the City Engineer may transfer any monies
received and interest earned to the appropriate fund of the City to complete the
~eferred improvements In the event there are any monies received by the City
from the Developer, plus interest earned, remaining after the City has completed
canstruction of the deferred improvements, the excess monies, both principal
and interest, shall be refunded to the Developer, within sixty (60) days of the
completion of construction of the water, wastewater, paving, and drainage public
~mprovements and settlement of construction contracts.
8 The City reserves the right not to issue Certificates of Occupancy for this
~evelopment until the deferred improvements are installed and accepted by the
Director of Engineering Services Department.
~. 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
? 0 The Developer covenants to construct the deferred improvements, and that this
covenant shall be a covenant running with the land.
11 The City's Development Services Engineer, at Developer's expense, shall file of
record this Deferment Agreement in the real property records of Nueces County.
12 No party may assign this Deferment Agreement or any rights under this
Agreement without the prior written approval of the other party.
13 Unless otherwise stated herein, any notice required or permitted to be given
her~under shall !~ in writing and may be given by personal delivery, by fax, or by
certi#ied mail, and if given personally, by fax or by certified mail, shall be deemed
suf~iciently given if addressed to the appropriate party at the address noted
above the signature of the party. Any party may, by notice to the other in accord
Page 3 of 5
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with the provisions of this paragraph, specify a different address or addressee for
notice purposes
14 Th~s Agreement shall be construed under and in accord with the laws of the State
of Texas and all obligations of the parties created hereunder are performable in
Nueces County Texas, and all fawsuits pursuant hereto shall be brought in
Nueces Gounty
15 The Developer further agrees, in compliance with the City of Corpus Christi
Ordinance No. ? 7113, tn complete, as part of this Agreement, the Disclosure of
Ownership interests form attached to this Agreement as Exhibit 5.
16 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 af the parties and their respective heirs, successors and assigns.
f2~
EX~CUTED in triplicate this r~ day of __~Q~~ , 2007.
Lar~lmark Valley Homes, Inc.
3054 Holly Road
Corpus Christi, TX 78415
TH~ STATE OF Texas §
§
C~t~NTY OF~~~~g §
By:
John . Guidot,
Exec ive Vice President
i'
~j
This instrwment was acknowledged before me on ~~ ~n~+~ I 5 , 2007, by John
M. C~uidot, Executive Vice President of Landmark Valley Homes, Inc.
_ ~ t'..
Not Public, State of Texa
~
dAtE E WIiEY
s MY CON/NIS~ON IXPIRES
OObba 14, 2006
Page 4 of 5
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CITY ~F CORPUS CHRISTI ("City")
P O. Box 9277
ATTEST:
By ~ - --
Arm~ndo Chapa
City Secretary
Corpus Christi, Texas 78469
Telephone: (361) 880-3500
Facsimile: (361) 880-3501
By:
eorge K. Noe
City Manager
APP~OVED AS TO FORM: This ~"-`~ day of _~~c~ , 2007.
.C
Ga ' W mith, Assistant City Attorney
For ~e Ci#y Attorney
~~'~ - ~~3 . ~uT~,oK~~~,
3~ (3pllliClt ~ ~~~.~..--~-~
Y~~
SEC~l~T~
THE STATE OF TEXAS §
§
COI~NTY OF NUECES § ~
This instrument was acknowledged before me on the day of 2007,
by CC~eorg~ K. Noe, C' Manager, for the City Of Corpus Christi, a Tex s municipal
cor~rat~an on beh f of th corporation.
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. '.~ `__.. - --- ` ~ ', q ~'G~ Con~ie Parks
Not~ry P~lic, State Of Texas ;~;!~~ a My Commissicn Exq~rp5
~~~oF~.+~ November09.2007_
Page 5 of 5
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1.1J~1.~7 SIDEWAl~lC HrIPRONE1ifENT DEFERb1ENT Exhibit 2
~..~~~..~.e..~u.~
„~ w;, ~ 1ASTA H~OS~- SU~IVISION PHASE I Page 1 of 1
„~.~,r~.~
.~ . ,. ~,~ . ~,.R ~
~dewalt~ Im~vements
V1sV s#~ He~~Subdivision - Phase 1
Corpus Ch~sti, Te~s
March 7 2t~07
Owner Landmark VaNey Homes
Developer : LDCS
Engineer ER Engineering
Contracto~ : King Isles Construction
C'ost Estimate
Unit Unit Cost Total Cost
4' Gonc. Sid~walk 3538a
10% Contin~ncy
Totai (110% t~f construction cost)
Let~er of Ce+~lit A~NOurrt = i116,75+t.00
SF $ 3.00 $ 106,140.00
$ 10,614.00
$ 116,754.00
Nobes:
1 All deferre~ sidewalks shall be cot~structed at homebulding stage (see attached cover letter).
2. All ADA a~cessibf~ ramps shaii be constructed as part of the subdivision development.
Exhibit 3
Paqe 1 of 1
3/7/2007
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afCYa~t!vc~ ~00?-6-S
M~ch 20, 200"
BENEFI~IARY:
City of C~rpus Chnst~
P.O. Box 92 ~`~
Corpus C~iristi, Texas %8469-9~77
Attn: As3~ Dir ~f Development Services
AMOU'Y'~~~ $1 l6,75~ 00
Gentlerne~
~MA~t r~ 6 ~l
p, 1
NSENT ~~R`. i^CS
~L SLR`d1CES
EXPIRAT[ON: March 20, 2008
We hereb~ estabiish our ~rrevocable letter of credit ("Irrevocabie Letter of Ged'rt") in favor of the City o1
Corpus C'~risti {"Beneficiary"} for the account of Landmarlc Va)ley Homes, Inc., acting by and through
Adrianra ~CU'ides. its Execunve Vice President ("Customer"), authorizing Beneficiary to draw on 1NTF.R
NATlO1~L Ba~1NK, McAllen, Texas !"lssuer") the amount of One Hundred Sixteen Thousand Seven
Hundred Fifty Four and no/l00 Dollars ($116,754.00), under Beneficiary's draft bearing the clause
"Drawn ui~der Inter National Banlc, Irrevocable Letter of Credit No. 200?-6-S, dated March 20, 200?" and
acco~pa~ied by all of the following documents ("Docurnents"):
(1) The onginai of this Letter of Credit; and
(2) The sworn aftidavit of the Ciry of Corpus Christi's, City Manager, or his designee, stat-ng
the authority of the affiant rc? make the affidavit on behalf of Beneficiary ~nd further
stating as follows:
"'That Landmark Va11ey Homes, lnc., has not installed the requrred
irnprovements or vacated the plat of Vista Hermosa Sabdivisioa Pbase I as
~equired by its Deferral Agreement with the City of Corpus Christi within the
trme pariod allowed '
Th~s Irre~ocablc L~tt.er o~~ Credit guarantees the obligations of the Customer to the Beneficiary as provided in the
Deferrai ngreernent.
Partial drtwings are not permitted under this Irrevocable Letter of Credit.
'I'his L-ret~ucablE Letter r~f Credit is not transferable.
[ssuer h~eby a~tees with Beneficiary that upon presentment on or before 5 o'clock p.m., Cotpus Christi,
Texas, io~al tim~e no tater than Marc6 20, 2008, that drafts drawn under and in compliance with the terrns
of th~s Inievocabk Letter of Credit, Issuer wili duly honor this [rrevocable Letter of Credit.
This In+~vocairi4e Letter of Credit is guaranieed tor one year from d~te of issuaoce, it must be
autoa~At~eally ~teoded for ad~itiooal periods ~f one year, and at one year iotervals thereafter, until
Eapirati~ D~ts. unless, at le~sst 90 d~ys prior to E~cpiration Date, Beaeficiary's City Manager
ootifies ~-suer ia ~vritiag by Certified Mai) at the above address tbat Bene~iciary has elected not to
renew. ~ssuer ~hall seod noli~ce of the automatic extension to the City's Assistaat Di
Exhibit 4 ~ '
i ;rC-I.ANOMR~~
•
CUSTUMER:
Landmark Valley Homes, Inc
100 Savannah Ste 54U
McAllen, 7'X 78503
Attn: .Adriana Petrides
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f~pt- ; t c(:?::? . 43F'P' ; :. ' ~ -.: ~r~>,:s Chr ; st, ~ -F i :36 1 880360 1
am#nt ServicesiSpeci~l Services thirty (30) days prior to ezpiration of the t6en current
abiit Lett~r of Credit. Fsulure to receive the ~utomatic eitensioa or a substitute Irrevocxble
of Credit 30 days prior to expiratioa of the tben carreut Irrevucable I.ctter of Credit
ttea a deff#~wlt upon w6ich the then carrent Irrevocable Letter of Credit may be called in its
~, e~en th~h not stated above as a specifc. event o( default.
~7us Irrev~.able Letter of Credir sels forth in futl the terms of our undertaking and such undertaking must
not in any way be modified, amended, or amplified by reference to any document, instrument or
agreeme~t referre+d to hereio or :n which this Irrevocable Letter of Credit is referted to or to which this
Icrevocable l.,etter of Credit relates, and an} such reference is not deemed to incorporate 6erein by
reference st~y document, instrument, or agrcement Issuer is not a party to, or bound by the terms of any
agreement between Benefic~ar~ and Customer Furthermore, Issuer shall honor tliis Letter of Credit
withuut mquiring into the truth of the ~tatenients made in the sworn af~davit of Beneficia~y which
statements w~l! be considered by Issuer to be determinative, conclusive and final
['his Iirevo~able Letter of Credit will be govemed by the provisions of the Uniform Customs and practice
tor Uocumlentary Cred~ts (1994? Revision. Intemational Chamber of Commerce Publication No. ~00 to
the extent rtot ic~cons~i"[ent with the laws of the Staze of Texas and ~Trore particularly with the provisions c~f
Chapter ± af the Texas Busmess and Comrnerce Code currently in effzct.
Sinc~el~ ~
4
1~er ~ati~I~eal k ~
~ . ~
Bv_ \
!~fa ~e ~ob y 1 mel
Title: Executi Vice 1'resident
?~pproved s1s to fc~m
City Attc~rr~ey
Ciry of Co~us CEtristi
g3• ~ ~ ---
mith
As~istant City Attornev
Q ~
C: itldy O' ~en -
Ditector of Finance
_OC-LANDNN~RK
R~: Adriana Petrides
Title: Executive V ice President/ Finance
p.2
~ _,..~ _,. . .,,,~,. _ .,.,,~
~
~ ~
CITY OF CORPUS CHRISTI
DISCLOSURE OF INTERESTS
~,ity of Corpus Christi Ordinance 17112 as amended, requires ali persons or firms seeking to do business with the
,;ity to provic~e the following ~~~formatic~ Every question must be answered. If the question is not applicable,
~nswe~ with NA"
FIRM NA~ME _~,~( cM..r..~._ /C jl~. (~L~ ~D~ 1 ( K C~
STREEI": ~bG Sc~ Va.~wa-~ Sw k SYo CITY: ~f c L¢-lCt..~ ZIP: ~ SS'b 3.
FIRM is: ? ~orporation _~__ 2 Partnership ______ _ 3. Sole Owner 4. Association
5 ~ther _
DISCLOSURE QUESTIONS
If additiot~ai space is ~ecessary, please ~,se tne reverse side of this page or attach separate sheet.
1. Stat~ the names of each "employee" of the City of Corpus Christi having an "ownership interesY'
con~ituti~g 3% or more of the ownership in the above named "firm".
Nam+e Job Title and City Department (if known)
- - _- ..-- I - L. ~__ _ --- --- ----_
2, S~te tt~e names of ea~Ch "official" of the City of Corpus Christi having an "ownership interest"
con~itutin~ 3% or more of the ownership in the above named "firm".
Name Title
_ ..__ _T_ _ _ _ ~ L~ --- - ^_. . __ _ ___ ___ _
3. Sta~ the r~nes of each "board member" of the City of Corpus Christi having an "ownership interesY'
con~titutin~ 3°/a or more of the ownership in the above named "firm".
Name Board, Commission or Committee
,
~~
, ~-
__ _ _ ~__-- ----_..__ ___ .
4. Stat~ the r~mes of each er~loyee or officer of a"consultanY' for the City of Corpus Christi who worked
on ~y ma~er related to the subject of this contract and has an "ownership interest" constituting 3% or
mor11 of ths ownership in the above named "firm".
Name Consultant
____.__.__._____ ~.~_ --___- ___.
CERTIFICATE
I certi~r that ~II information provided is true and correct as of the date of this statement, that I have not knowingly
withheld idisclos~re of any information requested; and that supplemental statements will be promptly submitted to
the City c~f Corpus Christi. Texas as har:ges occyr.
/
=~ ~/~ . ,C" ~~ - , /
Certifying Person:-----__~ ~ f''~,, . ~v~ ~ cJf Title: ` ~e.C . (/. c~ ~i~$~ U~,,.~
Signature of
(T~~rin±}'`~
yj~ig Person _ _
~
,
f
Date: ~ ~ ~ ~ a~
E~ibit 5
~. . :r. .:~ .~ ~,
DEFINITIONS
a "Boa~ci Member' A member of any t:~oarci ~ommission or committee appointed by the City Council of the City of
Corpus ~hr'rsti, Texas
b `Employee°. Any person employed ~y the Glty of Corpus Christi. Texas, either on a full or part time basis, but
not as an ;ndependent contractor
c F+rm" kny entity operated for econom~c gain. whether professional, industrial or commercial and whether
estal~iished to produce or deal with a product or service, including but not limited to, entities operated in the form
of sde proprietorship, as self-employed person, partnership, corporation, joint stock company, joint venture,
receivership or trust and en±ities which. for piarposes of taxation, are treated as non-profit organizations.
~ ~ffipai The Mayar, members o~~ the City Council, City Manager, Deputy City Manager, Assistant City
Managers Department and Division ~eads and Mun~cipal Court Judges of the (;ity of Corpus Christi, Texas.
e °Uwr~rship Interest' Legaf or equitable interest, whether actually or constructively held, in a firm, including
when such interest +s held through an agent, trust estate or holding entity. "Constructively held" refers to
holdir~g or contro~ established through roting trusts. proxies or special terms of venture or partnership
agre~nents.
f ' E:,ongultant". Any person cr firm. such as engineers and architects, hired by the City of Corpus Christi for the
purpase of profess~anal cor:sultation :~nd recommendation.
... .__,.k .x ~ ~,, ....,,~... _ _