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Home My WebLink AboutC2010-557 - 11/16/2010 - ApprovedP 1 T G o Ciy of Deferment Agreement between Corpus Christi Alameda Plaza, L.L.C. DEFERMENT AGREEMENT ".. i� , r . ' .'_ ' I:. r ? STATE OF TEXAS 3af`f` i�Tiu -�.i:. „f` 'll:. i.C;} MUM" t � COUNTY OF NUECES § Gd9i,iNT" I CLERK ('t e5 .y• -5 a ICE+ This Deferment Agreement (hereinafter "Agreement ") is entered into between the City of Corpus Christi, Texas, a Texas home rule municipality, (hereinafter "City ") and Alameda Plaza, L.L.C. (hereinafter "Developer "), and pertains to deferral of the completion of certain improvements required prior to filing the final plat of Lindale Park Subdivision, Block D, tots 21, 22 and 23 (the "plat "), which was approved by the Planning Commission on August 19, 2009. A copy of the plat is attached and incorporated as Exhibit 1. WHEREAS, the Developer is obligated under Section III, Paragraph H, Subparagraph a, of the Platting Ordinance to construct seventy -five percent (75 %) of the required improvements, before the final plat is endorsed by the City Engineer. Detailed construction drawings must be provided by the Developer and approved by the City's Departments of Development Services and Engineering prior to the start of construction; WHEREAS, the Developer has submitted written application seeking to defer, for a period up to one year, the construction of the water improvements (hereinafter the "deferred improvements "), as shown in Exhibit 2; and further, on October 27, 2010, the Planning Commission made a finding that there exists probable cause to delay the 75% completion requirement, in accordance with Section V, Paragraph A, Subparagraph 3. b) of the Platting Ordinance; 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 required improvements as required by Section III, Paragraph H, Subparagraph 5, of the Platting Ordinance; WHEREAS, the Developer will provide a Trust Agreement, (hereinafter "Trust "), executed on behalf of the City, for the amount of One Hundred Five Thousand Six Hundred Twelve Dollars and 191100 ($105,612.19), which is 110% of the estimated cost of constructing the deferred improvements, all as shown on the attached cost estimate, which is attached and incorporated as Exhibit 3; 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; WHEREAS, the Developer is entering into this Deferment Agreement as required by Section V, Paragraph A, Subparagraph b) of the Platting Ordinance; 2010 -557 Page 1 of 5 M2010 -279 11/16/10 Alameda Plaza INDEXED Deferment Agreement between City of Corpus Christi & Alameda Plaza, L.L.C. NOW, THEREFORE, for the consideration set forth hereinafter, the City and Developer agree as follows: 1) The City shall waive the requirement that construction of the deferred improvements be completed before the final plat is endorsed by the City Engineer and filed for record with the County Clerk of Nueces County and further agrees to allow the Developer to defer construction of the deferred improvements as shown in Exhibit 2, for up to one (1) year from the date of this Deferment Agreement. 2) Before the plat is filed by the City, the Developer will provide a Trust, executed on behalf of the City, for the amount of One Hundred Five Thousand Six Hundred Twelve Dollars and 19/100 ($105,612.19), which is 110% of the estimated cost of constructing the deferred improvements as shown on the attached cost estimate, which is attached and incorporated as Exhibit 3. 3) The Developer will construct the deferred improvements, in accordance with the City's engineering standards in effect at the time of construction, 4) Upon completion of the deferred improvements by Developer 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 City Engineer shall immediately release Developer from the obligations to construct the deferred improvements by mailing a Release Letter to: Frank Cotta Alameda Plaza, L.L.C. 5350 S. Staples, #100 Corpus Christi, TX 78411 With copy sent to: Kristian Cotta Commercial Alliance 7201 E. Camelback Rd., #290 Scottsdale, AZ 85251 5) (1) If the deferred improvements have not been completed within one (1) year from the date of this Agreement; or (2) if the Developer fails to deposit any increased security as set out below; or (3) if Developer defaults in any of its covenants or obligations under this Deferment Agreement, the City Engineer will provide written notice by certified mail, return receipt requested, advising of the default and giving 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 notice and opportunity to cure, the City Manager of the City of Corpus Christi will demand that the trustee of said Trust referenced above, in accordance with said Trust, pay to the City of Corpus Christi, the amount of One Hundred Five Thousand Six Hundred Twelve Dollars and 19/100 Page 2 of 6 Deferment Agreement between City of Corpus Christi & Alameda Plaza, L.L.G. ($105,612.19), which is 110% of the estimated cost of constructing the deferred Improvements. The City payment will be made on the order of the trustee without the necessity of joinder of the Developer. The monies will be placed in the appropriate City fund and the City may begin completion of the construction of the deferred improvements. 6) If the monies paid by the trustee prove inadequate for the City to construct or complete all or any part of the deferred improvements, the Developer shall reimburse the City for any additional costs of the deferred improvements. The Developer will pay said costs within thirty (30) days of the Cities completion of the deferred improvements and billing of the Developer. 7) The City reserves the right not to issue Certificates of Occupancy for this development until the deferred improvements are installed and accepted by the City Engineer. 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 this covenant shall be a covenant running with the land. 10)The City Engineer, 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 under this Agreement without the prior written approval of the other party. 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 above the signature of the 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. 13)This 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 lawsuits pursuant hereto shall be brought in Nueces County. 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 to this Agreement as Exhibit 4. Page 3 of 5 Deferment Agreement between City of Corpus Christi & Alameda Plaza, L.L.C. 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. 16) The person signing this Agreement on behalf of the parties represents, warrants, and guarantees that they have authority to act on behalf of the party and make this Agreement binding and enforceable by their signature, 17) Upon termination of this Agreement, no provisions herein survive such termination EXECUTED in triplicate this ` day of 2010. Alameda Plaza, L.L.C. Frank Cotta 5350 S. Staples, #100 Corpus Christi, TX 78411 By: ieda Plaza L.L.C. aging Member THE STATE OF TEXAS § COUNTY OF NLIECES § This instrument was acknowledged before me on /Z I , 2010, by, Frank Gotta, Managing Member, Alameda Plaza, L.L.C. N ary ublic, State of Texas (Additional signatures at page 5.) J05fE EVERETT e Notary Publfc, Stag of Texas • 4 . MYCommissfon Expires ' , October i 7, 201a Page 4 of 5 Deferment Agreement betwden ' City of Corpus Christi & Alameda Plaza, L,L.G. CITY OF CORPUS CHRISTI ("City ") P. O. Box 9277 Corpus Christi, Texas 78469 Telephone: (361) 880 -3500 Facsimile: (361) 8803501 ATTEST: By: Armando Chapa City Secretary .- By:• -- r g g Escobar ity Manager THE STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on the Lj— day of Q pdu� 12z 2010, by Angel Escobar, City Manager, for the City Of Corpus Christi, a Texas municipal corporation, on behalf of the corporation. �� MOLLYHOLIGIMON Notary Pu ic, State Texas MY00WI slONEXPIRES �� 8eple *24,2012 APPROVED AS TO FORM: This day , 2010. j tarah Walther Brow , nt City Attorney For the City Attorney 11 o 1 �7 �utlsult��t► Page 5of5