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Home My WebLink AboutRes 98-06 Approving an Agreement with AIL Investment RESOLUTION NO. q 8 - 0 6 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, APPROVING A ROADWAY AGREEMENT WITH AIL INVESTMENT, L.P.; AUTHORIZING THE MAYOR OF THE TOWN OF WESTLAKE TO EXECUTE THE AGREEMENT ON BEHALF OF THE TOWN; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Maverick Commercial Investments, Inc. has contracted to purchase an approximately 311-acre tract of land (the "Property") in the Town of Westlake for the development of an office complex with accessory uses for Fidelity Investments; and WHEREAS, on the 27h day of July, 1998, the Board of Aldermen approved the rezoning of the Property to a "PD" Planned Development District Zoning District and ratified that action by passage of an ordinance on August 10, 1998; and WHEREAS, the construction of a roadway currently referred to as "Lake Turner Parkway" will be necessary to provide ingress and egress to the Maverick Commercial Investments, Inc. site; and WHEREAS, AIL Investment, L.P. and the Town of Westlake desire to enter into an agreement concerning the responsibility and obligations of AIL and the Town with regard to the construction of Lake Turner Parkway;NOW, TBEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the Roadway Agreement by and between the Town of Westlake, Texas, and AIL Investment, L.P. attached hereto as Exhibit "1" and incorporated herein for all purposes is hereby approved and the Mayor of the Town of Westlake, Texas is hereby authorized to execute the same on behalf of the Town of Westlake, Texas. SECTION 2: That this Resolution shall become effective upon its passage and upon the occurrence of the last of the following events: (1) boundary disputes with the City of Fort Worth concerning the subject property and the Circle T Ranch have been settled; and (2) the ordinance rezoning the Maverick/Fidelity Texas property to "PD" Planning Development Zoning District takes effect. RESOLUTION NO. �i'$ PAGE 2 (Approving Roadway Agreement) PASSED AND APPROVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, ON THIS 10TH DAY OF AUGUST, 1998. CHARLA BRADSHAW, MAYOR PRO TEM ATTEST: e Inge rosswy, Town S etary APPROVED AS TO FORM: Pail C. Is m, Town Attorney JUL-41-90 LI •IL r Ulll, I_Wu r-UQ/UO JUQ-LLU .+w This Development Agmemnent (this "Ag eem 1) is executed between the Town of Westlake, Texas (thee "Town and AIL Investments, Ltd_ (the "UeyerI ") wa ruing the design and construction of a portion of bice Tager Boulevard(the"wpuvcments") as gvn=lly described on the attached Exhibit A (consisting of a Site Plan,R.O.W. Section, and Statement of Probable Cost)- WMAEAS, in cotmection with the rezoning of the approximately 311-acre tram commonly lcmown as the "Fid.elity Trot", the Developer will prepare constmcdon platy for the Improvements;and YMEREA S,the Developer wilt cause the Improvements to be constructta;&ad WHEREAS, to accomplish the dwign and construction of the Improverneftts, the Developer and tlac Town cater into this Agreement NOW THEREFORE, for gcvod alnd valuable consideration the receipt acid adequacy of which are aolmowledged,the Developer&nd the Town agree as follows,, L lDlgsisss. -rhe Developer agms to prepare detailed glares and sp iJ5cadot (the "Flans") Tor the construction of the ImprovMents, which plans shall lie approved by the Town Engineer. 2. gonatructlan. The Developer agrees to construct (or cause to be constructed) the Improvements in suhstaratiai accordance with the Plans. Upon compleuon and acceptance by the Tawe,the Improvernents will be dedicated to the Town. 1 See _ Except as hereinafter provided, performance bonds are required to secure the Developer's obligation to ronstruct the improvements; which bond* must be delivered to tete Town Engineer prior to begiming any work under contracts awarded by the Developer. All bands shall (a) be in an amount equal to at least 1000/0 of the cost of the w0fk; (b) be staradud performance bonds executed by a surety company licensed to do business in Texas; (c)/meet the requirements of Article 5160,Texas Revised Civil Statutes,as amended; and A be approved by the Town Attorney,which approval SWI not unreasanably be withheld or delayed. In lieu of a performaxace bomd, the Developer rnaty elect to W= its obligation to construct the lznpra,,emems tluough the use of a cash escrow,letter of credit,deposit of governmentlmunicipal sccurides, or any other/method approvcd by the Town Attorney. Such alternAtive security shall be is as amount equal to ax least ioQ%of tine cost of the work and may be reduced to the extent the cost to complew the work is less than the amount of the security (based on estimates of the cost to complete prepared by the Developees engineer=4 approved by the Town En&ecr). 0075 Ia.ORQ19:0$6d637-0i Dewdop Rt AV=wm-July 27,1999-Pa$0-1 JUL-4,—QU II SIL rijin I'-UVUo JUQ—(LU 1-1 06 FROM HUGHE',; $ I.Vti:F' if7 : 19:i_395106 E'FSt:E= 3/ 4. Maintenance, All Improvements shall be maintained by the Developer ar its contractor for a period of one year after they are completed and accepted by the Town; which mairltermrtce obligation may be fulfilled by providit a maintenance band approved by tlxe Town Attorney. 5. obligation sof the Tawe P'paa Accojt uce. Until the Town accepts the Improvements, the Town "l have no resporis3biUty for such Improvements. When the Town ac=pts the Irnprovczocnts, the Dcvclvperr shall relinquish all right, title, and interest in and to the improvements; and weir Improvements shall be dedic ed ftee of all hens. The Town shall not be considered to have 'EacMted" the Improvements until the Town Engineer has certified. In writing that such Improvements hAve,b n completed in&Qwrd2nce with the Plans, ►, Const on Permit Prior to beginniz>g work under any cane s awarded by the Developer.the Developer shall obtain a coustru ion permit_ 7. Inspection Work under any conmam awarded by the Developer shall be subject to periodic inspection by the Town Engineer. In addition, the Town Engineer shall approve all payment requests submitted by the conaactor. $. Insurance. P'nor to beginning work under any contract awarded by the Developer, the Developer or its cc Usctor shall deliver to the Town evidcacc of Senn al liability in=*ice coverage carrieel by the contractor and ting the Town as an additional inured. 9: Coatracwr far Developer .Aw*Aed Contra Pox all contracts awarded by the Developer which exceed $25,004.40, the Developer shall employ a contractor who bu been pre- qualified by the Town Engineer or Aha otherwise meets the following crifeda: (i)The Contractor must be Been to du the Chari[; (i i)the eontractoT must provide a current 'financial statement prepared by an independent CPA; anal (iii)the eontwtor must provide a performance 'bond regwcd by this Agreement; 10. Fre- onstctian Meeh�Wg. For to begiaar�grark under any contract avrarded by the Developer,the contractor shall aouduct a pre-construedon meeting with the Town Engineer. Mend'rQwn A_pnrawai- Approval of the PISS by the'Torun Engiucer shall not releasr the Developer (or the Developer's engin6ar, arcluteot. afl�lsers. employe, &geiats, or lzpresentatives)from the responsibility and liability for the adequacy of the Plans. Approval. df The plamby the TcEw11 merely sig cs that the Town pnginacr has approved the gen" design concept of the Improvements" and ander ria czr=nga=es shall such approval subject the Tov+m Engler to any responsibility or liability for any defect or deficiency in the Plans. 12. EntEg AgLaMeut-, Venue. This Agreement oowtitutes the entire agremment between the parties with regard to the subject ma r hemeof and can only be arneaded iz writing signed by bath parties. venue for =y action brought under this Agreemew shall be in Tarrant County, Texas, 00751.x.00019,OW 637 A 1 neaalapmml AU==,-JLly 27,1948- P&So-2 JV6 11 4V II •IQ rlU 1- 1 '11V4 f 4V.V4 - ". 508 FROM HUGHE.. F, 1-UCE 10 214939fi1 06 PAGE R 130 - mentp This Agrccmew, and all the ruts and obiiptiow licr ,dcr, ray be assiped by the Developer to any successor developer provided such sttcct r develaptr ams in writ*to bo bound by the terms of this A gre=ent_ The Developer sba]I give notice of any such assignment to the Torn Engineer, and from and after such notice is provided, the Developer wiil be released from all duties and obliptiow hercundcr (except those dtitles and obligations that an=prior to such,assi_pmettt). 14. Nodem Any communications or notices required or contemplated by this Agreement shall be in writing and shall be deemed to have been given and received (a) if scat by United States Mail, Certified or kegistered Mail, Return Puceipt Reguzsted, on the earlier of the date actually received or three 1ussilacss days after deposited in the United States flail; or (b) if sent any other way,when actually received. All such con= nicatior s or notices shall be addr"sed to the parties as follows: IF TO THE DEVELOPER: Phone: Fax: IF TO TiB TOWN; Phone: Fac: This Developmmnt Agreement is executed to be effective the�day of _ 19 . By:Tide- Date, By, Title: Date: .�. ��sla.o�aas.o��sw7.o� D041opseGslt,O,$,mmmt July 27.1998 Pnc-3 - I1 ru it 1 114111, 1 - .11- - - JUL f X16 1 7 :@6 FWOM k-1UCHE S & i,M�! !D: 21 49 396 1[96 PAf;E •ti F,XHIBITiii-I)ESCRIPTI4N OF Y1VWRt]VEMENTS 44751[l.4d6I9:�3646�7.01 DcvclaRmcal Aipvwmt July 27,1448- Pap-4 SITE PLAN '` LVA-``_ 4• �1. . - --- � - l Rase 2 - - Labe Turner Pkwy.,- 165' kwy.,165' R.O.W, i-' 6 Lane Divided f I c Temporary ' Turnaround -'' Circle T Rand m . ..�..�_..— —..._J' ..— c r y Ta�hrlatiaa� � Q A. lbs'Ri6ia y(R- ) � 8pp, Foul $wrnp tas�aiael yyi�in � 6LW W.i N '7�toulWidr4pavrmcatlrf"4�boma�lulo-[ ``t 93 feat m4dlh M-1 iandw0c.sw*k4 wmlks. C, S{vlevrailrs(4'widlhj in be rMih d On Ong si& � of swret WWC no hiln @ UA is propOROL � IS LiglMiadamraq+airedat kW&Krmn9arsifOr 7G Q UL 46 _ 1aCaiy. � 7C G1 G� r 40 a K ri S-0•F Q� r.a 0 L Maa�l YMIS1 9D'-!3 e-.+•r fx+oA+1 r►^-�wLl1 oRMR�,v+R Wpyr 6- WAD__ va.-M LAME 00-W Wb a wlaeo-n•.AY -'_ WMA'S Il'•� - — b tl Yl 1P7 165' .. .W. Secti011 Not to Sca Lake Tumer Parkwa °° :UL'SI'UO I f:I I rrRR: I"oDU I'.UUAU6 JUD'LL'J JUS. '?7-013 1707 F'WOM liLICAil "•, K S.LJCF 117 21493961VE-. PAGE LI!11 HILLWOQ; t1 WE P81lEl!�T CDE Fa TIQN 136M Hqr Cage Parkway,Silly 21O Fort worth.Texas 76177 (817)224-6000 Stat*ment of Probable Cost Rename-, t.nTww ftwy 11m MR Lake Tumor ParkwaY Date. 24-jul-08 Conceptual CZSt PrO ecbris 13T- -- KLO DESCPJFMON OF trms BID FUNT lid susTATAL QUANT. COST inf isfructure Remove Topsoil 4,900 CY_ $1.00 1.,900.00 klnciassified Fxiavatiort 26,000 C.Y. $1.50 $38.Ot30_aCl 12"x 12"Cry i FACH $700-DIS $7113,00 12"Gate Valve 1 .EACH $1,200-00 $1.200,00 izplug i FAC14 -M 5600.00 36`storm Drain 1,300 L.F. $85.00 $110.500.00 48"Storm Drairt 350 LF. $135.00 $47,250.00 2'X 2' Drag Inlets 8 EACH $1,500.00 $12.000.00 Headwalls fcir 48"SD 2 LF. $3,500.00 $7.000.A0 6"Lima-Siabilized SUWade 13,OW S.Y. $1.80 $20,680.00 l,,,Me for StabUization (27 ltstcy) 176 TONS $175.00 $22,000.00 8"Reinforced Gon=te Pavement 13,060 S.Y. .00 $325,250-00 Spre2dTops6il 2,760 S.Y. 81.50 $4,140. 00 scedina Tree InstsilatiordirsigatOri d ACHE $5.500.00 Irrigd c ri 1,1 LF- $30.00 pavement Markings and Signage 18,000 1.F $1-4'0 $15,000.00 Street L'ghtng 1,600 L.F. $25.00 $40,000,00 >5nosion and SediMnt CO ttral Ran 1 L.S. $5,000.00 5>5Tt700,00 SU ESI 3 OTAL $ 14.1520.00 113°�iM �on�r�g�cies $T2• -0� 12116 Ergine0ring!Surveying 585, 2AD 3% Tasting I Observation $21 JU..60 57,E#5.20 1 PA ParmIlIng $917,895.$0 TOTAL