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| COUNCIL ACTION: Approved on 6/26/2018 |
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| DATE: |
6/26/2018 |
REFERENCE NO.: |
C-28758 |
LOG NAME: |
06ROCK CREEK RANCH/TARLETON STATE UNIVERSITY BREWER BLVD. |
| CODE: |
C |
TYPE: |
NON-CONSENT |
PUBLIC HEARING: |
NO |
| SUBJECT: |
Authorize Execution of a Community Facilities Agreement with Walton Development & Management TX, LLC, in the Amount of $5,871,673.00 with City Participation in the Amount of $2,935,837.00 and Funding from Fort Worth Public Improvement District No. 17 in the Amount of $1,850,198.00 for Construction of Brewer Boulevard from McPherson Boulevard to Tarleton State University Located in the City of Fort Worth (COUNCIL DISTRICT 6) |
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| RECOMMENDATION: |
It is recommended that the City Council authorize the execution of a Community Facilities Agreement with Walton Development & Management TX, LLC, with City participation in the amount of $2,935,837.00 and funding from Fort Worth Public Improvement District No. 17 in the amount of $1,850,198.00 for construction of Brewer Boulevard from McPherson Boulevard to Tarleton State University in the City of Fort Worth. (City Project No. 101459) |
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| DISCUSSION: |
Walton Development & Management TX, LLC, (Developer) is constructing Brewer Boulevard from McPherson Boulevard to Tarleton State University. WM Sub CTR, LP, is also participating in the cost. The cost in the construction of the road is estimated to be $ 5,871,673.00 as shown in the table below:
Items | Developer's Cost WM Sub CTR, LP | Developer's Cost Walton Dev. & Mgmt. TX, LLC | City Cost | PID | Total Cost | TPW Construction | 1. Street | $426,491.00 | $242,445.00 | $1,698,503.00 | $1,029,567.00 | $3,397,006.00 | 2. Storm Drain | $137,366.00 | $135,372.00 | $847,608.00 | $574,870.00 | $1,695,216.00 | 3. Street Lights Installed by Developer | $50,250.00 | $33,850.00 | $227,845.00 | $143,745.00 | $455,690.00 | Total Construction Cost
(excluding the fees): | $614,107.00 | $411,667.00 | $2,773,956.00 | $1,748,182.00 | $5,547,912.00 | A. TPW Inspection Fee (4 percent) | $22,554.00 | $15,113.00 | $101,845.00 | $64,177.00 | $203,689.00 | B. TPW Material Testing
(2 percent) | $11,277.00 | $7,556.00 | $50,922.00 | $32,089.00 | $101,844.00 | C. Street Light Inspection Cost | $2,010.00 | $1,354.00 | $9,114.00 | $5,750.0 | $18,228.00 | Total Construction Fees | $35,841.00 | $24,023.00 | $161,881.00 | $102,016.00 | $323,761.00 | TOTAL PROJECT COST | $649,948.00 | $435,690.00 | $2,935,837.00 | $1,850,198.00 | $5,871,673.00 |
A total of $2,935,837.00 will be funded with City participation through 2018 Tax Notes and a total of $1,850,198.00 of the funding will be paid out of proceeds from series 2018 Special Assessment Revenue Bonds issued in connection with Public Improvement District (PID) No. 17, Rock Creek Ranch, which was created in 2016 to assist with the funding of infrastructure for the development.
Staff recommends execution of a Community Facilities Agreement with the Developer to construct the project to its ultimate configuration. The work is anticipated to begin after the approval of this M&C.
This project is located in COUNCIL DISTRICT 6.
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| FISCAL INFORMATION/CERTIFICATION: |
The Director of Finance certifies that funds are available in the current capital budgets, as appropriated, in the Developer Contribution Fund and in the Series 2018 Special Assessment Revenue Bonds Fund. Prior to an expenditure being incurred, the participating department has the responsibility to validate the availability of funds. |
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| Submitted for City Manager's Office by: |
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