Authorize Execution of Development Agreement and Community Facilities Agreement with Sun Valley Industrial Park, L.P., Sun Valley Properties, L.P., South Loop 820, L.P., Mosson L.P., 5301 Sun Valley Drive, L.P., SM Equities, LLC, and Sun Valley Developers, LLC, with an Estimated Project Amount of $2,978,864.81, with City Participation in an Amount Not to Exceed $2,300,000.00 for the Construction and Oversizing of a Public Regional Stormwater Detention Facility (COUNCIL DISTRICT 5)

It is recommended that the City Council authorize execution of a Development Agreement and Community Facilities Agreement with Sun Valley Industrial Park, L.P., Sun Valley Properties, L.P., South Loop 820, L.P., Mosson L.P., 5301 Sun Valley Drive, L.P., SM Equities, LLC., and Sun Valley Developers, LLC, in the estimated amount of $2,978,864.81 with City Participation in an amount not to exceed $2,300,000.00 for the construction and oversizing of a public regional stormwater detention facility to serve the Sun Valley Industrial Park and anticipated future development in the surrounding area.

Sun Valley Industrial Park, L.P., Sun Valley Properties, L.P., South Loop 820, L.P., Mosson L.P., 5301 Sun Valley Drive, L.P., and SM Equities, LLC, and Sun Valley Developers, LLC (Developers), intend to develop their properties located in the Sun Valley Industrial Park area of the City of Fort Worth as depicted on the map attached to this Mayor and Council Communication (M&C). Detailed Stormwater detention modeling was performed by Dunaway Associates, L.P., to design a regional detention basin that will provide mitigation of flooding conditions for Developers' properties and other properties located in the Southern Sub-Region of Sun Valley Industrial Park. The detailed drainage study determined that Developer's proportional share of the cost of the regional stormwater detention facility is 25 percent and the City's share of the cost is 75 percent.

The regional stormwater detention facility will be constructed by Developers pursuant to a Community Facilities Agreement and will be publicly bid. The regional detention facility will be a public facility owned by the City of Fort Worth. As part of the agreement, the Developers will donate 3.361 acres of land to the City. A formal appraisal has determined that the value of the 3.361 acres is $3.31 per square foot, for a total land value of $484,601.08. The Developers are also contributing engineering design costs for the project. The Developers will receive credit towards their 25 percent of the cost of the regional stormwater detention facility for the value of the donated land and the engineering cost.

Developers are also constructing a private linear detention pond to serve Developers' properties located in the Northern Sub-Region of Sun Valley Industrial Park. The City will not participate in the cost of the linear detention pond. Both the linear detention pond and the regional detention facility will provide stormwater mitigation benefits for Developers' properties when they are developed in the future.

The City and Developers desire to execute a Development Agreement to establish the duties and responsibilities of the parties and the benefits conferred by the regional detention facility and the private linear detention pond.

The major terms of the Development Agreement with regard to the regional stormwater detention facility are:

(1) The City's share of the cost is 75 percent and the Developers' share is 25 percent. However, the City's participation shall not exceed $2,300,000.00 and Developers will be responsible for any cost that exceeds that amount.
(2) The regional stormwater detention facility will be owned by the City and the lot where the facility is located will be transferred to the City after construction of the facility pursuant to a separate M&C.
(3) The City will be responsible for maintaining the regional stormwater detention facility. Developers, or a property owners association created by Developers, will adopt the regional detention facility in order to provide enhanced landscaping and maintenance for the facility. Through the adoption agreement, Developers will maintain the pre-cast screening wall on the lot, the decorative fencing surrounding the facility and may plant and maintain trees, shrubs, and other plantings.
(4) The mitigation benefits provided by the regional stormwater detention facility to Developers' properties will run with land and be transferable by Developers to future purchasers of Developers' properties.

The estimated cost of the regional stormwater detention facility is depicted below. The reimbursement of the City participation, excluding inspection and material testing fees, is not a lump-sum amount and may differ depending upon the bids received and the actual quantities from the Notice of Final Completion Package, commonly referred to as the Green Sheet Package.

The major terms of the Development Agreement with regard to the private linear detention pond are:

(1) The City will not participate in the cost of the linear detention pond.
(2) The Developers owning the lots where the pond is located will execute a Stormwater Facility Maintenance Agreement whereby they will be responsible for maintaining the linear detention pond. The Developers may contract with a property owners association created by the Developers to provide the maintenance.
(3) The mitigation benefits provided by the linear detention pond to Developers' properties will run with land and be transferable by Developers to future purchasers of Developers' properties.

The anticipated operating impacts for proposed City maintenance responsibilities for the public regional stormwater detention facility are expected to be less than $5,000.00 annually.

This development is located COUNCIL DISTRICT 5.