HomeMy WebLinkAboutResolution No. 08-062
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 08-Du~
A RESOLUTION OF THE CITY OF THE COLONY, TEXAS,
APPROVING THE THIRD AMENDMENT TO THE
DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE
COLONY AND WYNNWOOD PENINSULA, LTD. AND MSW
WYNNWOOD, LLC.; AUTHORIZING THE MAYOR TO
EXECUTE THE AMENDMENT; PROVIDING AN EFFECTIVE
DATE
WHEREAS, On April 19, 2004 the City entered into a Developer's Agreement
concerning future development of Wynnwood Peninsula; and
WHEREAS, the City and Wynnwood Peninsula, Ltd. and MSW Wynnwood,
LLC, desire to amend the original Developer's Agreement by providing for a refund of
wastewater impact fees and the reimbursement of the costs for engineering design of the
wastewater lift station located at 3422 Millbank and the associated 16-inch force main.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF THE COLONY, TEXAS:
Section I. The Third Amendment to the Developer's Agreement, which is attached
and incorporated hereto as Exhibit "A", having been reviewed by the City Council of the
City of The Colony, Texas, and found to be acceptable and in the best interest of the City
and its citizens, be, and the same is hereby, in all things approved, and the Mayor is hereby
authorized to execute the Amendment on behalf ofthe City of The Colony, Texas.
Section 2. That this Resolution shall take effect immediately from and after its
adoption and it is so resolved.
PASSED, APPROVED and EFFECTIVE this 7th day of July,
2008.
APPROVED AS TO FORM:
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Robert E. Hager, City At orney
n Dillard, Mayor
ty of The Colony, Texas
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nstle WIlson, CIty Secretary
STATE OF TEXAS
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THIRD AMENDMENT
TO THE DEVELOPER'S AGREEMENT
BETWEEN THE CITY OF THE COLONY AND
WYNNWOOD PENINSULA, LTD. AND
MSW WYNNWOOD, LLC.
COUNTY OF DENTON
This third Amendment ("AMENDMENT") is made to the Developer's
("AGREEMENT") entered into by and between the City of The Colony, Texas ("CITY") and
Wynnwood Peninsula, Ltd. and MSW Wynnwood, LLC as assigned to Wynnwood Peninsula
Venture (collectively "DEVELOPER") acting by and through their authorized representatives.
RECITALS:
WHEREAS, the CITY and Wynnwood Peninsula, Ltd. and MSW Wynnwood, LLC
entered into a Developer's Agreement on or about the 19th day of April, 2004 ("Original
Agreement") concerning the future development of Wynnwood Peninsula within the corporate
limits of the City of The Colony; and
WHEREAS, on or about April 3, 2006 the CITY approved the assignment of the rights
and obligations of the DEVELOPER under the Original Agreement to Wynnwood Peninsula
Venture, a Texas partnership; and
WHEREAS, MSW Wynnwood Holdings, Ltd., Managing Venture and WI] Tribute,
Ltd., Managing Venturer are co-venturers under Wynnwood Peninsula Venture; and
WHEREAS, the Agreement was amended in 2006 and subsequently in 2008; and
WHEREAS, the parties desire to amend the Original Agreement, as amended, by
providing for a refund of wastewater impact fees, and the reimbursement of the costs for
engineering design of the wastewater lift station located at 3422 Millbank, The Colony, Texas
75056 and the associated 16-inch force main; and
WHEREAS, the DEVELOPER participated in the cost of the construction of certain
public improvements within the City of The Colony to wit: the wastewater lift station located at
3422 Millbank, The Colony, Texas 75056, and the associated 16-inch force main that conveys
wastewater from this lift station to the City's Stewart Creek Wastewater Treatment Plant that
will serve the Property (the "Project") and was paid for by the Developer; and
WHEREAS, in consideration of Developer's construction of the Project, the City shall
refund future payments of impact fees in favor of the DEVELOPER in an amount not to exceed
$1,323,356.91 for the construction of wastewater facilities; and
NOW, THEREFORE, for and in consideration of the above and foregoing premises,
and other good and valuable consideration, the sufficiency and receipt of which are hereby
DEVELOPMENT AGREEMENT - PAGE 1
26883
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acknowledged, the Parties hereby agree as follow:
ARTICLE I
Agreement
1.1 Proiect Construction.
A. The Developer agreed to pay an amount equal to sixty-eight percent (68%) of the
total actual cost of construction of the Project in accordance with the Construction
Documents. The Project was constructed after City approval of the Construction
Documents and receipt of all necessary right-of-way dedication documents and other
permits necessary to commence construction and caused Completion of Construction of
the Project.
B. The City agrees at the end of each calendar quarter to refund sixty-eight percent
(68%) of the collected wastewater impact fees, if any, for the property described in
Exhibit "B" of the original agreement in an amount not to exceed the maximum amount
of impact fees assessed and collected for wastewater capital improvements; however, in
no event shall the refund of impact fees to developer exceed the amount provided which
is the maximum amount of assessed and collected wastewater and in no event shall such
reimbursement exceed of $1,323,356.91. The Parties further acknowledge the past
payments made under the provisions of this Agreement and that the amounts previously
paid shall be applied and credited to the total reimbursement provided herein.
C. The City will reimburse the Developer $137,741 for 32-percent of the cost of the
engineering services for design of the Project. This amount will be credited against the
$300,000 the Developer shall pay the City as contribution for sanitary line easement
expenses in accordance with Section 2 (8) (x) of the original agreement, resulting in a
payment of $162,259 from the Developer to the City for sanitary sewer line easement
costs.
ARTICLE II
That except as amended herein, the terms and conditions of the Original Agreement, as
previously amended, shall remain in full force and effect.
SIGNED AND EFFECTIVE on the date last set forth below.
WYNNWOOD PENINSULA VENTURE
MSW WYNNWOOD HOLDINGS, LTD.
MANAGING VENTURE
By: Its General Partner
DEVELOPMENT AGREEMENT - PAGE 2
26883
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MSW ~OOD J!::!fIN?} GP., LLC
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Date: 07. /'1. 0'/
WI] TRIBUTE, LTD.,
MANAGING VENTURER
By: WI] TRIBUTE MANAGEMENT, LLC
Its General Partner
By: GlA.. ......~.v rYl~
Its: S. f<. y fJ
Date: 7/1"108
CITY OF THE COLONY, TEXAS
By:
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Date: ~7"::.;)..o 0 1;
ATTE}1:J
By: (!J.~~ W~Y'
Christie Wilson, TRMC, City Secretary
APPROVED AS TO FORM:
By:
DEVELOPMENT AGREEMENT - PAGE 3
26883