HomeMy WebLinkAboutORDINANCE 6109113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Ordinance: 6109
File Number: 2018-0612
BUFFINGTON WEIR, LLC COST SHARE AGREEMENT:
AN ORDINANCE TO WAIVE THE REQUIREMENTS OF FORMAL COMPETITIVE BIDDING AND
APPROVE A COST SHARE AGREEMENT WITH BUFFINGTON WEIR, LLC FOR BUFFINGTON
WEIR, LLC'S CONTRACTOR TO CONSTRUCT THE FULLY LANDSCAPED BOULEVARD
SECTION OF RUPPLE ROAD AND ACCOMPANYING MULTI -USE TRAIL ALL THE WAY
THROUGH THEIR PROPERTY UPON FREELY DEDICATED RIGHT OF WAY WITH THE
ESTIMATED AMOUNT TO BE PAID BY THE CITY OF FAYETTEVILLE NOT TO EXCEED
$2,295,267.72 UPON THE ANNEXATION, REZONING AND DEVELOPMENT APPROVAL OF
BUFFINGTON WEIR, LLC'S PROPERTY PURSUANT TO THE FAYETTEVILLE PLANNING
DEPARTMENT'S RECOMMENDATIONS DETAILED IN THE AGREEMENT AND TO AUTHORIZE
MAYOR JORDAN TO SIGN THE AGREEMENT
WHEREAS, Buffington Weir, LLC desires to purchase about 68 acres from the McFarland Family Trust
along the designed route of Rupple Road if the property would be annexed into Fayetteville and be
rezoned and approved for development pursuant to the Planning Department's recommendations; and
WHEREAS, the City of Fayetteville would benefit from the Buffington Weir, LLC's annexation,
development, dedication of Rupple Road right of way dedication and cost share using the developer's
construction company to extend Rupple Road further North as part of the interior "Mayor's Box"
boulevard to relieve traffic congestion from I-49 intersections with Martin Luther King Boulevard,
Wedington Boulevard and Porter Road and to help Fayetteville citizens and others better access Uptown
Fayetteville's commercial and restaurant areas from the West without having to utilize I-49; and
WHEREAS, waiving formal competitive bidding and using Buffington Weir, LLC's construction
Page 1 Printed on 11/9/18
Ordinance: 6109
7e Nunz r - 201 R-0
company at a guaranteed maximum cost that is less than our Engineering Department's estimated cost
if it was to be formally bid out will save time and substantial cost by utilizing the developer's contractor
who will be on-site constructing streets for the developer's project.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby determines an
exceptional situation exists in which competitive bidding is deemed not feasible or practical and
therefore waives the requirements of formal competitive bidding and approves a Cost Share Agreement
with Buffington Weir, LLC for the complete construction of Rupple Road Boulevard and accompanying
multi -use trail pursuant to conditions, instructions and location agreed by the Fayetteville City Engineer
through its property with the estimated amount to be paid by the City of Fayetteville not to exceed
$2,295,267.72, for Buffington Weir, LLC to dedicate all necessary right of way for Rupple Road
through its 68 acre parcel upon the annexation and agreed rezoning of their property, and for both parties to
abide by all other terms and conditions of their Cost Share Agreement.
PASSED and APPROVED on 11/8/2018
Approved:
Attest:
Sondra E. Smith, City Clerk Treasurer t���F,�`•� gSf'�•
;FAYETTEVILLE:;
.'
�h 0cJ�.'tti`'�,
Page 2 Printed on 1115/18
City of Fayetteville, Arkansas
1
- 1 Text File
File Number: 2018-0612
Agenda Date: 11/8/2018 Version: 1
In Control: City Council Meeting
Agenda Number: D. 8
BUFFINGTON WEIR, LLC COST SHARE AGREEMENT:
AN ORDINANCE TO WAIVE THE REQUIREMENTS OF FORMAL
APPROVE A COST SHARE AGREEMENT WITH BUFFINGTON
WEIR, LLC'S CONTRACTOR TO CONSTRUCT THE FULL
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
YStatus: Passed
File Type: Ordinance
COMPETITIVE BIDDING AND
WEIR, LLC FOR BUFFINGTON
LANDSCAPED BOULEVARD
SECTION OF RUPPLE ROAD AND ACCOMPANYING MULTI -USE TRAIL
THROUGH THEIR PROPERTY UPON FREELY DEDICATED RIGHT OF
ESTIMATED AMOUNT TO BE PAID BY THE CITY OF FAYETTEVILLE
ALL THE WAY
WAY WITH THE
NOT TO EXCEED
$2,295,267.72 UPON THE ANNEXATION, REZONING AND DEVELOPMENT APPROVAL OF
BUFFINGTON WEIR, LLC'S PROPERTY PURSUANT TO THE FAYETTEVILLE PLANNING
DEPARTMENT'S RECOMMENDATIONS DETAILED IN THE AGREEMENT AND TO AUTHORIZE
MAYOR JORDAN TO SIGN THE AGREEMENT
WHEREAS, Buffington Weir, LLC desires to purchase about 68 acres from the McFarland Family Trust
along the designed route of Rupple Road if the property would be annexed into Fayetteville and be rezoned
and approved for development pursuant to the Planning Department's recommendations; and
WHEREAS, the City of Fayetteville would benefit from the Buffington Weir, LLC's annexation, development,
dedication of Rupple Road right of way dedication and cost share using the developer's construction company
to extend Rupple Road further North as part of the interior "Mayor's Box" boulevard to relieve traffic
congestion from I-49 intersections with Martin Luther King Boulevard, Wedington Boulevard and Porter Road
and to help Fayetteville citizens and others better access Uptown Fayetteville's commercial and restaurant
areas from the West without having to utilize 1-49; and
WHEREAS, waiving formal competitive bidding and using Buffington Weir, LLC's construction company at a
guaranteed maximum cost that is less than our Engineering Department's estimated cost if it was to be formally
bid out will save time and substantial cost by utilizing the developer's contractor who will be on-site
constructing streets for the developer's project.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby determines an exceptional
situation exists in which competitive bidding is deemed not feasible or practical and therefore waives the
requirements of formal competitive bidding and approves a Cost Share Agreement with Buffington Weir, LLC
City of Fayetteville, Arkansas Page 1 Printed on 11/912018
File Number.' 2018-0612
for the complete construction of Rupple Road Boulevard and accompanying multi -use trail pursuant to
conditions, instructions and location agreed by the Fayetteville City Engineer through its property with the
estimated amount to be paid by the City of Fayetteville not to exceed $2,295,267.72, for Buffington Weir,
LLC to dedicate all necessary right of way for Rupple Road through its 68 acre parcel upon the annexation and
agreed rezoning of their property, and for both parties to abide by all other terms and conditions of their Cost
Share Agreement.
City of Fayetteville, Arkansas Page 2 Printed on 111912018
City of Fayetteville Staff Review Form
2018-0612
Legistar File ID
11/8/2018
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Garner Stoll 10/23/2018 CITY PLANNING (630)
Submitted By Submitted Date Division / Department
Action Recommendation:
ADMINISTRATIVE ITEM (NORTH OF N. RUPPLE RD./MCFARLAND FAMILY TRUST, 244): Submitted by CITY STAFF for
properties located NORTH OF N. RUPPLE ROAD. The properties are in the FAYETTEVILLE PLANNING AREA and
contain approximately 68.65 acres. The request is for a cost -share agreement in association with an annexation.
Budget Impact:
Account Number Fund
Project Number Project Title
Budgeted Item? NA Current Budget $
Funds Obligated $ 1
—.1
Current Balance $ _ -
Does item have a cost? No Item Cost
Budget Adjustment Attached? NA Budget Adjustment
Remaining Budget
V20180321
Purchase Order Number: Previous Ordinance or Resolution #
Change Order Number: Approval Date:
Original Contract Number:
Comments:
CITY OF
_ FAYETTEVILLE
ARKANSAS
MEETING OF NOVEMBER 8, 2018
TO: Mayor and City Council
THRU: Garner Stoll, Development Services Director
FROM: Jonathan Curth, Senior Planner
Andrew Garner, City Planning Director
DATE: October 23, 2018
CITY" COUNCIL MEMO
SUBJECT: ADMINISTRATIVE ITEM (NORTH OF N. RUPPLE RD./MCFARLAND FAMILY
TRUST, 244): Submitted by CITY STAFF for properties located NORTH OF N.
RUPPLE RD. The properties are in the FAYETTEVILLE PLANNING AREA and
contain approximately 68.65 acres. The request is for a cost -share agreement in
association with an annexation.
RECOMMENDATION:
The City Planning staff recommend approval of a request to annex the property described and
shown in the attached Exhibits 'A' and 'B', subject to a cost -share agreement with the developer,
Buffington Wier, LLC, as follows:
1. Sufficient right-of-way shall be dedicated by the developer upon annexation as designated
by the City Engineer to construct and use for the planned extension of Rupple Road;
2. The developer shall either construct the full boulevard section of Rupple Road through the
parcel, with payment of its proportionate share (6.59%) for engineering and construction
up to 150% of the estimated $1,638,131.00 cost, or pay its proportionate share should the
City of Fayetteville construct the portion of Rupple Road first;
3. Upon approval of development proposal, park land easements and trail rights-of-way shall
be donated and dedicated, which can be claimed as credits for park land dedication if
conveyed fee simple;
4. Upon final plat approval, conservation and tree easements will be dedicated or donated;
and
5. The 4.24 acre parcel proposed for rezoning to NS -G, Neighborhood Services, General,
shall not permit residential development or uses on the ground floor. Residential uses are
permitted on the second floor.
BACKGROUND:
The subject property constitutes approximately 69 acres bordered on the north and west by
unincorporated Washington County land and Fayetteville corporate city limits on the east and
south. The property is developed with two single-family homes, one of which was built in 1916
and the other in 1985. The property has access to both City water and sanitary sewer. Currently,
the zoning designation on the property is Washington County Ag/SF Res 1 unit/ac, which allows
for agricultural and single-family uses on lots of no less than one acre.
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
Request: Staff requests Council consideration and approval of the attached cost share agreement
in association with ANX 17-5990, an annexation request for 68.65 acres northwest of Fayetteville
in unincorporated Washington County.
DISCUSSION:
On November 27, 2017, the Planning Commission denied the applicant's request to annex the
property in to the City of Fayetteville by a vote of 8-1-0. Commissioner Noble voted 'no'. The
applicant has appealed the Planning Commission's decision to the City Council along with an
amended request to rezone the same property.
On January 16, 2018, The City Council tabled the request indefinitely at the request of the
applicant. At the meeting two members of the public spoke, expressing concern about potential
traffic and a desire to keep the City Plan 2030 goals in mind during any future negotiation.
BUDGET/STAFF IMPACT:
N/A
Attachments:
• Exhibit A
COST SHARE AGREEMENT
The City of Fayetteville ("City") and Buffington Weir, LLC (`Buffington")
enter into this Cost Share Agreement concerning the Buffington Weir, LLC's
(soon to be acquired) property of approximately 68 acres adjoining the city limits
of Fayetteville and along the proposed location of the expansion of Rupple Road.
WHEREAS, Buffington Weir, LLC would like to purchase and annex a parcel
containing approximately 68 acres (hereinafter which may be referred to as its
"parcel") into the City of Fayetteville so it may be more efficiently and
economically developed; and
WHEREAS, the McFarland Family Trust (current owner) has secured the
authorization of the Washington County Judge to permit such annexation of the
parcel into Fayetteville; and
WHEREAS, the McFarland Family Trust has an agreement to sell the land to
Buffington Weir, LLC after the City's approval of the annexation, rezoning and a
preliminary plat as recommended by the Planning Department; and
WHEREAS, Buffington Weir, LLC has offered to donate and dedicate sufficient
right of way for the planned expansion of Rupple Road including a multi -use trail
along its property's eastern border and enter into this Cost Share Agreement for the
engineering and construction of the Rupple Road Boulevard section and multi -use
trail all the way through its parcel by its own engineer and construction company
paying for its fair- share of the engineering and construction costs based upon
anticipated usage with the City paying the remainder, but not to exceed a total of
Two Million Two Hundred Ninety -Five Thousand Two hundred Sixty -Seven
Dollars and seventy-two cents ($2,295,267.72); and
WHEREAS, Buffington Weir, LLC has offered to preserve the natural habitat in
certain areas and to allow for the extension of parks and trails to expand
Fayetteville's trail networl< and parkland areas to better serve this part of the City;
and
WHEREAS, the City ol'Fayetteville welcomes such annexation request with such
offers of right of way dedication, construction of the portion of Rupple Road
Boulevard with multi -use trail that goes through the parcel, conservation and tree
preservation easements.
Page 1 of"I
NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREED BY THE
CITY OF FAYETTEVILLE, ARKANSAS AND BUFFINGTON WEIR,
LLC:
(A) The City of Fayetteville agrees:
(l) To approve the request of the McFarland Family Trust and/or Buffington Weir,
LLC to annex its parcel totaling approximately 68 acres into Fayetteville.
(2) To rezone this property to ensure that Buffington Weir, LLC's property will be
able to utilize a mix of the residential zoning designations Residential Single
Family 4 units per acre (RSF-4) and Neighborhood Conservation (NC) pursuant
to the recommendation of the Planning Department.
(3) To approve a request from the Buffington Weir, LLC to rezone an approximately
4.24 acre parcel adjoining the intersection of the proposed Rupple Road and the
extension of Lierly/Weir Road to Neighborhood Services General (NS -G) which
allows for a commercial node development with shops, restaurants, cafes, coffee
shops, ice cream shops, etc. to serve this residential development and the
surrounding residential neighborhoods.
(4) To accept from Buffington Weir, LLC a donation or dedication to the City of
Fayetteville of sufficient right of way along the property as identified and
designed by the City Engineer so that the City of Fayetteville or Buffington Weir,
LLC may construct and use the planned extension of Rupple Road with multi -use
trail. (See attached general plan.)
(5) If the citizens vote to renew the one cent sales and use tax bond program with
money for roads and streets in 2019, the City of Fayetteville agrees to use
proceeds from the bond program to reimburse Buffington Weir, LLC 93.41% of
its actual costs to engineer and construct Rupple Road as a full boulevard with
multi -use trail through its property as approved by the City Engineer up to a
guaranteed maxima n of Two Million Two Hundred Ninety -Five Thousand Two
Hundred Sixty -Seven Dollars and seventy-two cents ($2,295,267.72). These
reimbursements shall be made as Buffington Weir, LLC pays its contractor and
engineer as this boulevard project progresses toward completion and provides
adequate proof thereof to the City in a monthly or quarterly manner.
(B) Buffington Weir, LLC agrees:
(1) Upon purchasing the approximate 68 acres fi-om the McFarland Family
'I rust and the parcel's annexation, rezoning and development approval as
recommended by the City Planning Department, Buffington Weir_ I_.LC
will donate or dedicate to the City of Fayetteville sufficient right of way
Pace 2 of 4
along its property as identified and designated by the City Engineer to
construct and use for the planned extension of Rupple Road as a full
boulevard with accompanying multi -use trail. (See attached general plan
(2) If the citizens renew the one cent sales and use tax bond program in 2019
with money for roads and streets, Buffington Weir, LLC promises to and
will construct the full boulevard section of Rupple Road with
accompanying multi -use trail all the way through its parcel prior to Final
plat approval. Buffington Weir, LLC agrees that it will pay its
proportionate share (6.59%) of the engineering and construction costs up to
150% of its engineer's estimate of $1,638,131.00 and 100% of any
engineering or construction costs in excess of that amount so that the City
of Fayetteville's guaranteed maximum amount of this cost shall not exceed
Two Million Two Hundred Ninety -Five Thousand Two Hundred Sixty -
Seven Dollars and seventy-two cents ($2,295,267.72). Buffington Weir,
LLC acknowledges and agrees that this construction and cost requirement
is roughly proportional to the impact the proposed development will have
on the City's existing infrastructure and the need to serve the citizens
within the new subdivision.
(3) If the City constructs Rupple Road as a boulevard and the multi -use trail on
the donated or dedicated right of way prior to Buffington Weir, LLC
constructing its portion of the road and trail, Buffington Weir, LLC agrees
to reimburse the City for its proportionate share (6.59%) of the engineering
and construction costs in addition to the voluntary free dedication of the
right of way. -
(4) If the citizens fail to renew the one cent sales and use tax bond program
with money for roads and streets in 2019 and the City does not offer to use
other resources to fully fund the City's portion for the boulevard section
through the property, Buffington Weir, LLC may develop its property by
constructing at its own cost only one side of the Rupple Road boulevard
section as a local street through its property and does not have to construct
the multi -use trail or planted median to fulfill its street construction
requirements for its final plat.
(5) Upon the approval of the Buffington's initial development proposal,
Buffington will donate and dedicate park land easements and trail right of
ways. Buffington shall be entitled to claim park land dedication credits for
all such donated or dedicated parks & trails right of way if conveyed in fee
simple to the City.
Pagc 3 ol'4
(C) Upon the approval of Final Plat by the City of Fayetteville, Buffington will
donate or dedicate conservation and tree preservation easements.
(7) The approximate 4.24 acre parcel proposed for rezoning to NS -G,
Neighborhood Services, General shall not allow any residential
development or use on the ground floor. Residential use may be allowed
on the second floor and above.
IN AGREEMENT with all of the terms, conditions, duties, and promises above,
we sign our names below as the legal and proper signatories for the City of
Fayetteville and Buffington Weir, LLC. This Cost Share Agreement shall be
effective on the date of its final execution by all parties.
CITY OF FAYETTEVILLE, ARKANSAS
r
By • Date: %/ : /y- alb% Y
Lioneld,� r n, ]Mayor
ATTEST: „ r, Date: i -��%0�[7/Y
Sondra E. Smith, City Clerj �uT*ro
06,
'r -AYE �rn�
]7EUlLI_
BUFFING 16 �q-sWEIR Ik,'
#rte +��y5�
A Date:
Printed name
By: —_ 6 --
Signature
Page 4 of'4
o,23 -/fig
ee
Title/Management position
Crafton Tull
axchileclure I engineering I surveying
300 North College Ave, Suite 317, Fayetteville, AR 72701
479.636.4838
Preliminary Quantity Takeoff
For Rupple Road
Boulevard Section - 24' BIB (X2), 1,904 L.F., 12' Trall, S' Sidewalk (See Attached)
SITEWORK
Earthwork
Clear and Grub
Onsfte Cut Material
Select FII!
Sub -total
UTILITIES
Storm Drainage
18" RCP Class III
24" RCP Class III
30" RCP Class III
36" RCP Class III
Drainage Structures
4' Clameter Reinforced Concrete Curb Inlet
6 Diameter Reinforced Concrete Curb Inlet
4' Curb Inlet Extension
8' Curb Intel Extension
Sub -total
STREETS & PAVING
Pavements
2" ACHM Surface Course
3" ACHM Base Course
B" Class 7 Aggregate Base Course
Curb and Gutter
6 Sidewalk (West Side Only)
Sub -total
October 23, 2018
Weir/ Rupple Road Subdivlson
Fayetteville, AR
Oliantity Unit Unit Cost Total
2.4 tAC
S&F,fl4a.o0 i
13, 373 7.Q0 $83,611.00
_- --
15.378 it -.-Y. 515.aa. I _ anon, r ..n
$333,$a1,Do -
-- 10.4-42 S.Y. _ Tl 5. Siss,834.v0
10;442 S.Y. $17.00 $177,514.00
11,267 S.Y $10.00 T- $112 6?0 00
t12fi70.00
7;424 L.F. ---
F ;4.00 �$103,936.00
1,1 $45.01 -
—
$504,345.00
Misc.
_$52.00
.� ^SM.640.00 rt
_ 925 L
_ 925 ,L.,F.
-- _ '
- --`-
12 Ir4CW
--•- •
^ $948.00
$72,150.00
Signage
Sin a
Trail - 12' Regular Section (4" Thickness)
57$.00
675 L. F. _ _
_
$85,00
_ _ _$64.125.00
~�— 87EAC-H
a- [EACH -�__..
_ t 52 s5a.0o
�a,z7s.0a
Striping
-
12 (EACH_
$t#?0.p0
51,800.00
_
_.....
$1,000.00
—
$[1.000,00
_
$6.440.00
_a
7,690 SY
_ _..__ ...
$3.00
$
—
$313,375.00
-- 10.4-42 S.Y. _ Tl 5. Siss,834.v0
10;442 S.Y. $17.00 $177,514.00
11,267 S.Y $10.00 T- $112 6?0 00
t12fi70.00
7;424 L.F. ---
F ;4.00 �$103,936.00
1,1 $45.01 -
—
$504,345.00
Misc.
Handicap Ramps
- --`-
12 Ir4CW
--•- •
^ $948.00
— —��
$11.340.00 r
Signage
Sin a
Trail - 12' Regular Section (4" Thickness)
10 E�4CH
2,443 SY
0.00
$45.00
$3,500.00
$10.9,935._0.0
4' Class 7 Aggregate Base Course (Trail)
k _
$77,154.00
Striping
.... _
1 l.5
....
$15,000000
-
- - -
515.000.00
Slreeliights
- _
_ EACH
_.....
$1,000.00
—
$[1.000,00
Sod IS BOC, Greenspace Areas)
_a
7,690 SY
_ _..__ ...
$3.00
$
$23,040.0[]
Street reel
-
52 EACH
.._ ......
$300.00
$15,600,00
Irrigation
1 'LS
$.15,00_0.00
x15,000.00
Quadd Electrical Caidult InstoElartnn
544 -L.F,
) SE5.1]
$18,040.00
Sub -,neat
$237,609.00
Subtotal
Engineering $1,489,210.00
TOTAL $148,921.00
$1,638,131.00
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RECEIVED
DEC 112018
117Y OF FAYEMMUE—
mc'0"cffl`NoRTHwEsT
♦ 1
Demomt i t
^"'.0.6,01X 1607. FAYE'?EVILLE, AR, 72702 - 479-442-1700 -FAX: 479-695-1118 • 4'4!`.;JW^dWAD&COM
AFFIDAVIT OF PUBLICATION
I Cathy Wiles, do solemnly swear that I am the Legal Clerk of the
Northwest Arkansas Democrat -Gazette, printed and published in
Washington County and Benton County, Arkansas, and of bona fide
circulation, that from my own personal knowledge and reference
to the files of said publication, the advertisement of:
CITY OF FAYETTEVILLE
Ord 6109
Was inserted in the Regular Edition on:
November 22, 2018
Publication Charges: $ 184.60
Cathy Wiles
Subscribed and sworn to before me
This S+- day of pu , 2018.
Notary Public
My Commission Expires: j_fb-ZS
**NOTE**
Please do not pay from Affidavit.
Invoice will be sent.
Ordinance: 6109
File Number: 2018-0612
BUFFINGTON WEIR, LLC COST SHARE
AGREEMENT:
AN ORDINANCE TO WAIVE -THE
REQUIREMENTS OF FORMAL
COMPETITIVE BIDDING AND APPROVE A
COST SHARE AGREEMENT WITH
BUFFINGTON WEIR, LLC FOR
BUFFINGTON WEIR, LLC'S CONTRACTOR
TO CONSTRUCT THE FULLY
LANDSCAPED BOULEVARD SECTION OF
RUPPLE ROAD AND ACCOMPANYING
MULTI -USE TRAIL ALL THE WAY
THROUGH THEIR PROPERTY UPON
FRE=ELY DEDICATED RIGHT OF WAY
WITH THE ESTIMATED AMOUNT TO BE
PAID BY THE CITY OF FAYETTEVILLE
NOT T'O EXCEED $2,295,267.72 UPON THE
ANNEXATION, REZONING AND
DEVELOPMENT APPROVAL OF
BUFFINGTON WEIR, LLC'S PROPERTY
PURSUANT TO THE FAYETTEVILLE
PLANNING DEPARTMENT'S
RECOMMENDATIONS DETAILED IN THE
AGREEMENT AND TO AUTHORIZE
MAYOR JORDAN TO SIGN THE
AGREEMENT
WHEREAS, Buffington Weir, LLC desires to
purchase about 68 acres from the McFarland
Family Trust along the designed retire of Rupple
Road if the property would be annexed into
Fayetteville and be rezoned and approved for
development pursuant to the Planning
Department's recommendations; and
WHEREAS, the City of Fayetteville would
benefit from the Buffington Weir, LLC's
annexation, development, dedication of Rupple
Road right of way dedication and cost share
using the developer's construction company to
extend Rupple Road further North as part of the
interior "Mayor's Box" boulevard to relieve
traffic congestion from 1-49 intersections with
Martin Luther King Boulevard, Wedingion
Boulevard and Porter Road and to help
Fayetteville citizens and others better access
Uptown Fayetteville's commercial and restaurant
areas from the West without having to utilize I-
49; and
WHEREAS, waiving formal competitive
bidding and using Buffington Weir, LLC's
construction company at a guaranteed maximum'
cost that is less than our Engineering
Department's estimated cost if it was to be
formally bid out will save time and substantial
cost by utilizing the developer's contractor who
will be on-site constructing streets for the
developer's project.
NOW, THEREFORE, BE IT ORDAINED BY
THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of
Fayetteville, Arkansas hereby determines an
exceptional situation exists in which competitive
bidding is deemed not feasible or practical and
therefore waives the requirements of formal
competitive bidding and approves a Cost Share
Agreement with Buffington Weir, LLC for the
complete construction of Rupple Road
Boulevard and accompanying multi -use trail
pursuant to conditions, instructions and location
agreed by the Fayetteville City Engineer through
its property with the estimated amount to be paid
by the City of Fayetteville not to exceed
$2,295,267.72, for Buffington Weir, LLC to
dedicate all necessary right of way for Rupple
Road through its 68 acre parcel upon dee
annexation and agreed rezoning of their
property, and for both parties to abide by all
other teens and conditions of their Cost Share
Agreement.
PASSED and APPROVED on 11/8/2018
Approved:
Lioneld Jordan, Mayor
Attest:
Sondra E. Smith, City Clerk Treasurer
74754303 Nov. 22, 2018
Collateral Assignment and
Grant of Security Interest
and Cost Share Agreement
City of Fayetteville Staff Review Form between Buffington Weir,
LLC and Centennial Bank
2019-0780
Legistar File ID
N/A
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Blake Pennington 11/8/2019 CITY ATTORNEY (021)
Submitted By Submitted Date Division / Department
Action Recommendation:
Mayor's signature consenting to a Collateral Assignment and Grant of Security Interest in and to Cost Share
Agreement between Buffington Weir, LLC and Centennial Bank. Centennial Bank has asked Buffington Weir to
execute the document to obtain financing for its proposed development along Rupple Road and the City's consent
is required.
Account Number
Project Number
Budgeted Item? NA
Does item have a cost? NA
Budget Adjustment Attached? NA
Purchase Order Number:
Change Order Number:
Original Contract Number:
Comments:
Budget Impact:
Current Budget
Funds Obligated
Current Balance
Item Cost
Budget Adjustment
Remaining Budget
Fund
Project Title
$
0
V20180321
Previous Ordinance or Resolution # Ord 6109
Approval Date:
11/22/19
4
DEPAR'rMENTAL CORRESPONDENCE
OFFICE OF THE
CITY ATTORNEY
TO: Mayor Jordan
FROM: Blake Pennington, Assistant City Attorney
DATE: November 8, 2019
Kit Williams
City Attorney
Blake Pennington
Assistant City Attorney
Jodi Batker
Paralegal
RE: Collateral Assignment and Grant of Security Interest in and to Cost
Share Agreement
On November 8, 2018, the City Council approved an ordinance to waive
competitive bidding and authorize a Cost Share Agreement with Buffington
Weir, LLC for the extension of Rupple Road, contingent on a successful
annexation and rezoning of the property. You signed the Agreement on
November 14, 2018.
Buffington Weir, LLC is now requesting that the City of Fayetteville consent
to a Collateral Assignment and Grant of Security Interest in and to Cost
Share Agreement that its lender, Centennial Bank, has required to finance a
$4.2 million -dollar loan. The document would allow the bank to act in the
place of Buffington Weir with respect to the duties, obligations and benefits
conferred by the Cost Share Agreement in the event something happens to
the developer.
While this does not obligate the bank to perform what Buffington Weir has
agreed to, it does allow Buffington Weir to obtain financing for the project
and also provides that Centennial Bank may stand in the place of Buffington
Weir with respect to completing the project. Consenting, therefore, makes it
more likely that the entire project will be completed. It places no additional
obligations on the City and does not extend any benefit to Centennial Bank
unless Buffington Weir defaults on its loan payments.
Our office has reviewed the document and recommends consenting to the
Collateral Assignment and Grant of Security Interest in and to Cost Share
Agreement as requested by Buffington Weir and Centennial Bank.
Loan No. xxxxxxx1136
Type of Instrument: Collateral Assignment and Grant of
Security Interest in and to Cost Share Agreement
Assignor: Buffington Weir, LLC
Assignee: Centennial Bank
This Instrument Prepared By:
Waddell, Cole & Jones, PLLC
Attorneys at Law
P.O. Box 1700
Jonesboro, Arkansas 72403
After recording Return to:
Waddell, Cole & Jones, PLLC
Attorneys at Law
P.O. Box 1700
Jonesboro, Arkansas 72403
COLLATERAL ASSIGNMENT AND GRANT OF SECURITY
INTEREST IN AND TO COST SHARE AGREEMENT
THIS COLLATERAL ASSIGNMENT AND GRANT OF SECURITY INTEREST IN AND TO
COST SHARE AGREEMENT is made as of October Za, 2019, by and between BUFFINGTON
WEIR, LLC, an Arkansas limited liability company, P.O. Box 8519, Fayetteville, AR 72703
("Assignor") and CENTENNIAL BANK, an Arkansas banking corporation, P. O. Box 10890,
Fayetteville, AR 72703 ("Assignee").
WITNESSETH:
WHEREAS, Assignee has agreed to make a loan to Assignor in the sum of Four Million Two
Hundred Thirteen Thousand Two Hundred Sixty -Two and No/ 100 Dollars ($4,213,262.00) ("New
Loan"); and
WHEREAS, as an inducement for and in consideration of the New Loan from Assignee to
Assignor, Assignor has agreed to assign to Assignee all of Assignor's right, title, and interest in the Cost
Share Agreement, dated November 14, 2018, between Assignor and the City of Fayetteville, Arkansas
("City") for the Rupple Road Extension.
NOW, THEREFORE, for and in consideration of the mutual agreements and covenants herein
contained, IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO, as follows:
1. Assignment and Grant of Security Interest. To secure the payment and performance
of the New Loan and all obligations of Assignor under the Loan Documents for the New Loan, Assignor
hereby assigns, transfers, and conveys unto Assignee, and grants to Assignee a security interest in and to,
all of its right, title, and interest in and to the Cost Share Agreement. Assignor authorizes Assignee at
any time to file such financing statements necessary or desirable in Assignee's sole discretion to maintain
the perfection and priority of Assignee's lien and security interest.
2. Performance of Cost Share Agreement. Assignor agrees to faithfully abide by,
perform, and discharge each and every obligation, covenant, and agreement of Assignor under the Cost
Share Agreement.
3. Protect Security. Assignor agrees, at its sole cost and expense, to appear in and defend
any action or proceeding arising under, growing out of, or in any manner connected with the Cost Share
Agreement or the obligations, duties, or liabilities of Assignor thereunder and to pay all costs and
expenses of Assignee, including attorneys' fees in a reasonable sum, at any such action or proceeding in
which Assignee in its sole discretion may appear.
4. Representations and Warranties. Assignor hereby represents and warrants to
Assignee: (a) that it has full right and title to assign the Cost Share Agreement; (b) that no other
assignment of any interest therein has been made by Assignor; and (c) that there are no existing defaults
of a material nature by Assignor under the provisions of the Cost Share Agreement.
5. Absolute and Present Assignment. It is understood and agreed that the Assignment
granted herein shall constitute a perfected, absolute, and present assignment from Assignor to Assignee
and not an assignment for security purposes only.
6. Remedies Upon Event of Default. Assignor agrees that Assignee may upon and during
the occurrence and continuation of an Event of Default (as defined in the Loan Documents) and without
notice or demand of any kind, (a) notify the City to make payment to Assignee of any amounts due under
the Cost Share Contract; (b) in Assignor's name or Assignee's name enforce collection of any sums due
under the Cost Share Contract by suit or otherwise; (c) receive all proceeds of the Cost Share Contract
and apply such proceeds to the indebtedness evidenced by the New Loan and Loan Documents; and (d)
exercise and enforce any or all rights and remedies available upon default to a secured party under the
Uniform Commercial Code; and if notice to Assignor of any intended disposition of the Cost Share
Contract or any other intended action is required by law in a particular instance, such notice shall be
deemed commercially reasonable if given at least ten (10) calendar days prior to the date of intended
disposition or other action; and/or (e) exercise or enforce any or all other rights or remedies available to
Assignee by law or agreement against the Cost Share Contract, against Assignor or against any other
person or property.
7. Attorney -in -Fact. Assignor irrevocable authorizes Assignee: (a) upon the occurrence
and continuance of an Event of Default, to endorse and collect any cash proceeds of the Cost Share
Contract; and (b) to exercise any other rights or remedies hereunder and execute and deliver during the
term of this Assignment such instruments as Assignee may deem necessary to make this Assignment and
any further assignment effective. All acts of said attorney or designee in compliance with this
Assignment are hereby ratified and approved. The powers conferred on Assignee under this paragraph 7
are solely to protect Assignee's interests in the Cost Share Contract and shall not impose any duty upon
Assignee to exercise any such powers.
-2-
8. No Obligation Upon Assignee. Assignee's acceptance of this Assignment shall not
obligate Assignee to appear in nor defend any proceeding relating to the Cost Share Agreement, take any
action hereunder, expend any money, incur any expenses, or perform any obligation or liability under the
Cost Share Agreement. Notwithstanding the foregoing, should Assignor fail to perform, comply with, or
discharge any obligations of Assignor under the Cost Share Agreement, Assignee may, at its sole
discretion, and without waiving or releasing Assignor from any obligation contained in this Assignment
or the Loan Documents, remedy such failure and/or pay any remaining sums due under the Cost Share
Agreement. In such event, Assignor hereby agrees to repay upon demand any and all such sums incurred
by Assignee, together with interest at the rate then in effect under the terms of the Loan Documents. All
such sums, together with interest as aforesaid, shall become additional indebtedness due under the Loan
Documents and secured by the Loan Documents, but no such event shall be deemed to relieve Assignor
from any default hereunder or thereunder.
9. Assignor to Hold Assignee Harmless. Assignor shall and does hereby agree to
indemnify and hold Assignee harmless of and from any and all liability, loss, or damage which it may or
might incur under the Cost Share Agreement or by reason of this Assignment and of and from any and all
claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or
undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in
the Cost Share Agreement. Should Assignee incur any such liability, costs, or expenses in the defense of
any such claims or demands, the amount thereof, including costs, expenses, and reasonable attorneys'
fees, shall be added to the indebtedness evidenced by the Loan Documents and secured by the Loan
Documents and Assignor shall reimburse Assignee therefore immediately upon demand, and the
continuing failure of Assignor to do so shall constitute a default hereunder and an Event of Default under
the Loan Documents.
10. Collateral Assignment Satisfaction. Upon the payment in full of the indebtedness
evidenced by the Loan Documents, this Assignment shall without the need for any further satisfaction or
documentation become null and void and shall be of no further effect.
11. Successors and Assigns. This Assignment and each and every covenant, agreement,
and provision hereof shall be binding upon Assignor, and its successors and assigns, including, without
limitation, each and every record owner of Assignor or any other person or entity having an interest
therein and shall inure to the benefit of Assignee, and its successors and assigns. As used herein, the
words "successors and assigns" shall also be deemed to mean the heirs, executors, representatives, and
administrators of any natural person who is a party to this Assignment.
12. Governing Law. This Assignment shall be governed by the laws of the State of
Arkansas.
13. Validity Clause. It is the intent of the parties to this Assignment to confer to Assignee
the rights and benefits hereunder to the full extent allowable by law. The unenforceability or invalidity of
any provision hereof shall not render any other provision or provisions herein contained unenforceable or
invalid. Any provisions found to be unenforceable or invalid shall be severable from this Assignment
14. Notices. Any notices that any party hereto may desire or may be required to give any
other party shall be in writing and the mailing thereof by certified mail, or equivalent, to the respective
-3-
parties' addresses as set forth hereinabove or to such other place such party may by notice in writing
designate as its address shall constitute service of notice hereunder.
15. Defined Terms. All capitalized terms used herein shall have the same meaning assigned
such terms in the Loan Agreement executed by the parties of even date herewith, unless otherwise
indicated by the context hereof.
above.
IN WITNESS WHEREOF, the parties have executed this Assignment on the date first set forth
[SIGNATURE PAGE TO FOLLOW]
CE
ASSIGNOR:
BUFFINGTON WEIR, LLC
By: --gf�n�
Name: Mike Lamberth, a Member of Buffington Weir, LLC
NEVER STOP, LLC, Member of Buffington Weir, LLC
By Clayton C. Carlton Revocable Trust U/A/D 9/26/05,
Managing Member of Never Stop, LLC
/2/ Agt-'
By:
Claytonarlton, Trustee of Clayton C.
Carlton Vocable Trust U/A/D 9/26/05
VINTAGE HOLDINGS LLC, Member of Buffington Weir,
LLC
By The Michael Lane Buffington Trust U/A/D July 31,
2011, Member of Vintage Holdings LLC
By:
Michael Lan Buffington, Trustee of The
Michael Lane Buffington Trust U/A/D July 21,
2011
ASSIGNEE:
CENTENNIAL BANK
By:
Name: Chris Barton
Title Senior Vice President
52
CONSENT TO ASSIGNMENT
City of Fayetteville hereby consents to this assignment of the Cost Share Agreement to
Centennial Rank on the terms stated herein
C
B'
N
T;
rel
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day before me, the undersigned, a Notary Public, within and for the County and State
aforesaid, duly qualified, commissioned and acting, personally appeared Mike Lamberth, to me well
known, and who subscribed to the foregoing instrument and stated and acknowledged that he was a
member of Buffington Weir, LLC, an Arkansas limited liability company, and that he as such member,
being authorized so to do, had signed, executed, and delivered the foregoing instrument for the
consideration, uses, and purposes therein contained, by signing himself as such member and executing oil
behalf of the company as such member.
WITNESS my hand and seal on this2g$ay of October, 2019.
ANNA TRA LY OR
Notary Public-gArrka_�xxnsas
t y4tigAM0A8�� W1138'•18-2022
Commission # 12386489
STATE OF ARKANSAS
COUNTY OF WASHINGTON
Notary Public
ACKNOWLEDGMENT
On this day before me, the undersigned, a Notary Public, within and for the County and State
aforesaid, duly qualified, commissioned and acting, personally appeared Clayton C. Carlton, Trustee of
Clayton C. Carlton Revocable Trust U/A/D 9/26/05 ("Trust"), to me well known, and who subscribed to
the foregoing instrument and stated and acknowledged that the Trust is the Managing Member of Never
Stop, LLC, a Member of Buffington Weir, LLC, an Arkansas limited liability company, and that he as
such Trustee, being authorized so to do, had signed, executed, and delivered the foregoing instrument for
the consideration, uses, and purposes therein contained, by signing himself as such Trustee of the
Managing Member of the Member.
WITNESS my hand and seal on this2rday of October, 2019.
My N ®I1 XII)SQsas
Johnson County
18-2022
Commission # 12386489
Notary Public
-7-
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day before me, the undersigned, a Notary Public, within and for the County and State
aforesaid, duly qualified, commissioned and acting, personally appeared Michael Lane Buffington,
Trustee of Michael Lane Buffington, Trustee of the Michael Lane Buffington Trust u/a/d July 21, 2011
("Trust"), to me well known, and who subscribed to the foregoing instrument and stated and
acknowledged that the Trust is the Managing Member of Vintage Holdings LLC, a Member of
Buffington Weir, LLC, an Arkansas limited liability company, and that he as such Trustee, being
authorized so to do, had signed, executed, and delivered the foregoing instrument for the consideration,
uses, and purposes therein contained, by signing himself as such Trustee of the Managing Member of the
Member.
WITNESS my hand and seal on thisay of October, 2019.
Notary Public
ANNA TRAYLOR
E
wffl g5flolil""9@ as
Johnson C unty
x fres 03-1 B-2022
mmission # 12386489
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day before me, the undersigned, a Notary Public, within and for the County and State
aforesaid, duly qualified, commissioned and acting, personally appeared Chris Barton, to me well known,
and who subscribed to the foregoing instrument and stated and acknowledged that he was Senior Vice
President of Centennial Bank, and that he as such officer, being authorized so to do, had signed,
executed, and delivered the foregoing instrument for the consideration, uses, and purposes therein
contained, by signing himself as such officer and executing on behalf of the company as such officer.
WITNESS my hand and seal on this2x5tray of October, 2019.
Notary Public
"��"�� A T��gqYLOR
My C'PWbq�� 9�?iireww6aias
Johnson County
my Corn 3-18-2022
Commission # 12386489
FAUSERSAWMccn1cmial bank\Bulrmglon Weir. LLOCollalcral Aexignmcnl ofCosl Share Agrccmcn1.wpd
113 west Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Ordinance: 6109
File Number: 2018-0612
BUFFINGTON WEIR, LLC COST SHARE AGREEMENT:
AN ORDINANCE TO WAIVE THE REQUIREMENTS OF FORMAL COMPETITIVE BIDDING AND
APPROVE A COST SHARE AGREEMENT WITH BUFFINGTON WEIR, LLC FOR BUFFINGTON
WEIR, LLC'S CONTRACTOR TO CONSTRUCT THE FULLY LANDSCAPED BOULEVARD
SECTION OF RUPPLE ROAD AND ACCOMPANYING MULTI -USE TRAIL ALL THE WAY
THROUGH THEIR PROPERTY UPON FREELY DEDICATED RIGHT OF WAY WITH THE
ESTIMATED AMOUNT TO BE PAID BY THE CITY OF FAYETTEVILLE NOT TO EXCEED
$2,295,267.72 UPON THE ANNEXATION, REZONING AND DEVELOPMENT APPROVAL OF
BUFFINGTON WEIR, LLC'S PROPERTY PURSUANT TO THE FAYETTEVILLE PLANNING
DEPARTMENT'S RECOMMENDATIONS DETAILED IN THE AGREEMENT AND TO AUTHORIZE
MAYOR JORDAN TO SIGN THE AGREEMENT
WHEREAS, Buffington Weir, LLC desires to purchase about 68 acres from the McFarland Family Trust
along the designed route of Rupple Road if the property would be annexed into Fayetteville and be
rezoned and approved for development pursuant to the Planning Department's recommendations; and
WHEREAS, the City of Fayetteville would benefit from the Buffington Weir, LLC's annexation,
development, dedication of Rupple Road right of way dedication and cost share using the developer's
construction company to extend Rupple Road further North as part of the interior "Mayor's Box"
boulevard to relieve traffic congestion from 1-49 intersections with Martin Luther King Boulevard,
Wedington Boulevard and Porter Road and to help Fayetteville citizens and others better access Uptown
Fayetteville's commercial and restaurant areas from the West without having to utilize 1-49; and
WHEREAS, waiving formal competitive bidding and using Buffington Weir, LLC's construction
Page 1 Printed on 1119118
Ordinance: 6109
company at a guaranteed maximum cost that is less than our Engineering Department's estimated cost
if it was to be formally bid out will save time and substantial cost by utilizing the developer's contractor
who will be on-site constructing streets for the developer's project.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby determines an
exceptional situation exists in which competitive bidding is deemed not feasible or practical and
therefore waives the requirements of formal competitive bidding and approves a Cost Share Agreement
with Buffington Weir, LLC for the complete construction of Rupple Road Boulevard and accompanying
multi -use trail pursuant to conditions, instructions and location agreed by the Fayetteville City Engineer
through its property with the estimated amount to be paid by the City of Fayetteville not to exceed
$2,295,267.72, for Buffington Weir, LLC to dedicate all necessary right of way for Rupple Road
through its 68 acre parcel upon the annexation and agreed rezoning of their property, and for both parties to
abide by all other terms and conditions of their Cost Share Agreement.
PASSED and APPROVED on 11/8/2018
Attest:
Page 2 Printed an 11/9118
tai^1.L<
.f
Sondra E. Smith, City Clerk
Treasurer
FAYETI Vltrt_ _
C7
Page 2 Printed an 11/9118
COST SHARE AGREEMENT
The City of Fayetteville ("City") and Buffington Weir, LLC ("Buffington")
enter into this Cost Share Agreement concerning the Buffington Weir, LLC's
(soon to be acquired) property of approximately 68 acres adjoining the city limits
of Fayetteville and along the proposed location of the expansion of Rupple Road.
WHEREAS, Buffington Weir, LL,C would like to purchase and annex a parcel
containing approximately 68 acres (hereinafter which may be referred to as its
"parcel") into the City of Fayetteville so it may be more efficiently and
economically developed; and
WHEREAS, the McFarland Family Trust (current owner) has secured the
authorization of the Washington County Judge to permit such annexation of the
parcel into Fayetteville; and
WHEREAS, the McFarland Family Trust has an agreement to sell the land to
Buffington Weir, LLC after the City's approval of the annexation, rezoning and a
preliminary plat as recommended by the Planning Department; and
WHEREAS, Buffington Weir, LLC has offered to donate and dedicate sufficient
right of way for the planned expansion of Rupple Road including a multi -use trail
along its property's eastern border and enter into this Cost Share Agreement for the
engineering and construction of the Rupple Road Boulevard section and multi -use
trail all the way through its parcel by its own engineer and construction company
paying for its fair share of the engineering and construction costs based upon
anticipated usage with the City paying the remainder, but not to exceed a total of
Two Million Two Hundred Ninety -Five Thousand Two Hundred Sixty -Seven
Dollars and seventy-two cents ($2,295,267.72); and
WHEREAS, Buffington Weir, LLC has offered to preserve the natural habitat in
certain areas and to allow for the extension of parks and trails to expand
Fayetteville's trail network and parkland areas to better serve this part of the City;
and
WHEREAS, the City of Fayetteville welcomes such annexation request with such
offers of right of way dedication, construction of the portion of Rupple Road
Boulevard with multi -use trail that goes through the parcel, conservation and tree
preservation easements.
Parc 1 ot,4
NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREEDBY THE
CITY OF FAYEYrEVTLLE, ARKANSAS AND BUFFINGTON WEIR,
LLC:
(A) The City of Fayetteville agrees:
(1) To approve the request of the McFarland Family Trust and/or Buffington Weir,
LLC to annex its parcel totaling approximately 68 acres into Fayetteville.
(2) To rezone this property to ensure that Buffington Weir, LLCs property will be
able to utilize a mix of the residential zoning designations Residential Single
Family 4 units per acre (RSF-4) and Neighborhood Conservation (NC) pursuant
to the recommendation of the Planning Department.
(3) To approve a request from the Buffington Weir, LLC to rezone an approximately
4.24 acre parcel adjoining the intersection of the proposed Rupple Road and the
extension of Lierly/Weir Road to Neighborhood Services General (NS -G) which
allows for a commercial node development with shops, restaurants, cafes, coffee
shops, ice create shops, etc. to serve this residential development and the
surrounding residential neighborhoods.
(4) To accept from Buffington Weir, LLC a donation or dedication to the City of
Fayetteville of sufficient right of way along the property as identified and
designed by the City Engineer so that the City of Fayetteville or Buffington Weir,
LLC may construct and use the planned extension of Rupple Road with multi -use
trail. (See attached general plan,)
(5) 1f the citizens vote to renew the one cent sales and use tax bond program with
money for roads and streets in 2019, the City of Fayetteville agrees to use
proceeds from the bond program to reimburse Buffington Weir, LLC 93.41% of
its actual costs to engineer and construct Rupple Road as a full boulevard with
multi -use trail through its property as approved by the City Engineer up to a
guaranteed maximwn of Two Million Two Hundred Ninety -hive Thousand Two
Hundred Sixty -Seven Dollars and seventy-two cents ($2,295,267.72). These
reimbursements shall be made as Buffington Weir, LLC pays its contractor and
engineer as this boulevard project progresses toward completion and provides
adequate proof thereof to the City in a monthly or quarterly manner.
(B) Buffington Weir, LLC agrees:
(1) Upon purchasing the approximate 68 acres from the McFarland Family
'1 n.ist and the parcels annexation; rezoning and development approval as
recommended by the City Planning Department, Buffington Weir, 11C
will donate or dedicate to the Citv o1 l-aycttevil1e sufficient right of*way
Page 2 o;'4
along its property as identified and designated by the City Engineer to
construct and use for the planned extension of Rupple Road as a full
boulevard with accompanying multi -use trail. (See attached general plan.)
(2) If the citizens renew the one cent sales and use tax bond program in 2019
with money for roads and streets, Buffington Weir, LLC promises to and
will construct the fill] boulevard section of Rupple Road with
accompanying multiuse trail all the way through its parcel prior to final
plat approval. Buffington Weir, .LLC agrees that it will pay its
proportionate share (6.59%) of the engineering and construction costs up to
150% of its engineer's estimate of $1,638,131.00 and 100% of any
engineering or construction costs in excess of that amount so that the City
of Fayetteville's guaranteed maximum amount of this cost shall not exceed
Two Million Two Hundred Ninety -Five Thousand Two Hundred Sixty -
Seven Dollars and seventy-two cents ($2,295,267.72). Buffington Weir,
LLC acknowledges and agrees that this construction and cost requirement
is roughly proportional to the impact the proposed development will have
on the City's existing infrastructure and the need to serve the citizens
within the new subdivision.
(3) If the City constructs Rupple Road as a boulevard and the multi -use trail on
the donated or dedicated right of way prior to Buffington Weir, LLC
constricting its portion of the road and trail, Buffington Weir, LLC agrees
to reimburse the City for its!proportionate share (6.59%) of the engineering
and construction costs in addition to the voluntary free dedication of the
right of way. '
(4) If the citizens fail to renew the one cent sales and use tax bond program
with money for roads and streets in 2019 and the City does not offer to use
other resources to fully fund the City's portion for the boulevard section
through the property, 13uffington Weir, LLC may develop its property by
constructing at its own cost only one side of the Rupple Road boulevard
section as a local street through its property and does not have to construct
the multi -use trail or planted median to fulfill its street construction
requirements for its final plat.
(5) Upon the approval of the Duflington's initial development proposal..
Buffington will donate and dedicate park land easements and trail right of
ways. Buffington shall be entitled to claim park land dedication credits for
all such dollalecl or dedicated parks & trails right of way if conveyed in lee
simple to the CON/.
Pace 3 o1*4
(6) Upon the approval of Final'Plat by the City of Fayetteville, Buffington will
donate or dedicate conservation and tree preservation easements.
(7) The approximate 4.24 acre parcel proposed for rezoning to NS -G,
Neighborhood Services, General shall not allow any residential
development or use on the ground floor. residential use may be allowed
on the second floor and above.
IN AGREEMENT with all of the terms, conditions, duties, and promises above,
we sign our names below as the legal and proper signatories for the City of
Fayetteville and Buffington Weir, LLC. This Cost Share Agreement shall be
effective on the date of its final execution by all parties.
By:,
ATTEST
CITY OF FAYETTEVILLE, ARKANSAS
LionelrlJOrcJdi1, Mayor
Date,
rA l.... Date:
R
Sondra E. Smith, City C1er1`.��'`'��jr
..i„1s •moi
BUFFING'I}LEAIRlA;
(:-
Oei 14rr $A Date:
Printed name
By: ____
Signature
Page 4 of 4
Title/Management position
