RE 01-27-87.1 RESOLUTION NO. 012787.1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COPPELL, TEXAS,
WITNESSETH:
WHEREAS, on December 30, I982, the Parks of Coppell Joint Venture
II ("Venture") sold that certain land described on attached Exhibit A
(the "Municipal Center Site") to the City of Coppell, Texas ("City"),
for a total purchase price of $361,292.00; and
WHEREAS, on December 30, 1982, Venture sold that certain land
described in attached Exhibit B ("Phase I of the Park Site") to City for
a total purchase price of $233,750.00; and
WHEREAS, on March 14, 1986, Venture sold that certain land
described in attached Exhibit C ("Phase II of the Park Site") to City
for a total purchase price of $388,800.00; and
WHEREAS, certain appraisals prepared by Bill Dotson & Associates
indicate that the appraised fair market value of: (i) the Municipal
Center Site as of August 5, 1983, was $960,000.00; (ii) Phase I of the
Park Site as of December 1, 1982, was $743,000.00; and (iii) Phase II of
the Park Site as of May 31, 1985, was $2,035,000.00; and
WHEREAS, Venture sold the Municipal Center Site, Phase I of the
Park Site and Phase II of the Park Site to C~ty at a price which was
$2,754,158.00 less than such properties' true fair market value as
indicated by the aforesaid appraisals; and
WHEREAS, Venture has agreed to sell that certain land described in
attached Exhibit D ("Phase III of the Park Site") to City for a price
substantially less than the true fair market value of Phase III of the
Park Site; and
WHEREAS, City wishes to acknowledge that the Municipal Center Site,
Phase I of the Park Site and Phase II of the Park Site were conveyed to
City by Venture and accepted by City in part as good faith charitable
donations by Venture to City; and
WHEREAS, City further wishes to acknowledge that Phase III of the
Park Site when conveyed by Venture to City in part will constitute a
further good faith charitable donation by Venture to City; and
WHEREAS, Venture has reached an agreement in principle with the
City concerning the potential exchange of land for a possible library
site for the City;
NOW, THEREFORE, BE IT RESOLVED, that City hereby acknowledges with
appreciation the existing and prospective charitable donations by
Venture to City set forth herein; and
FURTHER RESOLVED, that City acknowledge that such existing and
charitable donations by Venture to City has enhanced the ability of the
City of Coppell to enhance our quality of life through the creation of a
comprehensive park system for our citizens.
PASSED AND APPROVED THIS 7~ day of ~,~ , 1987.
Mayer
1 Member
By~ Clty'~ouncil Membe{z
By: Ci, ty Council Member
By: ~{ty Counc±l Hember ~
By': Clty CouncS~er
CSty Council ~ember
~y~Cit~ Council Member
ATTEST:
Dorothy Timmo~, C~ Secretary
APPROVED AS TO FORM:
'a~yTacks on, --~i ~Y/~orn~y