RE 03-11-86.3 A RESOLOTION OF THE CITY COUNCIL OF
THE CITY OF COPPELL, TEXAS
RESOLUTION NO. 031186.3
WHEREAS, Parks of Coppell Joint Venture II,
hereinafter called "Owner," is the Owner of certain real
property located within the City of Coppell, Texas (hereafter
called "City"); and
WHEREAS, the City has exercised its option to purchase
a Park Site of 53.398 acres of land locates within Owner's
property, as more particularly described in the attached
Exhibit "A", Dy notice of exercise dated as of March 11, 1986,
pursuant to that certain "Option Agreement -- Phase II" dated
December 30, 1982, as amended by Amendment to Option Aqreement
and to Collateral Assignment dated July 31, 1985; and
WHEREAS, the option price of $373,800, paid on
December 30, 1982, will be applied pursuant to the Contract of
Sale to the total purchase price for the Park Site of $388,800;
and
WHEREAS, that certain appraisal prepared at the
request of the City by Bill Dotson & Associates indicates that
the appraised fair market value of the Property as of May 31,
1985 is $2,035,000; and
WHEREAS, the City Council has concluded that the
Property has been made available to the City by the Owner at an
advantageous price which is substantially less than its true
fair market value, as inoicated by the appraised value thereof
when compared to the purchase price; and
WHEREAS, the City Council has concluded that the Mayor
of the City should be authorized and directed to execute on
behalf of the City all contracts, memoranda of contracts,
notes, deeds of trust, and all other instruments necessary to
effect such purchase, including any necessary modification to
such instruments as first drawn and considered by the City
Council.
NOW, THEREFORE, BE Il~ RESOLVED BY THE CITY COUNCIL OF
THE CITY OF COPPELL, TEXAS:
SECTION 1. That the actions of Lou Duggan, the person
holding the office o~ Mayor ot the City of Coppell, Texas, in
executing and delivering on behalf of the City the notice of
exercise of the aforesain option are hereoy ratified, confirmed
and approved, and is hereby authorized ann uirected to execute
for ana on oenalf of the City, without further authorization
from the City Council, a Memorandum of Contract of Sale between
the City and Owner in form ann substance satisfactory to said
Mayor and legal counsel for the City, to deliver the cash
portion of the purchase price for the Park Site pursuant to the
Contract of Sale, ann to execute all other instruments and
perform all other acts necessary to effect the orderly purchase
of the property descriDe~ in Exhibit "A" attached hereto and to
perfect the security thereon.
SECTION 2. This resolution shall take effect
immediately from an~ after its passage.
OULY PASSEO, by the City Council of the City of
Coppell, Texas, on the llth ~ay of March, 1986.
ATTEST:
5880A/ILH
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I, Dorothy Timmons , City Secretary o£ the City
of Coppell, Texas, a Municipal Corporation, do hereby certify
that a meeting of the City Council of the City of Coppell was
held on the llth day of March, 1986, at which a quorum was
present, and acting throughout, the foregoing resolution was
adopted, the same now is in full force and effect.
I do further certify that, as of this
date, Lou Duggan is the Mayor of the City of
Coppell, having been duly elected to such office and now
holding the same.
IN WITNESS WHEREOF, I have hereunto set my ~land as
City Secretary of the City of Coppell, Texas, this 11th day of
March, 1986.
CItY SE~R~/~ARY
5880A/ILH
-3-
PHA SE TWO
BOUNDARY DESCRIPTION
BEING a tract of land situated in the Clarinda Squires Survey, Abstract No
1327 and the S.A. & M.G.R.R. Survey, Abstract No 1430 in the City of Coppell,
Dallas County, Texas and also being part of a tract of land as described in deed
from Good Financial Corp. to M. Dou91as Adkins, Trustee, as recorded in Volume
76188, Page 2355 of the Deed Records of Dallas County, Texas and being more parti-
ularly described as follows:
BEGINNING at a point of intersection of the east line of Denton Tap Road (a
variable width right-of-way) with the centerline of Denton Creek, said point also
being the most southerly southwest corner of a tract of land as described by deed
to Pure Ice and Cold Storage Co. and recorded in Volume 65694, Page 1496 of the
Deed Records of Dallas County, Texas;
THENCE along the said centerline of Denton Creek, and the said south line of
the Pure Ice and Cold Storage Co. tract the following courses and distances:
N.79°OT'25"E., 147.77 feet; Thence N.18°31'25"E., ]71.67 feet; Thence N.48°O7'25"E.,
160.00 feet; Thence S.61°52'35"E., 185.00 feet; Thence S.85°52'35"E., 600.00 feet;
Thence N.88°O7'25"E., 340.00 feet; Thence N.77°O7'25"E., 300.00 feet; Thence
N.27°O7'25"E., 380.00 feet; Thence N.72°O7'25"E., 180.00 feet; Thence S.55°52'35"E.,
171.70 feet to a point for corner;
THENCE-leaving the said centerline of Denton Creek, and the south line of the
Pure Ice and Cold Storage Co. tract, S.0°52'35"E., 1437.15 feet to a point for
corner in a curve running in a southwesterly direction and having a
central angle of 13°19'34'' a radius of 2200.00 feet and a tangent bearing of
S.75°26'53"W.;
THENCE along said curve 511.69 feet to the end of said curve;
THENCE N.27°52'41"W., 710.40 feet to a point for corner in a curve
running in a southwesterly direction and having a central angle of 7°57'25'' a
radius of 3342.11 feet and a tangent bearing of S.73°49'41"N.;
THENCE along said curve 464.14 feet to the end of said curve;
THENCE S.65°52'16"W., 885.24 feet to the beginning of a curve to the right
having a central angle of 18°00'54'' and a radius of 600.00 feet;
THENCE along said curve 188.65 feet to the end of said curve, same being on
the said east line of Denton Tap Road;
THENCE along the said east line of Denton Tap Road the following courses and
distances; N.2°OI'O2"E., 388.26 feet to the beginning of a curve to the left
having a central angle of 2°53'00'' and a radius of 5789.70 feet; Thence along said
curve 291.36 feet to the end of said curve; Thence N.O°51'5B"W., 342.88 feet to
the Point of ~eg~nning and containing 53.398 acres of land.
EXHIBIT A