RE 2015-0922.1
RESOLUTION NO. 2015-0922.1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY COPPELL,
TEXAS, APPROVING THE TERMS AND CONDITIONS OF THE FIRST
AMENDMENT TO DECLARATION OF DWELLING UNIT
RESTRICTIONS FOR CYPRESS WATERS COMMUNITY; AND
APPROVING THE TERMS AND CONDITIONS OF A PETITION TO
AMEND SAID UNIT CAP; AND PROVIDING FOR AN AUTHORIZATION
BY THE MAYOR/CITY MANAGER TO EXECUTE SUCH DOCUMENTS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS
, the City of Coppell, Texas (hereinafter referred to as the “City”) entered into
a Settlement Agreement (hereinafter referred to as “Agreement”) by and between Trammell Crow
Company No. 43, Ltd. and its related affiliates being Cypress Waters Land A. Ltd., Cypress Waters
Land B. Ltd. and other unnamed affiliates of Trammell Crow Company No. 43, Ltd. (hereinafter
referred to “TCC”).
WHEREAS
, the City purchased certain real estate from said entity; and
WHEREAS
, the original deed restrictions were placed on the property dated October 29,
2009, and Document No. 200900305882, which were filed in the Deed Records of Dallas County,
Texas, and contained approximately 917.32 acres, more or less, property, which were subject to
certain dwelling restrictions, (hereinafter referred to as “the “Unit Cap”); and
WHEREAS
, the Unit Cap encumbers all of the property currently owned by TCC and/or
investors; and
WHEREAS
, under the terms of the Agreement aforementioned, the City and TCC agree
to adjust the shoreline based on the elevation of Four Hundred Eighty-six (486’) feet of Mean Sea
Level (hereinafter referred to as “MSL”); and
WHEREAS
, the North Lake has been reduced to the agreed Mean Sea Level (MSL); and
WHEREAS
, it is appropriate now to adjust the shoreline to the actual North Lake shoreline
as originally agreed; and
WHEREAS
, the City, under such Agreement, is to receive certain tracts of land from TCC;
and
WHEREAS
, the City is obligated to deed certain properties to TCC on an acre-for-acre
exchange to reflect the actual shoreline of the property; and
WHEREAS
, the Unit Cap should, and the parties have agreed, that the properties received
by TCC will be subject to the Unit Cap restriction as originally agreed to for the property as
received as a result of the shoreline exchange and that the property received from TCC and
affiliates/investors shall be released from such Unit Cap.
Coppell Resolution –North Lake Shoreline Trammell/Cypress Waters Pg 1 of 4 TM 72929
i_6192859v.2
Y
WHEREAS,the City Council of the City of Coppell finds it to be in the public interest to
enter into such an agreement and file the necessary Petition to amend such restrictions;
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COPPELL, TEXAS, THAT:
SECTION 1. The City hereby approves the First Amendment to the Declaration of Dwelling
Unit Restriction for Cypress Waters Community and Petition for Amendment or Modification of
Restrictions,which is attached hereto and incorporated herein by reference as Exhibit"A"and Exhibit
"B",respectively,and related ancillary documents;and that the Mayor or City Manager is authorized
to execute such Agreement,Petition and/or related ancillary documents.
SECTION 2. This resolution shall become effective immediately upon approval.
DULX PASSED d approved by the City Council of the City of Coppell, Texas, on this
the 462/.1 day of , 2015.
APPR fi VED•
/
•/A di A' 'i•1 i�
r ' N S LBO HUN , Mayor
ATTEST:
HRISTEL PETTINOS, City S cretary
APPROV" 1 , S TO FORM:
, .. ,/�///!!///_
ROBERT E. 'A , ity Attorney
(8/17/15-ag:72929)
Coppell Resolution—North Lake Shoreline Trammell/Cypress Waters Pg 2 of 4 TM 72929
1_6192859v.2
EXHIBIT A
FIRST AMENDMENT
TO DECLARATION OF DWELLING UNIT RESTRICTION FOR
CYPRESS WATERS COMMUNITY
EXHIBIT B
“PETITION FOR AMENDMENT OR MODIFICATION OF RESTRICTION”