RE 2017-0110.4
RESOLUTION NO. 2017-0110.4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COPPELL,
TEXAS, AUTHORIZING THE CITY MANAGER AND MAYOR TO
NEGOTIATE AND EXECUTE AN AMENDMENT TO THE PURCHASE
AND SALE AGREEMENT WITH THE COPPELL ECONOMIC
DEVELOPMENT FOUNDATION DATED NOVEMBER 17, 2010, AND
ANY NECESSARY AGREEMENTS AND DOCUMENTS RELATED
THERETO, TO PROVIDE FOR THE CONVEYANCE OF LOT 1X AND
LOTS 14R THROUGH 25R, BLOCK G, REPLAT OLD TOWN
ADDITION, FOR THE PURPOSE OF RESELLING SUCH PROPERTY
TO MAIN STREET COPPELL, LTD. FOR THE PURPOSE OF
EXPANSION OF THE DEVELOPMENT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS,
the City of Coppell (“City”) and the Coppell Economic Development
Foundation (“CEDF”) are parties to a real estate purchase and sale agreement (“the CEDF PSA”)
dated and effective November 17, 2010, regarding the sale of the City’s property in Old Town
Addition (“the Development”) to CEDF for the purpose of having the property resold to and
developed by Main Street Coppell, Ltd. (“MSC”); and
WHEREAS,
on or about November 29, 2010, City entered that certain Development
Agreement (“the Development Agreement”) with MSC’s predecessor in interest, CSE Commercial
Real Estate, LP, setting forth the agreement of the City and CSE regarding the development
of the Development; and
WHEREAS
, virtually all of the property within the Development has been sold to MSC,
and ultimately to others, such that the Development is nearly built-out; and
WHEREAS
, MSC has presented a proposal to the City to develop additional property
owned by the City adjacent to the Development but not originally included in the CEDF PSA; and
WHEREAS
, the City Council has approved a fourth amendment to the Development
Agreement to provide for the development of such additional City-owned property; and
WHEREAS
, the City Council of the City of Coppell, Texas, finds it to be in the public
interest to authorize the negotiation and execution of an amendment to the CEDF PSA so that such
additional City-owned property may be developed by MSC and others in accordance with the
Development Agreement as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COPPELL, TEXAS, THAT:
SECTION 1.
The Mayor and City Manager, as appropriate, are hereby authorized to
negotiate and execute an amendment to that certain Purchase and Sale Agreement between the
City and the Coppell Economic Development Foundation dated and effective November 17,
2010, to provide pursuant to the terms of said agreement for the sale to CEDF, acting as an
independent foundation, for resale to Main Street Coppell, Ltd., of the property to be described
as Lot 1X and Lots 14R through 25R, Block G, Replat Old Town Addition, an addition to the
City of Coppell, Dallas County, Texas,, according to the replat approved by the City Council on
January 10, 2017, to be recorded in the Map Records of Dallas County, Texas, ("the Phase IV
Property"), said property to be used and developed in accordance with the Development
Agreement, as amended.
SECTION 2. The Mayor and City Manager, as appropriate, are further authorized to
execute such additional agreements and documents as may be necessary to effect the conveyance
of the Phase IV Property to CEDF as set forth in the CEDF PSA as amended
SECTION 3. This resolution shall take effect immediately from and after its passage,
and it is duly resolved.
DULY PASSED and approved by the City Council of the City of Coppell, Texas, on this
the 10th day of January, 2017.
APPR 1 VED:
/9b
Kar- Selbo Hunt,Mayor
ATT T:
hristel Pettinos, City Secretary
APPROVED AS TO FORM:
I • ,ems
Robe?'E.Hager, City Attorney
(kb1:1/5/17:82715)