Duke Lesley-CS060712
(12/18/2009) Ken Griffin - Offer letterPage 1
From: Mindi Hurley
To:Beach, Chad; Griffin, Ken
Date: 7/12/2006 12:02 PM
Subject: Offer letter
Attachments:Lesley Tract - Incentive offer.doc
Chad and Ken,
Clay has not reviewed this letter yet, but I wanted to make sure you were both okay with the wording before I send it on
to him for final approval. If there is anything you see that needs to be changed, please let me know. Ken, I put a 16"
water line in the letter but will wait to hear a definite on that from you before I mail it out.
Thanks!
Mindi
Mindi Hurley
Economic Development Coordinator
City of Coppell
255 Parkway Blvd.
Coppell, TX 75019
(972) 304-3677
(972) 304-3673 (fax)
www.ci.coppell.tx.us
July 12, 2006
Jeff Turner
Senior Vice President
Duke Realty Corporation
5495 Belt Line Road, Suite 360
Dallas, TX 75254
RE: Lesley Tract
Dear Jeff,
As previously discussed, City Council reviewed your proposed site plan for the Lesley
Tract, and Council is excited about the plan you all have put together as well as the
potential development that will soon take place at this site. Based on preliminary
discussions, the city is prepared to offer the following incentives:
The city will provide water/sewer utility assistance of up to $3,000,000 to be
reimbursed as work is completed and must include the looping of a 16” water line;
The city will provide a signal at the intersection of Dividend and Belt Line Rd., which
equates to a value of $200,000 in savings for Duke;
The city will adjust the Major Thoroughfare Plan as well as provide assistance in
discussions with TxDOT to facilitate a connector road to IH635E, which equates to a
value of $1,000,000 in savings for Duke;
The city will support and provide assistance in establishing a Public Improvement
District (PID) for the area, which will enable Duke to issue up to $2,500,000 in tax
exempt bonds for public improvements to the site. Although a PID is the city’s
preference, staff is open to discussions on the creation of a Tax Increment Financing
District (TIF) in lieu of the PID if desired by Duke.
These incentives combine for a total of up to $6,700,000 in cash and in-kind value. All
incentives outlined above will be contingent upon final approval by City Council and the
following conditions:
1) Reimbursement for the construction of utilities must be water/sewer related and must
include the looping of a 16” water line, and
2) The development must include a full-service hotel that has self-contained meeting
space. The preference of City Council is to have a conference facility attached to the
hotel, but at a minimum, the hotel must provide some meeting space if the market does
not demand a full conference/banquet facility.
Once you review these incentives, our City Attorney will be advised of the preliminary
offer to begin work on final documents that will need to be approved by City Council. If
you have any questions, please don’t hesitate to call me or Mindi Hurley at (972) 304-
3677.
Sincerely,
Clay Phillips
Deputy City Manager
Cc: Jeff Thornton, Duke Realty
Alex Bennett, Duke Realty
Ken Griffin, City of Coppell
Chad Beach, City of Coppell
Jim Witt, City of Coppell
Mindi Hurley, City of Coppell