ST8805-AG 890214;SION DEADLINE:
5:0~0~,~, Monday - 8 Days Preceding CAty Council Meet.i~ng
Approval
IV. REP. IN ATTENDANCE
A: STAFF -
B: OT~ER -
Russell R. Doyle, P.E., City'Engineer
V. NOTIFICATION TO : Jerry Parche
METHOD OF CONTACT : .Letter
DATE :
VI. FINANCIAL REVI~.W~: ~1. BUDGETED ITEM N/A
-~' ~" ' /~ ~3 AMOUNT FOR THIS ITEM
~ ~ ' ~t, ~ 'u'(~ ~ '
~ ~S ~S :
~ 'i Tl[,-~/~:~ ,ar authorized) :
~ I~: (Accomt' N~er)' :
: YES
:
'NO
YES
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CITY OF COPPELL
ESCRO~ ~GRlglg~gl~
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell hereinafter called "City" and
ABQ Development hereinafter called "Developer", do hereby agree as
follows, to-wit:
WIiEREAS, the current City policies (Subdivision Ordinance Appendix A,
Section 17) require that in new areas, a Developer install major
public improvements where required in or adjacent to said addition.
Developer has elected to develop Parkway Boulevard (West),an
Addition in the City of Coppell, Dallas County, Texas. In lieu of the
developers obligation to construct their portion of the extension of
a 16" water main~ across .r~nton T~aRoad (see exhibit A), Developer
agrees to place in escrow $15,782.25 for the construction of
aforesaid major public improvements. This dollar amount being based
on the current pro rata charges as provided for in Appendix B of the
Sub-Division Ordinance, and determined by the attached bid tabulation.
THEREFORE, the Developer does hereby deposit $15,782.25, which will
be held in the sole name of the City 'in an iinterest bearing account
to draw interest at the current rate. No withdrawals shall be made
until such time as the above mentioned improvements are made. After
completion and acceptance of the above mentioned improvements by the
City, the difference between the escrowed funds (original amount
escrowed plus accrued interest) and the actual cost shall be refunded
to the Developer. In the event that actual cost of above mentioned
improvements exceed the escrowed funds (original amount escrowed plus
accrued interest) the Developer will be assessed the difference.
Payable within ten (10) days of notice.
THE CITY may issue Building Permits on the aforesaid property without
the requirement of the aforementioned improvements, and upon deposit
of Escrow Funds described herein.
Signed and Executed this the
19
day of
Developer
Mayor
Attest:
City Secretary
ESCRWAGR.001