WA9601-CS 9601093an-09-96 QS::].TP NjB:~'""~n~. 27~ Z33-2022 P-O:].
Newman, Jackson
13ieLerst~:in, Inc.
January 9, 1996
ML Gary D, Sims
Director of Leisure Se~ic~
CITY OF COPPELL
P.O- Box 4JS
Coppoll I 15019
~; ~o~ed 4~A~e Sandy ~ke Read P~k
Mr. Si~:
~e Vu~se of ~is ¢orr~po~ence is to r~nd tu your inquiry reg~ding ~e r~onfi~radon
of ~e pmpos~ 45-acro p~ sRe 1o~ on S~dy Lake Road. It is our unders~nding ~at ~e
owner of ~e property h~ r~uest~ ~at ~e p~k site be r~on~r~ in such a m~er ~at ~
amount of l~ontage ~ong S~y L~e ~md would be r~u~, while ~creasing ~e d~ of
· e property accordingly.
In response to our telephone conversation earlier ~is w~k, we have examin~ ~e pro~s~
recoutiguradon of ~e park site and have det~in~ ~at most, if not ~1, of ~e previously
propos~ p~k amenities ~d faciliti~ would ~ntinue m work. ~ere is a likel~d ~a~ one
baseball/so~b~l field may have to be elim~at~ or r~o~igur~ ~ a r~ult of ~e new p~k
bound~y.
B~ on ~is infection, our firm would h.~}k forw~d to working wi~ you ~d your s~fl' to
help develop a concepm~ M~ter P!~ for ~e recon~r~ park site. Should you n~ ~y
addition~ information regarding ~is matter, pleEe i~el ff~ to cornact me or K~I Bi~berstein
at 214/233-2033.
Sincerely,
NEWMAN, JACKSON, BIt!BERSTEIN, INC.
dr
12/15/95 16:51 ~ 214 25~ 1676 P.O~
T
3. EARNEST MONEY: Within t'ive b siness days af'rcr' the executit. n of the contr'acl.
Purchaser ~tu$1 deliver earnest tu,3ney in the affiuu[It Or'
to a mutually agreed
title company. A full)' executed original of the contract to sell shall b~ delivered wittl
earnest money to the mutually agreed upon titl~ company.
4, PURCHASE PRICE: Purchaser agrees to purchase the balance of the 46 ac~s of land at
t~?~ agreed upon purchase pri~ of $45,~.00 ~r acre or a total price of $1,935.~.~,
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~, CI,OSINC: Shall take place on the balance ot the pn p rtye;. cz't:fzrz
The City is vary interested in not only the initial purchase but the balancu or' ~c land. The
time table on the purchase of lhe bala,ee of the land is based upon the fact ~al ~c City wtll
be going To the voters for a hale cent sales tax in curly, 1996. The pr~ds t~m the half
cent sales tax will allow the City to purchase this !and as a thture park site. In the event that
the half cent sales tax fails, the City will still have this ~ri~ of time to look at altcr~tivc
mcat~s of securing funding to purc~se the land. Again. the CaW Is very l.~sted in the
acquisition of th, land and r~s~cth!ly requests that you serinusly consider this otter. If you
are i, agreement with the above mentioned terms please sign at the place provided. This
letter shall not be construed to impose any obligations on either the Seller or the Buyer.
Thank you fin' your consideration of !his matter.
6. ~ofesslonal Service Fee: At the clostng, Seller ~hall pay a real estate sale cammission in
cash equal to 6% of the first $5~,~0 of the purchase price and 3% of the balance of the
purchase price. The commission shall ~ divided equally b~lw~n ~om Realty and Majors
Realty Company.
. '~rely, ~ ...
im Watt
City Manager
II
Agm~ tiffs ~ [ ~ day vf~ . 1995.
Ecom al .. ate Mann merit no.
By:.m ~1 .. ~te~ ...............
TO: Gary Sieb
FROM: Blake Reed
15 December, 1995
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12/15/95 16:50 ~ 214 2:33 1676 P.e2
November 28, 1995
'. . . ,//.._.j ~ /;:'----/'-*:"' ........ CopDell, Texas 75019
d?' ""."'~ Tk'~,3 City With A Beautifu~ Fulure 214-46~,0022
P.O. Box 478
Coppetl, Texas 75019
November 28, 1995
Ecom Real Estate Management, Inc.
3141 Hood Street, Suite 200
Dallas, Texas 75219
RE: "Wagon Wheel" Property / approximately 45 - 46 acres Itv,:ated near the southwest
corner or State and Thweatt Road
Dear Sir:
This letter serves to outline the terms and conditiom whereby the City of Coppell (the
"Purchaser") will enter into a contract on the referenced property from Ecom Real Estate
Management, Inc. (the "Seller") subject to a written contract to sell h', be prepared by4kmks,~
in a t~rm and substance agreeable to both parties. The City of Coppell is interested in this
property for two reasons. One, the City Is interested in purchasing the bulk of the land as a
future park site on the west side of Coppell. The !and would be purchased and then developed
at a later date. Two, of equal concern to the City is the ability to purchase a portion of the
property as a future elevated water storage tank site as per our Water Master Plan. The securing
of land for that site is a more immediate concern to the City of C,ppell as the Master Plan
shows a need for th~ tauk iu th~ next two to three years. It is the Ctty's intent to purchase the
tl~ree acres of land necessary for the elevated storage tank site uutright and take a long term
~ptim~ f.m the balance of the land The following represents the general tcnns and guidelines of
the City desire to purchase this l~nd. ,
1. OfFFRIGHT PURCIIASE: The City desires to purchase outright three acres ol' land within
thc general confines of the proposed 46 acres of land at a location to be agreed upon by both
Seller and Purchaser. It is understood that if the location of the three acres is not adjacent
to Thweatt Road then the Seller will allow the Purchaser to also acquire a minimum 25 foot
wide access casement from Thweatt Road to the )ocatinn nf the three acres of land. The
Purchaser offer.~ tO acquire this land at the purchase price or' $45,tKD.00 per acre. Within
five business days after execution of the contract, mnney will be depo.~iled with a mutttally
agreed upon title company and the City will take title to the |hree acres of land acquired in
2. FEASIBILITY PERIOD: Purchaser shall have[~-7.1l Au~;~-~.~ ~6-:~- :~ W conduct and
obtain lnfo~ation from which to conclude whether or not il is f~sibl~ to u~tluir~ the huhrace
of the 46 acres of !and. In the event hrcha~r determines that it is not feasibility to acquire
the land, ~haser shall have the rigM to cancel the contract aM withdraw from ~mre
consideration of the purehag of the pro~rty. If the contract is cancelled within fl~e ~ 45
· .., ,.. ,,.. .. ... , ., ,...
t s ~or p~sst~ ~V 7~w ~orb~ ~ X. ~Y OF/~?~.