WA9601-CS 951215 12x15/95 ~'~?:05 ~ 214 255 1676 ) P.01
fax
Date: December 15, 1995
To: Mr. Ken Griffin, Cify of Coppell
Fax Number: (214) 304-3673
From: Majors Realty Co.
(214) 2~-1666
(214) 233-1676 Fax
Subject: Wagon Wheel Counterproposal
No. of Pages: 4
Ken:
This counterproposal was received today.
co: Gary Sieb
Rick Wieland
wm
12/15/95 17:06 R 214 233 1676 P.82
/~R~i P,O. Box 478
.."'. L ,/' ,/i .. j" ~:' ~'--~ =~-: c '~.-7~ CODpail, Texas 75019
,,' ~ ..... " The City With A Beautiful Fulure 214-462-0022
(~~ P.O. 8ox 478
CopNil, Texas 15019
November 28, 1995
Ecom Real Estate Managetnent. Inc.
3141 Hood Street, $uit¢ 200
Dallas. Texas 75219
RE: "Wagon Wheel" Pwperty / approximately 45 - 46 acres located near the southwest
corner of State and Thweatt Road
Dear Sir:
This letter serves to outline the terms and conditions 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 to be prepared
in a e~rm and substance agreeable to both panics. The City or' Coppell is interest~ in this
property for two reasons, One, the City is interested in purchasing the bulk of thc land as a
future park site on the west side of Coppell. The land 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 tbr that site is a more immediate concern to the City of C.ppell as the Master Plan
shows a q~ed for th~ tank ht ~t~ n~xt two to thr~ years. I't is the City's intent to purchase the
thre.~ acres of land necessary for the elevated storage tank site outright and take a loz!g term
option on the balance of the land The following represents the general tort s and guidelines of
es o a crcs of 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 Ihe three acres is not adjacent
to Thweatt Road then the Seller will allow the Purchaser to al.~> acquire a minimum 25 tbot
wide access easement from Thweatt Road to the h~catinn nf she three acres of land. The
Purchaser offers to acquire this hind at the purchase price or $45,1.)(.)0,00 per acre. WIthin
fiw business days alter execution of the contract. money will he depottied with a mutually
agreed upon titl~ company and the City will take title to the three acres of land acquired in
the purchase. ;orty F#uI( qF) OnV5 Feot~ Tat CrlrECr, det ll, ara el· r#tt C'~ftUTflRt. T
2. FEASIBILITY PERIOD: Purchaser shallhavcl ,_'.:
obtain information from which to conclude whether or not il is I*e~sible tt~ ucquire the bulance
of the 46 acres of land, In the event Purchaser determines that it is m~t feasibility to acquire
the land, Purchaser shall have the right to cant:el the contract and withdraw from future
consideration of the purchase of the property, If the contract is canec!lcd within the fk~t 45
FtRllta#l, try' pfleloo OF Tllll EA~id~"SP lY~Ol~Ey IC~'Pot,T' t F 'trite
12/15/95 17:07 ~: 214 233 1676 P.03
9_ -, 5212833
~O,e~o.~ ~
Purchaser ~hall deliver ear'nest money i o ~r u r
t~tte comp,ny. A full)' executed original of the contract ~o sell shall bc delivered
camcat ~Oney to the mu~ally agrc~d upon title company.
4.PURCHASE PRIC~ ~ha~r agrees to purchase the balance or tt~ 46 acns of land at
the ag~d upon purcha~ pri~ of $4S.~.00 ~r ~Icn or a total price or $1
......... ~ _~ ............................ , .............7 --:':7;'~ ...................-
~ :: :~- ;7~ *- "-- ~'~ ;: ..... ' .......
S. C[,OS[NG: Shall take place on ,he baia~e ot [he property e: -~,~ ..... 6. ..... ~-~
The Ci~ is very intcrcs~d in nor only ,he initial purchase bu~ Tlwe balance of ~c ]and. The
c~me ~able on the pumh,~ of l]~c balance oF the la~ is based upon The fact ~al ~c City will
be 8oin~ ~o ~hc voters tbr a half cem sales tax in carly. 1996. The pr~ds front the half
cent ~ales tax will allow the City ~o purcha~ this ]and as a fuLu~ park ~[le. In the cvem
zhe halt' ucnt sales tax fails, the Chy will still have this [~riod of dme Co lcmk
mcam~ of ~ecuring fundi~ ~o purchase the land. Again. the Chy is very imere~
acquTsition of Tlie land and res~utfully requests rhar ynu ~erion~ly consicier this oflhr. T[ you
a~ in agreement with lhg above mcntion~ Term~ please ~i~n at the place provided. This
]etccr shall no, be construed to impose any obli~atton~ on either ll~e 5c!!cr or the Buyer.
Thank you tbr your conslder~Tion of Ih~s ma.cr.
6. ~/etsionni Service Iree: Ac The closing, Seller ~1~all pay a ,~a] e~late ~le
cash equal m 6% of rhe first $~,~ of the puz*cha~c price and 3 % of the balance of
pu~hase price. The commission shall bc divided equally ~lw~n ~om Realty and Majors
Realty Company.
,
im
CiLy
,
Eeom al .. a~ Mana ~enl n~.
By:.m ~ .L ~~ .................
p,04
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