WA9601-CS 951110 21423316?6
11/10/95 ~"~,:~8 Z 214 2~ 1676 ~, P.01
MAJORS
REALTY COMPANY
4100 McEwen Rd.,Ste. 108
Dallag~ Tex.s 75244-5107
Telophone: (214) 233-1666
Fax: (214) 233-1676
FAX COVER SHEF, T
Date: 11/10/95
To: K~n Orif~n
Fax Number: 304=3673
FrOm: Blake Rccd& Dan Majors
8ubJect: Wagon Wheel Park Site
No. of Pages: 3 (laxeluding Cover Shc~O
Kcn:
Plcp~ xcview our oon~ncngs regarding lhc ~/tcr of ln~nt.
Wc wiB cull y~ ~is a~rn~a to discus.
T~.
Bla~
, 11/18/95 15:31 Z 214 233 1676 P.82
Date: November 9, 1995
To: Ken Griffin
City of Cm)ppell
From: Blake Reed and Dan Majors
Majors Realty Co.
Subject: Offer to Purchase Wagonwheel Property
Thanks for the draft of the letter of intent.
We've reviewed the draft and offer these comments.
pirst, here's our understanding of the proposal contained in the letter:
V//The City proposes to purchase 3 acres for $45,000/acre at a location to
be determined. If the site is off of Thweatt Rd. the City would acquire
from the Seller a minimum Z~' access easement.
V/~he City proposes to enter into a contract to acquire the remaining 43
acres for $45,0D0/acre. A feasibility period would extend to July 1, 1996,
on which date fl~e City would elect to close or not to close the purchase.
the City elects to close the purchase, ~he City would pay $200,000 at
closing and give the Seller a debt instrument acceptable to Seller with a
maturity date to be determined during the feasibility period,
Earnest money in the amount of $5,000 would be placed in escrow by
the City and would apply to the purchase price if the sale is closed. ~/n
'f'~ Q ll~ c-vent the City terminates the contract during the feasibility period
the earnest money would be refunded to the City.
~:-
· , 11/1e/95 13~32 Z 214 23~ 1676 P.03
Comments:
· The acquisition of a 3 acre site away lrom Thweatt Road will require
a 2,5' access easement which could contain significant land area, In
the event the City is successful in acquiring a site away from
Thwestt Road, it should expect to ~ompensate the Seller for the 25'
access easement.
~ · The proposal provides the City wi~ a free option until IulY 1, 1996, to purchase the remaining 43 acres.
Sellers customarily grant to a qualified Purchaser - _o,, .... ~"' "" '
option durh~ which the Purchaser conducts its ~aslbllity
analys. zr a zoning chanSe is required, this period ~s extm~ded to
allow Eor rezordr~. An option in excess oE 30 to 45 days which does
not require rezontng, however, is unusual, and would warrant a
non-rdundable payment commensurate with the time exceeding 30
to45days.
To make the Clty's proposal more palatable to the Seller it
Suchpaymentwotddbecrediteci~othe
Commission: At the Closing Seller shall pay a zeal estate sale
commission in cash equal to 6% o~ the first $500~0D0 plus 3% of the
remainder, to be divided equally bctwecn !icom Realty and Majors
Realty Company.
!~com Real Estate Management, Inc.
3141 l-~ood Street, Suite 200
Dallas, TX ~5219
Rick Wieland
lira Wltt