CF-TownC CHC-CS 860708 (2) MEMORANDUM
TO: Larry Jackson
Ed Powell
FROM: Dean Wilkerson
Jim.Cowman
DATE: ~~~, 1986~
RE: Land Swap with Univest
This memorandum will outline the basic points of agreement
between Jim and I and Univest, as well as certain recommenda-
tions in drafting the contract and dealing with the engineering
considerations. The basic agreement is as follows:
1. City Hall will be centered on the 8 acres owned by the-
City. The 8 acre tract will basically be shifted to
the east the number of feet required so that there is
an even amount of property on the east and the west
side of the City Hall. We think this will require
approximately an additional 40 feet on the east in
exchange for about 40 feet on the west side of the
property. It will probably be necessary to have a
survey done of the revised 8 acre tract reflecting
this shift. With this memo, we are delivering to you
all of the surveys and platting documents of the
property that have been given to us by Univest.
2. The City will have an option to exchange for property
adjoining Hertz Road and immediately north of the lake
that was built by Univest on the west side of Hertz
Road (the "Option Property") at such time as Univest
has completed Hertz Road and has completed sewer and
water facilities to service that tract of land. The
City is not required to make the exchange, but it is
simply an option. At such time as the road and the
utilities are completed, Univest is required to notify
the City, and the Ci~y will have 30 days in which to
exercise its option to make the exchange. No
additional money is required by either party at the
time of the exchange. It is an even swap. However,
the road and the utilities to the Option Property will
be constructed and paid for at the sole expense of
Univest.
3. The amount of acreage within the anticipated curved
road to be built south of the City Hall will
necessarily effect the amount of acreage available on
Hertz Road. We would want to have enough land
available on the City Hall site to dedicate the amount
we will be required to contribute to build the road.
We will also want to have enough space inside the arc
to construct the additional wings of the City Hall as
envisioned by the architect in the event that such
space is needed and desired by the City. Ed, one of
the surveys attached to this memo shows space of
approximately 5.316 acres inside the arc, with
approximately .586 acres having been contributed for
the building of Parkway Blvd. This configuration
appears to show enough land available for dedication
of the roadway and also enough space to build the two
wings of the City Hall. If this is the case, our
recommendation is that we use these figures and this
configuration for doing a survey and a plat, and for
structuring the future land exchange. This would
leave approximately 2.098 acres available for the
Option Property for what we presume to be a library
site. You should not say in the contract that it will-
definitely be used for a library. It may be that the
City will want to use the site for something else,
although I feel confident and I prefer that it be used
for a library. It may also be that the City will want
to exchange the site someday for land elsewhere, or
may find a need to sell it for whatever reason.
Therefore, let's write the contract without making
specific reference to a library.
4. This option contract is contingent upon Univest
obtaining the approval of their lender to exchange
collateral. The contract should contain a provision
the Univest will attempt in good faith to obtain the
approval of its lender.
If you have any questions, please do not hesitate to call
either Jim or me. I strongly suggest that the City (Larry's
draft) initiate and monitor control of the document, with
Univest requesting word changes to our drafts. Also, we would
like to review the draft before it is sent to Univest.
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