CF-TownC CHC-CS 840118 R~&L f. STAT~c I/~iVESTMENTS
January 18, 1984
The City of Coppell
P. O. Box 478
Coppell, Texas 75019
Attention: Honorable Amdrew Brown, Jr.
Re: Improvements constructed adjacent
to or that benefit the ~nicipal
Center Site or Park Site in
Coppell, Texas
Gentlemen:
In accordance with the requirements of that certain Contract of Sale
("Contract") dated December 30, 1982, by and between The Parks of
Coppell Joint Venture II ("PCJV") and The City of Coppell ("City"),
pages five and seven to the Contract being attached hereto as Exhibit
B, this Letter Agreement is made and entered into this 18th day of
January, 1984 by and between PCJV and City, the parties hereto,
agreeing to the following:
1. City agrees to reimburse PCJ~ for its ~ro rata share
of costs paid by PCJV pursuant to the various construc-
tion contracts entered into by PCJV on behalf of PCJV
and City. The work to be performed under these con-
tracts is subject to the terms and conditions set
forth in Article V, paragraph one of Exhibit B
attached hereto. The City hereby a~rees, pursuant
to the Contract, to pay for its pro rata share of the
cost as detailed on the attached Exhibit A. PCJV
and City hereby agree that the attached Exhibit A is
the pro rata share attributable to City pursuant to
the various construction contracts listed in
Exhibit A. The quantities listed in Exhibit A are~/~
subject to change and oayments shall be based on ~
actual quantities measured on the job.
2. City promises and agrees to pay PCJV for its pro rata
share of construction when and as PCJV is presented
with invoices from the various contractors. Exhibit
A attached lists the estimate of the cost to City
pursuant to the various contracts.
6350 L~J FREEWAY / SUITE 22~ / DALLAS. TEXAS 7524G / PHONE 1214l 2~3-5771
The City of
January 18, 1984
Page 2
Payments shall be made monthly based on percentage of
completion per inspection and certification of PCJV's
representatives, Threadgill-Dowdey & Associates,
less 10% retainage. Invoices will be submitted to
the City on the last day of the month for work
completed through the 25th of that month for pay-
ment no later than the 15th day of the following
month.
The 10% retainage will be paid upon final completion
of the improvements. PCJV will provide a Release
of Lien Affidavit from itself and all Subcontractors
upon receipt of payments hereunder.
Any additional fees pertaining to the above men-
tioned contracts which cannot be easily prorated,
e.g. engineering, staking, inspection, CMUD fees,
etc., should be reimbursed to PCJV in an amount
equal to a percentage of City's pro rata cost to
the total construction costs for the Municipal
and Park Sites.
3. It is understood and agreed that the City has
satisfied itself as to the location and nature of
the work to be performed under this Agreement.
No verbal agreement or conversation with any officer,
agent, or employee of PCJV or their engineers,
either before or after the execution of this Agree-
ment, shall affect or modify any of the terms or
'obligations herein contained.
If the above terms and conditions are acceptable and correctly represent
our agreement, please sign below and return one copy to us.
We look forward to working with you, and if you should have any ques-
tions, please do not hesitate to contact us.
Yours very truly,
THE PARKS OF COPPELL JOINT VENTURE II
ACCEPTED AND AGREED:
Michael R. Allen ,
THE CITY OF COPPELL
DATE:
MPA/mb
At t achment s