Coppell Greens 1-CS 971030 eal Mortgage,, :.
1~ October 31, 1997
Via Fax (972/304-3570) and Mail
Mr. Kenneth M. Griffin
City of Coppell
255 Parkway Boulevard
Coppell, TX 75019
15770 N. Dallas Parkway
Suite 902
Dallas, Texas 75248
214/404-4040
Fax 214/404-4004
Re: Proposed Development Agreement - Commercial Tract at Denton Tap Road at SH 121
Dear Mr. Griffin:
Beal Mortgage, Inc. (BMI) is the owner of a 22 acre commercial tract located along the west side
of Denton Tap Road north of the new SH 121 Bypass, and is adjacent to the tract known as
Coppell Greens, which is being developed by Mr. Ron Fraze.
On behalf of Bill Anderson, Ron Fraze, Bill Saurenmann and myself, I want to thank you for
meeting with us last week regarding BMI's proposed participation (along with Coppell Greens)
in the city's acquisition of right of way (ROW) along Denton Tap Road and the immediate
construction of the western one-half of Denton Tap Road from the Coppell city limits down to
the SH 121 Bypass.
The city of Coppell has proposed entering a development agreement outlining the monetary and
property ROW contributions of BMI, thereby vesting the commercial tract with certain fee
credits.~hat will be used to offset the development fees that the ultimate property use will require.
The preliminary projected cost of 2,750' of roadway is $405,000, with BMI's prorata portion
(950') being approximately $140,000. The estimated ROW requirement is 21'x950', or 19,950 sf.
The ROW dedication would be in lieu of the city purchasing that ROW at a future date~
BMI requests that the proposed devclopmcnt agreement give full credit for the cost of
construction of the roadway, and credit for the ROW taking at a value of $4.00 psf.
Please contact myself or Bill Anderson with any specific questions regarding the development
agreement that the city attorney for Coppell will draft. BMI, as a wholly owned subsidiary of
Beal Bank, will have to submit the final development agreement to a loan committee of the bank
for approval. BMI cannot enter into the agreement u~ntil and unless the bank committee
approves; such review and consideration generally takes approximately one week.
Sin " 1~34 ~'~ '1'~ r"~*L
Mark Pulliam u 240 OOO_ ' ~,/e [q::~c,l¢ ~ cx
Project Manager g' lS, g ,z
I