Eagle Point-CS 930430 (2)The City With A Beautiful Future
April 30, 1993
P.O. Box 478
Coppell, Texas 75019
214-462-0022
Mr. Pete Smith
Nicholas, Jackson, Kirk & Dillard
1800 Lincoln Plaza
500 N. Akard St.
Dallas, TX 75201
Re: Escrow Agreement for Eagle Point Village at Riverchase
Dear Mr. Smith:
The developer of the subdivision Eagle Point Village at Riverchase has requested that he not be
required to construct the little stubout section of Glade Point Drive in his subdivision. The street
ends on a skew at his eastern most property line and it would be difficult to construct on that
skew. He estimated a cost of the future construction and is willing to escrow that cost with the
City. If this arrangement is acceptable to you, I will have a final copy of the agreement
executed by Mr. Jerry Ragsdale and included at a future City Council meeting. Hopefully, it
will be no later than May 25th, 1993. Therefore, if I could have your response no later than
May 13th, 1993, I would appreciate it. I have included a copy of the escrow agreement for your
review.
If you should have any questions please feel free to contact me.
Sincerely,
Kenneth M. Griffm, P.E.
City Engineer
CC: Frank Trando, Acting City Manager
file/kgriffin/elgptvlg
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell hereinafter called 'City' and
Eagle Point Development, Ltd. hereinafter called 'Developer', do
hereby agree as follows, to-wit= WHEREAS, the current City
policies (Subdivision Ordinance Appendix A, Section 17) require
that in the new areas, a Developer install major public
improvements where required in or adjacent to said addition.
Developer has elected to develop Eagle Point Village at Riverchase
Drive and Sandy Lake Road, in the City of Coppell~ Dallas County,
Texas. In lieu of the developers obligation to construct Glade
Point Drive (see exhibit A), Developer agrees to place in escrow
$3,658.66 for the construction of aforesaid major public
imgrovements. THEREFORE, the Developer does hereby deposit
$3,658.66, which will be~held in the sole name of the City in an
interest bearing account to draw interest at the current rate. No
withdrawals shall be made until such time as the above mentioned
improvements are made. After completion and acceptance of the
above mentioned improvements by the City, the difference between
the escrowed funds (original amount escrowed plus accrued interest)
and the actual cost shall be refunded to the Developer.
In the event that actual cost of above mentioned improvements
exceed the escrowed funds (original amount escrowed plus accrued
interest) the Developer will be assessed the difference. Payable
within ten (10) days of notice.
THE CITY may issue Building Permits on the aforesaid property
without the requirement of the aforementioned ~mprovements, and
upon deposit of Escrow Funds described herein.
Signed and Executed this the
19 .
Developer
Eagle Point Development, Ltd.
A Texas Limited Partnership
RPG/EP Company, Inc.
Its sole General Partner
day of
Jerry W. Ragsdale, Vice President
Mayor
Attest:
City Secretary
NATHAN D. MAIER
February 1, 1993
Mr. Jerry Ragsdale
Republic Property Group, Inc..
8440 Walnut Hill Lane, 8th Floor
Lock Box 3
Dallas, Texas 75231
Eagle Point l/'dlag~- Future Glade Point Driw
NDM Job No.: 89-10-11~.G
Dear Jerry:.
At your request, I have calculated the cost to construct the portion of Glade Point Drive that lies within the
Eagle Point Village project.
I have assumed that this work will be performed subsequent to the construction of Longmeadow Drive and
used the unit prices from your Eagle Point paving contract. The costs are as follows:
68 LF Saw Cut & Remove Concrete Paving @$10.00 S 680.00
70 CY Excavation @Sl.25 87.50
2.8 TN Lime @75.00 210.00
189 SY Stabilized Subgrade @1.00 189.00
176 SY Concrete Paving @14.16 2,492.16
Total $3,658.66
If you have any questions please call
Sincer..e~ly, ,
Michael Daniel
MD/cmh
Three NorthPark/8800 N. Central Expwy./Suite 300/Dallas, Texas 75231/(214) 739-4741