Eagle Point-CS 930322CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements herein
contained, the City of Coppell hereinafter called "City" and ' _
hereinafter called "Developer", do hereby agree as follows, to-wit:
WHEREAS, the current City policies (Subdivision Ordinance Appendix A,
Section 17) require that in new areas, a Developer install major public
improvements where required in or adjacent to said addition. Developer
at
has elected to develop ~_. -
. and Roads, in the City of Coppell, Dallas
County, Texas. In lieu of the developers obligation to construct their
1/2 of the pavinq and drainaqe improvements on _ and
_ , alon~ their frontage (see exhibit A), Developer agrees to place in
escrow $ for the construction of aforesaid major public
improvements. This dollar amount being based on the current estimated pro
rata charges of $ . per front foot cost, for half of a lane
thoroughfare. THEREFORE, the Developer does hereby deposit
$ .-- ~, 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
the Developer. In the event that actual cos~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 improvements, and upon deposit of Escrow
Funds described herein.
Signed and Executed this the
19 .
day of
Developer Mayor
Attest:
City Secretary