Freeport NIP(5.2)-CS 970602 FAX MEMO
DATE: June 2, 1997
TO: Atul Patel Phone: (972) 304-3682
City of Coppell Fax: (972) 304-3570
FROM: Jim McEIroy~. Phone: (214) 904.0907
Fax: (214) 904.9930
RE: MEPC Road~mpact Fees
Pages: 3 (including this cover)
Attached please find the document that transfers up to $800,000 of the Roadway
Impact Fee credits held on behalf of the Freeport Industrial Park to MEPC.
If you have any questions, please call me at the number above.
Thanks.
£00,'100~ sa~u~d uos~am3 0~66 tO6 ~Ig.~ ~:~I ~6,'g0.'90
ASSIGNMENT AND TRANSFER OF IMPACT FEE CREDITS
R-E-C-I-T-A-L-S
WHEPd~AS, T/E Freeport North Land II, Ltd. (herein "Assignor")
is %he owner of certain property in the Freeport North Business
Park, Coppell, Dallas County, Texas (the "Park"), which property
includes the property described on Exhibit "A" at=ached hereto and
incorporated herein by reference (the "Property"); and
WHEREAS, =he City of Coppell, Texas (herein, the "City"),
pursuant to city Resolution No. 010996.2 dated January 9, 1996 (the
"Resolution," which Resolution replaced Resolution No. 111495.1
adopted by the City on November 14, 1995), adopted the provisions
of Section 380.001 of =he Texas Local Government Code to authorize
economic development grants consisting of credits roadway
facilities impact fees; and
WHEREAS, =he City Manager of the Cl=y, pursuant to the
Resolution, has authorized a credit in =he amount of $~,481,666.25
against roadway facilities impact fees for the Park (the
"Credits"); and
WHEREAS, pursuant to that one certain Contract of Sale dated
May 31, 1996 (as amended, the "Contract") by and between Assignor
as "Seller" and MEPC Quorum Properties II Inc. (herein "Assignee")
as "Purchaser," Assignor has of even date herewith solo the
Property to Assignee; and
WHEREAS, pursuant =o the Contract, Assignor agreed =o assign
and transfer to Assignee a portion of the Credits as additional
considsration for Assignee's purchasing the Property.
W-I -T-N-E-S-S-E-T-H
NOW THEREFORE, for and in cons~deration of Ten and No/100
Dollars ($10.00) in hand paid and other good and valuable
consideration, specifically including Asslgnee's purchase of the
Property, the receipt and sufficiency of which being hereby
acknowledged, Assignor has ASSIGNED, CONVEYED, SET OVER and
TRANSFERRED to Assignee, and by these presents does ASSIGN, CONVEY,
SET OVER, and TRANSFER to Assignee, e portion of the Credits
totaling $800,000-00 (the "Transferred Credits").
TO HAVE AND TO HOLD the Transferred Credits to Assignee, its
successors and assigns, forever; and Assignor binds itself, its
successors and assigns, to WA~R~-NT A/~D FOREVER DEFEND the
Transferred Credits to Assignee, its successors and assigns,
against every person whomsoever lawfully claiming or Do claim =he
same or any part thereof, by, through, or under Asslg~or, but not
othe~wise.
Assignor represents and warrants to Assignee that Assignor has
been granted :he Transferred Credits by the City, tha~ this
instrument will effect a full transfer of the Transferred Credits
to Assignee an~ that Assignee will be entitled to rely upon this
instrument in connection with any roadway facilities impact fees
the City seeks to assess against Assignee in connection with
Assignee's development of the Property.
Assignor agrees that, upon request of Assignee, Assignor will
cooperate with Assignee and take such further action as is
reasonably necessary to effect the full intent of this instrument
and to allow Assignee to realize the benefit of the Transferred
Credits and the intent of this instrument.
Assignee acknowledges and agrees that the Transferred Credits
are all of the Credits that Assignor agreed to convey pursuant to
the Contract and that Assignee has no right to any of the Credits
other than the Transferred Credits.
IN WITNESS WHEREOF, Assignor has executed this instrument on
July 31, 1996 to be effective as of the conveyance of =he Property
to Assignee.
ASSIGNOR:
T/E FREEPORT NORTH LAND II, LTD., a
Texas limited partnership
By: Emerson Partners, Inc.
General Partner
) .
Title:~
ASSIGNEEs
MEPC
II INC.
Name
Name:
Tltll
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