Magnolia Village-CN010803 SECO CENTURY INVESTMENTS
January 24, 2001
Kenneth M. GriWm, P.E.
Director of Engineering and Public Works
City of Coppell '
P.O. Box 478
Coppell, Texas 75019
Dear Mr. G-riff.m,
I have enclosed the Development Agreement for 500 N. Denton Tap Rd. along with
Exhibit 'A' as requested in your letter dated November 16, 2000.
Please let me know if you have questions or need additional information.
Sincerely, ~ /
Enclosure
7502 Greenville Ave., Suite 680 · Dallas, Texas 75231 ° (214) 221-4440 · Fax (214) 221-4441
STATE OF TEXAS §
COUNTY OF DALLAS § I)ee(I 0~/~?/01 ~57047~) S,.]2.00
DEVELOPMENT AGREEMENT
This AGREEMENT is made by and between the City of Coppell, Texas, a Home Rule City
(the "CITY"), and Second Century Investments Denton Tap, Ltd. a Texas Limited Partnership:
RECITALS
WHEREAS, Second Century Investments Denton Tap, Ltd. is the owner of a 10-acre
commercial tract of land located along the west side of Denton Tap Road south of the new State
Highway 121 bypass, more particularly described in Exhibit "A" attached hereto as (the "Second
Century Investments Denton Tap, Ltd. Property"); and
WHEREAS, the CITY desires to acquire right-of-way along Denton Tap Road adjacent to
the Second Century Investments Denton Tap, Ltd. Property; and
WHEREAS, Second Century Investments Denton Tap, Ltd. desires to dedicate the right-
of-way, more particularly described in Exhibit "B" attached hereto, (the "RIGHT-OF-WAY")
along Denton Tap Road to the CITY in exchange for 100% credit against future roadway impact
fees to be assessed the Second Century Investments Denton Tap, Ltd. Property; and
WHEREAS, the dedication of the RIGHT-OF-WAY by Second Century Investments
Denton Tap, Ltd. will be in lieu of the City's purchase of the RIGHT-OF-WAY at the future date;
and
WHEREAS, the CITY desires to acquire the RIGHT-OF-WAY by dedication from
Second Century Investments Denton Tap, Ltd. in exchange for 100% credit against roadway
..D~,VELOPMENT AGREEMENT-Page
, ., . ,' f"..'l, c. 4[,, t/4.
impact fees to be assessed by the CITY against the Second Century Investments Denton Tap,
Ltd. Property; and
NOW THEREFORE, in consideration of ten dollars ($10.00), the mutual covenants and
other valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties agree as follows:
1. Second Century Investments Denton Tap, Ltd. shall by separate instrument in the
form attached hereto as Exhibit C, dedicate or grant the RIGHT-OF-WAY to the CITY on or
before April 28, 2000.
2. Upon dedication of the RIGHT-OF-WAY by Second Century Investments
Denton Tap, Ltd., the CITY agrees to provide a credit in the amount of 100% not to exceed four
dollars ($4.00) per square foot of the RIGHT-OF-WAY for a total credit of Twenty-Three
Thousand Four Hundred Thirty-Six Dollars ($23,436) (the "CREDIT") against future roadway
impact fees to be assessed against the Second Century Investments Denton Tap, Ltd. Property.
All parties hereto acknowledge that the CITY has no obligation to condemn or pay any sum of
money in connection with such dedication of grant of easement for the RIGHT-OF-WAY. The
parties further acknowledge that if the CREDIT exceeds the amount of roadway impact fees
assessed against the Second Century Investments Denton Tap, Ltd. Property or if roadway
impact fees are not assessed against the Second Century Investments Denton Tap, Ltd. Property
that the CITY shall not be liable for or be obligated to pay any such remaining credits in cash or
cash equivalent to Second Century Investments Denton Tap, Ltd. or its successors.
DEVELOPMENT AGREEMENT - Page 2 SS20286
6 O 0 .32
NOTICE
3. All notices required by this AGREEMENT shall be addressed to the following, or
other such other party or address as either party designates in writing, by certified mail, postage
prepaid or by hand delivery:
If intended for Second Century Investments Denton Tap, Ltd., to:
Second Century Investments Denton Tap, Ltd.
Atto: Ted R. Pittman
11551 Forest Central Dr., Suite 304
Dallas, Texas 75243
If intended for CITY, to:
City of Coppell, Texas
City Manager
P.O. Box 478
Coppell, Texas 75019
SUCCESSORS AND ASSIGNS
4. This AGREEMENT shall be binding on and inure to the benefit of the parties to it
and their respective heirs, executors, administrators, legal representatives, successors, and assigns.
SEVERABILITY
5. In the event any section, subsection, paragraph, sentence, phrase or word herein is
held invalid, illegal or unconstitutional, the balance of this AGREEMENT shall be enforceable and
shall be enforced as if the parties intended at all times to delete said invalid section, subsection,
paragraph, sentence, phrase or word.
GOVERNING LAW
6. The validity of this AGREEMENT and any of its terms and provisions, as well as
the rights and duties of the parties, shall be governed by the laws of the State of Texas; and venue
DEVELOPMENT AGREEMENT - Page 3 SS20286
for any action concerning this AGREEMENT shall be in State District Court of Dallas County,
Texas.
ENTIRE AGREEMENT
7. This AGREEMENT embodies the complete agreement of the parties hereto,
superseding all oral or written, previous and contemporary agreements between the parties and
relating to the matters in this AGREEMENT, and except as otherwise provided herein cannot be
modified without written agreement of the parties to be attached to and made a part of this
AGREEMENT.
AGREEMENT RUNS WITH THE LAND
8. The provisions of this AGREEMENT are hereby declared covenants running with
the Second Century Investments Denton Tap, Ltd., Property and are fully binding on all
successors, heirs, and assigns of Second Century Investments Denton Tap, Ltd. who acquire any
right, title, or interest in or to the Second Century Investments Denton Tap, Ltd. Property or any
part thereof. Any person who acquires any right, title, or interest in or to the Second Century
Investments Denton Tap, Ltd. Property, or any part hereof, thereby agrees and covenants to
abide by and fully perform the provisions of this AGREEMENT with respect to the right, title or
interest in such property.
INCORPORATION OF RECITALS
9. The determination recited and declared in the preambles to this AGREEMENT are
hereby incorporated herein as part of this AGREEMENT.
EXHIBIT
10. All exhibits to this AGREEMENT are incorporated herein by reference for all
purposes wherever reference is make to the same.
DEVELOPMENT AGREEMENT - Page 4 SS20286
CITY OF COPPEL~L~L, ~EXAS Second Century Investments Denton Tap, Ltd.
Jim Wi~,~gi~~ger Name~.' Ted R. Pitffn~an
Title: Partner
DEVELOPMENT AGREEMENT - Page $ SS20286
z~080 00',, ~,35
CITY OF COPPELL
PERMANENT RIGHT OF WAY
EXHIBIT C
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS
COUNTY OF DALLAS §
THAT, Second Century Investments Denton Tao, Ltd. of the County of Dallas, State of
Texas, for and in consideration of TEN DOLLARs, and other good and valuable considerations
paid by the City of Coppell, a municipal corporation of Dallas County, Texas, receipt of which is
hereby acknowledged, does hereby grant, bargain and convey to said City, its successors and
assigns, a permanent fight-of-way and the right to construct, reconstruct and perpetually maintain a
public street and/or drainage facilities and utilities, together with all necessary appurtenances
thereto, and with the right and privilege at any and all times, to enter said premises, or any part
thereof, as is necessary to the proper use of any other right granted herein, and for the purpose of
constructing, reconstructing and maintaining said public street and/or drainage facilities and
utilities, and for making connections therewith, in, upon and across that certain tract or parcel of
land in Dallas County, Texas, being described as follows:
Exhibits "A" and "B" attached hereto and made a part hereof.
TO HAVE AND TO HOLD the same unto the City of Coppell, its successors and assigns.
Second Centu Inve ts Denton Tap, Ltd.
CITY MANAGER'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
,,.~r.,_.-, /
This instrument was acknowledged before me on the -,j/ day of .3 ~ oc.,-r-~ , 200~
by Jim Witt, City Manager of the City of Coppell, Texas, a municipal corporation, on behalf of said
corporation.
/
Notary Public, St/te of Texas
DEVELOPMENT AGREEMENT - Page 6 SS20286
STATE OF TEXAS
couvrvo~ ~2ctla.~
2000~ by Ted R. Pittman, Partner, Second Century Investments Denton Tap, Ltd., on behalf
of said corporation. ~/~ ~. ~
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
B.~'rN~ & tract of land s£tuat~d .i.n the CL,MI..~O~ S~U'r..~'.ES SURVL~,
1327 ~n the ¢£ty of Coppell, DAT-?~-~ County, T~xu, and hm~ng more
l~trh/~ula~ly described u £ollo~m..
B~GZ~NZNG at a 1/2 ~nch ~ron rod e~ at ~he /nt~rsection
of Denton Tap ~ad (v~i~le ~f~ht~f~y) wl~ ~e ~
~i~ay ~o. 121 (~l~le giqbt~way)~
~ S~th, a diet.ce o~ 160.00 ~ ~on~ ~e ~aid
Tap ~ad to a 1/2 ~h ~o~ g~ m~ ~og co~
~ South 0B d~s 16 ~utm~ 51 ~e~ Eaet, a
f~t con~fnu~q alo~q ~afd Wm~t l~e oE D~on Tap ~
~ South, a d~et~ce of 523.9B ~t al~q ~e ~a~d
· ap ~ad to ~ 'X~ ~t ~ concrete ~o~ t~ ~t ~o~he&~ly
co~e~ o~ ~oL~a ~k, ~ addition to the C2t~ o~ ~LI acco~g
the plat thence recorded ~ Vo~,,~ 98~45, ~aqe 0506 o~
D~-r~ ~unty,
E~t to a ~/2 ~nch ~on ~ set ~or
~ set for
~ No~h, cont[nu~g a~o~ sa~d ~o~ P~k ~~ ~, a
o~ 552.00 f~t to a ~/2 ~ch ~on ~ set fo~ co~7
~ No~h 64 d~r~s 57 ~utes 59 e~on~ ~est, cont~u~g ~ong
set fo~ the beg~n~g of a t~g~t ~e to ~
along the ~e to ~e ~ght vh~ch ~a a chord ~at ~a No~ 30
52 ~utea 38 a~onds ~est fo~ 44.84 f~t, a c~al ~gLe of G8 d~e
~utes 40 eeconds ~d a ~ad~ue of 40.00 f~t, for ~ ~c ~ce
f~ to a 1/2 ~h ~on ~ set fo~ ~ ~d of na~d ~
~o~ the ~e to the right ~ch ~s a c~ ~at ~e
07 ~utes 22 seconds East for 200.64 f~t, a c~
49 ~utes 20 s~onds ~d a ~ad~us of S30.00 f~t, for
201.86 feet to a 1/2 ~ch ~on ~ set fo~ ~e ~d of
~ No~h 25 d~Hs 02 ~utes 01 s~ond East, cont~u~g ~ong
~~a P~k bo~d~, a d~st~ce of 27.85 f~t to a
~ ~e South l~e of State E~gh~ay No. 121~
~ South 64 d~Hs 57 ~utes 59 secon~ Ea~, along
State ~2gh~a~ No. 122, a d~st~ce of 1137.67 f~t to a
set for co~7
~ South 47 d~s 40 ~utes 07 e~onds Ea~, cont~u~g a~ong
sou~ ~e o[ State H~gh~ay No. ~2~, a d~st~ of 36.29
OF ~l~X~ ~d ~XlX~ 443,~75 e~e f~t, o~ 10.1739 ac~es
DE~LOP~ AG~E~ - Page 8
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DOC. NO. 95-R00~0664
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RIGHT - OF- WAY
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DOC. NO. 95-R00~5C)664
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BEGINNING ,.,
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