Magnolia Park-CN 980812STATE OF TEXAS §
COUNTY OF DALLAS §
DEVELOPMENT AGREEMENT
This Agreement is made by and between the City of Coppell, Texas
City (the "CITY"), and Magnolia Park Company Limited (the "OWNERS"
RECITALS
WHEREAS, Magnolia Park Company Limited is the owner of
residential tract of land located along the west side of Denton Tap Road so
State Highway 121 bypass, more particularly described in Exhibit "A" a
(the "PROPERTY"); and
WHEREAS, the CITY desires to acquire right-of-way along Den
adjacent to the PROPERTY; and
WHEREAS, OWNER desires to dedicate the right-of-way, mo~
described in Exhibit "B" attached hereto, (the "RIGHT-OF-WAY") alon
Road to the CITY in exchange for a credit against thture roadway imp
assessed the Property; and
WHEREAS, the dedication of the RIGHT-OF-WAY by OWNER
of the CITY purchase of the RIGHT-OF-WAY at a future date; and
a Home Rule
50.885 acre
th of the new
Itached hereto
ton Tap Road
'e particularly
g Denton Tap
act fees to be
will be in lieu
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WHEREAS, the CITY desires to acquire the RIGHT-OF-WAY
from OWNER in exchange for a credit in the amount provided herein a
impact fees to be assessed by the CITY against the PROPERTY.
NOW THEREFORE, in consideration of ten dollars ($10.0(
covenants and other valuable consideration, the sufficiency and receipl
hereby acknowledged, the parties agree as follows:
1. OWNER shall by separate instrument satisfactory to the CITY, de
the RIGHT-OF-WAY to the CITY on or before August 1, 1998.
2. Subject to OWNER dedicating the RIGHT-OF-WAY, the CITY a
a total credit in the amount of $5,516.00 against roadway impact fee
assessed against the PROPERTY. All parties hereto acknowledge that tl~
obligation to condemn or pay any sum of money in connection with suc
grant of easement for the RIGHT-OF-WAY. The parties further acknowl
CREDIT exceeds the amount of roadway impact fees assessed against the
if roadway impact fees are not assessed against the PROPERTY that the
be liable for or be obligated to pay any such remaining credit in cash or ca.
OWNER or its successors, and assigns.
3. NOTICE
All notices required by this AGREEMENT shall be addressed to t'.
other such other party or address as either party designates in writing, b~,
postage prepaid or by hand delivery:
by dedication
ainst roadway
the mutual
of which are
dicate or grant
rees to provide
if any to be
CITY has no
~ dedication or
edge that if the
PROPERTY or
CITY shall not
;h equivalent to
~e following, or
certified mail.
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If intended for OWNERS, to:
Magnolia Park Co., Limited
Attn: Elvio Bruni
5225 ~rillage Creek Dr.
Suite 400
Piano, Texas 75093
If intended for CITY, to:
City of Coppell, Texas
City Manager
P. O. Box 478
Coppell, Texas 75019
4. SUCCESSORS AND ASSIGNS
This AGREEMENT shall be binding on and inure to the benefit of
and their respective heirs, executors, administrators, legal representatives,
assigns. This AGREEMENT may be assigned with the consent of the CITY
5. SEVERABILITY
In the event any section, subsection, paragraph, sentence, phrase oi
held invalid, illegal or unconstitutional, the balance of this AGREE~
enforceable and shall be enforced as if the parties intended at all times to de
section, subsection, paragraph, sentence, phrase or word.
6. GOVERNING LAW
The validity of this Agreement and any of its terms and provision.,
rights and duties of the parties, shall be governed by the laws of the Stat
venue for any action shall be in State District Court of Dallas County, Texas
the parties to it
~uccessors, and
word herein is
ENT, shall be
ete said invalid
as well as the
of Texas; and
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7. ENTIRE AGREEMENT
This AGREEMENT embodies the comPlete agreement of the
superseding all oral or written previous contemporary agreement between
relating to the matters in this AGREEMENT, and except as otherwise
cannot be modified without written agreement of the parties to be attached
part of this AGREEMENT.
8. AGREEMENT RUNS WITH THE LAND
The provisions of this AGREEMENT are hereby declared covenant
the PROPERTY and are fully binding on all successors, heirs, and assigns
any part thereof. Any person who acquires any right, title, or interest in or
or any part thereof, thereby agrees and covenants to abide by and full
provisions of this AGREEMENT with respect to the fight, title or interest in
9. INCORPORATION OF RECITALS
The recitals to this AGREEMENT are hereby incorporated.
10. EXHIBITS
All exhibits to this AGREEMENT are incorporated herein by r~
purposes wherever reference is made to the same.
EXECUTED in duplicate originals this the lt~day of ~
1 ~}98.
}arties hereto,
he parties and
'ovided herein
to and made a
running with
f OWNER or
PROPERTY.
perform the
tch property.
ference for all
CITY OF COPPELL, TEXAS
By:
CITYMANAGER
MAGNOLIA PARK CO.,
Name:
~IMITED
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ATTEST:
KATHLEEN ROACH,
CITY SECRETARY
APPROVED AS TO FORM:
CITY ATTORNEY
(REH/mnff 7/31/98)
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CITY MANAGER'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the/*,2f,4day of
1998 by Jim Witt, City Manager of the City of Coppell, Texas, a municipal
behalf of said corporation.
My Commission Expires:
Notary tg'ubli~, State oi
'
corporation, on
TeXaS
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CORPORATE ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
~fore me on of O~a4~' ,
This instrument was acknowledged the ~,.~'l~ day
1998 by ~ (2,~'/.~t~ ~4~,~~1~1~~ of h iagnolia Park
Company, Limited, a ~ ~, on behalf of said corporatim:
My Commission Expires:
Notary Public, State of
Texas
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LEGAl.. DESCRIPTION
RIGHT-OF,WAY PARCEL No. 2B
BEING 5,859 square feet of'land I .o~ated in the Clarinda Squires Su
Abstract No. 1327, and the WilliamlT. Hyder Survey, Abstract No. 1'
County, Texas, being a portion of ~at certain 199.915 acre tract of
described in deed to Baal Mortgage, Inc., recorded in Document Nc
R0030664 of the Real Property Re~ords of Denton County, Texas e
more particblarly described by metes and bounds as follows:
rvey,
to1. Dallas.
and
.95-
nd being
BEGINNING at a 1/2-inch iron rod Ret in the West right-of-way line pf Denton-
Tap Road (a variable width right-of~-way), also being the Northeast Comer Of Lot
20x, Block A, Magnolia Parf~ an ac~dition to The City of Coppell, Dallas County,
THENCE N 00'15'33'W. 752.46 feet to a 1/2-inch iron rod set in the
of-way line of State HighWay No. 121 Bypass;
THENCE S 47'58'12'E, along the South right-of-way line of said St~
No. 121 bypass 0.61 feet~o a monument found;
THENCE along the existing West ~ght-of-way line of said Denton-'l'
follows:
*.
S 00'16'31'E, 160.00 feei to a point;
S 08'lT17'E, 72.60 feet io a point;
S 00'11'47'E, 520.18 feel to a point;
Soutfl right-
[te Highway
ap Road as
=ntaining
S 89°48'13'VV, 10.06 feet!to the PLACE OF BEGINNING,
5,859 square feet of land~
EX[,IBIT 'A"
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EXHIBIT "B"