Magnolia Park-CS 980514Eastern
Development
Companies
5225 ¥illage Creek Drive. Suite 400, Plmm, Texas 75093
(972) 267-6888, Fmx (972) 818-8885
May 14, 1998
Mr. Robert E. Hager
1800 Lincoln Plaza
500 North Akard
Dallas, Texas 75201
RE: Magnolia Park- Coppell Greens
Dear Mr. Hager.
I am writing in regard to the above referenced projects and the terms und
acre park site (and improvements) will be dedicated to the city of Coppell
the City Council. These terms were first presented to us at initial meefin
concerning our requested zoning changes for the property. The require
initially agreed to by the previous owners when the property was zo~
Although our zoning change substantially decreased the density we did n
donation of land or improvements regarding the park. The terms for the ~
negotiated in pdvate and public meetings with the City of Coppell (Planni
Council and staff) and Ron Fraze, a partner in the Coppell 200 Joint V,
purchased the entire 200 acre tract of land.
The required donation for the entire 200 acres was agreed to by Beal Morl
to and as a condition of their purchase of the tract from Coppell 200 Join
divided the 200 acres into several separate tracts and sold two of them 1
owners who agreed to the donation as well. The two parcels sold include
tract south of the 121 Bypass known as Magnolia Park (owned by Magnoli~
LTD.) and a 65.501 acre tract north of the 121 Bypass known as Coppell
by Coppell Greens LTD.) Beal Mortgage, Inc. retained two commercial
south of the 121 Bypass and sold one tract to the state for construction of tt
The terms included the donation of a twenty six acre park site as well as
improvements valued in excess of $300,000.00. As you can see by the e~
notice the park land is valued at $884,100. We paid property taxes for 1~
of $23,973.78 on the proposed park site. The total donation value woulc
one million dollars. The Coppel Greens subdivision will contain approximat
the Magnolia Park subdivision contains 114 lots. The total park fee, wt'
agreed to waive in lieu of the donation, would be $431,760.00 (336 lots time
$1,285.00 per lot). The expense of the land donation and amenities is cc
than the total of the fees waived.
.~r which the 26
as approved by
s with the City
donation was
.d multi-family.
3t decrease the
~greement were
ng and Zoning,
mture who had
gage, Inc. prior
t Venture. Beal
o two separate
:1 a 77.676 acre
~ Park Company
Greens (owned
e 121 Bypass.
3e installation of
:losed appraisal
~7 in the amount
be in excess of
ely 222 lots and
ich ~ city has
s the park fee of
nsiderably mom
· page2
I hope this information is helpful in drafting the actual park agreemenL
you have any questions or comments.
Sincerely,
Sincerely,
Lori A. Allen
Eastern Development No. 1, lnc,
Plea
May 14, 1998
~e contact me if
NOTICE'0F APPRAISED VALUE FOR 1
DALLAS CENTRAL APPRAISAL DISTRICT
COMMERCIAL DIVISION
P. O. BOX 560448
DALLAS, TEXAS 75356-0448
TELEPHONE: (214) 905-9406
OWNER:
MAGNOLIA PARK COMPANY LTD
SUITE 170
101 W RENNER RD
RICHARDSON TX 75082
PROPERTY ADI
500 N DENTON TAP
CITY OF COPPELL
LEGAL DESCRI]
CLARINDA SQUIRES
TR 1.2 ACS 26.79
VOL97017/1582 DO,
EXEMPTION CODES: HS - HOMESTEAD
DB - DISABLED
IMPROVEMENTS VALUE
LAND MARKET VALUE
TOTAL MARKET VALUE
0
0
0
TAXING JURISDICTIONS
DALLAS COUNTY
CITY OF COPPELL
COPPELL ISD
COMMUNITY COLLEGE
PARKLAND.HOSPITAL
SPECIAL DISTRICT
EXEMpTIONs
GRANTEDi
197
)RESS:
RD ,.
'TION:
ABST 1327 PG 155
112497 CO-DALLAS
SS - SENIOR CITIZEN (OVER 65)
VT - DISABLED VETERAN
AG - AGRICULTURAL
IMPROVEMENTS VALUE
LAND MARKET VALUE
TOTAL MARKET VALUE
PROPOSED
EXEMPTION
AMOUNT :
TAXABLE VALU
!;:;iAFTER EXEMPTIi
884,100
884,1OO
884,1OO
884,1OO
884,1OO
0
OF TOTAL:TAXi REVENUE THAT THE Uh
THIS YEAR:S ESTIMATED TAx RATE wOULD RAISE THE SAME AMOUNT
LAST YEAR FROM PROPERTY TAXED LAST YEAR. A TAXING UNIT MAY NOT ADOPT· A. RATE THAT WOULD:RI
OPERATi~NG: REVENUE FROM THE SAME PROPERTIES UNLESS:IT PU.BLISHES NOTICE IN A NEWSPAPER THAT !T I
CONSIDERING AN INCREASE AND HOLDING A PUBLIC HEARING TO DISCUSS THE INCREASE: :i '
THIS YEAR'S ESTIMATED TAXES: These amounts are the taxes you would pay on this year'
governing bodies adopt the estimated tax rates shown. The Appraisal District determines v;
0
884, 100
884,100
THIS YEAR
..' ::: ESTIMATED
INS : TAX RATE~
.22
.67
1.60
.05
.19
· O0
IT RAISED [
ISE MORE
proposed value if the
de, it does not levy taxes.
ESTIMATED:
: TAXES
1,945
5,923
14,146
442
1,680
0
'HIS NOTICE NNC¢ 03/S?
THIS IS NOT A TAX BILL - DO NOT PAY FROM
Please be patient and keep trying·
You may also c,
CALLERS:
Initially all lines may be busy.
address given or in person.
PLEASE READ:
If you feel that the current proposed value for the above described property i.,
Appraisal District Office ON OR BEFORE dUNE 02. 4997 at the phone hum
Appraisal District is unable to resolve the situation you will be given an oppo
hearing with the Appraisal Review Board. In order to be entitled to a hearii
A WRITTEN PROTEST WITH THE APPRAISAL REVIEW BOARD. THE L
WRITTEN PROTEST IS dUNE 02, 1997 A notice of protest form can be o
District Office, the Appraisal Review Board, or the Property Tax Division of
Office. The Appraisal Review Board will begin hearings on MAY 42. 4997
2949 NORTH STEMMONS FREEWAY, DALLAS, TEXAS 75247-6195.
>ntact us by mail at the
incorrect, contact the
)er above. If the
'tunity to schedule a
~g YOU MUST FILE
AST DAY TO FILE A
btained from the Appraisal
he State Comptroller's
~t the following location: