Loading...
Pecan Ridge-AG 920114r~ ~1._~, AGENDA REQUEST FORM ITEM CAPTION: Consideration of approving an escrow agreement with Everfine/ Gateway Partnership for Sandy Lake Road Improvement, for Pecan Ridge Estates, in the amount of $120,372.26 and authorizing the mayor to sign. SUBMITTED BY: STAFF hoh~e Daneshmand, ~.E. U 'CDir fs ~.ign~re) ...... ~ OTHER REP.: EVAI.UATION OF ITEM: DATE: January 3, 1992 Pecan Ridge Estates is located at the northwest corner of Sandy Lake Road and Lodge Road. This agreement has been prepared by Everfine Gateway partnership in conjunction with their escrowed deposit of $120,372.26, for future widening of Sand~ Lake Road. '.~ ' £- 5.. ., APPROVED J- CiTY C©u~CIL BUDGET AMT. AMT. ESTIMATED COMMENTS: These funds are deposited in seperate accounts and all interest earned is credited back to the account so that at any time we can determine how much money we have for this particular project. LEGAL REVIEW BY: REVIEWED BY CM: ~~ff~ AGENDA REQUEST FORM EEVISED 1/91 CITY OF COPPELL ESCROW AGREEMENT For and in consideration of the mutual covenant and agreements herein contained, the City of Coppell hereinafter called "City" and Everfine/Gateway Partnership 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 has elected to develop Pecan Ridge Estates an Addition in the City of Coppell, Dallas County, Texas (See Exhibit l, attached). In lieu of the developers obl')gation to construct their portion of Sandy Lake Road improvements and ?06.41 linear feet of Frontage still unimproved, the Developer agrees to place 'in escrow $120,372.26 for the construction of aforesaid major public improvements. This dollar amount being based on the current pro rata charges as provided for in Appendix B of the Sub-Division Ordinance, and is based on a future estimated cost of $170.40 per front foot for Sandy Lake Road. This roadway is classified as a major thorough-fare roadway. The actual amount due 'Lo the City will be based on the actual cost when constructed, and the escrow account adjusted accordingly at that time. This escrow will be required in lieu of the construction of a half-street. THEREFORE, the Developer does hereby deposit $120,372.26, which will be held in the sole name of the City in ar) ir~terest 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 l)mprovements by the City, the difference between the escrowed funds (original amount escrow plus accrued interest} and the actual costs shall be returned to 'Lhe Developer. If the improvements are complete within ten {10) years from the date hereof and 'the actual cost of above mentioned improvements exceed the escrowed funds (original amount escrowed plus accrued interest) the Developer will be assessed the difference, payable within ten (lO) days of notice. If inquiry is made by Developer, City shall inform Developer as to the status of the funds and the improvements and their estimated actual costs. 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 Z¢~ day of DEVELOPER: EVERFINE/GATEWAY PARTNERSHIP By: GATEWAY USA DEVELOPMENT, INC., Managing Partner , tner CITY: CITY OF COPPELL By: City Secret~ry~ APPRO~VED AS TO FORM: Ci~ Attorney ~..~ 12226 3265v - 2 -