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Sandy Lk Cross L3-CS 891130 ~ r - '~P.O. Box 478 "~-~/ /L___--/'/'".-' L~./ L._21__]~_._~,' ~ ' Coppell. Texas 75019  ~ The City With A Beautiful Future 214-462-0022 November 30, 1989 Mr. Wayne Barr Hamill & McKinney 1304 Walnut Hill Lane SuiteTexas~ ....... ~~-..~...~ ~222 Irving, SUBJECT:~ANDY LAKE CROSSING, LOT ~ ..As we discussed dur.~ng our telephone conversation today, I am providing an escrow agreement /for the Exxon Service Station in the Sandy Lake Crossing 'Addition, .LQt_3,--Biock 1. Said property is further described as being at the southwest corner of Denton Tap Road and Sandy Lake Road, containing 0.918 acres. Please forward these agreement (5 originals) to the proper Exxon representatives for the appropriate signatures, and return to me by Tuesday, December 5, 1989. Once you have obtained the original signatures, please return to me, so that I may forward the agreement to the City Attorney for review. The escrow agreement will then be placed on the City Council agenda on December 12, 1989, for City Council approval. (You will not need to attend this meeting). One executed original will be returned to you upon approval. If you have any questions regarding these procedures, please contact me at (214) 462-0022. Sincerely, TaryonVPaster Bowman P&Z Coordinator TPB/lsg xc: Gary L. Sieb, Director of Planning & Community Services Frank Trando, Deputy City Manager/Finance Director Russell R. Doyle, P.E., City Engineer ¢©p¥ CITY OF COPPELL ESCROW AGREEMENT For and in consideration of the mutual covenants and agreements herein contained, the City of Coppell hereinafter called "City" and Exxon Corporation hereinafter called "Developer", do hereby agree as follows, to-wit: ~EREAS, 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 Sandy Lake Crossinq, Lot 3, Block 1, an Addition in the City of Coppell, Dallas County, Texas (See Exhibit 1, attached). In lieu of the developers obligation to construct their portion of Sandy Lake Road improvements and 60.43 linear feet of frontaqe still unimproved, the Developer agrees to place in escrow $12,086.00 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 $200.00 per front foot for Sandy Lake Road. This roadway is classified as a six-lane divided major thoroughfare. The actual amount due to 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 $12,086.00, which will be held in the sole name of the City in an interest 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 improvements by the City, the difference between the escrowed funds (original amount escrowed plus accrued interest) and the actual cost shall be refunded to the Developer. In the event that 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 (10) days of notice. 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 day of 19 Developer Mayor Attest: City Secretary .-,.