Four Seasons 1-AG 910625AGENDA REQUEST FORM
CITY COUNCIL MI~TING J~me ZS, 1991
~ CONSENT AGENDA
Discussion and al~p~val of an Esc~w A~eement between the Cit~ of Coppen md Ma~devco C~edit
Corporation (the owner of the proposed Fora' Seaaons Addition) re§ardin[~ l~Ol~rty at the southeast
CITY
DATE
SUBMITTED BY: STAFF RFP.: Gar~ I.. Sieb, Planninil Director
OTHER REP.:
~VALUATION OF ITEM: DATE:
As diacussed by Council on June 11, Mardevco Credit Corporation h~ la-oposed an Escrow AEreement
between themselves and the City of Coppell, which basically states:
· a developers ehn~e of public improvements required by the City in the amount of
$118,ZZ4.00 will be pinced in escrow with the City prier to final subdivision plat
approval
· if cost of actual improvements is lesa than said amount and any accrued interest,
the Cit~ sh~11 retain the difference; if improvements co~t m~re t~n the $118,124
plus any accrued interest, the City shah make up the short fall
Council also cautioned that this Escrow AEreement is not to be interpreted as general policy,
that each Escrow Ailreement would be judged on its in~lividual merits.
As used in this allreement, the escrowed amount refera to n~rmal street improvements required
at time of development.
BUDGET AMT.
AMT +/- BUDGET
N/A
AMT. ESTIMATED
FINANCIAL REVIEW BY
LEGAL REVIEW BY:
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell ("City") and Mardevco Credit
Corporation ("Developer"), a New York Corporation, do hereby agree as
follows, to-wit:
WHEREAS, the Subdivision Ordinance of the City requires under certain
circumstances that a developer make certain street improvements in or
adjacent to the area being developed and that under certain circumstances
the City is authorized to levy assessments to cover the cost of such
street improvements; and
WHEREAS, its is also provided that where the City finds that it is
not feasible to construct the improvements at the time of development, the
City Council may permit the Developer to place in escrow an amount equal
to the developers share of the cost of said improvements as a condition of
approval of the final plat of the subdivision or final approval of the
development; and
WHEREAS, Developer desires to develop and construct a building on the
real property more particularly described on Exhibit "A" attached hereto
and incorporated herein by reference (the "Property"); and
WHEREAS, Developer desires to place in escrow with the City
$118,224.00 the ("Escrow Amount") which is the present estimated amount of
Developer's share of street improvements should the City undertake a
street assessment to cover the cost of roadway excavation, lime slurry,
lime treatment, pavement, curb and ~utter, storm drainage, median f~
landscaping, raised pavement markers and street lights on that section of (Il!\
Sandy Lake Road (Thweatt Road) from the intersection ~ ~ RQyal La~e east \__~
NOW, THEREFORE, in consideration of the foregoing and in'~
consideration of (i) Developer's waiver and/or release of any and all
rights to a refund of the Escrow Amount, or any part thereof in the event
the Escrow Amount is greater than Developer's share of the actual cost of
the Street Improvements or the assessment therefor and (ii) City' s
agreement not to "assess and collect" from Developer any amounts in excess
of the Escrow Agreement for construction of the Street improvements, City
and Developer agree as follows:
Developer waives and/or releases any and all rights to a refund
of the Escrow Amount, or any part thereof.
City shall not "assess and collect" from Developer (and waives
and/or releases any and all rights to "assess and collect" for
the Street Improvements, regardless of whether the Escrow Amount
is less than Developer's share of the actual or assessment cost
of the Street Improvements.
3. Upon deposit of the Escrow Amount City shall not withold the
issuance of Building Permits based upon Develope~ failure
construct the above mentioned Street Improveme~nts. ~
SIGNED and EXECUTED this ~'~_--~ day of ~, 1991.
to
DEVELOPER:
Mardevco Credit Corporation,
a New York corporation
By: ~ ~
~- Stanle~Davidow '
Autho~ed Representative
ATTEST:
CITY OF COPPELL
City Secreta~
APPROVED AS TO FORM:
ESCROW4.SEA
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