Shadowridge P1-3-CS 890104CITY OF COPPELL
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppe11 hereinafter called "City"
and Centex Real Estate Corp. 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 Sba_dOW Ridge Estates,
3rd Increment Addition in the City of Coppe11, Dallas County,
Texas in lieu 'of the following major public improve~nts for
their 1/2 obliqation to the paving & drainage improv~m~nt~' on
Coppell Rd. alonq thier frontaqe (see exhibit B), adjacent to
the above mentioned lots. Developer does place in escrow
$56,891.00 for the construction of aforesaid major public
improvements. This dollar amount being based on the current pro
rata charges (See Exhibit A).
THEREFORE, the Developer does hereby deposit $56,891.00, which
will be held in the s01e 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 fo 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 will 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
hen Co Stolte
ueveloper
Mayor
Attest:
City Secretary
Centex Real Estate Corp. shall be required to escrow
$56,891.00 for their one-half obligation to the paving and
drainage improvements for Coppell Rd. along their ~ronta§e.
This deposit is based on the current pro-rata charge of $100
per front foot construction cost. The actual cost due to the
City will be computed upon completion of the roadway improvements
and the accounts adjusted accordingly.
EXHIBIT B
Point of Bqiming
ssg' 53' 05'E 34~_. 49 -
,Il
EXHIBIT "B"