Summit P1-CS 890314· A Beautiful Fut~ure
March 14, 1989
P.O. Box 478
Coppell, Texas 75019
214 - 462 - 0022
Mr. Calvin B. Reeves
Vice President
Baptist Foundation of Texas
2001 Bryan, Suite 1500
Dallas, Texas 75201-3003
Dear Mr. Reeves:
Thanks for your perseverance and sincere desire to see this project work for the
mutual benefit of the Baptist Foundation of Texas, City of Coppell, Coppell Independent
School District, and Texas A&M. The Coppell City Council and Coppell Independent
School District met in Monday evening, March 13, and gave conceptual endorsement of
the following proposal. This letter serves as our commitment to move forward toward
a final agreement between the Foundation (BFT), the City of Coppell (City), Texas
A&M (A&M), and the Coppell Independent School District (CISD).
Attached hereto as Exhibit "A" is a plat of BFT's Property which is made a part
hereof for all purposes, said Exhibit "A" hereinafter called the ,,plat".
L
BFT agrees to:
A. Construct and pave all interior roads shown on the plat at Foundation
expense, except existing Park Road. Provided, however, BFT shall not be
obligated to construct such roads unless the tax abatement district referred
to in II A below is created pursuant to the conditions therein stated, over
BFT's approximate 115 acre tract, for a period of 15 years, and at 100%
of land value.
B. Donate to A&M the 10 acre tract shown on the plat as the University site.
C. Dedicate to City the approximate 6 acre tract shown on the plat as
Grapevine Springs Park.
D. Dedicate to City, as shown on the plat, all Right Of Way (R.O.W.) for
the interior roads, Park Road, & Bethel Road.
City agrees to:
A. Create, to the extent such can be legally accomplished, a Tax Abatement
District on BFT's approximate 115 acre tract shown on the plat. Abatement
to be 100% of land value for 15 years. Abatement to be on the land
only. All improvements to be taxed at full assessment. Abatement to be
passed on to individual purchasers until abatement period runs out.
Be
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Abatement period to become effective on date of ground breaking for
university complex. Rollback tax shall be payable no later than the date
of ground breaking for the university complex.
Exempt BFT and its site purchasers from the payment of any street
assessment for construction costs of Bethel Road made against property
BFT owns on the south side of Bethel Road as shown on the plat. This
exemption to include any assessment against BFT's property south of Bethel
Road for costs of the Bethel Road bridge structure as shown on the plat.
The exemption shall apply only to property owned by BFT on the date of
preliminary, plat approval. Should BFT acquire future properties that front
on Bethel Road, the property will be subject to any City assessment.
Provide and pave the left turn lanes at the existing, planned median breaks
on Denton Tap Road which are adjacent to BFT's property on the east side.
Adjust the R.O.W. alignment of Bethel/Denton Tap intersection so as not
to overly penalize BFT for additional R.O.W. beyond an agreed dedication
of an additional 5 feet for Bethel R.O.W. The intent is to minimize the
distance needed, as prudent engineering judgment will allow, to bring the
road back into the center of Bethel R.O.W. Expectations are that this
could be accomplished within 100 to 200 feet. In addition, any unused
R.O.W., dedicated by BFI to bring the road back into the center of Bethel
R.O.W. (in the event Bethel Road is not built out to current expectation
of 6-lane width) will be deeded back to the property owner owning frontage.
Progress toward a goal which will culminate in the construction of a
building for A&M on the university site at no expense to BFT. The deed
of Conveyance from BFT to A&M shall contain a provision that if a
building of 30,000 or more square feet is not under construction for Texas
A&M on the site within two years from date of deed, the land and any
improvements thereon will revert to BFT.
Prior to commencement of any improvement on the University Site, BFT
or its developer shall have the right to review the architectural design of
the facility for conformity to planned development of the whole ll5-acre
tract.
CISD ~g~ees to:
Ae
Create, to the extent such can be legally accomplished, a Tax Abatement
District on BFT's approximate 115 acre tract shown on the plat. Abatement
to be 100% of land value for 15 years. Abatement to be on the land
only. Ail improvements to be taxed at full assessment. Abatement to be
passed on to individual purchasers until abatement period runs out.
Abatement period to become effective on date of ground breaking for
university complex. Rollback tax shall be payable no later than the date
of ground breaking for the university complex.
If the University Building is not under construction within two years from date
of deec~
Ae
BFT will not be required to donate the 10-acre tract and road construction
will not be required.
B. Assessment exemption listed herein will not apply.
Ce
The Tax Abatement District will not be created or if created will not
become effective.
De
The commitments of all parties, BFT, CISD, City and A&M shall terminate
without any liability as between the parties, except as to the commitments
between BFT and City as set out in subpart "E" below.
BFT's dedication of Grapevine Springs Park to City shall not terminate
and City shall remain obligated to construct the left turn lanes on Denton
Tap Road. Also, termination of the basic commitments hereinabove
expressed would not have any automatic effect on zoning.
Again, as in my previous letter, it is to be noted that this letter of commitment,
if signed by you, the City, and CISD, is based upon mutual trust and cooperation in an
effort to bring a very positive development opportunity to the community. We have
been open and up-front with each other in formulating this trust. Let's continue to
move forward with the execution of this project and the successful development of this
11S-acre tract.
If this meets with the approval of the Baptist Foundation of Texas please execute
the enclosed copies and return then to me.
Very truly yours,
Agreed:
Baptist Foundation of Texas
Calvin B. Reeves, Vice President
CK89-0313
Coppell Independent School District
~udi Baggett, ~J~lent
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