Connell Skaggs (7-11)-CS 900313CITY OF COPPPLT,
ESCROW AGREEMENT
For and in consideration of the mutual. covenants and agr_eoments
herein contained, the City of Coppell. hereinafter. called "('i_ty" and
Mobil /7 -11 Joint Venture hereinafter. called "Developer ", do hereby
agree as follows, to wit:
WTTEREAS, the current City policies (Subdivision Ordinance Appendix
A, Section 17) redu:i.re that in new areas, Developer_ install major
public improvements where required in or adjacent to said addition.
Developer had elected to develop Connell Skaggs Addition, of nom_
Block A,_ and Addition in the City of Coppell, Dallas County, Texas
(See Exhibit 1, attached) . in lieu of developers obligation to
construct their_ portion of Sandy Lake Road improvements and 59__5_0
linear feet of frontage still. unimproved, the Developer agrees to
placed in escrow $1.1,900.00 for the construction of aforesaid major_
public improvements. This doll.ar amount being based on the r_ur.rent:
pro rata charges as provided for. in Appendix B of the Subd=i.v:i.s:i on
Or(- Ii.nance,
and is based on a fittnre est:i_mat.ed cost: of $ 200.00
pet..
f.r.ont :foot
for Sandy Lake Road. This
roadway is classlf:i.od as
a
six -lane divided major_ thoroughfare.
The actual amount clue to
the
City will be based on the actual cost when constructed, and the
escrow account adiusLed accordingly at that t::i.me. This o sc -row w l l_
be required in lieu of the construction of. a half- street.
TT11 ?REFORE, the Developer does hereby clepos:i.t 11._,_9Q�__Of1.,. wlt i r:lt Vii l l
be held in the sole name or the City 1.T1 an interest boar.inq accortnt
to draw i.nt:orest at tho current- r.ato. No w:i.t:hdraws sha 1 1. Nx lurid(:
}
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 the accrued interest) and the actual. cost
shall be refunded to the Developer. In the event the actual cost
of the above mentioned improvement exceed the escrowed funds
(original amount escrowed plus the accrued interest) the Developer
will be assessed the difference, payable within 10 days of notice.
The City may issue Building Permits on the aforesaid property
without the requirements of the aforementioned improvements, and
upon deposit of Escrow funds described herein.
Signed and Executed this the day of
Mobil /7 -11 Joint Venture
By
rac.l.on
B
The Sou h1and Cprpo.r.aLion
Developer
Attest:
City Secret r
City of CoPPU 7 1.
B
Mza:rk Wolfe , �+y
Escrow Agreement, Mobil /7 -11 /Sandy Lake Road
Escrow.MSD