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Connell Skaggs (7-11)-AG 900313 (2)Rev. 4-24-89 . `. - _. PPEL~, , ~ ENaA REQUEST FAR ~/~~ 'wk Orv wrtw • _--~''~ ~^°^`°' `~'~ ~ ITY COUNCIL MEETING March 13, 1990 ~'~ ITEM NO: ~~ ITEM CAPTION: - °- ~ .... .. Consideration escrow agreement Mobil/7-11 J~{nt Venture in lieu of their obligation to construct their portion o e Read improvement. SUBMITTED BY: ~W ~"' ( recto s Signature) EVALUATION OF ITEM: _.:, ~,~~-- STAYF' EF.: Russell Doyle, City ngineer OTHER RE DATE: February 28 1990 Mobll Oil/7-11 Joint Venture has paid in full X11,900.00 as required for the future public improvement along their frontage on Sandy Lake Road. This amount was paid as a portion of development fees. Staff recommends appro al o this agreement. // 3 90 ~/ /~`" G- ~~ C~ ' ^~, ~~r~ ~,~- ~ ~'s~ s `~' ~' ~ ~ ''~' 1 L ©~~~ C ~ ~~~~ BUDGET AMT.: AMT. ESTIMATED: AMT. +/- BUDGET: COMMENTS: FINANCIAL REVIEW BY: LEGAL REVIEW BY: AGENDA REQ FORM 0588DS REVIEWED BY CM: (~( ^. 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 Mobil/7-11 Joint Venture 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, Developer install major public improvements where required in or adjacent to said addition. Developer had elected to develop Connell/Skaggs Addition, Lot 4, 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 59.50 linear feet of frontage still unimproved, the Developer agrees to placed in escrow $11,900.00 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 Subdivision 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 511,900.00, which will be held in the sole name of the City in an interest bearing account to draw interest at the current rate. No withdraws 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. 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 d Executed this the 19 ~~. Mob' 7-11 Joint enture By. M i Oil Corp tion /3 day of City of Coppell %~-l ~~~~ e Sou~t,~} and Corporat'o _ Mark Wbl eo v~oper Attest: City Secre a Escrow Agreement, Mobil/7-11/Sandy Lake Road Escrow.MSD