ST9401-ES 990528 (3)-'- ..-' (" L,I 07 001 . ;'7
STATE OF TEXAS §
COUNTY OF DALLAS §
DEVELOPMENT AGREEMENT
08544:9
This AGREEMENT is made by and between the City of Coppell, Texas, a Home Rule
City (the "CITY"), and Beal Mortgage, Inc. a wholly owned subsidiary of Beal Bank (the
"BMI"):
RECITALS
WHEREAS, BMI is the owner of a 22-acre commercial tract of land located along the
west side of Denton Tap Road north of the new State Highway 121 bypass, more particularly
described in Exhibit "A' attached hereto as (the "BMI PROPERTY"); and
WHEREAS, the CITY desires to acquire right-of-way along Denton Tap Road adjacent to
the BMI PROPERTY; and
WHEREAS, BMI desires to dedicate the right-of-way, more particularly described in
Exhibit "B" attached hereto, (the "RIGHT-OF-WAY") along Denton Tap Road to the CITY in
exchange for 100% credit against future roadway impact fees to be assessed the BMI
PROPERTY; and
WHEREAS, the dedication of the RIGHT-OF-WAY by BMI will be in lieu of the City's
purchase of the RIGHT-OF-WAY at the future date; and
WHEREAS, the CITY desires to acquire the RIGHT-OF-WAY by dedication from BMI
in exchange for 100% credit against roadway impact fees to be assessed by the CITY against the
BMI PROPERTY; and
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SS20286
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NOW THEREFORE, in consideration of ten dollars ($10.00), the mutual covenants and
other valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties agree as follows:
1. BMI shall by separate instrument in the form attached hereto as Exhibit C,
dedicate or grant the RIGHT-OF-WAY to the CITY on or before August 6, 1999.
2. Upon dedication of the RIGHT-OF-WAY by BMI, the CITY agrees to provide a
credit in the mount of 100% not to exceed four dollars ($4.00) per square foot of the RIGHT-
OF-WAY for a total credit of Seventy-Eight Thousand Nine Hundred Thirty-Six Dollars
($78,936) (the "CREDIT") against future roadway impact fees to be assessed against the BMI
PROPERTY. All parties hereto acknowledge that the CITY has no obligation to condemn or
pay any sum of money in connection with such dedication of grant of easement for the RIGHT-
OF-WAY. The parties further acknowledge that if the CREDIT exceeds the mount of roadway
impact fees assessed against the BMI PROPERTY or if roadway impact fees are not assessed
against the BMI PROPERTY that the CITY shall not be liable for or be obligated to pay any
such remaining credits in cash or cash equivalent to B1VII or its successors.
NOTICE
3. All notices required by this AGREEMENT shall be addressed to the following, or
other such other party or address as either party designates in writing, by certified mail, postage
prepaid or by hand delivery:
If intended for B1VII, to:
Beal Mortgage, Inc.
Attu: W.T. Saurenmann
15770 N. Dallas Parkway
Suite 300
Dallas, Texas 75248
DEVELOPMENT AGREEMENT - Page 2
SS20286
r qho
If intended for CITY, to:
City of Coppell, Texas
City Manager
P.O. Box 478
Coppell, Texas 75019
SUCCESSORS AND ASSIGNS
4. This AGREEMENT shall be binding on and inure to the benefit of the parties to it
and their respective heirs, executors, administrators, legal representatives, successors, and assigns.
SEVERABILITY
5. In the event any section, subsection, paragraph, sentence, phrase or word herein is
held invalid, illegal or unconstitutional, the balance of this AGREEMENT shall be enforceable
and shall be enforced as if the parties intended at all times to delete said invalid section,
subsection, paragraph, sentence, phrase or word.
GOVERNING LAW
6. The validity of this AGREEMENT and any of its terms and provisions, as well as
the rights and duties of the parties, shall be governed by the laws of the State of Texas; and venue
for any action concerning this AGREEMENT shall be in State District Court of Dallas County,
Texas.
ENTIRE AGREEMENT
7. This AGREEMENT embodies the complete agreement of the parties hereto,
superseding all oral or written, previous and contemporary agreements between the parties and
relating to the matters in this AGREEMENT, and except as otherwise provided herein cannot be
modified without written agreement of the parties to be attached to and made a part of this
AGREEMENT.
DEVELOPMENT AGREEMENT - Page 3 SS20286
AGREEMENT RUNS WITH THE LAND
8. The provisions of this AGREEMENT are hereby declared covenants running with
the BMI .PROPERTY and are fully binding on all successors, heirs, and assigns of BMI who
acquire any right, title, or interest in or to the BMI PROPERTY or any pan thereof. Any
person who acquires any right, title, or interest in or to the BMI PROPERTY, or any pan
hereof, thereby agrees and covenants to abide by and fully perform the provisions of this
AGREEMENT with respect to the right, title or interest in such propert3,.
.. INCORPORATION OF RECITALS
9. The determination recited and declared in the preambles to this AGREEMENT are
hereby incorporated herein as part of this AGREEMENT.
EXHIBIT
10. All exhibits to this AGREEMENT are incorporated herein by reference for all
purposes wherever reference is make to the same.
EXECUTED in duplicate originals this the ~' day of ,1999.
CITY OF CO~//L, S
By: Jim
ATTEST:
Kathleen Roach, City Secretary
Name: W.T. S~~e~nmann
Title: Vice President
BA~:PR peter~~th, City~.~L/Zttomey
(PGS/ttl 8/20/98)
DEVELOPMENT AGREEMENT - Page 4 SS20286
CITY MANAGER'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
acknowledged before me on the ~g//iday of /~, 1999
This instrument was ,
by Jim Witt, City Manager of the City of Coppell, Texas, ~ ~uufficipal corporatio 'on behalf of
said corporation.
Notary Public, State of Texas
DEVELOPMENT AGREEMENT - Page S SS20286
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CORPORATE ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY. OF DALLAS §
This instrument was acknowledged before me on the ~ ~iay of
on behalf of said corporation.
J-~A y' 1999,
of Beal Mortgage, Inc.,
My Commission Expires:
Notary Public, ~exas
DEVELOPMENT AGREEMENT - Page 6 SS20286
C q o7 o q8 "
BOUNDARY DESCRIFTION
BEING a tract of land situated in the William T. Hyder Survey, Abstract No.
1701 in the City of Coppell, Dallas County and Denton County, Texas and being part
of a tract of land as conveyed to BancPlus Savings Association by deed recorded in
Volume 2583, Page 245 of the Deed Records of Denton County, Texas and being more
particularly described as follows:
COMMENCING at a I/2" iron red found for comer on the west line of Denton
Tap Road (a variable width right-of-way), said point being the northeast comer of said
BancPlus Savings deed recorded in Volume 2305, Page 13 1 of the Deed Records of
Denton County, Texas;
THENCE S 00°00'24'' W, 1150.96 feet along the said west line of Denwn Tap
~" red for come. r;
THENCE le/~X, ing said west line of Denton Tap Road N 89°59'36"W, 21.37 feet
to the POINT OF BEGINNING, a ~" iron red for comer;
THENCE S 00°04'00" E, 286.30 feet to a ~" iron rod for comer;
THENCE S 00°01 '50" E, 670.62 feet to a ¼" iron red for comer, said point
being on the north line of State Highway No. 121 (a variable width right-of-way);
THENCE along the said north line of State Highway No. 121 the following
courses and distances; S 61°55'04'' W, 134.87 feet to a ~" iron red for comer;
THENCE N 64055, 11" W, 808.29 feet to a ~/2" iron red for comer;
THENCE N 60036'20" W, 200.26 feet to a ~/2" iron red for comer;
THENCE N 66017'50" W, 800.26 feet to a x/2" iron red for comer;
THENCE N 62°37'41. W, 200.00 feet to a %" iron red for comer;
THENCE N 640 55' 48" W, 247.03 feet, continuing along the said north line of
State Highway No. 121, to a 1/2" iron red for comer being on the west line of the
aforementioned BancPlus Savings Association tract, said point also being on the east
line of a tract of land designated as Tract One and Tract Two, in a deed to James H.
Cummings and David K. Cummings, recorded in Volume 1779, Page 653 of the Deed
Records of Denton County, Texas;
THENCE N 00005'25" E, 302.71 feet, leaving said north line of State Highway
No. 12 1, to a point for comer;
THENCE S 64°55'48" E, 368.52 feet, leaving the said west line of the
BancPlus Savings Association tract and the east line of the said James and David
Cummings tract, to a ~/~" iron red for comer;
THENCE S 62°37'41" E, 197.01 feet to a 1/2" iron red for comer;
THENCE S 66°17'50'' E, 774.41 feet to a ~/2" iron red for comer;
THENCE S 89048'36" E, 591.35 feet to a 1/2" iron red for comer;
THENCE N 24°15'07'' E, 332.95 feet to a ~" iron red for comer;
THENCE N 06030'48" E, 42.10 feet to a ~/2" iron red for comer;
THENCE S 89059'36" E, 228.35 feet to the POINT OF BEGINNING and
containing 22.523 (911,106 square feet) of land.
EXHII$~IT "A"
BOUNDARY DESCRIPTION
TRACT 2
BEING a tract of land situated in the William T. Hyder Survey, Abstract No. 1701 in the
City of Coppell, Dallas County and Denton County, Texas and being part of a tract of land as
conveyed to BancPlus Savings Association by deed recorded in Volume 2583, Page 245 of the
Deed Records of Denton County, Texas and being more particularly described as follows:
COMMENCING at a ~" iron rod found for comer on the west line of Denton Tap Road
(a variable width right-of-way), said point being the northeast comer of said BanePlus Savings
Association tract and the southeast comer of a tract of land as conveyed to Annie Lee Roberts by
deed recorded in Volume 2305, Page 13 1 of the Deed Records of Denton County, Texas; Thence
S. 00000'24'' W., 1150.96 feet along the said west line of Denton Tap Road to the Point of
Beginning, a ~" iron rod set for comer;
THENCE S. 00000'24'' W., 930.00 feet continuing along the said west line of Denton
Tap Road to a ~A" iron rod set for comer;
THENCE WEST, 10.0 0 feet to a ~" iron rod set for comer;
THENCE SOUTH, 29.60 feet along the' said west line of Denton Tap Road to a ~" iron
rod set for comer, said point being on the north line of State Highway No. 121 (a variable width
right-of-way);
THENCE S. 89°54'31'' W., 10.57 feet continuing along the said north line of State
Highway No. 121 to a Y2" iron rod set for comer;
THENCE N. 00°01 '50" W., 670.62 feet leaving the said north line of State Highway No.
121 to a ~" iron rod set for comer;
THENCE N. 00004'00'' W., 286.30 feet to a V2" iron rod set for comer;
THENCE S. 89059'36'' E., 21.37 feet to the Point of Beginning and containing 0.453
acres (19,734 square feet) of land.
Filefooundaty.96-080f
' ANNE LEE ROBERTS
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DENTON COUNTY
DALLAS COUNTY
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DOWDEY, ANDERSON &:
5225 VILLAGE CREEK DRIVE
(972) 931-0694
ASSOCIATES, INC.
SUITE 200
Pt. ANO, TEXAS 75093
R.O.W DEDICATION
TRACT 2
CITY OF COPPELL
WILLIAM T. HYDER SURVEY
ABSTRACT No. 1701
DENTON COUNTY, TEXAS
EXHIBIT "B'
S~JS~ALE 1" = 100' DATE 12-29-99.~
B NO, 96-080
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ANY PROVISION HEREIN WHICH I~ESTRICTS THE SAt.E, fiFhrrAt. On U~E
AUG 19 1999
COUNTY GI, ERK
DENTON COU.%*,'PY, TEXAS
Filed for Record in:
ENTON COUNTY TX
YNTHIA NITCH~LL, COUNTY
LERK
On Au 19 1999 At ~:30am
Doc/Num : 99-R0085449
Doc/TX~e: AGR
Recording: 21.B0
Doe/Ngmt': 6. BB
Reeei t fi: 33863
Deputy - SHELLEy