ST9502-CS 960415Post-it® Fax Note
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Phone #
Fax #
7671
Co.
Phone #
Fax #
Coppell, Texas 75019
Jay Turner, Attorney
Chicago Title Company
102 Meadowcreek Road
Coppell, Texas 75019
P.O. Box 478
CopDell, Texas 75019
214-462-0022
April 9, 1996
RE: Town Center / North Spine Road Escrow Agreement (ST 95-02)
Dear Mr. Turner:
This letter is written as a follow-up to our meeting of April 8, 1996 in which we discussed the North
Spine Road Escrow Agreement and the dispersement of funds for that project. Based on negotiations
prior to opening the bids on the project and conversations after the bid opening, the financial obligation
for the construction to the Parks of Coppell Trust, a Texas Trust, acting by and through its sole Trustee,
the A P of C VI Exchange Trust, a Texas Trust, acting by and through its sole Trustee, and the H P of
C VI Exchange Trust, a Texas Trust, acting by and through its sole Trustee (all of the foregoing trusts
collectively, "the Trust") is a total amount of $133,336.30. My understanding of the process is that the
City is to receive requests from the contractor and then provide those to you utilizing the Request for
Escrow Disbursement Schedule 1 and then simultaneously provide that to the Trust at which time if no
objections are raised by the Trust you will cut a check in the amount of the Request for Escrow
Disbursement back to the City of Coppell. That amount will then be processed through the City and a
check cut to the contractor.
The agreement states that the checks will be cut to the City of Coppell. Therefore, in an attempt to
simplify the process, the City of Coppell is willing to state that the entire total financial obligation to the
Trust will be in the amount of $133,336.30 and as such request that one check be cut for that amount to
the City of Coppell and that the City then disburse the funds and administer the contract for the
construction of the North Spine Road in the same way as other Capital Improvement Projects are
administered. This process will expedite payment from the City to the contractor, release any excess
funds that the Trust may have placed with yourself during the closing of the property and relieve the
Trus*i of any future obligations of cost on this project if the project were to overrun. Attached to this
letter, i~a Request for Escrow Disbursement in the mount of the $133,336.30. Concurrently with this
request. being process to you, a copy has been provided to Richard M. Dooley, Attorney for the Trust.
Also in'eluded is a copy of the North Spine Road Escrow Agreement and a copy of the Construction
Supervision Agreement. To close out our files on this project a signed copy of each of the
aforementioned agreements should be processed back to the City so that they can be filed with the City
Secretary's office.
If you should have any questions or need any additional information please feel free to contact me at your
convenience.
KAs~istantS~.e~~'it/G~anag~i~e~/~City
Engineer
Schedule 1
TO:
REOUEST FOR ESCROW DISBURSEMENT
Jay S. Turner, P.C.
598 Denton Tap Road, Suite 106
Coppell, Texas 75019
Attn: Jay S. Turner,
President
NOTE: See attached letter
dated 4/9/96
concerning this
project & request.
1. Pursuant to that certain North Spine Road Escrow
Agreement (the "Escrow Agreement"), dated February2? 1996, among
The Parks of Coppell Trust, The A P of C VI Exchange Trust,
The H P of C VI Exchange Trust (collectively, the "Trust"), the
City of Coppell, Texas (the "City") and Jay S. Turner, P.C.
("EscrowAgent"), the City hereby requests a disbursement from the
Escrowed Funds (herein so called) held pursuant to the Escrow
Agreement in the amount of $ 133,336.30 to pay the costs of labor
and materials incurred in connection with the construction of the
North Spine Road.
2. As Annex A, the City has provided herewith: (i) itemized
statements, bills or invoices for labor and materials utilized in
connection with the construction of the North Spine Road, in
support of the disbursement requested in paragraph 1 of this
Request for Escrow Disbursement; and (ii) lien waivers or releases
covering labor or materials funded by any preceding disbursement
under the Escrow Agreement.
3. The City has provided herewith, as Annex B, a certificate
executed by Ken Griffin, City Engineer and Assistant City Manager,
which sets forth: (i) the portion of the North Spine Road that has
been completed; (ii) a statement that the labor and materials
covered by this Request for Escrow Disbursement have been performed
and/or are in place; and (iii) the a~regate amount of
disbursements from the Escrowed Funds that have been advanced to
the City to date.
4. The City hereby certifies that: (i) to the best of the
City's knowledge, the statements made in this Request for Escrow
Disbursement and any documents submitted herewith and identified
herein are true, correct and complete in all material respects;~iand
(ii) all previous disbursements under the Escrow Agreement have
been applied in payment of the obligations set forth in any prior
Request for Escrow Disbursement delivered to Escrow Agent.
5. Concurrently herewith, the City has delivered to the
Trust a true and correct copy of this Request for Escrow
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Disbursement together withAnnexes A and B attached hereto. Unless
Escrow Agent receives written objection from the Trust to the
disbursement requested hereby within seven calendar days after the
Trust's receipt hereof, in accordance with paragraph 3 of the
Escrow Agreement, Escrow Agent is instructed to disburse tO the
City the total amount set forth in paragraph 1 of this Request for
Escrow Disbursement.
',,'~',/~L~/. 7 ' 1996.
DATED: ~ ~2{
CITY OF COPPELL, TEXAS
Name Tom Morto-
Title M~yo~
cc:
The Parks of Coppell Trust
The A P of C VI Exchange Trust
The H P of C VI Exchange Trust
12221 Merit Drive, Suite 1750
Dallas, Texas 75251-2252
Attn: Harry M. Hargrave
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