Coppell Trade-CS041206COl'FELL
December 6, 2004
Mr. A1 Sorrels
The Holt Companies
5055 Keller Springs Rd., Suite 300
Addison, TX 75001
Dear Al:
This letter is to inform you that on December 1, 2004, the Coppell Economic Development
cormmttee, an advisory group to the City Council, approved your request for an economic
development incentive package and real property tax abatement for the approximately 645,000
square-foot office/warehouse project known as C_oppell Tr~ade Center.~
The City Attorney will be apprised of the Economic Development committee's recommendations
and will contact you and/or your counsel when the agreements are ready for your review.
The following incentives were recommended by the Economic Development Committee:
· A five-year seventy-five percent (75%) real property tax abatement for Bldgs. A-D. The
commencement date will be January 1 of the calendar year immediately following the
issuance of the first Certificate of Occupancy; any buildings that are not substantially under
construction within five years of the commencement date will not be eligible for the tax
abatement and the owner/developer will have to seek re-approval.
· 50% Credit to the City of Coppell Reforestation and Natural Areas Fund in the amount of
$184,650. The Economic Development Comurittee recommended the retribution fee be paid
in (3) phases of $61,550 each, to be paid prior to the issuance of the Certificate of Occupancy
for each Phase, or in full within 5 years.
Gross Retribution (trees removed DBH)
(Excludes trees located within the drainage channel)
Preservation Credit (23%)
Landscape Credit
Net Retribution
50% Credit
Balance due to the Reforestation & Natural Areas Fund
6,780" DBH
-1,560"
-1,527"
3,693"
x $100
$369,300
:$184,650
$184,650
· 50% Waiver of Building Permit Fees for shell construction of Bldgs. A-D (Estimated savings
of $42,084). All building permits must be obtained within five years.
255 pARK~¥AY ¢¢ P O ~O× 9478 ~, COPPELL TX 75019 ~, TEL 972/462 O(}22 ¢~ FAX 972/304 3673
· 50% Waiver of Roadway Impact Fees (Esttmated savings of $93,810)
The above incentives are contingent upon final approval by City Council and execution of the
agreements. If you have any questions or comments relative to the economic development
incentive and tax abatement agreement process, please contact me at 972-304-3677 or Chad
Beach, Asst. Finance Director at 972-304-3692.
Sincerely,
Andrea L. Roy
Economic Development Coordinator
Chad Beach, Coppell Asst. Finance Director
Gary Sieb, Dir. planmng & Economic Development
John Elias, Park Operation Manager
Ken Griffin, City Engineer
Greg Jones, Chief Building Official