W Sandy Lk Addn-CN040420
March 29, 2004
Richard L. Crow, Vice President
Myers & Crow Company
3811 Turtle Creek Blvd., Suite 730
Dallas, TX 75219
RE: Development Agreement / Ferguson Realty Company 32- acres tract of land / Sandy Lake
Rd.
Dear Mr. Crow:
The enclosed development agreement was approved by City Council on March 23, 2004. Enclosed
are three originals of the agreement executed by the City Manager. Please sign the three originals
and return two originals to the Engineering Department. One of the originals is for your file.
If you should have any questions or need any additional information please feel free to give me a
call.
Sincerely,
Kenneth M. Griffin, P.E.
Director of Engineering / Public Works
Office 972/304-3686
Fax 972/304-7041
STATE OF TEXAS §
COUNTY OF DALLAS §
DEVELOPMENT AGREEMENT
This AGREEMENT is made by and between the City of Coppell, Texas, a Home Rule
City (the "CITY"), and Ferguson Realty Company, a Texas corporation:
RECITALS
WHEREAS, Ferguson Realty Company is the owner of a 31.57-acre commercial tract of
land located along the north side of Sandy Lake Road, more particularly described in Exhibit "A"
attached hereto as (the "Ferguson Tract "); and
WHEREAS, the CITY desires to acquire a drainage easement on the Ferguson Tract;
and
WHEREAS, Ferguson Realty Company desires to dedicate the drainage easement, more
particularly described in Exhibit "B" attached hereto, (the "Drainage Easement") on the
Ferguson Tract to the CITY in exchange for a credit against future roadway impact fees to be
assessed the Ferguson Tract; and
WHEREAS, the dedication of the Drainage Easement by Ferguson Realty Company
will be in lieu of the City's purchase of the Drainage Easement at the future date; and
WHEREAS, the CITY desires to acquire the Drainage Easement by dedication from
Ferguson Realty Company in exchange for a credit against roadway impact fees to be assessed by
the CITY against the Ferguson Tract Property; and
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:
DEVELOPMENT AGREEMENT - Page 1
1. Ferguson Realty Company shall by plat dedicate or grant the Drainage Easement
to the CITY on or before June 30, 2004.
2. Upon dedication of the Drainage Easement by Ferguson Realty Company, the
CITY shall establish a credit (the "CREDIT") against future roadway impact fees to be assessed
against the Ferguson Tract Property in an amount equal to the sum of Two Dollars and seventy-
five cents ($2.75) times the total square feet of the Drainage Easement (per Exhibit "B" =
102,259 sq. fi.). The product of these numbers shall establish a total CREDIT bank of $281,212
($2.75 x 102,259). All parties hereto acknowledge that the CREDIT will be applied against
100% of the roadway impact fees, however, in no event shall the CREDIT exceed the value of
the established CREDIT bank. 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 Drainage Easement.- The parties further acknowledge that if the CREDIT exceeds the
amount of roadway impact fees assessed against the Ferguson Tract Property or if roadway
impact fees are not assessed against the Ferguson Tract Property that the CITY shall not be
liable for or be obligated to pay any such remaining credits in cash or cash equivalent to
Ferguson Realty Company 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:
DEVELOPMENT AGREEMENT - Page 2
If intended for Ferguson Realty Company, to:
c/o Ferguson Realty Company
900 East Solitude Drive
Jackson, Wyoming 83001
Phone Number: 307-733-4895
With copies to:
Vic Munson
6060 N. Central Expressway, Suite 560
Dallas, Texas 75206
Phone Number: 214.237.2920
Fax Number: 214.237.2921
MC II Development Company, Ltd.
3811 Turtle Creek Blvd. #730
Dallas, Texas 75219
Attn: Richard L. Crow
Phone Number: 214-520-7800
Fax Number 214-520-2015
If intended for CITY, to:
City of Coppell, Texas
City Manager
P.O. Box 9478
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 enfomeable
and shall be enforced as if the parties intended at all times to delete said invalid section,
subsection, paragraph, sentence, phrase or word.
DE~rELOPMENT AGREEMENT - Page 3
GOVERNING LAW
6. The validity of this AGREEMENT and any of its terms and provisions, as well as
the fights 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 wr/tten, 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.
AGREEMENT RUNS WITH THE LAND
8. The provisions of this AGREEMENT are hereby declared covenants running with
the Ferguson Tract Property and are fully binding on all successors, heirs, and assigns of
Ferguson Realty Company who acquire any right, title, or interest in or to Ferguson Tract
Property or any part thereof including, but not limited to, MC II Development Company, Ltd.
Any person who acquires any fight, title, or interest in or to the Ferguson Tract Property, or any
part 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 property.
INCORPORATION OF RECITALS
9. The determination recited and declared in the preambles to this AGREEMENT
are hereby incorporated herein as part of this AGREEMENT.
DEVELOPMENT AGREEMENT - Page 4
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,,~ _g~te-~ay of ~d~, 2004.
CITY OF COPPELL, TEXAS
By: ~
'~ City Manager
Ferguson Realty Company, a Texas Corporation
By:
L.. v , res~ent
/I
Libby Ba~/City Secretary
MC II Development Company, Ltd.
A Texas Limited Partnership
By: MCD GP, Inc.
A Texas Corporation its General Partner
Richard L. Crow, Vice President
APPROVe: '
Robert G. Hager, C~--~ Attorney
DEVELOPMENT AGREEMENT - Page 5
CITY MANAGER'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the ~O~-4ay of ~
2004 by Jim Witt, City Manager of the City of Coppell, Texas, a municipal corporation, on behalf
of said corporation.
My commission Expires:
[. -11-64
,..'.~ ..?*&)~,***. '-~. N'otaryPl~'E, StateofTexas
'",,,,*-,-2~,,'"
DEVELOPMENT AGREEMENT - Page 6
CORPORATE ACKNOWLEDGMENT
STATE OFTFV~.S ~ §
COUNTY O~'~ §
This instrument was acknowledged before
~ c' } \ 2004, by L.C. Ferguson, President of
me on the ~_~["~ day of
Ferguson Realty Company, a Texas
corporation on behalf of said corporation.
My Commission Expires:
3
Notary Public, State of
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the ~ ~ day of
c~r'./ 2004, by Richard L. Crow, Vice President of MC II Development Company,
t
Ltd. A Texas Limited Partnership, a Texas Corporation its General Partner on behalf of said
corporation.
~ry Public, S}at~ of
My Commission Expires:
DEVELOPMENT AGREEMENT - Page 7
EXHIBIT "A- 1"
LEGAL DESCRIPTION OF PROPERTY
BEING a tract of land situated in the John E. Holland Survey, Abstract Number 614, Dallas County,
Texas, and being a part of that tract of land described in deed to Ferguson Realty Company as recorded in
Volume 79085, Page 2171, Deed Records of Dallas County, Texas (D.R.D.C.T.), and being more
particularly described as follows:
BEGINNING at a 5/8-inch iron rod found in the north right-of-way line of Sandy Lake Road (formerly
known as Thweart Road, a called 50 foot right-of-way in said deed) for the common southeast comer of
said Ferguson Realty tract and southwest comer of that tract of land described in deed to Latour Parmers,
L.P. as recorded in Volume 95197, Page 359, D.R.D.C.T.;
THENCE North 89 degrees 44 minutes 00 seconds West, along said north right-of-way line, a distance of
980.12 feet to a l/2-inch iron rod with cap stamped "HALFF ASSOC. INC." (hereafter referred to as "with
cap") set for comer;
THENCE North 00 degrees 37 minutes 00 seconds West, departing said north right-of-way line, a distance
of 1305.00 feet to a l/2-inch iron rod with cap set for comer;
THENCE North 89 degrees 52 minutes 00 seconds West, a distance of 218.76 feet to a 1/2-inch iron rod
with cap set for comer on the southeasterly right-of-way line of State Highway 121 (variable width right-
of-way);
THENCE North 42 degrees 52 minutes 00 seconds East, along said southeasterly right-of-way line, a
distance of 112.01 feet to a D~nch iron pipe found for the intersection of said southeasterly right-of-way
line with the north line of the aforementioned Ferguson Realty tract and south line of that tract of land
described in deed to DFW SH-121 Limited Partnership as recorded in Volume 84046, Page 4613,
D.R.D.C.T.;
THENCE South 89 degrees 52 minutes 00 seconds East, departing said southeasterly right-of-way line and
along said north line, a distance of 825.50 feet to an ell comer on the west line of that tract &land
described in deed to William F. Callejo, Trustee as recorded in Volume 80004, Page 1835, D.R.D.C.T.,
from which point a l-inch iron pipe found bears North 51 degrees 30 minutes 05 seconds East a distance
of 0.30 feet;
THENCE South 89 degrees 27 minutes 00 seconds East, along the common line between said Callejo and
Ferguson Realty tracts, a distance of 296.30 feet to a 5/8-inch iron rod found for [he common northeast
corner of said Ferguson Realty tract and northwest comer of the aforementioned Latour Partners, L.P.
tract;
THENCE South 00 degrees 37 minutes 00 seconds East, departing said common line and along the
common line between said Ferguson Realty and Latour Partners, L.P. tracts, a distance of 1387.40 feet to
the POINT OF BEGINNING AND CONTAINING 1,375,154 square feet or 31.57 acres of land, more or
less.
DEVELOPMENT AGREEMENT - Page 8
EXHIBIT "A-2"
DEVELOPMENT AGREEMENT - Page 9
EXHIBIT "B"
DRAINAGE EASEMENT
LEGAL DESCRIPTION
BEING a tract of land situated in the John E. Holland Survey, Abstract Number 614, Dallas
County, Texas, and being a part of that tract of land described in deed to Ferguson Realty
Company as recorded in Volume 79085, Page 2171, Deed Records of Dallas County, Texas
(D.R.D.C.T.), and being more particularly described as follows:
COMMENCING at a 5/8-inch iron rod found in the north right-of-way line of Sandy Lake Road
(formerly known as Thweatt Road, a called 50 foot right-of-way in said deed) for the common
southeast comer of said Ferguson Realty tract and southwest comer of that tract of land described
in deed to Latour Partners, L.P. as recorded in Volume 95197, Page 359, D.R.D.C.T.;
THENCE North 89 degrees 44 minutes 00 seconds West, along said north right-of-way line, a
distance of 25.00 feet to the POINT OF BEGINNING;
THENCE North 89 degrees 44 minutes 00 seconds West, along said right-of-way line, a distance
of 880.00 feet to a point for comer;
THENCE North 00 degrees 16 minutes 00 seconds East, departing said north right-of-way line, a
distance of 75.00 feet to a point for comer;
THENCE South 89 degree~ 44 minutes 00 seconds East, along a line parallel to and 75.00 feet
north of said north right-of-way line, 803.83 feet to a point for comer;
THENCE North 00 degrees 37 minutes 00 seconds West, along a line parallel to and 100.00 feet
west of the common line between said Ferguson Realty and Latour Partners tracts, a distance of
423.45 feet to a point for comer;
THENCE North 89 degrees 23 minutes 00 seconds East, a distance of 100.00 feet to a point for
comer on said common line;
THENCE South 00 degrees 37 minutes 00 seconds East, along said common line, a distance of
180.00 feet to a point for comer;
THENCE South 89 degrees 23 minutes 00 seconds West, departing said common line, a distance
of 25.00 feet to a point for comer;
THENCE South 00 degrees 37 minutes 00 seconds East, a distance of 319.61 feet to the POINT
OF BEGINNING AND CONTAINING 102,259 square feet or 2.35 acres of land, more or less.
DEVELOPMENT AGREEMENT - Page 10
lb
, , I
| I ~ /'lVoI. 1~gZ. Po. 432)
I
,
I
POINT OF , L
BEGINNING~ ~ SOO'37'OO'E
~8~--~ .......
~:~'~PO~NT OF
SCALE IN FEET
SCALE: I"=100'
FERGUSON REALTY COMPANY.
VOL. 79085, PG. 217(
(VACANT)
30o
LEGEND
F~ FOUNO IRON ROD
(C,M.) CONTROL MONUMENT
0RAINAGE EASEMENT
102,259 S.F. or 2.35 Ac.
NOO'37'OO'W
423.45' m !
s~s'23'o?.w o.l~ !
,/-25.00
% F,~--, i
LATOUR PARTNERS, L.P. (C.M.)
319.61'
VOL. g5)gT, PG. 359
CALLED 40.655 ACRES
EXHIBIT 'B'
DRAINAGE EASEMENT
SITLIATEO IN THE
,,JOHN E. HOLLAND SURVEY, ABSTRACT NO, 614
CITY OF COPPELL. DALLAS COUNTY, TEXAS
FERGUSON P. F2%LTY COMPANY
HALFF ASSOCIATES. INC. ENOINE£R$~SURV£YORS