Eagle Point-AG 930713CITY COUNCIL M E~FL~G
AGENDA REQUEST FORM
July 13. 1993
ITEM CAPTION:
Consideration and approval of an escrow agreement between the City of Coppeil and Republic Property Group,
Inc. in the amount of $3,658.66 for the future constru~G~ade Point Drive within the Eagle Point Village
Subdivision and authorizing the Mayor to sign.
~ STAFF REP.-'
SUBMITYED
BY:
City Engineer
OTHER REP.:
DATE:
EVALUATION OF ITEM:
The Developer of the Eagle Point Village Subdivision has requested that he not be required to construct a stub out
section of Glade Point Drive within his subdivision. The street ends on a skew at his eastern most property line
and it would be difficult to construct on that skew. The developer has estimated the cost of the street construction.
I have reviewed those costs and find them generally in line with accepted costs for this type of construction. Staff
concurs with this approach to not construct the short section of Glade Point Drive until such time as the property
to the east develops.
Staff will be available to answer any questions concerning this request.
BUDGET AMT.
AMT. +/- BUDGET
COMMENTS:
AMT. Ea-I'IMATED
LEGAL REVIEW BY:
AGENDA REQUEb'T FORM REVI~ED 2/93
REVIEWED BY CM'
REI'UBLIC t~ROPERTY GI/()UI), 1NC.
June 28, 1993
Mr. Ken Griffin
City Engineer
City of Coppell
255 Parkway Boulevard
Coppell, Texas 75019
Re: Eagle Point Village
Dear Ken:
Enclosed is an executed copy of the Escrow Agreement with the City
of Coppell concerning Glade Point Drive and a check payable to the
City of Coppell in the amount of #3,658.66 (check # 1023).
Please call should you have additional questions in this regard.
Sincere,
~W~icRe~esl'.~dent
sj
enclosure
8440 Walnut Hill Lane, 8th Floor · Lock Box 3 Dallas, Texas 75.31 (214) 373-6666 · Fax (214) 691-4023
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
Eagle Point Development, Ltd. hereinafter called "Developer", do
hereby agree as follows, to-wit: WHEREAS, the current City
policies (Subdivision Ordinance Appendix A, Section 17) require
that in the new areas, a Developer install major public
improvements where required in or adjacent to said addition.
Developer has elected to develop Eagle Point Village at Riverchase
Drive and Sandy Lake Road, in the City of Coppell, Dallas County,
Texas. In lieu of the developers obligation to construct Glade
Point Drive (see exhibit A), Developer agrees to place in escrow
$3,658.66 for the construction of aforesaid major public
improvements. THEREFORE, the Developer does hereby deposit
$3,658.66, which will be held in the sole name of the City in an
interest bearing account to draw interest at the current rate. No
withdrawals 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 accrued interest)
and the actual cost shall be refunded to the Developer.
In the event that actual cost of above mentioned
exceed the escrowed funds (original amount escrowed plus
interest) the Developer will be assessed the difference.
within ten (10) days of notice.
improvements
accrued
Payable
THE CITY may issue Building Permits on the aforesaid property
without the requirement of the aforementioned improvements, and
upon deposit of Escrow Funds described herein.
Signed and Executed this the
day of ~O~-4_
Developer
Eagle Point Development, Ltd.
A Texas Limited Partnership
RPG/EP Company, Inc.
Its sole General Partner
ale, Vice President
Mayor
Attest:
City Secretary
' %
EAGLE POINT VILLAGE at RIVERCHASE
COPPELL, tEXAS OUF Of THE
NATHAN D. MAIER
CONSULTING ENGINEERS, INC.
February 1, 1993
Mr. Jerry Ragsdale
Republic Property Group, Inc.
8440 Walnut Hill Lane, 8th Floor
Lock Box 3
Dallas, Texas 75231
Eagle Point FiIlage - Future Glade Point Drive
NDMJob No.: 89-10-118.G
Dear Jerry:
At your request, I have calculated the cost to construct the portion of Glade Point Drive that lies within the
Eagle Point Village project.
I have assumed that this work will be performed subsequent to the construction of Longmeadow Drive and
used the unit prices from your Eagle Point paving contract. The costs are as follows:
68 LF Saw Cut & Remove Concrete Paving @$10.00 $ 680.00
70 CY Excavation @$1.25 87.50
2.8 TN Lime @75.00 210.00
189 SY Stabilized Subgrade @1.00 189.00
176 SY Concrete Paving @14.16 2,492.16
Total $3,658.66
lfyou have any questions please call.
SincereJy, .
Michael Daniel
MD~mh
Three NorthPark/8800 N. Central Expw~,./Sulte 300/Dallas, Texas 75231/(214) 739-4741