Four Seasons 1-AG 910625rENDA REQUEST FORM
June ZS, 1991 ITISM NUM~Elt~
Dir~mu~on and approval of an Er~rew
Corporatiou (the owner of the
c~-~er of Royal t-~ne and Thweatt
City of CoppeH and Mardevco Credit
rega~dinE pt~pe~y at the ~outheast
SUBMITTED BY: ~
EVALUATION OF ITEM:
STAFF REP.: Gary L. $ieb, Pl=tmlr'E I~'ec~ow
OTHER REP.:
DATE:
As discussed by Council on June 11, Mardevco Credit Corpawation hag proposed an Es~o~ Agreement
between themselves and the City of Coppeli, which basically states:
· a developers qhn~e of public improvements required by the City in the amount of
$118,ll4.00 will be placed in escrow with the City prio~ to flnnl subdivision pint
aFl, ovaL
· if co~t of act,,s! improvements is les~ th-- said amount and any accrued interest,
the City ~hall retain the diffe~nce; if improvements cost m~ee thnn the $118,2Z4
plus any accrued interest, the City ~ha{! make up the short fall_
Coonc/i also cautioned that +h{~ F~m'ow Al,,reemont is not to be int~--tl-~ eted ~s genital pulic]r,
that each Escrow Agreement would be j,~o_ed on its individual merits.
As treed in this agreement, the es~-owed amount refe~ to n0~nnl street imp~ovemonts required
at time of development.
BUDGET AMT.
AMT +/- BUDGET
N/A
AMT. ESTIMATED
FINANCIAL REVIEW BY
LEGAL REVIEW BY:
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell ("City") and Mardevco Credit
Corporation ("Developer" , a New York Corporation, do hereby agree as
follows, to-wit:
WHEREAS, the Subdivision Ordinance of the City requires under certain
circt%mstances that a developer make certain street improvements in or
adjacent to the area being developed and that under certain circumstances
the City is authorized to levy assessments to cover the cost of such
street improvements; and
WHEREAS, its is also provided that where the City finds that it is
not feasible to construct the improvements at the time of development, the
City Council may permit the Developer to place in escrow an amount equal
to the developers share of the cost of said improvements as a condition of
approval of the final plat of the subdivision or final approval of the
development; and
WHEREAS, Developer desires to develop and construct a building on the
real property more particularly described on Exhibit "A" attached hereto
and incorporated herein by reference (the "Property"); and
WHEREAS, Developer desires to place in escrow with the City
$118,224.00 the ("Escrow Amount") which is the present estimated amount of
Developer's share of street improvements should the City undertake a
street assessment to cover the cost of roadway excavation, lime slurry,
lime treatment, pavement, curb and gutter, storm drainage, median
landscaping, raised pavement markers and street lights on that section of
Sandy Lake Road (Thweatt Road) from the intersection of Royal Lane east
591.12 feet to property line of developer's property.
NOW, THEREFORE, in consideration of the foregoing and in
consideration of (i) Developer's waiver and/or release of any and all
rights to a refund of the Escrow Amount, or any part thereof in the event
the Escrow Amount is greater than Developer's share of the actual cost of
the Street Improvements or the assessment therefor and (ii) City's
agreement not to "assess and collect" from Developer any amounts in excess
of the Escrow Agreement for construction of the Street Improvements, City
and Developer agree as follows:
Developer waives and/or releases any and all rights to a refund
of the Escrow Amount, or any part thereof.
City shall not "assess and collect" from Developer (and waives
and/or releases any and all rights to "assess and collect" for
the Street Improvements, regardless of whether the Escrow Amount
is less than Developer's share of the actual or assessment cost
of the Street Improvements.
Upon deposit of the Escrow Amount City shall not withold the
issuance of Building Permits based upon Developer's failure
construct the above mentioned Street Improvements.
to
SIGNED and EXECUTED this
day of June, 1991.
DEVELOPER:
Mardevco Credit Corporation,
a New York corporation
CITY OF COPPELL
By:
Stanley Davidow
Authorized Representative
Mark Wolfe, Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM:
Lawrence Jackson, City Attorney
ESCROW4.SEA
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