Mobil Sta & 7-11-AG 900313~- v. 4.-24-89
' * AGENDA REQUEST FORM
,o~,~,v,~, CITY COUNCIL HBE~ING March 13, 1990 ITEM NO.
ITEM CAPTION: ,
Coasideratio~ of aa escrow a~reement for ~Mobil/7-1 ] Joint Venture in lieu of .heir
obligation to construct their portion of ~,La,e Road /~.r~,em~
(Dlirecto%:'~ s Signature)
OTHER REP.:
EVALUATION OF ITF-~: DATE: Februar~ 28, 1990
Mobil Off/7-11 Joint Venture has paid in full $11,900.00 as required for the future
public improvement along their frontage mi Sandy Lake Road. This amount was
paid as a portion of development fees.
Staff recommends approval of this agreement.
BUDGET AMT.:
AMT. ESTIMATED:
AMT. +/- BUDGET:
COMMENTS:
FINANCIAL REVIEW BY:
LEGAL REVIEW BY:
AGENDA REQ FORM
0588DS
REVIEWED BY CM:
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
Mobil/7-11 Joint Venture hereinafter called "Developer", do hereby
agree as follows, to wit:
WHEREAS, the current City policies (Subdivision Ordinance Appendix
A, Section 17) require that in new areas, Developer install major
public improvements where required in or adjacent to said addition.
Developer had elected to develop Connell/Skaggs Addition, Lot 4,
Block A, and Addition in the City of Coppell, Dallas County, Texas
(See Exhibit 1, attached). In lieu of developers obligation to
construct their portion of Sandy Lake Road imDrovements and 59.50
linear feet of frontaqe still unimproved, the Developer agrees to
placed in escrow $11,900.00 for the construction of aforesaid major
public improvements. This dollar amount being based on the current
pro rata charges as provided for in Appendix B of the Subdivision
Ordinance, and is based on a future estimated cost of $200.00 per
front foot for Sandy Lake Road. This roadway is classified as a
six-lane divided major thoroughfare. The actual amount due to the
City will be based on the actual cost when constructed, and the
escrow account adjusted accordingly at that time. This escrow will
be required in lieu of the construction of a half-street.
THEREFORE, the Developer does hereby deposit $11,900.00, which will
be held in the sole name of the City in an interest bearing account
to draw interest at the current rate. No withdraws 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 the accrued interest) and the actual cost
shall be refunded to the Developer. In the event the actual cost
of the above mentioned improvement exceed the escrowed funds
(original amount escrowed plus the accrued interest) the Developer
will be assessed the difference, payable within 10 days of notice.
The City may issue Building Permits on the aforesaid property
without the requirements of the aforementioned improvements, and
upon deposit of Escrow Funds described herein.
Signed and Executed this the day of
19
Mob~/7-11 Joint Venture
M~_ Oil C~r~oratlon
The Southland CQrporation
~e~e.~er
City of Coppell
By:
Mark Wolfe, Mayor
Attest:
City Secretary
Escrow Agreement, Mobil/7_ll/Sandy Lake Road
Escrow. MSD
February 13,
The City With A Beautiful Future
1990
Mr. Mostafa Setayesh, P.E.
The Dimension Group, Inc.
3455 Highland Road, Suite 100
Dallas, Texas 75228
P.O. Box 478
Coppell, Texas 75019
214-462-0022
RE: Mobil 0il/7-11 at Sandy Lake Road and Denton Tap Road
(Connell/Skaggs Addition, Lot 4)
Dear Mr. Setayesh:
Attached please find a draft copy of the Escrow Agreement regarding
Sandy Lake Road. As we discussed, we are in the process of
reviewing said agreement, along with our City Attorney.
Please note that staff has checked the final plat files on the
above referenced project and attached you will also find a letter
from the City to Mr. Koch with Powell &'Powell Engineers, dated
June 15, 1987, requesting a fee in the amount of $1451.00. Said
fee was paid in the amount of $1448.88 (see attached copy of
receipt).
Listed below are the fees on the above referenced project:
Availability Fee
Water Tap Fee
Sewer Tap Fee
Construction Inspection Fee 1) Initial Deposit
2) 1.5% Construction Estimate
(1.5% x $20634.90 as
you provided on 12/12/90)
~l~Street Improvement EscrowA. mount
Subtotal
CURRENT FEES FEES PAID
(due on 2/26/90) on 6/19/87
$366.48 $404.00
~-' $100.00
- $100.00
- $847.00
$309.59
$11,900.00
$12,576.07 $1451.00
Amount Paid
Total Amount Due
$1448.88
$11,127.19
Page2 of 2
Please forward a check for the amount of $11,087.12 to the Finance
Department, City of Coppell, by Monday, February 26, 1990, and send
us a copy of the receipt. Please note that we will have the Escrow
Agreement item on the same City Council Agenda as your S.U.P.
request regarding this project.
If you have any questions, please do not hesitate to call me at
462-8495.
Sinqe,~ely, ~ !
~ity Engineer
RRD / SMD / bb
xc:
Taryon Bowman, P & Z Coordinator
Larry Davis, Construction Inspector
Amy Crowley, Accountant
A1 Rogers, Mobil Oil Corporation
Mike Irvin, Southland Corporation
Attachment
MOSTAFA.SMD
FILE COPY
,~o,e___~__~.£ __,~ ~?~ 0007344
Received From ~W~'7-r~,~.rn~..~:~ ~'~
_~ Address
~ ~ Dollars $/~7,/
ACCOUNT
~T. PAID CHECK