Pecan Ridge-AG 920114ITEM CAPTION:
Consideration of approving an escrow agreement with Everfine/
Gateway Partnership for Sandy Lake Road Improvement, for Pecan
Ridge Estates, in the amount of
mayor to sign.
SUBMITTED BY:
EVALUATION OF ITEM:
$120,372.26 and authorizing the
STAFF REP.: M. Shohre Daneshmand, P.E.
OTHER REP.:
DATE: January 3, 1992
Pecan Ridge Estates is located at the northwest corner of Sandy Lake
Road and Lodge Road. This agreement has been prepared by Everfine
Gateway partnership in conjunction with their escrowed deposit of
$120,372.26, for future widening of 5and~ Lake Road.
BUDGRTAMT.
AMT +/-BUDGET
AMT. ESTIMATED
These funds are deposited in seperate accounts and all interest earned is
credited back to the account so that at any time we can determine how much
money we have for this particular project.
LEGAL REVIEW BY: REVIEWED BY CM: ~''~'~-
NICHOLS, JACKSON, KIRK & DILLARD
(Formerly Sallinger, Nichols, Jackson, Kirk &
1800 Lmcoln Plaza
o00 N. Akard
Dallas Texas 75201
(214) 054 3333
Facsnmle (214) 904-3334
By: Engineering
December 7, 1991
TELECOP~FAX) TRANSMISSION LETTER, Deliver To:
/
Ms. Shc~ree_ Daneshmand
Acting/City Engineer
Cop~ll, Texas
FAX NO. 393-0948
Number of Pages 1
Re: Everfine/Gateway Escrow Agreement
Dear Shohree:
You have faxed to me the above mentioned escrow agreement for my review and
comment by 12-9-91.
I find no problem with the escrow agreement and the revisions made by the
attorney for the developer. I will be able to approve the original.
Very truly yours,
NICHOLS, JACKSON, KIRK & DILLARD
~ k
By: Lawre~
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenant and agreements herein
contained, the City of Coppell hereinafter called "City" and Everfine/Gateway
Partnership hereinafter called "Developer", do hereby agree as follows, to
wit:
WHEREAS, the current City policies
Section 17) require that in new areas,
(Subdivision Ordinance Appendix A,
a Developer install major public
improvements where required in or adjacent to said addition. Developer has
elected to develop Pecan Ridge Estates an Addition in the City of Coppell,
Dallas County, Texas (See Exhibit 1, attached). In lieu of the developers
obligation to construct their portion of Sandy Lake Road improvements and
706.41 linear feet of frontage still unimproved, the Developer agrees to
place in escrow $120,372.26 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 Sub-Division Ordinance, and is based on
a future estimated cost of $170.40 per front foot for Sandy Lake Road. This
roadway is classified as a major thorough-fare roadway. 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 $120,372.26, 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 costs shall
be returned to the Developer. If the improvements are complete within ten
(16) y~ars from the date hereof and the actua_ cost of above mentioned
improvements exceed the escrowed funds (original amount escrowed plus accrued
interest) the Developer will be assessed the difference, payable within ten
(10)
days of notice.
If inquiry is made by the Developer, City shall inform Developer as to
the status of the funds and the improvements and their estimated actual
costs.
The CITY may
the requirement of the aforementioned improvements,
Escrow Funds described herein.
Signed and executed this the ~J~ day of
issue Building Permits on the aforesaid property without
and upon deposit of
, 1992.
DEVELOPER:
EVERFINE/GATEWAY PARTNERSHIP
By: GATEWAY USA DEVELOPMENT, INC.,
R.L. Fraze, Mana~ng Partner
CITY:
CITY OF COPPELL
By:
Mayor
ATTEST:
By:
City Secretary
APPROVED AS TO FORM:
City Attorne~f