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TR9101-CN 890317ALFRED SALLINGER LAWRENCE V~J~ ~111 ~1~ TO: SALLINGER, NICHOLS, JACKSON, KIRK & DILLARD (Formerly Saner, Jack, Sallinger & Nichols) Attorneys & Counselors at Law 1800 Lincoln Plaza 500 N. Akard Dallas, Texas 75201 (214) 954-3333 Facsimile (214) 954-3334 /,,.-,, . .... - ......5-' . __,...-- - ../, ~;: .... ,-/ ,'.'-~ Mr. Alan Ratliff, C'ity Manager ....~. /?..~/.~_ , . City of Coppell P. O . Box 478 Coppell, Texas 75019 LETTER OF TRANSMITTAL DATE: 3-17-89 OUR FILE NO: 351 RE: Springs of Coppell Agreement WE ARE SENDING YOU ATTACHED THE FOLLOWING: One copy of the executed agreement with exhibit "A" attached. REMARKS: Contact me if you have any questions. With A Beautiful Future Coppell, Texas 75019 214 - 462 - O022 March 14, 1989 Mr. Calvin B. Reeves Vice PreSident Baptist l~oundation of Texas 2001 Bryan, Suite 1500 Dallas, Texas 75201-3003 Dear MI'. Reeves: Thanks for your perseveranee and sineePe des~e to see this project work for the mutual benefit of the Baptist Foundation of Texas, City of Coppell, Coppell Independent School District, and Texas A&M. The Coppell City Council and Copped Independent School District met in Monday evening, March 13, and gave eeneeptual endorsement of the following proposal. This letter serves as our commitment to move forward toward a final a~eement between the Foundation (BFT), the City of Coppell (City), Texas A&M (A&M), and the Copped Independent School District (CISD). Attached hereto as Bxhibit "A" is a plat of BFT's Property which is made a part hereof for all purposes, said Exhibit 'A' hereinafter called the 'plat% L BFT agrees to: A. Construct and pave all interior roads shown on the plat at Foundation expense, except existing Park Road. Provided, however, BET shall not be obligated to eonstruet such roads unless the tax abatement district referred to in II A below is created pursuant to the conditions therein stated, over BFT's approximate 115 acre tract, for a period of 15 years, and at 100% of land value. B. Donate to A&M the 10 acre tract shown on the plat as the University site. C. Dedicate to City the approximate 6 acre tract shown on the plat as Grapevine Springs Park. D. Dedicate to City, as shown on the plat, all Right Of Way (R.O.W.) for the interior roads, Park Road, & Bethel Road. Cit~ a~rees to: A. Create, to the extent such can be legally accomplished, a Tax Abatement District on BFT's approximate 115 acre tract shown on the plat. Abatement to be 100% of land value for 15 years. Abatement to be on the land only. All improvements to be taxed at full assessment. Abatement to be passed on to individual purchasers until abatement period runs out. Ce De E® CISD Am Abatement period to become effective on date of ground breaking for university complex. Rollback tax shall be payable no later than the date of ground breaking for the university complex. Exempt BET and its site purchasers from the payment of any street assessment for construction costs of Bethel Road made against property BET owns on the south side of Bethel Road as shown on the plat. This exemption to include any assessment against BFT's property south of Bethel Road for costs of the Bethel Road bridge structure as shown on the plat. The exemption shall apply only to property owned by BFT on the date of preliminary~ plat approval. Should BFT acquire future properties that front on Bethel Road, the property will be subject to any City assessment. Provide and pave the left turn lanes at the existing, planned median breaks on Denton Tap Road which are adjacent to BFT's property on the east side. Adjust the R.O.W. alignment of Bethel/Denton Tap intersection so as not to overly penalize BFT for additional R.O.W. beyond an agreed dadieation of an additional 5 feet for Bethel R.O.W. The intent is to minimize the distance needed, as prudent engineering judgment will allow, to bring the road back into the center of Bethel R.O.W. Expectations are that this could be accomplished within 100 to 200 feet. In addition, any unused R.O.W., dedicated by BFI to bring the road back into the center of Bethel R.O.W. (in the event Bethel Road is not built out to em'rent expectation of 6-lane width) will be deeded back to the property owner owning frontage. Progress toward a goal which will culminate in the construction of a building for A&M on the university site at no expense to BImT. The deed of Conveyance from BI~T to A&M shall contain a provision that if a building of 30,000 or more square feet is not under construction for Texas A&M on the site within two years from date of deed, the land and any improvements thereon will revert to BET. Prior to commencement of any improvement on the University Site, BtmT or its developer shall have the right to review the architectural design of the facility for conformity to planned development of the whole llS-aere tract. Create, to the extent such can be legally accomplished, a Tax Abatement District on BlOT's approximate 115 acre tract shown on the plat. Abatement to be 100% of land value for 15 years. Abatement to be on the land only. All improvements to be taxed at full assessment. Abatement to be passed on to individual purchasers until abatement period runs out. Abatement period to become effeetive on date of ground breaking for university complex. Rollbaek tax shah be payable no later than the date of ground breaking for the university eomplex. If the Oniversity Building is not under construction within two yearn from date of ~ A. BFT will not be required to donate the lO-acre tract and road construction will not be required. Assessment exemption listed herein will not apply. The Tax Abatement Distriet will not be created or if created will not become effeetive. De The commitments of all parties, BFT, CE{D, City and A&M shall terminate without any liability as between the parties, except as to the commitments between BFT and City es set out in subpart "E" below. BFT's dedieation of Grapevine Springs Park to City shall not terminate and City shall remain obligated to construct the left turn lanes on Denton Tap Road. Also, termination of the basic commitments hereinabove expressed would not have any automatic effect on zoning. Again, as in my previous letter, it is to be noted that this letter of commitment, if signed by you, the City, and CISD, is based upon mutual trust and cooperation in an effort to bring a very positive development opportunity to the community. We have been open and up-front with each other in formulating this trust. Let's continue to move forward with the exeeution of this projeet and the successful development of this 11S-acre tract. If this meets with the approval of the Baptist Foundation of Texas please execute the enclosed copies and return then to me. Very truly yours, Agreed: Baptist Foundation of Texas By ~~_~.~_ Calvin B. Reeves, Vice President. CK89-0313 CoppeH Independent School Dlstriet ~udi Ba~ett, ~t ' ',-,, ~%FOR R.O.W. DEDICATED \ I / / 1 \ \ % I I '"510- .-. 15"[-L-~ ~-r i L-ITY ~ :,?x~'. ,o' O.T.E. EASEMENT EASEMENT ~ R.O.W. I0' TO BE I I I I ~-- 500 DEDICATED FOR R.O.W.