ST9902-ES041201
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THE.CITY.OF
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COPPELL
December 1, 2004
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Henry M. Billingsley
Crow/Billingsley Investment Company
4100 International Pkwy, Suite 1100
Carrollton, TX 75007
RE: Property at S.H. 121 and Sandy Lake Road
West Sandy Lake Road Project # ST 99-02
Dear Mr. Billingsley:
This letter is written as a follow-up to our various meetings and telephone conversations concerning acquisition
of right-of-way at the southwest corner of S.H. 121 and Sandy Lake Road for the future reconstruction of West
Sandy Lake Road. During our last conversation, there was discussion concerning a Developer's Agreement
associated with the right-of-way acquisition. At that time, you were unsure whether or not the property would
develop as a community college or some type of industrial/retail mix. You provided some general guidelines on
how to calculate the impact fees associated with an industrial/retail mix. I also investigated community colleges
in the Dallas County area to ascertain how to calculate the proposed impact for a community college. Because
there are several unknowns associated with the development of this property, I would like to propose an
alternative, which should satisfy all objectives.
Our typical Developer's Agreement sets up a bank of money and once that bank has been expended, then the
balance of any additional impact fees are the responsibility of the developer. Also, if the property is fully
developed and there are still funds left in the bank, those funds are never refunded to the developer. I am
proposing a modified Developer's Agreement where we would determine a value of the right-of-way, include
that in the Developer's Agreement, and then as development takes place on the property, draw down the bank.
If at the end of full development of the property there is still a balance in the bank, then the City would provide a
full refund of that balance to you.
Based on our conversations it is my understanding that you have an offer to purchase the property at
approximately $6.00 a square foot. Based on that value, the following is my estimate of the value of the right-
of-way needed for Sandy Lake Road:
1. Acquisition of permanent right-of-way at $6.00/sq. ft. x 53,187 sq. ft.
2. Acquisition of drainage easement $6.00/sq. ft. x 392 sq. ft x 0.5
3. Acquisition of temporary slope easement at $6.00/sq. ft. x 36,939 sq. ft. x 0.05
$319,122.00
1,176.00
11,082.00
Total $ 331,380.00
My proposal is to enter into a Developer's Agreement between the City of Coppell and you to provide a bank in
the amount of $331,380 to be utilized to offset future Roadway Impact Fees associated with this development.
Again, at the end of the development, if there are excess funds remaining in the bank, those funds would then be
paid to you. The language in the Developer's Agreement would cover in greater detail the aspects of this
agreement.
255 PARKWAY * P.O BOX 9478 * COPPELL TX 750]9 * TEL 972/4620022 * FAX 972/304 3673
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If this arrangement is acceptable please sign and return this letter, I will then have a Developer's Agreement
created and processed to you for your review. Once both parties have agreed upon that Developer's Agreement,
it will then be presented to City Council for their approval.
If you should have any questions or need any additional information please feel free to contact me. If not, I look
forward to hearing from you in the very near future.
S1:~
Kenneth M. Griffin, P.E.,
Director of Engineering / Public Works
Office 972/304-3686
Fax 972/304-7041
E-mail kgriffin(Q)ci.coppell.tx.us
Henry M. Billingsley