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ST9401-CN010124 SECOND CENTURY INVESTMENTS January. 24, 2001 Kenneth M. GrilTm, P.E. ~ Director of Engineering and Public Works City of Coppell P.O. Box 478 Coppell, Texas 75019 Dear ~Mr. Griffin, I have enclosed the Development Agreemem for 500 N. Denton Tap Rd. along with Exhibit 'A' as requested in your letter dated November 16, 2000. Please let me know if you have questions or need additional information. Enclosure 7502 Greenville Ave., Suite 680 · Dallas, Texas 75231 · (214) 221-4440 · Fax (214) 221-4441 STATE OF TEXAS § § :1. COUNTY OF DALLAS § DEVELOPMENT AGREEMENT This AGREEMENT is made by and between the CiD' of Coppell, Texas, a Home Rule City (the "CITY"), and Second Century. Investments Denton Tap, Ltd. a Texas Limited Partnership: RECITALS V~q-IEREAS, Second Centuo' Investments Denton Tap, Ltd. is the owner of a 10-acre commercial tract of land located along the west side of Denton Tap Road south of the new State Highway 121 bypass, more particularly described in Exhibit "A" attached hereto as (the "Second Century Investments Denton Tap, Ltd. Property"); and WHEREAS, the CITY desires to acquire right-of-way along Denton Tap Road adjacent to the Second Century Investments Denton Tap, Ltd. Property; and WHEREAS, Second Century Investments Denton Tap, Ltd. desires to dedicate the right- of-way, more particularly described in Exhibit "B" attached hereto, (the "RIGHT-OF-WAY") along Denton Tap Road to the CITY in exchange for 100% credit against future roadway impact fees to be assessed the Second Century Investments Denton Tap, Ltd. Property; and WHEREAS, the dedication of the RIGHT-OF-WAY by Second Century Investments Denton Tap, Ltd. will be in lieu of the City's purchase of the RIGHT-OF-WAY at the future date; and WHEREAS, the CITY desires to acquire the RIGHT-OF-WAY by dedication from Second Century Investments Denton Tap, Ltd. in exchange for 100% credit against roadway _ D~.VELOPMENT AGREEMENT - Page 1 Z~ :0 ~ ~Q ".; 0 ~4 3 I SS20286 impact fees to be assessed by the CITY against the Second Century Investments Denton Tap, Ltd. Property; and NOW THEREFORE, in consideration of ten dollars ($10.00), the mutual covenants and other valuable consideration, the sufficiency and receipt of which arc hereby acknowledged, the parties agree as follows: 1. Second Century Investments Denton Tap, Ltd. shall by separate insmmaent in the form attached hereto as Exhibit C, dedicate or grant the RIGItT-OF-WAY to the CITY on or before April 28, 2000. 2. Upon dedication of the RIG}IT-OF-WAY by Second Century Investments Denton Tap, Ltd., the CITY agrees to provide a credit in the mount of 100% not to exceed four dollars ($4.00) per square foot of the RIGHT-OF-WAY for a total credit of Twenty-Three Thousand Four Hundred Thirty-Six Dollars ($23,436) (the "CREDIT") against furore roadway impact fees to be assessed against the Second Century Investments Denton Tap, Ltd. ProperS-. All parties hereto acknowledge that the CITY has no obligation to condemn or pay any sum of money in connection with such dedication of grant of easement for the RIG}IT-OF-WAY. The parties further acknowledge that if the CREDIT exceeds the amount of roadway impact fees assessed against the Second Century Investments Denton Tap, Ltd. Property or if roadway impact fees are not assessed against the Second Century Investments Denton Tap, Ltd. Property that the CITY shall not be liable for or be obligated to pay any such remaining credits in cash or cash equivalent to Second Century Investments Denton Tap, Ltd. or its successors. DEVELOPMENT AGREEMENT - Page 2 SS20286 G 0 ' 0 3 2 NOTICE 3. All notices required by this AGREEMENT shall be addressed to the following, or other such other party or address as either party, designates in w~iting, by certified mail, postage prepaid or by hand delivery: If intended for Second Century Investments Denton Tap, Ltd., to: Second Century Investments Denton Tap, Ltd. Atto: Ted R. Pittman 11551 Forest Central Dr., Suite 304 Dallas, Texas 75243 If intended for CITY, to: City of Coppell, Texas City Manager P.O. Box 478 Coppell, Texas 75019 SUCCESSORS AND ASSIGNS 4. This AGREEMENT shall be binding on and inure to the benefit of the parties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. SEVERABILITY 5. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this AGREEMENT shall be enforceable and shall be enforced as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word. GOVERNING LAW 6. The validity of this AGREEMENT and any of its terms and provisions, as well as the rights and duties of the parties, shall be governed by the laws of the State of Texas; and venue DEVELOPMENT AGREEMENT - Page 3 SS20286 zoa O 6 O '0S33 for any action concerning this AGREEMENT shall be in State District Court of Dallas County, Texas. ENTIRE AGREEMENT 7. This AGREEMENT embodies the complete agreement of the parties hereto, superseding all oral or written, previous and contemporary agreements between the parties and relating to the matters in this AGREEMENT, and except as otherwise provided herein cannot be modified wfthout written agreement of the parties to be attached to and made a pan of this AGREEMENT. AGREEMENT RUNS WITH THE LAND 8. The provisions of this AGREEMENT are hereby declared covenants running with the Second Century Investments Denton Tap, Ltd., Property and are fully binding on all successors, heirs, and assigns of Second Century Investments Denton Tap, Ltd. who acquire any fight, title, or interest in or to the Second Century Investments Denton Tap, Ltd. Property or any part thereof. Any person who acquires any fight, title, or interest in or to the Second Century Investments Denton Tap, Ltd. Property, or any pan hereof, thereby agrees and covenants to abide by and fully perform the provisions of this AGREEMENT afth respect to the right, title or interest in such property. INCORPORATION OF RECITALS 9. The determination recited and declared in the preambles to this AGREEMENT are hereby incorporated herein as part of this AGREEMENT. EXHIBIT 10. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes wherever reference is make to the same. DEVELOPMENT AGREEMENT - Page 4 SS20286 ' CITY OF COPPEL. L~L, ~EXAS Second Century Investments Denton Tap, Ltd. Jim W~Manager N Title: Partner DEVELOPMENT AGREEMENT - Page $ SS20286 z~o~O $0 0 0.'.~ 3 5 CITY OF COPPELL PERMANENT RIGHT OF WAY EXHIBIT C STATE OF TEXAS § § I~NOW ALL MEN BY THESE PRESENTS COUNTY OF DALLAS § THAT, Second Century Investments Denton Tao, Ltd. of the CounW. of Dallas, State of Texas, for and in consideration of TEN DOLLARs, and other good and valuable considerations paid by the City of Coppell, a municipal corporation of Dallas County, Texas, receipt of which is hereby acknowiedged, does hereby grant, bargain and convey to said City, its successors and assigns, a pe~aaancnt right-of-way and the right to construct,, reconstruct and perpetually maintain a public street ands'or drainage facilities and utilities, together with all necessary appurtenances thereto, and with the right and privilege at any and all times, to enter said premises, or any part thereof, as is necessary.' to the proper use of any other right granted herein, and for the purpose of constructing, reconstructing and maintaining said public street and/or drainage facilities and utilities, and for making connections therex~ith, in, upon and across that certain tract or parcel of land in Dallas Conn.', Texas. being described as follows: Exhibits "A" and "B" attached hereto and made a part hereof. TO HAVE AND TO HOLD the same unto the City of Coppell, its successors and assigns. CITY MANAGER'S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the ~/~day of .3 ~ uc~-~ , 200~ by Jim Witt, City Manager of the City of Coppell, Texas, a manicipal corporation, on behalf of said corporation. Notary Public, State of Texas My commission Expires: DEVELOPMENT AGREEMENT - Page 6 SS20286 "'"'~'~ ~ " 37 ~u.,~ 0 O~' EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY B~ZI~ a ~-ra~c o£ l~ud situated ~n ~e ~ ~u~ ~0~, ~X~ at a 1/2 ~ch ~n r~ n~ at ~ ~t~n~ ~iq~ay Bo. 121 {v~k~le rkgh~f~a~} $ ~ S~th, a diet.ce of 150.00 t~t ~ ~ said ~eet l~e Tap ~ad to a 1/2 ~h ~n ~ a~ Eo~ ~H~ con~nu~g a~ong ma~d west ~e of D~ton Tap ~ Con~e~8 ~o~ ~ South, a d~st~ce o~ S23.98 ~t a~ong ~ sa~ WO~ co~e~ o~ ~o~a P~, ~ ad~t~on to the C~t~ o~ ~ accosting to the p~at theF~ ~eco~de~ ~ Vo]-~ 98~4S, Pa~ 0S06 o~ D~T.T~ ~Unt~, Texas; ~ West, &~ong s&~ ~o~a P~ ~un~ ~e, a d~st~ce oZ ~98.7S ~t to a ~/2 ~nch ~on ~ set ~o~ co~; ~ HO~A 49 de~s ~0 ~utes 04 seconds West, cont~u~g ~ong ~ net ~o~ co~; ~ No~h, contknu~g along said ~olia P~M ~ 1~, a d~ of ~2.00 ~ ~o a 1/2 ~ch ~on ~ set fo~ ~--~ No~h 64 d~c~e 57 ~utee 59 i~nds West, c~t~u~g set toc the b~lnn~g o~ a t~g~ ~ to ~ ~'--m~ Ho~hwst~ly, cont~u~q along o~d h~l~a Puk ~ nd along the ~e to ~e c~ght vh~ch ~s a cho~ ~at M~s 52 m;~u~en 38 n~ond. West to= 44.84 ~t, a ~n~ ~gle o~ 68 ~. X0 -4-u~e. 40 seconds ud · ~ad~ua o~ 40.00 fha, fo~ ~ ~ ~e o~ 47.60 f~ to a 1/2 ~ch ~on ~ get ~o~ ~ ~ of lakd ~ of ~he~ ~e to the 07 ~utea 22 seconds Bast ~O~ 200.64 ~t, a c~ ~le 49 -~utes 20 a~onds ~d a ~ad2us o~ 530.00 f~t, for u 20~.86 E~t to a ~/2 ~ch ~on F~ get Eo~ ~ ~ of s~d ~ Xo~h 2S d~s 02 m~uteo 01 s~ond Bast, cont~u~g ~l~a P~k bo~d~, a d~st~ce o~ 27.8S f~t to i ~/2 ~ ~e South l~e o~ State H~ghway Ho. ~ S~th 64 d~s 57 ~utes 59 s~on~ Za~, al~ State H~ghvay Ho. ~2~, a d~st~ce o~ ~37.67 EHt to a ~/2 ~ South 47 ~8 40 ~uteB 07 e~o~s Bast~ ~nt~u~g a~ong s~ l~e o~ state H~ghvay Ho. ~2~, a d~st~ o~ 36.29 E~t to the OF ~lXG ~d ~HIHG 443,~75 o~e EHt, o~ ~0.~739 DEVELOPMENT AGREEMENT - Page 8 SS20286 MATCH LINE J l { MATCH LINE ~x~;b;~ B.