Connell Skaggs-CS 850118REAL[STATEINVESTMENTS
January 18, lg85
Ginn, Incorporated
City of Coppell Engineers
16135 Preston Road, Suite 106
Dallas, Texas 75248
Attention:
Mr. Wayne Ginn
Re:
Sandy Lake/Denton Tap
Intersection
Gentlemen:
This letter will confirm our intention to participate in
referenced construction .project as discussed in the meeting
December 13, 1984 with Ron Ragland and Jim Jackson.
participation is based upon the following understandings:
1. The approximated cost of the proposed improvements is
$400,000. Based on this cost, the pro rata share
attributable to the northeast corner would be $50,000
(12.5%) and the pro rata share attributable to the
southeast corner would be $50,000 (12.5%). We
understand that the pro rata shares will be based upon
actual cost which may be less than the estimated cost.
2. It is our understanding that a construction budget will
be prepared for the review of the interested parties
prior to advertising for bids. We respectfully reserve
the right to review and approve the construction budget
and proposed engineering plans prior to advertising. As
you know, we have expressed concern about the median
cuts and curb cuts necessary for both of our projects;
the shopping center and Town Center.
3. We understand that Wayne Ginn's $400,000 estimate was
very liberal and in the event the final estimates on the
bids exceed this amount, the property owners will be
consulted to redesign the project or reduce the scope of
work contemplated.
the
of
Our
Ginn, Incorporated
january 18, lg85
Page 2
4. The participation of the northeast corner shall be paid
by The Parks of Coppell Joint Venture II. Our agreement
to participate should not be considered as waiving any
rights we have in contracts with the City or other
parties. Further, upon such payment, it is our under-
standing that Owner or any subsequent owner of the
property adjoining the improvements will be exempt from
any future assesssments for road improvements at that
location.
5. The southeast corner shall be paid by TownOaks Ltd. and
by Minyard Properties in equal shares. Upon such pay-
ment, it is our understanding that Owner or any subse-
quent owner of the property adjoining the improvements
will be exempt from any future assessments for road
improvements at that location.
6. It is our understanding that the payments will be re-
quired only as the work is completed, i.e. as the
contractor invoices the City during the progress of
construction.
If you have any questions, please give me a call.
Yours very truly,
UNIVEST CORP.
Michael R. Allen
MRA/mb
cc: ~r. Ron Ragland
Minyard Properties