Four Seasons/FP-CS 91061115:18
C~tnlo P. ~-~END~R~ON
HLJAI..,..136S- 1395
HUNTER, YA~ A_.%LBURGH · wor,~
A~ORNEY~ AT ~W
5~9 SHEENY ~E, ~B 127
TELECO~=R (214) 368-1395
June 11, 1991
via corn,
393-0948
Mr. Gary Sieb
City of Coppell
P. O. Box 478
Coppell, Texas 75019
Four Seasons Addition, ~*,,,,P,L PLaT
Dear Mr. Sieb:
Pursuant to your conversation yesterday with Mr. Stanley Day/dow and Mr. Jim
Koch and our conversation earlier today, please find enclosed herewith a proposed draft
of the Escrow Agreement, between the City of Coppell and Mardevco Credit Corporation,
the owner of the proposed Pour Seasons Addition.
Please contact the undersigned immediately with any questions, comments and/or
concerns with respect to the Escrow Agreement. As we discussed, please deliver the
Escrow Agreement to Mark Wolfe so that he may present it to the Coppell City Council
during the Council work session scheduled for today,
Sincerely,
Ci, tig P. Henderson
CPH:lpr
Enclosure
cc: Mr, Stanley Davidow (Via Telecopy - (817) 488-0776
C :\ROMANOM~2080309.611
15:18 Ht~AI.,.J3E, S- 1595 P. 05
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements herein contained,
the City of Coppell ("City") and Mardevco Credit Corporation ("Developer"), a New York
corporation, do hereby agree as follows to wit:
WHEFLEA$, Subdivision Ordinance Appendix A, Sectiov/]~Z of the City's ordinances
require that, in undeveloped areas of the City, a developer shall install public
improvements where required in or adjacent to the areas/addition to be developed by
such developer; and
WHEREAS, a developer may place in escrow the amount of such developer's share
of the estimated cost of the improvements required by the City; and
WHEREAS, Developer desires to develop and construct a building on the real
property more particularly described on Exhibit 'A" attached hereto and incorporated
herein by reference (the 'Property"); and
WHEREAS, Developer desires to place in escrow with the City $118,224.00 (the
"Escrow Amount"), representing the amount of Developer's share of the estimated cost
of any and all public improvements required by the City for the Property and property
adjacent to the Property (the "Improvements").
NOW, THEREFORE, in consideration of the foregoing and in consideration of (i)
Developer's waiver and/or release of any and all rights tO a refund of the Escrow
Amount, or any part thereof, in the event the Escrow Amount is greater than Developer's
share of the actual cost of the Improvements and (ii) City's agreement not to assess
Developer for any amounts in excess of the Escrow Amount for the Improvements, City
and Developer agree as follows:
Developer waives and/or releases any and all rights to a refund of the
Escrow Amount, or any part thereof.
City shall not assess Developer (and waives and/or releases any and all
rights of such assessment) for the Improvements, regardless of whether the
Escrow Amount is less than Developer's share of the actual cost of the
Improvements.
City shall issue Building Permits for the Property without the requirements
of the Improvements and upon deposit of the Escrow Amount.
C;XRO~J~'OXF2080309.EA
~/~,CROW AGR£gM~T..- PAGe- ]
F'. 84
SIGNED and EXECUTED this ---_ day of June, 1991.
DEVELOPER:
Mardevco Credit Corporation,
a New York corporation
By:
Stanley Davidow,
Authorized Representative
CITY OF COPPELL:
Mark Wolfe, Mayor
ATTEST:
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