Magnolia Park/FP-CS 980515· r'll:~Y 15 '9t~ 13:L:~ FR NICI.-IOL$ ,,TCK,~O',I DLLRD 214 965 ~[~10 TO 9'72~4:35"~ P.1~_/04
NICHOLS, JACKSON, DILLARD, HAGI~ & SMITH,
(214) ~
F~ (~4) ~0
May 15, 1998
VIA FACSIMILE 972/304-3570
AND FIRST CLASS MAIL
Mr. C~ry L. Slob, AJ.C.P.
Dir~'tor of Plmaing & Commtmit~ ~vices
city of ~
P.O. Box 478
~1, T~ 75019
Ri:: b'u~oli. Psrk- Co~lxll Gr~m
Dear Mr. Sieb:
EnclosM h~.~i~h pl~ find 8 ~ ~ ~ 14, 1998 from Lori ~ ~ ~
~]~t C~=. A~ ~~ ~ ]~, you ~ ~~ ~
If you should have any questions or ~ed Mditioml information, pl~as~ f~l fr~ to
contact me. Thank you for your att~tion lo ~ matt~.
Very truly yours,
NICHOLS, JACKSON, DILLARD,
HAOER & SM1TH, L.L.P.
VIA FACSIbflLE 972/3~3~70 ~
MAY 15 'DS 1~:~? FR NICWOLS JCKSON DLLRD ~1~ g6~ 8818 TO
Eastern
Development
Companies
5Z25 Vdlage Creek Drive, Suite ,t00, Pla.no, Tex~ 7S095
(972) 267-¢x888, Fax (97'2) 818-88115
May 14, 1998
Mr. Robert E. Hager
1800 Uncoln phaza
500 North Akard
Dallas, Texas 75201
RE: Magno{ia Park- Coppell Greens
Dear Mr. Hagec
I am writing in regard to the above refemflced projects and lhe terms under which ll~e 26
acre park site (and improvements) will be dedicated to the city of.Coppell as approved by
the City Council. These terms were first presented to us at initial meetings Wiltl the City
concerning our requested zoning changes for the property. The required donation was
initially agreed to by the. previous owners when the property was zoned .multi-family.
Although our zoning change substantially decreased the density we did not decrease ttae
donation of land or improvements regarding the park. The terms for the agreement were
negotiated in private and public meetings wilh the City of Coppell (Planning and Zoning,
Council and staff) and Ron Fraze, a partner in the Coppell 200 Joint Venture who had
purchased lhe entire 200 acre tract of land.
The required donation for the entire 200 acres was agreed, to by Beal Mortgage, Inc. prior
to and as a cond'~ion of lheir purchase.of lhe tract from CoPpell 200 Joint Venture. Beal
dMded the 200 acres into seve~ separate lmcts and sold two of lhern to two separate
owners who agreed to ~ donation as well. The two parcels sold included a 77.676 acre
tract south of the 121 Bypass known as Magnolia Park (owned'by Magnolia Park Company
LTD.) and a 65.501 acre tract north of lhe 121 Bypass known as Coppell Greens (owned
by Coppeil Greens LTD.) Beal Mortgage, Inc. retained two commercial tracts norlh and
south of the 121 Bypass and sold one lraGt to the state for oons~n ol'the 121 Bypass.
The terms included lfle donation of a ~ slx acre park si~ as well as ~le installation of
improvements valued in excess of ~:X),000.00. As you can see by the enclosed appraisal
nolice the park land is valued at $884,100. VVe paid property taxes for 1997 in the amount
of $25,973.78 on the proposed park site. The tc)tal donation value would be in exoess of
one million dollars. The Coppel Greens sulxlivision will oontain appmxirnateJy 222 lots and
~e Magnolia Pad~ subdivision contains 114 lots. The l~tal park fee, which the city has
agreed to waive in lieu of lhe donation, ~0uld be $431,760.00 (336 lots limes the park fee of
$1,285.00 per lot). The expense of the land donation and amenities is considerably more
MAY 15 '98 13:27 FR NICHOLS JCKSON DLLRD 214 965 0010 TO 9?230435?0
· Page2 Ma~' 14. 1998
Lori A. Allen
Eastern Develol:ment No. 1. In~.
TOTAL PAC.~.04 **