Magnolia Park/FP-CS 980515(2)ROBERT L. DILLARD III
ROBERT E. HAGER
PETER G. SMITH
DAVID M. BERMAN
BRUCE A. STOCKARD
NICHOLS, JACKSON, DILLARD, HAGER & SMIT[
Attorneys & Counselors at Law
1800 Lincoln Plaza
500 North Akard
Dallas, Texas 75201
(214) 965-9900
Fax (214) 965-0010
E-mail NJDHS @NJDHS.com
May15,1998
'-JOHN P:ROEHM.~
JASON C. MARSHALL
J. A II
MAY
ROBERT L. DILLARD, ~1~1~
H..OU,B.aoN~s IL:~i
L,~WRENCE W. JACKSON
VIA FACSIMILE 972/304-3570
AND FIRST CLASS MAIL
Mr. Gary L. Sieb, A.I.C.P.
Director of Planning & Community Services
City of Coppell
255 Parkway Boulevard
P.O. Box 478
Coppell, Texas 75019
RE: Magnolia Park - Coppell Greens
Dear Mr. Sieb:
Enclosed herewith please find a letter dated Mary 14, 1998 from Lori Allen with Eastern
Development Companies. After reviewing the letter, you may proceed without any parkland
dedication fees.
If you should have any questions or need additional information, please feel free to
contact me. Thank you for your attention to this matter.
Very truly yours,
NICHOLS, JACKSON, DILLARD,
HAGER & SMITH, L.L.P.
By:
Robert E. Hager
REH/slp
cc: Mr. Ken Griffin VIA FACSIMILE 972/304-3570
Eastern
Development
Companies
5225 Xillage Creek Drive, Suite 400, Piano, Texas 75093
(972) 267-6888, Fax (972) 818-8885
May 14, 1998
Mr. Robert E. Hager
1800 Lincoln Plaza
500 North Akard
Dallas, Texas 75201
RE: Magnolia Park-Coppell Greens
Dear Mr. Hagen
I am writing in regard to the above referenced projects and the terms under which the 26
acre park site (and improvements) will be dedicated to the dty of Coppell as approved by
the City Council. These terms were first presented to us at initial meetings with the City
conceming 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 the
donation of land or improvements regarding the park. The terms for the agreement ware
negotiated in pdvate and public meetings with the City of Coppell (Planning and Zoning,
Council and staff) and Ron Fraze,-a partner in the Coppell 200 Joint Venture who had
purchased the entire 200 acre tract of land.
The required donation for the entire 200 acres was agreed to by Beal Mortgage, Inc. pdor
to and as a condition of their purchase of the tract from Coppell 200 Joint Venture. Beal
divided the 200 acres into several separate tracts and sold two of them to two separate
owners who agreed to the 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 the 121 Bypass known as Coppell Greens (owned
by Coppell Greens LTD.) Beal Mortgage, Inc. retained two commemial tracts north and
south of the 121 Bypass and sold one tract to the state for construction of the 121 Bypass.
The terms induded the donation of a twenty six acre park site as well as the installation of
improvements valued in excess of $300,000.00. As you can see by the enclosed appraisal
notice the park land is valued at $884,100. We paid property taxes for 1997 in the amount
of $23,973.78 on the proposed park site. The total donation value would be in excess of
one million dollars. The Coppel Greens subdivision will contain approximately 222 lots and
the Magnolia Park subdivision contains 114 lots. The total park fee, which the dty has
agreed to waive in lieu of the donation, would be $431,760.00 (336 lots times the park fee of
$1,285.00 per lot). The expense of the land donation and amenities is considerably more
than the total of the fees waived.
· Page 2
I hope this information is helpful in drafting the actual perk agreement
you have any questions or comments.
Sincerely,
May 14, 1998
Please contact me if
Sincerely,
Loft A. Allen
Eastern Development No. 1, Inc.