Park N Fly/FP-CS 940429DEVI~IOPER'S AG~
FOR
GATEWAY BOULEVARD
THIS AGI~F~MENT is made this day of April, 1994, by and between Park 'N Fly,
Inc., a., hereinafter referred to as "DEVELOPER," and the City of
Coppell, Texas, a Texas municipal corporation, hereinafter referred to as "CITY".
WITNESSETH:
WHEREAS, DEV~IOPER is the prospective owner and developer of that 16.0716 acre
tract of land situated in the S.A. & M.G. Railroad Survey, Abstract No. 1439, Dallas County,
Texas, and being more particularly described in ~ which is attached hereto for all
purposes; and, hereinafter referred to as the 'Property";
WI-IF~S, DEVFJ.~PER has filed with thc CITY an application for platting the
Property; and
WI~REAS, DEVELOPER and CITY desire to enter into an agreement concerning the
payment of escrow funds for improvements to Gateway Boulevard.
NOW, THEREFORE, for and in consideration of the mutual covenants and benefits
contained herein, which sufficiency of which is hereby acknowledged by the execution below,
DEVELOPER and CITY agree as follows:
1. Prior to the issuance of any building permit for 200,000 square feet of
floor area on the Property, the Developer must either construct or cause to be constructed
one-half of Gateway Boulevard in the approximate location identified in Exhibit "B" at
its sole cost and expense along the frontage of the ~ or placed into an escrow
DEVELOP]~'S AGREil~ll~ FOR GATEWAY BOUI~VARD - ~ I
account with the CITY, the sum of ONE HUNDRED EIGHTEEN THOUSAND
SEVEN HUNDRED TWENTY-ONE AND 20/100 DOLLARS ($118,721.20) for
the improvement of Gateway Boulevard (the 'Escrow Amount').
2. In the event the City Engineer for CITY determines that Gateway
Boulevard adjacent to the Property needs to be improved, DEVELOPER agrees
to pay to CITY the Escrow Amount within thirty (30) days of receiving written
notice from CITY.
3. This Agreement and its performance by DEVELOPER will satisfy and any
and all obligations of DEVELOPER to pwvide for the construction or escww of fees for
construction of Gateway Boulevard and all improvements thereto required under the pht
approval of the Property, and under any ordinances of the CITY.
4. The provisions of this Agreement are hereby declared covenants running
with the Property and are .fully binding on all succ~sors, heirs, and assigns of
DEVELOPER who acquire any right, rifle, or interest in or to the Property, or any part
thereof. Any person who acquires any right, rifle, or interest in or to the Property, or
any part thereof, thereby agrees and covenants to abide by and fully perform the
provisions of this Agreement. The Agreement will be recorded in the real property
records of Dallas County, Texas, by CITY. The release of this Agreement will be
furnished to DEVELOPER by CITY upon satisfactory completion of construction of the
portion of Gateway Boulevard, herein described, and its acceptance by CITY.
5. DEVELOPER of the Property shall comply with ail applicable ordinances
of the CITY as amended from time to time, and with all laws, regulations of all other
DEVELOPER'S AGln~fENT FOR GATEWAY BOULEVARD - Page 2
governmental agencies with jurisdiction, as amended from time to time, over the
6. If any article, paragraph, section, sentence, clause or phrase of this
Agreement shall be or become illegal, null or void for any reason or shall be held
by any court of competent jurisdiction to be illegal, null or void, the remaining
articles, paragraphs, sections, sentences, clauses or phrases shall continue in full
force and effect and shall not be affected thereby. It is hereby declared that said
remaining articles, paragraphs, sections, sentences clauses or phrases would have
been and are imposed irrespective of the fact that any one or more articles,
paragraphs, sections, sentences, clauses or phrases shall become or be illegal, null
or void.
7.
the laws of the State of Texas.
This Agreement and the rights of the owners herein shall be governed by
Venue for any action shall be in ~ County, Texas.
PARK 'N FLY, INC.,
A
By: .,
Its:. ,
Title:
CITY OF COPPELL, TEXAS,
A Texas municipality
Name:,
DEVELOPER'S AGar. lENT lrOR GATEWAY BOULEVARD - Pag~ 3
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the
day of April, 1994, by
, of PARK 'N
, for and on behalf of said corporation.
FLY, INC., a
Notary Public in and for the
State of Texas
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the
day of April, 1994, by
of the City of
Coppell, Texas municipality, for and on behalf of said municipality.
Notary Public in and for the
State of Texas
W~O~l 1 e57~0000DOC 8~) EVAGMT2. (]WB
DEVELOPER'S AGREEMENT FOR GATEWAY BOUI2~ARD - Pag~ 4