Park N Fly/FP-CS 930622 I=ARK'N
II I
June 22, 1993
Mr. Frank Trando VIA FACSIMILE TRANSMISSION
Interim City Manager Original To Follow By Mail
The City of Coppell
P.O. Box 478
Coppell, Texas 75019
Dear Mr. Trando:
It was a pleasure to meet with you and Tom Morton last week at your office and discuss
Bill Thompson's site at the north east comer of Royal Lane and Cotton Road and our
proposed parking facility. For the last four months, Park ~l Fly has been exploring
various opportunities in the Dallas Metroplex and narrowed our primary interest to the
Thompson site and assuming we are able to get satisfied with the "road" scenario, well
present the Thompson site for our Board's approval on July 7. Absent an agreement, we
will revisit other site alternatives.
As we indicated during our meetings the major hurdle we face in selecting this site is the
extension of Cotton Road along the Southern boundary of the property. This road is not
an integral part of our development and in fact we would expect few, if any, of our
customers to use the road to either come to our facility or leave it. Although the road is in
the State Depa~i~aent of Transportation's right of way, we understand that the City will
obtain their approval for the expansion. In a normal situation the property owners on both
sides of the road would share in the cost of the road. In this case the DOT is the other
property owner and thus will not be a participant.
Although we will not benefit from the road expansion, we certainly understand the City's
desire to complete Cotton up to Royal Lane. As such, we would propose the following:
Park 'N Fly will be responsible for extending the sewer lines from the
southeastern comer of the property along Cotton Road to Royal
Lane.
Upon Park 'N Fly's receipt of the appropriate building permits, ~e will
escrow with the City $125,000 towards the cost of extending Cotton
Road. The City will be responsible for building the Cotton Road
extension.
Paran Place · 2060 Mount Paran Road, NW. · Suite 207 · Atlanta, Georgia 30327 · Phone: (404) 264-1000 · Fax: (404) 264-1115
Mr. Frank Trando
Re: Royal Lane/Cotton Road Site
June 22, 1993
Page 2
Co
The City will be responsible for all costs of the road extension in
excess of $125,000. To the extent that the 1% sales tax generated by
Park 'N Fly during the first seven years of operations is less than the
costs incurred by the City after applying the $125,000 Park ~1 Fly
escrow funds, Park 'N Fly will reimburse the City at the end of the
seven year period for the difference between (i) $125,000 (or the
amount actually paid by the City for the road extension if less than
$125,000) and (ii) the amount of proceeds received by the City from
the 1% sales tax generated by Park ~ Fly during such seven year
period.
do
The City will grandfather the ekisting billboard sign at the East sid, of
the property.
eo
The City will allow Park 'N Fly, if it chooses, to replaqe the existing
billboard on the West side of the property, with a new billboard of the
same size and height to be in the exact location as the existing
billboard. Whether left as is, or if replaced, this billboard will also be
grandfathered.
We are excited about this site and believe that we will be an asset to the City of Coppell.
As indicated in our meeting, we will be employing approximately 45 people at our facility,
the projected property tax increase would be $30,000 per year and the sales tax would be
in the $20,000 to $23,000 range per year.
I believe the above items summarize our discussions but would be more than happy to
discuss any items I may have missed or that are unclear. I look forward to seeing you
again on my next trip and hopefully meeting the members of the City Council.
Very txuly yours,
Craig L. Meisel
Senior Vice President
Finance and Real Estate
CC'-
Tom Morton, Mayor, City of Coppell
Frederick D. Clemente, President, Park 2q Fly
Peter Staks, Nathan D. Maier Consulting
Bill Thompson, Thompson Interests