Oakbend Add/FP-CS 910124January 24, 1991
Mr. Gary Sieb
Director of Planning and Community Services
City of Coppell
P.O. Box 478
Coppell, Texas 75019
Re: Oakhend Addition
Dear Gary:
As we discussed this week, following is Centex's proposal for paying
assessments due for the perimeter streets of the Oakbend Addition. This
arrangement is necessitated by the fact that Centex has been required by City
Council action to build a portion of State Road outside the limits of our
project thus resulting in a substantial financial impact. This arrangement
is advantageous as it reduces the immediate cash drain on us yet does not
affect the City in any way. Following is a summary of this proposal:
Assessment Cost
Approximate assessment for Thweatt Road:
Total Construction cost for State Road (est.):
Portion of State Road adjacent to Oakbend (505.06'):
Portion of State Road adjacent to Lacy Tract (776.91'):
$121,000.00
$180,000.00
$ 70,915.00
$109,085.00
Centex hereby proposes the following arrangement:
1)
Centex will construct State Road as required at a total
estimated cost of $180,000 of which $109,085 would normally be
reimbursable to Centex when the Lacy tract is developed (Final cost
will be determined at conclusion of construction).
2)
Centex will put in escrow (per standard City procedures)
$11,915.00 ($121,000.00 less $109,085.O0 for of[site street
improvements along the Lacy tract) for the future expansion of
Thweatt Road.
3)
Centex will forego any claim on the pro rata due [rom the future
developer of the Lacy tract in return for the reduction in the
Thweatt Road assessment.
4)
If the City of Coppell obtains funding and approval for the
improvement of Thweatt Road adjacent to Oakbend within the 5 year
escrow contract period and the $109,085.00 has not yet been paid
by the developer of the Lacy tract, Centex will reimburse the
City of Coppell up to 1/2 the estimated cost of expansion of
Thweatt Road (less the amount of principal + interest already in
escrow) based on the front footage of the Oakbend Addition. In
return, Centex will be eligible for the refund of the $109,085.00
when the Lacy tract is developed and their State Road assessment
is paid.
1660S. StemmonsFrwy.,Suite150/Lewisville, Texas75067/214-221-5556
MR. GARY SIEB
JANUARY 24, 1991
PAGE 2/2
Please note that the figures above are approximate. Final determination
will be made at conclusion of State Road construction.
Gary, we feel that this is a fair and mutually beneficial arrangement.
Based on this agreement, Centex would be able to reduce the substantial
financial impact due to the offsite construction of State Road. The City
will benefit because money for construction of Thweatt Road will be available
for longer than the normal 5 year escrow period plus State Road will already
be in place.
Please forward this information to the Finance Committee of the City
Council for review and keep me informed of the progress. I appreciate your
cooperation on this matter and look forward to the City's response.
Sincerely,
CENTEX REAL ESTATE CORPORATION
Derek E. Earle, P.E.
Land Development Project Manager
DEE/smb