Shadowridge P3/FP-AG 890110 SUBMISSION DEADLINE:/885'.'00 p.m. Monday - 8 Days Preceding City Council Meeting
"Rev.: 'Effective 1/20
FOR CITY COUNCIL MEETING: January 10, 1989 .
I. REF/FILE NUMBER : Shadowridme Estates, 3rd Increment - Escrow Agreement
II. ITEM CAPTION k~, '~ : Consider a~roval of
im~)rovements alonj~ Co~0j)e]l Rd, and authorizinj~ the Ma?or to sign,
III. ACTION RECOMMENDED
: NA
IV. REP. IN ATTENDANCE A:
STA~- Taryon Bowman,~'P~']~oordinator
B: OTHER -
.... ~r~i'i~k 'Tra~i'd-0'~"D~pUty City Manager/Finance Dir.
V. NOTIFICATION TO
VI.
METHOD OF CONTACT
DATE
FINANCIAL REVIEW :
1. BUDGETED ITEM
2. BUDGET AMOUNT
3. ESTIbiATED AMOUNT FOR THIS STEM
4. AMOUNT OVER OR UNDER BUDGET
5. LOW BIDDER RECOMMENDED
SOURCE OF FUNDING
CO'S OR BONDS FUNDS
(Series or year authorized)
OPERATING BUDGET (Account Number)
OTHER
YES
YES
NO
NO
AGENDA REQUEST FORM
DMEMOI
APPROVED BY CITY MANAGER :
ITEM NUMBER ~
SUPPORT DOCL~ENTATION FOR AGENDA ITEM
* DATE RECEIVED *
* TIME *
* To be completed by City Manager Dept.*
SUPPORT DOCUMENTATION SUBMITTED
MEMORANDUMS ....................... :
LETTERS ........................... :
REPORTS ........................... :
BILLS ............................. :
BID ............................... :
CONTRACT/AGREEMENT ................ :
MINUTES ........................... :
ORDINANCE ......................... ;
RESOLUTION ........................ :
PROCLAMATION ...................... :
MAPS .............................. :
ZONING PLANS ...................... :
PRELIMINARY PLATS ................. :
FINAL PLATS ....................... :
SITE PLANS ........................ :
LANDSCAPE PLANS ................... :
ARCHITECTURAL RENDERINGS .......... :
OTHER ............................. :
REVIEWED BY (If applicable)
CITY ATTORNEY ..................... :
FINANCE DIRECTOR .................. :
OTHER ............................. :
SUBMITTED BY
DEPARTMENT ........................ :
DEPARTMENT DIRECTOR ............... :
APPROVED BY
CITY MANAGER ...................... :
DENIED BY
CITY MANAGER ...................... :
AMOUNT PER/SET NO. OF PAGES DATE SUBMITTED
SIGNATURE
DATE REVIEWED
S I GNATURE
DATE SUBMITTED
DATE APPROVED
SIGNATURE
Additional documentation required
Need for further discussion
Submitted after deadline
At the request of
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell hereinafter called "City" and
Centex Real Estate Corp. hereinafter called "Developer", do hereby
a§ree as follows, to-wit:
WHEREAS, the current City policies (Subdivision Ordinance Appendix A,
Section 17) require that in new areas a Developer install major
public improvements where required in or adjacent to said addition.
Developer has elected to develop Shadow Ridge Estates, 3rd
Increment an Addition in the City of Coppell, Dallas County, Texas.
In lieu of the developers obligation to construct their 1/2 of the
pavinD & drainage improvements on Coppell Rd. along their frontage
(see exhibit B), Developer agrees to place in escrow $56,891.00
for the construction of aforesaid major public improvements. This
dollar amount being based on the current pro rata charges (See
Exhibit A).
THEREFORE, the Developer does hereby deposit $56,891.00, which will
be held in the sole name of the City in an interest bearing account
to draw interest at the current rate. No withdrawals shall be made
until such time as the above mentioned improvements are made. After
completion and acceptance of the
above mentioned improvements by the City, the difference between the
escrowed funds (original amount escrowed plus accrued interest) and
the actual cost shall be refunded to the Developer. In the event
that actual cost of above mentioned improvements exceed the escrowed
funds (ori§inal amount escrowed plus accrued interest) the Developer
will be assessed the difference. Payable within ten (10) days of
notice.
THE CITY will issue Building Permits on the aforesaid property
without the requirement of the aforementioned improvements, and upon
deposit of Escrow Funds described herein.
Signed and Executed this the
lg
Developer Mayor
Attest:
City Secreta/y
Centex Real Estate Corp... shall be required to escrow
$56,891.00 for their one-half obligation to the paving and
drainage improvements for Coppell Rd. along their frontage.
This deposit is based on the current pro-rata charge of $100
per front foot construction cost. The actual cost due to the
City will be computed upon completion of the roadway improvements
and the accounts adjusted accordingly.
EXHIBIT "A"
Point of Beginning
S89'53'05"E 346.49-
50
N~' 53' OS"W,;- 2642,4
A.._LI...E:Y R.O.W.- ---
- N89'-53' 05"# ~ 75.85
.~l A=I
~', 4,9 = ~,~,.oo'
~ = 52.0g:
lilt ~1'I,I"'
4/
EXHIBIT "B"
The City With A Beautiful , uture
4 , January 27, 1989
P.O. Box 478
Coppell, Texas 75019
214- 462-0022
Mr. Steve Stolte
Centex Development Corporation
604 Avenue "H" East
Arlington, Texas 76011
Dear Mr. Stolte:
RE: Escrow Agreement for City of Coppell and
Shadowridge Estates, 3rd Increment
Enclosed is an executed copy of subject escrow agreement approved by the
City Council in its regularly scheduled meeting on Tuesday, January 10,
1989 in the amount of $56,891.00 (previously deposited).
By copy of this letter, I am furnishing the City's Finance Department and
the City Secretary's Office with an original and there is one original
kept on file in the Planning and Engineering Department files.
Please let me know if there are any questions. Thanks.
Sincerely,
"~ssel~ R. D6yZe, ~.E.
q//42ity Engineer
RRD:kg
~ttach
ESCRO~
SUBMISSION DEADLINE:-5:00 p.m. Monday- 8 Days Preceding City Council Meeting~
Rev.~. .Effective If20/88
, AGENDA REQUEST FORM
FOR CITY COUNCIL MEETING: January 10, 1959 . ~ g
I. REF/FILE NUMBER : Shadowri~e Estates, 3rd Increment - Escrow Agreement
II. ITEM CAPTION : Consider annroval of mn
~ity nT ~p~ll ~nd ~nt~Y ~1 ~*~ ~1~* ~ $~A.~9~_00 for *~ M ~t~e~ for the
im~ovements ~ong Co~ll Rd. ~d authoMzing the Mayor to si~.
III. ACTION RECOM~fENDED
: NA
IV. REP. IN ATTENDANCE
~~ty City Manager/Finance Dh'.
B: OTHER -
V. NOTIFICATION TO
VI.
DATE
FINANCIAL REVIEW :
METHOD OF CONTACT :
:
1. BUDGETED ITEM
2. BUDGET AMOUNT
3. ESTIMATED AMOUNT FOR THIS ITEM
4. AMOUNT OVER OR UNDER BUDGET
5. LOW BIDDER RECOMMENDED
SOURCE OF FUNDING
CO'S OR BONDS FUNDS
(Series or year authorized)
OPERATING BUDGET (Account NumbeF)
OTHER
YES
YES
NO
NO
AGENDA' REQUEST FORM
DMEMOI
APPROVED BY CITY MANAGER :
ITEM NUMBER~
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell hereinafter called "C~ty" and
Centex Real Estate Corp. hereinafter called "Developer", do hereby
agree as follows, to-wit:
WHEREAS, the current City policies (Subdivision Ordinance Appendix A,
Section 17) require that in new areas a Developer install major
public improvements where required in or adjacent to said addition.
Developer has elected to develop Shadow Ridqe Estates, 3rd
Increment a~]Addition in the City of Coppell, Dallas County, Texas.
In lieu of the developers obligation to construct their 1/2 of the
paving & drainaqe improvements on Coppell Rd. alonq their frontaqe
(see exhibit B), Developer agrees to place in escrow $56,891.00
for the construction of aforesaid major public improvements. This
dollar amount being based on the current pro rata charges (See
Exhibit A).
THEREFORE, the Developer does hereby deposit $56,891.00, which will
be held in the sole name of the City in an interest bearin§ account
to draw interest at the current rate. No withdrawals shall be made
until such time as the above mentioned improvements are made. After
completion and acceptance of the
above mentioned improvements by the City, the difference between the
escrowed funds (original amount escrowed plus accrued interest) and
the actual cost shall be refunded to the Developer. In the event
that actual cost of above mentioned improvements exceed the escrowed
funds (original amount escrowed plus accrued interest) the Developer
will be assessed the difference. Payable within ten (10) days of
notice.
THE CITY will issue Building Permits on the aforesaid property
without the requirement of the aforementioned improvements, and upon
deposit of Escrow Funds described herein.
Signed and Executed this the
lg
Developer Mayor
Attest:
City Secreta/y ~
Centex Real Estate Corp. shall be required to escrow
~56,891.00 for their one-half obligation to the paving and
drainage improvements for Coppell Rd. along their frontage.
This deposit is based on the current pro-rata charge of $10Q
per front foot construction cost.' The actual cost due to the
City will be computed upon completion of the roadway improvements
and the accounts adjusted accordingly.
EXHIBIT "A"
Point of Be~nnim]
SSg' 53' O§'E 346.4g '
5O
N89° §3' 05 '#-- 264.~,4
- N89°-53' 05'H 175.85
.~1
~I 49 ~.oo'
, 52.09*'*
-1
EXHIBIT "B"