HomeMy WebLinkAboutResolution No. 94-32 ORIGINAL
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 94-)2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, ACCEPTING AN EASEMENT
GENERALLY LOCATED ON A TRACT OF LAND
DESCRIBED IN EXHIBIT "A" HERETO AS A PUBLIC
STREET; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has entered into a Developer's Agreement with Dwight C.
Gifford and Janie Duke Gifford, husband and wife ("Developer"), for development of a
certain tract of land which is more specifically described in the hereto attached Exhibit "A";
and
WHEREAS, the City has agreed to accept from Developer an easement located on
the tract of land described in the hereto attached Exhibit "A"; and
WHEREAS, in exchange for the acceptance of said easement, Developer has agreed
to authorize the execution of a Letter of Credit in favor or the City from Compass Bank,
N.A., in the amount of $25,000.00, guaranteeing (subject to normal wear) the maintenance
and proper drainage of the subject roadway until October, 1995.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. That the City Council does hereby unconditionally and
immediately accept the easement for right-of-way and other municipal purposes located
generally behind the McDonald's restaurant located at the intersection of FM 423 and South
Colony Boulevard, more specifically described in Exhibit "A" attached hereto and
incorporated herein for all purposes, subject to Developer authorizing the execution of a
Letter of Credit in favor or the City from Compass Bank, N.A., in the amount of $25,000.00,
guaranteeing (subject to normal wear) the maintenance and proper drainage of the subject
roadway until October, 1995.
Section 2. That this resolution shall take effect immediately upon passage
and it is so resolved.
PASSE~,,AND APPROVED by the City Council of the City of The Colony, Texas,
this 7 Y~day of ~,]~,.~1994.
William W. Manning, Mayor ~.~
Patti A. Hicks, TRMC, City Secretary
APPROVED AS TO FORM:
City Aftomey
STATE OF TEXAS }
COUNTY OF DENTON )
CITY OF THE COLONY }
DEVELOPER'S AGREEMENT
This Agreement is made and entered into on the 7th day of November, 1994, by and
between the City of The Colony, Texas hereinafter referred to as the "City", a municipal
corporation, and Dwight C. Gifford and Janie Duke Gifford, husband and wife, hereinafter
referred to as "Developer", for development of a certain tract of land which is more
specifically described by the hereto attached Exhibit "A".
WHEREAS, various issues have arisen with respect to the subject property and the
development of same; and
WHEREAS, in order to clarify those issues both the Developer and the City deem
the public interest to be best served by agreement as to the rights,duties and responsibilities
of both parties that will facilitate the immediate development of the subject tracts of land.
NOW, THEREFORE, THE PARTIES HERETO HEREBY AGREE AS FOLLOWS:
1. By proper resolution submitted to the City Council of the City of The Colony,
the City agrees to and does hereby unconditionally and immediately accept the 27' easement
located generally behind the McDonald's restaurant located at the intersection of FM 423
and South Colony Boulevard (commonly known as the Murchison tract) and as shown by
the hereto attached Exhibit "A", as a public street for which Developer may provide input
to the city council as to an appropriate street name. The street will be accepted in it
present condition as it exists as of the date of this Agreement, with any further maintenance
of the street being the responsibility of the City, SAVE AND EXCEPT Developer is to
authorize the execution of a Letter of Credit in favor of the City from Compass Bank, N.A.,
in the amount of $25,000.00, guaranteeing (subject to normal wear) the maintenance and
proper drainage of the subject roadway until October 1995. It is understood that the City
will not be responsible for any improvements to this roadway as a condition of development,
other than what is set out in this agreement.
2. In exchange for utility easements provided as necessary by Developer, the City
will provide Developer access to the utilities.
3. It is agreed that there will be no on-street parking on the subject public
roadway after it becomes a public roadway and the City will provide the appropriate signage
as necessary.
The parties hereto agree that this Agreement constitutes a covenant running with the
land shall be binding upon Developer's heirs, successors or assigns, and shall be recorded
in the Plat Records of the County Clerk's office, Denton County, Texas.
This Agreement and the Developer's Agreement concurrently executed by and
between the City of The Colony and North Street Development, Inc. contain the entire
understanding of the parties hereto and any change, modification, or alteration of this
Agreement shall be effective only if approved in writing by both parties.
EXECUTED ON THE DATE FIRST ABOVE WRITFEN.
CITY OF THE COLONY
Wi~m W. Manning, Mayor-
ATrEST:
Patti A. Hicks, City Secretary
D~g~ht ~2. Giff~)rd ~ Ix '
Ja~tie Duke Gifford /