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Home My WebLink About2001-021K4 FILE REFERENCE FORM Additional File Exists 2001-021 Additional File Contains Records Not Public, According to the Public Records Act Other FILE(S) Date Initials Substitution of Collateral - Ordinance No. 2013-347 12/17/13 JR S \Our Documents\Ordinances\01\WynneJackson Ordinance doc ORDINANCE NO Aarl - (7,'A 1 AN ORDINANCE APPROVING A LETTER AGREEMENT BETWEEN WYNNE/JACKSON LAKES DEVELOPMENT, L P AND THE CITY OF DENTON REGARDING THE HIGHWAY 377 WATER TRANSMISSION LINE AND THE GRAVEYARD BRANCH INTERCEPTOR SEWER LINE, AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION 1 The City Manager is hereby authorized to execute a Letter Agreement between the City of Denton and Wynne/Jackson Lakes Development, L P (Burch) in substantially the form of the Letter Agreement attached hereto and made a part of this ordinance for all purposes, pertaining to the Highway 377 Water Transmission Line and the Graveyard Branch Interceptor Sewer Line SECTION 2 The City Manager is authorized to make the expenditures as set forth in the attached Letter Agreement SECTION 3 This ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the o(day of 2001 EULINE BROCK, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY _ .API)a VED AS TO LEGAL FORM :A WATER UTILITIES 901-A Texas Street Denton, TX 76209 (940) 349-8452 Fax (940) 349-7334 December 29, 2000 Wynne/Jackson Lakes Development LP c/o Wynne/Jackson, Inc Clyde C Jackson, Jr , President 600 North Pearl Street, Suite 650 Lock Box 149 Dallas, TX 75201 Re Cost Share of Wynne/ Jackson Lakes Development LP Construction of the Highway 377 Water Transmission Line and the Graveyard Branch Interceptor Sewer Line, Dear Mr Jackson Tits is to confirm that the City of Denton ("Denton") and Wynne/Jackson, Inc as representatives of Wynne/Jackson Lakes Development LP ("Jackson") have recently met, and Jackson has raised questions with the concepts and numbers advanced by Denton under Denton's computation of Jackson's proportionate share of the costs of the water and wastewater lines as set forth in the Annexation Agreement, as amended (the "Agreement"), signed by Denton and Jackson's predecessor in title, Violet Properties Associates in August of 1999 However, in order to compromise and settle this matter, for good and valuable consideration, acknowledged by the parties and as expressed herein, both parties agree to compromise their differences regarding such computation and other matters as provided herein as follows 1 The total cost of the Wynne/Jackson Lakes Development LP wastewater line shall be $1,247,588 2 Included in the $1,247,588 sum, are bond selling costs of $82,598 much of which is refunded at the end of a successful project Since the Country Lakes Project is an integral part of the Agreement, at such time as 50% of the total anticipated single family building permits in the Denton portion of the Country Lakes Project have been issued by Denton, Denton will refund the portion of the bond selling costs that are associated with the bond deposits placed by Denton in conjunction with the debt associated with the wastewater facilities referenced in the Agreement Said deposit amount to be refunded to Jackson is $73,413 (plus interest computed at the same rate that Denton receives on the total deposit) Page 2 3 The parties agree that a release of not more than twenty five lots (out of The Country Lakes Project in the Denton City Limits) for building permits will be effected by the City herewith when said lots are complete but before final acceptance of all Phase I improvements by Denton (the "Early Release Lots"), provided however, that the Fire Marshall of Denton is satisfied with the temporary fire protection and public safety provisions No certificates of occupancy will be issued on these Early Release Lots until final project acceptance of the Phase I improvements 4 The easement costs shall be based upon a "linear foot" basis, co -extensively with Argyle For example Argyle shall bear one hundred percent of the easement costs up to the terminus at their metering station Then the cost shall be divided by three, in equal shares, to be assumed and paid in these equal shares by Denton, Argyle, and Jackson In our November 15 letter, Denton estimated easement costs of $96,645 Since that time easement acquisition costs have continued to rise, the costs Denton indicated in our most recent proposal reflected easement cost through the Denton Country Club, the final costs for easement will be based on a linear foot cost basis The proportionate cost sharing by the parties shall be based on actual rather than estimated easement costs (,upon request Denton will furnish details) 5 The Agreement is hereby amended so that the completion of construction for the water line and wastewater line shall be extended from April 1, 2001 to May 1, 2001, Subject only to further extensions of time when circumstances reasonably beyond Denton's control cause delays in construction under the circumstances set forth in the first and second amendments to the Agreement 6 The total of the Jackson cost share of the water line is $507,617 7 Included in the $507,617 sum, are bond selling costs of $33,611 much of which is refunded at the end of a successful project Since the Country Lakes Project is an integral part of the Agreement, at such time as 50% of the total anticipated single fairuly building permits in the Denton portion of the Country Lakes Project have been issued by Denton, Denton will refund the portion of the bond selling costs that are associated with the bond deposits placed by Denton in conjunction with the debt associated with the water facilities referenced in the Agreement Said deposit amount to be refunded to Jackson is $29,873 (plus interest computed at the same rate that Denton receives on the total deposit) 8 The total amount to be spent by Jackson for the Jackson share of the wastewater line and the water line is $1,755,205 before repayment of Jackson's portion of the bond deposits for water and sewer 9 All other terms and conditions in the agreement not amended by this letter agreement shall remain in full force and effect Nothing herein contained shall be deemed to waive or release any right or obligation of Denton or Jackson under the Agreement, unless expressly set forth in this letter agreement If you have any questions regarding this letter and/or the project, you may refer them to Jim Coulter, Director of Water and Wastewater Utilities who may be reached at (940) 349-7194, or to Howard Martin, Assistant City Manager/Utilities who may be reached at (940) 349-8420 If Page 3 you have no questions, please execute this letter at the place below The parties signing this letter are duly authorized to bind the City and Jackson and when signed this letter shall constitute an enforceable agreement binding on the parties subject to the Denton City Council approving or ratifying this agreement Sincerely, CITY OF DENTON, TEXAS By A6(ZAXZ� chael JezMznager WYNNE/JACKSON LAKES DEVELOPMENT L P By &� 1 LS C de Jiy ,kson, Jr, Pres nt By W/J Lakes Development, Inc, its General Partner MWJ/msc cc Yvonne A Jenkins, Mayor, Argyle, Texas Herbert L Prouty, City Attorney Howard Martin, ACM/utilities Jim Coulter, Director, Water/Wastewater