Brentwood Place Escrow Agreement CITY
of Engineering Development Review Division
DENTON 215 W. Hickory St., Denton, TX 76201 • (940) 349-7157
MEMORANDUM
DATE: October 25, 2018
TO: Todd Hileman
FROM: Becky Owens
SUBJECT: Sidewalk Escrow Agreement Summary
Brentwood Place Development,Ltd is the Owner/Developer for the development of
Brentwood Place/FP16-0007, a 22.537 Acre tract or parcel of land as a 188 single family lot
subdivision development located at 3931 N Elm St.
This agreement is required in order to defer the construction of the interior public sidewalks as a
condition to receiving a Letter of Acceptance for the public improvements. It is executed by the
Developer, their selected Escrow Agent and the City. Upon proper completion of the Public
Improvements in accordance with this agreement, the City agrees to accept the Public
Improvements.
OUR CORE VALUES
Integrity • Fiscal Responsibility • Transparency • Outstanding Customer Service
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Escrow Agreement
For Postponement
Of Interior Sidewalk
Project: Brentwood Place
Project No. FP 16-0007
TYPE: SW
Approved by Engineering Development
Review, Engineering Services
Department, forwarded /0 96
To Legal Department Sign Date
Reviewed by Legal
Department, forwarded to
City Manager's Office Sign Date
Attested by Jennifer Walters,
returned to Engineering
Development Review, L'', )
Engineering Services Sign ; ' Date
Department
*Please notify
Becky Owens and Greg Blackstone
by e-mail when agreements are complete
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations anoOUsiness terms.
Sign ture
� Ger
�1
Departmenti
Date Signed•
a
t
i
G
Effective March 2013 PROJECT NO.
CONTRACT TYPE K
l:5
STATE OF TEXAS 8 ESCROW AGREEMENT
COUNTY OF DENTON 8 FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, 3f-��t wood �aG 17.cw l a��u�nt , L hereafter referred to as
("Owner"), has undertaken to develop and/or plat a residential subdivision within the City of Denton,
Texas ("City") or its extraterritorial jurisdiction, as further described on the attached"Exhibit C" (the
i
"Development");and
WHEREAS, Owner has,pursuant to the City ordinances,executed a development contract(if
applicable) dated 1\/a 3/ac 16 to insure that any and all exterior sidewalks, streets, water
and sewer lines, drainage facilities or other public improvements which are to be dedicated to the
public for a residential subdivision, hereafter referred to as ("Improvements"), are constructed and
completed in accordance with the specifications,standards and ordinances of the City;and
WHEREAS, in order to file a plat or to receive a Letter of Acceptance,Owner may, in lieu of
completing the interior sidewalks, escrow cash money with a bank or title company as escrow agent;
and
WHEREAS, in order to secure the construction of the Deferred Sidewalk, Owner has entered
into this agreement with the City and StiLwav-'1 l►� ("Escrow Agent"),
Page 1 of 5
NOW,THEREFORE, Owner,City and Escrow Agent agree as follows:
1. Amount: Owner, as a condition to receiving a Letter of Acceptance or filing of the
Plat, shall deposit the sum of
OLIJ in cash money, with Escrow Agent, said
sum being in an amount, per the attached Cost Analysis (Exhibit "D"), and being
approximately 25% of the estimated cost to complete the Deferred Sidewalk (the
"Escrow").
2. Notice of Deposit: A Letter of Acceptance shall not be issued or the Plat filed by City
for the Development until Escrow Agent notifies City, in writing, that the Escrow
amount has been deposited in an escrow account with Escrow Agent.
3. Release of Funds: Escrow Agent shall not release any or all of the Escrow until the
City Engineer authorizes the Escrow Agent, in writing, to release such funds as
provided for herein as follows:
(a) The City Engineer shall authorize the release of all the Escrow when the
Deferred Sidewalk is completed,the determination of which shall be made by
the City Engineer whose judgment shall be binding on all parties hereto;
(b) The City Engineer may, but is not required to, authorize periodically, the
I
release of specified sums of the Escrow to the Owner if, and as, the Deferred
Sidewalk is completed and approved or accepted by the City in stages, so long
as the remaining funds not released are sufficient to complete the construction
of the remaining portion of the Deferred Sidewalk which has not been, but is
required to be,completed and accepted or approved by the City;
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Page 2of5
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(c) Owner shall complete 100% of the Deferred Sidewalk improvements within
three years from the date of this agreement. If for any reason the Deferred
Sidewalk is not completed within this three year period the City,at its option,
may require the Escrow Agent to deliver the Escrow to the City. In such case
the City may retain the Escrow until such time as Owner completes the
Deferred Sidewalk, or may apply the Escrow toward the completion of the
Deferred Sidewalk and recover from Owner any remaining amount needed to
complete the Deferred Sidewalk.
4. Notices: Any notice to be sent,required to be sent,or given under this agreement shall
be sent to the address or fax no. of the parties hereto,as follows:
CITY: OWNER:
DRC Engineering Administrator WIQCr1 ?10.C'% -D_cvu��a MAV%t L-
215 W.Hickory Street %vai l
Denton,Texas 76209 0 v a3).v. rt,, , i X. —?6 05
Fax No. (940)349-7707 Fax No. �'( 17 )$ti°1 - S 10
ESCROW AGENT:
St+4w4�'r i r�lr CanR�a���
lSgS� �a\\oS �i �L-rrY ,st�;t7� %cc,
Fax No. 00 45 - 1 $4 t)
5. Fees: Owner agrees to pay any and all fees or costs charged by the Escrow Agent in
connection with this Agreement.
6. Non-Liability of Escrow Agent: The Escrow Agent shall have no responsibility
except for the safekeeping and delivery of the amounts deposited in the Escrow
Page 3 of 5
account in accordance with this agreement. The Escrow Agent shall not be liable for
any act done or omitted to be done under this Agreement or in connection with the
amounts deposited in the Escrow account except as a result of the Escrow Agent's
gross negligence or willful misconduct. If any question, dispute or disagreement arises
among anyone or more of the parties hereto and/or any other party with respect to the
funds deposited in the Escrow account, the proper interpretation of this Agreement,
the duties of the Escrow Agent hereunder or the rights of the parties to this agreement,
the Escrow Agent shall not be required to act and shall not be held liable for refusal to
act until the question or dispute is settled and the Escrow Agent has the absolute right,
at its direction,to do either or both of the following:
(a) Withhold and/or stop all further performance under this agreement until the
Escrow Agent is satisfied, by receipt of a written document in form and
substance satisfactory to the Escrow Agent and executed and binding upon all
interested parties hereto (who may include the subscribers), that the question,
dispute or disagreement has been resolved; or
(b) File a suit in interpleader and obtain by final judgment rendered by a court of
competent jurisdiction,an order binding all parties interested in the matter.
7. Successors and Assigns: This agreement shall be binding upon the successors and
assigns of the parties hereto.
8. Venue: The parties hereto agree that if any legal action is necessary in connection
with this agreement,exclusive venue shall lie in Denton County,Texas.
Page 4 of 5
IN WITNESS WHEREOF,the said City, Owner and Escrow Agent have signed this instrument this
2r5 T" day of our 3GR , ;WlI
CITY OF DENTON OWNER
BY: BY: ,
Todd Hileman Signature
City Manager
(roily :L��,e,S
Printed Name
ATTEST:
TY SECRETAlky
I OF ENT S
ESCROW AGENT
B
BY: Gi
Signatu e
A,4-
Printed Name
p r,onnVED AS TO FORM:
CITY ATTORNEY S
CITY OF 0 ON
B .
Page 5 of 5
EXHIBIT "C"
26,445 sf Sidewalk-Escrow Area
7,490 sf Sidewalk-Developer Install
300 S it...
�O
O S.c
9 F
r
750 SF
750 SF
En (A1580 SF
Q o
m m
m m
SIDEWALK EXHIBIT
EXHIBIT"D"
*PUBLIC SIDEWALK IMPROVEMENTS Oct.27,2016
PROJECT DESCRIPTION
PROJECT: BRENTWOODPLACE-SIDEWALKESCROWAGREEMENT FP16-0007
LOCATION: 3931 Elm Street
Denton,Texas
PROJECT ESTIMATE
UNIT TOTAL
DESCRIPTION QTY UNIT PRICE PRICE
SIDEWALKS
5'Sidewalk 26445 SY 4.25 112,391,25
SUB-TOTAL SIDEWALK&HC RAMPS 112,391.25
25%DEPOSIT OF COST 28,097.81
GRAND TOTALSIDEWALK ESCROW 28,097.81
Exhibit Prepared by: D.R.Cameron and Associates,Inc.
420 Longfellow Road
Highland Village,Tx 75077
(972)317-6089
I
P N C T/T
s ew r c o N I V �J-�
title north texas
Angela Scott
Interim Dept. Manager
October 24, 2018
DRC Engineering
City of Denton
Development Services
215 W. Hickory Street
Denton,Texas 76201
Attn: Administrator
RE: GF#01128-62904—Brentwood Place Development, Ltd — Escrow Agreement for
Postponement of Interior Sidewalk Improvement within a Residential Subdivision
City of Denton Administrator:
This letter is to inform the City of Denton Development Services Department that our office has received funds in the
amount of$28,097.81 to be held in Escrow regarding the above Escrow Agreement for Postponement of Interior
Sidewalk Improvements with a Residential Subdivision.
If you have any questions, please do not hesitate to contact us.
Thank you.
JSi erely,
4
Angela colt
Sr. Escrow Officer/Interim Department Manager
(972) 308-8069
15950 Dallas Parkway, Suite 100, Dallas, Texas 75248
STETIT01 Stewart Title Brentwood Place Development, Ltd 10/24/2018
Ref Nbr PO/Invoice Nbr Date Address Description Invoice Amt Amount Paid
005322 FP16-0007 10/24/18 Sidewalk Escrow Agreement 28,097.81 28,097.81
CHECK# 001113 $28,097.81
WARNING-THIS CHECK IS PROTECTED BY SPECIAL SECURITY FEATURES
Brentwood Place Development, Ltd Frost Bank 30-9/1140 j
1038 Texan Trail i
Grapevine,TX 76051 CHECK# 001113 f
DATE 10/24/2018
I
i
******$28,097.81 j
I
PAY Twenty-Eight Thousand Ninety-Seven and 81/100---------------------------- US Dollars
PAY TO THE Stewart Title
ORDER OF 2777 E Southlake Blvd
Suite 180
Southlake, TX 76092 r
Authorized Signat re
J
ll'00 L L L 31n is L L 400009 D: F. 500 76 4 30ii'