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05-15 - R TOWN OF PROSPER, TEXAS RESOLUTION NO. 05-15 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, HEREBY AUTHORIZING THE MAYOR OF THE TOWN OF PROSPER, TEXAS, TO EXECUTE A DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF PROSPER, TEXAS AND DJPT-57, LTD. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS: SECTION 1: The Mayor of the Town of Prosper, Texas, is hereby authorized to execute, on behalf of the Town Council of the Town of Prosper, Texas, a Development Agreement between the Town of Prosper, Texas and DJPT-57, Ltd. SECTION 2: This Resolution shall take effect immediately upon its passage. RESOLVED THIS THE 22nd day of March, 2005. harle is anger, Ma ATTEST TO: Shanae Jennin own Secret."' r, AFTER RECORDING RETURN TO: Town Administrator Town of Prosper,Texas 113 W.Broadway Prosper,Texas 75078 DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF PROSPER, TEXAS AND DJPT-57, LTD. (The Trails of Prosper) This Agreement (the "Agreement") is made and entered into as of this 22nd day of March, 2005, by and between the Town of Prosper, Texas, a general law municipality, ("Prosper") and DJPT-57,Ltd., a Texas limited partnership, ("DJPT")and on the terms and conditions hereinafter set forth. WHEREAS, Prosper annexed 59.515 acres of land located at the southeast corner of CR 48/Prosper Trail and Business 289/Coleman Street in Prosper, Collin County, Texas, and more particularly described on Exhibit"A"attached hereto and incorporated herein("The Trails ofProsper Property"), and WHEREAS, as a condition of annexation, the owner and/or developer of The Trails of Prosper Property agreed to pay Four Hundred Eighty Thousand Five Hundred Dollars($487,500.00) as Impact Fees and Thirty Six Thousand One Hundred Twenty Five Dollars ($36,125.00) as Park Fees; and WHEREAS, DJPT has owned the Trails of Prosper Property and has developed two (2) single family developments known as The Trails of Prosper Property,Phase 1 and Phase 2 consisting of approximately 43.673 acres, more or less; and WHEREAS,DJPT has paid the prorata share of the Impact Fees and the Park Fees for Phases 1 and 2 of The Trails of Prosper Property; and WHEREAS, DJPT is in the process of developing Phase 3 of The Trails of Prosper Property consisting of approximately 14.062 acres, more or less and desires to pay the remaining portion of the Park Fees and pay a portion of the remaining Impact Fees and receive credit for a portion of the drainage work described herein. NOW, THEREFORE, in consideration of the covenants and conditions contained in this Agreement, Prosper and DJPT agree as follows: 1. Land Subject to Agreement. The land that is the subject of this Agreement is 57.735 acres, more or less, situated in the John R. Tunny Survey, Abstract No 916, in the Town of Prosper, Collin County, Texas,as more particularly described in Exhibit A, attached hereto and incorporated in this Agreement for all purposes("The Trails of Prosper Property"). DJPT represents that it owned all of The Trails of Prosper Property, has developed Phases 1 and 2 of the same and is currently developing and is the sole owner of the remaining portions of The Trails of Prosper Property. DEVELOPMENT AGREEMENT B Page 1 2. DJPT's Prior Contribution of Impact Fees and Park Fees. DJPT agrees to pay the Impact Fees and Park Fees described above. Prosper acknowledges that DJPT has paid the Impact Fees for Phases 1 and 2 and the parties agree DJPT owes One Hundred Forty Five Thousand Eight Hundred Ninety Three and 99/100 Dollars($145,893.99)in Impact Fees for Phase 3(the"Remaining Impact Fees"). Prosper also acknowledges that DJPT has paid the Park Fees for Phases 1 and 2 and the parties agree DJPT owes Ten Thousand Eight Hundred Eleven and 29/100 Dollars($10,811.29) in Park Fees for Phase 3 (the"Remaining Park Fees"). 3. DJPT's Payment of Remaining Impact Fees and Park Fees. Prior to the filing of the final plat of Phase 3 of The Trails of Prosper Property,DJPT will pay Prosper the Remaining Impact Fees and the Remaining Park Fees. The Remaining Impact Fees will be paid or credited as follows: (i) DJPT shall construct, at its sole cost and expense, those improvements listed in Exhibit "B", incorporated herein for all purposes(the"Drainage Improvements"). The final plans and cost of the improvements shall be reviewed and approved by the Prosper Town Administrator prior to DJPT commencing with the construction of the Drainage Improvements. The Drainage Improvements will be completed by DJPT within one hundred twenty(120)days of the date of the Agreement. The cost of the Drainage Improvements less Ten Thousand and No/100 Dollars($10,000.00)shall be deducted from the Remaining Impact Fees which sum shall be paid to Prosper as described above. 4. Limitations of Agreement. The parties hereto acknowledge this Agreement is limited to the matters set forth herein, and further acknowledge that this Agreement does not waive or limit any of the obligations of DJPT to Prosper under any ordinance of Prosper,whether now existing or in the future arising. 5. Covenant Running with Land. This Agreement shall be a covenant running with the land. 6. Notices. Any notice provided or permitted to be given under this Agreement must be in writing and may be served by depositing same in the United States Mail, addressed to the party to be notified,postage pre-paid and registered or certified with return receipt requested,or by delivering the same in person to such party via a hand-delivery service, Federal Express or any courier service that provides a return receipt showing the date of actual delivery of same to the addressee thereof. Notice given in accordance herewith will be effective upon receipt at the address of the addressee. For purposes of notice, the addresses of the parties will be as follows: If to DJPT, to: David L. Gray Investments Attn: David L. Gray 5435 Preston Fairways Circle Dallas, Texas 75252 If to Prosper, to: Town Administrator 113 West Broadway Prosper, Texas 75078 DEVELOPMENT AGREEMENT B Page 2 7. Miscellaneous. a. Assignment. This Agreement may not be assigned without the prior written consent of Prosper. b. Construction. All construction will be in accordance with applicable ordinances of Prosper. c. Compliance with Ordinances. The parties agree that DJPT will be subject to all ordinances of Prosper, whether now existing or in the future arising. d. Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the matters contained in this Agreement and may not be modified or terminated except upon the mutual written agreement of the parties hereto. e. Venue. This Agreement will be construed in accordance with the laws of the State of Texas and will be performable in Collin County, Texas. f. Consideration. This Agreement is executed by the parties hereto without coercion or duress and for substantial consideration, the sufficiency of which is forever confessed. g. Counterparts. This Agreement may be executed in a number of identical counterparts, each of which will be deemed an original for all purposes. h. Authority to Execute. The individuals executing this Agreement on behalf of the respective parties below represent to each other and to others that all appropriate and necessary actions have been taken to authorize the individual who is executing this Agreement to do so for and on behalf of the party for which his or her signature appears,that there are no other parties or entities required to execute this Agreement in order for the same to be an authorized and binding agreement on the party for whom the individual is signing this Agreement and that each individual affixing his or her signature hereto is authorized to do so, and such authorization is valid and effective on the date hereof i. Binding Effect. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives and successors. J. Savings/Severability. In case any one or more of the provisions contained in this Agreement will for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,illegality or unenforceability will not affect any other provision thereof,and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained in this Agreement. DEVELOPMENT AGREEMENT B Page 3 k. Representations. Each signatory represents this Agreement has been read by the party for which this Agreement is executed and that such party has had an opportunity to confer with its counsel. 1. Miscellaneous Drafting Provisions. This Agreement will be deemed drafted equally by all parties hereto. The language of all parts of this Agreement will be construed as a whole according to its fair meaning, and any presumption or principle that the language in this Agreement is to be construed against any party will not apply. Headings in this Agreement are for the convenience of the parties and are not intended to be used in construing this document. m. Sovereign Immunity. The parties agree that Prosper has not waived its sovereign immunity by entering into and performing its obligations under this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement and caused this Agreement to be effective on the latest date as reflected by the signatures below. DJPT-57, LTD. A Texas limited partnership By: 44.zez OX. Name: David L. Gray Its: Qol,& TOWN OF PROSPER, TEXAS By: Name: Char es iswanger Title: Mayor DEVELOPMENT AGREEMENT B Page 4 STATE OF TEXAS * * COUNTY OF 4-11' - * BEFORE ME,the undersigned autllprity, on this day personally appeared David L. Gray,the ot2. c2.v of DJPT-57, Ltd., a -� L knownt me to be one of the persons whose names are subscribed to the foregoing instrurr4 ; e c cnow gaVto me that DJPT-57,Ltd. executed said instrument for the purposes and consideration therein expressed. VEN UNDER MY HAND AND SEAL OF OFFICE this / day of , 2005. r�..F" ''., ROBERTA REAL ROLLINGS1 . 1 i i JL VI Notary Public l of Public in and for the State of T ' s 1 5• �h� STATE OF TEXAS l .' ,or Commission Expires 07103107 1 ••• My Commission Expires: 7--3 _-C 7- STATE OF TEXAS * * COUNTY OF COLLIN * BEFORE ME,the undersigned authority, on this day personally appeared Charles Niswanger, known to me to be one of the persons whose names are subscribed to the foregoing instrument; he acknowledged to me he is the duly authorized representative for the Town of Prosper, Texas and he executed said instrument for the purposes and consideration therein expressed. IVEN UNDER MY HAND AND S • OF OFFIC this _ day of P r ti I , 2005. 0 r •��� � , rotary i blic in and for the State of Texas faDouglas C.PAousel MyCOMMiaalonExpires My Com4issiop Expires: 101 'M 01 DEVELOPMENT AGREEMENT B Page 5 Exhibit A (three legal descriptions totaling 57.735 acres) DEVELOPMENT AGREEMENT.Page 6 C:\DOCUMENTS AND SETTINGS\USER\MY DOCUMENTS\DM-AGREEMENTS\TRAILS OF PROSPER\TRAILS OF PROSPER DEVELOPMENT AGREEMENT(3-22-05).DOC Gl/LC.HLGGO 14.4J or.:c:JVtv•+v �+^•�� �- �^•�^ �•���•� ""— -- EXHIBIT A , OWNERS CERTIFrCATE, D•CEOTtc•TION • STATE OF TEXAS . . COUNTY OF COLt_tN' WHEREAS 84P•T-57 LTi7., acguireddwnersnip of a tract of land by—Special Warranty Deed recorded:••i,n Volume: 48Q7•. Page: 1882• of. the Oeed Records.•of Co/).,in County; texas. Said 'trf;'ct',cf;..lan,d .be•ing• situated in the .1ohn.R. Tunney Survey. Abstract No. 91$, Collin County. TeieaRtr end- being port of a 148.824 Acre tract ot land that was conveyed to Mar&e.Gar,rison ih. 0eat recorded- in Volume 3408; Page 222 of the Land Records of Collin . County. Texas, . bt'i..ng•'more particularly described as follows: •BEGINNING :at•.t`he� i• yntersectian of. the east line of BLeiness Highway No.289 and the centerline.:Of County Road No,..418, said intersection• baing the northwest corner of said i48.e24 .Aci`e;;tract; THENCE 989'4'165''t with the Centerline of said County goad No.•,4e. 1543,37 feet to en.:Tton .r.v'd found fur corner: • THENCE 54.1 :39'30"rt 1'oh• ••ttte::west• line, of a tract. conveyed to Michael Perry as recorded'i'n••a•�tr9�•'9 F.i'}.e 93=104760 of the Land Records of 'Collin County, texas, 727438• feat?•t.o••e:;pi•pe..past Found for corner; T.HENC£ S00 '15'49 11 continuin,g;.e,long said went' liens., • 327.20 feet. to a paint for corner; rHENCE N63•`55'27'W, 1307 feet' tg•.a point for. corner; THENCE in .d. .nartltweatc.rdy:direcCiOn with a curve to the left, Chord Bearing N69'09";OS"W, sa,i,d'•curve;lta;v irigg;:s3, ,central angle of i'0 '25'19" and a 'radius of 300.00 feet, an arc Qisf'an of 54.,57: feet to a' point for corner; THENCE N:4 '20'4B"w;, 134.91 feat, to a point for corner; (HENCE inn northWesterly direct•inn with a curve• to' the right, Chord Bearing N53'17'00"W, said cur:v.e'havihg: a, ceritr•a1 angle of 42'07''3i" and a radius of 300, 00 feet, an arc distance of; 220.'.5, feet tc a point for corner; rHENrE in a narthwe•sterly, direttion with a curve to the left. Chord gearing N38'29'11"W, • said cur.ve•trauing •a central angle of 12'32'00" and a radius of :371.67 feet, an arc distance df 6f 30 feet to a point for. corner: FENCE N44 45"•11"w; • 79;924eet td• a point for corner: THENCE in a nortnwes.terly-direction with a curve .to the left. Chord Bearing N57'31'58"M. �h said' curve. eving•.s tentPalangle of 25'.3334'" and a radius of 146.68 Feet. an arc .di•stane.e.•bt: 5,'43 feet to a point for corner; -HENCE in.e nortio:Ke'st Ply_: 1;rectibn with a curve to' the right, Chord Bearing N60'37'45"W, . sa.id'.curve. i1a:v.,ilhg a�:'tehtr,el angle of 19'22'24" add a radius of i94,94 feet. an arc i'stanc0.O.f 66 ;�5 . 'Feet• to a point for eor'- r; 'HENCE N50:%5'33"W. ' i94. ii3•;•:feet..•to a point for corner; -HENCE in-‘a nor'ttl eeter•ly direction with a curve Eo, the right, Chord Bearing N28'38'15"W, said•.curve..hayirr p...centra' angle of 44'36''2.7.•�`• end a radius of 300.00 feet, an arc. elistenCe'•,of 238.:96 fes.t:.to a point_ for Corner; HENCE N06'.'20`"06"E.' 3;17: O :fe.et to .a .point for corner; • 'HENCE NS8''4d.;'O5:'Wi . 32.4'l.,:feet tO a Oo'.;it for co,rr.er; 'HENCE NO1P38:26;'E;. p0`"''tE.•eet to a point for corr,ef; and the place of beginning and containing 19.229 scree '( 40. 226•,aguare Peet ) oflend'. _ r OWNERS CERTIFICATE AND DEDICATION ;TATE OF TEXAS :OUNTY OF COLLIN fHEREAS DJPT-57 LTD.. acquired ownership of a tract or land by Special Warranty Deed fexasOed in Said trracteof landaoe being62 of the Deed situated ©ntheeJohnSR fTunneynSurvey, Abstract No_ 916. .ollin County, Texas. and being part of a 148.824 Acre tract of land that was conveyed to aanie Garrison in Deed recorded in Volume 3408, Page 222 of the Land Records of Collin . ..ounty_ Texas. being more particularly described es follows: COHNENCING at the intersection of the east line of Business Highway No.280 and the centerline of County Road No. 48. said intersection being the northwest corner of said 148.824 Acre tract: THENCE 5u0'38.'26W along said east line of Business highway No. 289. 50.00 feet to a point in the south 'ine of Country Road No. 48 and the place of beginning: THENCE FROM THE PLACE OF BEGINNINti 589'44'05"t along said south line. 532.47 feet to a point for corner: THENCE 506'20'06'E. 317. 30 feet to a point for corner: THENCE in a southeasterly direction with a curve to the left, Chord Bearing S28 '36' 19"E. said curve having a central angle of 44 '36'27' and a radius of 300.00 feet. am arc distance of 233.56 feet to a point for corner: THENCE 550 '56 33"E. 194. 18 feet to a point for corner: THENCE in a southeasterly direction with a curve to the left, Chord Bearing S60 '37'45'F. said curve having a central angle of 19'22'24" and a radius of 194.94 feet. am arc distance of 65.92 feet to a point for corner: ' r THENCE in a southeasterly direction with a curve to the right, Chord Bearing 557'31'58"E. said curve having a central angle of 25'33'34' and a radius of 146.66 feet. am arc distance of 65.43 feet tc a point for corner: THENCE 544 '45' 11 'S. 79.9 feet to a point for corner; THENCE in a southeasterly direction with a curve to the right. Chord Bearing 338 '29 11 "E. said curve having a central angle of 12'32'00' and a radius of 371.67 feet. am arc distance of 81.30 feet to a point for corner: THENCE in a southeasterly direction with a curve to the left, Chord Bearing 553'17'00'E. said curve having a central angle of 42'07'31' and a radius of 300.00 feet. am arc distance of 220.57 feet to a point for corner: THENCE 574'20'46'k. 134.91 feet to a point for corner: THENCE in a southeasterly direction with a curve to the right. Chord Bearing S69'08 06'E. said curve having a central angle of 10'L5'19" and a radius of 300.00 feet, am arc distance of 54.57 feet to a point Tar corner: THENCE S63'55'27"E. 135.07 feet to a point for corner THENCE 500 '15'48'W. 524.29 feet to a point for corner . THENCE N89'43'0O'w, 320.0G feet to a point for corner THENCE M00'15'48-E. 340. 15 feet to a point for corner THENCE N89'44'12 W. 237.71 feet to a point for corner THENCE N38 '45'28`w, 79.64 feet to a point for corner: THENCE N52'18'3E-W. 104.91 feet to a point for corner THENCE N40'37'07 W. 101. 11 feet to a point for corner THENCE MS8'35'11`N. 153.64 feet to a point for corner THENCE 089 '43'00'w_ 446.53 feet to a point for corner THENCE SOO'38'26'W, 175.00 feet to a aoint for corner THENCE N89'43'00"w, 195.00 feet to a point for corner THENCE NOO '38'26-E 1141.69 feet to a point for corner and -the place of beginning end containin 24.384 acres (1, 062. 110 square feet) of Iand. u r\: a a TRAILS OF PROSPER PHASE III U- LL U 6 r: Cr R STATE OF TEXAS COUNTY OF COLLIN t=i WHEREAS I)JPT-57 LTD.. acquired ownership of a tract of land by Special Warranty Deed >4 recorded Volume 4807. Page 1862 of the Deed Records of Collin County. o texas_ Said tract of land being situated in the John R. Tunney Survey, Abstract No. 916, Collin County. Texas, and being part of a 148.824 Acre tract of land that was conveyed to a r Marie Garrison in Oeed recorded in Volume 3408. Page 222 of the Land Records of Collin County_ Texas. being more particularly described as follows: BEGINNING at the intersection of the east line of Business Highway No . 289 (BO foot right- of-way) and the south line of Wilson Drive (50 foot right-of-way) : THENCE 589 '43'00"E along said south line. 195. 00 feet to a point for corner: THENCE N00 '38'26"E along the east line of Gray Drive (50 foot right-of-way) , 175.00 feet to a point for corner; IHENCE 589 '43'00-E. 448.53 feet to a point for corner; THENCE S58 '35 ' 11"E. 153.64 feet to a point far corner; THENCE S40 '37-07-E. 101 . 11 feet to a point for corner: THENCE S52'18'36'E. 104.91 feet to a point for corner; THENCE 538 '45'28"E. 79.64 feet to a. point for corner: THENCE 589 '44' 12"E, 237.71 feet to a point for rorner; THENCE SO0 '15'48'W, 340. 15 feet to a point for corner; THENCE N89 '43"00"4f. 1216. 45 feet to a point for corner; THENCE NOO '38'26"E, 446.51 feet to a point for corner to the place of beginning and containing 14.062 acres (612. 529 square feet) of land Exhibit B The Drainage Improvements are: 1. Construction of a concrete access drive to extend from CR 48/Prosper Trail to the Drainage Easement; and 2. Reshaping, stabilizing, and hydromulching or sodding the banks of the Drainage Easement. DEVELOPMENT AGREEMENT.Page 7 C:\DOCUMENTS AND SETTINGS\USER\MY DOCUMENTS\DM-AGREEMENTS\TRAILS OF PROSPER\TRAILS OF PROSPER DEVELOPMENT AGREEMENT(3-22-05).DOC