Item 5HJanuary 31, 2003
Mr. Brian Stebbins
Cooper & Stebbins
1256 Main Street, Suite 240
Southlake, Texas 76092
Re: Developer Fee Agreement Payable — Phase I and II
Southlake Town Square, Southlake, Texas
Dear Brian:
Pursuant to our meeting this past week regarding the developer reimbursement owed to
Southlake Venture West L.P. ( "Developer ") by the City of Southlake TIF ( "City ") and, as
a means of resolving the outstanding issues regarding the Developer's Agreement, the
parties have agreed as follows:
Southlake shall pay to Developer $3,925,000 at the time of the City of Southlake
CIP bond sale in the fiscal 2002/2003 fiscal year of bonds issued for such
payment;
2. The Developer shall complete improvements to the City parks (6 acres and 5
acres) ( "Donated Parks ") at the City's direction to the extent of and not to exceed
$150,000
3. The City shall receive a discount of $150,000 should it decide not to complete
any improvements to the donated parks; and
5. The Developer and the City shall comply with the requirements of the Developer
Agreement relating to the general warranty deeds and title to Town Hall, and
shall enter into the Parking License Agreement, prior to any payments described
above. The City and the Developer agree to make all reasonable efforts to
finalize such issues in a timely manner.
This Letter Agreement is intended to reflect the material terms upon which the
Developer and the City of Southlake propose to resolve outstanding differences relating
to the implementation of the TIF Program of the City of Southlake. The five business
points of agreement set forth above are intended to address elements remaining from
the Developer Fee Agreement on Phases I and II of Southlake Town Square. The
parties acknowledge and recognize that a more detailed agreement or subagreement is
necessary to implement all of the terms and to resolve all differences relating to the TIF
Program. The parties, upon execution of this Letter Agreement, commit to use their
best efforts to facilitate the immediate completion of any documentation necessary to
fulfill these Agreements.
The approval of this Agreement by the City Council of the City of Southlake will
authorize the office of the City Manager and the Director of Finance to initiate the
procedures for funding the payments set forth herein, subject to the submission of the
documentation required for payment and all legal requirements.
This Agreement is in furtherance of the TIF and Developer Agreements previously
entered into by and between the parties. It contains the negotiated terms intended to
settle outstanding disputes.
This Agreement shall become null and void if not approved and executed by both
parties on or before March 1, 2003.
CITY OF SOUTHLAKE:
Rick Stacy, Mayor of the City of Southlake
ATTEST:
CITY SECRETARY
AGREED TO AND ACCEPTED:
Southlake Venture West L.P.