HomeMy WebLinkAbout00070464COMMITMENT LETTER
BCS Development Company ("BCS") is the owner of 89.554 acres in the R. Stevenson Survey
("BCS Tract") to be developed into additional phases of the Westfield Subdivision in College
Station, Texas.
Lawrence Link and Chet Fry ("Link/Fry") jointly own 1.0012 acres ("Link/Fry Tract") at the
southwest comer of South Graham Road and Victoria Avenue ("Victoria") in College Station,
Texas, said Tract also being adjacent to and bordering a northwest boundary of the BCS Tract.
Stephen Arden ("Arden") is the owner, or agent of the owner, of 80+ acres ("Arden Tract")
bordering the west line of the BCS Tract and the south line of the Link/Fry Tract.
This Commitment Letter is intended to evidence the preliminary commitment of each of the
undersigned relative to the extension of Victoria from its current terminus at Graham Road
south to Barron Road according to the existing thoroughfare plan for the City of College
Station ("City"). By this Letter, we evidence our intention as follows:
(i) BCS commits to dedicate approximatley 60% of the required seventy-foot (70')
right of way along the west line of the BCS Tract as submitted in the
preliminary plat proposed for Westfield Subdivision Phase III, College Station,
Texas.
(ii) Link/Fry commits to dedicate approximately 40% of the required seventy-foot
(70') right of way along the east line of the Link/Fry Tract and the Option Tract
as hereinafter defined if the Option Tract is acquired by Link/Fry from the
Arden Tract. This is in accordance with the existing option agreement covering
an additional 1.2879 acre tract ("Option Tract") adjoining the Link/Fry Tract on
the South, which Option Tract is intended to be acquired by Link/Fry for
expansion, with the understanding of all of the undersigned and the City, that
said tract will be afforded M-1 Zoning as presently exists for the Link/Fry
Tract. No commitment by Link/Fry for cost of the Victoria roadway
construction will be expected from the undersigned or others. Damages to the
Link/Fry Tract in connection with the right of way taking by the City for the
extension of Victoria will be reduced to $15,000.00 if Link/Fry acquires the
Option Tract as contemplated in this Commitment Letter.
(iii) Arden commits to dedicate approximately 40% of the required seventy-foot
(70') right of way along the the east line of the Arden Tract less any reduction
to the Arden Tract, if any, by virtue of any acquisition by Link/Fry of the
Option Tract.
(iv) The undersigned recognize that BCS is likely to be the first of the undersigned
to develop, or further develop, its tract, thereby necessitating inclusion of the
I
Victoria extension in its development process to satisfy requirements of the City.
In that connection, the undersigned commit to execute appropriate
documentation satisfactory to the City (including, but not limited to, signing of
the final plat as approved by the City) for the dedication of Victoria right of way
within the development for Westfield Addition, Phase III currently submitted to
the City by BCS.
M Assuming Link/Fry exercises its option to purchase the Option Tract, Arden
commits, in good faith, to seek rezoning of the Option Tract to a M-1 Zoning
classification.
(vi) The undersigned further commit to reasonably work together to assure
appropriate utility (water, gas, electric, sanitary sewer, telephone, cable and
stormwater drainage) access through and across their respective tracts in
connection with the development of same, all without further monetary
consideration from each other unless providing such access will create unusual
burden to the tract providing such access.
(vii) The undersigned recognize that this Commitment Letter is not intended to be a
formal binding agreement; but that each of the undersigned expects to work
within the basic tenents set forth.herein to accomplish a reasonable dedication
and development of portions of their respective tracts so as to provide for the
extension of Victoria as outlined herein.
Dated this 19`h day of January, 2001.
BCS Development Company
By: I J
*JR*eennLcch, Vice President
Lawrence Link
ChPFUry
Stephe Arden