HomeMy WebLinkAboutDevelopment AgreementSTATE OF TEXAS §
COUNTY OF BRAZOS §
DEVELOPMENT AGREEMENT
This agreement is made the day of , 2005, between
the City of College Station, Texas ( "City ") and Edelweiss Gartens Venture, a Texas
General Partnership ( "Venture ").
WITNESSETH:
WHEREAS, Venture is in the business of developing subdivisions, and presently
desires to develop Phases Six through Twelve (6 -12) of Edelweiss Gartens Subdivision,
having already developed Phases One through Five (1 -5) of said subdivision (as shown
on Exhibit "A" attached); and
WHEREAS, City currently has various ordinances regulating land development
within the City limits and the extraterritorial jurisdiction area adjoining said limits; and
WHEREAS, both parties desire to complete said development in the most
economic and efficient manner, conforming to said ordinances:
NOW, THEREFORE, in and for Ten and No /100 Dollars ($10.00) and other
valuable consideration, the parties hereto agree as follows:
1. This agreement pertains specifically to development of Phases Six through
Twelve (6 -12) of Edelweiss Gartens Subdivision, including a park area
( "Park ") of approximately 6.3 acres.
2. Venture will, upon recording the plat of Phase 6, deposit with City the sum of
Twenty Thousand Four Hundred Six and No /100 Dollars ($20,406.00) to be
utilized for improvements for the Park.
3. Following Phase 6, Venture plans to simultaneously develop Phase 8 and the
Park, retaining title until said Phase and Park are platted and dedicated to City.
The work to be accomplished on the Park land shall be done concurrently with
infrastructure for the lots in Phase 8 and shall complete Venture's Park
improvement obligation for Phase 6 through 12.
4. Venture will construct a detention basin, sidewalks, courts, and any other
improvements in the Park as specified and supervised by City. The funds
available from Venture will be an amount in accordance with City Ordinance,
presently $358.00 per lot.
The Phases shown in Exhibit "A" attached (Phase 6 through 12) will generate
approximately 377 lots, corresponding to approximately $135,000.00. The parties will
determine a method of assuring City that the funds are applied solely to the Park.
This agreement is binding on the parties hereto, their successors, heirs, devisees
and personal representatives, as appropriate, but is only assignable by agreement of the
parties.
This agreement is performable and enforceable in Brazos County, Texas.
Witness our hands this day of , 2005.
CITY OF COLLEGE STATION
By:_
Name:
Title:
EDELWEISS GARTEN VENTURE,
a Texas Joint Venture
Stephen Arden, Managing Partner
pjl