HomeMy WebLinkAboutEDCRes2017.02.06ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. �60 - 06 rev)
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING PROCUREMENT OF PROFESSIONAL SERVICES FOR PROJECT
MANAGEMENT AND REAL ESTATE REPRESENTATION
WHEREAS, the Anna Economic Development Corporation (the "EDC") desires to
authorize their Chief Administrative Officer to procure the professional consulting
services of Funderburgh Real Estate Investments, Inc.; and
WHEREAS, the EDC has determined that the above -referenced services, further
described in Exhibit A, are in the best interests of the EDC and will promote economic
development and expanded business enterprise in the City of Anna;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC DEVELOPMENT
CORPORATION, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Authority to Execute Consulting Services Agreement
The Board of Directors of the Anna Economic Development Corporation authorize the
Chief Administrative Officer to execute, on behalf of the EDC, subject to approval of
legal form by the EDC's legal counsel, a contract with Funderburgh Real Estate
Investments, Inc., as further described in Exhibit A, for professional consulting services
for project management and real estate representation, said authority to include
execution of all necessary documents to consummate the business relationship with
said consultant.
PASSED/ ND APPROVED by the Anna Economic Development Corporation this
day of , 2017.
PR
• - • � - •-
ANNA EDC RESOLUTION NO.N17 -0-1 & (EZO PAGE 1 OF 1
CITY OF ANNA, TEXAS
RESOLUTION NO. / I - ;.no
-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANNA APPROVING AND
AUTHORIZING THE EXPENDITURE OF FUNDS BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION AND THE ANNA ECONOMIC DEVELOPMENT
CORPORATION RELATED TO A PROFESSIONAL SERVICES AGREEMENT FOR
PROJECT MANAGEMENT AND REAL ESTATE REPRESENTATION WITH
FUNDERBURGH REAL ESTATE INVENTSTMENTS
WHEREAS, the Anna Community Development Corporation (the "CDC") and the Anna
Economic Development Corporation (the "EDC") were Created by the City of Anna,
Texas (the "City"), in accordance with Article 5190.6, V.A.T.C.S., Section 4A and 413,
and now operate under Texas local Government Code, Title 12, Subchapter C-1 (the
"Act"); and
WHEREAS, the CDC and the EDC have purchased a certain tract of real property and
desire to procure the professional Consulting services of Funderburgh Real Estate
Investments, Inc.; and
WHEREAS, the corporations and the City Council of the City of Anna, Texas (the "City
Council") have determined that the above -referenced services, further described in
Exhibit A, are in the best interests of the CDC and EDC, and will promote community
development and expanded business enterprise in the City of Anna;
NOW THEREFORE, BE IT RESOLVED BY THE CITY of ANNA CITY COUNCIL,
THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Authorization of Project
The City Council hereby authorizes the expenditure and approves of the authorized
representative(s) of the CDC and EDC to enter into a Professional Services Agreement
for Project Management and Real Estate Representation Services (the "Agreement")
attached hereto as EXHIBIT A. The .City Council further approves of the authorized
representative(s) of the CDC and EDC to execute any associated documents necessary
to procure said services.
CITY COUNCIL. of ANNA, TEXAS RESOLUTION No. '� `z � r . -o -� - 'a-?,� 6 PAGE I OF 2
PASSED AND APPROVED by the City Council of the City of Anna, Texas, on this
the14th day of February 2017.
ATTEST: APPRO
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Carrie L. Smith, City Secretary
��I{{{1EIfJI11�� Mayor, Mike Crist
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CITY COUNCIL OF ANNA, TEXAS RESOLUTION NO. PAGE 2 OF 2
Exchibit A
AGREEMENT FOR PROFESSIONAL SERVICES J
►l/JL.
This A Bement for Professional Services (this "Agreement") is entered into on the day of
2017, (the "Effective Date") by and between the Anna Economic
Development C oration, Texas, a Texas Type A development corporation, the Anna
Community Development Corporation, Texas, a Texas Type B development corporation, both
with its principal office at 111 North Powell Parkway, Anna, Collin County, Texas 75409,
hereinafter called "AFDC/ACDC" and David D. Funderburgh Real Estate Investments, Inc., a
Texas corporation d/b/a Funderburgh Realty with its principal office at 9535 Forest Ln Ste 206,
Dallas, TX 75243, hereinafter called "Funderburgh."
The parties stipulate and recite that:
1. The AEDC/ACDC has acquired certain real property as described in Exhibit A in the City of
Anna, Collin County, Texas, for development of a business park (the "Property").
2. AEDC/ACDC, to carry out its intentions, desires to engage Funderburgh to conduct project
management and real estate negotiations on behalf of the AEDC/ACDC in an effort to fill the
business park with users that align with the zoning restrictions and other criteria as desired by
AEDC/ACDC.
For the reasons set forth above, and in consideration of the mutual promises of the parties pursuant
to this Agreement, the parties agree as follows:
Section 1. Services to Be Performed by Funderburgh
A. Extent of services. The AEDC/ACDC engages Funderburgh to perform the services described,
subject to all terms and conditions of this Agreement and further described in the attached Project
Management Agreement Exhibit B, and Funderburgh agrees to perform them. These services will
be limited to the Property. Subject to reasonable advance notice Funderburgh agrees to make
himself available to consult with the AEDC/ACDC concerning any matters pertaining to the
likelihood of potential real estate transactions that the AEDC/ACDC wishes to make relative to
the Property. In connection with this, Funderburgh shall undertake, on the basis of criteria supplied
to it by the AEDC/ACDC, to use due diligence and pursue users to locate in the Property, which
meet zoning and other criteria as desired by AEDC/ACDC. Funderburgh agrees to negotiate on
the AEDC/ACDC's behalf the real estate transactions meeting these requirements.
B. Confidentiality. AEDC/ACDC ownership of the Property is now public knowledge and the
AEDC/ACDC hereby waives confidentiality concerns relative to the Property.
Section 3. Funderburgh's Compensation
Contemporaneous with the execution of this agreement, the AEDC/ACDC will provide
Funderburgh with a retainer in the amount of $7,000 in consideration of the project management
and administrative processing that will be needed to assist with marketing and transactions related
to the Property. The remainder of the compensation will be billed $66,500 in January of 2018 and
AGREEMENT FOR PROFESSIONAL SERVICES Page 1 of 11
$66,500 in January of 2019. The total compensation will not exceed $140,000.00. Provided,
however, if the scope of work significantly exceeds the description provided in this agreement and
as further detailed in the preliminary budget attached as Exhibit C, additional compensation may
be requested from the AFDC/ACDC.
Section 4. Termination
The respective duties and obligations of the parties hereto shall commence on the daze first above
written, and shall terminate twenty-four (24) months after the Effective Date. In the event of a
breach by Funderburgh of any obligation of Funderburgh under this Agreement, the AEDGACDC
will have the right, on written notice to Funderburgh, to terminate the services of Funderburgh that
have not been fully performed in accordance with this Agreement prior to such termination,
without any liability whatever of the AFDC/ACDC to Funderburgh except to pay for the services
that Funderburgh has fully performed in accordance with this Agreement; provided, however, that
such termination will not affect any rights that the AFDC/ACDC may have by reason of such
breach and the AFDC/ACDC may pursue all remedies that maybe available under law or in equity.
Such termination will be on the day specified in such notice, which date will not be earlier than
three business days after the date of the notice.
Section 5. Time for Performance
Funderburgh will act as project manager of the business park property for a period of 2 years
beginning upon execution of this agreement.
Section 6. Representations and Covenants of Funderburgh
To induce the AFDC/ACDC to enter into this Agreement, Funderburgh represents to and
covenants with the AFDC/ACDC that:
A. Qualifications. Funderburgh is qualified to perform the negotiating services required by this
Agreement, and now is, and at all times while this Agreement is in effect will be, properly licensed
and permitted to perform services of such nature. All personnel who may be employed by
Funderburgh to assist Funderburgh -in the direct performance of such services also will be
qualified, licensed and permitted to perform such services, except personnel who perform only
clerical duties.
B. Facilities and personnel. Funderburgh has and will continue to have, while this Agreement is in
effect, adequate and proper facilities and qualified personnel to perform the services required.
Funderburgh will not permit any employee or other representative of Funderburgh to negotiate or
participate in the services outlined in this agreement without the prior written approval of the
AFDC/ACDC.
C. Disclosure of conflict of interest. If Funderburgh at any time discovers, or is informed by the
AEDC/ACDC of the existence of, any possible conflict of interest on the part of Funderburgh or
any of Funderburgh's employees involved in the services required of Funderburgh by this
Agreement, Funderburgh will immediately cease all activity in connection with such services and
AGREEMENT FOR PROFESSIONAL SERVICES Page 2 of 11
promptly notify the AFDC/ACDC in writing of all relevant facts and circumstances pertaining to
such conflict so that the AFDC/ACDC may take such action as it deems appropriate. Funderburgh
will not resume the performance of any services under this Agreement except as may be
specifically authorized in a subsequent or amended written notice by the AFDC/ACDC to
Funderburgh.
Section 7. Miscellaneous
A. This Agreement is intended solely for the benefit of the AFDC/ACDC and Funderburgh and
does not confer any rights on any person or entity not a party to this Agreement, nor does it create
any third party beneficiaries to this Agreement.
B. Any agreement, notice, correspondence, information and/or other documentation required
and/or referred to in this Agreement shall be in writing as provided by this Agreement.
C. Waiver by either party of any breach of this Agreement affecting such party, or the failure of
either party to enforce any of the provisions of this Agreement, shall not in any way affect, limit
10
or waive such party's right thereafter to enforce and compel strict compliance.
D. The parties acknowledge and agree that the performance by the AFDC/ACDC and Funderburgh
of their respective obligations under this Agreement constitute governmental functions.
E. No party shall be in default under the Agreement until written notice of the default has been
given to the defaulting party (which notice shall describe in reasonable detail the nature of the
default) and the defaulting party has been given ten (10) business days to cure said default. If a
party is in default under this Agreement, the non -defaulting party may, at its option, and without
prejudice to any other right under this Agreement, law, or equity, seek any relief available at law
or in equity, including but not limited to, an action under the Uniform Declaratory Judgment Act,
specific performance, mandamus and injunctive relief. Neither party shall have the right to
terminate this Agreement as a remedy for default or to suspend or be relieved of the party's
continuous performance of its obligations hereunder. Notwithstanding the foregoing, each party
agrees that if any threatened or actual breach of this Agreement arises, which reasonably
constitutes immediate, irreparable harm to the other party for which monetary damages is an
inadequate remedy, equitable remedies may be sought by the non -defaulting party, without
providing the notice stated above, and awarded in a court of competent jurisdiction without
requiring the non -defaulting party to post bond.
F. This Agreement constitutes the entire agreement between the parties and supersedes all prior
agreements, whether oral or written, covering the same subject matter. This Agreement may not
be modified or amended except in writing mutually agreed to and accepted by the parties.
G. This Agreement shall be construed in accordance with Texas law without regard to its conflict
of laws provisions.
H. Venue for any action arising hereunder shall be in Collin County, Texas.
AGREEMENT FOR PROFESSIONAL SERVICES Page 3 of 11
I. Any notice or other communication required by this Agreement to be given, provided, or
delivered shall be in writing or electronic mail addressed as set forth below. Notices shall be
considered "given" for purposes of this Agreement: (a) if by Certified Mail, five (5) business days
after deposited with the U.S. Postal Service, Certified Mail, Return Receipt Requested; (b) if by
private delivery service (e.g. FedEx or UPS), on the date delivered to the notice address as
evidenced by a receipt signed by any person at the notice address; or (c) if by electronic mail, on
the date received by the recipient as evidenced by the date stamp.
To AFDC/ACDC:
AFDC/AGOG
Attu: Jessica Perkins
111 N. Powell Parkway
Anna, Texas 75409
jperkins@annatexas.gov
With a mandatory copy to:
Clark McCoy
Wolfe, Tidwell & McCoy, LLP
2591 Dallas Parkway
Suite 300
Frisco, Texas 75034
cmccoy@wtnflaw.net
To Funderburgh:
Funderburgh Realty
9535 Forest Ln
Ste 206,
Dallas, TX 75243
FRCIOOO@aol.com
With a mandatory copy to:
The Law Office of Laura F. James, P.C.
6009 West Parker, Suite 149-263
Plano, Texas 75093
laurajatneslaw@gmail.com
Each party has the right to change, from time to time, its notice addresses by giving at least ten
(10) business day's written notice to the other party. If any time period provided in this Agreement
ends on a Saturday, Sunday, or legal holiday, the period shall be extended to the first business day
following such Sunday, Saturday, or legal holiday.
AGREEMENT FOR PROFESSIONAL SERVICES Page 4 of 11
J. The recitals contained in this Agreement: (a) are true and correct as of the Effective Date; (b)
form the basis upon which the parties negotiated and entered into this Agreement; and (c) reflect
the final intent of the parties with regard to the subject matter of this Agreement. If it becomes
necessary to interpret any provision of this Agreement, the intent of the parties, as evidenced by
the recitals and provisions of this Agreement, shall be given full effect. The parties have relied, to
their material detriment, upon the recitals, representations and covenants stated in this Agreement
as part of the consideration for entering into this Agreement and, but for same, would not have
entered into this Agreement.
K. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original and constitute one and the same instrument. A facsimile signature will also be deemed
to constitute an original if properly executed.
L. The individuals executing this Agreement on behalf of the respective parties below represent to
each other that all appropriate and necessary action has been taken to authorize the individual who
is executing this Agreement to do so for and on behalf of the party for which their 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 their signature hereto is authorized to do so, and
such authorization is valid and effective on the Effective Date of this Agreement.
M. This Agreement is not assignable.
N. Each signatory represents this Agreement has been read by the party for which this Agreement
is executed and that such party has had the opportunity to confer with its counsel.
4. In case any one or more of the provisions contained in this Agreement shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision thereof, and this Agreement shall be construed
as is such invalid, illegal, or unenforceability provision had never been contained herein.
P. All warranties, representations and covenants made by one party to the other in this Agreement
or in any certificate or other instrument delivered by one party to the other under this Agreement
shall be considered to have been relied upon by the other party and will survive the satisfaction of
any fees under this Agreement, regardless of any investigation made.
Q. This Agreement shall be deemed drafted equally by the parties hereto. The language of all parts
of this Agreement shall be construed as a whole according to its fair meaning, and any presumption
or principle that the language herein is to be construed against either party shall not apply.
The AFDC/ACDC and Funderburgh have executed this Agreement on the day and year first
above -written.
[Remainder of page left blank intentionally]
AGREEMENT FOR PROFESSIONAL SERVICES Page 5 of 11
ANNA ECONOMIC DEVELOPMENT CORPORATION
Byby A r".'
onstance Ann Stump, its Pr sident
Date: —"2 *-,//, ")V%y
STATE OF TEXAS
COUNTY OF COLLIN
Before me, the undersigned authority, on this day personally appeared CONSTANCE
ANN STUMP, known to me to be one of the persons whose names are subscribed to the
foregoing instrument; she acknowledged to me that she is the duly authorized representative
of and for the ANNA ECONOMIC DEVELOPMENT CORPORATION, a Texas Type A
development corporation, and she executed the said instrument for the purposes and
consideration therein expressed and in the capacity therein stated.
Given under my hand and seal of office this x hv( day of U , 2017.
Lauretta Kay Biacketer
• 1' + My Commission Expires
WW 04/01/2017
OFN—
of
r�" 66-(J�&D
No4y Public in and for the Skate of texas
My Commission Expires: c.1 I I I I
AGREEMENT FOR PROFESSIONAL SERVICES Page 6 of 11
ANNA COMMUNITY DEVELOPMENT CORPORATION
By: 6le
N*fe i?kp, �&, fts President
Date: .3 1110
STATE OF TEXAS
COUNTY OF COLLIN
,.••, :��• 4�.: IAURETTA KAY SLACKETER
*= My Notary ID # 129369379
:,iF•• •airOF +;••�� Exores April 1, 2021
Before me, the undersigned authority, on this day personally appeared s T n`T un Tor• Tr
known to me to be one of the persons whose names are subscribed to the foregoing
instrument; he acknowledged to me that he is the duly authorized representative of and for
the ANNA COMMUNITY DEVELOPMENT CORPORATION, a Texas Type B development
corporation, and he executed the said instrument for the purposes and consideration therein
expressed and in the capacity therein stated.
Given under my hand and seal of office thisCtfk day of � , 2017.
of Public in and for th6 State Texas
My Commission Expires: P-OJ
AGREEMENT FOR PROFESSIONAL SERVICES Page 7 of 11
DAVID D. FUNDERBURGH REAL ESTATE INVESTMENTS, INC., A TEXAS
CORPORATION DB/A FUNDERBURGH REALTY
— �: —> "I �� I
David D. Funderburgh. ita,106ideni
Date: 1:7' - ' I7
STATE OF TEXAS
CQt.fi`T $OF
Before me, the undersigned authority. on this day personally appeared
David D. Funderburbh, known to me to be one of the persons whose names are
subscribed to the foregoing instrument: he acknow-ledged to me that he is the duty
authorized representative of and for DAVID I). FUNDERBURGHI REAL INSTATE
INVESTMENTS, INC., A "TEXAS CORPORATION D/B/A FUNDERBURGH
REALTY. a Texas corporation. and he executed the said instrument for the purposes
and consideration therein expressed and in the capacity therein stated.
Given under my hand and seal of office this 15fi day of t e-brilar4 .2017
/J FRANCRAWFORD
MY COMMISSION EXPIRES
'�' Ju+yt'2ote *N,"otaryic in an or the State of Texas
My Commission Expires: 7//// g
EXHIBIT 'A'
SURVEY DESCRIPTION:
BEING a portion of a tract of land located in the D.E.W. Babb Survey, Abstract Number
33, situated in Collin County, Texas and being a portion of a 361.545 acre tract of
land described by deed to Harlan Properties, Inc. recorded in Instrument No.
20121228001650300 of the Official Public Records of Collin County, Texas, and being
more particularly described by metes and bounds as follows;
BEGINNING at a 1/2 inch iron rod found for the northwest corner of said 361.545 acre
tract lying on the northerly edge of County Road No. 421 a gravel road, also lying on
the easterly line of a tract of land described by deed to Dallas Area Rapid Transit,
recorded in Collin County Clerks Document No. 2001-0078323 of the Official Public
Records of Collin County, Texas, the southwest corner of tract of land described by
deed to 40 PGE, Ltd., recorded in Volume 5387, Page 468 of the Deed Records of Collin
County, Texas, also lying on the common line of said D.E.W. Babb Survey and the
Grandison Stark Survey, Abstract No. 798;
THENCE South 89 degrees 11 minutes 36 seconds East, along the common line of said
Babb and Stark Survey, also along the common line of said 361.545 acre tract and said
40 PGE tract, a distance of 1743.74 feet to a 5/8 inch iron rod with cap stamped
"R.P.L.S. 5430" set for corner lying in the center of a 30 feet wide Sanitary Sewer
easement, recorded in Instrument No. 20150422000453060 of the official Public Records
of Collin County, Texas;
THENCE through the interior of said 361.545 acre tract along the center of said 30
feet wide easement the following courses and distances:
South 11 degrees 33 minutes 57 seconds East, a distance of 61.78 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 00 degree 48 minutes 25 seconds West, a distance of 1346,23 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 55 degrees 24 minutes 07 seconds East, a distance of 316.51 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 00 degrees 55 minutes 19 seconds West, a distance of 224.46 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set lying on the north line of Collin
County Toll Road Authority tract recorded in Instrument No. 20110222000194360 of the
Official Public Records of Collin County, Texas;
THENCE North 89-degrees 04 minutes 41 seconds West, along the north line of said
Collin County Toll Road tract, a distance of 2530.22 feet to a 1/2 inch iron rod with
cap stamped "R.P.L.S. 3700" found for the southwest corner of said 361,545 acre
tract, also lying on the east line of Collin County Toll Road Authority tract
recorded in Instrument No. 20090317000307070 of the Official Public Records of Collin
County, Texas;
THENCE North 00 degrees 44 minutes 35 seconds West, along the east line of last
mentioned Toll Road tract, a distance of 207.51 feet to a 5/8 inch iron rod with cap
stamped "R.P.L.S. 5430" set lying on the easterly line of the aforementioned Dallas
AGREEMENT FOR PROFESSIONAL SERVICES Page 9 of 11
Area Rapid Transit tract;
THENCE North 18 degrees 44 minutes 49 seconds East, along the easterly line of said
Dallas Area Rapid Transit tract, a distance of 38.85 feet to a 5/8 inch iron rod with
cap stamped "R.P.L.S. 5430" set for the southwest corner of a tract of land described
by deed to the City of Anna recorded in Instrument No. 20071004001376120 of the
Official Public Records of Collin County, Texas;
THENCE South 77 degrees 31 minutes 27 seconds East, along the south line of said City
of Anna tract, a distance of 67.89 feet to a 1/2 inch iron rod with cap stamped
"R . P . L . S . 3700" found for corner;
THENCE South 89 degrees 25 minutes 19 seconds East, continuing along the south line
of said City of Anna tract, a distance of 224.62 feet to a 1/2 inch iron rod with cap
stamped "R.P.L.S. 3700" found for the southeast corner of same;
THENCE North 18 degrees 43 minutes 54 seconds East, along the east line of said City
of Anna tract, a distance of 156.81 feet to a 1/2 inch iron rod found for the
northeast corner of same;
THENCE North 89 degrees 24 minutes 49 seconds West, along the north line of said City
of Anna tract, a distance of 295.59 feet to a 5/8 inch iron rod with cap stamped
"R.P.L.S. 5430" set for the northwest corner of same, also lying on the easterly line
of said Dallas Area Rapid Transit tract;
THENCE North 18 degrees 44 minutes 49 seconds East, along the easterly line of said
Dallas Area Rapid Transit tract, a distance of 1495.06 feet to the POINT OF BEGINNING
containing 3,727,460 square Feet, or 85.571 acres of land.
AGREEMENT FOR PROFESSIONAL SERVICES Page 10 of 11
Attach Exhibits B and C
AGREEMENT FOR PROFESSIONAL SERVICES Page 11 of 11
FUNDERBURGH REALTY CORPORATION
COMMERCIAL REAL ESTATE SERVICES
February 15, 2017
Jessica Perkins
Assistant to City Manager and Economic Development Officer
ANNA ECONOMIC DEVELOPMENT CORPORATION
I I I North Powell Parkway
Anna, Texas 75409
Re: Proposed Anna Business Park
Anna, Collin County, Texas
PROJECT MANAGEMENT AGREEMENT
Dear Jessica:
Thank you for the opportunity to continue to assist you with the development of your proposed
Anna Business Park property. We are grateful for your confidence in allowing us to pursue this
assignment.
Essentially, our role will be that as your Project Manager, to facilitate the real estate
development process, organize the activities of the various participants, anticipate scheduling
matters and guide the park to successful completion. As you have previously experienced, we
will bring matters to you and your board to make decisions; then we will implement and execute
at your direction.
In continuation of the assistance that we have been providing you, we will:
• Provide coordination with the various municipal, design, engineering and construction
professionals.
• Assist you in preparing budget and economic information/projections.
• Support the development process and remain proactive in offering value engineering
suggestions.
• Assist you and your legal counsel with negotiating anticipated property transfers/sales,
municipal platting and general real estate related documentation matters.
• Participate in the selection of consultants/vendors/contractors along with the evaluation
of bids/proposals received.
• Monitor construction progress and conduct periodic meetings with the contractor(s) and
related parties.
• Interface with you and your lender to facilitate an efficient construction draw process.
• Assist you in the marketing, negotiation and generating of proposals to attract and secure
new businesses for the park (first four [4] prospects).
• Provide quarterly activity reports and/or periodically meet with and apprise the AEDC
board of the project status.
95:35 FORIST LANE: • SUITE 20E, • DALLAS. TEXAS 75243
1'?72( 2 1-1000 • FAX (972� 671 4242
February 15, 2017
Proposed Anna Business Park
c% Jessica Perkins
The term of our engagement for these various services will be twenty-four (24) months from the
date this letter agreement is executed
In consideration of these activities, our professional service fees (the "Fees") to assist you in this
process will be $140,000. If the scope of work significantly exceeds the description provided in
this agreement and as further detailed in the preliminary budget attached as Exhibit A, additional
compensation may be requested. At the time this letter agreement is executed we would like to
receive $7,000 of our Fees as a retainer. The remainder of our Fees will be earned and invoiced
in (i) January, 2018 ($66,500) with the (ii) final amount in January, 2019 ($66,500).
If the AEDC sells, assigns or otherwise transfers the Park, the AEDC will remain liable for any
outstanding earned yet unpaid Fees due to us pursuant to this agreement. The right to receive
earned but yet unpaid Fees shall inure to the benefit of any successors, assignees or beneficiaries
of our firm.
If the foregoing is consistent with your understanding of our agreement please execute one copy
of this letter returning same to the undersigned and retain a copy for your records. Again, we
sincerely appreciate your consideration in allowing us to be of service; it will be our privilege to
serve the AEDC and the City of Anna in these matters.
Very truly yours,
FUNDER13URGH REALTY CORPORATION
AGREED AND ACCEPTED:
Anna Economic Development Corporation
By:
It'*—I
r
Der
Date: -�
9535 FOREST LANE SUITE 206 - DALLAS, TEXAS 75243
•(972) 231-1000
xhl'bj,� G
Anna Business Park
ANNA, TEXAS
PRELIMINARY DEVELOPMENT BUDGET
Direct Costs
Projected Cost
Previously Funded
Balance
Land Acquisition (Approx. 85.6 gross acres)
$
2,810,000
$ 2,810,000
$
-
General Grading/Lot Clearing/Shaping (inc. w/ Street)
$
-
$ -
$
-
1100' Street and Storm Drainage Constn. (inc. 15% conting.)
$
749,713
$
$
749,713
Water Line Constn. (inc. 15% conting./excludes Fire Hydrants)
$
248,000
$ -
$
248,000
Sanitary Sewer Line Constn. (inc. 15% conting.)
$
55,236
$ -
$
55236
Off -Site Utility Extensions
$
-
$ -
$
-
Entry Monument Feature/Flagpoles
$
30,000
$ -
$
30,000
Entry Landscaping/Irrigation (Design/Build)
$
15,000
$
$
15,000
Direct Costs Subtotal:
$
3,907,949
$ 2,810,000
S
1,097,949
CostsIndirect
Architectural Layout Design Fees
Entry Monument Feature/Flagpoles Design Fees
Covenants, Conditions and Restrictions (CC&R's)
Marketing / Website / Promotional Materials
Civil Engineering Fees:
Off -Site Civil Design
Street and Storm Drainage Design
Water Line Design
Sanitary Sewer Design
Boundary, Topographic and Tree Surveys
Property Sales Commissions (Prospects' Representatives)
County Driveway Permit/Traffic Impact Analysis
Site Feasibility Study
Environmental Study
Geotechnical Analysis & Report
Test Laboratory
Title Policy Premium
Insurance Premiums
Legal Fees
Appraisal (for Lender) Fee
Roll Back Taxes (Not anticipated)
Bond Costs:
Discount Fees
Surety Policy Premium & Fees
Bond Financing Fees & Paying Agent Fee
Bond Debt Service Reserve Fund
Development Project Management 3%
Inspecting Consultant Fee (for Lender)
Misc. Land Closing Costs
$ 10,000
$
$
10,000
$ 5,000
$
$
5,000
$ 4,000
$
4,000
$
-
$ 12,000
$
$
12,000
$ 112,457
$
-
$
112,457
$ 30,093
$
-
$
30,093
$ 11,047
$
-
$
11,047
$ 12,000
$
12,000
$
-
$ 50,000
$
-
$
50,000
$ 36,500
$
36,500
$
-
$ 750
$
750
$
-
$ 3,322
$
3,322
$
-
$ 25,139
$
-
$
25,139
$ 800
$
800
$
-
$ 42,532
$
42,532
$ -
$ 17,181
$
17,181
$ -
$ 80,287
$
80,287
$ -
$ 199,000
$
-
$ 199,000
$ 140,000
$
-
$ 140,000
$ 1,500
$
-
$ 1,500
1� dnd
�
dnd
0 -
Indirect Costs Subtotal:
S
794,012
S
197,776
5
596,236
Subtotal Development Costs:
$
4,701,961
$
3,007,776
$
1,694,185
Plus Project Contingency 3.00%
$
141,059
$
-
$
141,059
Total Estimated Project Cost:
$
4,843,020
S
3,007,776
$
1,835,244
SOUrces of •
AEDC Due Diligence Payments Prior to Property Closing
$
103,372
$
103,372
$
-
AEDC Contribution
$
725,000
$
725,000
$
-
ACDC Contribution
$
375,000
$
375,000
$
-
Principal Amount of Bonds
$
1,850,000
$
1,850,000
$
-
Reimbursements from Park Users:
Kirby -Smith
$
1,012,309
$
-
$
1,012,309
Total Funds Available:
$
4,065,681
$
3,053,372
$
1,012,309
Surplus /1*RURGH RE(4:QTV39)
$45,596
(822,935)
Commercial Real Estate Services
2/2/2017