ORDER NO.30559 LETTER OF ESCROW FROM BTEX RANCH, L.P. FOR PRIVILEGE CREEK Came to be heard this the 8th day of October, 2007, with a motion made by Commissioner Williams, seconded by Commissioner Oehler. The Court unanimously approved by vote of 3-0-1 to: 349082.53 Reduce the Letter of Escrow on interest bearing account GF#070721K from $543,223.30 to $349,082.53. 3~SS5 ` ~ COMMISSIONERS' COURT AGENDA REQUEST PLEASE FURNISH ONE ORIGINAL AND TEN COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT. MADE BY: Leonard Odom OFFICE: Road & Bridge MEETING DATE: October 8, 2007 TIME PREFERRED: SUBJECT: (PLEASE BE SPECIFIC): Consider, discuss, and take appropriate action to reduce Letter of Escrow on Interest Bearing Account from BTEX Ranch, L.P. for Privilege Creek, AKA B©rne Falls Ranch. Pct. 3 EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Leonard Odom/Greg Bloom/Ken Kolacny 3STIMATED LENGTH OF PRESENTATION: 15 minutes IF PERSONNEL MATTER -NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter SS I and 552, government Code, is a follows: Meeting scheduled for Mondays: 5:00 P.M. previous Tuesday THI5 REQUEST RECEIVED BY: THIS REQUEST RECEIVED ON: All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards your request being addressed at the earliest opportunity. See Agenda Request Rule Adopted by Commissioners' Court. req 1 ~~~ o ~~ ~~ c~~~,~ Derr County Road & Bridge 4010 San Antonio Hwy Kerrville, Texas 78028 TO: COMMISSIONERS COURT FROM: LEONARD ODOM DATE: October 2, 2007 RE: Consider Reducing Letter of Escrow on Interest Bearing Account G.F.NO. 070721k BTEX Ranch, L.P. the developer of Privilege Creek, AKA Boerne Falls, placed $543,223.30 in escrow to secure the Letter of Credit for the roads in Privilege Creek. At this time he is asking the Court to reduce the amount of security by $215,589.75. Attached is their engineer's estimate, and an invoice for the materials crushed to support the amount of monies spent for the road materials. I estimate the amount of base produced would approximate what has been placed in stockpile and on the roadway. If the Court chooses to reduce the escrow amount, we suggest the developer bring in a new Letter of Escrow for $327,633.55, and at that time we will return the old one. Th privilege escrow account C3ct Q7 ?OC2 Za 21RM HP LHSERJFT FfiX REViSiQN QF PLAT ~ LOTS 2-1'i, I~RIVILEGE CREEK RANCHES (aka BOERNE FALLS RA~NGH, PHASE 1 ~ SEC?tOk 1A~ CQNTRACTOR: GRAHAM C4R&TfiltCT(ON BTEX RANCH, LP. REVI$EQ DR1s.1A( RI:.Q~tEST az ~ ~..' 1 C'/t i2t)a7' N6M BWON! quarlt(tsas and pen,err1 ecmplsle narnl~et9 erg based oz the Financit3l f3u4fiartte~e amounkc, not actual c•. i>atract arraunts. l ~ C M LFfE T tiD. DESCRIPTION Utz'' ~- QWtAt~7Y - - I.'NiTPRICE - AMQUNT QTY. AWIDUf+Cf COAsPLETE 5T!!1ltET IinROVEARW+iTB e.,.. ~... ,... 1. Exneve8nn (Gtreers & t~oea) CY 2,800 $5.00 514,OOO.CO 0 10.00 Ow.o 2. 8' F1axiWe Sage SY 15,400 54.87 $151.398.00 fi,®a5 35;818 ti5 ~~ 3, SC Fta>tiWs 9aaa SY 1:,400 $t2.1~s $183,^.95.OA 9,151 $118,872.E] Ci2% +, 2-Gowae $aRss,gr Tnalstent SY 27,200 $k.87 $132,464.00 0 x.00 OSi 6. 12" RtbbonCurb tF 5~0 $12.00 S(Sp00.0o 0 3:0.00 0'K 6. Matei f3ssm 4uerd Faroe LF 2Q0 $25.00 $6,000.60 0 3+),C-6 0~1 7. Pa+rament Slrfphr0 LF 9.000 50.30 $4,500.00 0 8:1.00 0'Ya t!. Sxsat 5t0ns t Stop, SpsaA Um!;s, ste.) EA 9 175,00 5875.00 0 '~GG.00 05L 9. Ravspe/sAtOrt of ~ disturbed 8l70Jlli AiCnt 6 $+i 00.00 $2,400.00 0 SG.GO 0°.L 10. Wooden Botkrda F.A S.0 5100.00 $500.06 0 SO.Sq 0'b 11. TPOtiS SWPPP Msaswss :F 0.6 $14,800.00 $9:300.OG tl #0 q6 61~. '2 ConstruC0an3tektnp ;.S 0.3 510,000.00 13,000.00 0.] 33,OOO.W :au3b ;3. C0•txlruteanTasCnq(dsns8l.as) i`S 0.7 $10,1100.00 $7,000,00 ~).0 gG.00 0'Yo Subt~! S7rsst fm{1ro~Hr!ent~s: 5550,022.00 S21b,58t}.75 DRIilNKiiE i~+ROYBMEMTB ~Oi~' 1. 4' Concrete P1pe End Tromtn+sni 8Y 82 $55.00 $4,491.50 0 ~J.00 0~ 2. t3a1llet3Msdrs CY 0.25 $400.00 $700.00 6 50.00 03ri 3. C3S0 EraskM CotlCrof 8lanktit SY 850.0 510.00 $9.500.00 0 $A.Gd OSo Subtasal Oralfrepe ;mPtovsmertb: $'.3,CB1.30 5+t.0G TOTAL S'f REE7'S $ OFiAl1JAGE s'w1FROVEh,~IVTS: i5w3,! 13.30 $215:583.75 TOTAL WbRK COMPLETED TO QATE: 5216,a88.T6 Y_-~I • ~~ ~~ •, :~._ S~~ _",~ ~j~f~ ~ PAGE 1 OF 1 Uct Q4 2QQ2 1:52HM HP LHSERJET FFlX TANNIC TRANSPORT II~C 1351(} QUE5ENBERRI' voriT oR1vlY Tx 78473 Bill To GRAHAM CONSTREJCClON 2310 SFlEPPAftD BEES RI3 K.~;R\'ILLE, TX ?SU28 p.3 Date invoice # 2~;a4.2on-r sz~ oy~ LETTER OF ESCROW INSTRUCTIONS -INTEREST BEARING ACCOUNT G.F.NO.070721k TO: Surety Title, Escrow Agent The undersigned Developer hereby delivers to Escrow Agent for the benefit of Kerr County, Texas, in escrow the money hereinafter described to be held and disposed of by Escrow Agent in accordance with the following instructions and upon the terms and conditions hereinafter set forth, to which the undersigned hereby agree: ITEMS TO BE PLACED IN ESCROW: $543113.30 TERMS AND INSTRUCTIONS: The deposit of $543,113.30 has been made by BTEX RANCH, L.P., for the construction of roads, streets and alleyways for the re-plat of Privilege Creek Ranches. It will be placed in a certificate of deposit or money market account at Texas Heritage Bank in the name of Surety Title Company, Escrow Agent for the benefit of Kerr County, Texas. Escrow Agent will pay to the order of Kerr County, Texas, upon presentation of a sight draft, or letter authorized by Kerr County, any amount not exceeding the cumulative total of $5431 t 3.30 on or after July 24, 2607. This Agreement may be modified by the reduction of the total outstanding and unused amount of this deposit, upon the execution and delivery to Escrow Agent of a sworn statement making demand by the Subdivision Administrator of Ken- County or by anyone purporting to be his duly authorized agent, and presenting a document to that effect on Kerr County letterhead. No other signatures will be required. Unless amended by written agreement, at date of expiration set forth immediately below, whether the terms and instructions herein have been met, all funds held in escrow shall automatically be disbursed to BTEX RANCH, L.P., and such disbursement shall not require the signatures of any of the parties hereto. EXPIRATION DATE: July 24, 2008 If no specific interest-bearing account is specified, Escrow Agent is authorized to deposit funds to a passbook savings account at any national or state bank or any federally insured savings and loan association or such other investment account as Escrow Agent deems reasonable. Type of Investment Specified by Parties: Certificate of Deposit or Money Market Account Number: 987271 Party to be Credited with Interest: BTEX RANCH, L.P. Tax ID Number (of party to be credited with interest): 20-5243585 Mailing Address: (of party to be credited with interest}: 820 Main Street, Suite 160, Kerrville, Tx 78028 Escrow Agent is not required to invest funds unless and until the above information is furnished. The terms and conditions hereinabove referred to and to which the undersigned hereby agree for themselves, their heirs, successors and/or assigns are the following: 1. Escrow Agent is not a party to, or bound by any agreement which may be deposited under, evidenced by, or which arises out of the foregoing instructions. 2. Escrow Agent acts hereunder as a depository only and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of any instrument deposited with it under, or with respect to the form or execution of the same; or the identity, authority, or rights of any person executing or depositing the same. 3. Escrow Agent shall not be required to take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense or liability, unless notice is given in writing to an officer of Escrow Agent of such default and unless it is indemnified in a manner satisfactory to it against any such expense or liability. These instructions shall not be subject to rescission or modification except upon receipt by Escrow Agent of written instructions of all parties hereto or their successors in interest, and no such modification shall be effective unless and until consented to in writing by Escrow Agent. 4. Escrow Agent shall be protected in acting upon any notice, request, waiver, consent, receipt or other paper or document believed by Escrow Agent to be genuine and to be signed by the property party or parties. 5. Escrow Agent shall not be liable for any error of judgment or for any act done or step taken or omitted by it in good faith, or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, except its own willful misconduct, and Escrow Agent shall have no duties to anyone except those signing this instrument. 6. Escrow Agent may consult with legal counsel in the event of any dispute or questions as to the construction of the foregoing instructions, or Escrow Agent's duties hereunder, and Escrow Agent shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of such counsel. th the event that Escrow Agent performs any service not specifically provided hereinabove, or that there is any assignment or attachment of any interest in the subject matter of this escrow or any modification thereof, or that any controversy arises hereunder, or that Escrow Agent is made a party to, or intervenes in, any litigation pertaining to this escrow or the subject matter thereof, Escrow Agent shall be reasonably compensated therefore and reimbursed for all costs and expenses occasioned thereby, and the parties hereto agree jointly and severally to pay the same, to indemnify Escrow Agent against any loss, liability or expense incurred in any act or thing done by it hereunder, it being understood and agreed that Escrow Agent may interplead the subject matter of this escrow into any court of competent jurisdiction, and the act of such interpleader shall immediately relieve Escrow Agent of its duties, liabilities and responsibilities hereunder. ~~~ AGREED AND ACCEPTED this v day of July 2007. DEVELOPER: BTEX RANCH, L.P., A TEXAS LIMITED PARTNERSHIP BY: BTEX GP, LLC, GENERAL PARTNER B N. ESCROW AGENT: SURETY TITLE COMPANY BY K A B. SLEDGE, ESCROW E T 820 MAIN STREET, SUITE 100 KERRVILLE, TEXAS 78028 ESCROW AGENT: ATTN: KYLA SLEDGE SURETY TITLE COMPANY ]Ol-C SOUTH MAIN STREET BOERNE, TX 78006 830-815-1015/830-815-1018 FAX SURETYKC@KTC.COM BANK: EMILY SIMMONS TEXAS HERITAGE BANK 1208 SOUTH MAIN STREET BOERNE, TX 78006 830-249-3955/830-249-3988 FAX emily@txheritagebank.com