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HomeMy WebLinkAboutO-2006-11-01ORDINANCE NO. 200&11-01 ' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING REINVESTMENT ZONE NO. 26 (CROW FAMILY HOLDINGS INDUSTRIAL TEXAS LIMITED PARTNERSHIP FOR BUILDINGS 1 & I); PROVIDING ELIGIBILITY OF THE ZONE FOR COMMERCIAL -INDUSTRIAL TAX ABATEMENT; CONTAINING FINDINGS THAT THE AREA QUALIFIES TO BE DESIGNATED AS A REINVESTMENT ZONE AND THE IMPROVEMENTS SOUGHT ARE FEASIBLE AND PRACTICABLE AND OF BENEFIT TO THE LAND AND THE CITY; PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING FOR A REPEALING CLAUSE; AND PROVIDING FOR THE EFFECTIVE DATE OF SAID ORDINANCE. WHEREAS, the City Council of the City of Allen, Collin County, Texas, has caused notice to be published in a newspaper having general circulation in the City and has delivered such notice to the presiding officer of the govemmg body of each taxing unit that includes in its boundaries real property described herein; and, WHEREAS, the City Council of the City of Allen, Collin County, Texas, has conducted a public hearing on the designation of the area described herein as a reinvestment zone; and, WHEREAS, the proposed Tax Abatement Agreements by and among the City of Allen, Texas, and Crow Family Holdings Industrial Texas Limited Partnership for Buildings I and D, the County of Collin, Texas, and the ' Collin County Community College District attached hereto as Exhibits "A" and "B," has been presented to the City Council; and the City Council is of the opinion and finds that the tembs and conditions thereof should be approved and that the Mayor should be authorized to execute the Agreement on behalf of the City of Allen. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THAT: SECTION 1. The City Council of the City of Allen, Collin County, Texas, finds that the area described herein will, if designated as a reinvestment zone, be reasonably likely to contribute to the rendition or expansion of primary employment, or to attract major investment in the zone that will be of benefit to the property and contribute to the economic development of the City. The City Council further finds that the improvements sought are feasible and practicable and would be of benefit to the land to be included in the zone and to the City after the expiration of a tax abatement agreement. SECTION 2. Pursuant to the provisions of Section 312.201 of the Texas Tax Code, the real property described in the Tax Abatement Agreements attached hereto as Exhibits "A" and "B" and made a part hereof for all purposes is hereby designated as a reinvestment zone and for identification is assigned the name "Reinvestment Zone No. 26." SECTION 3. The properly within Reinvestment Zone No. 26 is eligible for commercial -industrial tax abatement effective on January 1, 2002, and for a period of ten (10) years. SECTION 4. The Agreements attached hereto as Exhibits "A" and "B" having been reviewed by the City ' Council and found to be acceptable and in the best interests of the City and its citizens, are hereby approved, and the Mayor is hereby authorized to execute the Agreements on behalf of the City of Allen, Texas. SECTION & Should any word, sentence, paragraph, subdivision, clause, phrase or section of this ordinance, or of the Code of Ordinances, as amended hereby, be adjudged or held to be void or unconstitutional, the same shall not affect the validity of the remaining portions of said ordinance or the Code of Ordinances, as amended hereby, which shall remain in full force and effect. ' SECTION 6. All ordinances of the City of Allen in conflict with the provisions of this ordinance shall be, and the same are hereby, repealed; provided, however, that all other provisions of said ordinances not in conflict herewith shall remain in toll force and effect. SECTION 7. This ordinance shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Allen, and it is accordingly so ordained. DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 15"a DAY OF NOVEMBER, 2001. APPROVED: Stephen MAYOR APPROVED AS TO FORM: ATTEST: Peter G. Sndtk CITY I5 Ordinance No. 200611-01, Page 2 NO SEAL 05139 04503 2092- 004898:3 STATE OF TEXAS TAX ABATEMENT AGREEMENT COUNTY OF COLLIN This Tax Abatement Agreement (the "Agreement') is entered into by and between the City of Allen, Texas (the "City"), and Crow Family Holdings Industrial Texas Limited Partnership ("Owner'), and the County of Collin and the Collin County Community College District (the `Taxing Ur"') acting by and through their respective authorized officers. WITNESSETH: WHEREAS, the City Council of the City, passed an Ordinance (the "Ordinance") establishing Tax Abatement Reinvestment Zone No. 26 (the "Zone'), for commerciallmdustrial tax abatement, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code, as amended (the `Tax Code"); and WHEREAS, in order to maintain and enhance the commercial and industrial economic and employment base of the Allen area, it is in the best interests of the taxpayers for the City to enter into this Agreement; and WHEREAS, Owner will construct or cause to be constructed on the Land (hereinafter defined) at least one (1) officeftech building in the Allen Station Business Park (hereinafter defined as the `Improvements") and this construction will create permanent newjobs in the City; and WHEREAS, the City Council finds that the contemplated use of the Improvements and the other term hereof are consistent with encouraging development of the Zone in accordance with the purposes for its creation and in compliance with the tax abatement guidelines, the Ordinance adopted by the City, the Tax Code and all other applicable laws; and WHEREAS, the City Council previously determined that the Improvements sought are feasible and practicable and would be of benefit to the land to be included in the Zone and to the City and the Taxing Units after expiration of this Agreement; and WHEREAS, a copy of this Agreement has been fun fished, in the manner prescribed by the Tax Code, to the presiding officers of the governing bodies of each of the Taxing Units in which the Improvements is located; and WHEREAS, the City desires to enter into an Agreement with Owner for the abatement of taxes pursuant to Chapter 312 of the Tax Code, as amended; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for good and other valuable consideration, the adequacy and receipt of which are hereby acknowledged, including the expansion of primary employment, the attraction of major investment in the Zone, which contributes to the economic development of the City, and the enhancement of the tax base within the City, the parties agree as follows: TAX ABATENIENT AGREENENT (BUILDING P - Page 1 subs 05139 04504 GENERAL PROVISIONS 1. Owner is the owner or is under contract to purchase real property located in Allen Station Business Park described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "Land") in the City and within the Zone. 2. The improvements are not an improvement project financed by tax increment bonds. 3. This Agreement is entered into subject to the rights of the holders of outstanding bonds of the City. 4. The Owner represents that the Land is not owned or leased by any member of the Allen City Council, or any member of the Allen Planning and Zoning Commission, or any member of the governing body of any taxing unitsjoining in or adopting this Agreement. 5. Owner shall annually certify to the City to the best of its knowledge that it is in substantial compliance with each term of the Agreement. 6. The Owner shall use the Land and the Improvements at all times in a manner that: (i) is consistent with the City's Comprehensive Zoning Ordinance, as amended, and (ii) that is consistent with the general purposes of encouraging development or redevelopment within the Zone. 7. Prior to Commencement of Construction, Owner shall submit architectural renderings, building elevations, site, landscaping and lighting plans for the Improvements to the Allen Economic Development Corporation ("AEDC") for approval ("Plans"). Such Plans shall incorporate and be compatible with the Allen Station historical dam features. & Owner agrees to provide to the tenants of the Improvements the benefit of the abatement of the Improvements granted herein. Owner shall, upon written request, provide the City and/or Taxing Units, with satisfactory evidence that the benefits of this Agreement have been provided to any applicable tenants of the Improvements. TAX ABATEMENT AUTHORIZED 9. This Agreement is authorized by the Tax Code, and in accordance with the Tax Abatement Guidelines, and approved by resolution of the City Council of the City authorizing the execution of this Agreement. 10. Subject to the terms and conditions of this Agreement, the City hereby grants Owner an abatement of forty percent (40%) of the Taxable Value of the Improvements, exclusive of the Land for a period of ten (10) years. The actual percentage of taxes subject to abatement for each year of this Agreement will apply only to that portion of the Taxable Value of the Improvements that exceeds the Taxable Value of the Land for the year in which this Agreement was executed (Base Year 2001). TAX ABATEMENT AGREEMENT (BUILDING I) - Page 2 3"65 05139 04505 11. The period of tax abatement herein authorized shall be ten (10) years, beginning the First Year of Tax Abatement. 12. During the period of tax abatement herein authorized, Owner shall be subject to all City taxation not abated, including but not limited to, sales tax and ad valorem taxation. DEFINTIIONS 13. Wherever used in this Agreement, the following terms shall have the meanings ascribed to them: A. `Base Year" shall mean the year in which the Tax Abatement Agreement is executed (2001). B. "Commencement of Construction" shall mean: (i) the submittal of plans to the applicable governmental authorities; (u) the issuance of building permit(s) by the applicable governmental authorities, (m) the approval of the Plans by the AEDC; and (iv) the grading or preparation of the Property. C. `Event of Bankruptcy or Insolvency" shall mean the dissolution or termination (other than a dissolution or termination by reason of Owner merging with an affiliate of Owner) of Owner's existence as a going business, insolvency, appointment of receiver for any part of Owner's property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency taws by or against Owner and such proceeding is not dismissed within ninety (90) days after the filing thereof. D. "First Year of Tax Abatement" shall mean January 1 of the calendar year immediately following the issuance of the first certificate of occupancy for the Improvements, unless otherwise agreed to by the parties. E. `Improvements" shall mean the improvements constructed or to be constructed on the Land and as fiuther described herein, including but not limited to Building I and structures added to the property. F. `Land" shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes excluding the Improvements (hereinafter defined). G. `Plans" shall mean architectural renderings, building elevations, site, landscaping and lighting plans for the Improvements submitted to and approved by the AFDC. H. `Premises" shall collectively mean the Land and Improvements. TAX ABATEMENT AGREEMENT BUILDING I) - Page 3 3"65 05139 04506 1. "Taxable Value' means the appraised value, as certified by the Collin County Appraisal District as of January 1 of a given year. IMPROVEMENTS 14. Owner owns or is under contract to purchase real property in Allen Station Business Park described in Exhibit 'W', (the' Lend") and agrees to construct or cause to be constructed one (1) officekech building containing a minimum of 100,000 square feet of space (`Budding F') (and other ancillary facilities, such as reasonably required parking and landscaping more fully described in the submittals filed by Owner with the City from time to time in order to obtain a building permit) ("Improvements"). Nothing in this Agreement shall obligate Owner to construct the Improvements on the Land, but said action is a condition precedent to tax abatement pursuant to this Agreement. 15. The Taxable Value of the Improvements, excluding the Land, shall be at least Four Million Dollars ($4,000,000) as of the First Year of Tax Abatement, and as of January I of each calendar year thereafter for a period of ten (10) consecutive years. 16. The City, its agents and employees, shall have the right of reasonable access to the Improvements to inspect the Improvements at reasonable times during normal business hours and with reasonable notice to Owner, and in accordance with their visitor access and security policies, in order to insure that the construction is in accordance with this Agreement and all applicable state and local laws and regulations (or valid waiver thereof). DEFAULT: RECAPTURE OF TAX REVENUE 17. In the event that Owner: (i) fails to concoct the Improvements in accordance with this Agreement or in accordance with applicable State or local laws, codes or regulations; (u) has delinquent ad valorem or sales taxes owed to the City and/or the Taxing Units (provided Owner retains the right to timely and properly protest and/or contest such taxes or assessment) and the tax abatement will be applied to the amount oftaxes finally determined to be due as a result of such protest or contest; (iii) breaches any of the terms and conditions of this Agreement; or (iv) upon the occurrence of an 'Event of Bankruptcy or Insolvency", then Owner, after the expiration of the notice and cure periods described herein, shall be in default of this Agreement. As liquidated damages in the event of such default, Owner shall, within thirty (30) days after demand, pay to the City and/or Taxing Units, w the case may be, all taxes which otherwise would have been paid to the City and/or Taxing Units, as the case may be, without benefit of a tax abatement with interest at the statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code, as amended, but without penalty. The parties acknowledge that actual damages in the event of default termination would be speculative and difficult to determine. The parties further agree that any tax abated, including interest as a result of this Agreement, at the statutory rate for delinquent taxes, shall be recoverable against Owner and shall constitute a tax hen against the land and Improvements the subject of the Agreement, and shall become due, owing and shall be paid to the City and/or Taxing Units within thirty (30) days after termination. TAX ABATEMENT AGREEbfENT BUILDING P - Page 4 3"65 05139 04507 18. Upon breach by Owner of any obligations under this Agreement, the City and/or Taxing Units, as the case may be, shall notify Owner in writing. Owner shall have thirty (30) days from receipt of the notice in which to are any such default. If the default cannot reasonably be cured within a thirty (30) day period, and Owner has diligently pursued such remedies as shall be reasonably necessary to are the default, then the City and/or Taxing Units, as the case may be, may, in its discretion extend the period in which the default must be aced. 19. If Owner fails to are the default within the time provided herein or, as such time period may be extended, then the City or the Taxing Units as the case may be at its sole option shall have the right to terminate this Agreement by written notice to Owner. 20. Upon termination of this Agreement by City, and/or the Taxing Units as the case may be all tax abated as a result of this Agreement shall become a debt to the City and/or Taxing Units, as the case may be, as liquidated damages, and shall become due and payable not later than thirty (30) days after a notice of termination is made. The City and/or Taxing Units, as the case may be, shall have all remedies for the collection of the abated tax provided generally in the Tax Code for the collection of delinquent property tax. The City and/or the Taxing Units as the case may be at its sole discretion has the option to provide a repayment schedule. The computation of tax abated for the purposes of the Agreement shall be based upon the full Taxable Value without tax abatement for the years in which tax abatement hereunder was received by Owner with respell to the improvements, as determined by the Collin County Appraisal District, multiplied by the tax rate of the years in question, as calculated by the applicable Tax Assessor -Collector. Penalties as provided for delinquent taxes shall commence to accrue after expiration of the thirty (30) day payment period. ANNUAL APPLICATION FOR TAX EXEMPTION 21. It shall be the responsibility of Owner, pursuant to the Tax Code, to file an annual exemption application form with the Chief Appraiser for each appraisal district in which the eligible taxable property has situs. A copy of each exemption application shall be submitted to the City and/or Taxing Units, as the case may be, if requested. ASSIGNS 22. This Agreement shall be binding on and inure to the benefit of the parties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. This Agreement may not be assigned without the consent of the City, provided however the Owner may assign this Agreement to an affiliate or subsidiary of Crow Family Holdings Industrial Limited Partnership without the consent of the City or the Taxing Units. The City shall have the authority to consent to an assignment on behalf of the Taxing Units, NOTICE 23. All notices required by this Agreement shall be addressed to the following, or such other party or address as the parties designate in writing, by certified mail, postage prepaid, return receipt requested, or by hand delivery. TAX ABATEMENT AGREEMENT (BUILDING I) - Page 5 3"65 05139 04508 City: City Manager City of Allen One Allen Civic Plaza Allen, Texas 75013 With copy to: Peter G. Smith Nichols, Jackson, Dillard, Hager & Smith, L.L.P. 1800 Lincoln Plaza 500 N. Akard Dallas, Texas 75201 2. Owner: Crow Family Holdings Industrial Texas Limited Partnership Arm. Chief Financial Officer 2100 McKinney Avenue Suite 700 Dallas, Texas 75201 3. Collin County: County of Collin do County Judge 210 S. McDonald Street McKinney, Texas 75069 4. Collin CCD: Collin County Community College District do Sam Roach, Charman 4800 Preston Park Boulevard Plano, Texas 75093 AUTHORIZATIONS 24, This Agreement was authorized by resolution of the City Council authorizing the Mayor to execute this Agreement on behalf ofthe City. 25. This Agreement was authorized by the minutes of the Commissioners Court of Collin County, Texas, at a meeting whereupon it was duly determined that the County Judge would execute the Agreement on behalf of Collin County, Texas, 26. This Agreement was authorized by the Board Minutes of the Board of Trustees of Collin County Community College District at a Board Meeting whereupon it was duly determined that the Chairman would execute the Agreement on behalf of Collin County Community College District. TAX ABATEMENT AGREEN EW (BIJB.DING 1) - Page 6 3ss65 05139 04509 SEVERABHITY 27. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this Agreement, shall be enforceable and shall be enforced as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word; and such invalid, illegal, unconstitutional or unenforceable section, subsection, paragraph, sentence, phrase or word shall be substituted by a section, subsection, paragraph, sentence, phrase or word as near in substance thereto as may be valid, legal, constitutional and enforceable. APPLICABLE LAW 28. This Agreement shall be construed under the laws of the State of Teas. Venue for any action under this Agreement shall be the State District Court of Collin County, Texas. This Agreement is performable in Collin County, Texas. COUNTERPARTS 29. 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. ENTIRE AGREEMENT 30. This Agreement embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the parties and relating to the matters in this Agreement, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this Agreement. COVENANTS RUNNING WITH THE LAND 31. The provisions of this Agreement are hereby declared covenants running with the Premises and are fully binding on all successors, heirs, and assigns of Owners to who acquire any right, title, or interest in or to the Premises, or any part thereof Any person who acquires any right, title, or interest in or to the Premises, or any part thereof, thereby agrees and covenants to abide by and fully perforin the provisions of this Agreement. RECORDATION OF AGREEMENT 32. A certified copy of this Agreement shall be recorded in the Deed Records of Collin County, Texas. INCORPORATION OF RECITALS 33. The determinations recited and declared in the preambles to this Agreement are hereby incorporated herein as part of this Agreement. TAX ABATEMENT AGREEMENT BUILDING 11 - Page 7 3"65 05139 04510 34. All exhibits to this Agreement are incorporated herein by reference for all purposes, whatever reference is made to the same. EXECUTED in duplicate originals this the L day of ( -w P:IZ4l , 2001. CITY OF ALLEN, TEXAS By: STEP HEi TERRELL, MAYOR ATTEST: By: Y mopisoN, CrrY SECRETARY TAX ABATEMENT AGREEINBNT BUILDING I) - Page 8 39%5 05139 04511 EXECUTED in duplicate originals this the day of 2001. CROW FAMILY HOLDINGS INDUSTRIAL TEXAS LIMITED PARTNERSHIP, a Delaware limited partnership By: CFH-FTGP, L.L.C., a Delaware limited liability company, its sole general partner By: Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its sole member By: CFH Industrial Trust, Inc., a Maryland corporation, its sole general partner By: <2—D L—, A-0'tz u S Lai, g; vrc,�- PRESIDENT EXECUTED in duplicate originals this the i D-day of Derr mlhcr , 2001. CO ;OFZLLIN RO, COUNTY RJDGE EXECUTED in duplicate originals this the day of 2001. COLLIN COUNTY COMMUNITY COLLEGE DISTRICT ff ic.... SAM ROACH, CHAMMAN TAX ABATEMENT AGREEN ENT (BUILDING D - Page 9 39%5 MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN 05139 04512 This instrument was acknowledged before me on the 1&��day of 2001, by Stephen Terrell, as Mayor of the City of Allen, Texas. RM HERObcxasfi152004 Notary Publk In and For the State of Texas My Commission Expires: ;IS:%:11�;ILY--TN (h`tQ:'/�111:H� 111:Y1 STATE OF %4.X195 COUNTY OF Z7>4L .A5 This instrument was acknowledged before me on the _ I day of NOd 2001 by Ancklew S. Lowe, Vlee Pce5ttiea4, of CFH Industrial Trust, Inc., a Maryland corporation, its sole general partner, for Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its sole member, for CFH-FTGP, L.L.C., a Delaware limited liability company, its sole general partnership for Crow Family Holdings Industrial Texas Limited Partnership, a Delaware limited partnership, on behalf of said partnership. ;;�.,�5*,, VIRGINIA C. BENNETT NO ublic, State of TiS Notary Public, Stere x Taxes My Cpm y 05, 2 Expkes . ;•� �� May 05, Ra01 My Commission expires:.S Q3 TAX ABATEMENT AGREEMENT BUILDING 1) - Page 10 39 5 05139 04513 COUNTY'S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF COLLIN § dot This instrument was acknowledged before me on the day of M.CCGnr 2001, by Ron Harris, as County Judge of Collin County, Texas. //• — M1t Notary Public) Wand For the State of Texas My Commission Expires: V. LYNN MULLIMX �j'.!"�.'r� STATE OF TEXAS :?o��j My Comm. Exp. Jun. 7, 2003 COLLEGE DISTRICTS ACKNOWLEDGMENT STATE OF TEXAS § $ COUNTY OF COLLIN § This instrument was acknowledged before me on the O�, day of,- / 20pi,.by Sam Roach, being the Chairman of the Collin County Community College District. NOgpAL lCeC adrt�/�/� Notpf nbliedWand For the State of Texas My Commission Expires: A/ -,:? Z-1-?'(' TAX ABATEbffiNT AGREENMNT BUILDING I) - Page 1 I 3sss3 05139 04514 LEGAL DESCRIPTION LOT ALLEN STATION BUSINESS PARK PHASE BEING 7.556 acres (329,129 square feet) of land situated in the HENRY WETSEL SURVEY, Abstract No. 1026 and the L.K. PEGUES SURVEY, Abstract No. 702, City of Allen, Collin County, Texas and being all of Lot 1, Allen Station Business Park, Phase 1, as shown by the plat recorded in cabinet "N', Pages 206 and 207 of the Plat Records of Collin County, Texas and being a portion of that certain tract of land described in the deed to Crow Family Holdings Industrial Texas Limited Partnersbip as recorded in the County Clerk File No. 2001-0019407 of the land Records of Collin County, Texas (L.RC.C.T.) being more particularly described by metes and bounds as follows: BEGINNING at a %-inch von rod found at the Northeast corner of said Lot 1, said point lying in the West Right - of -Way line of Allen Station Parkway (a variable width right-of-way) as recorded by said Allen Station Business Park Plat; THENCE along the West Rightof-Way line of said Allen Station Parkway and the East property line of said Lot 1 as follows: Southeasterly, 59.42 feet along a Curve to We Right having a radius of 1005.00 feet, a central angle of 3-23'16" and a chord bearing S27°33'39"E, 59.41 feet to a %-inch iron rod found with a "Wier & Assoc. Inc." Cap at the end of said Curve to the Right; S 19102'00"E, 150.95 feel to a V inch iron rod found with a "Wier & Assoc. Inc." Cap; S 21055'49"E, 188.47 feet to a Y -inch iron rod found with a "Wier &Assoc. Inc." cap; S 23010' 11"W, 35.29 feet to a % inch iron rod found with a `Wier & Assoc. Inc." Cap lying on the North Rightof--Way lice of Exchange Parkway (a variable width nghtof-way) as recorded in County Clerk File No. 95-056329 (L.RC.C.T.); THENCE along the North Rightof--Way line of aforesaid Exchange Parkway along the South property line of said Lot 1 as follows: S 6WI6' l I -W, 220.54 feet to a %-inch iron rod found and at the beginning of a Curve to the Right: Southwesterly, 476.62 feet along said Curve to the Right having a radius of 2083.43 feet, a central angle of 13°06'25" and a chord bearing S74°49'22"W, 475.58 feet to a''/,inch iron rod at the end of said Curve to the Right; N 79147'39"W, 57.37 feet to a point for a comer, THENCE departing said Exchange Parkway Rightof-Way, N 11°38'44"W, 201.50 feet along the Fast boundary of a 0.266 Acre Flood Plain Area dedicated to the City of Allen by aforesaid plat, and along the West property line of said Lot 1 in a'h-inch iron rod found with a "Hutt-Zollars" Cap; THENCE along the East line of a tract of land dedicated to the City of Allen as recorded in County Clerk File No. 97-0037946 (L.R.CC.T.) and along the West line of said Lot I as follows: N 00 29'47"E, 95.79 feet to a'/ inch iron rod found with a "Hatt-ZoOars" Cap; 05139 04515 N 08°57'47"W, 125.34' to a Y -inch iron rod found with a "Wier & Assoc. Inc." Cap; THENCE departing said Easterly line of the City of Allen Tract and along the North property line of said Lot 1 and the South property line of a 0.257 Acre Park Arca dedicated to the City of Allen on aforesaid plat as follows; N 85°31'53'E, 113.60 feet to %-inch iron rod found with a `Wier & Assoc. Inc." Cap; N 04028'07"W, 16.00 feet to a''/: -inch iron red found with a `Wier & Assoc. Inc." Cap; THENCE departing the aforesaid property lice of the City of Allen Park Ates and continuing along the North property line of Lot 1 and the South property line of Lot 2, of said, Allen Station Business park, Phase I as follows; N 68016'1 l"E, 397.37 feet in a % inch iron rod found with a "Wier & Assoc. Inc." Cap, at the beginning of a Curve to the Right; Southeasterly, 37.32 feet along said Curve to the Right having a radius of 30.00 feet, a central angel of 71°17'05" and a chord bearing S 76°05'16"E, 34.96 feet to a''/: -inch iron rod found with a "Wier & Assoc." Cap a the End of said Curve to the Right and the beginning of a Curve to the Left; Northwesterly, 82.53 feet along said Curve to the Left having a radius of 60.00 feet, a =but angle of 78°48'34" and a chord bearing N79051'00"W, 76.18 feet to a Y2 inch iron rod set with a "Wier & Assoc." Cap at the end of said Curve to the Left; N 60044'43"E, 64.65 feet to the PLACE OF BEGINNING, containing 7.556 acres (329,129 square feet) of land 05139 04516 Please return to: Thank you. Allen Economic Development Corporation 100 Allentown Parkway, Suite 211 Allen, TX 75002-4200 bn ee�ulen ppeW µwen �N�¢tt m euR Ae a wvuw wro piP.cF:e ' n<.0 YIIOvfP% gFy,,�E OF GOWII OR MCE ueFNftIACFIstE.rw¢II PWUW W'' IwUMn of lgJ lN) Itxl sin�[F` 4usil�Rilu�'elA w HlN'�nM Nk NN^WI SayPlp on pl bb IAud,Miry N ,,.,vl Wn> YR wb WW PlCOPD[B. In IM BXnY PLr Yq N4linp P'Pl+b dfeuln reunA'.Iwern PYA'b MUW%� PPR 0 9 2002 Filed for Recyyord inCollin : McKinne Honorable uHelell Starnes TX Collin County Clerk Dr, Apr 03 2002 At 1:58Pm Doc/Num : 2002- 0048953 Record ing/TYPe°p012110 35.00 Receipt H 05139 04489 STATE OF TEXAS 2002- 0048962 TAX ABATEMENT AGREEMENT COUNTY OFCOLLIN § This Tax Abatement Agreement (the "Agreement") is entered into by and between the City of Allen, Texas (the "City), and Crow Family Holdings Industrial Texas Limited Partnership ("Owner"), and the County of Collin and the Collin County Community College District (the "faxing Units") acting by and through their respective authorized officers. WITNESSETH: WHEREAS, the City Council of the City, passed an Ordinance (the "Ordinance') establishing Tax Abatement Reinvestment Zone No. 26 (the "Zone"), for commercial/industrial tax abatement, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code, as amended (the "Fax Code"); and WHEREAS, in order to maintain and enhance the commercial and industrial economic and employment base of the Allen area, it is in the best interests of the taxpayers for the City to enter into this Agreement; and WHEREAS, Owner will construct or cause to be constructed on the Land (hereinafter defined) one (1) otficeltech building in the Allen Station Business Park (hereinafter defined as the "Improvements") and this construction will create permanent newjobs in the City; and WHEREAS, the City Council finds that the contemplated use of the Improvements and the other terms hereof are consistent with encouraging development of the Zone in accordance with the purposes for its creation and in compliance with the tax abatement guidelines, the Ordinance adopted by the City, the Tax Code and all other applicable laws, and WHEREAS, the City Council previously determined that the Improvements sought are feasible and practicable and would be of benefit to the land to be included in the Zone and to the City and the Taxing Units after expiration of this Agreement; and WHEREAS, a copy of this Agreement has been famished, in the manner prescribed by the Tax Code, to the presiding officers of the governing bodies of each of the Taxing Units in which the Improvements is located; and WHEREAS, the parties entered into that certain Tax Abatement Agreement for certain improvements described therein as Building I of even date hereof, and WHEREAS, the City desires to enter into an Agreement with Owner for the abatement of taxes pursuant to Chapter 312 of the Tax Code, as amended; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for good and other valuable consideration, the adequacy and receipt of which are hereby TAX ABATEMENT AGREEMENT BUILDING II) - Page 1 40904 05139 04490 acknowledged, including the expansion of primary employment, the attraction of major investment in the Zone, which contributes to the economic development of the City, and the enhancement of the tax base within the City, the parties agree as follows: GENERAL PROVISIONS 1. Owner is the owner or is under contract to purchase real property located in Allen Station Business Park described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "Larrd") in the City and within the Zone. 2. The Improvements are not an improvement project financed by tax increment bonds. 3. This Agreement is entered into subject to the rights of the holders of outstanding bonds of the City. 4. The Owner represents that the Land is not owned or leased by any member of the Allen City Council, or any member of the Allen Planning and Zoning Commission, or any member of the governing body of any taxing units joining in or adopting this Agreement. 5. Owner shall annually certify to the City to the best of its knowledge that it is in substantial compliance with each term of the Agreement. 6. The Owner shall use the Land and the Improvements at all times in a manner that: (i) is consistent with the City's Comprehensive Zoning Ordinance, as amended, and (u) that is consistent with the general purposes of encouraging development or redevelopment within the Zone. 7. Prior to Commencement of Construction, Owner shall submit architectural renderings, building elevations, site, landscaping and lighting plans for the Improvements to the Allen Economic Development Corporation ("AEDC") for approval ("Plans"). Such Plans shall incorporate and be compatible with the Allen Station historical dam features. 8. Owner agrees to provide to the tenants of the Improvements the benefit of the abatement of the Improvements granted herein. Owner shall, upon written request, provide the City and/or Taking Units, with satisfactory evidence that the benefits of this Agreement have been provided to any applicable tenants of the Improvements. TAX ABATEMENT AUTHORIZED 9. This Agreement is authorized by the Tax Code, and in accordance with the Tax Abatement Guidelines, and approved by resolution of the City Council of the City authorizing the execution of this Agreement. 10. Subject to the terms and conditions of this Agreement, the City hereby grants Owner an abatement of forty percent (40%) of the Taxable Value of the Improvements, exclusive of the Land for a period often (10) years. The actual percentage of taxes subject to abatement for each year of this TAX ABATEMENT AGREEMENT (BUILDING 11 - Page 2 mWa 05139 04491 Agreement will apply only to that portion of the Taxable Value of the Improvements that exceeds the Taxable Value of the Land for the year in which this Agreement was executed (Base Year 2001). 11. The period of tax abatement herein authorized shall be ten (10) years, beginning the First Year of Tax Abatement. 12. During the period of tax abatement herein authorized, Owner shall be subject to all City taxation not abated, including but not limited to, sales tax and ad valorem taxation. DEFINITIONS 13. Wherever used in this Agreement, the following terms shall have the meanings ascribed to them: A `Base Year" shalt mean the year in which the Tax Abatement Agreement is executed (2001). B. `Building I" shall mean that certain office/tech building in Allen Station Business Park the subject of that certain tax abatement agreement for Building I of even date herewith. C. "Commencement of Construction" shall mean: (i) the submittal of plans to the applicable governmental authorities; (u) the issuance of building permit(s) by the applicable governmental authorities, (m) the approval of the Plans by the AFDC; and (iv) the grading or preparation of the Property. D. "Event of Bankruptcy or Insolvency" shall mean the dissolution or termination (other than a dissolution or termination by reason of Owner merging with an affiliate of Owner) of Owner's existence as a going business, insolvency, appointment of receiver for any part of Owner's property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Owner and such proceeding is not dismissed within ninety (90) days after the filing thereof. E. "First Year of Tax Abatement" shall mean January 1 of the calendar year immediately following the issuance of the first certificate of occupancy for the Improvements, unless otherwise agreed to by the parties. F. "Land" shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes excluding the Improvements (hereinafter defined). G. "Improvements" shall mean the improvements constructed or to be constructed on the Land and as further described herein, including but not limited to Building B and structures added to the property. TAX ABATEMENT AGREEMENT Bt1111.13ING 111- Page 3 Q%4 05139 04492 H. "Plans" shall mean architectural renderings, building elevations, site, landscaping and lighting plans submitted to and approved by the AEDC for the hnprovements. "Premises" shall collectively mean the Land and Improvements. J. "Taxable Value" means the appraised value, as certified by the Collin County Appraisal District as of January 1 of a given year. IMPROVEMENTS 14. Owner owns or is under contract to purchase real property in Allen Station Business Park described in Exhibit "A', (the "Land') and agrees to commence construction of one (1) office/tech building containing a minimum of 100,000 square feet of space (Building IP) (and other ancillary facilities, such as reasonably required parking and landscaping more fully described in the submittals Sled by Owner with the City from time to time in order to obtain a building permit) within six (6) months after Commencement of Construction of Building I. Nothing in this Agreement shall obligate Owner to construct the improvements on the Land, but said action is a condition precedent to tax abatement pursuant to this Agreement. 15. The Taxable Value of the Improvements, excluding Land, shall be at least Four Million Dollars ($4,000,000) as of the First Year of Tax Abatement, and as of January 1 of each calendar year thereafter for a period of ten (10) consecutive years. 16. The City, its agents and employees, shall have the right of reasonable access to the improvements to inspect the Improvements at reasonable times during normal business hours and with reasonable notice to Owner, and in accordance with their visitor access and security policies, in order to insure that the construction is in accordance with this Agreement and all applicable state and local laws and regulations (or valid waiver thereof). DEFAULT: RECAPTURE OF TAX REVENUE 17. In the event that Owner: (i) fails to construct the Improvements in accordance with this Agreement or in accordance with applicable State or local laws, codes or regulations; (ii) has delinquent ad valorem or sales taxes owed to the City and/or the Taxing Units (provided Owner retains the right to timely and properly protest and/or contest such taxes or assessment) and the tax abatement will be applied to the amount of taxes finally determined to be due as a resuh of such protest or contest; (iii) breaches any terms and conditions of this Agreement; or (iv) upon the occurrence of an `Event of Banlauptcy or Insolvency", then Owner, after the expiration of the notice and cure periods described herein, shall be in default of this Agreement. As liquidated damages in the evert of such default, Owner shall, within flinty (30) days after demand, pay to the City and/or Taxing Units, as the case may be, all taxes which otherwise would have been paid to the City and/or Taxing Units, as the case may be, without benefit of a tax abatement with interest at the statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code, as amended, but without penalty. The parties aclmowledge that actual damages in the evert of default termination would be speculative and difficult TAX ABATEMENT AGREEMENT BUILDING 111- Page 4 aovoa 05139 04493 to determine. The parties further agree that any tax abated, including interest as a resuh of this Agreement, at the statutory rate for delinquent taxes, shah be recoverable against Owner and shall constitute a tax hen against the Land and Improvements the subject of the Agreement, and shall become due, owing and shah be paid to the City and/or Taxing Units within thirty (30) days after termination. 18. Upon breach by Owner of any obligations under this Agreement, the City and/or Taring Units, as the ease may be, shall notify Owner in writing. Owner shall have thirty (30) days from receipt ofthe notice in which to ore any such default. If the default cannot reasonably be cured within a thirty (30) day period, and Owner has diligently pursued such remedies as shall be reasonably necessary to cure the default, then the City and/or Taxing Units, as the case may be, may, in its discretion extend the period in which the default must be cured. 19. if Owner fails to cure the default within the time provided herein or, as such time period may be extended, then the City or the Taxing Units as the case may be at its sole option shall have the right to terminate this Agreement by written notice to Owner. 20. Upon termination of this Agreement by City, and/or the Taxing Units as the case may be all tax abated as a result of this Agreement shall become a debt to the City and/or Taxing Units, as the case may be, as liquidated damages, and shah become due and payable not later than thirty (30) days after a notice of termination is made. The City and/or Taxing Units, as the case may be, shall have all remedies for the collection of the abated tax provided generally in the Tax Code for the collection of delinquent property tax. The City and/or the Taxing Units as the case may be at its sole discretion has the option to provide a repayment schedule. The computation of tax abated for the purposes of the Agreement shad! be based upon the full Taxable Value without tax abatement for the years in which tax abatement hereunder was received by Owner with respect to the Improvements, as determined by the Collin County Appraisal District, multiplied by the tax rate of the years in question, as calculated by the applicable Tax Assessor -Collector. Penalties as provided for delinquent taxes shall commence to accrue after expiration of the thirty (30) day payment period. ANNUAL APPLICATION FOR TAX EXEMPTION 21. It shall be the responsibility of Owner, pursuant to the Tax Code, to file an annual exemption application form with the Chief Appraiser for each appraisal district in which the eligible taxable property has situs. A copy of each exemption application shall be submitted to the City and/or Taxing Units, as the case may be, if requested. TAX ABATEWNT AGREEMENT BUILDING II) - Page 5 05139 04494 SUCCESSORS AND ASSIGNS 22. This Agreement shall be binding on and inure to the benefit of the parties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. This Agreement may not be assigned without the consent of the City, provided however the Owner may assign this Agreement to an affiliate or subsidiary of Crow Family Holdings Industrial Limited Partnership without the consent of City or the Taxing Units. The City shall have the authority to consent to an assignment on behalf of the Taxing Units. NOTICE 23. All notices required by this Agreement shall be addressed to the following, or such other party or address as the parties designate in writing, by certified mail, postage prepaid, return receipt requested, or by hand delivery. City: City Manager City of Allen One Allen Civic Plaza Allen, Texas 75013 With copy to: Peter G. Smith Nichols, Jackson, Dillard, Hager & Smith, L.L.P. 1800 Lincoln Plaza 500 N. Akard Dallas, Texas 75201 2. Owner: Crow Family Holdings Industrial Texas Limited Partnership Attn: Chief Financial Officer 2100 McKinney Avenue, Suite 700 Dallas, Texas 75201 3. Collin County: County of Collin c/o County Judge 210 S. McDonald Street McKinney, Texas 75069 4. Collin CCD: Collin County Community College District c/o Sam Roach, Chairman 4800 Preston Park Boulevard Plano, Texas 75093 TAX ABATEWNT AGREENWNT (BUILDING Ill - Page 6 4�0^ 05139 04495 AUTHORIZATIONS 24. This Agreement was authorized by resolution of the City Council authorizing the Mayor to execute this Agreement on behalf of the City. 25, This Agreement was authorized by the minutes of the Commissioners Court of Collin County, Texas, at a meeting whereupon it was duly determined that the County Judge would execute the Agreement on behalf of Collin County, Texas, 26, This Agreement was authorized by the Board Minutes of the Board of Trustees of Collin County Community College District at a Board Meeting whereupon it was duly determined that the Chairman would execute the Agreement on behalf of Collin County Community College District. cl Dili A 7\:1101Y1 27, in the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this Agreement, shall be enforceable and shall be enforced as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word; and such invalid, illegal, unconstitutional or unenforceable section, subsection, paragraph, sentence, phrase or word shall be substituted by a section, subsection, paragraph, sentence, phrase or word as near in substance thereto as may be valid, legal, constitutional and enforceable. APPLICABLE LAW 28. This Agreement shall be construed under the laws of the State of Texas. Venue for any action under this Agreement shall be the State District Court of Collin County, Texas. This Agreement is performable in Collin County, Texas. COUNTERPARTS 29, 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. ENTIRE AGREEMENT 30. This Agreement embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the parties and relating to the matters in this Agreement, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this Agreement. TAX ABATEMENT AGREEMENT (BUILDING 11- Page 7 MW4 05139 04496 COVENANTS RUNNING WITH THE LAND 31. The provisions of this Agreement are hereby declared covenants running with the Premises and are fully binding on all successors, heirs, and assigns of Owners to who acquire any right, title, or interest in or to the Premises, or any part thereof. Any person who acquires any right, title, or interest in or to the Premises, or any part thereof thereby agrees and covenants to abide by and fully perform the provisions of this Agreement. OF AGREEMENT 32. A certified copy of this Agreement shall be recorded in the Deed Records of Collin County, Texas. OF RECITALS 33. The determinations recited and declared in the preambles to this Agreement are hereby incorporated herein as part of this Agreement. EXHIBITS 34. All exhibits to this Agreement are incorporated herein by reference for all purposes, whatever reference is made to the same. n EXECUTED in duplicate originals this the day of figw::%ti? , 2001. ATTEST: �♦ 0 CITY OF ALLEN, TEXAS By: 40, �---�fj'n� (//�D! STEPHEN TERRELL, MAYOR CITY SECRETARY - Page 8 a 4 05139 04497 EXECUTED in duplicate originals this the day of 2001. CROW FAMILY HOLDINGS INDUSTRIAL TEXAS LINHTED PARTNERSHIP a Delaware limited partnership By: CFH-FTGP, L.L.C., a Delaware limited liability company, its sole general partner By: Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its sole member By: CFH Industrial Trust, Inc., a Maryland corporation, its sole general partner By: �� L V r c6 PRESIDENT EXECUTED in duplicate originals this the � J)6 -day of r c rr do, r- , 2001. 1 By ;�Li /ii '1 1 JLJDGE EXECUTED in duplicate originals this the day of 2001. COLLIN COUNTY COMMUNITY COLLEGE DISTRICT By: (VI, E SAM ROACH, CHAIRMAN TAX ABATEMENT AGREENENT BUILDING M - Page 9 ao9oa 05139 04498 MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN § This instrument was acknowledged before me on the .� day of , 2001, by Stephen Terrell, as Mayor of the City of Allen, Texas. /., =KAY DPESC is I I�I 1NONr/ Public/Ylf3�.�,1. 1] I✓•ZX•-a.�C�-Sffie ofTexasomm. Exp, 0e 15 2006 Notary Public In6&d For the State of Texas My Commission Expires: OWNERS ACKNOWLEDGMENT STATE OF T�* COUNTYOF DALLAS § This instrument was acknowledged before me on the 4 day of Alof&4 2001 by Ardrew 5. Lo We, Vtie Qresda*4 , of CFH Industrial Trust, Inc., a Maryland corporation, its sole general partner, for Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its sole member, for CFH-FTGP, L.L.C., a Delaware limited liability company, its sole general partnership for Crow Family Holdings Industrial Texas Limited Partnership, a Delaware limited partnership, on behalf of said partnership. eam VIRGINIA C. BENNETT _'" Notary Public. Step of Texas Not rblic, State of fk/4.S 3"i Afy Commission Exptres May 05, 2003 My Commission expires: S-/510-3 TAX ABATEMENT AGREEMENT BUILDING 111- Page 10 DK l;:tM STATE OF TEXAS 05139 04499 COUNTY OF COLLIN § This instrument was acknowledged before me on the Z4f day of 2001, by Ron Harris, as County Judge of Collin County, Texas. Notary Pubh6 In and For the State of Texas My Commission Expires: /,r✓.. V. LYNN MUWNIX 7 D0 Notary Public �f'• STATE OF TEXAS is . \�p� My Comm. Ftp. Jun. ], 2003 COLLEGE DISTRICTS ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the -*Va-day of 2001; by Sam Roach, the Chairman of the Collin County Community College District. JUDY A LAGRONE l*} NOTARY PUBLIC Slate of Tezas '?Cantu.01-31-2008 No Pub ' and For the State of Texas My Commission Expires: 0/-j /- 20"4 TAX ABATEAfENT AGREEMENT BUU DING 111- Page 11 05139 04500 LEGAL DESCRIPTION LOT ALLEN STATION BUSINESS PARK PHASEI BEING 9.348 acres (407,186 square feet) of land situated in the HENRY WEfSELL SURVEY, Abstract No. 1026 and the L.K. PEGUES SURVEY, Abstract No. 702, City of Allen, Collin County, Tesas and being all of Lot 2, Allen Station Business Park, Phase I, as shown by the plat recorded in cabinet "N', Pages 206 and 207 of the Plat Records of Collin County, Teras and being a portion of that certain tract of land described in the deed to Crow Family Holdings Industrial Texas Limited Partnership as recorded in the Comfy Clerk File No. 2001-0019407 of the land Records of Collin Comfy, Texas (L.RC.C.T.) being more particularly described by metes and bounds as follow: BEGINNING at a''/: -inch iron rod found with a "Wim & Assoc. Inc." Cap being the most Southeasterly corner of said Lot 2, said point lying in the West Rightv&Way of Allen Station Parkway (a variable width right-of-way) as recorded in said Allen Station Business Park Plat, and being the Northeast corner of Lot l of said Allen Station Business Park Plat; THENCE departing aforesaid West Rightof-Way line of said Allen Station Parkway and along the South property line of said lot 2 and North property line of said Lot 1 as follow: S 60144'43"W, 64.65 feet to a''/: -inch iron rod found with a "Wier & Assoc. Inc." Cap at the beginning of a Crave to the Right; Northwesterly, 82.53 feet along said Curve to the Right having a radius of 60.00 feet, a central angle of 78°48'34" and a chord bearing 1479°5l'00"W, 76.18 feet to a''/: -inch iron rod fond with a "Wier & Assoc. Inc." cap at the end of said Curve to the Right and the beginning of a Curve to the Lett; Northwesterly, 34.96 feet along said Curve to the Left having a radius of 30.00 feet, a central angle of 7PIT05" and a chord bearing N 76'05'16"W, 34.96 feet to a Y -inch iron rod found with a "Wier & Assoc. Inc." cap at the end of said Crave to the Left; S 68°16' l I -W, 397.37 fed to a h -inch iron rod found with a "Wier & Assoc. Inc." cap, said point lying in the Easterly line of a 0.257 Acre Park Area as dedicated by said mentioned plat; THENCE departing the North property line of said Lot 1 and along the South property tine of said Lot 2 and the common boundary of a 0.257 Acre Park Area dedicated to the City of Allen by said plat as follows: N 0428'0T'W, 65.83 fed to a'h-inch iron rod found with a "Wier &Assoc. Inc." cap; S 68°16' I I -W, 23.17 feet to a''/: -inch iron rod foand with a "Wier & Assoc. Inc." cap; N 2F4815"W, 41.39 fed to a Y. -inch iron rod fond with a "Wier & Assoc. Inc." cap; S 68%6' l I -W, 89.57 feet to a % inch iron rod set with a "Wier & Assoc. Inc." cap on the East boundary of a tract of land dedicated to the City of Allen as recorded in Comfy Clerk File No. 97-0037946, (L.RGC.T.); THENCE continuing along the Easterly boundary of said City of Allen tract and the West property line of said Lot 2 as follows: N 20°49'57'W, 123.05 feet to a'h-inch iron rod found with a "Hutt-Zollars" Cap; 05139 04501 N 10053'10"W, 157.44 feet to a Y -inch iron rod found with a "Hutt-Zollars" Cap; N 23°34'29"W, 88.54 feet to a Y -inch iron rod found with a "Hud-Zollars" Cap; N 40132'21"W, 121.66 feet to a Vi -inch iron rod found with a `Hutt-Zollara" Cap; N 30128'05"W, 88.01 feet to a'% -inch iron rod found with a "Wier & Assoc. Inc." Cap; N 09°19'21"W, 96.90 feet to a Y: -inch iron rod found with a "Wier & Assoc. Inc." Cap; THENCE departing said Easterly line of said City of Allen Tract, N 76°02'03"E, 557.77 feel along the North property fine of said Lot 2, also being the Southerly line of a Variable width drainage easement as recorded in County Clerk File No. 2001-0019411, (L.R.C.C.T.) to a Yrinch iron rod found with a "Wier & Assoc. Inc." Cap, said point also lying in the West Right -of -Way of said Allen Station Parkway; THENCE along the West Right -of -Way of said Allen Station Parkway and the East boundary line of said Lot 2 as follows: Southeasterly, 493.31 feet along a Carve to the Left having a radius of 1095.00 feet, a central angle of 25°48'45" and a chord bearing S26`02'3rE, 489.15 feet to a''h-inch iron rod found with "Wier & Assoc. Inc." Cap at the end of said Carve to the Left; S 38°57'00"E, 94.44 feet to a % inch iron rod found with a "Wier & Assoc. Inc." Cap at the beginning of a Curve to the Right; Southeasterly, 170.06 feet along said Curve to the Right having a radius of 1005.00 feet, a central angle of 9°41'42" and a chord bearing S34'06'08"E, 169.85 feet to the PLACE OF BEGINNING, containing 9.348 acres, (407,186 square feet) of laod. 05139 04502 Please return to: Thank you. Allen Economic Development Corporation 100 Allentown Parkway, Suite 211 Allen, TX 75002-4200 uumraucuMf ImFStAROrr &qVY ME a, iFpgy yam, MKN pq p,�F'p �p D I�iwmiy ryrnMYMr.�fl(lDglMgb Nu ICOWhMCIXLM MmOdXmWEeMidca�� rM�u air M1EcoPAO, m��'(p°p� fiWa OR o a toaz Filed for Record in: lin County, McKinnTX 'rMable Helen Staey rnes �in County Clerk On Apr 03 2002 At 1.58pm Doc/Hum : 2002- 0048362 Recording/Type;AO 3� 00 Receipt #. 12110