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HomeMy WebLinkAboutO-1841-6-00ORDINANCE NO. 1841—r—nn AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING REINVESTMENT ZONE NO. 24 (ALLEN ICE ARENA); 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, 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 governing body of each taxing unit that includes in its boundaries real property described herem; and WHEREAS, the City Council of the City of Allen, Texas, has conducted a public hearing on the designation of the area described herein as a reinvestment zone; and WHEREAS, the proposed Tax Abatement Agreement by and among the City of Allen, Texas and Allen Ice Arena d/b/a Ice Bound -Allen, the County of Collin, Texas, and the Collin County Community College District attached hereto as Exhibit "A", has been presented to the City Council; and the City Council is of the opinion ' and finds that the terms 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: SECTION 1. That the City Council of the City of Allen, 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. That pursuant to the provisions of Section 312.201 of the Texas Tax Code, the real property described in the Tax Abatement Agreement attached hereto as Exhibit "A" 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. 24." SECTION 3. That the property within Reinvestment Zone No. 24 is eligible for commercial -industrial tax abatement effective on January 1, 2000 and for a period of ten (10) years. SECTION 4. The Agreement attached hereto as Exhibit "A" having been reviewed by the City Council and found to be acceptable and in the best interests of the City and its citizens, is hereby approved, and the ' Mayor is hereby authorized to execute the Agreement on behalf of the City of Allen, Texas. SECTION5. That 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. That 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 full force and effect. SECTION 7. That 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 W DAY OF JUNE, 2000. APPROVED AS TO FORM: Peter G. Smith, CI ATTORNEY APPROVED: Stephen Terrell, MAYOR I:\0 Y D1.`1W Judy Mo son, CMC/AAE, CITY SECRETARY Ordinance No. 1841-6-00 Page 2 r< 0 S� STATE OF TEXAS COUNTY OF COLLIN TAX ABATEMENT AGREEMENT This Tax Abatement Agreement (the "AGREEMENT'S is entered into by and between the City of Allen, Texas (the "CITY"), and Allen Ice Arena d/b/a Ice Bound -Allen, a Limited Partnership ("OWNER'), and the County of Collin and the Collin County Community College District (the "TAXING 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. 24 (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 "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's improvements described herein will create permanent new jobs in the CITY; and WHEREAS, the City Council finds that the contemplated use of the IMPROVEMENTS (hereinafter defined), 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 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 and the TAXING UNITS after expiration of this AGREEMENT; and WHEREAS, a copy of this AGREEMENT has been furnished, 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, the owner of property within the ZONE, for the abatement of taxes pursuant to Chapter 312 of the TAX CODE, m 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 TAX ABATEMENT AGREEMENT - Page 1 33578 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, the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "LAND'), which LAND is located within the city limits of the CITY and within the ZONE. 2. The IMPROVEMENTS is not an improvement project financed by tax increment bonds. 3. This LAND and IMPROVEMENTS is entered into subject to the rights of the holders of outstanding bonds of the CITY. 4. The LAND and IMPROVEMENTS are 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. TAX ABATEMENT AUTHORIZED 5. 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. 6. Subject to the terms and conditions of this AGREEMENT, and provided the combined TAXABLE VALUE (hereinafter defined) of the IMPROVEMENTS and the TANGIBLE PERSONAL PROPERTY, excluding property granted freeport exemption by the Appraisal District, is at least Five Million Dollars ($5,000,000) as of the FIRST YEAR OF TAX ABATEMENT (hereinafter defined) and as of January 1, of each calendar year thereafter that this AGREEMENT is in effect, the CITY hereby grants OWNER an abatement of forty percent (40%) of the TAXABLE VALUE of the IMPROVEMENTS and the TANGIBLE PERSONAL PROPERTY 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 unimproved TAXABLE VALUE for the LAND for the year in which this AGREEMENT is executed (BASE YEAR/2000), and to the TAXABLE VALUE of the TANGIBLE PERSONAL PROPERTY added to the LAND after this AGREEMENT is executed. 7. The period of tax abatement herein authorized shall be ten (10) years, beginning the FIRST YEAR OF TAX ABATEMENT (hereinafter defined). 8. 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 on Land to the extent not abated hereby. TAX ABATEMENT AGREEMENT - Page 2 33578 DEFINITIONS 9. Wherever used in this AGREEMENT, the following terms shall have the meanings ascribed to them: A. The LAND shall mean the real property described in Exhrbh "A" attached hereto and incorporated herein for all purposes excluding the IMPROVEMENTS (hereinafter defined). B. The IMPROVEMENTS shall mean the contemplated improvements to be constructed on the LAND and as further described herein, including but not limited to buildings and structures added to the property. C. The BASE YEAR shall mean the year in which the TAX ABATEMENT AGREEMENT is executed (2000). D. The FIRST YEAR OF TAX ABATEMENT shall be January t of the calendar year immediately following the issuance of a certificate of occupancy for the IMPROVEMENTS, unless otherwise agreed to by the parties. E. TAXABLE VALUE means the appraised value, as certified by the Collin County Appraisal District w of January 1 of a given year. R An "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. G. TANGIBLE PERSONAL PROPERTY means tangible personal property owned or leased by OWNER in Allen, Collin County, Texas, excluding supplies and inventory, added to the LAND after execution of this AGREEMENT. BYIPROVEMENfS 10. OWNER owns or is under contract to purchase the real property described in Exhibit 'W', (the 'I AND'I and agrees to construct or cause to be constructed an ice skating rink facility approximately 90,000 square feet in size (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) (collectively, the "IMPROVEMENTS'). The costs of the IMPROVEMENTS excluding the land should be at least Five Million Dollars ($5,000,00000). TAX ABATEMENT AGREEMENT - Page 3 33578 ($5,000,000.00). Nothing in this AGREEMENT shall obligate OWNER to construct the IMPROVEMENTS on the LAND, and/or to locate TANGIBLE PERSONAL PROPERTY on the LAND, but said actions are a condition precedent to tax abatement pursuant to this AGREEMENT. CONSTRUCTION OF IMPROVEMENTS 11. As a condition precedent to the initiation of tax abatement pursuant to this AGREEMENT, OWNER will diligently and faithfully, in a good and workmanlike manner, pursue the completion of the contemplated IMPROVEMENTS on or before June 30, 2001, as good and valuable consideration for this AGREEMENT, and all construction of the IMPROVEMENTS will be in substantial accordance with all applicable state and local laws, codes, and regulations, (or valid waiver thereof); provided, OWNER shall have such additional time to complete and maintain the IMPROVEMENTS as may be required in the event of "Force Majeure," if OWNER is diligently and faithfully pursuing completion of the same. For this purpose, "Force Majeure" shall mean any contingency or cause beyond the reasonable control of OWNER, as applicable, including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, adverse weather, government or de facto governmental action or inaction (unless caused by negligence or omissions of OWNER), fires, explosions or floods, strikes, slowdowns or work stoppages, shortage of materials and labor, or delays by the CITY. 12. Subject to events of casualty, condemnation, or Force Majeure, OWNER agrees to maintain the IMPROVEMENTS in substantial accordance with all applicable state and local laws, codes, and regulations for a period of not less than ten (10) years atter the date a certificate of occupancy is issued for the IMPROVEMENTS. 13. The CITY, its agents and employees, shall have the right of reasonable access to the IMPROVEMENTS during construction 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). GENERAL REQUIREMENTS 14. Construction plans for the IMPROVEMENTS constructed on the LAND shall be filed with the CITY, which shall be deemed to be incorporated by reference herein and made a part hereof for all purposes. 15. After completion of the IMPROVEMENTS, OWNER shall certify in writing to the CITY the construction cost of the IMPROVEMENTS. 16. 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. 17. The IMPROVEMENTS shall at all times be used in a manner that is consistent with the CITY's Comprehensive Zoning Ordinance, as amended. TAX ABATEMENT AGREEMENT - Page 4 33578 18. OWNER agrees to continuously own, occupy and operate the LAND and IMPROVEMENTS as a ice skating rink recreational facility for a period of ten (10) years commencing the First Year of Tax Abatement. DEFAULT: RECAPTURE OF TAX REVENUE 19. In the event that OWNER fails in performance of any of the following conditions: (i) substantial completion of the IMPROVEMENTS in accordance with this AGREEMENT or in accordance with applicable State or local laws, codes or regulations; (ii) payment of ad valorem or State sales taxes owed to the CITY and/or TAXING UNIT (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 the result of any such protest or contest); (iii) upon the occurrence of any "Event of Bankruptcy or Insolvency'; or (iv) breaches any, of the material terms and conditions of this AGREEMENT, 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, 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 acknowledge that actual damages in the event of default termination would be speculative and difficult to determine. The parties further agree that any property tax revenue lost, 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 lien 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. 20. 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 cure 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 violation must be cured. 21. If OWNER fails to cure the default within the time provided herein or, as such time period may be extended, then the CITY at its sole option shall have the right to terminate this AGREEMENT by written notice to OWNER. 22. Upon termination of this AGREEMENT by CITY, all tax abated as a result of this AGREEMENT shall become a debt to the CITY and/or TAXING UMTS, 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 UMTS, as the case may be, shall have all remedies for the collection of the abated tax provided generally in the TAX CODE for the TAX ABATEMENT AGREEMENT - Page 5 33578 collection of delinquent property tax. The CITY 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 respect to the PREMISES, as determined by the Collin County Appraisal District, multiplied by the tax rate of the years in question, as calculated by the City 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 23. It shall he 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. 24. OWNER shall annually render the value of the IMPROVEMENTS and the TANGIBLE PERSONAL PROPERTY to the Appraisal District and provide a copy of the same to the CITY, if requested. SUCCESSORS AND ASSIGNS 25. 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 and the TAXING UNITS as the case may be, which shall not be unreasonably withheld. NOTICE 26. 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 mall, postage prepaid, return receipt requested, or by hand delivery. CITY: City Manager City of Allen One Allen Civic Plaza Allen, Texas 75013 2. OWNER: Allen Ice Arena, L.P. d/b/a Ice Bound -Allen Attn: David Stagel A. CRgwFMA, 7R . Vice President Ice Bound Entertainment Center 4020 W. Plano Parkway Plano, Texas 75093 TAX ABATEMENT AGREEMENT - Page 6 33578 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 Carey Cox, Chairman 2200 W. University McKinney, Texas 75070 AUTHORIZATIONS 27. This AGREEMENT was authorized by resolution of the City Council authorizing the Mayor to execute this AGREEMENT on behalf of the CITY. 28. 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. 29. 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. SEVERABILITY 30. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of [his 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 31. 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 32. 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. TAX ABATEMENT AGREEMENT - Page 7 33578 ENTIRE AGREEMENT 33. 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. 34. The provisions of this AGREEMENT are hereby declared covenants running with the LAND and are fully binding on all successors, heirs, and assigns of OWNER who acquire any right, title, or interest in or to the LAND or any part thereof. Any person who acquires any right, title, or interest in or to the LAND, or any part hereof, thereby agrees and covenants to abide by and fully perform the provisions of this AGREEMENT with respect to the right, title or interest in such LAND. RECORDATION OF AGREEMENT 35. A certified copy of this AGREEMENT shall be recorded in the Deed Records of Collin County, Texas. INCORPORATION OF RECITALS 36. The determinations recited and declared in the preambles to this AGREEMENT are hereby incorporated herein as part of this AGREEMENT. EXHIBITS 37. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes, whatever reference is made to the same. 38. This AGREEMENT is contingent upon OWNER closing the purchase of the PREMISES. EXECUTED in duplicate originals this the IS day of Iz--jOrV E , 2000. CITY OF ALLEN, TEXAS r.:W b�y i STEPHEN ATTEST: TAX ABATEMENT AGREEMENT - Page 8 33578 EXECUTED in duplicate originals this the day of , 2000. ALLEN ICE ARENA, LP DB/A/ ICE BOUND - ALLEN, a limited partnership EXECUTED in duplicate originals this the 14 day of (�CU_ Qom, 2000. COUNTY OF IN By: RON HARRIS, COUNTY JUDGE EXECUMIx in duplicate originals this the .Zr day of 2000. COLLIN COUNTY COMMUNITY COLLEGE DISTRICT By: 4,z.- t Z -X' P ':�p,,, ,�'WoecR„ CIIAIRMAN TAX ABATEMENT AGREEMENT - Page 9 33579 MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the t.�- day of 2000, by Stephen Terrell, as Mayor of the City of Allen, Texas. SNEILEy g, GEORRGE NOTARY PUBLIC State of Texas Comm. Exp. 03.20-200 Notary Public 1 3d For the S of Texas My Commission Expires: TAX ABATEMENT AGREEMENT -Page 10 33578 OWNER's ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF DALLAS § This instrument was acknowledged before me on the 2_ 'day of , 2000, by Bo Slag ���rePresident of Allen Ice Arena, L.P., d/b/a Ice Bo d -Allen, a limited IM partnership, on behalf of said corporation. �.✓' LOISZIFJNiIW NOTARYMMPUBLICt Stale of Texas o2 -to -20e7 No lic and For the State of Texas My Commission Expires: TAX ABATEMENT AGREEMENT - Page 11 33578 COUNTY'sACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN § This instrument was acknowledged before me on the fl— day of , 2000, by Ron Harris, as County Judge of Collin County, Texas. LEIA NICOLE GILLESPIE Nomry WFfc i,E�e' 6TATE OF rExAS MY LpMll. Fop, Mar. 20. Sona My Commission Expires: pp-Icq Notaly Public In and For the State of Te cas TAX ABATEMENT AGREEMENT- Page 12 33578 COLLEGE DISTRICT's ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the —Z!5 -O day of 0 , 2000, by '44-,x ,e/eda.Ut being the Chairman of the Collin County Community College District. M Y PUBONEY PUBLICof TexasP. 01.31-2002 My Commission Expires: O/-e3/� ZGbZ TAX ABATEMENT AGREEMENT - Page 13 Not ublic Wand For the State of Texas 33578 EXHIBIT "A" LEGAL DESCRIPTION BEING situated in Collin County, Texas, part of the Henry Wetsel Survey, Abstract No. 1026, and being pan of that certain 73.32 acre tract as conveyed Reid Family Enterprises, Ltd. recorded in Volume 4084, Page 1129, Deed Records of Collin County, Texas and being all of those two tracts of land as conveyed to L.V. Reid, recorded in Volume 421, page 525, Deed Records of Collin County, Texas and being mora particularly described as follows: COMMENCING at a PK nail set for corner at the intersection of the middle of FM 2786 (Stacy Road, variable width) and the West line of same Highway No. 5, a 100 foot right-of-way, said point being the northeast corner of the said 1.29 acre tract; THENCE South 30° 4 P 00" West, along the West line of said State Highway No. 5, a distance of 556.08 feet to a 5/8 inch rod set for comer, said point being the beginning of a curve to the left having a radius of 2914.9 feet, a central angle of 7o 12' 00", a tangent of 183.39 feet, and a chord of South 27° 12' 00" West for a distance of 366.06 feet; THENCE along said curve to the left and the West line of said State Highway No. 5, an are length of 366.30 feet to a 5/8 inch iron rod set for comer, said point being the end of said curve; THENCE South 2329' 00" West, along the West line of Highway No. 5, a distance of 85.22 feet to a 5/8 inch iron rod set for comer; THENCE North 66° 31' 00" West, leaving the West line of Highway No. 5, a distance of 233.53 feet to a 5/8 inch iron rod set for comer, THENCE North 89° 38' 14" West for a distance of 238.50 feet to a 5/8 inch iron rod set for corner; THENCE North 00° 15' 54" West for a distance of 286.02 feet to a 5/8 inch von rod found for POINT OF BEGINNING; THENCE North 89° 38' 14" West for a distance of 1090.93 feet to a 5/8 inch hon rod set for comer in the East line of tract conveyed to Yarbrough Family Limited Partnership, as recorded in County Clerk's no. 95-0023838, Deed Records of Collin County, Texas; THENCE North 00° 08' 17" West, along the East line of said Yarbrough tract, a distance of 480.63 feet to a point for comer in the middle of said FM 2786; THENCE along the middle of said FM 2786 as follows: North 89° 39' 34" East a distance of 254.78 feet to a point for comer; North 89° 54' 27" East a distance of 300.02 feet to a point for comer; North 89° 53' 19" East a distance of 400.03 feet to a point for comer; North 89° 38' 25" East a distance of 134.97 feet to a point for comer; THENCE South 00° 15' 54" West a distance of 491.17 feet to the POINT OF BEGINNING and containing 12.17 acres or 529,924.88 square feet of land more or less.