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HomeMy WebLinkAboutO-1708-4-99ORDINANCE NO. 1708-9-99 ' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING REINVESTMENT ZONE NO. 20 (SECOND CENTURY DIVESTMENTS) 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 herein; 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 Second Century Investment, the County of Collin, Texas, and the Collin County Community College District ' attached hereto as Exhibit "C", 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 RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THAT: 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 fads 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 property described in Exhibit "A" attached hereto and as depicted in the drawing attached hereto as Exhibit "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. 20." SECTION 3. That the property within Reinvestment Zone No. 20 is eligible for commercial -industrial tax abatement effective on January 1, 2000 and for a period of five (5) years. SECTION 4. The Agreement attached hereto as Exhibit "C" 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. SECTIONS. That it is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences, clauses, and phrases of this ordinance are severable, and if any phrase, clause, ' sentence or section of this ordinance shall be declared unconstitutional or invalid by any judgment or decree of a court of competent jurisdiction, such unconstitutionality or invalidity shall not affect any other remaining phrase, clause, sentence, paragraph or section of this ordinance; and the City Council hereby declares it would have passed the remaining portions even though it had known the affected parts would be held unconstitutional. 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 and publication 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 1ST DAY OF APRIL , 1999, APPROVED: L Stephen Trerrell, MAYOR APPROVED AS TO FORM: ATTEST: Peter GSmith, CftY ATTORNEY Jifily M on, CMC, CITY SECRETARY OrdinanceNo. 1708-9-99 Page EXHIBIT "A" LEGAL DESCRIPTION BEING a tract of land situated in the City of Allen, COLLIN County, Texas, and being a part of the WILLIAM PERRIN SURVEY, ABSTRACT NO. 708, and being part of a tract of land described as 16.6861 acres conveyed by Kendall Land Corporation to Madstone Partners, Ltd. by deed dated August 17, 1992, as recorded in County Clerk's File No. 92-0055975, Land Records, COLLIN County, Texas and being more particularly described as follows: BEGINNING at a %: inch iron rod found in the east right of way line of U.S. Highway No. 75 (a variable width right of way), said point being the northwest comer of the above said 16.6861 acre tract; THENCE South 75 degrees 58 minutes 16 seconds East, a distance of 349.37 feet to a point for comer; THENCE South 14 degrees 01 minutes 44 seconds West a distance of 400.00 feet to a point for ' comer; THENCE North 75 degrees 58 minutes 16 seconds West a distance of 349.53 feet to a point for comer; THENCE North 14 degrees 03 minutes 06 seconds East along the east right of way line of said U.S. Highway No. 75, a distance of 400.00 feet to the POINT OF BEGINNING AND CONTAINING 139,779 square feet or 3.2089 acres of land, more or less. Ordinance No. 1708-4-99 ALLEN II ZONE 0 0 0 � c 705 Ordinance No. 1708-0-99 3 i= L L L STATE OF TEXAS COUNTY OF COLLIN 111■ A RL •�•�-. 99— 0074328 TAX ABATEMENT AGREEMENT This Tax Abatement Agreement (the "AGREEMEN'T') is entered into by and between the City of Allen, Texas (the "CITY"), and Second Century Investments, Ltd. ("SCI"), 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. 20 (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, the CITY has adopted guidelines for tax abatement (the "TAX ABATEMENT GUIDELINES'); and WHEREAS, the TAX ABATEMENT GUIDELINES contain appropriate guidelines and criteria governing tax abatement agreements to be entered into by the CITY as contemplated by the TAX CODE; and WHEREAS, the CITY has adopted a resolution stating that it elects to be eligible to participate in tax abatement; 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, SCI's improvements described herein will create permanent new jobs in the CITY: and WHEREAS, the City Council finds that the contemplated use of the PROPERTY (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 TAX ABATEMENT AGREEMENT - Page 1 5523811 EXHIBIT C Ordinance No. 1708-9-99 4436 1859 ' 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 TAXIING UNITS in which the PROPERTY is located; and WHEREAS, the CITY desires to enter into an AGREEMENT with SCI the owner of property within the ZONE 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 is hereby aclmowledged, 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 with in the CITY, the parties agree as follows: GENERAL PROVISIONS 1. SCI is the owner or under contract to purchase the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "PROPERTY'), which PROPERTY is located within the city limits of the CITY and within the ZONE. 2. The PROPERTY is 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 PROPERTY is not owned or leased by any member of the Allen City Council, or any member of the Allen Planting and Zoning Commission, or any member of the governing body of any taxing unitsjoining 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 ordinance of the City Council of the CITY authorizing the execution of this AGREEMENT. 6. Subject to the terms and conditions of this AGREEMENT, the CITY hereby grants SCI an abatement of eighty percent (80%) of the TAXABLE VALUE of the PROPERTY and the TANGIBLE PERSONAL PROPERTY located thereon for a period of five (5) 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 (hereinafter defined) of the PROPERTY that exceeds the unimproved property's taxable value for the year in which this AGREEMENT is executed (BASE YEAR/1999). The tax abatement for TANGIBLE PERSONAL PROPERTY will only apply to ' TANGIBLE PERSONAL PROPERTY added to the PROPERTY after this AGREEMENT is executed. TAX ABATEb1ENT AGREEMENT - Page 2 ss2381n 4436 1860 L 7. The period of tax abatement herein authorized shall be five (5) years, beginning ing the FIRST YEAR OF TAX ABATEMENT (hereinafter defined). L 8. During the period of tax abatement herein authorized, SCI 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. DEFINITIONS 9. Wherever used in this AGREEMENT, the following terms shall have the meanings ascribed to them- A- The PROPERTY shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes and the IMPROVEMENTS; B. The IMPROVEMENTS shall mean the contemplated improvements to be constructed on the PROPERTY 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 (1999). D. The FIRST YEAR OF TAX ABATEMENT shall be January 1 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 as of January 1 of a given year. F. APPROVED FRANCHISE means a franchise arrangement with Hilton or an APPROVED FRANCHISOR whereby SCI is permitted to operate the IMPROVEMENTS as a first-class, full service, upscale, convention hotel and conference center using the name and reservation system of the APPROVED FRANCHISOR G. APPROVED FRANCHISOR means a national or international hotel franchisor with respect to a specific hotel product, which franchisor and hotel product are approved by CITY; provided, however, that CITY shall not unreasonably withhold its consent to a full service, first-class, hotel of one of the largest national or international hotel chains as of such date. CITY has approved Hilton as the initial APPROVED FRANCHJSOR. H. REQUIRED USE means the operation of the IMPROVEMENTS as a first class, full service hotel, and conference center and related amenities, open to the public and TAX ABATEMENT AGREEMENT - Page 3 8823811 4436 1861 serving the adjacent business community and the citizens of the CITY, under and in accordance with the standards ol; an APPROVED FRANCHISE. I. Event of Bankruptcy or Insolvency shall mean the dissolution or termination of SCI's existence as a going business, insolvency, appointment of receiver for any part of SCI'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 SCI and such proceeding is not dismissed within ninety (90) days after the filing thereof. IMPROVEMENTS 10. SCI owns or is under contract to purchase, the real property described in Exhibit "A", and agrees to construct or cause to be constructed a first class, full service, upscale hotel consisting of a minimum of five (5) stories and containing a minimum of one hundred twenty (120) guest rooms (the "HOTEL') and at least twelve thousand (12,000) gross square feet of conference space and meeting space including nine (9) meeting rooms (the "CONFERENCE CENTER") to be operated in conjunction with a reservation system and under an APPROVED FRANCHISE (and other ancillary facilities such as reasonably required parking and landscaping more fully described in the submittals filed by SCI with the CITY from time to time in order to obtain a building permit) (collectively referred to as the "BIIPROVEMENTS'). The costs of the IMPROVEMENTS inclusive of the land shall be at least Eight Million Five Hundred Thousand Dollars ($8,500,000). The approximate location of such IMPROVEMENTS shall be shown on a Site Plan of the PROPERTY to be submitted to the CITY. Nothing in this AGREEMENT shall obligate SCI to construct the IMPROVEMENTS on the PROPERTY and/or to locate TANGIBLE PERSONAL PROPERTY on the PROPERTY, but said actions are a condition precedent to tax abatement pursuant to this AGREEMENT. In addition, the approval of a franchise from Hilton for the HOTEL and CONFERENCE CENTER shall be a condition precedent to tax abatement pursuant to this AGREEMENT. SCI shall provide CITY written confirmation in a form satisfactory to the CITY of franchise approval prior to initiation of tax abatement herein. CONSTRUCTION OF IMPROVEMENTS 11. As a condition precedent to the initiation of tax abatement pursuant to this AGREEMENT, SCI shall within one hundred eighty (180) days after execution of this AGREEMENT by the CITY and SCI: (i) execute a construction contract for the IMPROVEMENTS; (u) obtain a building permit(s) for the construction of the IMPROVEMENTS; (3) commence construction of the IMPROVEMENTS. SCI will diligently and faithfully, in good and workmanlike manner, pursue the completion of the contemplated IMPROVEMENTS within twelve (12) months after the issuance of a building pemilt for the IMPROVEMENTS, as good and valuable consideration for this AGREEMENT, and that 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, that SCI shall have such additional time to complete and maintain the TAX ABATEI.fNT AGREQvffiENr - Page 4 sszs81r 4436 1862 IMPROVEMENTS as may be required in the event of "Force Majeure," if SCI is diligently and frithfidly pursuing completion of the same. For this purpose, "Force Majeure" shall mean any contingency or cause beyond the reasonable control of SCI, 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 SCI), fires, explosions or floods, strikes, slowdowns or work stoppages, shortage of materials and labor, or delays by the CM. 12. Subject to events of casualty, condemnation, or Force Majeure, SCI agrees to maintain the PROPERTY in substantial accordance with all applicable state and local laws, codes, and regulations for a period of not less than five (5) years after the date a certificate of occupancy is issued for the EPROVEMENTS. 13. The CITY, its agents and employees, shall have the right of reasonable access to the PROPERTY during construction to inspect the DIIPROVEMENTS at reasonable times during normal business hours and with reasonable notice to SCI, 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 1 14. Construction plans for the IMPROVEMENTS constructed on the PROPERTY will be Sled with the CFFY, which shall be deemed to be incorporated by reference herein and made a part hereof for all purposes. 15. After completion of the IMPROVEMENTS, SCI shall certify in writing to the CITY the construction cost of the IMPROVEMENTS. SCI shall annually certify to the CITY to the best of their knowledge, that they are in substantial compliance with each term of the AGREEMENT. 16. The PROPERTY constructed thereon at all times shall be used in the manner that is consistent with the City's Comprehensive Zoning Ordinance, as amended. 17. SCI agrees from and after the date a certificate of occupancy is issued for the MWROVEMENTS and continuing thereafter for a period of five (5) years that the PROPERTY shall not be used for any purpose other than the REQUIRED USE and that SCI shall not allow the operation of the IMPROVEMENTS in conformance with the REQUIRED USE to cease for more than two (2) months in any twenty-four (24) month period except in connection with, and to the extent of; a "Force Majeure" event. 18. SCI agrees to provide to the applicable tenants ofthe IMPROVEMENTS, the benefit of the abatement of real property taxes granted herein. SCI shall, upon written request, provide the CITY with satisfactory evidence that the benefits of this AGREEMENT have been provided to applicable tenants of the PROPERTY. TAX ABATEMENT AGREEN ENT - Page 5 ssysr r 4436 1863 DEFAULT: RECAPTURE OF TAX REVENUE 19. In the event that SCI fails in performance of any of the following conditions: (i) completion of the IMPROVEMENTS in accordance with this AGREEMENT or in accordance with applicable State or local laws, codes or regulations, (ii) has any delinquent ad valorem or State sales taxes owed to the CITY (provided SCI 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); (di) upon the occurrence of any "Event of Bankruptcy or Insolvency'; or (iv) breaches any, of the material terms and conditions of this AGREEMENT, then SCI, 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 default, SCI shall, within thirty (30) days after demand, pay to the CITY all taxes which otherwise would have been paid to the CITY 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 SCI and shall constitute a tax lien against the property the subject of the AGREEMENT, and shall become due, owing and shall be paid to the CITY within thirty (30) days after termination. 20. Upon breach by SCI of any obligations under this AGREEMENT, the CITY shall notify SCI in writing. SCI shall have sixty (60) days from receipt of the notice in which to cure any such default. If the default cannot reasonably be cured within a sixty (60) day period, and SCI has diligently pursued such remedies as shall be reasonably necessary to cure the default, then the CM may, in its discretion extend the period in which the violation must be cured. 21. If SCI 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 SCL 22. Upon termination of this AGREEMENT by CITY, all tax revenue abated as a result of this AGREF 1ENT shall become a debt to the CITY as liquidated damages, and shall become due and payable not later than thirty (30) days after a notice of termination is made. The CITY shall have all remedies for the collection of the recaptured tax revenues provided generally in the TAX CODE for the collection of delinquent property tax. The CITY at its sole discretion has the option to provide a repayment schedule. The computation of tax revenue 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 SCI with respect to the PROPERTY, 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. ITAX ABATEVIENT AGREEMENT - Page 6 ss23211 4436 1864 ANNUAL APPLICATION FOR TAX EXEMPTION 23. It shall be the responsibility of SCI, pursuant to the TAX CODE, to file an annual exemption application forth 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. 24. SCI shall annually render the value of the PROPERTY to the Appraisal District and provide a copy of the same to the CITY. 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 CITY's consent, provided however SCI may assign this AGREEMENT to SCI Hospitality Ltd., a Texas Limited Partnership in connection with the sale of the PROPERTY by SCI to SCI Hospitality, Ltd. After any permitted assignment, all references to SCI herein shall thereafter be a reference to SCPs successor with respect to any obligations or liabilities occurring after the date of such assignment. 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 mail, postage prepaid, return receipt requested, or by hand delivery. 1. CITY: Mayor and City Manager City of Allen One Butler Circle Allen, Texas 75013 2. SCI: Second Century Investments Attn: Ted R Pittman 11551 Forest Central Suite 304 Dallas, Texas 75243 3. COLLINCOUNTY: County of Collin c/o County Judge 210 S. McDonald Street McKinney, Texas 75069 TAX ABATEMENT AGREEMENT - Page 7 M23811 4436 1865 4. COLLIN CCD: Collin County Community College District L do Carey Cox, Chairman L 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 L invalid, illegal or unconstitutional, the balance of this AGREEMENT, shall be enforceable and shall be enforced as if the parties intended at all tunes 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. ENTIRE AGREEMENT L 33 This AGREEMENT embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the patties and relating TAX ABATEMENT AGREEMENT - Page 8 ss23811 4436 1866 t to the matters in this AGREEMENT, and except as otherwise provided herein cannot be modified 1 without written agreement of the parties to be attached to and made a part of this AGREEMENT. irr 34. The provisions of this AGREEMENT are hereby declared covenants running with the PROPERTY and are fully binding on each and every subsequent owner, tenant, subtenant, licensee, manager and occupant of all or any portion of the PROPERTY and all successors, and assigns of SCI who acquire any right, title, or interest in or to the PROPERTY or any part thereof. Any person who acquires any right, title, or interest in or to the PROPERTY, 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 PROPERTY. 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. L EXHIBITS 37. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes wherever reference is made to the same. MISCELLANEOUS 38. This AGREEMENT is expressly contingent upon SCI's purchase of the real property described in Exhibit "A". EXECUTED in duplicate originals this the � day of -Li 1999. ..fid. OF •q �`,, CITY OF ALLEN, TEXAS 7fa) BY STEPHEN TERRELL, MAYOR AT'PFST�.....•••' `• , LB . �1 —Y MORRISON, CITY SECRETARY TAX ABATEN ENT AGREEb1ENT - Page 9 5523811 4436 1867 EXECUTED in duplicate originals this the 3 "'qday of�&�( 1999. SECOND CENTURY INVESTMENTS I I: ;ii � /wk. PITMAN, PARTNER EXECUTED in duplicate originals this the. � 4jclay of6-)c, 1999. COUNTY OF C By: RON HARRIS, cdUNTY IUDGE EXECUTED in duplicate originals this the,�t day of- 1999. 0905 l COLLIN COUNTY COMMUNITY COLLEGE LDISTRICT &W4 By: &V� CAREY COX, CH�]RlvtAN F LTAX ABATEN EN1 AGREEMENT -Page 10 SS2381 I E MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTYOFCOLLIN This instrument was acknowledged before me on the 1999, by Stephen Terrell, as Mayor of the City of Allen, Texas. 101, SHELLEY B. GEORGE NOTARY PUBLIC State of Texas Comm. Exp. 03402007 My Commission Expires: TAX ABATEI ENT AGREEb1ENT - Page 11 4436 1868 day of fl Notary Publicb and For the tate of Texas SS33811 I SCPS ACKNOWLEDGMENT STATE OF TEXAS 4436 1869 COUNTY OF COLLIN § This instrument was acknowledged before me on the :day of kkq')�� 1999, by Ted R. Pitman, as Partner of Second Century Investments, a general partnership. My Commission Expires. So TAX ABATEMENT AGREEMENT - Page 12 or Cp Notary Public e S ate of Texas ssysn L COUNTY'S ACKNOWLEDGMENT STATE OF TEXAS [Kl]SQU 16`L4] NMI$] M M 121 4436 1870 This instrument was acknowledged before me on the L v day of rl� as 1999, by Ron Harris, as County Judge of Collin County, Texas. VVVh' p!yM1 KIMBEN V SHELDON My Commission Expires: 0C3 13 1 103 TAX ABATEMENT AGREEMENT - Page 13 Notary Public In 7�For the State of Texas SS23911 I 4436 1871 COLLEGE DISTRICTS ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the,21& day of . 1999, by Carey Cox, being the Chairman of the Collin County Community College District. RM OI ELICas1.1002 My Commission Expires: si-�/-26a2� TAX ABATEN ENT AGREEMENT - Page 14 Nota bli 1 and For the State of Texas SS23811 1 4436 1812 EXHIBIT "A" LEGAL DESCRIPTION BEING a tract of land situated in the City of Allen, COLLIN County, Texas, and being a part of the WILLIAM PERRIN SURVEY, ABSTRACT NO. 708, and being part of a tract of land described as 16.6861 acres conveyed by Kendall Land Corporation to Madstone Partners, Ltd. by deed dated August 17, 1992, as recorded in County Clerk's File No. 92-0055975, Land Records, COLLIN County, Texas and being more particularly described as follows: BEGINNING at a %, inch iron rod found in the east right of way line of U.S. Highway No. 75 (a variable width right of way), said point being the northwest comer of the above said 16.6861 acre tract; THENCE South 75 degrees 58 minutes 16 seconds East, a distance of 349.37 feet to a point for comer; THENCE South 14 degrees 01 minutes 44 seconds West a distance of 400.00 feet to a point for comer; THENCE North 75 degrees 58 minutes 16 seconds West a distance of 349.53 feet to a point for comer; THENCE North 14 degrees 03 minutes 06 seconds East along the east right of way line of said U.S. Highway No. 75, a distance of 400.00 feet to the POINT OF BEGINNING AND CONTAINING 139,779 square feet or 3.2089 acres of land, more or less. Please return original to: Allen Economic Development 100 Allentown Pkwy, Ste 211 Allen TX 75002 972-727-0250 TAX ABATEMENT AGREEMENT - Page 15 5523811