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HomeMy WebLinkAboutO-1707-4-99ORDINANCE NO. 17n7 -4-9q ' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING REINVESTMENT ZONE NO. 19 (CFH-FTAX LIMITED PARTNERSHM; 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; WHEREAS, the proposed Tax Abatement Agreement by and among the City of Allen, Texas and CFH- FfAX Limited Partnership, 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 terns 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 funds 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 atter 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. 19." SECTION 3. That the property within Reinvestment Zone No. 19 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 "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. r; 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 (mown the affected pans 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 COUNCH, OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 1ST DAY OF APRIL '1999. APPROVED: A41)151a? Stephen Terrell, MAYOR APPROVED AS TO FORM ATTEST: Peter G. Smith, GUY ATTORNEY dy Mo 'son, ?CMC, SECRETARY Ordinance No. 1707-4-99 Page EXHIBIT "A^ LEGAL DESCRIPTION BEING 17.732 acres of land located in the MICHAEL SEE SURVEY, ABSTRACT NO. 543 and the WILLIAM PERRIN SURVEY, ABSTRACT NO. 708, COLLIN County, Texas, being all of Lot 1, Block A, MILLENNIUM OFFICE PARK, an Addition to the City of Allen, Texas, according to the Plat recorded in Cabinet K, Page 856 of the Plat Records of COLLIN County, Texas, more particularly described by metes and bounds as follows: BEGINNING at a %: inch iron rod set at the most Westerly Northwest comer of said Lot 1, Block A lying in the East Right -of -Way line of Watters Road (a 120 -foot wide right-of-way at this point), THENCE along the North boundary line of said Lot 1, Block A as follows: South 88 degrees 59 minutes 49 seconds East 42.10 feet to %: inch iron rod set, North 72 degrees 21 minutes 56 seconds East, 99.80 feet to a'/: inch iron rod set, North 06 degrees 13 minutes 44 seconds East, 109.30 feel to a %: inch iron rod set, North 63 degrees 53 minutes 40 seconds East, 152.40 feet to a'h inch iron rod set, South 89 degrees 40 minutes 55 seconds East, 254.70 feet to a %: inch iron rod set, North 54 degrees 48 minutes 50 seconds East, 335.00 feet to a %, inch iron rod set, North 20 minutes 12 minutes 08 seconds East, 16.98 feet to a''/s inch iron rod set, North 89 degrees 38 minutes 39 seconds East, at 441.20 feet passing a''/x inch iron rod set at the Southwest comer of Lot 1, said Block B Allen Central and continuing in all a total distance of 712.32 feet to a %, inch iron rod set at the Northeast comer of said Lot 1, Block A lying in the West Right -of -Way line of U. S. Highway NO. 75 (a variable width right-of-way); THENCE South 14 degrees 03 minutes 42 seconds West, 516.29 feet along the East boundary line of said Lot 1, Block A, with the said West Right -of -Way line of U. S. Highway No. 75, line to a % inch iron rod set; THENCE along the South boundary line of said Lot 1, Block A and the North Right -of -Way line of Venture Drive (a variable width right-of-way), as shown by the plat recorded in Cabinet, Page of the P.R.C.C.T. as follows; (Continued on Exhibit A, Page 2) Ordinance No. 1707-4-99 EXHIBIT "A" LEGAL DESCRIPTION (Page 2) THENCE South 54 degrees 18 minutes 34 seconds West, 15.27 feet departing West Right -of - Way line of said U. S. Highway 75 to a % inch iron rod set, THENCE North 85 degrees 26 minutes 34 seconds West, 200.17 feet, to a %, inch iron rod set at the beginning of a curve to the left, THENCE Southwesterly 448.00 feet along said curve to the left having a radius of 640.00 feet, a central angle of 40 degrees 06 minutes 25 seconds and a chord bearing of South 74 degrees 30 minutes 13 seconds West, 438.91 feet to a''/] inch iron rod set lying at the end of said curve to the right, THENCE South 54 degrees 27 minutes 00 seconds West, 155.21 feet to a %, inch iron rod set at the beginning of a curve to the right, THENCE Southwesterly 346.57 feet along the said curve to the right having a radius of 560.00 feet, a central angle of 35 degrees 27 minutes 32 seconds and a chord bearing of South 72 degrees 10 minutes 46 seconds West, 341.06 feet to a'h inch iron rod set at the end of said curve to left; THENCE South 89 degrees 54 minutes 32 seconds West, 312.43 feet to a'h inch iron rod set, THENCE North 44 degrees 35 minutes 28 seconds West, 21.03 feet to a %, inch iron rod set lying in the East Right -of -Way of said Watters Road, THENCE North 00 degrees 54 minutes 33 seconds East, 374.08 feet along the East Right -of. Way of said Watters Road to the PLACE OF BEGINNING, CONTAINING 17.732 acres (772,400 square feet of land), more or less. OYdinance No. 1707-4-99 ALLEN 0 0 EXHIBIT B e No. 170 EM 0 0 �o W 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 CFH-FTAX Limited Partnership, a Delaware 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. 19 (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, 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 PREMISES (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 Tax Abatement Agreement - Page 1 SS22801 EXHIBIT C Ordinance No. 1707-4-99 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 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 PRENHSES 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, 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: GENERAL PROVISIONS 1. OWNER has purchased from the AEDC the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "PREMISES"), which PREMISES is located within the city limits of the CITY and within the ZONE. 2. The PREMISES 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 PREMISES 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. 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, the CITY hereby grants OWNER an abatement of forty percent (40%) of the TAXABLE VALUE of the PREMISES 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 (hereinafter defined) of Tax Abatement Agreement - Page 2 SS22801 the PREMISES that exceeds the unimproved property's taxable value for the year in which this AGREEMENT is executed (BASE YEAR/1999). 7. The period of tax abatement herein authorized shall be ten (10) years, beginning the FIRST YEAR OF TAX ABATEMENT (hereinafter defined). g. 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. DEFINITIONS 9. Wherever used in this AGREEMENT, the following terms shall have the meanings ascribed to them: A. The PREMISES shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes; B. The IMPROVEMENTS shall mean the contemplated improvements to be constructed on the PREMISES 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 IMI'ROVEMENTS, unless otherwise agreed to by the parties. E. TAXABLE VALUE means the appraised value of the PREMISES (including the IMPROVEMENTS), as certified by the Collin County Appraisal District as of January 1 of a given year. F. 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. Tax Abatement Agreement - Page 3 SS22801 10. OWNER owns the real property described in Exhibit "A", and agrees to construct or cause to be constructed two (2) one-story office/tech/warehouse buildings totaling at a minimum 200,000 square feet (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) (collectively, the "IMPROVEMENTS'). The costs of the IMPROVEMENTS exclusive of the land shall be at least Five Million Dollars ($5,000,000.00). Nothing in this AGREEMENT shall obligate OWNER to construct the IMPROVEMENTS on the PREMISES, but said action is 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 December 31, 1999, 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, rondemnation, or Force Majeure, OWNER agrees to maintain the PREMISES in substantial accordance with all applicable state and local laws, codes, and regulations for a period of not less than ten (10) years after the date a certificate of occupancy is issued for the IMPROVEMENTS or until the CITY and the TAXING UNITS have received ad valorem taxes from the PREMISES in an amount equal to all the ad valorem taxes abated herein, whichever occurs first. 13. The CITY, its agents and employees, shall have the right of reasonable access to the PREMISES during construction to inspect the IMPROVEMENTS at reasonable times during nomad 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). Tax Abatement Agreement - Page 4 ss22so1 GENERAL REQUIREMENTS 14. Construction plans for the IMPROVEMENTS constructed on the PREMISES will 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. 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. 16. The PREMISES constructed thereon at all times shall be used in a manner that is consistent with the City's Comprehensive Zoning Ordinance, as amended. 17. OWNER agrees to provide to the applicable tenants of the IMPROVEMENTS, the benefit of the abatement of real property taxes granted herein. OWNER shall, upon written request, provide the CITY with satisfactory evidence that the benefits of this AGREEMENT have been provided to applicable tenants of the PREMISES. DEFAULT: RECAPTURE OF TAX REVENUE 18. 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) has any delinquent ad valorem or State sales taxes owed to the CITY (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 default, OWNER 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 OWNER 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. 19. Upon breach by OWNER of any obligations under this AGREEMENT, the CITY 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 Tax Abatement Agreement - Page 5 SS22801 period, and OWNER has diligently pursued such remedies as shall be reasonably necessary to cure the default, then the CITY may, in its discretion extend the period in which the violation must be cured. 20. 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. 21. Upon termination of this AGREEMENT by CITY, all tax revenue abated as a result of this AGREEMENT 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 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 22. 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. 23. OWNER shall annually render the value of the PREMISES to the Appraisal District and provide a copy of the same to the CITY. SUCCESSORS AND ASSIGNS 24. 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 that Owner may assign this AGREEMENT to Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, or any subsidiary of such entity, without the CITY's consent. NOTICE 25. 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 - Page 6 ssugo1 1. CITY: Mayor and City Manager City of Allen One Butler Circle Allen, Texas 75013 2. OWNER: CFH - FTAX Limited Partnership Attn: John E. Thomas 2001 Ross Avenue Suite 3300 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 Carey Cox, Chairman 2200 W. University McKinney, Texas 75070 AUTHORIZATIONS 26. This AGREEMENT was authorized by resolution of the City Council authorizing the Mayor to execute this AGREEMENT on behalf of the CITY. 27. 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. 28. 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 29. 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 parries 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, Tax Abatement Agreement - Page 7 5522801 subsection, paragraph, sentence, phrase or word as near in substance thereto as may be valid, legal, constitutional and enforceable. APPLICABLE LAW 30. 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 31. 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 32. This AGREEMENT and the Economic Development Incentive Agreement of even date herewith embodies the complete agreement of the parries 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 parries to be attached to and made a part of this AGREEMENT. 33. The provisions of this AGREEMENT are hereby declared covenants running with the PREMISES and are fully binding on all successors, heirs, and assigns of OWNER 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 hereof, thereby agrees and covenants to abide by and fully perforin the provisions of this AGREEMENT with respect to the right, title or interest in such PREMISES. RECORDATION OF AGREEMENT 34. A certified copy of this AGREEMENT shall be recorded in the Deed Records of Collin County, Texas. INCORPORATION OF RECITALS 35. The determinations recited and declared in the preambles to this AGREEMENT are hereby incorporated herein as part of this AGREEMENT. I_:4:IIt3YK9 36. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes, whatever reference is made to the same. Tax Abatement Agreement - Page 8 SS22801 EXECUTED in duplicate originals this the �_ day of 4f i � '1999. CITY OF ALLEN, TEXAS By: `La STEPHEN TERRELL, MAYOR ATTEST: EXECUTED in duplicate originals this the day of 1999. CFH-FTAX LIMITED PARTNERSHIP, a Delaware limited partnership BY: CFH-FTGP, L.L.C., a Delaware limited liability company, general partner By: Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its sole member By: CFH Industrial Trust, hie, a Maryland corporation, its general partner By: OHNE. OMAS, XECUTIVE VICE PRESIDENT Tax Abatement Agreement - Page 9 SS22801 EXECUTED in duplicate originals this theR�flday ofJN-) a�� 1999. COUNTY OF COLLIN By: RON HARRIS, C UNTY JUDGE EXECUTED in duplicate originals this theo?Z day of �Q , 1999. Tax Abatement Agreement -Page 10 COLLIN COUNTY COMMUNITY COLLEGE DISTRICT &W4 sy: CAREY COX, CH,$RMAN SM2901 MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the � day of (1 1 1999, by Stephen Terrell, as Mayor of the City of Allen, Texas. E,r.+nk SHELLEY B. GEORGE NOTARY PUBLIC State of Texas y,a' Comm. Exp. 03-202001 Notary Public and For th tate of Texas My Commission Expires: Tax Abatement Agreement - Page 11 sszzsm OWNER'S ACKNOWLEDGMENT STATE OF TEXAS Gh-�•�s COUNTY OF -9 N This instrument was acknowledged before me on the 16"i day of 0l"A- 1999, by John E. Thomas, Executive Vice President of CFH Industrial Trust, Inc., a Maryland corporation, ittgeneral partnerr6 C`e.w Gam+ -icy b��s twcu.�cM� L;—A4 P&#v eky, T�& Nv.�.b Cea-vrkv,Lta.,S<,.. t p ,t,.� '% evw-vTna L..4-0 044* "N -r Notary Public In and For the State of Texas My Commission Expires: LMFUS�SA C. HUBER Jry PUDIICote of TZ. of-L�i Fxplrea 14A4-4002 Tax Abatement Agreement - Page 12 ssusol COUNTY'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on the'1"�i3ay of 1999, by Ron Harris, as County Judge of Collin County, Texas. �ILr14 SHELDON y p1A6c atETExns Notary Public 1, an the State of Texas My Commission Expires: — 3 Tax Abatement Agreement - Page 13 SS22901 COLLEGE DISTRICT'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLLIN This instrument was acknowledged before me on theot'26L day of *j , 1999, by Carey Cox, being the Chairman of the Collin County Community College District. .,.NNk JUDY A. LAGRONE ^ 41 %1* NOTARY PUBLIC ///' 5�at'q State of Texas Corrin. Exp. 01-31-2002 NotpTy PubIVIn and For the State of Texas My Commission Expires: Tax Abatement Agreement - Page 14 5522801 EXHIBIT "A" LEGAL DESCRIPTION BEING 17.732 acres of land located in the MICHAEL SEE SURVEY, ABSTRACT NO. 543 and the WILLIAM PERRIN SURVEY, ABSTRACT NO. 708, COLLIN County, Texas, being all of Lot 1, Block A, MILLENNIUM OFFICE PARK, an Addition to the City of Allen, Texas, according to the Plat recorded in Cabinet K, Page 856 of the Plat Records of COLLIN County, Texas, more particularly described by metes and bounds as follows: BEGINNING at a %: inch iron rod set at the most Westerly Northwest corner of said Lot 1, Block A lying in the East Right -of -Way line of Watters Road (a 120 -foot wide right-of-way at this point), THENCE along the North boundary line of said Lot 1, Block A as follows: South 88 degrees 59 minutes 49 seconds East 42.10 feet to Ya inch iron rod set, North 72 degrees 21 minutes 56 seconds East, 99.80 feet to a % inch iron rod set, North 06 degrees 13 minutes 44 seconds East, 109.30 feet to a %, inch iron rod set, North 63 degrees 53 minutes 40 seconds East, 152.40 feet to a %: inch iron rod set, South 89 degrees 40 minutes 55 seconds East, 254.70 feet to a V. inch iron rod set, North 54 degrees 48 minutes 50 seconds East, 335.00 feet to a %: inch iron rod set, North 20 minutes 12 minutes 08 seconds East, 16.98 feet to a''/3 inch iron rod set, North 89 degrees 38 minutes 39 seconds East, at 441.20 feet passing a %, inch iron rod set at the Southwest corner of Lot 1, said Block B Allen Central and continuing in all a total distance of 712.32 feet to a %: inch iron rod set at the Northeast corner of said Lot 1, Block A lying in the West Right -of -Way line of U. S. Highway NO. 75 (a variable width right-of-way); THENCE South 14 degrees 03 minutes 42 seconds West, 516.29 feet along the East boundary line of said Lot 1, Block A, with the said West Right -of -Way line of U. S. Highway No. 75, line to a %z inch iron rod set; THENCE along the South boundary line of said Lot 1, Block A and the North Right -of -Way line of Venture Drive (a variable width right-of-way), as shown by the plat recorded in Cabinet, Page of the P.R.C.C.T. as follows; (Continued on Exhibit A, Page 2) EXHIBIT "A" LEGAL DESCRIPTION (Page 2) THENCE South 54 degrees 18 minutes 34 seconds West, 15.27 feet departing West Right -of - Way line of said U. S. Highway 75 to a %: inch iron rod set, THENCE North 85 degrees 26 minutes 34 seconds West, 200.17 feet, to a % inch iron rod set at the beginning of a curve to the left, THENCE Southwesterly 448.00 feet along said curve to the left having a radius of 640.00 feet, a central angle of 40 degrees 06 minutes 25 seconds and a chord bearing of South 74 degrees 30 minutes 13 seconds West, 438.91 feet to a'h inch iron rod set lying at the end of said curve to the right, THENCE South 54 degrees 27 minutes 00 seconds West, 155.21 feet to a %: inch iron rod set at the beginning of a curve to the right, THENCE Southwesterly 346.57 feet along the said curve to the right having a radius of 560.00 feet, a central angle of 35 degrees 27 minutes 32 seconds and a chord bearing of South 72 degrees 10 minutes 46 seconds West, 341.06 feet to a % inch iron rod set at the end of said curve to left; THENCE South 89 degrees 54 minutes 32 seconds West, 312.43 feet to a'F. inch iron rod set, THENCE North 44 degrees 35 minutes 28 seconds West, 21.03 feet to a % inch von rod set lying in the East Right -of -Way of said Watters Road, THENCE North 00 degrees 54 minutes 33 seconds East, 374.08 feet along the East Right -of - Way of said Watters Road to the PLACE OF BEGINNING, CONTAINING 17.732 acres (772,400 square feet of land), more or less.