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O-1784-11-99ORDINANCE NO. 1784-11-99 ' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING REINVESTMENT ZONE NO. 21 (ACLP BETHANY, L.P.) PROVIDING ELIGIBILITY OF THE ZONE FOR COMMERCIAL-MUSTRL4L TAX ABATEMENT; CONTAINING FINDINGS THAT THE AREA QUALHIFc 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 m 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 ACLP Bethany, L.P., the County of Collin, Texas, and the Collin County Community College District attached hereto, 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 Tax Abatement 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, 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. That pursuant to the provisions of Section 312.201 of the Texas In Code, the property described in Exhibit "A" attached to the Tax Abatement Agreement 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. 21." SECTION 3. That the property within Reinvestment Zone No. 21 is eligible for commercial -industrial tax abatement effective on January 1, 2000 and for a period of ten (10) years. SECTION 4. The In Abatement Agreement attached hereto 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 Tax Abatement Agreement on behalf of the City of Allen, Texas. SECTION 5. 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 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 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 4TH DAY OF NOVEMBER, 1999. APPROVED: �'�At a-') Stephen Terrell, MAYOR APPROVED AS TO FORM: ATTEST: Peter G. Smith, CPMATTORNEY Ju Mo n, CMC, CITY SECRETARY Ordinance No. 1784-11-99 Page 4576 0260 � 00- 000570 ' STATE OF TEXAS § § TAX ABATEMENT AGREEMENT COUNTY OF COLLIN § This Tax Abatement Agreement (the "AGREEMENTS is entered into by and between the City of Alleo, Texas (the"CITY), and ACLP Bethany, L.P. ("ACLP'), 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. 21 (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 abausnent agreements to be entered into by the CITY as contemplated by the TAX CODE; and WHEREAS, the CITY bas 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, ACIP'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 terns 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 ssarm 4576 0261 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 PREMISES is located, and WHEREAS, the CITY desires to enter into an AGREEMENT with ACIP 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 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 with in the CITY, the parties agree as follows: GENERAL PROVISIONS 1. ACLP 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 `TREMISES'), 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 ACLP 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 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). TAX ABATEMENT AGREEWNT - Page 2 aa27771 I 4576 0262 ' 8. During the period of tax abatement herein authorized, ACLP 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. DEFINI'ITONS 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 including the IMPROVEMENTS; 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 commence 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. Event of Bankruptcy or Insolvency shall mean the dissolution or termination of ACLP's existence as a going business, insolvency, appointment of receiver for any part of ACLP'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 ACLP and such proceeding is not dismissed within ninety (90) days after the filing thereof. IMPROVEMENTS 10. ACLP owns or is under contract to purchase, the real property described in Exhibit "A', and agrees to construct or cause to be constructed a single -story technical building of at least eighty-four thousand (84,000) square feet (and other ancillary facilities such as reasonably required parking and landscaping more fully described in the submittals filed by ACLP with the CITY from time to time in order to obtain a building permit) (collectively referred to as the ' `IMPROVEMENTS"). The costs of the IMPROVEMENTS exclusive of the land shall be at least Four Million Five Hundred Thousand Dollars ($4,500,000). The approximate location of such IMPROVEMENTS shall be shown on a Site Plan of the PREMISES to be submitted to the CITY. Nothing in this AGREEMENT shall obligate ACLP to construct the IMPROVEMENT'S on the TAX ABATEMENT AGREEMENT - Page 3 sssmr 4576 0263 ' 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, ACLP shall diligetrtly and faithfinlly, in 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 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 ACLP shall have such additional tune to complete and maintain the IMPROVEMENT'S as may be required in the event of "Force Majeure," if ACLP 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 ACLP, as applicable including, without limitation, acts of God or the public enemy, war, not, civil commotion, inaurectim adverse weather, government or de facto governmental action or inaction (unless caused by negligence or omissions of ACLP), 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, ACLP 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 five (5) years after 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 PREMISES during construction to inspect the IMPROVEMENTS at reasonable times during normal business hours and with reasonable notice to ACLP, 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 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, ACLP shall certify in writing to the CITY the construction cost of the IMPROVEMENTS. ACLP shall annually certify to the CITY to the best of their knowledge, that they are in mbstamtial compliance with each team of the AGREEMENT. ' 16. The PREMISES constructed thereon at all times shall be used in the manner that is consistent with the City's Comprehensive Zoning Ordinance, as amended. TAX ABATEMENT AGREEMENT - Page 4 sssTm 4576 0264 17. ACIP agrees from and after the date a certificate of occupancy is issued for the IMPROVEMENTS and continuing thereafter for a period of ten (10) years that the PREMISES shall be used primarily for technical/office uses. 18. ACLP agrees to provide to the applicable tenants of the IMPROVEMENTS, the benefit of the abatement of real property taxes granted herein. ACLP 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 19. In the event that ACIP 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 ACLP retains the right to timely and properly protist 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 "Evert of Bankruptcy or Insolvency"; or (iv) breaches any, of the material tents and conditions of this AGREEMENT, then ACLP, after the expiration of the notice and ase periods descn%W herein, shall be in default of this AGREEMENT. As liquidated damages in the event of default, ACLP shall, within thirty (30) days after demand, pay to the CM 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 ACLP and shall constitute a tax lien against the property the subject of the AGREEMENT, and shall become due, owing and shaft be paid to the CITY within thirty (30) days after termination. 20. Upon breach by ACLP of any obligations under this AGREEMENT, the CITY shall notify ACLP in writing. ACLP shall have sixty (60) days from receipt of the notice in which to cure any such default. if the default cannot reasonably be cued within a sixty (60) day period, and ACLP has diligently pursued such remedies as shall be reasonably necessary to cure the default, then the CITY may, in its discretion extend the period m which the violation must be Cored. 21. If ACLP 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 ACLP. 22. Upon termination of this AGREEMENT by CITY, all tax 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 abated tax 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 the tax abated for the purposes of the AGREEMENT shall be based TAX ABATEMENT AGREEMENT - Page 5 sszmm 4576 0265 upon the fiill TAXABLE VALUE without tax abatement for the years in which tax abatement hereunder was received by ACLP 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 be the respomibility of ACIP, 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. 24. ACLP 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 25. This AGREEMENT shall be binding on and inure to the benefit of the parties to it and their respective hers, executors, administrators, legal representatives, successors, and assigns. This AGREEMENT may not be assigned without the CITY's consent, which consent will 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 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. ACLP: Sue Shelton ACLP Bethany, L.P. 17400 Dallas Parkway, Suite 216 Dallas, Texas 75286 with copy to: Subash Ganonde CMC Commercial Realty Group, Inc. One Lincoln Center 5400 LBI Freeway, Suite 1450 Dallas, Texas 75240 TAX ABATEMENT AGREEMENT - Page 6 WTmr 4576 0266 3. COLLIN COUNTY: County of Collin do County Judge 210 S. McDonald Street McKinney, Texas 75069 4. COLLIN CCD: Collin County Community College District cto Carey Cox, Chairman 2200 W. University McKinney, Texas 75070 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. SEVERABIIdTY 30. 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, semence, 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 w substance thereto as may be valid, legal, constitutional and enforceable. APPLICABLE LAW 3I. This AGREEMENT shall be construed under the laws of the State of Texas. Venue for any action under this AGREEMENT shall be the Stine District Cont of Collin County, Texas. This AGREEMENT is performable in Collin County, Tates. 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 mstrumen. TAX ABATEMENT AGREEfvIENf - Page 7 SS27771 4576 0267 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 PREMISES and are firlly binding on each and every subsequent owner, tenant, subtenant, licensee, manager and occupant of all or any portion of the PREMISES and all successors, and assigns of ACLP 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 perform the provisions of this AGREEMENT with respect to the right, title or interest in such PREMISES. 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. 37. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes wherever reference is made to the same. EXECUTED in duplicate originals this the LL day of NaYmeeO999. .,� O F 4 �', . CITY OF ALLEN, TEXAS By: '•. ' �''� .� STEPHEN TERRELL, MAYOR Aft � Y ifTyb� AY . RAISON, CITY SECRETARY TAX ABATENOWT AGREEIv¢NT - Page 8 8$2T 1 4576 0268 1 EXECUTED m dupheate orifi nals flus the day ofazt— 1999. 1-7 L ACLP BETHANY, L.P. By: ACLP Bethany GP, Inc. (its General Partner) By&t I SUE SHELTON, EXECUTIVE VICE PRESIDENT EXECUTED in duplicate originals this the 15 day of D c p- . , 1999. COUNTY OF7IN By. RON HARRIS, COUNTY IUDOE EXECUTED in duplicate originals this ftV,�_ day ofwsd. , 1999. TAX ABATEMENT AGREEMQd'C - Page 9 COLUN CPUNTY COMMUNITY COLLEGE DISTRI By: CAREYCOX,*jq M=l CI MAYOR'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLUN This instrument was acknowledged before me on the 4 day of 1999, by Stephen Terrell, as Mayor of the City of Allen, Texas. ,o SHELLEY& GEORCE NOTARY PUBLIC * , State Of Texas a@,r,•d Comm. Ems. 03-O 2001 3 0-2001 My Commission Expires: 0=j -J -o -dsDOC TAX ABATEMENT AGREEN ENT - Page 10 4576 0269 Notary Public Wand For the S e of Texas F ACLP'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF COLUN 4576 0270 This instrument was acknowledged before me on the gjJ day of © Z • , 1999, by Sue Shelton, Executive Vice President, on behalf of ACLP Bethany GP, Inc., general partner of ACLP Bethany, L.P. RM EETI-IC� My Commission Expires: iv a3 TAX ABATEMENT AGREEMENT - Page I I NoV Public In and For the State of Texas sns l EI COUNTY'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OFCOLLIN 4576 0271 This instrument was acknowledged before me on the day of 1999, by Ron Harris, as County Judge of Collin County, Texas. KIVBEPI°1.' `°C,.pGN S Ncr I"TF\4` My Commission Expires: TAX ABATEN ENf - Page 12 Notary Public In d For the State of Texas ss= I� 4576 0272 COLLEGE DISTRICT'S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF COLLEN § This instrument was acknowledged before me on the 23 day of 1999, by Carey Cmc, being the Chairman of the Collin County Community College District. M E NE N I'ublinand For the State of Texas My Commission Expires: TAX ABATENTNT AGREEb1EN'P - Page 13 FXWM�t1 +576 0213 ' EXMIT "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'h inch iron rod found at the intersection of the north right-of-way line of Bethany Drive (a 110 foot right-of-way) and the southwest comer of the Replat of Bethany Tech Center Addition as shown on the plat recorded in Cabinet `T", page 273 of the Map Records, Collin County, Texas and the beginning of a curve to the left following the north line of said Bethany Drive, said curve having an internal angle of 09043'08", a radius of 781.42 feet, a chord that bears South 69°10'30" west, and a chord length of 132.39 feet; THENCE along said curve an arc length of 132.55 feet to an iron pin found for point of tangency; THENCE South 64020'55" west with said north right-of-way line of Bethany Drive a distance of 123.57 feet to a'/2 inch iron rod set for comer, THENCE leaving said north line of Bethany Drive north 25039'05" west a direction of 375.79 feet to a'/3 inch iron rod for comer; THENCE north 75058'16" west a direction of 90.06 feet to a'/] inch von rod set for corner, THENCE north 14001'44" east a distance of 400.00 feet to a 5/8 inch iron rod ad for comer on the north line of said 16.6861 acre tract, THENCE south 75°58' 16" east a distance of 533.75 feet to a point for comer, said point being the northeast comer of said 16.6861 acre tract; THENCE south 14001'44" west a distance of 534.65 feet to the POINT OF BEGINNING and containing 290,441 square feet or 6.6676 acres of land. TAX ABATBAUNT AGxBEb1EN7' - Page 14 Sa]M RSP: Allen Economic Development Corporation 100 Allentown Parkway, Suite 211 Allen, Tetras 75002-4200 r, L. 4576 0274 un r'""�' cMEua a� aum r4 asamm eu�� m na. mow rwm t�.c.b+n eb ecano.nnow nee p,psmtl MPwNlW yi,p,xem 00T Z zr- cc or- a mQ nza m o m ' z n moo c, N SZ D6 6 M1 M WG 0 'n m rtr C Z o 8 N B Z 6 D W.M W66 D JN N .a 86 6 N W