O-219-7-77ORDINANCE NO. c:>?/ 9
AN ORDINANCE AUTHORIZING THE PURCHASE OF 7.700 ACRES OF LAND
IN THE J.L. REED SURVEY AND THE PETER WETSEL SURVEY: AUTHOR-
IZING THE CITY TO BORROW $34,650.00 FROM PLANO PROPERTIES
AND PROVIDING FOR THE MAYOR TO EXECUTE AND DELIVER TO SAID
PROPERTIES THE PROMISSORY NOTE FROM THE CITY IN SUCH AMOUNT
AND PROVIDING FOR THE SECURITY OF PAYMENT OF SAID NOTE BY THE
CREATION OF THE VENDOR'S LIEN AND DEED OF TRUST ON SUCH PRO-
PERTY AND PROVIDING FOR AN EFFECTIVE DATE HEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ALLEN, TEXAS:
SECTION 1: That the City of Allen purchase the following
described real estate, to -wit:
SITUATED in a tract of land in the James L. Reed Survey and the
Peter Wetsel Survey, City of Allen, Collin County, Texas, and also
being those tract of land conveyed to Henry Tennison, as recorded in
Volume 213 at Page 216, and Volume 163 at Page 188, of the Deed
Records of Collin County, Texas, and also being the East one-half of
Lot 4, and 5 known as 4-B and 5-B, and all of Lots 7 and 8, Block "D",
and all of Lot 3, Block"E", of Old Addition to Allen, as recorded in
Volume 6, at Page 152 of the Deed Records of Collin County, Texas,
and being more particularly described as follows:
BEGINNING at a p9int on the West line of N. Dogwood Drive
(an 80 ft. R.O.W.) said point being the Southeast corner of Lot 8,
Block "D" of said addition, an iron stake for corner;
THENCE, N 800241W. leaving the said West line of N. Dogwood
Drive, a distance of 296.41 feet to an iron stake for corner;
THENCE, S 100OOW, a distance of 150.00 feet to an iron stake
for corner;
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THENCE, N 800241W, a distance of 145.00 feet to an iron stake
for corner;
THENCE, N 10,0_;00'E a distance`of 465.45 feet to a point in the
centerline of Cottonwood Creek and iron stake for corner;
THENCE, along the centerline of Cottonwood Creek the f6llowing:
S 62035'30"E, a distance of 17.96 feet to an iron stake for corner;
N 64057'30"E, a distance of 224.19 feet to an iron stake for corner;
N 24°051E, a distance of 71.75 feet to an iron stake for corner;
N 19055'30"E, a distance of 142.67 feet to an iron -stake for corner;
S 70°49'30"E, a distance of 217.02 feet to an iron stake for corner;
N 64°41 ` O,'E, a distance cif 1 8.30 feet to 'an iron stake ,for corner;
S 20 37' , a distance'of' ti6.0 feet to do iron stake for corner;
Thence, South, leaving the said centerline of Cottonwood Creek a
distance of 613.05 feet to an iron Fstake -for corner; t ,
THENCE, N80 24'W, a distance of 182.40 feet to a point on the
East line of said N. Dogwood Drive, an iron stake for corner;
THENCE, N10°00'E, along the East line of N. Dogwood Drive a distance
of 507.90 feet to an iron stake for corner;
THENCE, West, a distance-�of 81.23 to a point on the West line of N.
DogwoodDrive, an iron stake for corner; 2
THENCE, S 10 001W. along the West line of N. Dogwood Drive a distance
of 494.35 feet to the PLACE OF BEGINNING and containing 7.700 acres of land,
more or less.
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SECTION 2: That in order to finance a portion of the purchase
price of said property, it is ordered that the City of Allen borrow the
sum of $34,500.00 from Plano Properties and to evidence such amount, the
Mayor of the City is authorized and directed to execute a note to said
Properties on behalf of the City. Said note to bear interest at the
rate of 9% (per cent) per annum and the principal and interest of this
note are due and payable in six (6) installments as follows: The first
installment shall be in the amount of $3,465.00, plus accrued interest,
due and payable on or before February 11, 1978. The remaining installments,
shall be in the amount of $6,237.00 each, plus accrued interest, with the
second installment due and payable on February 11, 1979, and a like install-
ment to become due and payable on February 11 in each year thereafter until
this note is paid in full. All or any part of this note may be paid prior
to maturity without penalty.
SECTION 3. It is further ordered that to secure the payment of
said note that a vendor's lien be created in the deed to the City and as
additional collateral therefore, the Mayor execute and deliver to said
Properties a Deed of Trust with the usual power of sal6.
SECTION 4. That this Ordinance shall -take effect immediately
upon its passage and approval,and it is so ordered.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
TEXAS, on this the 7th day of Juljl ,'-1977. "t
4FkDugger, Mayor"�p
f Allen, Texas
CORRECTLY RECORDED:
t� a
61 City Secretary