HomeMy WebLinkAboutCity Council Resolutions (R-01-1751)-01/16/2001
RESOLUTION R-01-1751
A RESOLUTION RESCINDING RESOLUTION R-99-1586 AND APPROVING A
TAX INCREMENT FINANCING AGREEMENT FOR REDEVELOPMENT SITE NO.
1 WITH VILLAGE MONTICELLO PARTNERS, L TO
WHEREAS, the City of Colleyville has established a tax increment financing district
in cooperation with other area taxing entities; and
WHEREAS, the Village Monticello Partners, L TD (VMP) has proposed a mixed use
development that will expand the commercial and sales tax base of
the district in keeping with the intent of the creation of the district; and
WHEREAS, VMP has requested that the City reimburse VMP for a portion of the
cost of public improvements being made to its property within the
district; and
WHEREAS, these reimbursements will only be made according to the terms and
conditions of the Tax Increment Financing Agreement for
Redevelopment Site NO.1 with Village Monticello Partners, L TD, as
approved by the Colleyville City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
Sec. 1.
THAT the VMP tax increment financing district agreement attached
as Exhibit I is approved and the Mayor is authorized to sign the
agreement.
AND IT IS SO RESOLVED.
Passed by a vote of A ~~~s, _ Z nays, and
It 'I1=- daYOf~,2001.
[) abstentions, on this
Resolution R-01-1751
Page 2 of 2
Ih~~~kv
Cynthia Singleton
City Secretary
CITY OF COLLEYVILLE:
Don~ ~
ATTEST:
Mayor
EXHIBIT 1
AGREEMENT FOR REDEVELOPMENT SITE NO.1
This Agreement for Redevelopment Site No.1 ("Agreement"), is made and entered into
this the
day of
,2001, by and between THE CITY OF
COLLEYVILLE, TEXAS, a home-rule municipality located in Tarrant County, Texas ("City"),
and VILLAGE MONTICELLO PARTNERS, LTD., a Texas limited partnership, or its
designated transferee ("Developer"). The City and the Developer are sometimes hereinafter
referred to individually as a "Party" and collectively as the "Parties."
Recitals
WHEREAS, the City has the authority to adopt tax increment financing pursuant to the
Tax Increment Financing Act, V.T.C.A., Tax Code, Section 311.001, et seq., as amended (the
"Act"), for areas within its jurisdiction designated by the City as reinvestment zones pursuant to
the Act, and to implement other economic development or financing programs pursuant to
Chapter 380 of the Local Government Code and other statutes under the City's home-rule power;
and
WHEREAS, the City has authorized the preparation of a preliminary project plan and
preliminary reinvestment zone financing plan for the area located in the City and described and
depicted on Exhibits A-I, and A-2 attached hereto and made a part hereof (the "Reinvestment
Zone"); and
WHEREAS, in accordance with the Act, the City, after giving all notices required by law,
conducted a public hearing with respect to the creation of a Reinvestment Zone and its benefits to
the City and to the property within the proposed Reinvestment Zone; and
WHEREAS, the City, after giving and publishing all notices required by law and after
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conducting all public hearings required by law, and after making all presentations to, and
conducting all meetings with, each taxing unit that levies taxes on real property in the
Reinvestment Zone as required by the Act, adopted an ordinance which, among other things,
designated the property within the Reinvestment Zone as the "Tax Increment Financing
Reinvestment Zone #1, City ofColleyville, Texas"; and
WHEREAS, in accordance with the Act, the Board of Directors of the Reinvestment
Zone has prepared a project plan and a reinvestment zone financing plan, (collectively "Plans"),
and the City, in accordance with the Act and after making all findings required by the Act, has
adopted, or will adopt, an ordinance approving the Plans; and
WHEREAS, the Developer is the owner and proposed developer of an approximately 26
acre parcel of real property within the City and within the Reinvestment Zone located generally
at the intersection of Colleyville Boulevard and Pleasant Run Road, and legally described in
Exhibit "B" attached hereto (the "Property"), which Property shall also be known as
Redevelopment Site No. 1 in the Reinvestment Zone; and
WHEREAS, the Developer currently intends to develop and improve all or a portion of
the Property as a joint use office, retail and residential development (generally referred to herein
as the "Project"), in various phases, in substantial conformance with the plan attached hereto as
Exhibit "c" (the "Concept Plan"), and in accordance with the requirements ofthe City of
Colleyville zoning ordinance and other ordinances of the City; and
WHEREAS, to facilitate the development of the Property, and subject to and in
accordance with the terms of this Agreement and the limitations hereinafter stated, the City has
agreed to use some of the proceeds from the City's implementation of economic development or
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financing programs authorized by statute or the home-rule powers of the City to pay the project
costs (as defined in Section 311.002(1) of the Act as now or hereinafter provided), in connection
with the installation and completion of various public improvements listed on Exhibit "D"
(collectively the "Public Improvements"), including the reimbursement of the Developer for
project costs incurred by the Developer in connection with the redevelopment (including, without
limitation, demolition, site preparation, installation of utilities, construction of public
improvements, etc.), of the Property; and
WHEREAS, the parties previously executed that certain Agreement For Redevelopment
Site No.1, dated December 21, 1999 which the parties have agreed to rescind and replace with
this Agreement; and
WHEREAS, this Agreement has been submitted to the City and the Developer for
consideration and review, and the City and the Developer have taken all actions required to be
taken prior to the execution of this Agreement in order to make same binding upon the City and
the Developer according to the terms hereof; and
WHEREAS, the City, after due and careful consideration, has concluded that the
redevelopment of the Property as a portion of the Reinvestment Zone, as provided for herein, and
in the Project Plans, will further the growth of the City, facilitate the redevelopment of the entire
Reinvestment Zone, improve the environment of the City, increase the assessed valuation ofthe
real estate situated within the City, foster increased economic activity within the City, increase
employment opportunities within the City, upgrade public infrastructure within the Reinvestment
Zone, and otherwise be in the best interest of the City by furthering the health, safety, morals, and
welfare of its residents and tax payers, and that entering into this Agreement is necessary and
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convenient to implement the Plans and achieve their purposes; and
WHEREAS, the City is desirous of having the Developer undertake the Project in order
to serve the needs of the City and in order to produce increased tax revenues for the various
taxing units authorized to levy taxes on real property within the Reinvestment Zone and the City
and, in order to stimulate and induce the redevelopment of the Reinvestment Zone, the City has
agreed to pay certain Project costs through property tax increment revenues, all in accordance
with the terms and provisions of the Act and this Agreement.
NOW, THEREFORE, for and in consideration of the foregoing and of the mutual
covenants and agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties do hereby agree as follows:
Recitals Part of the Agreement
1. Incorporation of Recitals. The representations, covenants and recitations
set forth in the foregoing recitals are material to this Agreement and are hereby incorporated and
made part of this Agreement as though they were fully set forth herein.
Mutual Assistance
2. Cooperation. The Parties agree to take such actions, including the
execution and delivery of such documents, instruments, petitions and certifications (and, in the
City's case, the adoption of such ordinances and resolutions), as may be necessary or appropriate,
from time to time, to carry out the terms, provisions, and intent of this Agreement and to aid and
assist each other in carrying out said terms, provisions and intent.
Effectiveness of Agreement
3. Effective Date. This Agreement shall become effective from and after its
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approval and execution by both parties.
Redevelopment and Use of the Property and
Construction of the Public Improvements
4.1 The Project. Developer shall construct the Project in substantial
conformance with the Concept Plan. The Project may be constructed in phases at Developer's
sole discretion; provided that the Developer shall comply with all applicable ordinances of the
City, including, without limitation, the PUD zoning ordinance governing the Project.
4.2 Public Improvements. The Developer shall construct the Public
Improvements and pay the cost of such construction. In constructing the Public Improvements,
the Developer shall comply with all requirements and take all action necessary to insure the cost
of the Public Improvements are project costs reimbursable under The Act. The City shall
cooperate with the Developer to insure all costs of the Public Improvements are reimbursable
under The Act. To the extent that any of the Public Improvements to be constructed by the
Developer are located on City owned rights-of-way or easements, the City shall grant to the
Developer and its designees access to enable construction of the Public Improvements.
4.3 City Approval. Prior to the commencement of the construction, the
Developer shall submit to the City and obtain the approval of the City of the plans for the Public
Improvements and shall construct the Public Improvements in conformity with the plans
approved by the City.
Reimbursement of Eligible Project Costs
5.1 Definitions
(a) Project Costs. For the purposes of this Agreement, "Project Costs"
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shall mean and include all costs defined as Project Costs in Section 311.002(1) ofthe Act as now
or hereinafter provided.
(b) Increased Ad Valorem Tax Attributable to the Project. For the purpose
of this Agreement, "Increased Ad Valorem Tax Attributable to the Project" shall mean the
amount calculated by deducting the certified taxable value of the Property for the purpose of ad
valorem taxes on January 1, 1999, from the certified taxable value of the Property for the purpose
of ad valorem taxes for each subsequent year, and multiplying that amount by the combined real
property tax rate established by the City of Colleyville, Tarrant County, Tarrant County Hospital
District, and Tarrant County Community College District for the applicable Tax Year.
(c) Increased GCISD Ad Valorem Tax Attributable to the Project. For the
purpose of this Agreement, "Increased GCISD Ad Valorem Tax Attributable to the Project" shall
mean the amount calculated by deducting the certified taxable value of the Property for the
purpose of ad valorem taxes on January 1,1999, from the certified taxable value ofthe Property
for the purpose of ad valorem taxes for each subsequent year, and multiplying that amount by the
real property tax rate established by the Grapevine-Colleyville Independent School District for
the applicable Tax Year.
(d) DSCI Threshold. The term "DSCI Threshold" means each Tax Year in
which the Increased Ad Valorem Tax Attributable to the Property exceeds the amount of the
annual debt service (principal and interest) on any bonds issued by the City to pay for the planned
City Hall and Library to be constructed in the Project (the "Bonds"). For instance, if the bond
debt is $6,000,000.00, and if the annual debt service is $645,000.00, and if the combined tax
rates of the entities equals one percent (1 %), then the DSCI Threshold would be reached when
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the certified taxable value of the Property after deducting the certified taxable value of the
Property for ad valorem taxes on January 1, 1999, exceeds $64,500,000.00 ($64,500,000.00 x 1 %
= $645,000.00).
(e) Tax Year. As used in this Agreement the term "Tax Year" means
October 1 of each year to September 30 of each year.
5.2 Reimbursement Payments. The City shall reimburse the Developer for
Project Costs actually paid by the Developer in the construction of the Public Improvements,
subject to the following conditions and limitations:
(a) All Reimbursements Payments shall be from the Tax Increment Fund
established pursuant to Section 311.014 of the Act.
(b) The total Reimbursement Payments to the Developer shall not exceed
$7,500,000.00.
(c) Subject to Subsection 5.2(b) above, Reimbursement Payments to the
Developer shall be equal to (but shall not exceed) the sum of the following:
(i) Sixty Percent (60%) of the Increased GCISD Ad Valorem Tax
Attributable to the Project until such time as the Project reaches the DSCI Threshold, after which
time the Reimbursement Payments will be increased to seventy percent (70%) of the Increased
GCISD Ad Valorem Tax Attributable to the Project. The City's obligation to pay any amount
calculated upon a percentage of the Increased GCISD Ad Valorem Tax Attributable to the
Project is expressly conditioned upon the Grapevine-Colleyville Independent School District
participating in the Tax Increment Financing District established by the City pursuant to the Act,
and Reimbursement Payments to the Developer based upon the Increased GCISD Ad Valorem
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Tax Attributable to the Project shall never exceed the amount actually received by the City as a
result of the participation of the Grapevine-Colleyville Independent School District in the Tax
Increment Financing District established by the Act and applicable to the Project; provided,
however, after such time as the Property reaches the DSCI Threshold in the event the Grapevine-
Colleyville Independent School District refuses or fails to participate in the Tax Increment
Financing District established by the City pursuant to the Act and applicable to the Property
during a Tax Year, then the City shall pay Reimbursement Payments to the Developer from the
City's Retained Tax Fund, as defined in Section 5.2(e) hereof, as necessary to pay the Developer
up to an amount equal to 70% of the Increased GCISD Ad Valorem Tax Attributable to the
Project; provided the payments from the City's Retained Tax Fund shall not exceed the amount
deposited into the fund during the Tax Year of payment to the Developer, plus
(ii) An amount equal to one percent (1 %) of the sales upon which
state sales tax has been paid for businesses operating on the Property after the effective date of
this Agreement, provided however, that such amount shall never exceed in any Tax Year the
amount received by the City and not paid to the Developer from the Increased GCISD Ad
Valorem Tax Attributable to the Project as set out in Subsection 5.2(c)(i). The City agrees to
reasonably cooperate with Developer in verifying the amount due under this paragraph, plus
(iii) After such time as the Project reaches the DSCI Threshold,
seventy percent (70%) of the Increased Ad Valorem Tax Attributable to the Project.
(d) The Developer shall not be entitled to reimbursement for the
construction of any Public Improvement until its completion. The Public Improvement shall be
deemed completed when the City certifies that the improvement is completed. The Developer
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may request a certification of completion from the City for each Public Improvement. The City
shall, within 30 days after the date of said request, either issue a certificate of completion for the
Public Improvement or identify in writing the reasons the certificate of completion has been
withheld.
(e) The City shall deposit into a fund the Increased GCISD Ad Valorem
Tax Attributable to the Project and the Increased Ad Valorem Tax Attributable to the Project, not
otherwise paid to the Developer under Section 5.2 hereof (the "City's Retained Tax Fund"). The
City's Retained Tax Fund may be used by the City to 1) pay in any tax year the annual debt
service (principal and interest) on the Bonds, 2) to make principle payments on the Bonds, or 3)
make payments to the Developer called for in paragraphs 5 .2( c )(i) and (ii) hereof. All interest
earned on the City's Retained Tax Fund in a Tax Year shall be applied to the payment of the
annual debt service on the Bonds for the next Tax Year and shall be deducted from the annual
debt service for the purpose of calculation of the DSCI Threshold for the next Tax Year.
5.3 Date of Reimbursement, Payments and Termination.
(a) The City shall make the first payment of accrued Reimbursement
Payments to the Developer on the 1 sl day of April, 2001. Additional accrued Reimbursement
Payments shall be made to the Developer annually on the same day in each successive year until
termination pursuant to the provisions hereof.
(b) The Developer's right to receive reimbursement payments under this
Agreement shall end on April 2, 2014, and no further payments shall be made to the Developer
under this Agreement after said date.
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Warranties
6.1 Authority.
(a) The City hereby represents and warrants to Developer that the City has
full constitutional and lawful right, power and authority, under currently applicable law, to
execute and deliver and perform the terms and obligations of this Agreement, and all of the
foregoing have been or will be duly and validly authorized and approved by all necessary City
proceedings, findings and actions. Accordingly, this Agreement constitutes the legal, valid and
binding obligation of the City, is enforceable in accordance with its terms and provisions and
does not require the consent of any other governmental authority.
(b) Developer hereby represents and warrants to the City that Developer
has full lawful right, power and authority to execute and deliver and perform the terms and
obligations ofthis Agreement and all of the foregoing have been or will be duly and validly
authorized and approved by all necessary actions of Developer. Concurrently with Developer's
execution of this Agreement, Developer has delivered to the City copies of the resolutions or
other corporate actions authorizing the execution of this Agreement and evidencing the authority
of the persons signing this Agreement on behalf of Developer to do so. Accordingly, this
Agreement constitutes the legal, valid and binding obligation of Developer, and is enforceable in
accordance with its terms and provisions.
6.2 Authorized Parties. Whenever under the provisions of this Agreement and
other related documents and instruments or any supplemental agreements, any request, demand,
approval, notice or consent of the City or Developer is required, or the City or Developer is
required to agree or to take some action at the request of the other, such request, demand,
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approval, notice or consent, or agreement shall be given for the City, unless otherwise provided
herein, by the City Mayor or his designee and for Developer by any officer of Developer so
authorized (and, in any event, the officers executing this Agreement are so authorized); and any
Party shall be authorized to act on any such request, demand, approval, notice or consent, or
agreement.
Prior Agreement
7. It is the intention of the parties that the prior agreement dated December
21, 1999 entitled "Agreement for Redevelopment Site No.1" be rescinded and replaced with this
Agreement.
Miscellaneous
8.1 Time of Essence. Time is of the essence of this Agreement. The Parties
will make every reasonable effort to expedite the subject matters hereof and acknowledge that the
successful performance of this Agreement requires their continued cooperation. All dates and
time periods provided for in this Agreement shall be delayed during any pending or threatened
litigation that would affect the ability of the City to reimburse the Developer from the Tax
Increment Fund as provided in Section 311.014 of the Act.
8.2 Default.
(a) A Party shall be deemed in default under this Agreement (which shall
be deemed a breach hereunder) if such Party fails to materially perform, observe or comply with
any of its covenants, agreements or obligations hereunder or breaches or violates any of its
representations contained in this Agreement.
(b) Before any failure of any Party to this Agreement to perform its
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obligations under this Agreement shall be deemed to be a breach of this Agreement, the Party
claiming such failure shall notify, in writing, the Party alleged to have failed to perform of the
alleged failure and shall demand performance. No breach of this Agreement may be found to
have occurred if performance has commenced to the reasonable satisfaction of the complaining
Party within thirty (30) days of the receipt of such notice, subject, however, to the terms and
provisions of Section 5.2(d). Upon a breach of this Agreement, the non-defaulting Party, in any
court of competent jurisdiction, by an action or proceeding at law or in equity, may secure the
specific performance of the covenants and agreements herein contained, may be awarded
damages for failure of performance, or both. No action taken by a Party pursuant to the
provisions of this Agreement shall be deemed to constitute an election of remedies and all
remedies set forth in this Agreement shall be cumulative and non-exclusive of any other remedy
either set forth herein or available to any Party at law or in equity. Each of the Parties shall have
the affirmative obligation to mitigate its damages in the event of a default by the other Party.
(c) Notwithstanding anything in this Agreement which is or may appear to
be to the contrary, if the performance of any covenant or obligation to be performed hereunder by
any Party is delayed as a result of circumstances which are beyond the reasonable control of such
Party (which circumstances may include, without limitation, pending or threatened litigation, acts
of God, war, acts of civil disobedience, fire or other casualty, shortage of materials, adverse
weather conditions (such as, by way of illustration and not limitation, severe rain storms or below
freezing temperatures, or tornadoes, labor action, strikes or similar acts) the time for such
performance shall be extended by the amount of time of such delay. The Party claiming delay of
performance as a result of any of the foregoing "force majeure" events shall deliver written
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notice of the commencement of any such delay resulting from such force majeure event not later
than seven (7) days after the claiming Party becomes aware of the same, and if the claiming Party
fails to so notify the other Party of the occurrence of a "force majeure" event causing such delay,
the claiming Party shall not be entitled to avail itself of the provisions for the extension of
performance.
8.3 Amendment. This Agreement, and any exhibits attached hereto, may be
amended only by the mutual agreement of the Parties evidenced by a written amendment, by the
adoption of an ordinance or resolution of the City approving such written amendment, as
provided by law, and by the execution of such written amendment by the Parties or their
successors in interest.
8.4 Entire Agreement. This Agreement (including all Exhibits attached to this
Agreement) sets forth all agreements, understandings and covenants between and among the
Parties relative to the matters herein contained. This Agreement supersedes all prior agreements,
negotiations and understandings, written and oral, and shall be deemed full integration of the
entire agreement of the Parties.
8.5 Severability. If any provision, covenant, agreement or portion of this
Agreement, or its application to any person, entity or property, is held invalid, such invalidity
shall not affect the application or validity of any other provisions, covenants, agreements or
portions of this Agreement and, to that end, all provisions, covenants, agreements or portions of
this Agreement are declared to be severable.
8.6 Texas Law. This Agreement shall be construed in accordance with the
laws ofthe State of Texas, and any actions concerning this Agreement shall be brought in either
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the Texas State District Courts of Tarrant County, Texas or the United States District Court for
the Northern District of Texas.
8.7 Notice. Any notice to be given or served hereunder or under any
document or instrument executed pursuant hereto shall be in writing and shall be (i) delivered
personally, with a receipt requested therefor; or (ii) sent by telecopy facsimile; or (iii) sent by a
nationally recognized overnight courier service; or (iv) delivered by United States registered or
certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the
Parties at their respective addresses set forth below, and shall be effective (a) upon receipt or
refusal if delivered personally or by telecopy facsimile; (b) one (1) business day after depositing
with such an overnight courier service; or (c) two (2) business days after deposit in the United
States mails, if mailed. A party may change its address for receipt of notices by service of a
notice of such change. All notices by telecopy facsimile shall be subsequently confirmed by U.S.
certified or registered mail, return receipt requested.
If to the City:
with a copy to:
If to Developer:
City of Colleyville
401 Oak Valley Drive
Colleyville, Texas 76034
Attn: City Manager
Fax Number: (817) 577-7555
Ross T . Foster
ROSS T. FOSTER, P.C.
9001 Airport Freeway, Suite 675
Fort Worth, Texas 76180
Fax Number: (817) 485-2836
Richard A. Myers
Village Monticello Partners, Ltd.
1111 S. Main Street, Suite 200
Grapevine, Texas 76051
Fax Number: (817) 424-2448
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with a copy to: J. Andrew Rogers
KELL Y, HART & HALLMAN
201 Main Street, Suite 2500
Fort Worth, Texas 76102
Fax Number: (817) 878-9242
8.8 Counterparts. This Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same
agreement.
8.9 No Recordation. The Parties agree that this Agreement may not and shall
not be recorded without the prior written consent of Developer.
8.10 Consent or Approval. Except as otherwise provided in this Agreement,
whenever consent or approval of either Party is required, such consent or approval shall not be
unreasonably withheld.
8.11 Interpretation. This Agreement has been jointly negotiated by the Parties
and shall not be construed against a Party because that Party may have primarily assumed
responsibility for the drafting of this Agreement.
8.12 Exhibits. All exhibits attached hereto are declared to be a party of this
Agreement and are incorporated herein by this reference.
8.13 Assignability. The rights and obligations of Developer hereunder may be
assigned in whole or in part at any time by Developer to an affiliated entity (an entity which
Richard Myers controls) without consent by the City, and to a non-affiliated entity only with the
City's consent.
IN WITNESS WHEREOF, the Parties have duly executed this Agreement pursuant to all
requisite authorizations as of the date first above written.
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CITY
By:
CITY OF COLLEYVILLE, TEXAS
Dod~~or G,)
ATTEST:
c~~~3&-.t;~
APPROVED AS TO FORM:
2~1
DEVELOPER
GE MONTICELLO PARTNERS, LTD.
By:
AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 16
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EXHIBIT uB-
PROPERTY DESCRIPTION
TRACT I
Being a trad of land situated in the Buffalo Bayou, Brazos and Colorado Railroad Survey, Abstract
No. 206, City of Colleyville, Tarrant County, Texas, said tract of land being all the tracts as deeded
per Warranty Deed to Village Monticello Partners, Ltd. as recorded in Volume 13733, Page 369,
Volume 13733, Page 361, and Volume 13733, Page 380 and also a portion of a tract deeded to
Bransford Park and Land Trust as recorded in Volume 10461, Page 1250 and Lot 1, Block 1; 1 st
City National Bank of Colleyville Addition per plat recorded in Volume 388-182, Page 81, and all of
Lot4-R, Block 1, Crossing at CoIleyville as recorded in Cabinet A, Slide 1397, all as recorded in the
Deed Records of Tarrant County, Texas, said tract being more particularty desaibed by metes and
bounds as follows:
BEGINNING at set 5/8 inch capped iron rod (BHB INC) on the Northwesterty R.O.W. line of
Colleyville Boulevard (Grapevine Highway S. H. 26) also being the most Southerty comer of said
Lot 1, Block 1, 1st City National Bank of Colleyville Addition also being the most Easterty Northeast
comer of a 10 foot R.O.W. dedication as shown on Kroger Addition per plat recorded in Cabinet A,
Slide 1029 of said Deed ReCOrds;
THENCE North 60 degrees 43 minutes 22 seconds West, along the common line of said Lot 1,
Block 1, 1 st City National Bank of Colleyville Addition and said Kroger Addition, a
distance of 416.70 feet to a set 5/8 inch capped iron rod for the Southwest comer of
said Lot 1, Block 1, 1st City National Bank of Colleyville Addition;
THENCE North 00 degrees 14 minutes 47 seconds West, continuing along said common line,
passing a found 1/2 inch capped iron rod (Landes) at 0.70 feet, continuing for a total
distance of 199.73 feet to a found 1/2 inch capped iron rod (Everage) being the most
easterty southeast comer of Lot 4-R, Block 1, Crossing at Colleyville, Phase " per plat
recorded in Cabinet A, Slide 1397 of said Deed Records;
THENCE North 89 degrees 29 minutes 27 seconds West, along the south line of said Lot 4-R
and the north line of Lot 1, Block 1, of said Kroger Addition, a distance of 375.00 feet
to a found 1/2 inch capped iron rod (Everage);
THENCE South 67 degrees 27 minutes 52 seconds West, continuing along the common line of
said Lots 4-R and said Lot 1, Block 1, Kroger Addition, a distance of 145.44 feet to a
set 5/8 inch capped iron rod (BHB INC) being the Southwest comer of said Lot 4-R.
Block 1, also being on the east line of Block 5, Crossing at Colleyville as recorded in
Cabinet A, Slide 1397 of said Deed Records;
. THENCE North 00 degrees 07 minutes 03 seconds West, along the common line of said Lot 4-
R, Block 1 and said East line of Block 5, a distance of 310.36 feet to a point being the
northwest comer of said Lot 4-R, Block 1, on the south R.O.W. line of Forest Oak Lane
(a 50' R.O.W.), from said point a found 1/2 inch iron rod bears North 03 degrees 47
minutes 52 seconds East, a distance of 0.74 feet;
THENCE South 89 degrees 47 minutes 27 seconds East, along the north line of said Lot 4-R,
Block 1 and said south RO.W. line, a distance of 93.80 feet to a found 1/2 inch iron
rod;
THENCE South 89 degrees 29 minutes 27 seconds East, continuing along said north line of Lot
4-R, Block 1 and said south RO.W. line, a distance of 415.08 feet to a found 1/2 inch
iron rod being the northeast comer of said Lot 4-R, Block 1;
THENCE North 00 degrees 14 minutes 47 seconds West, along the west line of said Lot 1, Block
1, 1st City National Bank of Colleyville Addition, a distance of 50.00 feet to a found 1/2
inch iron rod being the northwest comer of said Lot 1, Block 1, 1 st City National Bank
of Colleyville Addition, from said found 1/2 inch iron rod a found 1/2 inch iron rod bears
South 07 degrees 35 minutes 19 seconds East, a distance of 1.61 feet;
THENCE North 89 degrees 29 minutes 27 seconds West, leaving said common line and along
the North R.O.W. line of Forest Oak Lane (a fifty foot RO.W.), a distance of 414.67
feet to a found 1 inch iron rod being the Southwest comer of said Petty tract and also
being the Southeast comer of a tract deeded to Bransford Park Land Trust as recorded
in Volume 10217, Page 2222 of said Deed Records;
THENCE North 00 degrees 29 minutes 26 seconds East, along the West line of said Petty tract
and the East line of said Bransford Park Land Trust as recorded in Volume 10217,
Page 2222, a distance of 362.76 feet to a found 1/2 inch capped iron rod (Landes)
being the Northeast comer of said Bransford Park. Land Trust tract and also being the
Southeast comer of Lot 2, Block 1, City Park Addition, per plat recorded in Volume
388-210, Page 94 of said Deed Records;
THENCE North 00 degrees 07 minutes 45 seconds East, along the East line of said Lot 2, Block
1, City Park. Addition, a distance of 354.80 feet to a found 1/2 inch capped iron rod
(Landes) being the Northeast comer of said Lot 2, Block 1 also being the Southeast
comer of Lot 1, Block 1, said City Park Addition;
THENCE North 00 degrees 05 minutes 40 seconds East, along the East line of said Lot 1, Block
1, City Park Addition, a distance of 52.54 feet to a point, from said point a found 1/2
inch iron rod bears North 89 degrees 56 minutes 56 seconds East, a distance of 0.24
feet;
THENCE North 89 degrees 56 minutes 56 seconds East. leaving said East line of Lot 1, Block
1, City Park Addition and along the North line of said Verlie l. Brown tract also being
the South line of a tract deeded to ABC, a Texas General Partnership as recorded in
Volume 11772, Page 2178 of said Deed Records, a distance of 919.61 feet to a found
1/2 inch iron rod on the established West RO.W. line of Pleasant Run Road;
THENCE along said established West R.O.W. line of Pleasant Run Road the following;
THENCE South 00 degrees 06 minutes 54 seconds East, a distance of 109.15 feet to a found
1 inch iron pipe;
THENCE South 00 degrees 19 minutes 55 seconds West, a distance of 230.10 feet to a found
1 inch iron pipe;
THENCE South 00 degrees 22 minutes 25 seconds West, a distance of 153.57 feet to a found
112 inch iron rod;
THENCE South 00 degrees 24 minutes 11 seconds West, a distance of 284.22 feet to a found
1 inch iron rod being the Northeast comer of a tract deeded to Anthony Timothy
McNosky and Vivian D. McNosky as recorded in Volume 6786, Page 503 of said Deed
Records;
THENCE South 89 degrees 57 minutes 17 seconds West, leaving said established West R.O.W.
line of Pleasant Run Road and along the North line of said McNosky tract, a distance
of 215.21 feet to a found 1 inch iron rod;
THENCE North 89 degrees 29 minutes 10 seconds West, continuing along said North line, a
distance of 100.40 feet to a found 1 inch iron rod being the Northwest comer of said
McNosky tract, also being the most Northerly Northeast comer of said Lot 1, Block 1,
1 st City National Bank of Cofleyville Addition;
THENCE South 02 degrees 28 minutes 17 seconds East, along the common line of said
McNosky tract and 1 st City National Bank of Colleyville Addition, a distance of 156.59
feet to a found 1/2 inch iron rod;
THENCE North 88 degrees 33 minutes 10 seconds East, continuing along said common line, a
distance of 290.13 feet to a found 1/2 inch capped iron rod (Landes) on the West
R.O.W. line of Pleasant Run Road per plat of 1st City National Bank of Cofleyville
Addition, from said found 1/2 inch capped iron rod (Landes) a found 1/2 inch iron rod
bears North 88 degrees 33 minutes 10 seconds East, a distance of 15.00 feet;
THENCE South 01 degrees 26 minutes 38 seconds West, along said West R.O.W. line of
Pleasant Run Road, a distance of 358.10 feet to a set 518 inch capped iron rod (BHB
INC) at the intersection of said West R.O.W. line of Pleasant Run Road with said
Northwesterly R.O.W. line of Colleyville Boulevard (Grapevine Highway S. H. 26);
THENCE South 29 degrees 16 minutes 38 seconds West, along said Northwesterly R.O.W. line,
a distance of 227.70 feet to the POINT OF BEGINNING and containing 1,090,871
square feet or 25.04 acres of land.
PROPERTY DESCRIPTION
TRACT If
Being a tract of land situated in the J. M. Looney Survey, Abstract No. 936, City of Colleyville,
Tarrant County, Texas, said tract being the remainder tract of a tract deeded to Foster Alton and
Jean Andrews as recorded in Volume 6985, Page 1790 of the Deed Records of Tarrant County.
Texas, said tract being more particularly described by metes and bounds as follows:
BEGINNING at a found 5/8 inch iron rod on the Northwesterly R.O.W. line of Colleyville Boulevard
(Grapevine Highway South. H. 26), being the Southeast comer of Lot 1, Block 1. Foster Addition
per plat recorded in Volume 388-142, Page 35 of said Deed Records;
THENCE SouIh 29 degrees 25 minutes 11 seconds West, along said Northwesterty RO. W. line
of Colleyville Boulevard, passing a found 1/2 inch iron rod at 174.32 feet and continuing
for a total distance of 317.35 feet to a point lying within a creek bed, said point being.
the most Easterty Southeast comer of Lot 1, Block 1, Applebee's Addition as recorded .
in Cabinet A, Slide 3939 of said Deed Records;
THENCE North 08 degrees 34 minutes 03 seCDOds West, leaving said Northwesterly RO.W. line
of Colleyvifle Boulevard, along the East line of said Lot 1, Block 1, Applebee's Addition,
a distance of 108.95 feet to a point lying within a creek bed;
THENCE North 04 degrees 26 minutes 51 seconds East, continuing along the East line of said
Lot 1, Block 1, a distance of 83.04 feet to a point lying within a creek bed, said point
being the Northeast corner of said Lot 1, Block 1, Applebee's Addition;
THENCE South 84 degrees 46 minutes 00 seconds West, along the North line said Lot 1, Block
1, Applebee's Addition, a distance of 122.54 feet to a found 1/2 inch iron rod;
THENCE South 83 degrees 55 minutes 20 seconds West, continuing along said North line of Lot
1, Block 1, Applebee's Addition, a distance of 89.97 feet to a found 1/2 inch iron rod in
concrete on the established East R.O.W.line of Pleasant Run Road;
THENCE North 00 degrees 44 minutes 09 seconds East, along said established East RO.W.
line of Pleasant Run Road, a distance of 508.29 feet to a found 5/8 inch iron rod being
or intended to be the Southwest comer of a tract deeded to Richard P. Failor as
recorded in Volume 9085, Page 2173 of said Deed Records;
THENCE South 87 degrees 45 minutes 59 seconds East, along the South line of said Failor tract
and a tract deeded to Andrew and Jane O'pry as recorded in Volume 12888, Page 136
of said Deed Records, a distance of 338.45 feet to a found 1/2 inch iron rod, from said
found 1/2 inch iron rod a found 1/2 inch capped iron rod -Moak- bears North 89
degrees 41 minutes 04 seconds East, a distance of 13.23 feet;
THENCE South 13 degrees 06 minutes 18 seconds West, along the West line of a tract deeded
to Chartes Davidson as recorded in Volume 7590, Page 1964 of said Deed Records
and along the West line of said Lot 1, Block 1, Foster Addition, a distance of 373.81
feet to a set 5/8 inch capped iron rod (BHB INC);
THENCE South 87 degrees 51 minutes 45 seconds East, along the South line of said Lot 1,
Block 1, a distance of 118.83 feet to the POINT OF BEGINNING and containing
161,131 square feet or 3.70 acres of land.
REVISED EXHIBIT "C" - CONCEPT PLAN
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Exhibit liD"
PUBLIC IMPROVEMENTS
On-Site Improvements
Surveying
Construction Staking
Bridge Construction over Pleasant Run Creek
In-Line Detention! Channelization of Pleasant Run Creek
Excavation, Clearing, Grading, Erosion Control
Sanitary Sewer System
Water System
Storm Drainage System
Storm Water Detention Features
Public Streets, Alleys, and Sidewalks
StreetfTraffic Control Signage
Public Parking Lots
Public Parking Structure
Professional Services
Street Lights
Street Landscaping
Engineering Plans
Major Fountain Construction
Overflow Parking Lot
Perimeter Screening Walls
Wrought Iron Fence at Colleyville City Park
Off-Site Improvements
Surveying
Construction Staking
Gate at Central Drive
Median Improvements to Colleyville Boulevard
Pleasant Run Street Improvements
Pleasant Run Sidewalks
Engineering Plans for Thompson Terrace Re-alignment
Construction of Thompson Terrace Re-Alignment
Thompson Terrace Sidewalks
Glade Road Sidewalks
Public Parks Landscaping -