HomeMy WebLinkAboutCity Council Resolutions (R-99-1586)-12/21/1999
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RESOLUTION R-99-1586
A RESOLUTION APPROVING A TAX INCREMENT FINANCING AGREEMENT
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, 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, the public improvements are contained in the project plan of the tax
increment district, and
WHEREAS, these reimbursements will only be made after a sufficient increase in
the real property ad valorem tax base is in place as verified by the
Tarrant Appraisal District and VMP has provided documentation of
costs incurred.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
Sec. 1.
THAT the VMP tax increment financing agreement attached as
Exhibit 1 is approved and the Mayor is authorized to sign the
agreement.
AND SO IT IS RESOLVED.
Pas~~d by a vote of 5 ayes, 0
'2/ ~ day of Del! !ffJbe/
nays, and 0 abstentions on this the
,1999.
ATTEST:
ce::T~~~
City Secretary
CITY OF COLLEYVILLE
D~~
Mayor
Exhibit 1
AGREEMENT FOR REDEVELOPMENT SITE NO.1
This Agreement for Redevelopment Site No.1 ("Agreement"), is made and entered into
this the :; J 5J day of p l- L t..nt.h I Y , 1999, 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 of Colleyville, 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 of the 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, 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 of the
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
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
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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
-- -- -- -- . --- - -- ------ --------- -- - . - - -
rece-iJiflirid sufficlencyofwfiicnis hen~DY acknow[edged,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
approval and execution by both parties.
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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 n_~!lbllcJ~2r()vement~.JheI?~~~lop~r sh,~I!_~oEst~c~~e ?~~~ic
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"
shall mean and include all costs defined as Project Costs in Section 311.002(1) of the Act as now
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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 I, 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
propertyUiax rate established by the City-of Colleyville, Tarrant CO\.l.l1ty, Tarrant County Hospital
District, and Tarrant County Community College District for the applicable tax 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
$5,000,000.00.
(c) Reimbursement Payments to the Developer shall be limited so that the
Reimbursement Payments shall be equal to (but shall not exceed) the sum of the following:
(i) 70% of the Increased Ad Valorem Tax Attributable to the
Project, plus
(ii) An amount equal to 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.
The determination as to the amount of sales tax upon which sales tax has been paid shall be made
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annually on January 1 of each year. It is agreed that the amount set forth in this subsection
5.2(c)(ii) will not be added to the monies in the Tax Increment Financing Fund, as such amount
is used herein as a measuring device only.
(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
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.
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 st 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, 2009, and no further payments shall be made to the Developer
under this Agreement after said date.
6.1 Powers.
(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
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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 of this 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 ofthe 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,
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.
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Miscellaneous
7.1 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 ofthe Act.
7.2 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
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 ofthe
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 [or failure of performance, or both. No action taken by a Party pursuant to the
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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
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, arid if the claiming Party
fails to so notify the other Party of the occurrence ofa "force majeure" event causing such delay,
the claiming Party shall not be entitled to avail itself of the provisions for the extension of
performance.
7.3 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
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successors in interest.
7.4 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.
7.5 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.
7.6 Texas Law. This Agreement shall be construed in accordance with the
laws of the State of Texas, and any actions concerning this Agreement shall be brought in either
the Texas State District Courts of Tarrant County, Texas or the United States District Court for
the Northern District of Texas.
7.7 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 (I) business day after depositing
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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:
with a copy to:
City of Colleyville
401 Oak. Valley Drive
Colleyville, Texas 76034
AU!!: 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
Village Monticello Partners, Ltd.
1111 S. Main Street, Suite 200
Grapevine, Texas 76051
J. Andrew Rogers
201 Main Street, Suite 2500
Fort Worth, Texas 76102
7.8 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.
7.9 No Recordation. The Parties agree that this Agreement may not and shall
not be recorded without the prior written consent of Developer.
7.10 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
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unreasonably withheld.
7.11 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.
7.12 Exhibits. All exhibits attached hereto are declared to be a party of this
Agreement and are incorporated herein by this reference.
7.13 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.
CITY
By:
CITY OF COLLEYVILLE, TEXAS, a home-rule
muruCit;;d a .
Donna Plrp, City Mayor ~
LJ~
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DEVELOPER
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Exhibit A-1
COLLEYVlLLE TIF
PROJECT PLAN
Total Non-TIF TIF
Project Cost Cost Cost
S.H. 26 Improvements - raised medians, curb and
gutter, drainage, street lighting, landscaping,
traffic sianals, water, and sanitary sewer 6,350,000 1,500,000 4,850,000
Hall-Johnson Road Improvements - roadway
construction, R.O.W. acquisition, drainage, utility
Bdjustments, landscaping, etc. 3,300,000 1 ,400,000 1,900,000
Main Street Improvements - paving, drainage,
utilities, signeDe, street lighting, landscaping, etc. 700,000 700,000
Church Street Improvement$ - paving, drainage,
utilities, traffic signal, signage, street lighting,
landscaDing etc. 1,100,000 1,100,000
Downtown Area. Improvements - streets, land,
public parking, bridge work, sidewalks, planning
and engineerina, etc. 2,200,000 2,200,000
Riverwalk Drive Improvements - paving, drainege,
utilities, signage, street lighting, landscapina, etc. 1,200,000 1,200,000
Bluebonnet Road Improvements - paving, drainage,
utilities, signage, street lighting, landscaping, ate. 750,000 80,000 670,000
Bogart Road Improvements - paving, drainage,
utilities, signege, street lighting, landscaping, etc. 780,000 180,000 600,000
TinkerlSanders Intersection Improvements -
paving, drainage, utility adjustments, signage,
street lighting, traffic signal, landscaping, etc. 220,000 220,000
City Hall 3,500,000 3,500,000
Plaza 2,734,360 2,734,360
Public Parking Structure 2,120,960 2,120,960
Storm Weter Detention 200,000 200,000
Ubrary 1,740,000 1,500,000 240,000
Police Station 0
Fire Station 1,493,500 1,493,500
Public Perking Lots, land, and Engineering 3,011,180 3,011,180
School Improvements 7,938,690 7,938,690
Professional services - engineering, planning,
inspection, testing, etc. 650,000 650,000
Total 39,988,690 4,660,000 35,328,690
11/3011998
EKhibit A-2
CITY OF COLLEYVILLE
TAX INCREMENT REINVESTMENT ZONE ANALYSIS
PROJECTED FINANCING PLAN
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EXHIBIT "B"
PROPERTY DESCRIPTION
TRACT I
Being a tract 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; 1st
City National Bank of Colleyville Addition per plat recorded in Volume 388-182, Page 81, and all of
Lot 4-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 particularly described by metes and
bounds as follows:
BEGINNING at set 5/8 inch capped iron rod (BHB INC) on the Northwesterly RO.W. line of
Colleyville Boulevard (Grapevine Highway S. H. 26) also being the most Southerly comer of said
Lot 1, Block 1, 1 st City National Bank of Colleyville Addition also being the most Easterly 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, 1 st 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
easterly 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 (SH8 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 R.O.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 R.O.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, 1 st 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 Sot,Jtheast corner 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 tine 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 fine 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 RO.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
1/2 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 Colleyville Addition;
THENCE South 02 degrees 28 minutes 17 seconds East, along the common line of said
McNosky tract and 1st 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 1 st City National Bank of ColleyvUle
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 RO.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 RO.W. line of Pleasant Run Road with said
Northwesterly RO.W.line of Colleyville Boulevard (Grapevine Highway S. H. 26);
THENCE South 29 degrees 16 minutes 38 seconds West, along said Northwesterly RO.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 II
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 RO.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 South 29 degrees 25 minutes 11 seconds West, along said Northwesterly R.O.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 Easterly 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 seconds West, leaving said Northwesterly R.O.W. line
of Colleyville 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 63_04 feet to a point lying within a creek bed, said point
being the Northeast comer 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 saki 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 "Maek- bears North 89
degrees 41 minutes 04 seconds East, a distance of 13.23 feet;
THENCE South 13 degrees 06 minutes 16 seconds West, along the West line of a tract deeded
to Charles 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.
EXHIBIT nen
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EXHIBIT "D"
PUBLIC IMPROVEMENTS
On-Site Items
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
Street/Traffic Control Signage
Public Parking Lots
Street Lights
Street Landscaping
Engineering Plans
Major fountain Construction
Overflow Parking Lot
Perimeter Screening Walls
Wrought Iron Fence at City Park
Off-Site Items
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