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HomeMy WebLinkAbout2000-225S \our Documenun snnooesMnalee,a of ben ordinance doc ORDINANCE NO a00D o�o�J� AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE A RELEASE OF LIEN RELEASING NOTE AND DEED OF TRUST LIENS ON APPROXIMATELY 434 ACRES OF PROPERTY AS A RESULT OF THE SATISFACTION OF THE CONDITIONS SET FORTH IN THE NOTE AND MEMORANDUM OF UNDERSTANDING FOR THE INTERNATIONAL ISOTOPES, INC /NORTH TEXAS RESEARCH CENTER PROJECT, AND PROVIDING AN EFFECTIVE DATE WHEREAS, on or about September 3, 1997 the City entered into that certain Memorandum of Understanding — Economic Development Program Incentive for International Isotopes, Inc (AIPC) with Northwest Realty, Inc and Terrano Realty, Inc for the development of approximately 434 acres of property known as the North Texas Research Center, and WHEREAS, the primary purpose of the agreement was to facilitate the construction of the International Isotopes, Inc project, and WHEREAS, in accordance with the conditions of the Memorandum of Understanding and to secure the City's construction of an approximately 3,232 foot divided four -lane roadway, Northwest Realty and Terrano Realty executed a Real Estate Lien Note secured by two Deeds of Trust in the amount of $709,000 securing a lien on approximately 434 acres of property, more fully described in the attached Release of Lien, and WHEREAS, the Note and lien was conditioned on Northwest Realty and Terrano Realty, known as the Joint Venture within three years from the date of execution of the Note — September 3, 1997 — constructing one structure consisting of not less than 35,000 square feet at a construction cost of approximately $4 million and another structure consisting of not less than 20,000 square feet at a construction cost of approximately $750,000, equipping both structures with total personal property valued at approximately $7 5 million and establishing a payroll of $4 million by the end of the fourth quarter of 1999, and WHEREAS, the Note provides that if the above -mentioned improvements and the personal property and employment payroll levels are met within the three-year period, the Note would be null and void and that the City would fully release all hens and security interests secured by the Note and Deeds of Trust, and WHEREAS, the City Manager, through the Director of Economic Development, has determined that the improvements have been constructed and the thresholds have been met, and recommends that the City release the lien on the property, and WHEREAS, the City Council deems it in the public interest to release the lien, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION 1 That the City Manager and his designees, including, if necessary, the Trustee on the Deeds of Trust, are hereby authorized to execute the Release of Lien, which is Page 1 5 \0ur Documenu\Ordmancca\004eleeee of hen o,d,..c. doc made a part of this ordinance for all purposes, acknowledging the construction of the improvements and the meeting of the various economic development thresholds set forth in the documents referenced above SECTION 2 That the City Attorney is hereby directed to deliver a notarized and executed original of the Release of Lien suitable for recording in the deed records of the County Clerk of Denton County to Northwest Realty, Inc and Terrano Realty, Inc SECTION 3 That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the 9&day of 12000 it �Aat- EULINE BROCK, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY BY�"At��a� APPROVED AS TO LEGAL FORM HERRPT?T T T)I?nTTTV !''TTV ATTr1VXTPV Page 2 RELEASE OF LIEN Date June 6, 2000 Real Estate Lien Note Date September 3, 1997 Original Amount $709,000 00 Maker N W Realty, Inc , a Texas corporation and Terrano Realty, Inc , a Texas Corporation Payee City of Denton, Texas Date of Maturity September 3, 2000 Holder of Note and Lien City of Denton, Texas, a municipal corporation Holder's Mailing Address (including county) 215 E McKinney, Denton, Denton County, Texas 76201 Note and Lien Are Described in the Following Documents, Recorded in Two Deeds of Trust dated September 3, 1997 from the Maker herein as Grantor to Roger N Wilkinson, Trustee, with the City of Denton, Texas as Beneficiary, respectively recorded Denton County Clerk's file document numbers 97-ROO89214 and 97-ROO89215 on the 191h day of December, 1997 in the Real Property Records of Denton County, Texas Property (including any improvements) Subject to Lien Approximately 434 acres, out of the Mary L Austin Survey, Abstract No 4, the E Moms Survey, Abstract No 868, and the M E P & P R R Cc Survey, Abstract No 1473, Denton County, Texas Holder of the note acknowledges its payment and satisfaction Holder acknowledges completion of the improvements and reaching the thresholds recited in the Real Estate Lien Note described herein and in that certain Memorandum of Understanding — Economic Development Program Incentives for International Isotopes, Inc (AIPC) (the "Memorandum") executed by Makers Holder releases the Makers and International Isotopes, Inc and their successors, and Holder releases the property from all liens securing payment of the note and performance of obligations under the Memorandum CITY OF DENTON, TEXAS BY _/ ICHAEL J , CI Y MANAGER \\CH LGL\VOLIVhuedWeFNAL\Our D0CUMn 1\Cmftacla\00\RELEASE OF LIEN doc Page 1 TRUSTEE ROGER WILKINSON STATE OF TEXAS COUNTY OF DENTON Before me, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Michael W Jez, City Manager for the City of Denton, Texas, known to me to be the person who signed and executed the foregoing instrument, and acknowledged to me that tlus instrument was executed for the purposes of consideration therein expressed qq�� Given under my hand and seal of office tlus /0'4k .r . / �. Noiay Pubpc, Stete of Texas �l`�... MNOommlealonDfplrea '�f♦!ntts'� MAY 8, 2002 STATE OF TEXAS COUNTY OF DENTON f , 2000 lie in for State of Texas My Commission Expires Before me, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Roger N Wilkinson, Trustee for the City of Denton, Texas, a municipal corporation, on behalf of said City, known to me to be the person who signed and executed the foregoing instrument, and acknowledged to me that this instrument was executed for the purposes of consideration therein expressed Given under my hand and seal of office this day of 2000 Notary Public in and for the State of Texas My Commission Expires \\CH LGL\VOLIVhare&deptVAL\Ovr Omummb\ContracuWO\RELEASE OF LIEN doc Page 2 462 f 00367 Date: June 6, 2000 Real Estate Lien Note Date: Original Amount: Maker: Payee: Date of Maturity: Holder of Note and Lien: RELEASE OF LIEN September 3, 1997 $709,000.00 N.W. Realty, Inc., a Texas corporation and Terrano Realty, Inc., a Texas Corporation City of Denton, Texas September 3, 2000 City of Denton, Texas, a municipal corporation Holder's Mailing Address (including county): 215 E. McKinney, Denton, Denton County, Texas 76201 Note and Lien Are Described in the Following Documents, Recorded in: Two Deeds of Trust dated September 3, 1997 from the Maker herein as Grantor to Roger N. Wilkinson, Trustee, with the City of Denton, Texas as Beneficiary, respectively recorded Denton County Clerk's file document numbers 97-ROO89214 and 97-ROO89215 on the 19`h day of December, 1997 in the Real Property Records of Denton County, Texas. Property (including any improvements) Subject to Lien: Approximately 434 acres, out of the Mary L. Austin Survey, Abstract No. 4, the E. Morris Survey, Abstract No. 868, and the M.E.P. & P. R. R. Co. Survey, Abstract No. 1473, Denton County, Texas. Holder of the note acknowledges its payment and satisfaction. Holder acknowledges completion of the improvements and reaching the thresholds recited in the Real Estate Lien Note described herein and in that certain Memorandum of Understanding — Economic Development Program Incentives for International Isotopes, Inc. (AIPC) (the "Memorandum") executed by Makers. Holder releases the Makers and International Isotopes, Inc. and their successors, and Holder releases the property from all liens securing payment of the note and performance of obligations under the Memorandum. XH-LGL\VOL]Vhar "cot GL\Our DocummOConb cuW %RELEASE OF UEN.doc Page 1 CITY OF DENTON, TEXAS BY:1�6ax)qf-,l ICHAEL . 161, , C Y MANAGER 4621 00360 TRUSTEE: Z / / o, RQCtRN.NlLKlNSON STATE OF TEXAS COUNTY OF DENTON Before me, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Michael W. Jez, City Manager for the City of Denton, Texas, known to me to be the person who signed and executed the foregoing instrument, and acknowledged to me that this instrument was executed for the purposes of consideration therein expressed. qq�� Given under my hand and seal of office this /_v� am FORSYTHEbl�, Stets of Texasmleaon ExpiresY 9, 2002 STATE OF TEXAS § . COUNTY OF DENTON § day of 2000. L 4 Public in for State of Texas My Commission Expires: D/2 Before me, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared Roger N. Wilkinson, Trustee for the City of Denton, Texas, a municipal corporation, on behalf of said City, known to me to be the person who signed and executed the foregoing instrument, and acknowledged to me that this instrument was executed for the purposes of consideration therein expressed. l Given under my hand and seal of office this �v day 14LL—, 2000. 90"N,,,r„ 4 'p`: DENISE M. PERQ s • ? ? ' : NutW Public, Stets of Tom Qotary Public in Aand for e State of T s -&i" • My Comminion Exp. ozw-YGOf a My Commission Expires: o2—a'— zoo4 \\CH-LGL\VOL1\hnredWgt\LGL\Our IMcumenu\CunMcMOOV LMSE OF LIEN.doc Page 2 71 4621 00369, Return To: City Of Denton Engmeying & Transpoilation Dept. 22 [gonI? Elm Street: Denton * 7i-ex�,as76201 Attention: � yJ UJ�(1 w on ANY RROV510N HEREIN WIM.11 REOrRE'IB THE a E, REMAL OR 1.6E OF THE : � :ORIFlEO Ri:.. �aGEER1Y BEGWf OF OOLUR ON MOE a INYgL10 AND IINENFO :GBLE 1H10ER FEDEML 1pW, TNF STATE OFTENAE 1 OOUNTYFOENTON MNq' coOpy IIFI EHe Pb1AFMM WY FPk9 n Pb FIe NuFG. FpYwlVb m Pic mb bM M Ihne NYryM Mrem M mF: nq was dh REfgROEO. M Nc opal RUNE: RneM aR.y w,peM a emb. fainh, reoF m JUN 2 9 2000 crA'c1AkLq COUNTY CLEAN DENTON COUNTY, TERM pj kT w i Filed for Record in: DENTON COUNTY, TX CYNTHIA MITCHELL, COUNTY CLERK. !,.On, -Jun 29 2000 At 10:07am Doc/Num 00 R00609&1 Doc/Type REL �Recorrdinq-: 7.00 Doc/M_pmt L-.00 Receipt 0. 26436 Deputy - Christy 4621 00363 THE STATE OF TEXAS CKIIIAM &Q-W-Mm POWI CITY OF DENTON - 0jG09so I, the undersigned City Secretary of the City of Denton, Texas, (the "City") DO HEREBY CERTIFY that according to the records of the City of which I am custodian, that: the attached is a true and accurate copy of Ordinance No. 2000-225 as approved by the City of Denton City Council on June 20, 2000. TO CERTIFY WHICH, witness my official signature and the seal of said City, this the 28th day of June, 2000. •,F, • •I •TEXAS ' SAGw Dac =m \D inmmes\00\ 1a of lien wdinence.dw 4621 00064 ORDINANCE NO. a00D oJ` AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE A RELEASE OF LIEN RELEASING NOTE AND DEED OF TRUST LIENS ON APPROXIMATELY 434 ACRES OF PROPERTY AS A RESULT OF THE SATISFACTION OF THE CONDITIONS SET FORTH IN THE NOTE AND MEMORANDUM OF UNDERSTANDING FOR THE INTERNATIONAL ISOTOPES, INC./NORTH TEXAS RESEARCH CENTER PROJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on or about September 3, 1997 the City entered into that certain Memorandum of Understanding — Economic Development Program Incentive for International Isotopes, Inc. (AIPC) with Northwest Realty, Inc. and Terrano Realty, Inc. for the development of approximately 434 acres of property known as the North Texas Research Center; and WHEREAS, the primary purpose of the agreement was to facilitate the construction of the International Isotopes, Inc. project; and WHEREAS, in accordance with the conditions of the Memorandum of Understanding and to secure the City's construction of an approximately 3,232 foot divided four -lane roadway, Northwest Realty and Terrano Realty executed a Real Estate Lien Note secured by two Deeds of Trust in the amount of $709,000 securing a lien on approximately 434 acres of property, more fully described in the attached Release of Lien; and WHEREAS, the Note and lien was conditioned on Northwest Realty and Terrano Realty, known as the Joint Venture within three years from the date of execution of the Note — September 3, 1997 — constructing one structure consisting of not less than 35,000 square feet at a construction cost of approximately $4 million and another structure consisting of not less than 20,000 square feet at a construction cost of approximately $750,000, equipping both structures with total personal property valued at approximately $7.5 million and establishing a payroll of $4 million by the end of the fourth quarter of 1999; and WHEREAS, the Note provides that if the above -mentioned improvements and the personal property and employment payroll levels are met within the three-year period, the Note would be null and void and that the City would fully release all liens and security interests secured by the Note and Deeds of Trust; and WHEREAS, the City Manager, through the Director of Economic Development, has determined that the improvements have been constructed and the thresholds have been met, and recommends that the City release the lien on the property; and WHEREAS, the City Council deems it in the public interest to release the lien; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. That the City Manager and his designees, including, if necessary, the Trustee on the Deeds of Trust, are hereby authorized to execute the Release of Lien, which is Page 1 5:\Our 1).. ft\Ordin..N004d.a of lien ordinence.doc 4621 00365 made a part of this ordinance for all purposes, acknowledging the construction of the improvements and the meeting of the various economic development thresholds set forth in the documents referenced above. SECTION 2. That the City Attorney is hereby directed to deliver a notarized and executed original of the Release of Lien suitable for recording in the deed records of the County Clerk of Denton County to Northwest Realty, Inc. and Terrano Realty, Inc. SECTION 3. That this ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the ao�h-day of0. 12000. ATTEST: JENNIFER WALTERS, CITY SECRETARY BY: 1 APPROVED AS TO LEGAL FORM: HF.RRFRTI. PRt7TTTV PITY ATTORNFV BY: &dol�' /i .-° GAL EULINE BROCK, MAYOR Page 2 4621 00366` Return To: City Of Denton Engmeel'il1 & Transportation Dept. 221 Nc)j�t Flm Street Dentorl,'rex s 76201 Attention:Q� AM PpOVgION 1lgE1N WMON HfETP1LICTNF BALE. REMAL Oq V9E OF THE OESC.HIBED qE(y PgOPEMY BEOdUBE OF [ALOP OA MOE 5 THCSiaTE OFTEIWOANO WEAGLE UNOEN FEOEMLIAW. THE BffNFO COUIJry Of OEMON 0 OMA«m�Mn W �EMBItlYFMMFnmIw F0.®FYw MA1REWMED.MmwEW: Nb N PY PmpBd0m 0^N" Tw m JUN 2 9 2000 COUNTYCLBAK OENWN OOUNTY, TEXAS Filed fo'r Record in: DFNTON COUNTY CYNTHIA MITCHELL, TX COUNTY CLERK on Jun 29 2000 At 10:05am Doc/Num : 00-R0060980 Doc/Tvne : OR Recording: 9.00 Doc/Nnmt : 6.00 Receipt #t: 26435 Deputy - Christy