Loading...
2009-064 sAour documents\ordinances\09\380 amended agr-allegiance hillview.doc ORDINANCE NOJ~O g-~ AN ORDINANCE APPROVING THE ADOPTION OF AN AMENDED CHAPTER 380 AGREEMENT WITH ALLEGIANCE HILLVIEW, LP; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Allegiance Hillview, LP ("Allegiance") has made a request of the City of Denton ("City") to establish an economic development program under Chapter 380 of the Texas Local Government ("Chapter 380") to stimulate the development of commercial property within the City of Denton; and WHEREAS, on May 15, 2007, the City Council adopted Ordinance No. 2007-113 which included an Economic Development Grant Agreement (the "Agreement") establishing an economic development program under Chapter 380; WHEREAS, it is in the public interest to authorize the Mayor, or in his absence the Mayor Pro Tem, to approve an amendment to the Agreement, which is attached hereto and made a part of; NOW, THEREFORE; THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. The recitals and findings contained in the preamble of this Ordinance are incorporated into the body of this Ordinance. SECTION 2. The Mayor, or in his absence the Mayor Pro Tem, is hereby authorized to execute the amended Agreement on behalf of the City of Denton and to exercise all rights and duties of the City of Denton under this amended Agreement, including without limitation the authorization to make the expenditures set forth in the Agreement. SECTION 3. The Agreement executed pursuant to Ordinance No. 2007-113 is amended and restated in its entirety. SECTION 4. This Ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the day of '2009. B C4U,R~R S MAYOR ATTEST: JE IFER WALTERS, TY SECRETARY BY: APPR VEDA O LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY: ~ . sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc THE STATE OF TEXAS § COUNTY OF DENTON § ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT WITH ALLEGIANCE HILLVIEW, LP This Economic Development Program Grant Agreement ("Agreement") is made and entered into by and between ALLEGIANCE HILLVIEW, LP ("Grantee"), a New York Limited Partnership, and the CITY OF DENTON, TEXAS (the "City"), a Texas municipal corporation, for the purposes and considerations stated below: Section 1. Authorization. This Agreement is made pursuant to the Economic Development Programs provisions of TEXAS LOCAL GOVERNMENT CODE, Chapter 380 (the "Act") to promote local economic development and to stimulate business and commercial activity in the City. Section 2. Definitions. "Eligible Improvements" means the Eligible Improvements listed in the categories set forth on Exhibit A. "Eligible Incentive Costs for Phase P" means the actual amount of money paid for any Eligible Improvements in Phase I. The parties agree and understand that the actual cost of any individual category of Eligible Improvements listed may vary from the corresponding estimated amount listed in Exhibit A, and Grantee shall be permitted to move costs from one category to another as long as the total Eligible Incentive Costs for Eligible Improvements in Phase I exceeds $20 million. In order to qualify for the Program Grant for Phase I, a minimum of $20 million must be expended for Eligible Improvement Costs for Eligible Improvements in Phase I. "Eligible Incentive Costs for Phase II" means the actual amount of money paid for any . Eligible Improvements in Phase II. The parties agree and understand that the actual cost of any individual category of Eligible Improvements listed may vary from the corresponding estimated amount listed in Exhibit A, and Grantee shall be permitted to move costs from one category to another as long as the total Eligible Incentive Costs for Eligible Improvements in Phase II exceeds $42 million. In order to qualify for the Program Grant for Phase II, a minimum of $42 million must be expended for Eligible Improvement Costs for Eligible Improvements in Phase II. "Grantee" means Allegiance Hillview, LP, its successors, or any party to whom Allegiance Hillview, LP may assign this Agreement. "Highway 380 Improvements" means the reconstruction of US 380, including but not limited to, two additional lanes (one on the north side of US 380 and one on the south side) of US 380 adjacent to the Property, including required utility relocations from the intersection of US 380 and Bonnie Brae to the intersection of US 380 and the nearest service road right-of-way for Interstate 35. sAour documentslcontracts\09\allegiance chapter 380 incentive agreement.doc "Monthly Sales Tax Report" means the monthly report received from the Texas State Comptroller that shows the amount of Total Taxable Sales for a month period. "Phase I" means the Property located on the north side of Highway 380, consisting of approximately 153.37 acres as described in Exhibit B. "Phase II" means the Property located on the south side of Highway 380, consisting of approximately 256.91 acres and as shown on Exhibit B. "Program Effective Date for Phase I" has the meaning given to such term in Section 3 of this Agreement. "Program Effective Date for Phase IF has the meaning given to such term in Section 3 of this Agreement. "Program for Phase I" means 180 consecutive monthly payments of Program Grant for Phase I installment payments. "Program for Phase II" means 240 consecutive monthly payments of Program Grant for Phase II installment payments. "Program Grant for Phase P' means a grant of a percentage of the 1.5% sales tax collected by the City with respect to the Total Taxable Sales for a period of 180 consecutive months for Phase I as outlined in Table 1 below. The Program Grant for Phase I shall not exceed the lesser of $20 million or the Eligible Incentive Costs for Phase I. Table 1. Phase I - Property North of Highway 380 Percentage of Term City 1%% Sales Tax Until a total of $12 million in grant payments for 60% Phase I have been paid, or 60 months after the Program Effective Date for Phase 1, whichever comes first. Until a total of $15 million in grant payments. for 50% Phase I have been paid, or 120 months after the Program Effective Date for Phase I, whichever comes first. Until a total of $20 million in grant payments for 33.3% Phase I have been paid, or 180 months after the Program Effective Date, whichever comes first. The total term for Phase I will not exceed 180 monthly grant payments and will not exceed a total of $20 million in grant payments. Page 2 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc "Program Grant for Phase II" means a grant of a percentage of the 1.5% sales tax collected by the City with respect to the Total Taxable Sales for a period of 240 consecutive months for Phase 11 as outlined in Table 2 below. The Program Grant for Phase II shall not exceed the lesser of $42 million or the Eligible Incentive Costs for Phase II. Table 2. Phase II - Property South of Highway 380 Percentage of -City 1%% Sales Tag Term Until a total of $15 million in grant payments for 60% Phase II have been paid, or 72 months after the Program Effective Date for Phase II, whichever comes first. Until a total of $30 million in grant payments for 50% Phase II have been paid, or 156 months after the Program Effective Date for Phase II, whichever comes first. Until a total of $42 million in grant payments for 33.3% Phase II have been paid, or 240 months after the Program Effective Date, whichever comes first. The total term for Phase II will not exceed 240 monthly grant payments and will not exceed a total of $42 million in grant payments. "Property" means that certain tract of approximately 410 acres more particularly described in Exhibit B attached hereto. "Required Infrastructure for Phase I" means the road and public utility infrastructure required to support the development of the Retail Improvements in Phase 1, including but not limited to, Highway 380 Improvements and the road and utilities in it providing service to the contemplated residential development at the north of Phase I. "Required Infrastructure for Phase II" means the road and public utility infrastructure required to support the development of the Retail Improvements in Phase II, including but not limited to, the portion of Heritage Trail located within Phase II. "Retail Improvements in Phase I" means a minimum of_400,000 square feet of retail shopping center buildings located in Phase I. "Retail Improvements in Phase II" means a minimum of 600,000 square feet of retail shopping center buildings located in Phase II, comprised of the Town Center (as described by the zoning applicable to the Property), and other retail development in Phase 11. "Substantial Completion" means: (i) with respect to the Retail Improvements in Phase I, when certificates of occupancy have been issued for the Retail Improvements in Phase I; (ii) with respect to the Required Infrastructure for Phase I, when the Required Infrastructure for Phase I has been constructed in accordance with City and TxDot standards and inspected and accepted Page 3 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc by the City or TxDot, as applicable; (iii) with respect to the Retail Improvements in Phase II, when certificates of occupancy have been issued for the Retail Improvements in Phase II; and (iv) with respect to the Required Infrastructure for Phase II, when the Required Infrastructure for Phase II has been constructed in accordance with City and TxDot standards and inspected and accepted by the City or TxDot, as applicable. "Total Taxable Sales" means the total amount of all sales from which sales and use tax is collected from businesses located on Phase I, or Phase II, as applicable, excluding sales occurring at any Dillard's, J.C. Penney Co., Macy's, Sears Roebuck and Co., Bames & Noble, DSW (Discount Shoe Warehouse), and Ross Dress for Less that locates within the Property and closes any store located within the retail shopping area commonly known as the "Golden Triangle Mall." "TxDot" means the Texas Department of Transportation. "US 380" means U.S. Highway 380. Section 3. Term 3.1. This Agreement shall be effective as of the date of execution by both parties. At any time following execution of this Agreement and following Substantial Completion of the Required Infrastructure for Phase I (but not before January 1, 2010, and not later than January 1, 2013), Grantee may designate the first day of any month to be the Program Effective Date for Phase I by providing written notice to the City at least 60 days prior to the designated Program Effective Date for Phase I. The City will begin making Program Grant for Phase I installment payments on the Program Effective Date for Phase I and shall continue to make such installment payments for 180 consecutive months as provided by this Agreement. This Agreement will terminate with respect to the Program Grant for Phase I upon the earlier to occur of. (i) the payment to Grantee of the full amount of the Program Grant for Phase I, or (ii) the payment to Grantee of all Program Grant for Phase I installment payments regardless of whether Grantee has been paid the full amount of the Program Grant for Phase I. 3.2. This Agreement shall be effective as of the date of execution by both parties. At any time following execution of this Agreement and following Substantial Completion of the Required Infrastructure for Phase II (but not before January 1, 2010, and not later than January 1, 2015), Grantee may designate the first day of any month to be the Program Effective Date for Phase II by providing written notice to the City at least 60 days prior to the designated Program Effective Date for Phase II. The City will begin making Program Grant for Phase II installment payments on the Program Effective Date for Phase II and shall continue to make such installment payments for 240 consecutive months as provided by this Agreement. This Agreement will terminate with respect to the Program Grant for Phase II upon the earlier to occur of. (i) the payment to Grantee of the full amount of the Program Grant for Phase II, or (ii) the payment to Grantee of all Program Grant for Phase II installment payments regardless of whether Grantee has been paid the full amount of the Program Grant for Phase II. Page 4 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc Section 4. Program Grant 4.1. For each month of the Program Grant for Phase I term, the City agrees, subject to the conditions contained in this Agreement, to make a Program Grant for Phase.I installment payment to Grantee on or before thirty days following the City's receipt from the State Comptroller of the Monthly Sales Tax Report indicating Total Taxable Sales from businesses located on Phase I. Monthly Program Grant for Phase I installment payments shall be calculated as provided in Section 5 below. Issuance of the first certificate of occupancy by the City to a tenant within Phase I shall be a condition precedent to the initiation of Program Grant for Phase I installment payments. Program Grant for Phase I installment payments may be withheld at any time if there are delinquent property taxes on any property located in the City of Denton owned by Grantee and will not be resumed until such delinquency is cured. Notwithstanding anything contained herein to the contrary, the Program Grant for Phase I installment payments will cease, this Agreement will automatically terminate as to Phase I, and Grantee will refund to the City all Program Grant for Phase I installment payments previously made if Substantial Completion of the Retail Improvements in Phase I has not occurred on or before January 1, 2013. In addition, the City, in its sole discretion, may terminate this Agreement as to Phase I if Substantial Completion of the Required Infrastructure for Phase I has not occurred on or before January 1, 2013. 4.2. For each month of the Program Grant for Phase II term, the City agrees, subject to the conditions contained in this Agreement, to make a Program Grant for Phase II installment payment to Grantee on or before thirty days following the City's receipt from the State Comptroller of the Monthly Sales Tax Report indicating Total Taxable Sales from businesses located on Phase II. Monthly Program Grant for Phase II installment payments shall be calculated as provided in Section 5 below. Issuance of the first certificate of occupancy by the City to a tenant within Phase II shall be a condition precedent to the initiation of Program Grant for Phase II installment payments. Program Grant for Phase II - installment payments may be withheld at any time if there are delinquent property taxes on any property located in the City of Denton owned by Grantee and will not be resumed until such delinquency is cured. Notwithstanding anything contained herein to the contrary, the Program Grant for Phase II installment payments will cease, this Agreement will automatically terminate as to Phase II, and Grantee will refund to the City all Program Grant for Phase II installment payments previously made if Substantial Completion of the Retail Improvements in Phase II has not occurred on or before January 1, 2015. In addition, the City, in its sole discretion, may terminate this Agreement as to Phase II if Substantial Completion of the Required Infrastructure for Phase II has not occurred on or before January 1, 2015. Section 5. Computation of Program Grant 5.1. Program Grant for Phase I installment payments for each month of the Phase I term shall be made in amounts as set forth in Table 1 below based on the applicable percentage of the 1.5% sales tax collected by the City with respect to the Total Taxable Sales for the preceding month indicated by the most recent State Comptroller's Monthly Sales Tax Report for Phase I. The City's obligation to make such payments is contingent upon the City's receipt of the Monthly Sales Tax Report; provided, however, if the State Comptroller shall cease to issue Monthly Sales Tax Reports, the City and Grantee shall cooperate to arrive at a reasonably Page 5 4243130.7 57708.1 Oour documents\contracts\09Wlegiance chapter 380 incentive agreement.doc equivalent and mutually agreeable alternative method of computing monthly installment payments. Table 1. Phase I - Property North of Highway 380 Percentage of -City 1%% Sales Tax Term Until a total of $12 million in grant payments for 60% Phase I have been paid, or 60 months after the Program Effective Date for Phase I, whichever comes first. Until a total of $15 million in grant payments for 50% Phase I have been paid, or 120 months after the Program Effective Date for Phase I, whichever comes first. Until a total of $20 million in grant payments for 33.3% Phase I have been paid, or 180 months after the Program Effective Date, whichever comes first. The total term for Phase I will not exceed 180 monthly grant payments and will not exceed a total of $20 million in grant payments. Any adjustments resulting from overpayment or underpayment of sales tax by a retail business(es) located within Phase I will be reflected in the monthly Program Grant for Phase I installment payment in which such overpayment or underpayment was reported by the State Comptroller. If for any reason the City is required to remit back to the State Comptroller sales tax previously collected on reported sales within Phase I, the next scheduled Program Grant for Phase I installment payment will be adjusted by the amount of overpayment or underpayment. Should the adjustment result in a negative Program Grant for Phase I installment payment due, Grantee will remit the balance to the City within 30 days. 5.2. Program Grant for Phase II installment payments for each month of the Phase II term shall be made in amounts as set forth in Table 2 below based on the applicable percentage of the 1.5% sales tax collected by the City with respect to the Total Taxable Sales for the preceding month indicated by the most recent State Comptroller's Monthly Sales Tax Report for Phase II. The City's obligation to make such payments is contingent upon the City's receipt of the Monthly Sales Tax Report; provided, however, if the State Comptroller shall cease to issue Monthly Sales Tax Reports, the City and Grantee shall cooperate to arrive at a reasonably equivalent and mutually agreeable alternative method of computing monthly installment payments. Page 6 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc Table 2. Phase II - Property South of Highway 380 Percentage of -City 1%% Sales Tax Term Until a total of $15 million in grant payments for 60% Phase II have been paid, or 72 months after the Program Effective Date for Phase II, whichever comes first. Until a total of $30 million in grant payments for 50% Phase II have been paid, or 156 months after the Program Effective Date for Phase II, whichever comes first. Until a total of $42 million in grant payments for 33.3% Phase II have been paid, or 240 months after the Program Effective Date, whichever comes first. The total term for Phase II will not exceed 240 monthly grant payments and will not exceed a total of $42 million in grant payments. Any adjustments resulting from overpayment or underpayment of sales tax by a retail business(es) located within Phase II will be reflected in the monthly Program Grant for Phase II installment payment in which such overpayment or 'underpayment was reported by the State Comptroller. If for any reason the City is required to remit back to the State Comptroller sales tax previously collected on reported sales within Phase II, the next scheduled Program Grant for Phase II installment payment will be adjusted by the amount of overpayment or underpayment. Should the adjustment result in a negative Program Grant for Phase II installment payment due, Grantee will remit the balance to the City within 30 days. Section 6. Other Grantee Obligations In consideration of the Program Grant for Phase I and the Program Grant for Phase II, Grantee agrees as follows: (a) The Retail Improvements for Phase I and the Retail Improvements for Phase II shall be designed and constructed to provide attractive retail environment consistent with other first class retail centers in the Dallas-Fort Worth area. Design shall reflect an attention to architectural details, the use of high quality materials and finishes, visual interest, and articulation of building facades that is generally consistent with the design features shown in Exhibit C. (b) In the event of tenant turnover, Grantee shall diligently seek to obtain quality retail tenants that are new to the Denton retail market. However, existing Denton retail businesses shall not be prohibited from leasing retail space at the Property. (c) Grantee shall fund the Highway 380 Improvements currently estimated to be approximately $10,000,000, and shall guarantee funding by providing the City with an irrevocable letter of credit pursuant to the Development Agreement for Rayzor Ranch Page 7 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc (US 380). Failure to provide the letter of credit will be a default under this Agreement, and the City may withhold all Program Grant payments until an executed letter of credit is received by the City. Should Grantee receive reimbursement for the Highway 380 Improvements from TxDot, the amount of such reimbursement shall be deducted from the total amount of the Program Grant. (d) The Property will not be conveyed during the term of this Agreement to any entity whose ownership of the Property would cause the Property to become exempt from ad valorem taxes unless an agreement with the City to ensure a program of payments in lieu of ad valorem taxes has first been agreed upon, provided, however, this subsection shall not apply to the property designated for the future museum to be located on the Property, or property designated for parks or other public uses. (e) Grantee will dedicate within the Property all required right-of-way for the future expansion of Bonnie Brae as a secondary arterial. (f) In the event Grantee or any of its affiliates purchases any retail buildings in the retail shopping area commonly known as the "Golden Triangle Mall," Grantee or its affiliate shall offer in writing to sell such buildings to FMP Denton, LLC for: (i) the then fair market value of such buildings as established by a qualified, independent MAI appraiser, or (ii) the amount of any arms-length offer to purchase such buildings received by Grantee or its affiliate from any third-party retail user unrelated to Grantee or any of its affiliates, whichever is greater. Section 7. Audits and Monitoring During the term of this Agreement, the City reserves the right to conduct audits of the sales and use tax records of businesses located within the Property if, in the sole opinion of the City, such action is determined to be necessary. Grantee agrees upon request to use reasonable efforts to assist the City in obtaining such records from tenant taxpayers. Failure to provide such assistance shall be grounds for default, and City *may withhold any Program Grant installment payments until such assistance is provided. During the term of this Agreement, the City will keep, or cause to be kept, copies of the Monthly Tax Reports and proper and current books and accounts in which complete and accurate entries shall be made of the amount of sales taxes received by the City from the State of Texas attributed to retail sales within both Phase I and Phase II and such other calculations, allocations and payments required by this Agreement. During the term, the City shall prepare within 180 days after the close of each fiscal year of the City, a complete financial statement for such year in reasonable detail covering the above information, and shall furnish a copy of such statement to Grantee. Upon the request of Grantee, and at Grantee's expense, City shall have the annual Program Grant for Phase I and the Program Grant for Phase II financial statements prepared by an independent certified public accountant. Upon request of Grantee, City shall provide copies of City records related to the Program Grant for Phase I and/or the Program Grant for Phase II to investors, lenders, or other parties designated by the Grantee. Page 8 4243130.7 57708.1 sAour documents\contractsX09\allegiance chapter 380 incentive agreement.doc Section 8. Default If a party fails to perform any of its obligations under this Agreement and such failure is not cured within 30 days after written notice, the failure of the non-performing party to cure within such 30 day period (or to commence to cure if the nature of the failure cannot reasonably be cured within 30 days) shall constitute a default under this Agreement and shall entitle the non- defaulting party to all remedies available at law or in equity (including injunctive relief, specific performance, and suspending or withholding Program Grant for Phase I or Program Grant for Phase II payments); PROVIDED, HOWEVER, NOTWITHSTANDING THE FOREGOING, (i) MONETARY DAMAGES SHALL BE LIMITED TO THE AMOUNT NECESSARY TO ENFORCE SPECIFIC PERFORMANCE OF THE FAILED OBLIGATION; (ii) THE CITY CANNOT TERMINATE THIS AGREEMENT AS TO PHASE I UNLESS (1) SUBSTANTIAL COMPLETION OF THE RETAIL IMPROVEMENTS IN PHASE I DOES NOT OCCUR ON OR BEFORE JANUARY 1, 2013 AS PROVIDED BY SECTION 4 HEREOF, (2) SUBSTANTIAL COMPLETION OF THE REQUIRED INFRASTRUCTURE FOR PHASE I DOES NOT OCCUR ON OR BEFORE JANUARY 1, 2013 AS PROVIDED BY SECTION 4 HEREOF, OR (3) GRANTEE IS IN DEFAULT OF ITS OBLIGATION TO PROVIDE THE LETTER OF CREDIT AS PROVIDED BY SECTION 6(C) HEREOF; (ill) THE CITY CANNOT TERMINATE THIS AGREEMENT AS TO PHASE II UNLESS (1) SUBSTANTIAL COMPLETION OF THE RETAIL IMPROVEMENTS IN PHASE II DOES NOT OCCUR ON OR BEFORE JANUARY 19 2015 AS PROVIDED BY SECTION 4 HEREOF, (2) SUBSTANTIAL COMPLETION OF THE REQUIRED INFRASTRUCTURE FOR PHASE II DOES NOT OCCUR ON OR BEFORE JANUARY 19 2015 AS PROVIDED BY SECTION 4 HEREOF, OR (3) GRANTEE IS IN DEFAULT OF ITS OBLIGATION TO PROVIDE THE LETTER OF CREDIT AS PROVIDED BY SECTION 6(C) HEREOF; AND (iv) THE CITY MAY NOT TERMINATE, WITHHOLD OR SUSPEND PAYMENTS, OR TAKE ANY OTHER REMEDY WITH RESPECT TO PROGRAM GRANT FOR PHASE I PAYMENTS OR OTHERWISE RELATED TO PHASE I EXCEPT FOR DEFAULTS RELATED TO PHASE I AND THE CITY MAY NOT TERMINATE, WITHHOLD OR SUSPEND PAYMENTS, OR TAKE ANY OTHER REMEDY WITH RESPECT TO PROGRAM GRANT FOR PHASE II PAYMENTS OR OTHERWISE RELATED TO PHASE II EXCEPT FOR DEFAULTS RELATED TO PHASE H. Section 9. Mutual Assistance The City and the Grantee shall do all things necessary or appropriate to carry out the terms and provisions of this Agreement and to aid and assist each other in carrying out the terms and provisions of this Agreement. Section 10. Indemnity It is understood and agreed that Grantee in performing its obligations hereunder is acting independently and the City assumes no responsibilities or liabilities in connection therewith to third parties and Grantee agrees to defend, indemnify and hold harmless the City from and against any and all claims, suits, and causes of action of any nature whatsoever arising out of Grantee's obligations hereunder. Grantee's indemnification obligations include the payment of reasonable attorney's fees and expenses incurred by the City in connection with such claims, suits, and causes of action. Page 9 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc Section 11. Representations by the City The City represents that: (a) The City is a home rule Texas municipal corporation and has the power to enter into and has taken all actions to date required to authorize this Agreement and to carry out its obligations hereunder; . (b) The City knows of no litigation, proceedings, initiative, referendum, investigation or threat of any of the same contesting the powers of the City or its officials with respect to this Agreement that has not been disclosed in writing to Grantee; (c) The City knows of no law, order, rule or regulation applicable to the City or to the City's governing documents that would be contravened by, or conflict with the execution and delivery of this Agreement; (d) This Agreement constitutes a valid and binding obligation of the City, enforceable according to its terms, except to the extent limited by bankruptcy, insolvency and other laws of general application affecting creditors' rights and by equitable principles, whether considered at law or in equity. Subject to the indemnity provided by Section 10 of this Agreement, the City will defend the validity of this Agreement in the event of any litigation arising hereunder that names the City as a party or which challenges the authority of the City to enter into or perform its obligations hereunder. City recognizes that Grantee intends to commence construction and expend substantial monies in reliance upon the accuracy of the representation and warranty of the City as set forth in this Section 11. Section 12. Representations and Warranties by Grantee Grantee represents that: (a) Grantee is a New York Limited Partnership duly organized and validly existing under the laws of the State of Texas and is, or will prior to the effective date of this Agreement, be qualified to do business in the State of Texas; has the legal capacity and the authority to enter into and perform its obligations under this Agreement; (b) The execution and delivery of this Agreement and the performance and observance of its terms, conditions and obligations have been duly and validly authorized by all necessary action on its part to make this Agreement; (c) Grantee knows of no litigation proceeding, initiative, referendum, or investigation or threat of any the same contesting the powers of the City, Grantee or any of its principals or officials with respect to this Agreement that has not been disclosed in writing to the City; and (d) Grantee has the necessary legal ability to perform its obligations under this Agreement and has the necessary financial ability, through borrowing or otherwise, to Page 10 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc construct the Improvements. This Agreement constitutes a valid and binding obligation of Grantee, enforceable according to its terms, except to the extent limited by bankruptcy, insolvency and other laws of general application affecting creditors' rights and by equitable principles, whether considered at law or in equity. Section 13. Rights of Lenders and Interested Parties The City is aware that financing for acquisition, development, and/or construction of the Retail Improvements and Required Infrastructure may be provided, in whole or in part, from time to time, by one or more third parties, including, without limitation, lenders, major tenants, equity partners and purchasers or developers of portions of the Property (collectively, "Interested Parties"). In the event Grantee fails to perform any of its obligations under this Agreement, all notices to which Grantee is entitled under Section 8 hereof shall be provided to the Interested Parties at the same time they are provided to Grantee (provided the Interested Parties have previously been identified to the City and provided their notice addresses). If any Interested Parties are permitted under the terms of its agreement with Grantee, to cure the event of default and/or to assume Grantee's position with respect to this Agreement, the City agrees to recognize such rights of any Interested Parties and to otherwise permit such Interested Parties to cure the event of default and to assume all of the rights and obligations of Grantee under this Agreement. The City shall, at any time upon reasonable request by Grantee, provide to any Interested Party an estoppel certificate or other document evidencing that this Agreement is in full force and effect and that no event of default by Grantee exists hereunder (or, if appropriate, specifying the nature and duration of any existing event of default). Upon request by any Interested Party, the City will enter into a separate assumption or similar agreement with such Interested Party, consistent with the provisions of this Section 13. Section 14. Compliance This Agreement shall be conditioned upon and subject to compliance with all applicable federal, state and city laws, ordinances, rules and regulations, including, without limitation, all provisions of the Development Code of the City of Denton. Section 15. Limitation This Agreement shall never be construed as constituting permission or authority for development or construction pursuant to Chapter 245 of the Texas Local Government Code. Section 16. Changes and Amendments Except as specifically provided otherwise in this Agreement, any alterations or deletions to the terms of this Agreement shall be by written amendment executed by both parties to this Agreement. In the event the Texas Legislature increases or decreases the City's 1 %2 per cent sales tax allocation, and such increase or decrease is adopted by the City Council, such action shall not constitute an amendment, change or alteration to this Agreement. Page 11 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc Section 17. Successors and Assigns This Agreement shall be binding on and inure to the benefit of the parties, their respective successors and assigns. Grantee may assign all or part of its rights and/or obligations hereunder as related to Phase I and/or Phase II upon written notice to the City of such assignment. If an assignee agrees in writing to be bound by the terms and conditions of this Agreement and executes an amendment to this Agreement, the assignor shall be released as to the obligations assigned but not as to any obligations or liabilities of the assignor to the City that arose prior to the assignment. Section 18. Notice Any notice and/or statement required or permitted to be delivered shall be deemed delivered five business days after being deposited in the United States mail, certified with return receipt requested, postage prepaid, addressed to the appropriate party at the following addresses, or at such other addresses provided by the parties in writing. Any such notice and/or statement shall also be deemed delivered when delivered by a nationally recognized delivery company (e.g., FedEx or UPS) with evidence of delivery signed by anyone at the delivery address. If to the Grantee: Allegiance Hillview, LP 1345 Avenue of the Americas - 46`h Floor New York, New York 10105 Attention: Constantine Dakolias, President with a copy to: Allegiance Hillview, LP 5221 North O'Connor Boulevard, Suite 700 Irving, Texas 75039 Attention: Andrew Osborne If to the City: City Manager City of Denton 215 E. McKinney Denton, Texas 76201 Phone: 940.349.8307 Fax: 940.349.8596 Page 12 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement.doc With a copy to: City Attorney City of Denton 215 E. McKinney Denton, Texas 76201 Phone: 940.349.8333 Fax: 940.382.7923 Section 19. Venue The obligations of the parties to this Agreement are performable in Denton County, Texas, and if legal action is necessary to enforce same, exclusive venue shall lie in Denton County, Texas. Section 20. Applicable Laws This Agreement is made subject to the provisions of the Charter and ordinances of City, as amended, and all applicable state and federal laws. Section 21. Governing Law This Agreement shall be governed by and construed in accordance with the laws and court decisions of the State of Texas. Section 22. Benefit of Agreement This Agreement is executed solely for the benefit of the parties and their successors and assigns, and nothing in this Agreement is intended to create any rights in favor of or for the benefit of any third party. Section 23. Legal Construction/Partial Invalidity of Agreement In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision thereof and this Agreement shall be considered as if such invalid, illegal, or unenforceable provision had never been contained in this Agreement. Page 13 4243130.7 57708.1 sAour documentslc4Dotracts1091anegiance chapter 380 incentive agreement.doc EXECUTED and effective as of th%~y of ;%-l~ '2009, by City, signing by and through its Mayor, duly authorized to execute same by action of the City Council and by Grantee, acting through its duly authorized officials. 2BBA. EN XS UG G YOR ATTEST: JENNIFER WALTERS, CITY SECRETARY BY: APPROVED AS TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY: GRANTEE: ALLEGIANCE HILLVIEW, L.P., a New York limited partnership By: TH GP LLC, a Delaware limited liability company, d/b/a TH Denton GP LLC in the State of Texas, its general partner By: Name: ~e Title: hx+f r►? cp 5~~„a1br.. Page 14 4243130.7 57708.1 s:lour documentslcontracts\o91allegiance chapter 380 incentive agreement.doc ACKNOWLEDGMENTS STATE OF TEXAS } COUNTY OF DENTON ) This instrument was acknowledged before me on the/ day of 2009, by Mark A. Burroughs, Mayor of the City of Denton, Texas, on behalf of said city. JENNIFER K. WAITERS _ Nota Public, State of Texas 0 b 1 in an for the State of Texas my Commission Expires Decemer 2010 My Commission expires: 02 MAO STATE OF TEXAS ) COUNTY OF ) This instrument was acknowledged before me on the ~11 day of Parch 2009 by &A~y 6 A srne the &i6tited< t~rlbf TH GP LLC, a Delaware limited liability company, d/b/a TH Denton GP LLC in the State of Texas, the General Partner of Allegiance Hillview, L.P., a New York limited partnership, on behalf of the limited liability company and limited partnership. 4NoP40blic, and for the State of exas My Commission expires: HEATHER N. CARTER Notp..ry Public, State of Texas s ' X: MyCommission Expires nil June 06; 2012 Page 15 4243130.7 57708.1 sAour documents\contracts\09\allegiance chapter 380 incentive agreement 030609.doc EXHIBIT A ELIGIBLE IMPROVEMENTS Total Estimated Costs Eligible Improvements for Phase I and Phase II Hwy 380 Improvements $ 8,133,150 Site Drainage 4,720,750 Regional Drainage Improvements 2,696,750 Internal Commercial Roads, includes water and sewer 20,004,064 Scripture Road Improvements 675,050 Bonnie Brae Improvements 1,271,900 Public Parking Garage 6,730,375 Major Public Infrastructure Relocation 2,013,650 Miscellaneous Fees/Services 5,754,311 Interest During construction on Commercial Development 10,000,000 $ 62,000,000 A minimum of $20 million in Eligible Incentive Costs for Eligible Improvements must be expended for Phase I of the project, including but not limited to, the construction of Hwy 380, in order to qualify for Program Grant Payments for Phase I. A minimum of $42 million in Eligible Incentive Costs for Eligible Improvements must be expended for Phase II of the project, in order to qualify for Program Grant Payments for Phase II. Page 16 4243130.7 57708.1 Exhibit B METES AND BOUNDS, PART ONE AND PART TWO 41028 ACRES (TOTAL) FRANCIS.BATSON SURVEI, ABSTRACT NO. 43 B.B.B. & C R.R. COMPANY. SURVEY, ABSTRACT NO. 192 CITY OF DENTON, DENTON COUNTY, TEXAS PART'ONE BEING *tract of land situated in the Francis Batson.Survey; Abstrad No-43, in the City-of.Denton,. Denton County, Texas, dieing all of a called 121 4759 acre tract (description of Shepherd HM Tract,; Tract 2), descinbed'in deed to Denton:Hilivi@w, LP , _recorded in Denton Courtly Clerk's File No 2005.127450`of'the Real.Proparty Records of Denton County, Texas,:atl'of a called 0.2254 acre-bad ffract'1)..azalled 2:101:7 acre tract.(Trad:2) and a called-2'2200 acre:tiact f ract:3)'describad Indeed to Quantum al Derrton.Self Storage, :L p.. recorded .in.Volume 5021; Page 01847 of'.the Real Property Records of Denton County: Texas; part,of a-called 18:269 acre tract, described in deed toDenton'Pn4*fty Joint Venture, recorded:in Denton County Clerk's File No. 00-110101370.o f he Real Property Records_of Dent6h County; Texas, all ota called 2:999 acre; tract, described: in deed to De Hall. Propertiesi Ltd.,.recorded In Denton County Ctei i File No. 2005-4023! of the Real Pro party:Records of.Denton:County, Texas; being part of a.cafled 8.9217 acre tractof wand described in Deed to:Mesquite Creek Development,. Inc.; rei orded in Wt.i.hne 4562, Pa9e'.0683 of.the Real Property Records of Denton !Courity- Texas, 'and ail'of Lot 1 of.SANDY ADDITION, an addition td'the City of. Danton,:Denton County; Texas, according Wthe plat thereof recorded in Vclurne 13. Page Oland Cabinet J,. Slide'348_of. ",Plat . Records of Denton:Courity;. Texas, and being:more. panicularty described by metes. and bounds,as:foilows: BE at a 172•irich;lron:rod found for the;north.end of f-a corner'ciip a4ihe inlersedion,of_the north right-of-way line of Vilest University Drive. (U.S. Highway No: 380; a 10020 foot wide public right•oi way) and the .west righl,of-way'line of Bonnie:Brae Streel.(a variable width public,right-of=way);:forthe'most :easterfy southeast'comerof the beforementioned Lot 1 of'SANDYADDITION; THENCE: with the corner clip,- South 45'48'44' West,:a distance of 90'93:feet toga 3144nch iron rod found for comer, THENCE with the:north right=of-way'line of'West:University Drive: the following courses: and distances to wit: S -North 89°07'28'•West, a distance of 773.40 feet to:a:5/&lnch Iron rod wr t . kHA" cap:set'.for comer, -North. W%5'28"West, a distanco of 1761 77 _feet .fo a 1/2-inch Iron rod found for the.southdAst corner of the called 8.9217!a6re,tract: _ THENCE feaving the north rlgtit=of-way line of West University Drive with,theeast line of the'8.92iTacre !reef, North 00°23'40' East a;distance of 276.40 feet to^a point fOrcomer q 0 THENCE. crossing the called 8.9217 acre tract, the following courses°and distances _t6,W.t; --North 89°1052" West, a;dist'a.nca of°227:61 feet to 'a polnfforcomer 'P =Nortfi 00'59'35' East, a distance of Z0.89 featto a.poiru fcr currier; 3 E North 89°0025' West, .a.dlstance 6( 2§d.'60- feet too point Ibrcomerin the east,line of.Lot 1. Blodc.A,of r PORTERIANDRUS.ADDITION. an-addition to.the Cityof.Denton; Denton County,.T.exas, according.-.tio7lhe g. Plat thereof recorded in Cabinet O, Slide 45 ofahe Plat Records of Denton Counly..Texas; o r M ,Page ! ot6 Cm0 limodatbe FDD ith the east line of Lot 1. BlockA and-the east iineof Lot Z Bloc kA of PORTER/ANDRUS ,:an addition to the City.of Denton, Denton County, Texas; acoord'ng.to the plat thereof recorded in Slide,856 of the:Plat Reeordsfof Denton: County, Texas, North OOISW47' West; a distance of 217.71 8-inch Iron rod Wlth "KHA' cap•set for the northeast comer.ofLot2, Block A; ith the:north and west lines of Lott, Block A,.the following txiurses and distances to WUit88'42'36':West, a"distance of;400:01 feetto.a'5/8-inCKIron.rod With•'KHA'cep:set for comer h 01 °28'09'•:West, a diskance:of 28.89.feet.to;a;5/84nch'Imn rod with %W _cap s-e 4d the ast comer of Lot 1R. Block t •of ALVIN AND CHARLOTTE,WHAL'EY ADDITION, an addition to the, City of Denton, Denton County; Texas, according to the plat thereof recailed;in Cabinet I, SOde 148of the Plat,Rekords. of Denton County, Texas; THENCE leaving'the west line of lot 4 t fo& A .of PORTERlANDRUS ADDITION with the north One of Lot 1R. Block 1. of ALVIN AND CHARLOTTE WHALEY ADDITION, North 88'3129- West; a 4istance of _399.39 feet:lo. a 5/8-inch iron rod With 'KHA' cap -set in the nQrWdaste-ily itgtit-"y.7lne'Intastate Highway No. 35 (a variable width public right-of-way) for,the most northerly northwest corner of,lot 1 R, Blodt1 ofALVIN AND, CHARLOTTE WHALEY ADDITION; 'THENCE leaving the north line of Lot 1R. Block:l of ALVIN-AND Cf -ARLQTTE WHALEY ADDITION with the northeasteily",right-ai way Gne.Interstate Highway No. 35, North '11i OT54 West, a: d6tance,of"632.67 feet to a' 5i8 inch iron n5d:vrilh iCHA' cap set. or.the southwest dan* 61 Lot-14 of,GREENWAY:CLUB ESTATES; an addition to the City'of Denton, Denton County, Tems, according to the plat thereof recorded in'Vdume Page 27 of the Plat Records.of Denton County, Texas; THENCE teaving,the northeasterly right-of-way fine Interstate Highway;No. 3S with the south and east firms of GREENWAY CLUB ESTATES,: tfie_ following Courses and.distances to wit -North 73°1513° EasL.a:distance:of.518:797eet io a 618a*,,I ' rod With'KFIA° capsetfor.lhe beginning of _a cu -6 to the right; -Easterly, .with the curve to.the:righl, through acentral angle of'160 .4740', having a radius'of345.o0 feet; and:,Oordatearing and distance otNorth'81'39'03" East; 10o.T6 feet; an arG dlstance.of 101:93 feet to a E' inch iron rod With 'KHA' caplet for.the end of-the curve; i; -North 'a9_:5**8'43"'East, a distance of 364;46 feet to a5J$-inch iron and with 'KHA-:cap.setfor; North 00°57'04' West,. a distance of 450:70;feet to a:W84rxhIron _rod with 'KHA' cap set for the o southwest comer of lot 1 Block 10 of WESTGATE HEIGHTS an addiffon:to the City of Denton; Denton County, Texas; according to the plat thereofrecorded In'Cabinet E. Slide 78 of the Plel Records:of h Denton :County; Texas; THENCE leaving;the east line of GREENWAY CLUB ESTATES with.the sotith-and,eastlines ofWESTGAT.E HEIGHTS; the following :courses:anddistances towit 3 -North 89'3737- East, a distance of 48.23.feet to 6;5/8-inch.iron.rod with"KHA° cap'set for comer -South 87°34'57',East a 4161ance,of 104299 feet to a 5/840ch Iron rod with'.KHA' cap "set for comer, --North 00°3257' East,'a dtstariC* of 318.04 feet to a 5/84nch Iron rod with'KHA-,cap sat loF4he most n6rtherty:riorthwest comerof-the beforementioned 121.4759 acre tract o THENCE: leaving the east line of .WESTGATE HEIGHTS. with the north.Iide;of the°121.4759 acre:tract. South " E 89"1356" East, a distance of 2067.29 feet to a 518-inch iron rod.with•KHA° cap.set,in lhe`west right-0f-uray line of Bonnie Brae Sheet; s P t; e= Page 2 of.6 l~ttio F eaving the:north,line of the 121A759 acre tract with the west righl-0t-way line of Bonnie Brae Street. ng courses and 66stances to wit: uth 00°37'18' West; a distance of 1455:38 feet to a 518-Inch Iron rod with"'KHA'rap set for comer; -South'00'26'45' West, a distance of 568.7D feet to the POINT OF BEGINNING and containing 15337 acies of land. 'Bearing'system based upon Texas State Plane Coordinate System..using monuments ROB10108.AND :R0610060; PART TWO BEING: a tract of land'sitOMW In the B.B.B. 8. C.R.R. CompanySurvey, Abstract No. 192,_in.the City of Denton, Denton County, Texas, being part of a called 265.6365 acre tract of land, (description of-Shephard Hail Track: Tract 1), described in deed to: Denton HiIlvlew,"LP., recorded in, Denton County-Clerks File.No.. 2005=127450.of the Real ,Ptoper yRecords of Denton County; Texas; andjW:of Lot3'of LOTS-1,2.1p PEARCY/CHRISTON ADDITION ;No. 1.4n addition to. the. City of Denton, Denton County, Texas; according to :the plat thereol'seeorded in Cabinet B, Siide.34 of the Plat'Records.of Dentoii County, Texas, ant. being more particularly d&.dibed bvimetes and bounds;as follows: BEGINNING at a 518-inch-iron rod .found to the south rfghHOf-way:line of West University Drfve'(U.S. Highway No: 380, a 100.20 foot wide public right-of=way);tor'the norttieity common comer'of Lots'2 and'3 of the befdrementiuoned LOTS 1;2;8;3 PEARCY1QHRI,STQN ADDITION; THENCE leaving thwsouth right-0f-way Ilne of West'Unlvefsity`Drive with.the:common line of Lots 2 and 3, .South 01'08'26' West; a distance. of•600 00 feet to a 518-Inch iron rod found for the southerly common coiner :of Lots 2 and:3; THENCE leaving the common tine:of Lots:2 and 3•with the south.llnes.of Lot2'and Lott-C:of-LOTS-1-A,1-B, 1-C PEARCY/CHRISTON ADDITION No. 1, an addition to the`City of :Denton„Denton County. Texas, according to'the ;plat thereof recorded in Cabinet L, Slide'166 of the Plat•Records of.-Denton County, Texas, South 89'04'34' East, passing the southeat Vcom6t of Lot 1-C at. a distance of 71.1.59'(W and.continuing for " d total distance of 730.60 feetao a 5l6-inch iron fod. found in the west right-cf-way,line of Borinletras Streei:(a q variable width public,right-o1-D+iay) for the most easterly northeast corner-cf. the _beforemerttioned.265.6365 ° acre tract; THENCE withahe west right-of-way line of Bonnie, Bree Street, the' following.coumes anddistances1o.witz South 66'S8'S4' .West,; a_distance:of, 1438.01 feet to a 5184hch iron'rod,wiW'KI1A' cap sat:tor carver; -Sou1h:00°48'51" tlVest 6:6- ante of 1175:56 feet to a 5184nch'irori rod, iM'KFW-ddp set fdi the a beginning of a curie to he fight; -Southwesterly with the curve to.the right; through :a central aWe:of 45°0158",`having a,radus of a 321.07_feel,:and chord, bearing and d stance'of South 23.19'47-WesL-245.91 feet, an arc.distance, of 252.35 feel:to a S g4nch iron rod found for the beginning'of a reverse ciuve to the"left --Southwesterly with the-the.airve to the ieft, through a central angle of 57 3156',:having iiradiis d- ° g •392.01 feel: and chord bearing and distance of South'1.T04'48' West;.37.'7.30 feet, an arr;'distance of 0 t 393.63 feetto a 518-inch iron rod :found for`the;end of the curve; South 11'41`10' East; a distance of 10.57 feel to a 618-inch Iron rod. found for the north end of a. ccrria dip at the intersection of the northtrigWof-way Ifne of Sc iplure Street (a variable.lh public a right-of=way) and the west:[ight=of=way1ine of Bonnie Bra&Streel; Y Y THENCE with the c omerdip; South 39°33'50' West,:a distance of 11.48 feet to a.5/8-Inch Iron-rod found1or the sorith end of Ih6:comer`dip;. u Page 3W d FTHENCELiwith the north right-ofway line of Scripture Street, North x°58'00' Wast, a distanceof 1265.cMron•rod.found.1n the'south line.of the 265.6365acre trad eaving the north right-of-way line of Scripture Street; ft-following courses and distances to volt. rth 0.1 *OZ00' East; a distance of 500.06.feetYo.a,5f8 iru~ i. rod found for comer, rth:88'58'00' West, a distance o1f66116 a:5/8-kichIron rod found for comer; th 0.1°02'00' West,'a distance of506.1 6 feet;to a 518=inch troll rodtaurid to the norlh:rigtit of-way of Scripturo Street; THENCE ti 4h the north right=of-way line of Scripture Skeet,'Qw following courses and distances to wit -North 88°58'00' West, a distance of 318.44. feot:to a 5/84h6h lren.rod with "IM" cap:set for corner, -North 88°48'26' West, a distance of 41.73 feet toe 5M-inch iron.rod found in the northeasterly: right-of way:.Iine Interstate Highway No: 35.(a variable width public right-Of:way) ar d,the north' right-of-way-1166 of Scripture Street lot the most,southedy southwest comerof the 256:6365 acre'tra tf THENCE with the northeastbd right-of-way line'lnterstate Highway'No. 35, the.Folto ing courses and distances'lo wit- -.North 15'50'30' West; a disldi c& of 38:32 feet'io a 5/8-inch im rod with `KFtA`.cap:set for comer -North I'V24'60` •West,. a distance of 3494.36 teat to _a 5/84nch Trion rod;found for corner; -Nor1h'14°50'06" East :a.distance of 171.01 feet io:a 3-inch brass diskin concrete found for comer, =North 46°04`127 East, 4 distance of,303 95 feet &a'518drich iron rod'found`for comer; -North, 60°3222' East, a di'stance.of i 14.22-4et:to a 6/8-inchlron rod. found for:comar, =North 00658'25' East; a distance of13:09 feet to a concxete.monument Found'in the south right;of-"Y Une'of West University Drive; THENCE. leaving thew rioittieasteify riglit-of-way line interstate Highway. No. 35 With'the south ri t-0f 9h_rraY line of West University Qrive, the :following courses And distarioes,to Wit -South 88'56'28'.East, a_distance of 2440.06 feet to a 5184nch`iron rod Wtth'tQiA' rap senor carrier; South 89'01'07`'.Eas4adistance of 117.72 feet to the POINT OF BEGINNING. and containing 256.91. g acres .of.land. c Bearing system based upon Texas State Plane' Coordinate System using rrioriunients.R0610108'AND n R0610060: This document was, prepared under. 22 TAC' §663.21`,.does rwt rettect,*e results of an on.the ground survey. and ie not to be used to convey or establish interestsAn real`.properly exeept.those rights. and interesis:irrmplled or established by the creatlon.or reconfiguration or the:boundary,of the political subdivision for whiCh.it was y prepared. • L' v ioc bo v o. • ~ E H 0 0 ii Page 4W 6 z PART ON&.:15.3.37-ACRES _ FRANCIS.BATSO*SURVEY,.ABSTRAcrm0:_ 4:3 :CITY OF.DFNTON, DENTON COUNTY, TEXAS' -eaaa~euc~s~r_ tee: = ~ssssa - . _ .-JU sMa..-.aQnor ~ ~ - .."CL aII POAVT OF •i °j.- erg:{ BEGAfNnlf(3 c9 9-. asp k24 PART 1. llu .53:37 ACRES o - ~ic:aanaiv:a- t+er~4eAac wcc ~ oiQ BtACr:~A tl» a_;CZ lb no-urao: CAULP.22200 .AOMS-(alACf V :Dwrnr go,a n w Sur STOMACC ulP . m' 'Aa S8r1• PC "QtOf apaliGL- ' WNW % 06* tK]m sioi~ ~n`~fAtr ~ - , o S ~+a:~aatt:n oaas: N RoF~LC_L' S:~O~ n a V►4o' _ ;;os~ti - ~aweazAti a aorlau _ jU,~,;py scv°570+AiCrWO' ' , N i !R Vp . to A:- .z V7. • ' - s' CAU" W20 A*" bj'.Q ref: .Gi'Nf "DOLO - - acct Na 00-mmuo A - rr n. SCALE:; Y _ t inch = 500' .ft~ - : S~ 6~ r tt N - ga 5 af.6_ . ~ • .:and.. ' - ' I P. ART TK!O; 26&9TACRE3 :6-0-6. ; 4`64. COAfPAW,$URVE.Y,;AB,SnZACT:NO.. -192 ClW OFAFNTt3%DEN - COUN1%,"I ~ 'CaLOFfx.PJi::.Md: ~ ~ acct .e~^moo-u,ao S• J Ns8vs 12T IId0~8'?3~ POINT pF a is.n 3 Bf a Oft Mr. IPA- s 17fyQT;' I~,YCTCAW& f 9i i :SiDf;II816'16=. 589 1-N'F; 74k 604010'• ~ ~V7 . Mob .cm 'PAR T :'Zia : 256:91: NACRES ; ::cAtemlrsRrs:diY. ~ ~ - y. ataa►av..d~~auucttntt~u_ +m,~cc• i - " 'OO+r~arrtetrwttv:_ .>6 'E 4i•'-" QGG/.".~h'-JORf-rTSeJO_ iQ. :'a, - a.. s y. A k ti ~wV AYV~ M t t~J9~63' ' R~.I?t 07r~ g c~uo tctaxa.~+ets C?~5l7`Qf 1d ~ o• =acrr. to ions-etum.,. t1R~T - frt330'.f01r soc z e+..rr~s 571t11?0~'' ,r= VN 7C . 1;nch<-~ ;800: ~'il:• ~ 'Pege'6~af~6= . _ Exhibit C Six Pages L._ -t_•_.~~.-mot - ,~y~l_ 1t. 4, f t _ i d r t - f q MC.~ t- sl - I, 5V f..~ `y - 1 ` ~ • ,ter.. R 1. ~r z Sy ,.7 f as $1 M 1 KL , yo}~f_ Y _ 15 a ~ - l t 1 tt s a tt~ y syy;~~~ eel -.4L . -7- 7 - _ S j t,. ~w i ys ` rt43 ,.a•.1 . S w r_ ? r>' .L i `i ~ .x 14 NINA 12q wm ~I Y i U i I F L I I +I N Q L'. • t~' itr7~ z Q J. • Wi I i~ IF 71 Al, _ F s L r I', i n 1 j~ r I z Y! 1 1~~ u ~ t x, ii T .t _ u ' c