2004-013
FILE REFERENCE FORM
2004-013
FILE(S)
Date
Initials
First Amendment to Agreement - Ordinance No. 2006-012 01/03/06 JR
Second Amendment to Agreement - Ordinance No. 2007-056 03/06/07 JR
OP, OIN CE NO. ¢/-
AN ORDINANCE ESTABLISHING AN ECONOMIC DEVELOPMENT PROGRAM UNDER
CHAPTER 380 OF THE LOCAL GOVERNMENT CODE FOR MAKING GRANTS OF
PUBLIC MONEY TO PROMOTE ECONOMIC DEVELOPMENT AND TO STIIVIULATE
BUSINESS ACTIVITY IN THE CITY OF DENTON; APPROVING AN ECONOMIC
DEVELOPMENT PROGRAM GRANT AGREEMENT WITH TEASLEY PARTNERS, LTD.
REGARDING THE DEVELOPMENT OF APPROXIMATELY 65 ACRES OF LAND
LOCATED ADJACENT TO THE NORTH BOUND SERVICE ROAD OF 1-35E BETWEEN
TEASLEY LANE AND FORT WORTH DRIVE IN THE CITY OF DENTON, TEXAS;
AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Teasley Partners, Ltd. ("Developer") has made a request of the City of
Denton 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, the City Council by this ordinance is establishing an economic development
program under Chapter 380 which will stimulate business activity in the City and promote the
public interest (the "Program");
WHEREAS, to effectuate the Program the City and the Developer have negotiated an
Economic Development Grant Agreement (the "Agreement"), a copy of which is attached hereto
and made a part hereof by reference; and
WHEREAS, the City Council finds that the Program and Agreement promote economic
development and will stimulate commercial activity within the City of Denton for the benefit of
the public; NOW, THEREFORE;
THE COUNCIL OF THE CITY OF DENTON, TEXAS 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 case of her absence the Mayor Pro Tern, is hereby
authorized to execute the Agreement on behalf of the City of Denton and to carry out the City's
responsibilities and rights under the Agreement, including without limitation the authorization to
make the expenditures set forth in the Agreement.
SECTION 3.
approval.
PASSED AND APPROVED this the
This ordinance shall become effective immediately upon its passage and
~/{ dayof (~/~-' ,2004.
BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
HERBERT L. PROU~;~Y
ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT WITH
TEASLEY PARTNERS, LTD.
This Economic Development Program Grant Agreement ("Agreement") is made and
entered into by and between TEASLEY PARTNERS, LTD. (the "Developer"), a Texas limited
partnership, and the CITY OF DENTON (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
TEX. LOCAL GOVERNMENT CODE, Chapter 380 (the "Act") to promote local economic
development and to stimulate business and commercial activity in the City of Denton.
Section 2. Def'mitions.
"Actual Cost" or "Actual Cost of the Public Participation Items", means the actual
amount of money paid for the construction, design and other work listed among the Estimated
Costs of the Public Participation Items at Exhibit A attached hereto, but as to construction and
design applicable to such items, not to exceed the reasonable and customary cost for the
construction and design of similar items in the Dallas-Fort Worth area. The parties agree and
understand that the Actual Cost of any individual category of items listed may exceed the
corresponding estimated amount listed in Exhibit A provided that the total amount of the
Program Grant excluding Interest shall not exceed $6,800,000.
"Grantee" means the Developer, its successors, or any party to whom Developer may
assign this Agreement with the consent of the City. The City will not withhold consent of any
reasonable request for assignment.
"Improvements" means retail/apartment/commercial buildings containing a minimum of
125,000 square feet of floor area to be constructed on the Property in a manner consistent with
other high quality retail/apartment/commercial venues located in the Dallas-Fort Worth area (the
"Commercial Improvements") along with the Public Participation Items listed as Exhibit A
attached hereto.
"Interest" means interest on any unpaid balance of the Program Grant which shall accrue
at a rate of 4% per annum, and shall be calculated and compounded monthly. The unpaid
balance of the Program Grant shall be calculated based on the Actual Costs of the improvements
and work represented as Public Participation Items in Exhibit A. As such Actual Costs are
incurred by Grantee, such costs shall represent an equivalent component of the Program Grant
for purposes of calculating Interest. Such Program Grant components shall accrue interest for
the term of the Program from the date that Grantee incurs the corresponding costs for the design,
construction, or other work representing the Public Participation Items or the date of this
agreement, whichever is later.
"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.
"Program" means 180 consecutive monthly payments of economic development grant
installments and accrued Interest approved by the City Council pursuant to the Act and this
Agreement.
"Program Effective Date" means the date upon which Grantee elects to begin
participation in the Program, which may be the first day of any month following Tenant
Occupancy, as provided in Section 3.
"Program Grant" means a grant of ½ of 1 °A of the Total Taxable Sales for a period of 180
consecutive months, but not to exceed $6,800,000 plus accrued Interest, and not to exceed the
Actual Cost of the Public Participation Items, to be paid by the City to the Grantee in 180
monthly installments during the term of the Program.
"Property" means that certain tract of approximately 65 acres more particularly described
in Exhibit B attached hereto.
"Public Participation Items" means those improvements, design construction and other
work and cost items described on Exhibit A.
"Commericial Improvements" (see "Improvements".)
"Substantial Completion of the Improvements" means with regard to any public works
items, the date the contractor issues a certificate of completion, and for the Commericial
Improvements the date of issuance of a certificate of occupancy by the City Building Official of
a minimum of 125,000 square feet of the Commercial Improvements.
"Total Taxable Sales" means the total amount of all sales from which sales and use tax is
collected from businesses located on the Property, which includes taxable sales generated by
Grantee during construction of Improvements.
"Tenant Occupancy" means the date a certificate of occupancy is issued for a tenant of
the Commercial Improvements.
Section 3. Term
This Agreement shall be effective as of the date of execution by both parties (the
"Effective Date"). At any time following the Effective Date but not before Tenant Occupancy,
the Grantee may elect to designate the first day of any month to be the Program Effective Date
by providing written notice to the City of such election 60 days prior to the designated date. The
term of the Program will be 180 consecutive months beginning on the date of the first Program
Grant installment payment. This Agreement will terminate upon the earlier of a) the payment to
Grantee of the full amount of the Program Grant, or b) payment in full of all 180 Program Grant
installments pursuant to the computation method provided in Section 5 of this Agreement for
each month during the term of the Program.
2
Section 4. Program Grant
For each month of the Program Grant term, City agrees, subject to the conditions
contained in this Agreement, to make a Program Grant 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 sales tax revenue from businesses located on the Property. Monthly
Program Grant installment payments shall be calculated as provided in Section 5 below. Tenant
Occupancy shall be a condition precedent to the initiation of Program Grant payments. Program
Grant payments may be withheld at any time if there are delinquent property taxes on the
Property and will not be resumed antil such delinquency is cured. Notwithstanding anything
contained herein to the contrary, the Program Grant installment payments will cease, this
Agreement will automatically terminate, and Grantee will refund to the City all Program Grant
payments previously made if there is not Substantial Completion of the Improvements by
December 31, 2005.
Section 5. Computation of Program Grant
Program Grant installment payments for each month of the Program term shall be made
in an amount equal to ½ of 1% of the Total Taxable Sales for the preceding month indicated by
the most recent State Comptroller's Monthly Sales Tax Report for the Property. The City's
obligation to make such payments is contingent upon the City's receipt of the Monthly Sales Tax
Report. If the State Comptroller shall cease to issue Monthly Sales Tax Reports, City and
Grantee shall cooperate to arrive at a reasonably equivalent and mutually agreeable alternative
method of computing monthly installment payments.
Section 6. Other Grantee Obligations
In consideration of the Program Grant, Grantee agrees as follows:
(a)
The Commercial Improvements shall be designed and constructed to provide an
attractive commercial environment consistent with other first class commemial
centers in the Dallas-Fort Worth area. Design shall reflect an attention to
architectural details, the use of high quality materials and f'mishes, 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
tenants that are new to the Denton retail market. However, existing Denton
businesses shall not be prohibited from leasing space at the Property.
(c)
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.
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 on 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 installment payment 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 the Commemial Improvements 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 financial statement prepared by an independent certified public
accountant. Upon request of Grantee, City shall provide copies of City records related to the
Program Grant to investors, lenders, or other parties designated by the Grantee.
Section 8. Default
If either party should default (the "Default Party") with respect to any of its obligations
hereunder and should fail, within thirty (30) days after delivery of written notice of such default
from the other party (the "Complaining Party") to cure such default, the Complaining Party, by
action or proceeding at law or in equity, may be awarded its damages and/or specific
performance for such default. The Complaining Party may exercise any other rights and
remedies it may have under this Agreement or as provided by law which rights and remedies are
cumulative.
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 incun'ed by the City in connection with such claims,
suits, and causes of action.
Section I1. 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 Texas limited parmership 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 fmancial ability, through borrowing or otherwise, to 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
Improvements 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 of default
by Grantee, the City shall provide notice of such event of default at the same time notice is
provided to Grantee, to any Interested Parties previously identified to the City. If any Interested
Parties are permitted under the terms of its agreement with Grantee, to cum 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 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. 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.
Section 15. Successors and Assigns
This Agreement shall be binding on and inure to the benefit of the parties, their respective
successors and assigns. The Grantee may assign all or part of its rights and/or obligations
hereunder upon written consent of the City of such assignment.
Section 16. Notice
Any notice and/or statement required or permitted to be delivered shall be deemed
delivered by depositing same 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 or to the fax numbers listed below;
If to the Grantee:
Teasley Partners, Ltd.
Glenn Gunter
4653 Seneca Drive
Ft. Worth, Texas 76137
Fax No. 817-656-5200
Ifto the City:
City Manager
City of Denton
215 E. McKinney
Denton, Texas 76201
Fax No. 940.349.8596
Section 17. 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,
Texas.
Section 18. 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 19. Governing Law
This Agreement shall be governed by and construed in accordance with the laws and
court decisions of the State of Texas.
Section 20. 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.
Section 21. Covenants Running with the Land.
This Agreement or a memorandum of agreement signed by the parties shall be recorded
in the Real Property Records of Denton County, Texas to evidence that the covenants contained
herein are covenants running with the land described as the Property, inure to the benefit and are
binding upon the Developer, City, their respective successors and assigns, and upon all
subsequent owners of or anyone claiming an interest in the Property.
EXECUTED and effective as of the/~ day o~]/~/2~4~, 2003, by City, signing by
and through its City Manager, duly authorized to executo~same b-y a~{ion of the City Council and
by Grantee, acting through its duly authorized officials.
City Manager
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
BY: c~- ~ -
GRANTEE:
TEASLEY PARTNERS, LTD.
BY
Name: Glenn Gunter
Managing Partner of
Teasley Street LLC, General Partner
ACKNOWLEDGMENTS
STATE OF TEXAS )
COUNTY OF DENTON )
This instrument was acknowledged before me on the/~{day o~_]flgg/]~, 200~, by Michael
A. Conduff, City manager of the City of Denton, Texas, on beh~If of said c~ty.
Notary Public. State of Texas
My Commission Expires
June 27, 2005
N(~t-ary Public, in and for the State of Texas
My Commission expires: ~/anq'7/O, ff-
STATE OF TEXAS )
COUNTY OF ,/'J~"~,J )
This instnhment was acknowledged before me on the ,2,3Jday of ~57~-r~,~z~, 2003 by
~f_ ed g-~, ,o~(~& , general partner of Teasley Partners, Ltd., a Texas limited partnership, on
behalf of said partnership.
ANITA C. FEI~GU$ON
NO~ PUBLIC
~e of Texas
Notary Public, in and f~i~e State of Texas
My Commission expires:
EXHIBIT A
Schedule 5:
Estimated Reimbursable Project Costs
Expense
Description Quantity Unit Unit Cost Tota~ Cost During Year(s)
PHASE I
Street construction (Johnson & Ingman)
Ingman Road Exis§ng one lane drive fronting 3 homes, north of Campus Part; Apartments
Will improve Ingman Road into a Two Lane Blvd w/ Two Round Abouts, 50'public easement
Johnson Road Two lane road, no sidewalks
Will extend and improve ~wo-lane Johnson Road North from 1-35 Se/vice to Inman Rd.
land acquisition or easements 1.0 ac. $206,910 $206,910
excavation and fill 43,560 cu. yd $3 $130,680
10' x 25' Pedestrian Crossing/Bridge 80 lin. ft. $1,250 $100,000
7" concrete paving w curbs 17,813 sq. yd. $23 $400,781
sidewalks 2,850 sq. yd. $27.50 $78,375
site stabilization & landscaping 17,100 sq. yd. $1.75 $29,925
miscellaneous $31,162
subtotal $977,833 2003
Drainage
10" curb inlets 18 ee $2,200 $39,600
21" RCP Class III 8,009 lin. fl. $32 $256,280
30" RCP Class III 960 lin. ft. $42 $40,320
39" RCP Class III 1,185 lin. ft. $62 $73,470
structural concrete 300 cu. yd $350 $105,000
miscellaneous rip rap $24,983
su~al $539,653 2003
Water utilities
12" main 1,920 lin. ft. $22 $42,240
6" gate valves 14 ee $500 $6,750
6" main 375 lin. ft. $11.50 $4,313
6" gate valves. 6 ea $650 $3,900
8" main 900 lin. ft. $13.70 $12,330
hydrants 12 ea $1,250 $15,000
H20 se~ces 53 ea $350 $18,375
Relocate 24" H20 line $150,000
miscellaneous reducers, tees, plugs $18,840
su~al $271,748 2003
Sanitary sewer
6" sewer service 16 ea $80~) $12,800
12" sewer service (0-30' deep) 2,560 lin. ft. $42.50 $108,800
manholes 13 ea $1,500 $19,200
miscellaneous $15,840
subtotal $156,640 2003
PHASE 2
Street construction (Johnson Road & New Road)
Johnson Road -Will improve two-lane Johnson from Dougherty road south Inman Road (Connect thru to ~35,
land acquisition or easements 0.5 ac. $206,910 $103,455
excavation and fill 14,520 cu. yd $3 $43,560
7" concrete paving w curbs 5,938 sq. yd. $23 $133,594
sidewalks 950 sq. yd. $27.50 $26,125
site stabilization 5,700 sq. yd. $0.75 $4,275
miscellaneous $15,348
Page 1 of 3
Schedule 5:
Estimated Reimbursable Project Costs
Description Quantity Unit Unit Cost Total Cost
Expense
During Year(s)
subtotal
Drainage
10" curb inlets
21" RCP Class 01
30" RCP Class Ill
39" RCP Class III
structural concrete
miscellaneous rip rap
$326,357
6 ea $2,200 $13,200
200 lin. fi. $32 $6,400
320 lin. fl. $42 $13,440
395 lin. fl. $62 $24,490
100 cu. yd $350 $35,000
$33,310
2006
subt~al
Water utilities 12" main
6" gate valves
6" main
6" gate valves
8" main
hydrants
H20 services
miscellaneous reducers, tees, plugs
$125,840
640 lin. ff. $21 $13,440
5 ea $500 $2,250
125 lin. ff. $11.50 $1,438
2aa $650 $1,300
300 lin. ff. $13.70 $4,110
4 ea $1,250 $5,000
18 ea $350 $6,125
$6,280
2006
subt~al
Sanitary sewer
6" sewer service
12" sewer service (0-30' deep)
manholes
miscellaneous
$39,943
4 ea $800 $3,200
640 lin. fl. $42.50 $27,200
3 ea $1,500 $4,800
$15,840
2006
subt~al
Parks
landscaping
playground
street/path lighting
structural concrete
trails -walks
water features
miscellaneous
$51,040
subtotal
Public Parking Structure land acquisition
Underground (Retail) Crosswalk
Concrete garage -public parking
19,360 sq. yd. $9 $174,240
Iea $35,000
22ea $2,000 $44,000
148 cu. yd $350 $51,800
2,667 sq. yd. $27.50 $73,343
36,300 cu. yd $4 $145,200
$47,120
$570,703
1.0 ac. $206,910 $206,910
80 lin. fl. $3,120 $249,600
200 spaces $9,000 $1,800,000
2006
2004
subt~al
Interstate 35E Ramp Reversal
Construction of Ramps
Engineering
$2,256,510
I is $970,800
I ~ $33,978
2OO4
Total Project Construction Costs
$1,004,778
$6,321,043
2009
Page 2of3
Schedule 5:
Estimated Reimbumable Project Costs
Description Quantity Uni ,,, ~Unit Cost
Soft Costs
Legal
Civil Engineering
Surveying
Misc.
Total Cost During Year(s)
$65,000
$107,091
$41,001
$8,605
Total Project Costs
$221,697
$6,764,437
Page 3 of 3
EXHIBIT B
The following describes a parcel or tract of land in the A. Hill Survey, Abstract #623
within the City of Denton, Denton County, Texas;
Point of beginning located at the southwest comer of Lot 1 of the Woodhill Addition, a
subdivision recorded in Cabinet C, Page 322 of the R.P.R.D.C.T., such comer also being
located on the northern R.O.W. line of 1-35 E;
Thence N 65° 16' 52" W from the point of beginning and following said R.O.W. line a
distance of 99.89' to an IRF in said R.O.W.;
Thence N 74o 00' 58" W following said R.O.W. a distance of 196.48' to an IRF found in
said R.O.W. and also being in the west R.O.W. line of Centre Place Drive, said point
also being the southeast comer of Lot 01, Block A of Centre Place, Phase 1, a subdivision
recorded in Volume 489, Page 542 of the D.R.D.C.T.;
Thence N 15° 52' 59" E following said Centre Place Drive R.O.W. a distance of 30.52' to
an IRF in the eastern boundary line of said Centre Place subdivision;
Thence N 080 27' 34" E following said Centre Place Drive R.O.W. a distance of 69.80' to
an IRF;
Thence N 04° 56'21" E following said Centre Place Drive R.O.W. a distance of 50.12' to
an IRF;
Thence N 00° 56' 06" E following said Centre Place Drive R.O.W. a distance of 193.46'
to an IRF;
Thence N 89o 21' 02" W a distance of 218.91' to an IRF located in the eastern botmdary
line of Tract 1 to Brookvest Inc; recorded in Volume 4057, Page 740 of the D.R.D.C.T.;
Thence N 00° 40' 07" E a distance of 96.98' to an IRF located in the eastern boundary
line of said Tract 1;
Thence N 89o 22' 46" W a distance of 209.76' to an IRF;
Thence S 00° 37' 31" W a distance of 352.62 to an IRF located in the 1-35 e R.O.W. line;
Thence N 80° 35' 05" W a distance of 30.34' along said R.O.W. to an IRF;
Thence N 80° 44' 54" W a distance of 186.68' along said R.O.W. to an IRF;
Thence N 00° 54' 55" E a distance of 496.14' to an IRF;
Thence N 87° 44' 53" W a distance of 149.08' to an IRF located in the northern boundary
line of said A.C.I. Addition;
Thence the following courses and distances;
N 02° 03' 03" E, 107.30';
N 87° 58' 47" W, 123.55';
N 02° 03' 00" E, 138.82';
S 87° 56' 57" E, 127.67';
N 02° 03' 03" E, 81.00';
N 87° 56' 57" W, 80.17';
N 02° 03' 03" E, 87.12';
N 87o 56' 57" W, 115.69';
N 02o 03' 03" E, 74.85';
N 88° 26' 59" W, 201.43';
N 01° 59' 09" E, 81.21';
S 88° 30' 28" E, 40.85';
Thence N 01° 29' 30" Ea distance of 25.00' to an IRF located in a southern boundary
line of a tract deeded to Denton Land J.V., Volume 931, Page 989 of the D.R.D.C.T.
Thence N 88d30'27" W a distance of 882.73' to an IRF;
Thence N 17d06'52" E a distance of 24.22' to an IRF;
Thence N 88d06 05 W a distance of 469.23 to an IRFin the southwest comer of said
Denton Land tract and also being in the eastern R.O.W. line of Meadow St.;
Thence N 19d28'19" E a distance of 438.89' along said Meadow St. to an IRF at the
southwest comer of a parcel of land to McNeills Furniture & Appliance of Denton, Inc.
recorded in Vol 2055, Page 380 of the R.P.R.D.C.T;
Thence S 74d33'13" E a distance of 280.11' along the southern boundary line of said
McNeill parcel to an IRF;
Thence N 06d38'48" E a distance of 22.01' to an IRF;
Thence S 88d00'59" E a distance of 64.03 to an IRF;
Thence S 88d17'48" E a distance of 362.55' to an IRF;
Thence N 00d46'54" a distance of 300.69 along the eastern boundary line of Lot 2 of the
Daugherty Addition recorded in Cab. C. Pg. 202 of the R.P.R.D.C.T.;
Thence N 01 d 16'17" W a distance of 151.43' to an IRF in the southern boundary line of
Daugherty Street;
Thence S 89d 57' 15" E a distance of 279.56' to an IRF;
Thence S 01d43'36"W a distance of 27.23' to an IRF;
Thence N 00d 34'31" E a distance of 125.50' to an IRF located in the eastern boundary
of Johnson St.
Thence S89d49'25"E a distance of 1020.95' to an IRF;
Thence the following courses and distances;
S 00d 33' 47" W, 48.43';
S 46d 09' 21" E, 13.98'
S 00d 27' 19" W following the western line of Wooded Acres Subdivision recorded in
Vol. 7, Pg. 18 R.P.R.D.C.T., a distance of 509.20' to an IRF;
S 89d 26' 16"E, 54.15'
S 88d 38' 37" E, 195.18' to an IRF found in the same Wooded Acres Subdivision;
Thence S 00d 57' 59" W a distance of 746.96' to an IRF found in Lot 1, Block 1 of
Sunburst Place Two recorded in Cab. E, Pg. 90 R.P.R.D.C.T.; ~
Thence N89d 21' 25" W a distance of 421.58' to an IRF;
Thence S 00d 47' 24" W a distance of 953.48' following the western boundary line of
Lot 1 Woodhill Addition recorded in Cabinet C, Page 322 of the R.P.R2D.C.T. to the
Point of Beginning and enclosing a total acreage of 65.46 acres.