2000-225S dour 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
S \0ur Documenu\Ordmancca\004eleeee of hoo 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
~Aat-
EULINE BROCK, MAYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
BY ~"At~~ a~
APPROVED AS TO LEGAL FORM
HERBERT L PRO TTV CITY ATTORNEY
BY
Page 2
RELEASE OF LIEN
Date June 6, 2000
Real Estate Lien Note
Date September 3, 1997
Original Amount $709,00000
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
\\CH LGL\VOLIVhuedWeFNAL\Oar D0CUMnU\Cmftacla\00\RELEASE OF LIEN doc
Page 1
CITY OF DENTON, TEXAS
BY
ICHAEL J , CA Y MANAGER
TRUSTEE
STATE OF TEXAS
COUNTY OF DENTON
ROGERN WILKINSON
BY
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
Given under my hand and seal of office tlus 10
ANN FORSYTHE
.r . / Noiay Pubpc, Stete of Texas
~l`~... MNOommlealonDfplrea
'~f♦!ntts~,~ MAY 8, 2002
STATE OF TEXAS
COUNTY OF DENTON
of '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\CuntncU W\EELWI3 OF LIEN doc
Page 2
462 f
RELEASE OF LIEN
Date: June 6, 2000
Real Estate Lien Note
Date:
Original Amount:
Maker:
Payee:
Date of Maturity:
Holder of Note and Lien:
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 %RELE SE OF UEN.doc
Page 1
September 3, 1997
$709,000.00
Aoo8(c8-loo i
00367
0G0981
N.W. Realty, Inc., a Texas corporation and Terrano Realty, Inc., a
Texas Corporation
City of Denton, Texas
CITY OF DENTON, TEXAS
BY: 1~6ax)qf-,l
ICHAEL . J , C AY MANAGER
4621 00360
STATE OF TEXAS
COUNTY OF DENTON
TRUSTEE:
BY: lr d oe,-'~
R R N. LKINSON
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. q~
Given under my hand and seal of office this /y~
RSYTHE
Stete of Texas on Expires
2002
am
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 17v day 14LL-l 2000.
N,,,r„ 4
'p`: DENISE M. PERQ
NMery Public, Stetaof Tom Qotoiary Public in and for e State of T "s
My DDmminion Exp. ozw-Pool
My Commission Expires: o2-a'- zoo4
\\CH-LGL\VOL1\hnredWgt\LGL\Our IMCU MXCunMcMOOV LMSE OF LIEN.doc
Page 2
71
4621 00369,
ANY RROV510N HEREIN WIM.11 REBrRE'IB THE 8µf, REMAL OR L
OF THE : ~ :ORIFlEO Ri:.. ~aGEER1Y BEGWf OF OOLUR ON MOE e
INYgL10 AND IINENFO :GBLE 1H10ER FEDEML lpW,
TNF STATE OFTENAB
1OOUNTYFOENTON
MNq' cOopy IIFI EHe MnmOM WY Ffk9 h Pb FIe NuFG. FpYwlVb m
Pic mb bM M Ihne NYepM Mrem M mF: nq was dh REfgROfO. M Nc
opal Rurx: RneM aR.y w,peM a embe fainh, reoF m
JUN 2 9 2000
Return To:
City Of Denton
Engmeying & Transpoilation Dept.
221 [gonI? Elm Street:
Denton * 7i-e~x~ay, s 76201
Attention: rL~ L UJ~(1 w on
crA'c1AkLq
COUNTY CLEAN -
DENTON COUNTY, TERM
pj kT
w i
`5 Jr,'
v { "i
Filed for Record in:
DENTON COUNTY, TX
CYNTHIA MIT
CHELL, COUNTY
CLERK.
..On , -J.un 29 2000
At 10:07am
Doc/Num 00 800609&'1
Doc/Type REL
~Recorrdinq-: 7.00
Doc/M_pmt L-.00
Receipt 0. 26436
Deputy - Christy
4621 00363
THE STATE OF TEXAS
COUNTY OF DENTON
CITY OF DENTON
®jG®9bo
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.
SEC TARY
TY OFD NTON, TEXAS
SCANNED
' S:\Ow Dac =m \O inmmes\00\ 1l a 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:\Oee 1)...6\0,din..N004d.a of H.
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 a°~h-day of 12000.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: 1
APPROVED AS TO LEGAL FORM:
HF.RRFRTI. PRt7TTTV PITY ATTORNFV
BY:
&dol~. XGAL
EULINE BROCK, MAYOR
Page 2
4.621 00366`
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O M aiPWY:~ RcPb b NeY PRpERy b OA11m C"anty. Tuu m
JUN 2 9 2000
Return To:
City Of Denton
Engmeel'il1& Transportation Dept.
221 Nc)j~t Flm Street
Dentor~,'rex s 76201
Q~
Attention:
COUNTYCLBAK
OENWN OOUNTYI TEW
Filed fo'r Record in:
DFNTON COUNTY
CYNTHIA MITCH
TX
ELL, 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