HomeMy WebLinkAboutResolution No. 2013-012
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2013-012
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, AUTHORIZING THE CITY MANAGER AND OR
MAYOR TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY
FOR THE ACQUISITION AND CONVEYANCE OF THE
APPROXIMATELY 82.09 ACRE TRACT OF LAND, AS FURTHER
DESCRIBED IN EXHIBIT "B" ATTACHED HERETO; PROVIDING A
SEVERABILITY CLAUSE; AND PROVIDING FOR AN IMMEDIATE
EFFECTIVE DATE.
WHEREAS, on September 26, 2012, The Colony Community Development Corporation,
a Texas non-profit corporation (hereinafter referred to as the "CDC"), The Colony Economic
Development Corporation, a Texas non-profit corporation (hereinafter referred to as the "EDC"),
and The Colony Local Development Corporation, a Texas non-profit corporation (hereinafter
referred to as the "LDC"), acquired an approximately 79.614 acre tract of land, as further described
in Exhibit A of this Resolution, which is attached hereto and incorporated herein for all purposes
(hereinafter referred to as the "Loan Property"), from 121 Acquisition Company, LLC, a Texas
limited liability company; and
WHEREAS, a Real Estate Contract of Sale, effective September 26, 2012, by and
between the CDC, EDC, LDC, and 121 Acquisition Company, LLC, in pertinent part, provided that
the CDC, EDC, and LDC, at their option, may elect to not pay the interest payment due and payable
on December 31, 2012, and to satisfy all unpaid indebtedness then owing pursuant to the Note by
executing, acknowledging, and delivering to 121 Acquisition Company, LLC, a deed conveying the
Loan Property to 121 Acquisition Company, LLC. Further, upon the delivery of the deed to 121
Acquisition Company, LLC, the Promissory Note shall terminate and be of no further force or
effect; and
WHEREAS, TXFM, Inc, a Texas corporation, is the successor in interest to 121
Acquisition Company, LLC; and
WHEREAS, the CDC, EDC, and LDC, desire to convey the Loan Property to the City of
The Colony, Texas, who will then reconvey the Loan Property to TXFM, Inc., in keeping with said
Real Estate Contract of Sale; and
WHEREAS, the City of The Colony, Texas also desires to convey an additional
approximately 2.476 acres (the "Additional Property") to TXFM, Inc. for a purchase price of
$359,572.26 which Additional Property, when aggregated with the approximately 79.614 acres
comprising the Loan Property, constitutes the approximately 82.09 acres more particularly
described on Exhibit B of this Resolution, which is attached hereto and incorporated herein for all
purposes (the "Property"); and
WHEREAS, the Property is located in a reinvestment zone designated as provided by law,
and the City of The Colony, Texas, desires to have the Property developed under a project plan
adopted by the City Council for the zone.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, THAT:
SECTION 1. That the foregoing recitals are hereby found to be true and correct findings
of the City of The Colony, Texas, and are fully incorporated into the body of this Resolution.
SECTION 2. That the City Council of the City of The Colony, Texas, does hereby
authorize the City Manager and or Mayor to execute any and all real estate closing documents
necessary for the acquisition of the Loan Property, as further described in Exhibit A of this
Resolution, which is attached hereto and incorporated herein for all purposes, from the LDC, CDC,
and EDC.
SECTION 3. That the City Council of the City of The Colony, Texas, does hereby
authorize the City Manager and or Mayor to execute any and all real estate closing documents
necessary for the conveyance of the Property, as further described in Exhibit B of this Resolution,
which is attached hereto and incorporated herein for all purposes, to TXFM, Inc., a Texas
corporation.
SECTION 4. If any section, article paragraph, sentence, clause, phrase or word in this
Resolution, or application thereto any persons or circumstances is held invalid or unconstitutional
by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining
portions of this Resolution; and the City Council hereby declares it would have passed such
remaining portions of this Resolution despite such invalidity, which remaining portions shall remain
in full force and effect.
SECTION 5. This Resolution shall become effective immediately.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS THE 7c" day of FEBRUARY, 2013.
J96 McCoui~y, Mayor
ATTEST:
ICY
Christie Wilson, City Secretary ,L > IF, I •Q~
7-EX Page 2
r
APPROVED AS TO FORM:
Jeff Moore, City Attorney
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Exhibit A
Legal Description of the
Loan Property (79.614 acres)
Being a 82.09 acre tract of land situated in the B.B.B. & C.R.R. Survey, Abstract No. 174, and the
Thomas A. West Survey, Abstract No. 1344, Denton County, Texas, and being a portion of a tract of land
conveyed by deed to 121 Acquisition Company, LLC., as recorded in Instrument No. 2011-114773, Deed
Records, Denton County, Texas, and being more particularly described as follows:
COMMENCING at a found Txdot monument, said point being the northwest corner of said 121
Acquisition Company, LLC tract and being in the south right-of-way line of State Highway 121 (having a
variable width R.O.W.);
THENCE South 83°56' 15" East, leaving said south right-of-way line, a distance of 2380.35 feet to a point
for the POINT OF BEGINNING, said point being in the existing east right-of-way line of Plano Parkway
(having a 100 foot R. 0. W.);
THENCE North 00°00'00" West, leaving said existing east right-of-way line, a distance of 560.75 feet to
a point for corner, for the beginning of a tangent curve to the left having a radius of 78.50 feet, a central
angle of 65°00'00", and a long chord which bears North 32°3000 West, 84.36 feet;
THENCE along said tangent curve to the left, an are distance of 89.06 feet to a point for corner;
THENCE North 65°00'00" West, a distance of 259.91 feet to a point for corner, for the beginning of a
tangent curve to the right having a radius of 100.00 feet, a central angle of 35°00'00", and a long chord
which bears North 47°30'00" West, 60.14 feet;
THENCE along said tangent curve to the right, an arc distance oi'61.09 feet to a point for corner;
THENCE North 30°00'00" West, a distance of 390.00 feet to a point for corner;
THENCE North 60°47'38" East, a distance of 20.99 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 740.00 feet, a central angle of 2102'01", and a long chord
which bears North 59°46'37" East, 26.26 feet;
THENCE along said tangent curve to the left, an arc distance of 26.27 feet to a point for corner;
THENCE South 30°00'00" East, a distance of 121.86 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 89.75 feet, a central angle of 35°00'00", and a long chord
which bears South 47°30'00" East, 53.98 feet;
THENCE along said tangent curve to the left, an arc distance of 54.83 feet to a point for corner;
THENCE South 65°00'00" East, a distance of 254.03 feet to a point for corner;
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THENCE North 90°00'00" East, a distance of 25.58 feet to a point for corner;
THENCE South 63°40'44" East, a distance of 478.61 feet to a point for corner, said point being in the
face of garage;
THENCE North 90°00'00" East, along said face of garage, a distance of 113.01 feet to a point for corner,
said point being the face of building;
THENCE North 00°00'00" East, along said face of building, a distance of 398.00 feet, and continuing a
total distance of 427.50 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 283.92 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 118.50 feet, a central angle of 27°06'17", and a long chord
which bears North 76°26'51" East, 55.54 feet;
THENCE along said tangent curve to the left, an arc distance of 56.06 feet to a point for corner, for the
beginning of a reverse curve to the right having a radius of 81.50 feet, a central angle of 54°12'34", and a
long chord which bears South 90°00'00" East, 74.27 feet;
THENCE along said reverse curve to the right an arc distance of 77.11 feet to a point for corner, for the
beginning of a reverse curve to the left having a radius of 118.50 feet, a central angle of 27°06'17", and a
long chord which bears South 76°26'51" East, 55.54 feet;
THENCE along said reverse curve to the left an arc distance of 56.06 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 224.01 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 74.50 feet, a central angle of 60°00'00", and a long chord
which bears North 60°00'00" East, 74.50 feet;
THENCE along said tangent curve to the left, an arc distance of 78.02 feet to a point for corner;
THENCE South 60°00'00" East, a distance of 66.45 feet to a point for corner;
THENCE South 22°25'10" East, a distance of 211.39 feet to a point for corner;
THENCE South 00°00'00" West, a distance of 95.61 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 1499.37 feet to a point for corner;
THENCE South 45°37'45" East, a distance of 369.46 feet to a point for corner, for the beginning of a non-
tangent curve to the left, having a radius of 840.00 feet and a central angle of 39'1 9'1 I and a long chord
which bears South 24°42'40" West, 565.21 feet;
THENCE along said non-tangent curve to the left an arc distance of 576.46 feet to a point for corner, for
the beginning of a reverse curve to the right having a radius of 760.00 feet, a central angle of 35°53'29",
and a long chord which bears South 22°59'48" West, 468.33 feet;
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THENCE along said reverse curve to the right an arc distance of 476.08 feet to a point for corner;
THENCE North 50°00'00° West, a distance of 72.29 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 87.50 feet, a central angle of 40°00'00", and a long chord
which bears North 70°00'00" West, 59.85 feet;
THENCE along said tangent curve to the left, an arc distance of 61.09 feet to a point for corner;
THENCE North 90°00'00" West, a distance of 441.04 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 19.50 feet, a central angle of 90°00'00", and a long chord
which bears South 45°00'00" West, 27.58 feet;
THENCE along said tangent curve to the left, an arc distance of 30.63 feet to a point for cornet;
THENCE South 00°00'00" West, a distance of 41.01 feet to a point for corner, for the beginning of a
tangent curve to the right having a radius of 225.73 feet and a central angle of 30°04'42" and a long chord
which bears South 15°59'58" West, 117.14 feet;
THENCE along said tangent curve to the right an are distance of 118.50 feet to a point for corner;
THENCE South 31 °02'19" West, a distance of 21.72 feet to a point for corner, for the beginning of a non-
tangent curve to the left having a radius of 1130.00 feet and a central angle of 33°00'40", and a long chord
which bears North 73°51'43" West, 642.08 feet, said point being in the existing east right-of-way line of
said Plano Parkway;
THENCE along said existing east right-of-way line, and along said non-tangent curve to the left an arc
distance of 651.05 feet to a point for comer;
THENCE South 89°38'05" West, continuing along said existing east right-of-way line, a distance of
647.23 feet to a point for corner, for the beginning of a non-tangent curve to the right having a radius of
950.00 feet and a central angle of 40°05'36" and a long chord which beats North 70°19'29" West, 651.29
feet;
THENCE continuing along said existing east right-of-way line, and along said non-tangent curve to the
right an are distance of 664.77 feet to a point for corner, for the beginning of a reverse curve to the left
having a radius of 1050.00 feet, a central angle of 10°49'02", and a long chord which bears North
55°41'04" West, 197.94 feet;
THENCE continuing along said existing east right-of-way line, and along said reverse curve to the left, an
arc distance of 198.23 feet to the POINT OF BEGINNING and CONTAINING 3,575,716 square feet,
82.09 acres of land, more or less.
SAVE AND EXCEPT any portion of the foregoing property owned by The City of The Colony,
Texas, pursuant to that Special Warranty Deed from Crow-Billingsley UMF Plano, Ltd. to The
City of The Colony filed June 22, 2006, in the real property records of Denton County, Texas, as
Document Number 2006-75193; and
SAVE AND EXCEPT any portion of the foregoing property located within the McKamy Trail
right-of-way.
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Exhibit $
Legal Description
of the
Property (82.09 acres)
Being a 82.09 acre tract of land situated in the B.B.B. & C,R.R. Survey, Abstract No. 174, and the
Thomas A. West Survey, Abstract No. 1344, Denton County, Texas, and being a portion of a tract of land
conveyed by deed to 121 Acquisition Company, LLC., as recorded in Instrument No. 2011-114773, Deed
Records, Denton County, Texas, and being more particularly described as follows:
COMMENCING at a found Txdot monument, said point being the northwest corner of said 121
Acquisition Company, LLC tract and being in the south right-of-way line of State Highway 121 (having a
variable width R.O.W.);
THENCE South 83°56'15" East, leaving said south right-of-way line, a distance of 2380.35 feet to a point
for the POINT OF BEGINNING, said point being in the existing east right-of-way line of Plano Parkway
(having a 100 foot R.O.W.);
THENCE North 00°00'00" West, leaving said existing east right-of-way line, a distance of 560.75 feet to
a point for corner, for the beginning of a tangent curve to the left having a radius of 78.50 feet, a central
angle of 65°00'00", and a long chord which bears North 32°30'00" West, 84.36 feet;
THENCE along said tangent curve to the left, an are distance of 89.06 feet to a point for corner;
THENCE North 65°00'00" West, a distance of 259.91 feet to a point for corner, for the beginning of a
tangent curve to the right having a radius of 100.00 feet, a central angle of 35°00'00'", and a long chord
which bears North 47°30'00" West, 60.14 feet;
THENCE along said tangent curve to the right, an arc distance of 61.09 feet to a point for corner;
THENCE North 30°00'00" West, a distance of 390.00 feet to a point for corner;
THENCE North 60°47'38" East, a distance of 20.99 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 740.00 feet, a central angle of 2°02'01 and a long chord
which bears North 59°46'37" East, 26.26 feet;
THENCE along said tangent curve to the left, an arc distance of 26.27 feet to a point for corner;
THENCE South 30°00'00" East, a distance of 121.86 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 89.75 feet, a central angle of 35°00'00", and a long chord
which bears South 47°30'00" East, 53.98 feet;
THENCE along said tangent curve to the left, an arc distance of 54.83 feet to a point for corner;
THENCE South 65°00'00" East, a distance of 254.03 feet to a point for corner;
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THENCE North 90°00'00" East, a distance of 25.58 feet to a point for corner;
THENCE South 63°40'44" East, a distance of 478.61 feet to a point for corner, said point being in the
face of garage;
THENCE North 90°00'00" East, along said face of garage, a distance of 113.01 feet to a point for corner,
said point being the face of building;
THENCE North 00°00'00" East, along said face of building, a distance of 398.00 feet, and continuing a
total distance of 427.50 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 283.92 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 118.50 feet, a central angle of 27°06'17", and a long chord
which bears North 76°26'51" East, 55.54 feet;
THENCE along said tangent curve to the left, an arc distance of 56.06 feet to a point for corner, for the
beginning of a reverse curve to the right having a radius of 81.50 feet, a central angle of 54°12'34", and a
long chord which bears South 90°00'00" East, 74.27 feet;
THENCE along said reverse curve to the right an arc distance of 77.11 feet to a point for comer, for the
beginning of a reverse curve to the left having a radius of 118.50 feet, a central angle of 27'06'17", and a
long chord which bears South 76°26'51" East, 55.54 feet;
THENCE along said reverse curve to the left an are distance of 56.06 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 224.01 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 74.50 feet, a central angle of 60°00'00", and a long chord
which bears North 60°00'00" East, 74.50 feet;
THENCE along said tangent curve to the left, an arc distance of 78.02 feet to a point for corner;
THENCE South 60°00'00" East, a distance of 66.45 feet to a point for corner;
THENCE South 22°25' 10" East, a distance of 211.39 feet to a point for corner;
THENCE South 00°00'00" West, a distance of 95.61 feet to a point for corner;
THENCE North 90°00'00" East, a distance of 1499.37 feet to a point for corner;
THENCE South 45°37'45" East, a distance of 369.46 feet to a point for corner, for the beginning of a non-
tangent curve to the left, having a radius of 840.00 feet and a central angle of 39°19'1 l and a long chord
which bears South 24°42'40" West, 565.21 feet;
THENCE along said non-tangent curve to the left an are distance of 576.46 feet to a point for corner, for
the beginning of a reverse curve to the right having a radius of 760.00 feet, a central angle of 35'53'29",
and a long chord which bears South 22°59'48" West, 468.33 feet;
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THENCE along said reverse curve to the right an arc distance of 476.08 feet to a point for corner;
THENCE North 50°00'00" West, a distance of 72.29 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 87.50 feet, a central angle of 40°00'00", and a long chord
which bears North 70°00'00" West, 59.85 feet;
THENCE along said tangent curve to the left, an arc distance of 61.09 feet to a point for corner;
THENCE North 90°00'00" West, a distance of 441.04 feet to a point for corner, for the beginning of a
tangent curve to the left having a radius of 19.50 feet, a central angle of 90°00'00", and a long chord
which bears South 45°00'00" West, 27.58 feet;
THENCE along said tangent curve to the left, an arc distance of 30.63 feet to a point for corner;
THENCE South 00°00'00" West, a distance of 41.01 feet to a point for corner, for the beginning of a
tangent curve to the right having a radius of 225.73 feet and a central angle of 30°04'42" and a long chord
which bears South 15°59'58" West, 117.14 feet;
THENCE along said tangent curve to the right an are distance of 118.50 feet to a point for corner;
Ti IENCE South 31 '02'19" West, a distance of 21.72 feet to a point for corner, for the beginning of a non-
tangent curve to the left having a radius of 1130.00 feet and a central angle of 33°00'40", and a long chord
which bears North 73°51'43" West, 642.08 feet, said point being in the existing east right-of-way line of
said Plano Parkway;
THENCE along said existing east right-of-way line, and along said non-tangent curve to the left an arc
distance of 651.05 feet to a point for corner;
THENCE South 89°38'05" West, continuing along said existing east right-of-way line, a distance of
647.23 feet to a point for corner, for the beginning of a non-tangent curve to the right having a radius of
950.00 feet and a central angle of 40°05'36" and a long chord which bears North 70°19'29" West, 651.29
feet;
THENCE continuing along said existing east right-of-way line, and along said non-tangent curve to the
right an arc distance of 664.77 feet to a point for corner, for the beginning of a reverse curve to the left
having a radius of 1050.00 feet, a central angle of 10°49'02", and a long chord which bears North
55°41'04" West, 197.94 feet;
THENCE continuing along said existing east right-of-way line, and along said reverse curve to the left, an
arc distance of 198.23 feet to the POINT OF BEGINNING and CONTAINING 3,575,716 square feet,
82.09 acres of land, more or• less.
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