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HomeMy WebLinkAboutOrdinance No. 2013-2034 CITY OF THE COLONY, TEXAS ORDINANCE NO. 2013-2034 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, DESIGNATING A GEOGRAPHIC AREA WITHIN THE CITY AS A TAX INCREMENT REINVESTMENT ZONE PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE, TO BE KNOWN AS TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, CITY OF THE COLONY, TEXAS; DESCRIBING THE BOUNDARIES OF THE ZONE; CREATING A BOARD OF DIRECTORS FOR THE ZONE AND APPOINTING MEMBERS OF THE BOARD; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE; CONTAINING FINDINGS RELATED TO THE CREATION OF THE ZONE; PROVIDING A DATE FOR THE TERMINATION OF THE ZONE; PROVIDING THAT THE ZONE TAKE EFFECT IMMEDIATELY UPON PASSAGE OF THE ORDINANCE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of The Colony, Texas (hereinafter referred to as the "City"), pursuant to Chapter 311 of the Texas Tax Code, as amended (hereinafter referred to as the "Act"), may designate a geographic area within the City as a tax increment reinvestment zone if the area satisfies the requirements of the Act; and WHEREAS, pursuant to and as required by the Act, the governing body of the City (hereinafter referred to as the "City Council") prepared a Preliminary Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number Two, City of The Colony, Texas, dated December 3, 2013, approved by Ordinance No. 2013-2033 adopted December 3, 2013 (hereinafter referred to as the "Preliminary Finance Plan") for a proposed tax increment reinvestment zone containing the approximately 992.220 acres described and depicted on Exhibit A attached hereto and incorporated herein for all purposes (hereinafter referred to as the "Property"); and WHEREAS, notice of the public hearing on the creation of the proposed zone was published in the official newspaper of the City on or before November 26, 2013, which date is not later than the seventh (7"') day before the public hearing held on December 3, 2013; and WHEREAS, at the public hearing on December 3, 2013, interested persons were allowed to speak for or against the creation of the zone, the boundaries of the zone, and the concept of tax increment financing, and owners of property in the proposed zone were given a reasonable opportunity to protest the inclusion of their property in the zone; and WHEREAS, evidence was received and presented at the public hearing in favor of the creation of the zone; and WHEREAS, the City has taken all actions required to create the zone including, but not limited to, all actions required by the home-rule Charter of the City, the Act, the Texas Open Meetings Act, and all other laws applicable to the creation of the zone; and WHEREAS, the City desires to appoint initial members to the board of directors of the zone; and WHEREAS, terms used in this Ordinance that have their initial letters capitalized shall have the meanings given to them in this Ordinance; however, terms that are CAPITALIZED IN BOLD shall have the meanings given to them in the Preliminary Finance Plan. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: SECTION 1. FINDINGS. (a) The recitals, findings, and determinations contained in the preamble to this Ordinance are incorporated into the body of this Ordinance as if fully set forth herein and are hereby found and declared to be true and correct legislative findings and are adopted as part of this Ordinance for all purposes. (b) The City Council finds that the TIF PROJECTS will significantly enhance the value of all the taxable real property in the zone and will be of general benefit to the City. (c) The City Council finds that the proposed zone meets the requirements of Section 311.005 of the Act because, in part, the proposed zone substantially impairs and arrests sound growth of the City because the proposed zone is predominately open and undeveloped, because of other development factors such as the need for essential public infrastructure, and because of the need for economic development programs that will attract new business and commercial activity to the proposed zone for the purposes of increasing the real property tax base for all taxing units within the zone, increasing sales and use taxes for the City and the State of Texas, and increasing job opportunities for residents of the City and the region. (d) The City Council finds that the proposed zone is a geographic area located wholly within the corporate limits of the City. (e) The City Council finds that the total appraised value of taxable real property in the proposed zone does not exceed fifty percent (50%) of the total appraised value of taxable real property in the City and in the industrial districts created by the City. (f) The City Council finds that the development or redevelopment of the property in the proposed zone will not occur solely through private investment in the reasonably foreseeable future. (g) The City Council finds that the Preliminary Finance Plan is feasible. SECTION 2. DESIGNATION AND NAME OF THE ZONE. Pursuant to the authority of, and in accordance with the requirements of, the Act, the City Council hereby designates the Property as a tax increment reinvestment zone. The name assigned to the zone for identification is Tax Increment Reinvestment Zone Number Two, City of The Colony, Texas (hereinafter referred to as the "Zone"). The Zone is designated pursuant to Section 311.005(a)(1) and (a)(2) of the Act. SECTION 3. BOARD OF DIRECTORS. (a) The City Council hereby creates a board of directors for the Zone (hereinafter referred to as the "Board") consisting of nine (9) members appointed by the City Council. At least two (2) members shall own real property in the Zone or be an employee or agent of a person who owns real property in the Zone, consistent with section 311.009 of the Texas Tax Code; and in addition, at least one (1) of said two (2) members must also be an employee or agent of a developer who has entered into a reimbursement or development agreement with the City concerning the Zone. When such developer has been fully reimbursed for its project costs, including interest, the director who was an employee or agent of the developer need only to be an owner of real property in the Zone or an employee or agent of a person that owns real property in the Zone. (b) The City Council hereby appoints the nine (9) individuals listed on Exhibit B attached hereto and incorporated herein for all purposes to serve as the initial members of the Board for the terms indicated. Upon expiration of the indicated terms, subsequent appointments to fill vacancies shall be for terms of two (2) years. Annually the City Council shall appoint a member to serve as the chairman of the Board for a one-year term. The Board is authorized to elect a vice-chairman and other officers as determined by the Board. The City Council shall fill vacancies for director positions appointed by the City Council. The Commissioners Court shall fill vacancies for director positions appointed by the Court. (c) The Board shall make recommendations to the City Council concerning the administration, management, and operation of the Zone. The Board shall prepare or cause to be prepared and adopted a project plan and a reinvestment zone financing plan for the Zone (hereinafter referred to as the "Project and Finance Plan") as required by the Act, and shall submit the Project and Finance Plan to the City Council for approval. The City Council hereby delegates to the Board all powers necessary to implement the Project and Finance Plan as approved by the City Council, including the power to employ consultants and enter into agreements that the Board considers necessary or convenient to implement the Project and Finance Plan and to administer, operate, and manage the Zone including, but not limited to, the power to enter into reimbursement agreements and other obligations secured by the Tax Increment Fund established pursuant to Section 6 of this Ordinance. (d) Pursuant to Section 311.010(h) of the Act and Article 111, Section 52-a of the Texas Constitution, the City Council hereby authorizes the Board, as necessary or convenient to implement the Project and Finance Plan and achieve its purposes, to establish and provide for the administration of one or more programs for the public purposes of developing and diversifying the economy of the Zone, eliminating unemployment and underemployment in the Zone, and developing or expanding transportation, business, and commercial activity in the Zone, including programs to make grants of land and buildings and make grants from the Tax Increment Fund for activities that benefit the Zone and stimulate business and commercial activity in the Zone. In addition, the City Council hereby authorizes the Board to exercise all of the powers of the City under Chapter 380, Texas Local Government Code, as amended. (e) Directors shall not receive any salary or other compensation for their services as directors. SECTION 4. DURATION OF THE ZONE. The Zone shall take effect immediately upon the passage and approval of this Ordinance. Unless extended by the City Council in accordance with the Act, the Zone shall terminate on the earlier of. (a) the 25`h anniversary of the date the Zone is created; or (b) the date on which all TIF PROJECT COSTS, plus interest, have been reimbursed to the City and the DEVELOPER. SECTIONS. TAX INCREMENT BASE. The "tax increment base" for purposes of calculating the TAX INCREMENT and means the total appraised value of all real property in the Zone that is taxable by the City as of January 1, 2013. SECTION 6. CITY TAX INCREMENT AND TAX INCREMENT FUND. There is hereby created and established a TAX INCREMENT FUND for the Zone which may be divided into subaccounts. The CITY TAX INCREMENT, which is seventy percent (70%) of the TAX INCREMENT, shall be deposited into the TAX INCREMENT FUND as of the effective date of the Zone. The TAX INCREMENT FUND and all subaccounts shall be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for funds of Texas cities. Prior to termination of the Zone, funds shall be disbursed from the TAX INCREMENT FUND only to pay TIF PROJECT COSTS. SECTION 7. BOUNDARIES OF ZONE. The boundaries of the Zone may not be reduced without the consent of the City and Tribute Partners, L.P., a Texas limited partnership, and its successors and assignees, unless and until all TIF PROJECT COSTS, plus interest, have been reimbursed to the City and Tribute Partners, L.P., and its successors and assignees, as described herein. SECTION 8. SEVERABILITY CLAUSE. If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person or set of circumstances, is for any reason held to be invalid, the validity of the remaining provisions of this Ordinance or their application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no provision of this Ordinance shall become inoperative because of the invalidity of another provision; and, therefore, all provisions of this Ordinance are declared severable for that purpose. SECTION 9. OPEN MEETINGS. It is hereby found, determined, and declared that sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding its meeting, as required by the Texas Open Meetings Act, Chapter 551 of the Texas Government Code, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. SECTION 10. EFFECTIVE DATE. This Ordinance shall take effect immediately upon its adoption and publication in accordance with and as provided by law and the City Charter. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, THIS THE 3rd DAY OF DECEMBER, 2013. Joe,McCourry'4/Mayor /ATTEST: V AA- Christie Wilson, City Secretary,,. ..0 %;r X SE APPROVED AS TO FORM: TEX Ate: Jeff Moore City Attorney Exhibit A Metes and Bounds Description of Property within Reinvestment Zone Number Two, City of The Colony, Texas OVERALL TRIBUTE DESCRIPTION BEING a parcel of land located in Denton County, Texas, a part of the B.B.B. & C.R.R. Survey, Abstract No. 170, a part of the B.B.B. & C.R.R. Survey, Abstract No. 179, a part of the B.B.B. & C.R.R. Survey, Abstract No. 182, a part of the R. Carter Survey, Abstract No. 321, a part of the R. G. Dunlap Survey, Abstract No. 352, a part of the T. D. Luckett Survey, Abstract No. 752, a part of the S. Payton Survey, Abstract No. 1009, a part of the J. Robertson Survey, Abstract No. 1507, a part Boyd Road and Lebanon Road, all of Lot 1, Block 1, Wynnwood Pump Station Addition, an addition to the City of the Colony as recorded in Cabinet W, Page 400, and comprised of that tract of land described in deed to Little Elm Independent School District recorded in Volume 5077, Page 2135, that tract of land described in deed to The Tribute Owners Association, Inc. recorded in Document Number 2008-28999, and portions of those tracts of land described in deeds to Tribute Partners, L.P. recorded in Document Number 2010-69110, Document Number 2010-69111 and Document Number 2010-69114, Denton County Deed Records, and being further described as follows: BEGINNING at a five-eighths inch iron rod found in the west right-of-way line of Lebanon Road (a 120 foot wide right-of-way) at the southwest corner of that 4.430 acre tract of land described as Tract 19 in said Document Number 2010-69114, said point being in the north line of a tract of land conveyed to United States of America (U.S.A.) as recorded in Volume 371, Page 17 and in Volume 468, Page 130, Denton County Deed Records, said point also being the southwest corner of Lebanon Road according to the plat recorded in Cabinet W, Page 268 of the Plat records of Denton County, Texas; THENCE South 89 degrees 18 minutes 15 seconds West, 1950.76 feet to a to a five-eighths inch iron rod found for corner; THENCE North 00 degrees 04 minutes 31 seconds West, 1100.08 feet to a five-eighths inch iron rod found for corner; THENCE North 00 degrees 18 minutes 25 seconds West, 100.14 feet to a five-eighths inch iron rod found for corner; THENCE South 88 degrees 34 minutes 01 seconds West, 511.56 feet to a to a five-eighths inch iron rod found for corner; THENCE North 48 degrees 04 minutes 11 seconds West, 355.70 feet to a five-eighths inch iron rod found for corner; THENCE North 30 degrees 57 minutes 56 seconds East, 657.61 feet to a Corp Of Engineer monument found for corner in the take line of Garza-Little Elm Dam and Reservoir (Lake Lewisville); THENCE along the take line of Garza-Little Elm Dam and Reservoir (Lake Lewisville) as follows: North 24 degrees 36 minutes 59 seconds East, 556.05 feet to a point for corner; North 71 degrees 45 minutes 30 seconds East, 134.59 feet to a point for corner; North 30 degrees 50 minutes 28 seconds West, 86.29 feet to a point for corner; North 27 degrees 57 minutes 07 seconds East, 466.04 feet to a point for corner; South 68 degrees 13 minutes 00 seconds East, 263.30 feet to a Corp of Engineer monument found for corner 9 North 64 degrees 05 minutes 52 seconds East, 376.74 feet to a Corp of Engineer monument found for corner; North 89 degrees 33 minutes 08 seconds East, 403.23 feet to a Corp of Engineer monument found for corner; North 00 degrees 15 minutes 14 seconds West, 379.56 feet to a Corp of Engineer monument found for corner; North 61 degrees 45 minutes 56 seconds West, 339.76 feet to a point for corner; North 05 degrees 13 minutes 46 seconds West, 425.54 feet to a point for corner; North 50 degrees 58 minutes 42 seconds East, 150.71 feet to a Corp of Engineer monument found for corner; North 05 degrees 32 minutes 05 seconds East, 662.31 feet to a Corp of Engineer monument found for corner; North 88 degrees 07 minutes 35 seconds East, 42.24 feet to a Corp of Engineer monument found at the southwest corner of Wynnwood Haven Estates, an addition to the County of Denton as recorded in Cabinet E, Page 209, Denton County Map Records; THENCE along the south line of said Wynnwood Haven Estates as follows: North 83 degrees 53 minutes 31 seconds East, 100.47 feet to a one-half inch iron rod found for corner; North 00 degrees 33 minutes 25 seconds West, 7.13 feet to a one-half inch iron rod found for corner; North 89 degrees 16 minutes 35 seconds East, 1215.83 feet to a railroad spike found for the southeast corner of said Wynnwood Haven Estates and said point being in the center of Boyd Road (a prescriptive use right-of-way); THENCE North 01 degrees 02 minutes 51 seconds West, 157.91 feet along the east line of said Wynnwood Haven Estates and along the center of Boyd Road to a one-half inch iron rod found for corner; THENCE North 01 degrees 38 minutes 55 seconds West, 158.18 feet along the east line of said Wynnwood Haven Estates to a Corp of Engineer monument found for corner in the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville); THENCE along the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville) as follows: North 78 degrees 19 minutes 06 seconds East, 65.66 feet to a one-half inch iron rod found for corner; North 49 degrees 05 minutes 28 seconds East, 322.05 feet to a Corp of Engineer monument found for corner; North 62 degrees 33 minutes 24 seconds East, 1112.30 feet to a one-half inch iron rod found for corner; North 36 degrees 39 minutes 40 seconds East, 762.29 feet to a one-half inch iron rod found for corner; North 36 degrees 45 minutes 05 seconds East, 71.39 feet to a Corp of Engineer monument found for corner; South 89 degrees 35 minutes 43 seconds West, 312.09 feet to a Corp of Engineer Monument found for corner; North 45 degrees 22 minutes 05 seconds East, 575.78 feet to a Corp of Engineer monument found for corner; South 66 degrees 13 minutes 05 seconds East, 550.42 feet to a Corp of Engineer monument found for corner; North 55 degrees 31 minutes 30 seconds East, 1063.30 feet to a four inch pipe post found for corner; South 53 degrees 20 minutes 23 seconds East, 99.10 feet to a four inch pipe post found for corner; North 58 degrees 49 minutes 33 seconds East, 39.21 feet to a four inch pipe post found for corner; North 09 degrees 43 minutes 33 seconds West, 105.85 feet to a four inch pipe post found for corner; North 55 degrees 34 minutes 45 seconds East, 532.40 feet to a four inch pipe post found for corner; South 68 degrees 39 minutes 45 seconds East, 111.43 feet to a four inch pipe post found for corner; North 06 degrees 45 minutes 37 seconds East, 122.83 feet to a four- inch pipe post found for corner; North 55 degrees 32 minutes 07 seconds East, 542.48 feet to a Corp of Engineer monument found for corner; North 31 degrees 56 minutes 09 seconds West, 949.10 feet to a Corp of Engineer monument found for corner; South 78 degrees 20 minutes 38 seconds East, 400.38 feet to a Corp of Engineer monument found for corner; South 52 degrees 10 minutes 02 seconds East, 727.85 feet to a four inch pipe post found for corner; South 24 degrees 02 minutes 41 seconds West, 30.84 feet to a four inch pipe post found for corner; South 15 degrees 40 minutes 20 seconds East, 51.56 feet to a four inch pipe post found for corner; South 56 degrees 34 minutes 06 seconds East, 24.94 feet to a four inch pipe post found for corner; North 57 degrees 44 minutes 36 seconds East, 62.09 feet to a four inch pipe post found for corner; South 52 degrees 13 minutes 08 seconds East, 775.93 feet to a Corp of Engineer monument found for corner; North 14 degrees 14 minutes 56 seconds East, 649.52 feet to a Corp of Engineer monument found for corner; South 41 degrees 03 minutes 50 seconds East, 472.48 feet to a point for corner; THENCE South 00 degrees 03 minutes 49 seconds East, 414.73 feet to a one inch iron rod found for corner; THENCE South 45 degrees 34 minutes 44 seconds East, 302.88 feet to a one-half inch iron rod found for corner; THENCE South 00 degrees 20 minutes 30 seconds East, 907.31 feet to a point for corner in the south right-of-way line of Lebanon Road; THENCE South 89 degrees 03 minutes 39 seconds West, 229.47 feet along the south right-of- way line of Lebanon Road to a fence post found at the northeast corner of that 3.4209 acre tract of land described as Tract 18 in said Document Number 2010-69114; THENCE South 06 degrees 31 minutes 15 seconds West, 497.49 feet to a Corp of Engineer monument found at the southeast corner of Lot 1, Block 1, Wynnwood Pump Station Addition, an addition to the City of The Colony as recorded in Cabinet W, Page 400, Denton County Map Records; THENCE South 74 degrees 32 minutes 42 seconds West, 309.51 feet to a five-eighths inch iron rod found at the southwest corner of said Lot 1; THENCE North 25 degrees 02 minutes 20 seconds West, 626.50 feet to a one-half inch iron rod found at the northwest corner of said Tract 18, said point being in the south right-of-way line of Lebanon Road (a variable width right-of-way); THENCE South 87 degrees 53 minutes 13 seconds West, 467.96 feet along the south right-of- way line of Lebanon Road to a one-half inch iron rod found for corner in the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville); THENCE along the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville) as follows: South 20 degrees 51 minutes 24 seconds East, 416.72 feet to a Corp of Engineer monument found for corner; South 00 degrees 55 minutes 33 seconds East, 403.72 feet to a Corp of Engineer monument found for corner; South 44 degrees 17 minutes 33 seconds West, 219.95 feet to a Corp of Engineer monument found for corner; South 23 degrees 13 minutes 58 seconds East, 504.77 feet to a Corp of Engineer monument found for corner; South 66 degrees 15 minutes 07 seconds East, 550.27 feet to a Corp of Engineer monument found for corner; South 14 degrees 52 minutes 10 seconds West, 516.70 feet to a Corp of Engineer monument found for corner; North 89 degrees 36 minutes 35 seconds East, 180.76 feet to a Corp of Engineer monument found for corner; South 34 degrees 14 minutes 35 seconds East, 719.98 feet to a Corp of Engineer monument found for corner; South 00 degrees 16 minutes 25 seconds East, 250.36 feet to a Corp of Engineer monument found for corner; North 79 degrees 20 minutes 17 seconds West, 250.67 feet to a Corp of Engineer monument found for corner; North 28 degrees 43 minutes 02 seconds West, 277.42 feet to a Corp of Engineer monument found for corner; North 02 degrees 25 minutes 23 seconds East, 98.26 feet to a Corp of Engineer monument found for corner; North 18 degrees 43 minutes 27 seconds West, 117.41 feet to a Corp of Engineer monument found for corner; South 72 degrees 44 minutes 51 seconds West, 72.63 feet to a Corp of Engineer monument found for corner; North 28 degrees 43 minutes 02 seconds West, 148.34 feet to a Corp of Engineer monument found for corner; South 17 degrees 36 minutes 10 seconds West, 443.35 feet to a Corp of Engineer monument found for corner; South 26 degrees 30 minutes 09 seconds East, 499.68 feet to a Corp of Engineer- monument found for corner; South 28 degrees 32 minutes 02 seconds West, 393.89 feet to a Corp of Engineer monument found for corner; South 46 degrees 00 minutes 17 seconds West, 1038.81 feet to a Corp of Engineer monument found for corner; South 12 degrees 48 minutes 30 seconds West, 196.63 feet to a Corp of Engineer monument found for corner; North 89 degrees 54 minutes 30 seconds West, 375.97 feet to a Corp of Engineer monument found for corner; North 45 degrees 15 minutes 56 seconds West, 148.52 feet to a Corp of Engineer monument found for corner; South 07 degrees 37 minutes 10 seconds West, 109.33 feet to a Corp of Engineer monument found for corner; South 41 degrees 02 minutes 33 seconds West, 342.56 feet to a Corp of Engineer monument found for corner; South 14 degrees 28 minutes 37 seconds West, 199.68 feet to a Corp of Engineer monument found for corner; North 84 degrees 47 minutes 05 seconds West, 199.79 feet to a Corp of Engineer monument found for corner; South 18 degrees 44 minutes 21 seconds West, 230.29 feet to a Corp of Engineer monument found for corner; North 32 degrees 32 minutes 59 seconds West, 559.14 feet to a Corp of I Engineer monument found for corner; North 55 degrees 13 minutes 42 seconds West, 119.88 feet to a Corp of Engineer monument found for corner; South 02 degrees 52 minutes 07 seconds West, 50.81 feet to a Corp of Engineer monument found for corner; North 70 degrees 15 minutes 50 seconds West, 300.21 feet to a Corp of Engineer monument found for corner; South 19 degrees 45 minutes 47 seconds East, 850.04 feet to a Corp of Engineer monument found for corner; South 00 degrees 27 minutes 05 seconds East, 188.40 feet to a Corp of Engineer monument found for corner; North 72 degrees 18 minutes 08 seconds West, 699.72 feet to a Corp of Engineer monument found for corner; South 21 degrees 48 minutes 15 seconds East, 775.43 feet to a Corp of Engineer monument found for corner; South 46 degrees 48 minutes 08 seconds West, 700.08 feet to a Corp of Engineer monument found for corner; South 87 degrees 32 minutes 08 seconds West, 330.13 feet to a Corp of Engineer monument found for corner; North 43 degrees 37 minutes 35 seconds West, 499.78 feet to a Corp of Engineer monument found for corner; North 76 degrees 52 minutes 41 seconds West, 399.88 feet to a Corp of Engineer monument found for corner; South 27 degrees 02 minutes 57 seconds East, 460.27 feet to a Corp of Engineer monument found for corner; South 82 degrees 15 minutes 45 seconds West, 450.32 feet to a Corp of Engineer monument found for corner; North 22 degrees 16 minutes 53 seconds East, 300.02 feet to a Corp of Engineer monument found for corner; North 47 degrees 21 minutes 30 seconds West, 375.19 feet to a Corp of Engineer monument found for corner; North 19 degrees 49 minutes 24 seconds West, 798.82 feet to a Corp of Engineer monument found for corner; South 04 degrees 31 minutes 38 seconds West, 1374.07 feet to a Corp of Engineer monument found for corner; THENCE South 89 degrees 09 minutes 14 seconds West, 560.40 feet to a one-half inch iron rod found for corner; THENCE North 00 degrees 29 minutes 35 seconds West, 136.53 feet to a one-half inch iron rod found for corner; THENCE South 89 degrees 18 minutes 15 seconds West, 202.50 feet to the POINT OF BEGINNING and containing 992.220 acres of land. "This document was prepared under 22 TAC 663.23, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared." Depiction of Reinvestment Zone Number Two, City of The Colony, Texas k.. .*STF- p ZI ; _ _ a~ ~ `rs tl►! 4rx'• `3`ayt1 0♦ 4 TTT 777 ~ ~ ~ x '0 n ~ .s •Y brr;ljw.° r O 2 t -t tTl x X Exhibit B Board of Directors That the following persons are hereby appointed to the Reinvestment Zone Number Two, City of The Colony, Board of Directors: (1) Joe McCourry, Chairperson (expires December 31, 2015); (2) Richard Boyer, (expires December 31, 2015); (3) Kirk Mikulec, (expires December 31, 2015); (4) Troy C. Powell, (expires December 31, 2014); (5) Tim Miller, (expires December 31, 2014); (6) Joel Marks, (expires December 31, 2014); (7) Perry Schrag, (expires December 31, 2014). (8) Kristian Teleki, (expires December 31, 2015); and (9) Kathy Cunningham, (expires December 31, 2015).