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HomeMy WebLinkAboutResolution No. 01-14 ' ORII31NAL Economic Development Agreement Wynnwood Peninsula May 7, 2001 CITY OF THE COLONY, TEXAS RESOLUTION NO. (~ l- I~ A RESOLUTION OF THE CITY OF THE COLONY, TEXAS, AUTHORIZING THE CITY MANAGER TO EXECUTE AN ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY OF THE COLONY, TEXAS AND WYNNWOOD PENINSULA, LTD.; PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: Section 1. That the City Manager of the City of Thc Colony is hereby authorized to execute an Economic Development Agreement between the City of The Colony and Wynnwood Peninsula, Ltd. Section 2. That a true and correct copy of the Economic Development Agreement is attached hereto as Exhibit "A" and incorporated herein. Section 3. That this resolution shall take effect immediately from and after its passage. PASSED AND APPROVED by the City Council of the City of The Colony, Texas this 7th day of May 2001. APPROVED: William W. Manning, Mayor ATTEST: Pamela J. Russell, Deputy City Secretary APPROVED AS TO FORM: ~tt~rne~, City~he Colony ECONOMIC DEVELOPMENT AGREEMENT STATE OF TEXAS § COUNTY OF DENTON § This Economic Development Agreement (this "Agreement") is entered into between the City of The Colony, a Texas Home Rule municipality with the full power of local self government as provided by Article 11, Section 5 of the Texas Constitution and its Home Rule Charter (the "City"), and Wynnwood Peninsula, Ltd., a Texas limited partnership (the "Owner"), (the City and the Owner are hereinafter sometimes referred to individually as a "Party" and together as the "Parties"). RECITALS WHEREAS, the Owner has consented to the annexation of the Land (hereinafter defined) by the City and, incident to the development thereof, has agreed to undertake for the benefit of both parties certain infrastructure construction; and WHEREAS, the Owner and the City entered into that certain agreement captioned "City of the Colony Developer's Agreement," dated on or about July 3, 2000 (the "Developer's Agreement"); and WHEREAS, the Developer's Agreement, in consideration of the mutual promises, terms, conditions and covenants therein contained, contemplates that the City and the Owner will enter into a tax abatement agreement in order to express certain of their agreements incident to the Developer's Agreement; and WHEREAS, the City and the Owner have determined that this Agreement is more fully expressive of their agreements and have determined to enter this Agreement rather than a tax abatement agreement in the form attached as Exhibit "D" to the Developer's Agreement; and WHEREAS, the City has established an economic development program or policy pursuant to the authority granted by Section 380.001 of the Texas Local Government Code (the "Code") in order to promote local economic development and to stimulate business and commercial activity in the municipality; and WHEREAS, the City, acting by and through its duly authorized representatives, has determined that the Owner's proposed development of the Land will create new jobs and generate property and other tax revenue for the City and will generally enhance overall local economic development and stimulate business and commercial activity in the City and thus, in order to maintain and enhance the residential, commercial and industrial and economic employment base of the City, it is in the best interest of the taxpayers of the City for the City to enter into this Agreement. ECONOMIC DEVELOPMENT AGREEMENT - Page 1 Dallasl 638737 v 4. 99999.00001 by ordinance of the City Council of the City authorizing the execution of this Agreement. 2. Subject to the terms and conditions of this Agreement, including, particularly, the next following sentence, the City hereby grants a rebate to the Owner of one hundred percent (100%) of collected City ad valorem taxation on the Property, for the period of tax rebate herein provided. Notwithstanding the generality of the preceding sentence, and consistent with and pursuant to the provisions of Section 8(iv) of the Developer's Agreement, the City shall retain, from amounts of collected ad valorem taxation of the Property, an amount of collected City ad valorem taxation equal to $0.11 per $100.00 property valuation. 3. The period of tax rebate herein granted shall begin on January 1, 2002, and continue until December 31, 2012, unless otherwise terminated or extended as set forth herein or amended by the Parties. IV. COLLECTIONS/PAYMENT TO OWNER From all amounts of City ad valorem taxation attributable to the Property (or any portion thereof) collected by or on behalf of the City during each year of the tax rebate herein provided, the City shall be entitled to retain an amount equal to $0.11 per $100.00 property valuation, and the balance shall be remitted to the Owner within seven (7) business days of collection. V. IMPROVEMENTS As of the date of this Agreement, the Owner owns the Property and agrees that public improvements shall be constructed thereon in accordance with the terms of the Developer's Agreement. VI. AMENDMENTS AND WAIVERS Any provision of this Agreement may be amended or waived if such amendment or waiver is in writing and is signed by the City and the Owner. No course of dealing on the part of the Owner or the City, nor any failure or delay by the Owner or the City with respect to exercising any right, power or privilege of the Owner or the City under this Agreement shall operate as a waiver thereof, except as otherwise provided in this Section. ECONOMIC DEVELOPMENT AGREEMENT - Page 3 Dallasl 638737 v 4, 99999.00001 VII. TERMINATION This Agreement may be terminated by the mutual agreement of the Parties. Upon such termination, the Parties shall promptly execute, file and record in the County Clerk Official Records of Denton County, a document confirming the termination of this Agreement, and shall execute such other documents as may be appropriate to document such termination. VIII. BREACH, DEFAULT AND REMEDIES The City and the Owner recognize that the most effective remedy for the obligations under this Agreement is specific performance, and the Parties agree to such remedy for any breach of this Agreement. However, prior to filing suit, the Parties agree to seek an amicable resolution of any disputes and, in order to avoid costly disputes, to abide by the following procedures: 1. Notify the other Party in writing of an alleged breach of this Agreement and provide the other Party thirty (30) days to cure the alleged breach. 2. If the alleged breach is not cured, the Parties shall conduct mediation with a mutually acceptable mediator, with fees to be equally paid by the Parties. 3. If mediation does not resolve the differences between the Parties, the Parties shall have the right to pursue the remedies permitted herein. 4. If necessary, the parties may pursue the remedies specified herein in the District Courts of Denton County, Texas. IX. EXHIBITS: TITLES OF ARTICLES, SECTIONS AND SUBSECTIONS The exhibits referenced herein and attached to this Agreement are incorporated herein and shall be considered a part of this Agreement for all purposes, except that in the event of any conflict between any of the provisions of this Agreement and any exhibit, this Agreement shall prevail. All titles or headings are only for the convenience of the Parties and shall not be construed to have any effect or meaning as to the agreement between the Parties hereto. Any reference herein to a Section or Subsection shall be considered a reference to such Section or Subsection of this Agreement unless otherwise stated. Any reference herein to an exhibit shall be considered a reference to the applicable exhibit attached hereto unless otherwise stated. ECONOMIC DEVELOPMENT AGREEMENT - Page 4 Dallasl 638737 v 4, 99999.00001 X. ADDITIONAL ACTIONS The Parties agree to take such actions, including the execution and delivery of such documents, instruments, petitions and certifications as may be necessary or appropriate, from time to time, to carry out the terms, provisions and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. XI. SUCCESSORS AND ASSIGNS This Agreement shall be binding on and inure to the benefit of the Parties to it and their respective heirs, executors, administrators, legal representatives, successors and assigns. Notwithstanding the generality of the preceding sentence, this Agreement shall be construed as personal to Owner and shall not be construed as an Agreement conferring benefits running with the Land. The Agreement may be assigned by the Owner with the written consent of the City, which consent shall not be unreasonably withheld or delayed. XII. CITY COUNCIL AUTHORIZATION This Agreement was authorized by ordinance of the City Council authorizing the Mayor (or Mayor Pro Tem) to execute this Agreement on behalf of the City, is within the City's authority to enter, and is a binding obligation of the City. XIII. ESTOPPEL CERTIFICATE Any Party hereto may request an estoppel certificate from the other Party so long as the certificate is requested in connection with a bona fide business purpose. The certificate, which if requested by the Owner will be addressed to the Owner or a successor or assignee of the Owner, shall include, but not necessarily be limited to, statements that this Agreement is in full force and effect without breach or default (or, if breach or default exists, the nature of the breach or default and action which should be undertaken to cure the breach or default), the remaining term of this Agreement, the levels of rebate in effect, and such other matters reasonably requested by the Party(ies) to receive the certificate. A Party providing a certificate must provide the certificate to the Party requesting the same within thirty (30) days of receipt of a written request for said certificate. XIV. SEVERABILITY In the event any section, subsection, paragraph, sentence, phrase, or word herein is held invalid, illegal, or unconstitutional, the balance of this Agreement shall stand, shall be enforceable and shall be read as if the Parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase, or word. ECONOMIC DEVELOPMENT AGREEMENT - Page 5 Daltasl 638737 v 4, 99999.00001 XV. WAIVER The Owner expressly acknowledges that by entering into this Agreement, the Owner, its successors, assigns, vendors, grantees, and/or trustees, shall never construe this Agreement as waiving any of the requirements of the Zoning Ordinance or Subdivision Controls in force by the City, except as maybe herein agreed upon. XVI. APPLICABLE LAW THIS AGREEMENT SHALL BE CONSTRUED UNDER THE LAWS OF THE STATE OF TEXAS. VENUE FOR ANY ACTION UNDER THIS AGREEMENT SHALL BE THE STATE DISTRICT COURT OF DENTON COUNTY, TEXAS. THIS AGREEMENT IS PERFORMABLE IN DENTON COUNTY, TEXAS. The prevailing party in any litigation required to enforce this Agreement shall additionally recover costs and attorneys' fees. XVII. RIGHTS AND REMEDIES CUMULATIVE The fights and remedies provided by this Agreement are cumulative, and the use of any one fight of remedy by either Party shall not preclude or waive its fight to use any or all other remedies. Said rights and remedies are given in addition to all other rights and remedies the Parties may have by law, statute, ordinance or otherwise. XVIII. NOTICES All notices required to be provided hereunder shall be sent certified mail, postage prepaid, addressed as follows: If to the Owner: Wynnwood Peninsula, Ltd. c/o Matthews Southwest 1660 South Stemmons Freeway, Suite 280 Lewisville, Texas 75067 Attn: John H. Matthews with a copy to: John J. Stenger, Attorney for Wynnwood Peninsula, Ltd. Jenkens & Gilchrist, P.C. 1445 Ross Avenue, Suite 3200 Dallas, Texas 75202 ECONOMIC DEVELOPMENT AGREEMENT - Page 6 Dallasl 638737 v 4, 99999,00001 If to the City: City of The Colony City Hall 6800 Main Street The Colony, Texas 75056 Attn: Mr. Antonio Johnston Assistant City Manager with a copy to: City of The Colony City Hall 6800 Main Street The Colony, Texas 75056 Attn: Ms. Patti Hicks, Acting City Manager, City of The Colony with a copy to: Gordon R. Hikel, City Attorney Hayes, Coffey & Berry, P.C. 1710 Westminster P.O. Box 50149 Denton, Texas 76206 The address for notice may be changed by a notice under this section. XIX. TIME OF THE ESSENCE Time is of the essence in performance of this Agreement. XX. COUNTERPARTS This Agreement may be executed in any number of'counterparts, each of`which shall be deemed an original and constitute one and the same instrument. XXI. ENTIRE AGREEMENT This Agreement embodies the complete agreement of'the Parties hereto, superseding all oral or written previous and contemporary agreements between the Parties and relating to the matters addressed in this Agreement. Except as otherwise provided herein, this Agreement cannot be modified without written agreement of the Parties. ECONOMIC DEVELOPMENT AGREEMENT - Page 7 Dallasl 638737 v 4, 99999.00001 EXECUTED on this __ day of ,2001. THE CITY OF THE COLONY, WYNNWOOD PENINSULA, LTD., a Texas Home Rule municipality a Texas limited partnership By: Its Sole General Partner By: Matthews Investments Southwest, Inc. XV, John Dillard, Mayor Pro Tem a Texas corporation Date: By: Printed Name: Title: Date: Attest: Ruthann Devlin, Acting City Secretary By:. By: ECONOMIC DEVELOPMENT AGREEMENT - Page 8 Dallasl 638737 v 4~ 99999.00001 EXHIBIT "A" Legal Description of Land ECONOMIC DEVELOPMENT AGREEMENT - Page 9 Dallasl 638737 v 4, 99999.00001 A LEGAL DESCRIPTION BEING A 605.795 ACRE TRACT OF LAND SITUATED IN T[~ T. LUCKETT SURVEY, ABSTRACT NO.752, BBB & CCR SURVEY, ABSTRACT NO. 182, AND THE S. PAYTON SURVEY, ABSTRACT NO. 1009, IN THE CITY OF TH]E COLONY, DENTON COUNTY, TEXAS, AND BEhNrO ALL OF TRACT 2, A CALLED 324.084 ACRE TRACT OF LAND CONVEYED TO WYNNWOOD PENINS~ LTD., BY DEED RECORDED IN COUNTY CLERKS FILE 93-R0048821, A 56.584 ACRE TRACT OF LAND CONVEYED-TO W'YNNWOOD PENINSULA, LTD. BY DEED RECORDED IN COUNTY CLERKS FILE NO 93-K0087901, A 40.53.5 ACRE TRACT OF LAND CONVEYED BY DEED TO W'YNNWOOD PENINSULA, LTD. RECORDED IN COUNTY CLERKS FILE NO. 94- R0089415, A 40.000 ACRE TRACT OF LAN'D CON'V'EYED TO WYNNWOOD PENINSULA, LTD. BY DEED RECORDED IN COUNTY CLERKS FILE NO. 95-0076009, A 42.000 ACRE TRAC'I' OF LAND CONVEY'F.D TO WYNNWOOD PENINSULA, LTD. BY DEED RECORDED IN COUNTY CLERKS FILE NO. 97-R0086390, AND THE REMAINDER OF A. CALLED 182.79 ACRE TRACT OF LAND CONVEYED BY DEED TO ROBERT E. STRIEF RECORDED IN VOLLFM_E 574, PAGE 604, REAL PROPERTY RECORDS OF DENTON COUNTY, TEXAS. SAID 605.795 ACRE TRACT OF LAND BEING MORE PARTICUL,,MR.LY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING AT CORPS OF ENGINEERS (C.O.E.) MONUMENT NO. C241-2 FOUND AT THE SOUTHWEST COP, aN'ER OF SAID 56.584 ACRE WY'Nx'NWOOD PENINSULA, LTD. THENCE, NORTH 01 DEGREES 26 MINUTES 52 SECONDS EA.ST, AJ..ONG THE WEST LINE OF SAID 56.584 ACKE WYNNWOOD PENINSULA. LTD. TR.~.CT, A DISTANCE OF 1100.08 FEET TO A 3/4" IRON ROD FOUNT).FOR CORNER, THENCE, NORTH 01 DEGREES 12 MINUTES 56 SECONDS EAST, CONTINUE'qG ALONG THE WEST LINE OF SAID 56.584 ACRE WYNNWOOD PENINSULA, LTD. TRACT, PASSING THE SOUTH'WEST COKNEK OF SAID 40.535 ACRE TRACT OF LAND CONVEYED BY DEED AT 49.89 FEET AND CONTD,R,rl2qG IN ALL A TOTAL DISTANCE OF 865.32 FIe. ET ALONG THE WEST LINE OF SAID 40.535 ACRE TRA. CT TO A FENCE CORNER POST FOR THE NORTHWEST CORNER OF SAID 40.535 ACRE TRACT; THENCE, SOUTH 89 DEGREES 27 MINUTES 31 SECONDS EAST, ALONG THE NOR'IZ.,t LINE OF SAID 40.535 ACRE WYNNWOOD PENDISULA, LTD. TRACT, A DISTANCE OF 2141.85 FEET TO A 1/2" IRON ROD FOUND FOR THE NORTKEAST CORNER OF SAID 40.535 ACRE TRACT, SAID POINT ALSO BEING THE MOST WESTERLY NORTHWEST CORNER OF THE AFORESAID 324.084 ACRE W'YNNWOOD PENINSULA, LTD. TRACT; THENCE, ALONG THE MONUMENT PARTITION LINE BETWEEN TRACT Al, EXHIBIT A, AND TRACT B2, EXHIBIT B, DESCRIBED IN DEED OF PAR'ITFION, RECORDED IN VOLUME 2163, PAGE 433, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEE'qG TI-EE SAM]E LINE AS DESCRIBED IN DEED OF S~rD 324.08l ACRE ~OOD PENINSULA, LTD., TRACT; THE FOLLOWING THREE COURSES AND DISTANCES: SOUTH 89 DEGREES 42 MINUTES 25 SECONDS EAST, A DISTANCE OF 11 13.32 FEET TO A 1/2" IRON ROD FOUND FOR CORNER; NORTH 00 DEGREES 44 MINUTES I I SECONDS EAST, A DISTANCE OF 2347.37 FEET TO A 1/2" IRON ROD FOUND FOR CORNER; NORTH 53 DEGREES 47 MINUTES 45 SECONDS EAST, A DISTANCE OF 3532.09 FEET TO A 1/2" IRON ROD FOUND FOR CORNER IN THE SOUTH LINE OF BOYD ROAD AS DESCRIBED IN DEF_.B TO ~ COUNTY OF DENTON RECORDED IN VOLUME 400, PAGE 323, DEED RECORDS, DENTON COUNTY, TEXAS; THENCE, SOUTH 89 DEGREES 36 M[NrUTES 23 SECONDS EAST, ALONG SA[T} SOUTH LINti OF BOYD ROAD AND THE NORTH LINE OF SAiD 324.084 ACRE TRACT, A DISTANCE OF 1160.97 FEET TO A I/2" IRON ROD FOUND FOR NORTHEAST CORNER OF SAID TRACT IN THE WEST LINE OF U.S.A. TRACT G626 OF THE GAtLZA-LITTLE ELM RESERVOIR PROJECT (NOW CALLED LAKE LEWISVILLE) CONME~D BY DEED RECORDED IN VOLUME 381, PAGE 423, DEED RECORDS, DENTON COUNTY, TEXAS; THENCE, ALONG THE EAST LINE OF SAID 324.084 ACRE TRACT AND U.S.A. TRACT NO G-626 THE FOLLOWING SlX COURSES AND DISTANCES: SOUTH 19 DEGREES 20 MINUTES 20 SECONDS EAST, PASSING C.O.E. MONUMENT NO. 626-7 FOUND AT 27.78 FEET, AND CONTINUING IN ALL A TOTAL DISTANCE OF 416.72 FEET TO C.O.E. MONUMENT NO. G626-6 FOUND FOR CORNER4 SOUTI4 00 DEGREES 35 MINUTES 31 SECONDS WEST, A DISTANCE OF 403,72 FEET TO C.O.E. MONUMENT NO. G626-5 FOUND FOR CORNER; SOUTH 45 DEGREES 48 MINUTES 38 SECONDS WEST, A DISTANCE OF 219.95 FEET TO C.O.E. MONIJM~T NO. G626-4 FOUND FOR CORNER; SOUTH 2 [ DEGREES 42 MINUTES 53 SECONDS EAST, A DISTANCE OF 504.77 FEET TO C.O.E. MONUMENT NO. G626-3 FOUND FOR CORNER; SOUTH 64 DEGREES 44 MINUTES 03 SECONDS EAST, A DISTANCE OF 550.27 FEET TO C.O.Ei MONUMENT NO. ~626-2 FOUND FOR CORNER; SOUTH 16 DEGREES 23 MINUTF~ 14 SECONDS WEST, A DISTANCE OF 516.70 FEET TO C.O.E. MONUMENT NO. G626-1 FOUND FOR CORNER; THENCE, SOUTH 8B DEGREES 52 IVl]NUT~$ 21 SECONDS EAST, CON'ITNU'I~O AI.,ONG THE SOUTH LINE OF SAID U.S.A. TRACT G-626, A DISTANCE OF 180.76 FEET TO C.O.E. MONUMENT NO, G627-1 FOUND FOR CORNER, SAID POINT BEING THE NORTHEAST CORNER OF AFORESAID 182.79 ACRE ROBERT E. STR.tEF TRACT AND THE NORTH WEST CORNER OF U.S.A. TRACT G627 CONVEYED BY DEED RECORDED 1N VOLUME 385, PAGE 99 AND MODIFIED BY QUIT CLAIM DEED TO E. SMITH AND ORA MAE SMITH RECOKDED Hq VOLUME 468, PAGE 418, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS; THENCE, ALONG THE EAST LINE OF SAID STRIEF TRACT AND THE WEST LINE OF U.S.A. TRACT G627 THE FOLLOWING TEN COURSES AND DISTANCES: SOUTH 32 DEGREES 43 MINUTES 30 SECONDS EAST, A DISTANCE OF 719.98 FEET TO C.O.E. MONUMENT NO. G627-2 FOUND FOR CORNER; SOUTH 01 DEGREES 14 MINUTES 39 SECONDS WEST, A DISTANCE OF 250.36 FEET TO C.O.E. MONUMENT NO. G627-3 FOUND FOK CORNER; NORTH 77 DEGREES 49 MINUTES 13 SECONDS WEST, A DISTANCE OF 250.67 FEET TO C.O.E. MONUMENT NO. G627-4 FOUND FOR CORNER; NOKTH 27 DEGREES I I MINUTES 57 SECONDS WEST, A DISTANCE OF 277.42 FEET TO C.O.E. MONUMENT NO. G627-4A FOUND FOR CORNER, AT THE SOUTH CORNER OF A 0.23 ACRE TRACT OF LAND CONVEYED FROM ROBERT E. STRIEF TO U.S.A. BY DEED RECORDED IN VOLUME 2457, PAGE 193, REAL PROPERTY RECORD, DENTON COUNTY, TEXAS; NORTH 03 DEGREES 56 MhN'UTES 27 SECONDS EAST, A DISTANCE OF 98.26 FEET TO C.O.E. MONUMENT NO. G627-4B FOUND FOR CORNER; NORTH 17 DEGREES 12 MINUTES 22 SECONDS WEST, A DISTANCE OF 117.41 FEET TO C.O.E. MONUMENT NO. G627-4C FOUND FOR CORNER; SOUTH 74 DEGREES 15 MINUTES 55 SECONDS WEST, A DISTANCE OF 72.63 FEET TO C.O.E. MONUMENT NO. G627-4D FOUND FOR CORNER; NORTH 27 DEGREES I I MINUTES 57 SECONDS WEST, A DISTANCE OF 148.3a FEET TO C.O.E. MONUM]~NT NO. C0627-5 FOUND FOR CORNER; SOUTH I9 DEGREES 07 MINUTES 15 SECONDS WEST, A DISTANCE OF 443.35 FEET TO C.O.E. MONUMENT NO. G627-6 FOUND FOR CORNER; SOUTH 24 DEGREES 59 MINUTES 05 SECONDS EAST, A DISTANCE OF 499.68 FEET TO C.O.E. MONUMENT NO. 627-7 FOUND FOR CORNER, SAID POINT BEING THE NORTHWEST CORNER OF A U.S.A. TRACT G628 CONVEYED BY DEED RECORDED IN VOLUME 385, PAGE 99 AND MODIFIED BY QUIT CLAIM DEED TO E. SiMITH AND ORA MAE SMZTH RECORDED IN VOLUME 468, PAOE 418, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS; THENCE, CONTINUING ALONG THE EAST LINE OF SAID STRIEF TRACT AND TI-IE WEST LINE OF SAID U.S.A. TRACT G628 THE FOLLOWING THREE COURSES AND DISTANCES: SOUTH 30 DEGREES 03 MINYJTES 06 SECONDS WEST, A DISTANCE OF 393.89 FEET TO C.O.E. MONUMENT NO. G628-2 FOUND FOR. CORNER; SOUTH 47 DEGRIEES 31 MINU~S' 21 SECONDS WEST, A DISTANCE OF 1038.81 FEET TO C.O.E. MONUMENT NO. G628-3 FOUND FOR CORNER; SOUTH 14 DEGREES 19 MINUTES 34 SECONDS WEST, A DISTANCE OF 196.63 FEET TO C.O.E. MONUMENT NO. G628-4 FOUND FOR CORNER IN TIlE SOUTH LINE OF SAID STRIEF TRACT; THENCE, NORTII 88 DEGREES 23 M:I:NUTES 26 SECONDS WEST, ALONG THE SOUTH LINE OF SAID STRIEF TRACT A DISTANCE OF 375.97 FEET TO A 5/8" IRON ROD WITH PLASTIC CAP STAMIUED "CARTER & BURGESS" SET FOR CORNER; THENCE, CONTINUING ALONG SAID SOUTH LINE AND THE NORTHWESTERLY LINE OF U.S.A. TRACT G628, THE FOLLOWING TWO COURSES AND DISTANCE: NORTH 43 DEGItEES 44 MINUTES 52 SECONDS WEST, A DISTANCE OF 148.52 FEET TO TIlE REMAINS OF C.O.E. MONUMENT NO. G628-6 FOUND FOR CORNER; SOUTH 09 DEGREES 08 MINUTES I4 SECONDS WEST, A DISTANCE OF 113.21 FEET TO A 1/2" IRON ROD FOUND FOR CORNER IN 'I/-{E SOUTH LINE OF SAID STRIEF TRACT; THENCE, NORTH 88 DEOREES 56 MINUTES 00 SECONDS WEST, CONTINUING ALONG TI-EE SAID soUTI-I LINE OF STRIEF TRACT, A DISTANCE OF 2.85 FEET TO A 5/8" IRON ROD WITFI PLASTIC CAP STAMPED "CARTER & BURGESS" SET FOR CORNER IN THE SOU~TERLY LINE OF AFORESAID 324.084 ACRE WYNNWOOD PENINSULA, LTD., TRACT AND THE NORTHWESTERLY LINE OF U.S,A. TRACT NO G608 CONVEYED BY CONDEMNATION DEED RECORDED IN VOLUME 384, PAGE 162 AND MODIFIED BY QUIT CLAIM DEED TO O.N. SEAGRAVES, ET UX RECORDED IN VOLUME 465, PAGE 694, DEED RECORDS, DENTON COUNTY, TEXAS; TI-EENCE, A.LONG SAID SOUTHEASTERLY LINE OF 324.084 ACRE TRACT AND SAID NORTHWESTERLY LINE OF U.S.A. TRACT G608 THE FOLLOWING SEVEN COURSES AND DISTANCES: SOUTH 42 DEGI~.I:.S :t3 MINUTES 37 SECONDS WEST, A DISTANCE OF 337.43 FEET TO C.O.E. MONUMENT NO. G608-10 FOUND FOR CORNER; SOUTH 15 DEGREES 59 MINUTES 41 SECONDS WEST, A DISTANCE OF 199.68 FEET TO C.O.E. MONUMENT NO. G608-9 FOUND FOR CORNER; NORTH 83 DEGREES 16 MINUTES 00 SECONDS WEST, A DISTANCE OF 199.79 FEET TO C.O.E. MONUMENT NO. G608-8 FOUND FOR CORNER; SOUTH 20 DEGREES 15 MINUTES 25 SECONDS WEST, A DISTANCE OF 230.29 FEET TO C.O.E. MONUMENT NO. G608-7 FOUND FOR CORNER; NORTH 31 DEGREES 01 MINUTES 55 SECONDS WEST, A DISTANCE OF 559.14 FEET TO C.O.E. MONUMENT NO. G608-6 FOUND FOR CORNER4 NORTH 53 DEGREES 42 MINUTES 38 SECONDS WEST, A DISTANCE OF 119.89 FEET TO C.O.E. MONUMENT NO. G608-5 FOUND FOR CORNER; SOUTH 04 DEGREES 23 MINUTES I I SECONDS WEST, A DISTANCE OF 50.81 FEET TO C.O.E. MONUMENT NO. 603-2-3 FOUND FOR CORNER., SAID POINT BEING THE NORTH EAST CORNER OF U.S.A. TRACT NO. G603-2 CONVEYED BY CONDEMNATION DEED RECORDED IN VOLUME 383, PAGE 30 AND MODIFIED BY QUIT CLAIM DEED LEONARD V. GLrMM, ET AL RECORDED IN VOLUME 419, PAGE 46, DEED RECORDS, DENTON COUNTY, TEXAS; THENCE, CONTI2q'UING ALONG SAID SOUTHEASTERLY LINE OF 324.084 ACRE TRACT AND THE NORTH AND WEST LINES OF SAID U.S..A. TRACT NO. G603-2 THE FOLLOWING TWO COURSES AND DISTANCES: NORTH 68 DEGREES 44 MINUTES 45 SECONDS WEST, A DISTANCE OF 300.21 FEET TO C.O.E. MONUMENT NO. G603-2-2 FOUND FOR CORNER; SOUTH 18 DEGREES 14 MhWUTES 44 SECONDS EAST, A DISTANCE OF 850.05 FEET TO C,O.E. MONUME2qT NO. G603-2-1 FOUND FOR CORNER; THENCE, SOUTH 01 DEGREES 03 MINUTES 59 SECONDS WEST, ALONG CONTINUING ALONG THE SAD SOUTHEASTERLY LINE OF SkID 324,08a ACRE TRACT, A DISTANCE OF 188.a0 FEET TO C.O.E. MONUMENT NO. G603-1-13 FOUND FOR CORNER, SAID POINT BEING THE NORTHEAST CORNER OF U.S.A. TRACT NO G603-1 CONVEYED BY coNDEMNATION DEED RECORDED IN VOLUME 383, PAGE 30 AND MODIFIED BY QUIT CLAIM DEED TO LEONARD V. GUM2vl, ET AL RECORDED IN VOLUME 419, PAGE 46, DEED RECORDS, DENTON COUN'I~, TEXAS: THENCE, CONTINUING ALONG SAID SOUTHEASTERLY LINE AND THE NORTHWESTERLY LINE OF SAID U.S.A. TRACT NO. G603-1 THE FOLLOWING TWELVE COURSES AND DISTANCES: NORTH 70 DEGREES 47 MINIYTES 04 SECONDS WEST, A DISTANCE OF 699.72 FEET TO C.O.E. MONUMENT NO. G603-1-12 FOUND FOR CORNER; SOUTH 20 DEGREES 17 MINUTES I I SECONDS EAST, A DISTANCE OF 775.43 FEET TO C.O.E. MONUMENT NO. G603-1-11 FOUND FOR. CORNER: SOUTH 48 DEGREES 19 MINUTES 12 SECONDS WEST, A DISTANCE OF 700.08 FEET TO C.O.E. MONUMENT NO. G603-1-I0 FOUND FOR CORNER; SOUTH 89 DEGREES 03 MINUTES 12 SECONDS WEST, A DISTANCE OF 330.13 FEET TO C.O.E. MONUM]~NT NO, G603-1-9 FOUND FOR CORNER; NORTH zt2 DEGREES 06 MINUTES 31 SECONDS WEST, A DISTANCE OF 499.78 FEET TO C.O.E. MONUMENT NO, G603-1-8 FOI. YND FOP,. CORNER; NORTH 75 DEGREES 21 MINUTES 37 SECONDS WEST, A DISTANCE OF 399.88 FEET TO C.O.E. MO~ NO. G603-[-7 FOUND FOR CORNER; SOUTH 25 DEGREES 31 MINUTES 53 SECONDS EAST, A DISTANCE OF 460.27 FEET TO C.O.E. MONUMENT NO. G603-1-6 FOUND FOR CORNER; SOUTH 83 DEGREES 46 MINUTES 49 SECONDS WEST, A DISTANCE OF 450.32 FEET TO C.O.E. MONUMENT NO. G603-1-5 FOLrND FOR CORNER; NORTH 23 DEGREES 47 MINUTES 57 SECONDS EAST, A DISTANCE OF 300.02 FEET TO C.O.E. MONUMENT NO. G603-1-4 FOUND FOR CORNER; NORTH 45 DEGREES 50 MINUTES 26 SECONDS WEST, A DISTANCE OF 375.20 FEET TO C.O.E. MONUMENT NO. G603-1-3 FOUND FOI~ CORNER; NORTH 18 DEGI~EES 18 MINUTES 20 SECONDS WEST, A DISTANCE OF 799.87 FEET TO C.O.E. MONUMENT NO. G603-1-2 FOUND FOR CORNER; SOUTH 06 DEGREES 02 MINUTES 45 SECONDS WEST, A DISTANCE O1~ 1374.81 FEET TO C.O.E. MONLrMENT NO. G603-1-1 FOUND FOR. CORNER IN TI-IE SOUTH LINE OF SAID 324.084 ACRE TRACT; THENCE, NORTH 89 DEGREES 19 MINUTES 2,~ SECONDS WEST, ALONG SAID SOUTH LINE, PASSING C.O.E. MONUMENT NO. G607-1 AT 539.98 FEET AND CONTINUING IN ALL A TOTAL DISTANCE OF 559.96 FEET TO A 1/2' IRON ROD FOUND FOR. CORNER, SAID POIN~f BEING THE SOUTH'WEST CORNER OF SAID 3'24.084 ACRE WYNNWOOD PENINSULA, LTD., TRACT; THENCE, NORTH 01 DEGREES 01 MINUTES 30 SECONDS EAST, ALONG THE WEST LINE OF SAIl) 324.08z~ ACRE TRACT, PASSING A 1/2" rRON ROD FOUND AT 132.80 FEET AND CONTINUING IN ALL A TOTAL DISTANCE OF 136.52 FEET TO A 5/~" IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS" SET FOR CORNEK; SAID CORNER BEING THE SOUTHEAST CORNER OF AFOKESAID 56.584 ACRE WYNNWOOD PENINSULA, LTD. TRACT; THENCE, NORTH 89 DEGKEES 10 MINUTES 23 SECONDS WEST, ALONG THE SOUTH LINE OF SAID 56.584 ACRE TRACT, A DISTANCE OF 2153.69 FEET TO THE POINT OF BEGINNING AND CONTAkNING 605.795 ACRES OF LAND, MORE OR LESS. TRACT BEING A 5.707 ACRE TRACT OF LAND SITUATED IN TI-IE BBB & CCR SURVEY, ABSTRACT NO. 182, IN THE CITY OF THE COLONY, DENTON COUNTY, TEXAS, AND BEING ALL OF TRACT 1, 5.704 ACKE TRACT OF LAND CONVEYED TO WYNNWOOD PENINSULA,.LTD., BY DEED RECORDED IN COUiN~f CLERKS FILE 93-ROO48821, REAL PROPERTY RECORDS OF DENTON COUNTY, TEXAS. SAID 5.707 ACRE TRACT OF LAND BEING MOPE PARTICULAKLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: BEGINNING AT A 5/8" IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS" SET FOK THE NORTHWEST CORNER OF SAID 5.707 ACRE WYNlVWOOD PENINSULA, LTD. TRACT, SAID POINT BEING IN THE OCCUPI~.r~ SOUTH LINE OF BOYD ROAD AS CONVEYED BY DEED TO THE COUNTY OF DENTON RECORDED IN VOLUME 400, PAGE 323, DEED RECORDS, DENTON COUNTY TEXAS, SAID CORNER BEARS NORTH 89 DEGREES 24 M]NUTES 17 SECONDS EAST 467.96 FEET FROM A [/2" IRON KOD FOUND FOR THE NORTHEAST COI~.NER OF A 324.084 ACRE TR_A. CT OF LA~X~'D CONVEYED BY DEED TO WYI~OOD PENL-NSUI~, LTD. RECORDED 1N SAID COUNTY CLERKS FILE 93-R0048821. REAL PROPEKTY RECORDS, DENTON COUNTY, TEXAS; THENCE, SOUTH 89 DEGPEES 20 MINUTES 59 SECONDS EAST, ALONG SAID SOUTH LINE AND THE NORTH LINE OF SAID 5.707 ACRE TRACT, A DISTANCE OF 390.20 FEET TO A 5/8" IRON ROD WITH PLASTIC CAP STAMPED "CARTEK & BURGESS" SET FOR COKN'ERq THENCE, SOUTH g9 DEGREES 12 MI2NXJTES 44 SECONDS EAST, CONTINUING ALONG SAID SOUTH LINE AND THE NORTH LINE OF SAID 5.707 ACRE TRACT, A DISTA2qCE OF 229.80 FEET TO A FENCE CORNER POST FOR COlhNER; THENCE, SOUTH 08 DEGREES 02 MINUTES 19 SECONDS WEST, ALONG TI-IE NORTHERLY LINE OF U.S.A. TRACT G626 OF THE GARZA-LITTLE ELM KESERVO[R PROJECT (NOW CALLED LAKE LEWISVILLE) CONVE~D BY DEED RECORDED IN VOLUM~ 3 8 1, PAGE 423~ DEED RECORDS, DENTON COI.}NTY', TEXAS; A DISTANCE OF 497.20 FEET TO C.O.E MONUMENT NO. 626-1 0 FOUND FOR CORNER; THENCE, SOUTH 76 DEGREES 03 MINUTES 46 SECONDS WEST, CONTINLYING ALONG SAID NORTHEI~Y LINE, A D[STAaN'CE OF 309.51 TO A 5/8" IRON ROD WITH PLASTIC CAP STAMPED "CARTER & BURGESS~ SET FOR CORNER 2 FEET SOUTH OF A.~XfD 2.5 FEET WEST OF A FENCE CORONER POST; THENCE, NORTH 23 DEGREES 31 MhNI./TES 15 SECONDS WEST, CONTINI.IING ALONG SA.ED NORTHERLY LINE, A DISTANCE OF 626.50 FEET TO THE POINT OF BEGINNING AND CONTAINING $.707 ACRES OF LAND, MORE OR LESS.