HomeMy WebLinkAboutResolution No. 05-91
RESOLUTION NO. tJ'J'-9t
ORIGINAL
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING THE TERMS AND CONDITIONS OF
AN PROJECT AGREEMENT BY AND BETWEEN THE CITY OF THE
COLONY AND THE COLONY ECONOMIC DEVELOPMENT
CORPORATION; AUTHORIZING ITS EXECUTION BY THE MAYOR;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of The Colony, Texas has been presented a
proposed Project Agreement by and between the city of The Colony and The Colony Economic
Development Corporation; and
WHEREAS, upon full review and consideration of the Agreement, and all matters
related thereto, the City Council is of the opinion and finds that the terms and conditions thereof
should be approved, and that the Mayor should be authorized to execute the Agreement on behalf
of the City of The Colony, Texas.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS;
SECTION 1. That the Agreement attached hereto having been reviewed by the City
Council of the City of The Colony, Texas, and found to be acceptable and in the best interest of
the City and its citizens, be, and the same is hereby, in all things approved, and the Mayor is
hereby authorized to execute the Agreement on behalf of the City of The Colony, Texas.
SECTION 2. That this resolution shall become effective immediately from and after its
passage, and it is accordingly so resolved.
DULY RESOLVED AND ADOPTED by the City Council of the City of The Colony,
Texas, on this the II day of Ot:h5~005.
APPROVED:
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ATTEST:
TY ATTORNEY
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ORIGINAL
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PROJECT AGREEMENT
THIS PROJECT AGREEMENT ("Agreement") executed by and between the City of The
Colony, Texas, (the "City"), and The Colony Economic Development Corporation (the
"Corporation").
WITNESSETH:
WHEREAS, the Corporation was duly created by the City pursuant to authority granted by
Article 5190.6, Section 4A, Texas Revised Civil Statutes, as amended (the "Act"); and
WHEREAS, the Act provides that the receipts received from the collection ofthe Y:z of one
percent of sales and use tax (the "Sales Tax') imposed by the City of The Colony pursuant to
Chapter 321, Tax Code for the benefit of the Corporation pursuant to the Act for the benefit of the
Corporation may be used to pay the costs of infrastructure, including streets and roads, found by the
Board of Directors of the Corporation to be required or suitable to promote or develop new or
expanded business enterprises; and
WHEREAS, the City Council of the City (the "City Council") and the Board of Directors of
the Corporation (the "Board ") have determined to undertake an infrastructure project (the "Project"),
as described in Exhibit A attached hereto, and that the Project is necessary and suitable to promote
and develop new and expanded business enterprises, to promote and encourage employment and the
public welfare and to benefit the City, as authorized by the Act; and
WHEREAS, after due consideration of the available means to finance the costs of the
Project, the benefit to the City, the Corporation and the citizens of the City of providing the Project,
and the purposes for which the Corporation was created and the Sales Tax was authorized, the City
and Board have further determined that the most cost effective and beneficial arrangement would be
for the City to issue certificates of obligations (the "Certificates of Obligation") secured in part from
the City's ad valorem tax taxing authority with the understanding and agreement that the Corporation
would pay the costs of such Project by remitting to the City from the receipts from the Sales Tax
amounts equal to the principal of and interest on the obligations issued by the City to finance such
Project costs as such principal and interest shall become due and payable; and
WHEREAS, the City and the Corporation have found that the costs related to the Project to
be paid from the Sales Tax pursuant to this agreement will not exceed the costs of such Project that
are eligible to be paid from the Sales Tax; and
WHEREAS, the parties hereto find it necessary and advisable to enter into this Agreement
with respect to the Project in accordance with Section 23(a)(13) of the Act to set forth the duties and
responsibilities of the respective parties for the implementation and funding of the Project.
THE COLONY ITCEDC/PROJECT AGREEMENT - Page 1
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NOW, THEREFORE, in consideration of the covenants and agreements herein made, and
subject to the conditions herein set forth, the City and the Corporation agree as follows:
1. Definitions and Incorporation of Preambles. The terms and expressions used in this
Agreement, unless the context shows clearly otherwise, shall have meanings set forth herein,
including terms defined in the Preambles hereto, which preambles are incorporated in and made a
part hereof for all purposes, or, if not defined herein, such terms shall have the meanings given in the
Resolution.
2. Financin1! of Proiect. The parties agree and understand the costs of the Project are to be
paid from the proceeds of certificates of obligation to be issued by the City under and pursuant to
Subchapter C of Chapter 271, Texas Local Government Code, as amended (the Certificate of
Obligation Act of 1971), in a principal amount not greater than $3.6 million (the "Project
Obligations"), on or about February 28,2006. By no later than December 31, 2005 the Corporation
Board will take action indicating the specific amount of debt issuance.
3. Obli1!ations ofthe Corporation. (a) The Corporation agrees to pay the costs of the Project
by making annual payments to the City in amounts sufficient to pay in full the principal of and
interest on the Project Obligations as the same shall become due and payable, in accordance with the
provisions hereinafter set forth. The City agrees to establish and maintain a separate account (the
"Payment Account") on the books of the City for all payments made by the Corporation in
accordance with this Section.
(b) Following the delivery of the Project Obligations, the City shall furnish the Corporation a
debt retirement schedule for such Project Obligations for attachment hereto as Exhibit B, and a
schedule showing the annual payments described in subsection (c).
(c) For each annual period beginning October 1 and ending the next September 30,
commencing October 1, 2006, the Corporation shall make an annual payment to the City, on or
before the September 1 preceding each such annual period, ofthe amount to be paid for such annual
period as described in Section 3(b), above; however, the first payment by the Corporation to the City
shall be made no later than July 30,2006 for the first debt service payment expected to be due in
August 2006. Such payments shall be made until all amounts to be paid pursuant to Section 3(b),
above, have been made.
(d) No later than August 15 of each year, the City shall calculate the amount of investment
earnings and any other amounts on deposit in the Payment Account and the annual payment due on
the next September 1, taking into account such investment earnings and any other amounts credited
to the Payment Account, and shall provide such calculations and annual payment amount to the
Corporation.
(e) If for any reason the Corporation does not make its payments in full on the due dates
THE COLONY/TCEDCIPROJECT AGREEMENT - Page 2
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thereof, any such deficiency shall, subject to subsection (f) hereof, be made up from the next
available Sales Tax revenues of the Corporation.
(f) The Corporation agrees that the payments due hereunder to the City for the payment of
the debt service on the Certificates of Obligation will be incorporated and included in the
Corporation's annual budget, as adopted or amended, and the City shall be entitled to a first claim on
and right to the amounts budgeted each year for the payment of the Certificates of Obligation;
provided that, the Corporation's obligation to make the payments due hereunder shall be subordinate
to any superior lien obligations of Corporation; and further provided that with the consent or
approval of the City, the Corporation may issue or incur other obligations secured by and payable
from a superior lien on and pledge of the Sales Tax superior to its obligations hereunder.
(g) The Corporation may prepay the amounts described in subsection (c) above, and any such
amounts prepaid shall be credited against the next amount or amounts due from the Corporation.
6. Proiect Financine:. The City agrees to proceed with the issuance of the Certificates of
Obligation as necessary to pay the cost of the Project. The Corporation shall not be liable for any
damages caused by any delays in completion of the Project or any additional costs in reference to the
Project except as otherwise provided in the Project Development Agreement attached as Exhibit
"A", except that the Corporation shall be liable for all debt issuance costs related to issuance.
7. Force Maieure. If, by reason of Force Majeure, either party hereto shall be rendered unable
wholly or in part to carry out its obligations under this Agreement, then such party shall give notice
and full particulars of such Force Majeure in writing to the other party within a reasonable time after
occurrence of the event or cause relied upon, and the obligation of the party giving such notice, so far
as it is affected by such Force Majeure, shall be suspended during the continuance of the inability
then claimed, except as hereinafter provided, but for no longer period, and any such party shall
endeavor to remove or overcome such inability with all reasonable dispatch. The term Force
Majeure as employed herein, shall means acts of God, strikes, lockouts or other industrial
disturbances, acts of public enemy, orders of any kind of the Government of the landslides,
lightening, earthquakes, fires hurricanes, storms, floods, washouts, droughts, arrests, restraint of
government and people, civil disturbances, explosions, breakage or accidents to machinery,
pipelines, or canals, or other causes not reasonably within the control of the party claiming such
inability. It is understood and agreed that the settlement of strikes and lockouts shall be entirely
within the discretion ofthe party having the difficulty, and that the above requirement that any Force
Majeure shall be remedied with all reasonable dispatch shall not require the settlement of strikes and
lockouts by acceding to the demands of the opposing party or parties when such settlement is
unfavorable to it in the judgment of the party having the difficulty. It is specifically excepted and
provided, however, that in no event shall any Force Majeure relieve the City of its obligation to
transfer sales tax revenues to the Corporation as required under the Act.
8. Ree:ulatorv Bodies. This Agreement shall be subject to all valid rules, regulations, and laws
applicable thereto passed or promulgated by the United States of America, the State of Texas, or any
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76844
governmental body or agency having lawful jurisdiction or any authorized representative or agency
of any of them.
9. Counterparts. This Agreement may be executed in a number of identical counterparts, each
of which shall be deemed an original for all purposes.
10. Severabilitv. In case any provision herein shall be invalid, illegal, or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.
11. Term of A2reement. This Agreement shall terminate on the later of the date the Certificates
of Obligation are no longer outstanding or the date on which all amounts due to be paid by the
Corporation hereunder have been paid.
EXECUTED this _ day of
,2005.
THE CITY OF THE COLONY
John Dillard, Mayor
ATTEST:
Christie Wilson, City Secretary
EXECUTED this )~1' day of
bc.-t~ r
,2005.
THE COLONY ECONOMIC DEVELOPMENT CORPORA nON
By: ~~ f A.J~ I
Ro ert E. Noms, PresIdent
THE COLONY/TCEDC/PROJECT AGREEMENT - Page 4
76844
STATE OF TEXAS
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ORIGINAL
AMENDED AND RESTATED ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENT
COUNTY OF DENTON
This Amended and Restated Economic Development Incentive Agreement
("Agreement") is made by and among The Colony Economic Development Corporation
("TCEDC"), the City of the Colony ("City") and Jackson-Shaw/Cascades Limited Partnership
("Company"), acting by and through their respective authorized officers.
WITNESSETH:
WHEREAS, The Colony Economic Development Corporation ("TCEDC"), the City of
The Colony ("City") and Jackson-Shaw/Cascades Limited Partnership ("Company") entered into
that certain Economic Development Incentive Agreement, executed as of June 15, 2005 (the
"Original Agreement"), relating to the development of certain property within the City; and
WHEREAS, TCEDC, City and Company desire to amend and restate the Original
Agreement to provide for the payment of the costs of construction and/or acquisition of certain
public improvements within said property from the proceeds of certificates of obligation or other
obligations of the City or TCEDC; and
WHEREAS, the Company owns or is under contract to purchase the real property
consisting of approximately 92 net acres of land located at the northeast comer of State
Highway 121 and Morning Star Drive in The City of The Colony, Texas and being further
described in Exhibit "A" (the "Property"); and
WHEREAS, the Company intends to develop and construct a mixed use development on
the Property which may include, among others, the following uses: town homes, patio homes,
retail, office, flex space and a hotel (collectively hereinafter defined as the "Project') and the
necessary public infrastructure for the Project (hereinafter defined as the "Infrastructure"); and
WHEREAS, the Company has advised TCEDC that a contributing factor that would
induce the Company to develop the Project would be an agreement by TCEDC to provide an
economic development grant to defray a portion ofthe costs ofInfrastructure for the Project; and
WHEREAS, TCEDC has adopted programs for promoting economic development; and
WHEREAS, the Development Corporation Act, article 5190.6 TEX. REV. CIV. STAT.
authorizes TCEDC to provide economic development grants suitable for expenditures to promote
or develop new or expanded business enterprises; and
WHEREAS, TCEDC has determined that making an economic development grant to
Company in accordance with this Agreement will further the objectives of TCEDC and will
benefit TCEDC and the inhabitants of the City; and
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 1
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WHEREAS, a portion of the infrastructure to be included in the Project will be
constructed and/or acquired by the Company and conveyed to the City, upon payment therefore
by the City or TEDC as the case may be.
NOW THEREFORE, in consideration of the foregoing, and on the terms and conditions
hereinafter set forth, and for other valuable consideration the receipt and sufficiency of which are
hereby acknowledged, the parties agree that the Agreement shall be amended in its entirety to
read as follows:
Article I
Definitions
Wherever used in this Agreement, the following terms shall have the meanings ascribed
to them:
"Capital Investment" shall mean the total capitalized cost to the Company of the
Project.
"City" shall mean the City of The Colony, Texas.
"Commencement Date" shall mean the later of the date of Company's closing of
the purchase of the Property or the date of approval by the City of re-zoning of a portion
of the Property for the Residential Development.
"Commencement of Construction" shall mean that (i) the plans have been
prepared and all approvals thereof required by applicable governmental authorities have
been obtained for construction of the respective Infrastructure; (ii) all necessary permits
for the construction of the respective Infrastructure pursuant to the respective plans
therefore having been issued by all applicable governmental authorities; and (iii) grading
of the Property or the construction of the vertical elements of the Infrastructure, as the
case may be, has commenced.
"Commercial Development" shall collectively mean that portion of the Project to
be developed for commercial development, which shall contain a minimum of 38 acres
but not more than 50 acres and is depicted on Exhibit "B" attached hereto.
"Company" shall mean Jackson-Shaw/Cascades Limited Partnership and its
successor and permitted assigns.
"Completion of Construction" shall mean that (i) the construction of the
Infrastructure has been substantially completed; and (ii) the City has accepted the same.
"Debt" shall mean certificates of obligation or other debt instrument having a 20-
year maturity having an interest rate of not more than 6%, issued by the City or TCEDC
to pay costs of the construction and/or acquisition of the Public Improvements; provided
however in the event the City is required to issue debt or other financing with an interest
rate greater than six percent (6%) or with a maturity less than 20 years, the repayment
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 2
76501
obligations of Company set forth in this Agreement shall nonetheless be calculated at six
percent (6%) with no less than a 20 year amortization period.
"Debt Coverage Test' shall mean Tax Revenue generated by the Project for any
given calendar year equals an amount sufficient to provide a debt service ratio at least
1: 1.25 (the actual Tax Revenue generated by the Project divided by the Debt Service
payments related to the Project equals at least 125%).
"Debt Service" shall mean the City and/or the TCEDC interest and principal
payments for the issuance of the Debt for the funding of the Grants and other payments
provided herein.
"Dry Utilities Improvements" shall mean the design and installation of electric
and natural gas utility lines along the interior streets to be constructed pursuant to this
Agreement.
"Effective Date" shall mean the last date of execution hereof.
"Employment Positions" shall mean non-temporary full-time primary jobs
eligible for employee benefits that have been created, maintained and filled at the Project.
In the event of voluntary or involuntary termination of an employee, which termination
causes the number of Employment Positions to fall below the number required pursuant
to this Agreement, the Company shall not be in default provided the required number of
Employment Positions is re-established within sixty (60) days of the employee
termination. To receive credit for an Employment Position, the employee must be
retained for a period not less than forty-five (45) consecutive days, provided, however,
the failure of a replacement employee to remain employed for such forty-five (45) day
period shall not result in a failure of the Company to re-establish the required number of
Employment Positions as provided above and as set forth in Section 4.1 (c) of this
Agreement.
"Event of Bankruptcy or Insolvency" shall mean the dissolution or termination of
a party's existence as a going business, insolvency, appointment of receiver for any part
of such party's property and such appointment is not terminated within ninety (90) days
after such appointment is initially made, any general assignment for the benefit of
creditors, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against such party and such proceeding is not dismissed within ninety (90)
days after the filing thereof.
"Excess Revenue" shall mean the amount by which the actual Tax Revenue for a
given year exceeds the Minimum Required tax Revenue for such year.
"Expiration Date" shall mean the earlier to occur of (i) the date the Company
satisfies the Debt Coverage Test set forth in Section 4.4 or (ii) the later of the date the
Debt is fully paid and February 1,2026.
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"Force Majuere" shall mean any contingency or cause beyond the reasonable
control of a party including, without limitation, acts of God or the public enemy, war,
riot, civil commotion, insurrection, government or de facto governmental action (unless
caused by acts of omissions of the party), fires, explosions or floods, strikes, inclement
weather, slowdowns, work stoppages.
"Grant(s)" shall mean the economic development grants in the maximum amounts
set forth herein for Infrastructure costs incurred by the Company for the Project to be paid as
set forth herein.
"Impositions" shall mean all taxes, assessments, use and occupancy taxes,
charges, excises, license and permit fees, and other charges by public or governmental
authority, general and special, ordinary and extraordinary, foreseen and unforeseen,
which are or may be assessed, charged, levied, or imposed by any public or governmental
authority on the Company with respect to any property or any business owned or
controlled by Company within the City.
"Infrastructure" means infrastructure necessary to promote or develop the Project
limited to streets and roads, rail spurs, water and electric utilities, gas utilities, drainage
and related improvements, and telecommunications and internet improvements including
but not limited to: (1) the design, engineering and construction of streets, roads, bridges,
rail road spur improvements on or off site of the Project (and related type of
improvements) necessary for the Project or for access or improved access to the Property;
(2) the design, engineering, construction and installation of water, electric and gas
utilities on or off site of the Project necessary for the Project, and any portion of the
underlying facilities necessary to extend, enlarge, support or provide such utility systems
to the Project; (3) the design, engineering, construction and installation of drainage and
related improvements on or off site of the Project (e.g. storm sewers, detention ponds,
retention ponds, drainage pipes, culverts, over sizing of facilities) necessary for the
Project; and (4) the design, engineering, construction and installation of
telecommunication and internet improvements, on or off the site of the Project, which
may include telephone, radio, wireless or other communication systems, fiber optics or
other types of networks, cabling, computers and high technology equipment, or software
necessary to provide, enlarge, expand or improve the telecommunications and internet
improvements for the Project.
"Internal Loop Right-of-Way" shall mean the necessary right-of-way for the
construction of the internal street in accordance with the plans approved by the City.
"Morning Star Improvements" shall mean the design and construction of a left
turn lane and an additional median cut in accordance with plans to be approved by the
City.
"Memorial Drive Right-of-Way" shall mean the necessary right-of-way for the
Memorial Drive Expansion.
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76501
"Memorial Drive Expansion" shall mean the design and construction of Memorial
Drive from Morning Star to Navaho as a four lane public street in accordance with plans
approved by the City.
"Minimum Required Tax Revenue" shall mean annual Tax Revenue in an amount
that is at least equal to the lesser of (i) the amount shown on the annual Tax Revenue
Schedule attached as Exhibit "C" or (ii) the City's Debt Service allocable to the Project
Debt for such year.
"Northern Interior Road" shall mean the design and construction of two lane
public street interior to the Property as described in plans to be approved by the City.
"Office Creek Drainage Basin Impact Fee" shall mean the impact fees, if any, to
be assessed against the 20.9 acres of Tract E as depicted in Exhibit "D".
"Payment Request" shall mean a written request from the Company to the TCEDC
for payment of the respective Grant or a written request from the Company to the City for
payment of the purchase price for a Public Improvement accompanied by when applicable:
(i) written acceptance of the respective Infrastructure by the City and (ii) in the case of a
Grant, written evidence reasonably satisfactory to the TCEDC that the Company has
incurred and paid Infrastructure costs in the amount ofthe Payment Request (which may not
exceed the maximum amount specified herein for the respective portion of the Project); and
(iii) in the case of a Public Improvement, written evidence reasonably satisfactory to the
City that the Company has incurred and paid construction and/or acquisitions costs in the
amount of the Payment Request (which may not exceed the maximum amount specified
herein for the respective Public Improvement);.
"Primary lobs" shall have the same meaning as assigned by Article 5190.6
Vernon's Texas Civil Statutes and shall mean non-temporary full-time employment
positions at the Project eligible for employee benefits.
"Project" shall mean a mixed use development on the Property which shall consist
of the Residential Development and the Commercial Development.
"Property" shall mean the real property described in Exhibit "A".
"Public Improvements" shall mean the Morning Star Improvements, Internal
Loop Right-of-Way, Memorial Drive Right-of-Way, Northern Interior Road, Southern
Interior Road and Western Interior Road.
"Residential Development" shall mean that portion of the Project for residential
development, which contains a minimum of 42 acres and not more than 50 acres and is
depicted on Exhibit "B" attached hereto.
"Shortfall" shall mean the amount by which ninety percent (90%) of the
Minimum Required Tax Revenue for a given calendar year exceeded the actual Tax
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 5
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Revenue for such year plus any Excess Revenue carried over from a previous year(s) for
the calendar year in question.
"Southern Interior Road" shall mean the two lane public street interior to the
southern portion of the Property as described in plans to be approved by the City.
"Storm Water Mitigation Parcel Improvements" shall mean the design and
construction of certain drainage improvements described in plans approved by the City as a
result of the design and construction requirements of State Highway 121 and the Texas
Department of Transportation.
"Taxable Value" shall mean the appraised value as certified by the Appraisal District
of January 1 of a given year.
"Tax Revenue" shall mean ad valorem taxes assessed real property (land and
improvements) within the Project which are payable to the City;
"Tax Revenue Schedule" shall mean the annual Tax Revenue Schedule attached
as Exhibit "C".
"TCEDC" shall mean The Colony Economic Development Corporation.
"Utility Relocation" shall mean the relocation of the existing overhead power lines
on the Property as further described in plans to be approved by the City.
"Western Interior Road" shall mean the design and construction of two lane public
street interior to the western portion of the Property as described in plans to be approved by
the City.
Article II
Term
The term of this Agreement shall begin on the last date of execution hereof (the
"Effective Date") and continue until the Expiration Date, unless sooner terminated as provided
herein.
Article III
Economic Development Grants; Project Construction
3.1 Grant Payments and Payment of Costs of Public Improvements. Subject to
the terms and conditions of this Agreement, TCEDC agrees to provide the Company with the
Grants set forth herein to offset a portion of the Company's cost of the necessary Infrastructure
for the Project and the City agree to purchase the Public Improvements as provided herein. For
the consideration and subject to the terms stated herein the Company agrees upon Completion of
Construction of the Public Improvements to sell, transfer and convey, and the City agrees to
purchase the Public Improvements as set forth herein.
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3.2 Limitations. The Grants made hereunder shall be paid solely from lawful
available funds that have been appropriated by the TCEDC. Under no circumstances shall the
City's and/or the TCEDC's obligations hereunder be deemed to create any debt within the
meaning of any constitutional or statutory provision. Consequently, notwithstanding any other
provision of this Agreement, the TCEDC shall have no obligation or liability to pay any portion
of the Grants unless the TCEDC appropriate funds to make such payment during the budget year
in which the Grant(s) is payable, and the City shall not be required to purchase the Public
Improvements unless it issues the Debt and/or appropriates funds to purchase the Public
Improvements. Further, neither the City and/or the TCEDC shall be obligated to pay any
commercial bank, lender or similar institution for any loan or credit agreement made by
Company. None of City's and/or the TCEDC's obligations under this Agreement shall be
pledged or otherwise encumbered in favor of any commercial lender and/or similar financial
institution.
3.3 Wastewater Facilities. The Company shall without cost to the City design,
construct and install the necessary wastewater facilities and lines for the Commercial
Development to drain to the south and to connect the existing City wastewater facilities at State
Highway 121 in accordance with the plans approved by the City. The Company shall without
cost to the City design, construct and install the necessary wastewater facilities and lines for the
Residential Development to drain to the north and to connect the existing City wastewater
facilities at northern boundary of the Property in accordance with the plans approved by the City.
The City agrees that in the event that the wastewater facilities for the Residential Development
need to be expanded further to the north, to pay the costs to design and construct such expansion.
If a lift station is required, subject to the review and approval of the City Engineer, the City
and/or TCEDC will pay for the lift station provided the Company conveys and/or dedicates any
necessary land to City without costs to the City.
3.4 Northern Interior Road. Subject to events of Force Majuere, Company agrees
to cause the Commencement of Construction of the Northern Interior Road to occur before 150
days after the Commencement Date, and subject to events of Force Majuere to cause Completion
of Construction of thereof to occur within 210 days thereafter. Upon Completion of
Construction the City agrees to purchase the Northern Interior Road, in an amount equal to the
lesser of: (i) the actual costs of construction and/or acquisition; and (ii) the sum of $614,000, to
be paid within forty-five days after receipt of a Payment Request following the Completion of
Construction of the Northern Interior Road, and delivery to the City by the Company of the
following: (1) a bill of sale conveying title to the respective Public Improvement to the City; (2)
dedication and conveyance of the respective Public Improvement to the City by plat or separate
instrument to the reasonable satisfaction of the City (3)possession of the respective Public
Improvement free of parties in possession and free and clear of all liens and encumbrances; and
(3) satisfactory evidence of the Warranties for the respective Public Improvement.
3.5 Western Interior Road. Subject to events of Force Majuere, Company agrees to
cause the Commencement of Construction of the Western Interior Road to occur before 150 days
of the Commencement Date; and subject to events of Force Majuere to cause Completion of
Construction of thereof to occur within 210 days thereafter. Upon Completion of Construction
the City agrees to purchase the Western Interior Road, in an amount equal to the lesser of: (i) the
JACKSON-SHA W COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 7
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actual costs of construction and/or acquisition; and (ii) the sum of $375,000, to be paid within
forty-five days after receipt of a Payment Request following the Completion of Construction of
the Western Interior Road, and delivery to the City by the Company of the following: (1) a bill of
sale conveying title to the respective Public Improvement to the City; (2) dedication and
conveyance of the respective Public Improvement to the City by plat or separate instrument to
the reasonable satisfaction of the City (3)possession of the respective Public Improvement free of
parties in possession and free and clear of all liens and encumbrances; and (3) satisfactory
evidence ofthe Warranties for the respective Public Improvement.
3.6 Southern Interior Road. Subject to events of Force Majuere, Company agrees
to cause the Commencement of Construction of the Southern Interior Road to occur before 150
days after the Commencement Date; and subject to events of Force Majuere to cause Completion
of Construction of thereof to occur within 210 days thereafter. Upon Completion of Construction
the City agrees to purchase the Southern Interior Road, in an amount equal to the lesser of: (i) the
actual costs of construction and/or acquisition; and (ii) the sum of $465,000, to be paid within
forty-five days after receipt of a Payment Request following the Completion of Construction of
the Southern Interior Road, and delivery to the City by the Company of the following: (1) a bill
of sale conveying title to the respective Public Improvement to the City; (2) dedication and
conveyance of the respective Public Improvement to the City by plat or separate instrument to
the reasonable satisfaction of the City (3)possession of the respective Public Improvement free of
parties in possession and free and clear of all liens and encumbrances; and (3) satisfactory
evidence of the Warranties for the respective Public Improvement.
3.7 Morning Star Improvements. Subject to events of Force Majuere, Company
agrees to cause the Commencement of Construction of the Morning Star Improvements to occur
before 175 days after the Commencement Date; and subject to events of Force Majuere to cause
Completion of Construction of thereof to occur within 210 days thereafter. Upon Completion of
Construction the City agrees to purchase the Morning Star Improvements, in an amount equal to:
(i) the lesser of the actual costs of construction and/or acquisition; and (ii) the sum of $201,000,
to be paid within forty-five days after receipt of a Payment Request following the Completion of
Construction of the Morning Star Improvements, and delivery to the City by the Company of the
following: (1) a bill of sale conveying title to the respective Public Improvement to the City; (2)
dedication and conveyance of the respective Public Improvement to the City by plat or separate
instrument to the reasonable satisfaction of the City (3)possession of the respective Public
Improvement free of parties in possession and free and clear of all liens and encumbrances; and
(3) satisfactory evidence of the Warranties for the respective Public Improvement.
3.8 Utility Relocation. The TCEDC agrees to provide the Company with an
economic Grant in the amount of the actual costs incurred by the Company for the Utility
Relocation not to exceed $150,000.00, in the aggregate to be paid in phases within forty-five (45)
days after receipt of a Payment Request following the Completion of Construction of the
respective phase of construction ofthe Utility Relocation.
3.9 Storm Water Mitigation Parcel Improvements. Subject to events of Force
Majuere, Company agrees to cause the Commencement of Construction of the Storm Water
Mitigation Parcel Improvements to occur as needed, as each phase of the Company's
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 8
76501
development progresses. The TCEDC agrees to provide the Company with an economic Grant
in an amount of the actual costs incurred by Company for the Storm Water Mitigation Parcel
Improvements not to exceed $400,000.00 in the aggregate, to be paid in phases within forty-five
(45) days after receipt of a Payment Request following the Completion of Construction of the
respective phase of construction of the Storm Sewer Water Mitigation Parcel Improvements.
3.10 Office Creek Draina2e Basin Impact Fee. The TCEDC agrees to provide the
Company with an economic Grant for payment of drainage impact fees to be assessed and paid
by Company for the 20.9 acres of Tract E as depicted in Exhibit "D" in an amount of the actual
impact fees assessed and collected not to exceed $113,000.00, to be paid within forty-five (45)
days after receipt of a Payment Request following the Company's payment of the impact fees.
3.11 Internal Loop Right-of-Way.. Subject to events of Force Majuere, Company
agrees to acquire the Internal Loop Right-of-Way on or before 150 days after the
Commencement Date. The City agrees to purchase such right-of-way, in an amount equal to the
lesser of: (i) the actual costs of acquisition; and (ii) the sum of $765,000, to be paid within sixty
days after receipt of a Payment Request following final approval of a plat dedicating such right-
of-way to the City and conveyance thereof to the City free and clear of all liens and
encumbrances.
3.12 Memorial Drive Right-of-Way. Subject to events of Force Majuere, Company
agrees to convey and/or dedicate by plat or separate instrument reasonably satisfactory to the
City on or before 150 days after the Commencement Date. The City agrees to purchase such
. right-of-way, in an amount equal to the lesser of: (i) the actual costs of acquisition; and (ii) the
sum of $455,000, to be paid within sixty days after receipt of a Payment Request following final
plat approval dedicating such right-of-way to the City and conveyance of such right-of-way to
the City free and clear of all liens and encumbrances.
3.13 Dry Utilities Improvements. The TCEDC agrees to provide the Company with
an economic Grant in an amount of the actual costs incurred by the Company for the Dry
Utilities Improvements not to exceed $140,000.00, to be paid within forty-five (45) days after
receipt of a Payment Request following the Completion of Construction of the same
3.14 Memorial Drive Expansion. Subject to events of Force Majuere, the Company's
agrees to design and construct Memorial Drive. The Company shall pay all costs of design and
construction of Memorial Drive
Article IV
Company's Obligations Relating to Economic Development Grant
4.1 Conditions to Payment of Grant. The TCEDC's obligations to pay the Grants
to the Company and the City's obligation to purchase the Public Improvements shall be
conditioned upon the Company's compliance with, and satisfaction of the Company not being in
default under this Agreement and the conditions set forth below.
(a) Company shall, as a condition precedent to the payment of any Grant by
the TCEDC and/or City purchase of a public Improvement provide the TCEDC and City,
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 9
76501
as the case may be, with the applicable Payment Request.
(b) Company shall not at the time of delivery of a Payment Request hereunder
have an uncured breach or default of this Agreement.
(c) At least zero (0) Employment Positions shall be created and filled at the
Project within twelve (12) calendar months after the Effective Date. The Company shall,
within thirty (30) days after the 1 sl anniversary date of the Effective Date, supply TCEDC
with copies of employment records and such other information as may be reasonably
requested by TCEDC to document compliance with the required Employment Positions.
(d) Company shall, as a condition precedent to the payment of any Grant and
the City purchase of the Public Improvements herein, make an application for a planned
development district to rezone a minimum of 42 acres but not more than 50 acres of the
Property for the Residential Development. In connection with such rezoning application,
Company shall ensure (through the zoning ordinance granting such planned development,
deed restrictions or otherwise) that the minimum dwelling unit square footage for town
house units is 1,200 square feet and the minimum dwelling unit square footage for patio
home units is 2,000 square feet
(e) As a condition precedent to the payment of any Grant and the City
purchase ofthe Public Improvements herein the City shall have rezoned a minimum of 42
acres but not more than 50 acres of the Property for a planned development district for
the Residential Development.
4.2 The Company agrees to grant the Home Depot located in the City an opportunity
to bid on the sale of construction materials for the Project and shall encourage its successors,
permitted assigns and their respective contractors to do the same.
4.3 Ad Valorem Tax Report. During the term of this Agreement, within thirty (30)
days after February 1 of each calendar year that this Agreement is in effect, the Company shall
provide the City and the TCEDC with: (a) copies oftax receipts showing that the ad valorem taxes
for the land, the improvements comprising the Project and which the Company still owns is current
and has been paid for the previous ending tax year.
4.4 Tax Revenue. During the Term of this Agreement, the Project must generate
annual Tax Revenue at least equal to the lesser of (i) the amount shown on the Tax Revenue
Schedule or (ii) the City's or TCEDC's Debt Service allocable for such year (the "Minimum
Required Tax Revenue"). If during any calendar year the actual Tax Revenue exceeds the
Minimum Required Tax Revenue, then the amount by which the actual Tax Revenue exceeds the
Minimum Required Tax Revenue (the "Excess Revenue") may be carried forward and added to
the actual Tax Revenue in subsequent calendar years in order to satisfy the Minimum Required
Tax Revenue requirement for such subsequent years. If during any calendar year the actual Tax
Revenue (plus any Excess Revenue carried over from previous years) is less than ninety percent
(90%) of the Minimum Required Tax Revenue, then the Company shall pay to the City and the
TCEDC on or before March 31 of the succeeding calendar year the amount by which ninety
percent (90%) of the Minimum Required Tax Revenue exceeded the actual Tax Revenue (plus
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 10
76501
any Excess Revenue carried over from previous years) for the calendar year in question (the
"Shortfall"). Notwithstanding anything to the contrary set forth herein, the Company's
obligation to guarantee and pay any Shortfall as provided in this Section 4.4 shall terminate and
have no further force or effect for the remainder of the Term at such time as the actual Tax
Revenue (not including any Excess Revenue carried forward from any previous calendar year(s))
generated by the Project for any given calendar year equals an amount sufficient to provide a
debt coverage ratio of at least 1: 1.25 (that is to say, the actual Tax Revenue generated by the
Project divided by the Debt Service payments related to the Project equals at least 125%) (the
"Debt Coverage Test"). The provisions of this Section 4.4 shall, survive termination of this
Agreement.
4.5 Capital Investments. The Company shall cause total Capital Investment in the
Project to be at least $85 Million Dollars as of December 31, 2011.
4.6 Sale of Property. In the event Company sells or transfers the Property, or any
portion thereof, the Company's obligation set forth in Section 4.4 above, shall survive such sale
and transfer and shall continue to be in full force and effect. The obligation of Company set forth
in this Section 4.6 are personal unto the Company.
Article V
Termination
5.1
following:
Termination Events. This Agreement shall terminate upon anyone of the
(a) by written agreement of the parties;
(b) Expiration Date;
(c) by either party in the event the other party breaches in any material respect
any of the terms or conditions of this Agreement and such breach is not
cured within sixty (60) days after written notice thereof;
(d) by TCEDC and/or the City, if Company suffers an Event of Bankruptcy or
Insolvency; or
(e) by TCEDC and/or the City, if any Impositions owed to the City and/or the
TCEDC by Company or any other entity controlled by Jackson-Shaw
Company (but not any successor-in-ownership to the Property) shall
become delinquent (provided, however the Company (and such party)
retains the right to timely and properly protest and contest any such
Impositions) and such delinquency is not cured within thirty (30) days
after written notice thereof.
5.2 Effect of Termination. In the event this Agreement is terminated pursuant to
Section 5.l(a) or (Q}, then upon such termination, the parties shall have no further rights or
obligations to one another hereunder. In the event this Agreement is terminated by TCEDC or
the City pursuant to Section 5.l(c), @, or ill, the Company shall immediately pay to the City
and TCEDC the amount of the outstanding Debt including principal and interest due thereon,
including the amount necessary to fund a full escrow for the defeasance and redemption of the
Debt. Such payment is to be paid in twelve (12) equal monthly installments on or before the first
JACKSON-SUA W COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 11
76501
day of each calendar month beginning the first day the calendar month sixty (60) days following
termination until paid. The payment obligation of Company set forth in this Section 5.2 shall
survive termination.
Article VI
Miscellaneous
6.1 Bindin2 Agreement. The terms and conditions of this Agreement are binding
upon the successors and assigns of all parties hereto. This Agreement may not be assigned
without the consent ofTCEDC and the City.
6.2 Limitation on Liabilitv. It is acknowledged and agreed by the parties that the
terms hereof are not intended to and shall not be deemed to create a partnership or joint venture
among the parties. It is understood and agreed between the parties that Company, in satisfYing
the conditions of this Agreement, has acted independently and TCEDC and the City assume no
responsibilities or liabilities to third parties in connection with these actions. Company agrees to
indemnifY and hold harmless TCEDC and the City from all such claims, suits, and causes of
actions, liabilities and expenses, including reasonable attorney's fees, of any nature whatsoever
arising out of the Company's performance of the conditions under this Agreement. In addition,
City and TCEDC understand that the Company intends to sell portions of the Property to third
parties as part of its master plan for the Project. The Company shall comply with all of the terms
and conditions ofthis Agreement relating to the Project, except as otherwise provided herein, the
Company shall have no liability for the failure of any other owner of any portion of the Project to
comply with this Agreement after such sale. For example, if an owner of a unit in the Residential
Development fails to pay Impositions assessed against its unit, the Company shall not be deemed
to be in breach of this Agreement.
6.3 Authorization. Each party represents that it has full capacity and authority to
grant all rights and assume all obligations that is granted and assumed under this Agreement.
6.4 Notice. Any notice required or permitted to be delivered hereunder shall be
deemed received three (3) days thereafter sent by United States Mail, postage prepaid, certified
mail, return receipt requested, addressed to the party at the address set forth below or on the day
actually received as set by courier or otherwise hand delivered.
If intended for TCEDC, to:
With a copy to:
Attn: Tom Terrall
Director of Economic Development
The Colony Economic Development Corp.
6800 Main Street
The Colony, Texas 75056
Peter G. Smith
Nichols, Jackson, Dillard,
Hager & Smith, L.L.P.
1800 Lincoln Plaza
500 North Akard
Dallas, Texas 75201
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 12
76501
If intended to City:
Attn: Mayor John Dillard
City of The Colony
6800 Main Street
The Colony, Texas 75056
If intended for Company:
With a copy to:
Attn: Demian Salmon
Vice President/Marketing
Jackson-Shaw Company
4890 Alpha Road, Suite 100
Dallas, Texas 75244
T. Andrew Dow, Esq.
Winstead Sechrest & Minick P.c.
5400 Renaissance Tower
1201 Elm Street
Dallas, Texas 75270
6.5 Entire A2reement. This Agreement is the entire Agreement between the parties
with respect to the subject matter covered in this Agreement. There is no other collateral oral or
written Agreement between the parties that in any manner relates to the subject matter of this
Agreement.
6.6 Governin2 Law. The Agreement shall be governed by the laws of the State of
Texas; and venue for any action concerning this Agreement shall be in the State District Court of
Denton County, Texas. The parties agree to submit to the jurisdiction of said court.
6.7 Legal Construction. In the event anyone or more of the provisions contained in
this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect other provisions, and it is the
intention of the parties to this Agreement that in lieu of each provision that is found to be illegal,
invalid, or unenforceable, a provision be added to this Agreement which is legal, valid and
enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or
unenforceable.
6.8 Recitals. The recitals to this Agreement are incorporated herein.
6.9 Counterparts. This Agreement may be executed in counterparts. Each of the
counterparts shall be deemed an original instrument, but all of the counterparts shall constitute
one and the same instrument.
6.10 Exhibits. All exhibits to this Agreement are incorporated herein by reference for
all purposes wherever reference is made to the same.
6.11 Conditions Precedent. This Agreement and each of the parties obligations
hereunder are subject to and conditioned on each of the following: (i) the City and/or the TCEDC
issuing approximately $4 Million Dollars of debt for the funding of purchase of the Public
Improvements (which the City agrees to use best efforts to accomplish); (ii) the Company
providing copies of Company's executed partnership agreement, and any amendments thereto,
any assumed name certificates, the name, address and phone number of all partners; evidence
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 13
76501
that Company is authorized to transact business in Texas; and evidence that Company is a valid,
duly organized and active partnership; (iii) the Company closing its purchase of the Property on
or before August 31, 2005; (iv) the Company making application for a planned development
district to re-zone a minimum of 42 acres but not more 50 acres of the Property for the
Residential Development on or before June 9, 2005; and (v) the City having adopted a planned
development ordinance re-zoning a minimum of 42 acres but not more 50 acres of the Property
for the Residential Development on or before August 1, 2005.
Executed on this ~ day of O~+obe r , 2005.
THE COLONY ECONOMIC DEVELOPMENT
CORPORATION
Executed on this 11
By: ~ ~ ( /U <Y'lJL.c..t'
r ,
Name: Robert E. Norris
Title: President
day of t[k)DW
, 2005.
THE CITY OF THE COLONY
By:
Name:
Title:
Executed on this -'tt-t\^ day of ~W
,2005.
JACKSON-SHAW/CASCADES LIMITED
PARTNERSHIP
JACKSON-SHAW COMPANY ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT - Page 14
76501
Exhibit "A"
Legal Description of Property
100.645 ACRE TRACT
City of The Colony
B.B.B. & C.R.R. Survey, Abstract No. 174 and William Bridges Survey, Abstract No. 112
City of The Colony, Denton County, Texas
DESCRIPTION, of a 100.645 acre tract ofland situated in the R. P. Hardin Survey, Abstract No.
611 and in the B.B.B. & C.R.R. Survey, Abstract No. 174, and in the William Bridges Survey,
Abstract No. 112, City of The Colony, Denton County, Texas, and being all of a called 100.645
acre tract of land described in a deed to MORNING STAR BLVD. (DALLAS) AlP III, L.L.P. as
recorded in Volume 4969, Page 1287, Real Property Records of Denton County, Texas, and being
more particularly described as follows:
BEGINNING, at a 1/2-inch iron rod with "Pacheco Koch" cap set at the southeast corner of said
100.645 acre tract and at the intersection ofthe northwest right-of-way line of State Highway 121
and the southwest right-of-way line of Burlington Northern Railroad;
THENCE, South 61 degrees 19 minutes 26 seconds West with the southeast line of said 100.645
acre tract and along the said northwest right-of-way line, a distance of 382.74 feet to a 1/2-inch
iron rod with "Pacheco Koch" cap set for corner;
THENCE, South 57 degrees 31 minutes 26 seconds West with the said southeast line and along
said northwest right-of-way line, a distance of 503.03 feet to an aluminum disk found for corner;
THENCE, South 61 degrees 20 minutes 10 seconds West with the said southeast line and along
said northwest right-of-way line, a distance of 1084.21 feet to a 1/2-inch iron rod with "Pacheco
Koch" cap set for corner at a corner clip of the east corner of Morning Star Boulevard as recorded
in Cabinet Q, Page 4, of the Plat Records of Denton County, Texas, and said northwest right-of-
way line of State Highway 121;
THENCE, North 73 degrees 40 minutes 12 seconds West with said corner clip, a distance of
63.65 feet to a I/2-inch iron rod found at the west corner of said corner clip and in the northeast
line of said Morning Star Boulevard;
THENCE, the following 4 courses and distances with the northeast line of said Morning Star
Boulevard:
North 28 degrees 40 minutes 12 seconds West, a distance of 45.69 feet to a 1/2-inch iron rod
with "Pacheco Koch" cap set for corner at the start of a tangent curve to the right;
Along said curve in an westerly direction having a central angle of 20 degrees 30 minutes 25
seconds, a radius of 1335.00 feet, an arc length of 477.82 feet, a chord bearing and distance of
North 18 degrees 25 minutes 00 seconds West, 475.27 feet to a 1/2-inch iron rod found for corner
at the start of a tangent curve to the left;
Along said curve in a westerly direction having a central angle of 14 degrees 14 minutes 59
seconds, a radius of 1455.00 feet, an arc length of 361.86 feet, a chord bearing and distance of
North 15 degrees 17 minutes 16 seconds West, 360.93 feet to a 1/2-inch iron rod found for corner
at the start of a tangent curve to the right;
Along said curve in a westerly direction having a central angle of 8 degrees 54 minutes 01
seconds, a radius of 5670.00 feet, an arc length of 880.78 feet, a chord bearing and distance of
North 17 degrees 57 minutes 44 seconds West, 879.89 feet to a 1/2-inch iron rod found at the
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south corner of a right-of-way corner clip at the intersection of the northeast line of Morning Star
Boulevard with the southeast right-of-way line of Memorial Drive as recorded in Cabinet R, Page
4, of the Plat Records of Denton County, Texas;
THENCE, North 28 degrees 25 minutes 52 seconds East with the said right-of-way corner clip, a
distance of 76.29 feet to a 1/2-inch iron rod found for corner;
THENCE, North 70 degrees 07 minutes 22 seconds East with the said right-of-way corner clip, a
distance of 14.31 feet to a 1/2-inch iron rod found for corner;
THENCE, North 19 degrees 52 minutes 38 seconds West with the said right-of-way corner clip, a
distance of 60.00 feet to a crows foot cut found in concrete for corner in the centerline of said
Memorial Drive;
THENCE, the following 5 courses and distances with the centerline of said Memorial Drive;
North 70 degrees 07 minutes 22 seconds East, a distance of 3.71 feet to a X cut set in concrete
for corner at the start of a tangent curve to the left;
Along said curve in a northerly direction having a central angle of 25 degrees 19 minutes 12
seconds, a radius of 1390.00 feet, an arc length of 614.27 feet, a chord bearing and distance of
North 57 degrees 27 minutes 45 seconds East, 609.28 feet to a 1/2-inch iron rod for corner;
North 44 degrees 48 minutes 09 seconds East, a distance of 527.64 feet to a 1/2-inch iron rod
found for corner at the start of a tangent curve to the right;
Along said curve in a easterly direction having a central angle of 38 degrees 44 minutes 36
seconds, a radius of 1390.00 feet, an arc length of 939.92 feet, a chord bearing and distance of
North 64 degrees 10 minutes 27 seconds East, 922.11 feet to a 1/2-inch iron rod with "Pacheco
Koch" cap set for corner;
North 83 degrees 32 minutes 45 seconds East, a distance of339.03 feet to a 1/2-inch iron rod at
the northeast corner of said 100.645 acre tract and in the said southwest right-of-way line of
Burlington Northern Railroad;
THENCE, the following 5 courses and distances with east line of said 100.645 acre tract and with
the said southwest right-of-way line:
South 06 degrees 27 minutes 15 seconds East, a distance of 1250.11 feet to a 1/2-inch iron rod
with "Pacheco Koch" cap set for corner;
South 83 degrees 30 minutes 04 seconds West, a distance of 49.58 feet to a 1/2-inch iron rod
found for corner;
South 06 degrees 26 minutes 46 seconds East, a distance of 706.11 feet to a 1/2-inch iron rod
with "Pacheco Koch" cap set for corner;
South 89 degrees 48 minutes 33 seconds East, a distance of 50.56 feet to a 1/2-inch iron rod
found for corner;
South 06 degrees 33 minutes 25 seconds East, a distance of 42.46 feet to the POINT OF
BEGINNIN G,
CONTAINING, 4,384,098 square feet or 100.645 acres ofland, more or less.
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EXHIBIT" C"
Estimated Real Property Taxes Levied by the City
On The Cascades at The Colony
Property taxes are displayed by year levied.
Collection will lag appraisal by one year.
Year
Base 2005
1 2006
2 2007
3 2008
4 2009
5 2010
6 2011
7 2012
8 2013
9 2014
10 2015
11 2016
12 2017
13 2018
14 2019
15 2020
16 2021
17 2022
18 2023
19 2024
20 2025
21 2026
22 2027
23 2028
24 2029
25 2030
26 2031
27 2032
28 2033
29 2034
30 2035
Total for 30 Years:
Real
Property
Tax
$6,995
$6,995
$134,166
$334,553
$541,191
$607,550
$676,817
$687,331
$698,002
$708,834
$719,829
$730,988
$742,314
$753,811
$765,480
$777,324
$789,346
$801,548
$813,933
$826,503
$839,263
$852,213
$865,358
$878,701
$892,243
$905,988
$919,940
$934,101
$948,474
$963,063
$977,871
$22,093,730
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Office Creek Drainage
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TRACT LAYOUT
FOR DRAINAGE
INFRASTRUCTURE
CITY OF THE COLONY
OENTON COUNTY, TEXAS
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EXHIBIT B
Schedule of Debt Service Payments
for the
Certificates of Obligation
(See Attached)
THE COLONY/TCEDCIPROJECT AGREEMENT - Page 6
76844