HomeMy WebLinkAboutResolution No. 2011-080CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2011-080
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY', TEXAS, APPROVING A HOTEL AND CONVENTION
SERVICES AGREEMENT WITH LMG VENTURES, LLC, AND TXFM,
INC., PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING FOR
AN EFFECTIVE DATE.
N~ E IE AS, the City Council hereby determines that the adoption of this Resolution and
the attached Hotel and Convention Services Agreement, and the terms thereof, comply with all
of the applicable requirements of Chapter 351, Texas Tax Code, the Texas Open Meetings .Act,
and the ordinances and home rule charter of the City of The Colony, Texas; and
WHEREAS, the City Council hereby determines it is in the best interest of the City of
The Colony, Texas, to adopt this Resolution approving the attached Hotel and Convention
Services Agreement.
NOW THEREFORE, E IT SOLVED BY THE CITY COUNCIL OF THE CITY
OF TIME COLONY, TEXAS, THAT:
SECTION 1. Each and every one of the recitals, findings, and deten-ninations contained in
the preamble to this Resolution, as well as each and every one of the recitals, findings, and
determinations contained in the Hotel and Convention Services Agreement attached as EFxhibitA,
are incorporated into the body of this Resolution 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 Resolution for all
purposes.
SECTION 2. The City Council of the City of The Colony, Texas, does hereby approve
the Hotel and Convention Services Agreement, a copy of which is attached hereto as Exhibit A.
SECTION 3. If any section, article paragraph, sentence, clause, phrase or word in this
Resolution, or application thereto to any persons or circumstances, is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of
the remaining portions of this Resolution; and the City Council hereby declares it would have
passed such remaining portions of this Resolution despite such invalidity, which remaining portions
shall remain in full force and effect.
SECTION 4. This Resolution shall become effective immediately upon passage.
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PASSED AND APPROVE BY THE CITY COUNCIL, OF THE CITY F' THE
COLONY, TEXAS, THIS 15"' day of NOVEMBER, 2011.
ATTEST
J~ fl g
Christie Wilson, City Secretary
Jlc M7 oare C'ty Attorney
Joe McCourry; Mayor
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1 775.010\23999.7
Exhibit A
HOTEL, AND CONVENTION SERVICES AGREEMENT
This Hotel and Convention Services Agreement (this "Agreement") by and between the
City of The Colony, Texas, a Texas home-rule municipality (the "City") and LMG Ventures,
LLC, a Texas limited liability company and TXFM, Inc, a Texas corporation (collectively, the
"Developer'") is made and executed on the following recitals, terms, and conditions to be
effective on November 15, 2011 (the "Effective Date'"). The Developer and the City are each a
"Party" and collectively the "Parties" under this Agreement.
Words or phrases used in this Agreement that have their initial letters capitalized shall
have the meanings given to them in this Section 3 unless the context in which the words or
phrases are used clearly requires a different meaning.
RECITALS
WHEREAS, Chapter 351 of the Texas Tax Code addresses expenditures of the
municipal hotel occupancy tax revenue; and
WHEREAS, the Parties anticipate that one or more hotels will be constructed and
operated within the boundaries of the Property described on ExhibitA to this Agreement, and the
City intends to use the municipal hotel occupancy tax collected from such hotel or hotels to
reimburse the Developer for activities, programs, or events eligible for funding under
Chapter 351 of the Texas Tax Code; and.
WHEREAS, the City has concluded and hereby finds that this Agreement promotes
tourism and the convention and hotel industry within the City and, further meets the
requirements contained in Chapter 351 of the Texas Tax Code, as amended.
NOW, THEREFORE, in consideration of the mutual benefits and promises contained
herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:
SECTION I.
FINDINGS INCORPORATE
The foregoing recitals are hereby incorporated into the body of this Agreement and shall
be considered part of the mutual covenants, consideration and promises that bind the Parties.
SECTION .
TERM
This Agreement shall be effective as of the Effective Date, and shall terminate on the
seventieth (701h) anniversary of the date the City collects its first sales tax dollar attributable to
the Facility.
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SECTION .
DEFINITIONS
The following words shall have the following meanings when used in this Agreement
(a) Act - means Chapter 351, Texas Tax Code, as amended.
(b) Affiliate - means an entity that controls, is controlled by, or is under common control
with the Developer.
(c) Agreement - means this Hotel and Convention Services Agreement,
(d) City - means the City of The Colony, Texas.
(e) City Manager - means the individual approved by the City to serve as the City's
representative, including his designee.
(f) Developer - means LMC Ventures, LLC and TXFM, Inc., individually and collectively,
including the Developer's Affiliates, successors, and any permitted assignees who take a
partial or full assignment of this Agreement,
(g) Effective Date - means November 15, 2011.
(h) Facility - means the planned mixed-use facility on approximately 90 acres within the
boundaries of the Property, which facility will initially include approximately 1,280,000
square feet for warehouse and distribution uses, approximately 25,000 square feet for a
regional corporate headquarters, and approximately 546,000 square feet for retail sales to
the general public.
(i) Hotel or Hotels - means a theme park hotel(s), convention center hotel or other hotels as
described in the preliminary reinvestment zone financing plan for the Reinvestment Zone
Number One, City of The Colony, approved by the City Council by the adoption of
Ordinance No. 2011-1929 on November 8, 2011, and constructed on the Property.
(j) Local Hotel Occupancy Tax Revenue - means the municipal hotel occupancy tax
levied by the City pursuant to the Act, at such rates as are promulgated by the State of
Texas, currently at the rate of seven percent (7%) which tax is collected from guests
staying at Hotels located within the Property and is remitted by each hotel operator to the
City.
(k) Party or Parties - means individually or collectively the City and the Developer.
(1) Property means that certain real property described by metes and bounds on Exhibit A of
this Agreement.
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(m) Sales Tax - means sales and use taxes imposed by the City under Chapter 321 of the Texas
Tax Code.
SECTION 4,
OBLIGATIONS OF THE DEVELOPER
(a) Completion of the Facility. Construction of the Facility shall be completed, and the
Facility shall be open for business to the public, no later than December 31, 2015, subject
to "force majeure" delays affecting such construction. If the Facility is not completed and
open for business by such date, the amount of reimbursement to the Developer described
in Section 5(a) will be reduced by $50,000 for each month that the Facility is late in
opening.
(b) Completion of a Hotel. Construction of one (1) Hotel shall be completed, and the Hotel
shall be open for business to the public, including its receipt of a certificate of occupancy,
no later than December 31, 2021, subject to "force majeure" , delays affecting such
construction. If a Hotel does not have a certificate of occupancy and is not open for
business by such date, this Agreement terminates automatically without further notice to
the Parties.
SECTION .
OBLIGATIONS OF THE CITE'
(a) Reimbursement. The City shall reimburse the Developer, on a monthly basis, following
the Developer's submittal of the monthly written draw request identified in Section 5(b)
below, the following: (1) ninety percent (90%) of the Local Hotel Occupancy Tax
Revenue for the forty (40) year period following the date the City collects its first sales
tax dollar generated from sales originating at the Facility; and (2) fifty percent (50%) of
the Local Hotel Occupancy Tax Revenue for the following thirty (30) year period, but in
any event not more than seventy (70) years. The Developer's right to reimbursement
shall be limited to costs that are eligible for funding with the Local Hotel Occupancy Tax
Revenue under the Act, as amended.
(b) Determination of Eligible Costs. The City's Department of Economic Development
shall detennine whether the monthly written draw request submitted by the Developer
accompanied by a schedule of work, activities, and programs performed, values and
certificate of work, activities; and programs completed, is reimbursable under the Act.
The City Manager shall cause the requested amount of each reimbursement request to be
paid to the Developer within thirty (30) days after its receipt unless a determination is
made that an item is not reimbursable under the Act. Should the City's Department of
Economic Development determine an item submitted by the Developer is not
reimbursable under the Act, the Developer may appeal such determination to the City
Manager. The City Manager's determination on the matter shall be final.
(c) Record-Keeping. If an item is reimbursable under the Act, the Director of the City's
Economic Development Department shall maintain records of each scheduled activity,
program, and event in accordance with the terns of the Act, including, but not limited to,
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Section 351.1.08 of the Act.
(d) Reserve Fund. All amounts eligible to be paid to the Developer under this Section 5
shall be deposited into a designated reserve fund and paid to the Developer at such time
as the Developer submits its next monthly draw request for costs that are reimbursable
under the Act.
SECTION 6.
EVENTS OF DEFAULT.
(a) Failure to Perform. A default shall exist if any Party fails to perform or observe any
material covenant contained in this Agreement. The non-defaulting Parties shall
immediately notify the defaulting Party in writing upon becoming aware of any change
in the existence of any condition or event that would constitute a default under this
Agreement. Such notice must specify the nature and the period of existence of the
default and what action, if any, the non-defaulting Parties require or propose to require
with respect to curing the default. Notwithstanding anything to the contrary in this
Agreement, if the Developer fails to perform an obligation described in Section 4(a), the
resulting reduction in payments to the Developer shall be the sole remedy for such
failure. Notwithstanding anything hereinabove to the contrary, a default under Section
4(b) shall result in automatic termination without notice or opportunity to cure.
(b) Delinquent Taxes, An event of default shall occur under this Agreement, with respect
to the Developer, if any ad valorem taxes or sales tax owed to the City (or to the
Comptroller as the case may dictate) become delinquent on any portion of the Property
owned by the Developer. Upon the occurrence of such default, the City shall notify the
Developer in writing and such Party shall have sixty (60) calendar days to cure its
default. The City may extend the 60-day time period if the Party in default has diligently
pursued cure of the default and the default is not reasonably curable within the sixty (60)
days. If the default is not fully cured by the end of the 60-day time period, or by the end
of the extended time period if the City has extended the same, the City shall have the
right to offset any amounts due by this Agreement for the benefit of the Party in default.
(c) Remedies. Save and except a default under Section 4(b), in the event any Party does not
perform its obligations hereunder in substantial compliance with this Agreement, and
if such default remains uncured for a period of sixty (60) days aver notice thereof is
given, in addition to the other rights given the non-defaulting Parties under this
Agreement (but otherwise as their sole and exclusive remedy subject to the right of
offset described in Section 6(b), the non-defaulting Parties may each or together seek
specific perfonnance of this Agreement.
SECTION 7.
MISCELLANEOUS PROVISIONS.
(a) Amendments. This Agreement constitutes the entire understanding and agreement of the
Parties as to the matters set forth in this Agreement. No alteration of or amendment to
this Agreement shall be effective unless given in writing and signed by the Party or
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1775.01023999.7
Parties sought to be charged or bound by the alteration or amendment. No course of
dealing on the part of any Party or failure or delay by any Party with respect to the
exercise of any right, power, or privilege under this Agreement shall operate as a -waiver
thereof
(b) Applicable Law and Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, and all obligations of the Parties created
hereunder are performable in Denton County, Texas. Venue for any action arising under
this Agreement shall lie in the state district courts of Denton County, Texas.
(c) Assignment.
(1) Assignment in Whole or A in Part. The Developer has the right to assign this
Agreement in whole, including all obligations, rights, title, and interests of the
Developer under this Agreement, and to assign this Agreement in part, with
respect to any obligations of the Developer under this Agreement, to any Affiliate
without the consent of the City. The Developer has the right to assign this
Agreement in whole, including all obligations, rights, title, and interests of the
Developer under this Agreement, and to assign this Agreement in part with
respect to any obligations of the Developer under this Agreement, to any other
person or entity with the written consent of the City (which consents shall not be
unreasonably withheld, and which consents shall be deemed to have been given if
the City does not respond to a request for consent within sixty (60) days after the
request is made). All assignments shall be in writing executed by the Developer
and the assignee and shall obligate the assignee to be bound by this Agreement to
the extent this Agreement applies or relates to the obligations, rights, title, or
interests being assigned. A copy of each assignment shall be provided to the City
within thirty (30) days after execution. From and after such assignments, the City
agrees to look solely to the assignee for the performance of all obligations
assigned to the assignee and agree that the Developer shall be released from
subsequently performing the assigned obligations and from any liability that
results from the assignee's failure to perform the assigned obligations. The City
may not assign this Agreement, in whole or in part, or any of its respective rights,
title, or interest under this Agreement.
(2) Assignment of Certain Rights. Notwithstanding the provisions of Section 7(c)(1),
the Developer has the right to assign this Agreement, in part with respect to any
rights of the Developer to be reimbursed or paid as provided in Section 5 of this
Agreement, to any person or entity without the consent of the City provided the
assignment is consistent with this Agreement. All assignments shall be in writing
executed by the Developer and the assignee and shall obligate the assignee to be
bound by this Agreement to the extent this Agreement applies or relates to the
rights being assigned. A copy of each assignment shall be provided to the City
within thirty (30) days after execution. From and after such assignment, the City
agrees to look solely to the assignee for any performance related to the assigned
rights and agree that the Developer shall be released from such performance and
from any liability that results from the assignee's failure with regard to such
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performance. A maximum of five (5) partial assignments of rights are authorized
by this Section 7(c)(2), and thereafter all partial assignments of rights shall
require the written consent of the City (which consents shall not be unreasonably
withheld, and which consents shall be deemed to have been given if the City does
not respond to a request for consent within sixty (60) days after the request is
made).
(d) Binding Obligation. This Agreement shall become a binding obligation on the Parties
upon execution by all signatories hereto. The City warrants and represents that the
individual executing this Agreement on behalf of the City has full authority to execute
this Agreement and bind the City to the same. The Developer warrants and represents
that the individual executing this Agreement on its behalf has full authority to execute
this Agreement and bind it to the same.
(e) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which shall constitute one and the same
document.
(f) Execution of Agreement. The City Council shall authorize the Mayor to execute this
Agreement on behalf of the City.
(g) Farce 1 ajeure. It is expressly understood and agreed by the Parties to this Agreement
that if the performance of any obligations hereunder is delayed by reason of war, civil
commotion, acts of God, inclement weather, fire or other casualty, or court injunction, the
Party so obligated or permitted shall be excused from doing or perforriiring the same
during such period of delay, so that the time period applicable to such obligation or
requirement shall be extended for a period of time equal to the period such Party was
delayed.
(h) Notices. Any notice or other communication required or permitted by this Agreement
(hereinafter- referred to as the "Notice") is effective when in writing (i) and personally
delivered by any nationally recognized delivery service such as FedEx or UPS, or (ii)
three (3) days after the Notice is deposited with the U.S. Postal Service, postage
prepaid, certified with return receipt requested, and addressed as follows or, in the case
of a change of address, as provided in a Notice notifying the other Party of such address
change:
To the Developer:
LMG Ventures, LLC/TXFM, Inc
c/o Marls Murray
14801 Quorum Drive, Suite 500,
Dallas, Texas 75254
With a copy to.
Shupe Ventura Lindelow & Olson, PLLC
Attn: Misty Ventura
9406 Biscayne Blvd.
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1775.010\23991).7
Dallas, TX 75218
To the City: Attn: City Manager
6800 Main Street
The Colony, Texas 75056
With a copy to:
Brown and lrlofmcister, LLP
Attn: Jeff Moore
740 East Campbell Road, Suite 800
Richardson, TX 75081
{i) Singular and Plural. Where the context permits, words used in this. Agreement in the
singular also include the plural and vice versa, and the definitions of such words in the
singular also apply to such words when used in the plural and vice versa.
Severability. In the event any provision of this Agreement shall be detennined by any
court of competent jurisdiction to be invalid or unenforceable, the Agreement shall, to the
extent reasonably possible, remain in force as to the balance of its provisions as if such
invalid provision were not a part hereof.
(k) Time is of the Essence. Time is of the essence in the performance of this Agreement.
(l) Undocumented Workers. The Developer hereby certifies that it does not and will not
knowingly employ an undocumented worker in accordance with Chapter 2264 of the
Texas Government Code, as amended. If during the Term, the Developer is convicted of
a violation under 8 U.S.C. § 1324a(f), the Developer shall repay the amount of the public
subsidy provided under this Agreement plus interest, at the rate of eight percent (8%), not
later than the 120"' day after the date the City notifies the Developer of the violation.
Pursuant to Section 2264.101, Texas Government Code, a business is not liable for a
violation of Chapter 2264 by a subsidiary, affiliate, or franchisee of the business, or by a
person with whom the business contracts.
[The Remainder of this Page Intentionally Left Blank.]
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IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of
the Effective Date.
TXFM, Inc.,
THE CITY:
ATTEST,-
Christie Wilson
City Secretary
j ,
APPROVFD AS TO FORM:
Jeffrey Lr_Mbore
O tys Attci"" ey
City of The Colony, Texas
a Texas home-rule municipality
By:
oe McC;ourry, Mayor
Exhibit A
Metes and Bounds Description of the Property
METES AND BOUNDS DESCRIPTION
TRACT 1
BEING a 5.02 acre tract of land situated in the B.B.B. & C.R. Survey, Abstract No. 173, City of
The Colony, Denton County, Texas, and being part of a tract of land described as Tract 11 as
conveyed by deed to Maharishi Global Development Fund, as recorded in Volume 4555, Page
281, Official Public Records, Denton County, Texas. Said 5.02 acre tract of land being more
particularly described by metes and bounds as follows:
BEGINNING at a found 5/8 inch iron rod with K.HA cap for corner, being the intersection of the
south right-of-way line of State Highway 121 (a variable width R.O.W.) and the southwest right-
of-way line of Plano Parkway (a 100 foot R.O.W.), and being the beginning of a non-tangent
curve to the left having a radius of 1050.00 feet, a central angle of 50°34'13" and a long chord
which bears South 64°23'31 " East, 896.96 feet;
THENCE southeasterly, along said southwest right-of-way line of Plano Parkway and said non-
tangent curve to the left, an are distance of 926.75 feet to a point for corner, being in the north
line of a tract of land conveyed by deed to CB/Tittle, Ltd., as recorded in Instrument No. 99-
R0007181, Official Public Records, Denton County, Texas;
THENCE South 89°58"40" West, leaving said southwest right-of-way line and following along
said north line of CB/Tittle tract, at a distance of 1009.25 feet passing the northeast corner of a
tract of land described as Tract F3, as conveyed by deed to Castle Hills Property Company, as
recorded in Instrument No. 2006-153339, Official Public Records, Denton County, Texas, and
continuing with the north line of said Castle Hills Property Company tract, for a total distance of
1210.45 feet to a point for corner,
THENCE North 00°25"18" West, with the northernmost east line of said Castle Hills Property
Company tract, at a distance of 97.47 feet passing the northernmost corner, and continuing with
said south right-of-way line of State Highway 121, for a total distance of 226.47 feet to a point
for corner;
THENCE continuing with said south right-of-way line of State Highway 121 as follows:
North 63°32'06"
East, for a distance of 130.52 feet to a point for corner;
North 60°22'33"
East, for a distance of 80.86 feet to a point for corner;
South 29°13'03"
East, for a distance of 50.00 feet to a point for corner;
North 60°4738"
East, for a distance of 219.64 feet to the POINT OF BEGINNING and
CONTAINING 218,740 square feet or 5.02 acres of land, more or less.
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METES AND BOUNDS DESCRIPTION
TRACT 2
BEING a 377.68 acre tract of land situated in the Thomas A. Nest Survey, Abstract No. 1344,
the B.B.B. & C.R. Survey, Abstract No. 173, the B.B.B. & C.R. Survey, Abstract No. 174 and
the M.D.T. Hallmark Survey, Abstract No. 570, City of The Colony, Benton County, Texas,
being part of a tract of land described as Tract I as conveyed by deed to Maharishi Global
Development Fund, as recorded in Volume 4555, Page 281, Official Public Records, Denton
County, Texas, being part of a called 122.8106 acre tract of land conveyed by Correction Deeds
to Crow-Billingsley UMF Plano, Ltd., as recorded in Instrument No. 2004-44212, 2004-44213,
2004-44214 and 2004-44218, Official Public Records, Denton County, Texas, and being a part
of McKamy Road (an unrecorded right-of-way) SAVE AND EXCEPT those certain tracts of
land conveyed in deeds recorded in Volume 5366, Page 977, Instrument No. 2006-49955, 2006-
49957 and 2006-75193, Official Public Records, Denton County, Texas. Said remaining 377.68
acre tract of land being more particularly described by metes and bounds as follows:
BEGINNING at a found TxDot brass cap in concrete for the northeast corner of said 377.68 acre
tract., being the intersection of the south right-of-way line of Sam Rayburn Tollway (State
Highway 121) (a variable width R.O.W.) and the west right-of-way line of Burlington. Northern
Railroad (a 100 foot R.O.W. at this point);
THENCE continuing with said west right-of-way line of Burlington Northern Railroad as
follows:
THENCE South 06°59'58" East, for a distance of 832.17 feet to a point for corner, being
the beginning of a tangent curve to the right having a radius of 3703.75 feet, a central
angle of 13°04'33" and a long chord which bears South 00°27'42" East, 843.42 feet;
THENCE southeasterly, along said curve to the right, an arc distance of 845.26 feet to a
point for corner;
THENCE South 06°04'35" West, for a distance of 2524.64 feet to a point for corner;
THENCE North 83°17'00" West, for a distance of 190.16 feet to a point for corner,
THENCE South 00°51'51 " East, for a distance of 970.10 feet to a point for corner;
THENCE South 89°03'50" West, for a distance of 31.58 feet to a point for corner;
THENCE South 01 °14'37" East, for a distance of 448.38 feet to a point for corner, being
the northeast corner of a tract of land conveyed by deed to Frankford Road Investors No.
1, as recorded in Instrument No. 2006-49957, Official Public Records, Denton County,
Texas;
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1775.010 ,'3999.7
THENCE North 87°06'22" West, leaving said west right-of-way line and following along the
north line of said Frankford Road Investors No. 1, for a distance of 1240.48 feet to a point for
corner, being in the northerly right-of-way line of Plano Parkway (a 100 foot R.O.W.), and being
the beginning of anon-tangent curve to the left having a radius of 1130.00 feet, a central angle of
103°16'58" and a long chord which bears North 38°4334" West, 1772.16 feet;
THENCE continuing with said northerly right-of-way line of Plano Road as follows.
THENCE northwesterly, along said non-tangent curve to the left, an are distance of
2036.47 feet to a point for corner;
THENCE South 89°38'05" West, for a distance of 647.23 feet to a point for comer, being
the beginning of a non-tangent curve to the right having a radius of 950.00 feet, a central
angle of 40°05'36" and a long chord which bears North 70°19'29" West, 651.29 feet;
THENCE northwesterly, along said non-tangent curve to the right, an are distance of
664.77 feet to a point for corner, being the beginning of a reverse curve to the left having
a radius of 1050.00 feet, a central angle of 40°14'10" and a long chord which bears North
70°21'30" West, 722.31 feet;
THENCE northwesterly, along said reverse curve to the left, an are distance of 737.37
feet to a point for comer;.
THENCE South 89°31'25" West, for a distance of 623.83 feet to a point for comer, being
the beginning of a tangent curve to the right having a radius of 950.00 feet, a central
angle of 52°49'04" and a long chord which bears North 64°04'03" West, 845.07 feet;
THENCE northwesterly, along said curve to the right, an are distance of 875.75 feet to a
point for corner, being the most southerly point of a corner-elip with said south right-of-
way line of Saln Rayburn Tollway (State Highway 121);
THENCE North 08°46'31" East, along said comer-clip, for a distance of 26.03 feet to a
point for comer, being in said south right-of-way line of Sawn Rayburn Tollway (State
Highway 121);
THENCE continuing with said south right-of-way line of Sant Rayburn Tollway (State Highway
121) as follows:
THENCE North 60°47'38" East, for a distance of 203.71 feet to a point for comer;
THENCE North 58°17'36" East, fora distance of 252.11 feet to a point for corner;
THENCE North 55°47'40" East, for a distance of 105.11 feet to a point for corner;
THENCE North 58°17'42" East, for a distance of 248.62 feet to a point for corner;
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1775.010\23999.7
THENCE North 60°47'38" East, for a distance of 263.85 feet to a point for corner;
THENCE North 76°30'51 " East, for a distance of 92.27 feet to a point for corner;
THENCE North 65°56'12" East, for a distance of 100.40 feet to a point for comer;
THENCE North 64°13'39" East, for a distance of 100.18 feet to a point for corner;
THENCE North 60°16'36" East, for a distance of 39.88 feet to a point for corner;
THENCE South 74°12'01" East, for a distance of 70.70 feet to a point for corner;
THENCE North 60°4738" East, for a distance of 64.12 feet to a point for corner,
THENCE North 15°47'17" East, for a distance of 73.27 feet to a point for corner,
THENCE North 59°04'32" East, for a distance of 94.25 feet to a point for corner;
THENCE North 55°39'04" East, for a distance of 100.40 feet to a point for comer;
THENCE North 47°37354" East, for a distance of 114.18 feet to a point for corner;
THENCE North 60°47'38" East, for a distance of 3800.00 feet to a point for corner;
THENCE North 65"20'10" East, for a distance of 189.41 feet to a point for corner;
THENCE North 61 °56'23" East, for a distance of 100.02 feet to a point for comer;
THENCE North 63°39'23" East, for a distance of 100.12 feet to a point for corner;
THENCE North 64°47'53" East, for a distance of 100.24 feet to a point for comer;
THENCE North 66°30'16" East, for a distance of 201.00 feet to a point for comer;
THENCE North 65°56'12" East, for a distance of 100.40 feet to a point for comer;
THENCE North 66°30'16" East, for a distance of 100.50 feet to a point for corner;
THENCE North 63°05'04" East, for a distance of 100.08 feet to a point for corner;
THENCE North 64°13°39" East, for a distance of 100.18 feet to a point for corner;
THENCE North 83°05'27" East, for a distance of 69.58 feet to a point for corner;
THENCE North 60°39'18" East, for a distance of 33.81 feet to the POINT OF
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1775.010\23999.7
BEGINNING and CONTAINING 16,451,919 square feet or 377.68 acres of land, more
or less.
METES AND BOUNDS DESCRIPTION
TRACT 3
BEING a 51.11 acre tract of land situated in the R.P. Hardin Survey, Abstract No, 611 and the
B.B.B. & C.R. Survey, Abstract No. 174, City of The Colony, Denton County, Texas, and being
all of a called 27.073 acre tract of land conveyed by deed to Sealy Staring Creep Partners, L.P., as
recorded in Instrument No. 2007-83136 and all of a called 23.990 acre tract of land conveyed by
deed to Whiteford Limited Partners, as recorded in Instrument No. 2004-132215 Official Public
Records, Denton County, Texas. Said 51.11 acre tract of land being more particularly described
by metes and bounds as follows:
BEGINNING at a found TxDot brass cap in concrete for the northeast corner of said Sealy
Staring Creep Partners tract, being the intersection of the south right-of-way line of Sang Rayburn
Tollway (State Highway 121) (a variable width R.O.W.) and the west night-of-way line of West
Spring Creek Parkway (a 160 foot R.G.W.);
THENCE South 29°2443" East, along said west right-of-way line of West Spring Creek
Parkway, for a distance of 20.52 feet to a point for corner, being the beginning of a non-
tangent curve to the right having a radius of 970.00 feet, a central angle of 29°13'42" and
a long chord which bears South 14°53' 13" East, 489.48 feet;
THENCE southeasterly, along said west right-of-way line and said non-tangent curve to the
right, an arc distance of 494.83 feet to a point for corner;
THENCE South 00°22'42" East, continuing along said west right-of-way line, for a distance of
476.17 feet to a point for corner, being the northeast corner of said Whiteford. Limited Partners
tract,
THENCE South 00°23`35" East, continuing along said west right-of-way line, for a distance of
864.92 feet to a point for corner, being the northeast corner of Lot 1, Block A, Dings Ridge
Addition, Phase Three, an addition to the City of Plano, as recorded in Cabinet , Page 450, Plat
Records, Denton County, Texas;
THENCE South 89°40'20" West, leaving said west right-of-way line, and following along the
south line of said Whiteford Limited Partners tract and the north line of said Block A, Kings
Ridge Addition, Phase Three, being a common line, for a distance of 1199.93 feet to a point for
corner, being the northwest corner of Lot 23 of said Block A, Kings Ridge Addition, Phase
Three, being in the east right-of-way line of Burlington Northern Railroad (a 100 foot R.O.W. at
this point), and being the beginning of a non-tangent curve to the left having a radius of 3487.75
feet, a central angle of 831'36" and a long chord which bears North 01'45'21" West, 518.57
feet;
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THENCE northwesterly, leaving said common line, and fallowing along said east right-of-way
line of Burlington Northern Railroad and said non-tangent curve to the left, an are distance of
519.05 feet to a point for corner;
THENCE North 06°43'29" West, continuing along said east right-of-way line, for a distance of
345.89 feet to a point for comer, being the northwest corner of said Whiteford Limited Partners
tract;
THENCE North 07°03'01 " West, continuing along said east right-of-way line, for a distance of
628.03 feet to a point for comer, being in said south right-of-way line of Sam Rayburn Tollway;
THENCE North 60°45'58" East, leaving said east right-of-way line and following along said
south right-of-way line of Sam Rayburn Tollway, for a distance of 254.35 feet to a point for
corner;
THENCE North 63°19'02" East, continuing along said south right-of-way line, for a distance of
585.96 feet to a point for corner;
THENCE North 60°52'09" East, continuing along said south right-of-way line, for a distance of
369.37 feet to the POINT OF BEGINNING and CONTAINING 2,226,193 square feet or 51.11
acres of land, more or less.
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City Manager's Fiscal Impact Statement
Motel Occupancy Tax Performance Agreement
November 15, 2011
The fiscal impact schedule for the Hotel Occupancy Tax Performance Agreement is defined in the
Preliminary Zone Financing Plan, Exhibit "E" - Economic Feasibility Study of a Proposed Mixed-Use
Development Proiect in The Colony, Texas; Dated October 26, 2011. Any costs associated with this
measure for the first three years and thereafter will be offset by the future tax revenue generated by
the development.
Tro Dwell
City Manager
1775.010\24178.2