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RE 2002-10-22.3 RESOLUTION NO. ~/~ ~ ~,.- ~"&~'~ ',,,~ ~'~0 ~/0~ 3535~5E ~39. Deed A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BY AND AMONG THE CITY OF COPPELL, TEXAS, COPPELL MILL LIMITED PARTNERSHIP AND STAPLES CONTACT & COMMERCIAL, INC.; AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN EFFECTIVE DATE. WHE~AS, ~e Ci~ Council h~ been presented a proposed T~ Abatement A~eement by ~d ~ong ~e Ci~ of Coppell, Texas, Coppell Mill Limited P~ners~p ~d Staples Contract & Co~ercial, Inc., a copy ofw~ch is a~ached hereto ~d inco~orated herein by reference; ~d ~E~AS, upon ~11 review ~d consideration of ~e A~eemem, ~d all ma~ers related thereto, the City Co~cil is of the opi~on ~d ~ds that the te~s ~d conditions thereof should be approved, ~d ~at the Mayor should be autho~zed to execute the A~eement on behalf of the City oC Coppell, Texas; NOW, THE~FO~, BE IT ~SOLVED BY THE CITY COUNCIL OF THE CITY OF COPPELL, TE~, THAT: SECTION 1. The A~eement a~ached hereto having been reviewed by the City Council of the Ci~ of Coppell, Texas, ~d fo~d to be acceptable ~d in the best imerest of the City ~d its citizens, be, ~d the s~e is hereby, in all t~ngs approved, ~d ~e Mayor is hereby authohzed to execute the A~eement on behalf of the Ci~ o~ Coppell, Texas. SECTION 2. The Ci~ Co~cil finds that ~e improvements proposed to be built upon the Premises deschbed in the A~eemem will e~ce the econo~c vitali~ of the co~i~ t~ou~ a combination of new capital inves~ent, increased sales t~ revenues, ~d the creation oC additional job oppo~ties. SECTION 3. The t~ abatement to be ~ted by the A~eement will not ~clude inventor, ~d supplies. SECTION 4. The improvemems proposed got the Premises will accomplish the tax abatement guidelines of the Ci~ of Coppell, Texas. 1 ! 43799 SECTION 5. The City Manager delivered to the presiding officer of the governing body of each taxing unit in which the property subject to the Agreement is located, a written notice that the City of Coppell, Texas, intends to enter into the Agreement. The notice given by the City Manager included a copy of the Agreement approved by this Resolution. SECTION 6. This Resolution and the Tax Abatement Agreement are hereby approved by the affirmative vote of the majority of the members of the City Council of the City of Coppell, Texas, at a regularly scheduled meeting of the City Council. SECTION 7. This Resolution shall become effective immediately from and after its passage. DULY RESOLVED AND ADOPTED by the City Council of the City of Coppell, Texas, on this the ~"~day of ~ (pGOs/ev/RttlT1E0i07H/0A2)~ CITY ATTORNEY ,2002. CITY OF COPPELL, TEXAS CANI~Y SH~EH~7'MAY6R ATTEST: L-lB B '¢ B ALLX/'[T? '~ECRETA~.Y 2 m?2 1 4 04934 43799 STATE OF TEXAS § COUNTY OF DALLAS § TAX ABATEMENT AGREEMENT This Tax Abatement Agreement (the "Agreement") is entered into by and among the City of Coppell, Texas (the "City"), duly acting herein by and through its Mayor, Coppell Mill Limited Partnership (the "Owner") and Staples Contract & Commercial, Inc., (the "Lessee") acting by and through its authorized officer. WITNESSETH: WHEREAS, the City Council of the City of Coppell, Texas, (the "City"), passed an Ordinance (the "Ordinance") establishing Tax Abatement Reinvestment Zone No. 41 (the "Zone"), for commercial/industrial tax abatement, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code, as amended (the "Tax Code"); and WHEREAS, the City has adopted guidelines for tax abatement (the "Tax Abatement Guidelines"); and WHEREAS, the Tax Abatement Guidelines contain appropriate guidelines and criteria governing tax abatement agreements to be entered into by the City as contemplated by the Tax Code; and WHEREAS, the City has adopted a resolution stating that it elects to be eligible to participate in tax abatement; and WHEREAS, in order to maintain and enhance the commercial and industrial economic and employment base of the Coppell area, it is in the best interests of the taxpayers for the City to enter into this Agreement in accordance with said Ordinance, the Tax Abatement Guidelines and the Tax Code; and. WHEREAS, Lessee is under contract to purchase the real property described in Exhibit A attached hereto ("Land") and to construct certain improvements on the Land (hereinafter defined as the "Improvements") and at closing of such purchase the title to the Land will be held by Owner,; and WHEREAS, Lessee has or intends to lease the Improvements from Owner upon completion of construction thereof; and WHEREAS, the development efforts described herein will create permanent new jobs in the City; and WHEREAS, the City Council finds that the contemplated use of the Premises (hereinafter defined), the contemplated improvements to the Premises thereto in the amount set forth in this Agreement, and the other terms hereof are consistent with encouraging development of the Zone in TAX ABATEMENT AGREEMENT - Page 1 43806 ! 0L 935 accordance with the purposes for its creation and/or in compliance with the Tax Abatement Guidelines, the Ordinance adopted by the City, the Tax Code and all other applicable laws; and WHEREAS, the City Council finds that the Improvements sought are feasible and practicable and would be of benefit to the Premises to be included in the Zone and to the City after expiration of this Agreement; and WHEREAS, a copy of this Agreement has been furnished, in the manner prescribed by the Tax Code, to the presiding officers of the governing bodies of each of the taxing units in which the Premises is located; and WHEREAS, the City desires to enter into an agreement with Owner, the proposed owner of the Premises within the Tax Abatement Reinvestment Zone and with the Lessee for the abatement of taxes pursuant to Chapter 312 of the Tax Code as amended; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for good and other valuable consideration, the adequacy and receipt of which is hereby acknowledged, including the expansion of primary employment, the attraction of major investment in the Zone, which contributes to the economic development of Coppell and the enhancement of the tax base in the City, the parties agree as follows: GENERAL PROVISIONS 1. Lessee is under contract to purchase the Land, which real property is located within the city limits of the City and within the Zone and a contract with Amberpoint at Coppell LLC to construct the Improvements on the Land. At Lessee's closing of the purchase of the Land, the title to the Land shall be held by Owner. Upon Completion of Construction of the Improvements Owner shall lease the same to Lessee for a period of at least five (5) years. Lessee has or intends to lease the Improvements from Owner for a period of at least five (5) years and to locate Tangible Personal Property on the Premises. 2. The Premises are not in an improvement project financed by tax increment bonds. 3. This Agreement is entered into subject to the rights of the holders of outstanding bonds of the City. 4. The Premises are not owned or leased by any member of the Coppell City Council or any member of the Coppell Planning and Zoning Commission, or any member of the governing body of any taxing units joining in or adopting this Agreement. TAX ABATEMENT AUTHORIZED 5. This Agreement is authorized by the Tax Code and in accordance with the City Tax Abatement Guidelines and Criteria, and approved by resolution of the City Council of the City authorizing the execution of this Agreement. TAX ABATEMENT AGREEMENT - Page 2 43806 1 Or4936 6. Subject to the terms and conditions of this Agreement, and provided the combined Taxable Value for the Improvements and the Tangible Personal Property, excluding the Land is at least Five Million Five Hundred Thousand Dollars ($5,500,000) as of the First Year of Abatement and as of January 1 of each year thereafter this Agreement is in effect, the City hereby grants Owner an abatement of seventy-five percent (75%) of the Taxable Value of the Improvements and grants Lessee an abatement of seventy-five percent (75%) of the Taxable Value of the Tangible Personal Property for a period of five (5) consecutive years. The actual percentage of Taxable Value of the Improvements subject to abatement for each year this Agreement is in effect will apply only to the portion of the Taxable Value of the Improvements that exceeds the Base Year Taxable Value for the Land. The actual percentage of the Taxable Value of the Tan~ble Personal Property subject to abatement will apply only to the tangible personal property added to the Premises after this Agreement is executed. 7. The period of tax abatement herein authorized shall be for a period of five (5) years. 8. During the period of tax abatement herein authorized, Lessee shall be subject to all City taxation not abated, including but not limited to, sales tax and ad valorem taxation on land, inventory and supplies. DEHNITIONS 9. Wherever used in this Agreement, the following terms shall have the meanings ascribed to them: A. The "Base Year Taxable Value" shall mean the Taxable Value for the year in which this Agreement is executed (2002). B. An "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 a 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 a party and such proceeding is not dismissed within ninety (90) days after the filing thereof. C. The "First Year of Abatement" shall mean January 1 of the calendar year immediately following the issuance of the final certificate of occupancy for Owner's occupancy of the Improvements. D. "Force Majeure" shall mean any contingency or cause beyond the reasonable control of Owner including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, adverse weather, government or de facto governmental action (unless caused by acts or omissions of Owner), fires, explosions or floods, strikes, slowdowns or work stoppages. TAX ABATEMENT AGREEMENT - Page 3 ~3806 0}72 1 0 ti 3 3 7 E. The "Improvements" shall me:tn the contemplated improvements to be constructed on the Premises and as further described herein, as any additions and expansions thereto. F. The "Land" shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes. G. The "Premises" shall mean the Land described in Exhibit "A" including the Improvements but excluding Tangible Personal Property which is added thereto subsequent to the execution of this Agreement; H. "Taxable Value" means the appraised value as certified by the Appraisal District as of January 1 of a given year. I. "Tangible Personal Property" shall mean tangible personal property, equipment and fixtures other than inventory or supplies owned or leased by Lessee that is added to the Premises subsequent to the execution of this Agreement. IMPROVEMENTS 10. Lessee is under contract with Amberpoint at Coppell, LLC to purchase the Land and construct or cause to be constructed thereon office/warehouse/distribution facility at least 228,250 square feet of space (and other ancillary facilities such as reasonably required parking and landscaping more fully described in the submittals filed by Owner, and/or Amberpoint at Coppell, LLC, with the City from time to time in order to obtain a building permit) (the "Improvements"). At Lessee's closing of the purchase title to the Land shall be in the name of the Owner.. Lessee will be or is under contract to lease the Improvements from Owner upon completion for a period of at least five (5) years beginning the First Year of Abatement. The cost of the Improvements excluding the land shall be at least Five Million Five Hundred Thousand Dollars ($5,500,000). Nothing in this Agreement shall obligate Owner to construct the Improvements on the Land or for Lessee to lease the Improvements or to locate Tangible Personal Property on the Premises, but said actions are conditions precedent to tax abatement pursuant to this Agreement. CONSTRUCTION OF IMPROVEi~IENTS 11. As a condition precedent to the initiation of tax abatement pursuant to this Agreement, Lessee will diligently and faithfully, in good and workmanlike manner, and pursue the completion of the contemplated Improvements on or before December 31, 2003, as good and valuable consideration for this Agreement, and that all construction of the Improvements will be in accordance with all applicable state and local laws, codes, and regulations, (or valid waiver thereof); provided, that Lessee shall have such additional time to complete and maintain the Improvements as may be required in the event of "Force Majeure," if Lessee is diligently and faithfully pursuing completion of the Improvements. 12. Owner and Lessee agree to maintain the Improvements during the term of this Agreement in accordance with all applicable state and local laws, codes, and regulations. Owner TAX ABATEMENT AGREEMENT - Page 4 43806 and Lessee agree that the Land and Improvements shall be used only as an office/warehouse/distribution facility for a period of five (5) years commencing on the date a final certificate of occupancy is issued for Lessee's occupancy for the Improvements. 13. The City, its agents and employees shall have the right of access to the Premises during construction to inspect the Improvements at reasonable times and with reasonable notice to Owner and Lessee, and in accordance with Owner's and Lessee's visitor access and security policies, in order to insure that the construction and maintenance of the Improvements are in accordance with this Agreement and all applicable state and local laws and regulations (or valid waiver thereof). GE NER~4_L REQUIREMENTS 14. Construction plans for the Improvements constructed on the Land will be filed with the City, which shall be deemed to be incorporated by reference herein and made a part hereof for all purposes. 15. After completion of the Improvements, Owner shall certify in writing to the City the construction cost of the Improvements. Owner and Lessee shall each prior to May 1 of each year this Agreement is in effect certify in writing to the City that it is in compliance with each term of the Agreement. 16. The Land and the Improvements constructed thereon at all times shall be used in the manner (i) that is consistent with the City's Comprehensive Zoning Ordinance, as amended, and (ii) that, during the period taxes are abated hereunder, is consistent with the general purposes of encouraging development or redevelopment within the Zone. DEFAULT: RECAPTURE OF TAX REVENUE 17. In the event Owner and/or Lessee: (i) fails to complete the Improvements or to cause the completion of the Improvements in accordance with this Agreement or in accordance with applicable State or local laws, codes or regulations; (ii) have delinquent ad valorem or State sales taxes owed to the City with respect to the Premises (provided such party retains its right to timely and properly protest such taxes or assessment); (iii) have any "Event of Bankruptcy or Insolvency"; or (iv) breach any of the terms and conditions of this Agreement, then such party, after the expiration of the notice and cure periods described below, shall be in default of this Agreement. As liquidated damages in the event of such default, the defaulting party shall, within thirty (30) days after demand, pay to the City all taxes which otherwise would have been paid to the City without benefit of a tax abatement for the respective defaulting party's property, with interest at the statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code as amended but without penalty. The parties acknowledge that actual damages in the event of default termination would be speculative and difficult to determine. The parties further agree that any abated tax, including interest as a result of this Agreement, shall be recoverable against such party, its successors and assigns and shall constitute a tax lien on the party's respective property and shall become due, owing and shall be paid to the City within thirty (30) days after termination. TAX ABATEMENT AGREEMENT - Page 5 43806 18. Upon breach b.y Owner and/or Lessee of any obligations under this Agreement, the City shall notify the Owner an~ Lessee in ~riting. The Owner and Lessee then shal~ have thirty (30) days from receipt of the notice in ~vhich to cure any such default. If the default cannot reasonably be cured within a thirty (30) day period, and the Owner and/or Lessee have diligently pursued such remedies as shall be reasonably necessary to cure such default, then the City may extend the period in which the default must be cured. 19. If Owner and/or Lessee fail to cure the default within the time provided as specified above or, as such time period may be extended, then the City at its sole option shall have the rip-tint to terminate this Agreement by written notice to O~vner and Lessee. 20. Upon termination of this Agreement by City, all tax abated as a result of this Agreement shall become a debt to the City as liquidated damages, and shall become due and payable not later than sixty (60) days after a notice of termination is made. The City shall have all remedies for the collection of the abated tax provided generally in the Tax Code for the collection of delinquent property tax. The City at its sole discretion has the option to provide a repayment schedule. The computation of the abated tax for the purposes of the Agreement shall be based upon the full Taxable Value of the Improvements and Tangible Personal Property without tax abatement for the years in which tax abatement hereunder was received by Owner and/or Lessee, as the case may be, as determined by the Appraisal District, multiplied by the tax rate of the years in question, as calculated by the City Tax Assessor-Collector. The liquidated damages shall incur penalties as provided for delinquent taxes and shall commence to accrue after expiration of the sixty (60) day payment period. ANNUAL APPLICATION FOR TAX EXEMPTION; RENDITION 21. It shall be the responsibility of Owner and Lessee, pursuant to the Tax Code, to file an annual exemption application form with the Chief Appraiser for each Appraisal District in which the eligible taxable property has sims. A copy of the exemption application shall be submitted to the City upon request. SUCCESSORS AND ASSIGNS 22. This Agreement shall be binding on and inure to the benefit of the parties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. This Agreement may be assigned with the consent of the City Manager, provided however the consent of the City Manager shall not be required for an assignment to a wholly owned subsidiary of Owner or Lessee in connection with a transfer and sale of the Land and Improvements or Tangible Personal Property, as the case maybe, to such entity. After any permitted assignment, all references to Owner herein shall thereafter be a reference to Owner's successor with respect to any obligations or liabilities occurring or arising after the date of such assignment. TAX ABATEMENT AGREEMENT - Page 6 43806 1 NOTICE 23. All notices required by this Agreement shall be addressed to the following, or other such other party or address as either party designates in writing, by certified mail, postage prepaid, or by hand or overnight delivery: If intended for Owner, to: Coppell Mill Limited Partnership c/o Staples Contract & Commercial, Inc. 500 Staples Drive Framingham, MA 01702 Attn: Legal Department Ref: Coppell, Texas (Non-retail) If intended for Lessee, to: Staples Contract & Commercial, Inc. 500 Staples Drive Framingham, MA 01702 Ref: Coppell, Texas (non-retail) Attn: Real Estate - Legal (508) 253-0000 If intended for City, to: Atto: City Manager City of Coppell, Texas P. O. Box 478 Coppell, Texas 75019 With copy to: Peter G. Smith Nichols, Jackson, Dillard, Hager & Smith, L.L.P. 1800 Lincoln Plaza 500 N. Akard Dallas, Texas 75201 CITY COUNCIL AUTHORIZATION 24. This Agreement was authorized by resolution of the City Council approved by its Council meeting authorizing the Mayor to execute this Agreement on behalf of the City. TAX ABATEMENT AGREEMENT - Page 7 43806 1 b, I SEVERABILITY 25. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this Agreement shall stand, shall be enforceable and shall be read as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word. APPLICABLE LAW 26. This Agreement shall be construed under the laws of the State of Texas. Venue for any action under this Agreement shall be the State District Court of Dallas County, Texas. This Agreement is performable in Dallas County, Texas. COUNTERpARTs 27. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. ENTIRE AGREEMENT 28. This Agreement embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the parties and relating to the matters in this Agreement, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this Agreement. CONVENANTS RUNNING WITH THE PREMISES 29. The provisions of this Agreement are hereby declared covenants running with the Premises and are fully binding on all successors, heirs, and assigns of Owner who acquire any title, or interest in or to the Premises, or any part thereof. Any person who acquires any right, title, or interest in or to the Premises, or any part hereof, thereby agrees and covenants to abide by and fully perform the provisions of this Agreement with respect to the right, title or interest in such Premises. RECORDATION OF AGREEMENT 30. A certified copy of this Agreement shall be recorded in the Deed Records of Dallas County, Texas. INCORPORATION OF RECITALS 31. The determinations recited and declared in the preambles to this Agreement are hereby incorporated herein as part of this Agreement. TAX ABATEMENT AGREEMENT - Page 8 43806 EXHIBITS 32. All exhibits to this Agreement are incorporated herein by reference for all purposes ~vherever reference is made to the same. 33. This A~eement and the tax abatement provided herein is expressly subject to each of the following: (i) Lessee's construction of the Improvements; (ii) Lessee closing its purchase of the Land; (iii) Owner taking title to the Land at Lessee's closing of the purchase of the Land; (iv) Lessee entering into a contract with Amberpoint at Coppell, LLC to construct the Improvements; and (v) Lessee leasing the Improvements for a period of at least five (5) years. Owner shall provide City written evidence reasonably satisfactory to the City that Lessee has closed its purchase of the Land and that Owner has title to the Land and Lessee has contracted with Amberpoint at Coppell, LLC to construct the Improvements. Lessee shall, upon closing, provide City written evidence reasonably satisfactory to the City that Lessee has leased the .Improvements for a period of at least five (5) years. EXECUTED in duplicate originals this the ,~ day of~,k~., 2002. CITY OF C~/~~~/~L.~E~ By: _ __ CANDY SHEE1A~, MAYOR ATTEST: '~IBBY BAL~J~IT¥ ~'E CRET-ARY By: t~E~'-t~R G. S~/I~, CITY ATTORNEY TAX ABATEMENT AGREEMENT - Page 9 43806 1 b EXECUTED in duplicate originals this the ~ ~'dday of ff(~d'; 2002. STAPLES CONTRACT & COMMERCIAL, INC. By: Name: Title: EXECUTED in duplicate originals this the 5 day of t~C/{/~-, 2002. COPPELL MILL LIMITED PARTNERSHIP ~ ,¥i ~x~'~ r Title: E~__~a~ ~ ~ ~ ~ APPROVED AS TO FORM LEGAL DEPARTMENT TAX ABATEMENT AGREEMENT - Page 10 43806 CITY'S ACICNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on t~e t~i'~lay of said2002, bY Candy Sheehan, Mayor of the City of Copp;1, y, a Texas municipality, on behalf of municipality. My Commission Expires: L.~//No~gtate' offre~a~- ' -7-o4 TAX ABATEMENT AGREEMENT - Page 11 43806 OWNER'S ACKNOWLEDGMENT STATE OF MASSACHUSETTS § COUNTY OF MIDDLESEX § This instrument was acknowledged before me on the ,~t-? day of ('"~'ic3):2ef , 2002, by "~X~hr, }a, ~c:f~lc-,1 being thed:.(~r. ~l~, ~,/~,c~(,~ofStaples Contract & Commercial, Inc., on bet~alf of said corporation. Notary Public, State of Massachusetts My Commission Expires: DAWN M. ALLARD O'[ARY pUBLIC N u~et~ of Massaeh TAX ABATEMENT AGREEMENT - Page 12 43806 2[ 72 1 k 0L 9%6 OWNER'S ACKNOWLEDGMENT COUNTY This instrument was acknowledged before me on the 2002, by .-V}-,~ Z-. L~r.l-~-.r~ being Partnership, b~n behalf of said partnership. My Commission Expires: day of b(~4tsb;v Coppell Mill Limited Notary Public, State of Texas DAWN M. ALLARD NOTARY PUBLIC Oommonw~alth of Massaehusetts My Commission Expires April 21, 2008 TAX ABATEMENT AGREEMENT - Page 13 43806 ~[~72 ! I~ Ob, gb, 7 EXHIBIT "A" OctOber 3, 2002 LEGAL DESCRIPTION OF LAND The approximately 17.91 acre tract located on the northern portion of Lot lA as shown on the Plat recorded February 8, 2002 in Volume 2002027, Page 00071 of the real property records Of Dallas County, Texas,' to be replatted as shown in Exhibit A-1 attached hereto and more particularly described as follows: BEING a tract of land situated in the Jesse Moore Survey, Abstract No. 968 in the City of Coppell, Dallas County, TexaS~ being a Portion of Lot 1, Block A, Amberpoint Business Park at Coppell, an addition to the City .of CoPpell as recorded in Volume 2002027, Page 00071 of the Deed Records .crt D~l'lag County, ;i'exas (D.R.D.C.T.), same being part of a tract of land described in SpecialT.,W. arrant~ Deed to Amberpoint at Coppell, L.L.C. dated December 21, 2001 as recorded'in Volume 2001249, Page 15701, D.R.D.C.T., and part of a tract of land described in Special Warranty Deed to Ballantyne Jack, L.L.C. dated August 31, 2001 as recorded in Volume 2001173, Page 3803, D.R.D.C.T., and being more particularly described as follows: BEGINNING at a ½-inch set iron rod with a yellow plastic cap stamped "HALFF ASSOC INC" (hereinafter referred to as "with cap") for the northeast comer of said Lot 1, said comer being at the intersection of the south right-of-way line of Sandy Lake Road (variable width) with the west right-of-way line of Northpoint Drive (60 feet wide); THENCE South 00 degrees 03 min~u,t, es 3,7. seconds West, along said west right-of-way line, a di ~ . c~-:~'.'. 5~;~lq~. . stance of 924.93 feet to a ½-1nctl~SUil~;.~o.~,~51:~ w~th cap for comer; THENCE Noffh 89 degrees 56 mi~ ~ ~ West, depaffing said west right-of-way line, a dist~ce of 842.53 feet to a ~-inch found iron rod with cap for comer, said comer being on the co~on line between the west line of said Lot 1 and the east line of Four Seasons Addition, an addition to the City of Coppell, as recorded in Volume 91139, Page 2187, D.R.D.C.T.; THENCE North 00 degrees 07 minutes 49 seconds East, aIong said common line, a distance of 927.94 feet to a ½-inch set iron rod with cap for the northwest comer of said Lot 1, said comer being on the south right-of-way line of Sandy Lake Road; THENCE South 89 degrees 43 minutes 31 seconds East, departing said common tine and along said south right-of-way line, a distance of 328.84 feet to a found 10-inch Hackberry Tree for an angle point; THENCE South 89 degrees 44 minutes 26 seconds East, continuing along said south right-of- way line, a distance of 512.56 feet to the POINT OF BEGINNING AND CONTAINING 780,000 square feet or 17.91 acres of land, more or less. ~ OF COPP~U. 255 ~A~KWAY eLVO P 0 80X 478 '; ' tOPI'ELL lX/SO~ ~ '.~ '~.