RE 12-09-97.5 RESOLUTION NO. 120997.5
A RESOLUTION OF THE CITY OF COPPELL, TEXAS APPROVING THE
TERMS AND CONDITIONS OF A TAX ABATEMENT AGREMENT BY AND
BETWEEN THE CITY OF COPPELL, TEXAS AND DFW TRADE CENTER I, LIMITED
PARTNERSHIP; AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING
FOR AN EFFECTIVE DATE.
W~S, the ~W Co~ h~ b~n pres~t~ a propos~ T~ ~atement A~eement by
~d ~ong ~e Ciw of Coppe~ Tex~ ~d D~ T~e C~ter L U~t~ P~n~s~p a ~py ofw~ch
is a~h~ hereto ~d ~o~t~ h~e~ by referent; ~d
~S, upon ~H renew ~d ~id~afion of ~e A~menL ~d ~ ma~s relat~
· ereto, the CiW Coun~ is of the op~on ~d ~ds that ~e tern ~d ~nditiom ~ereof should be
approve, ~d t~t the ~yor should be ~tho~ to ex~te ~e ~em on behOof the Ciw of
Coppe~ Text;
NOW, ~FO~, BE ~ ~SOL~D BY ~ ~ CO~ OF ~ ~
OF COPPE~ ~S, that:
1. ~e A~ment a~ach~ hereto ~g b~n re~ew~ by ~e ~W Coun~ of
· e Ci~ of Coppe~ T~, ~d found to be a~ept~le ~d ~ the be~ ~tere~ of the
CiW ~d its 6~em, be, ~d ~e ~e is hereby, ~ ~ t~gs approv~ ~d the ~yor
is hereby ~tho~ to ~te the A~mem on beh~of~e ~ of Coppe~ Text.
2. ~e CiW Coun~ ~ds that the ~provemems propo~ to be bu~t upon ~e
Pre~s des~b~ ~ the A~eemem ~ e~ce the ~no~c ~W of the
~u~W t~ou~ a ~mb~ation of new ~pit~ ~ve~enL ~ ~es ~
revenues, ~d ~e ~fion ofaddition~ job oppo~ties.
3. ~e ~ ~atement to be ~t~ by ~e A~ment ~ not ~clude ~vemo~es,
~d ~pp~es.
4. ~e ~provemems propos~ for ~e Presses ~ a~mp~sh ~e ~
~atement ~ide~es of the C~W of Coppe~ T~.
5. ~e Ci~ ~ag~ de~v~ to the presld~g offi~ of~e gove~g body of
~h ~g u~t ~ w~ch ~e prope~ ~bj~ to the ~m~t is lo~t~ a ~
nofi~ ~at the ~W of Coppe~ Text, ~t~ds to emer ~to ~e A~eemem. ~e notice
97251 03082
given by the City Manager included a copy of the Agreement approved by this
Resolution.
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.
7. This Resolution shall become effective immediately fi.om and aRer its passage.
DULY RESOLVED AND ADOPTED by the City Council of the City of Coppell, Texas, on
thisthe ~7~ dayof~c, e ~.er", 1997.
CITY OF COPPELL, TEXAS
C.~(II~y STFY_.d24, M~YOR
ATTEST:
KATHLEEN ROACH, CITY SECRETARY
APPROVED AS TO FORM:
PETER G. SM/TH, CITY ATTORNEY
(PGS/ttl 11/20/97)
2 8814154
97251 03083
STATE OF TEXAS §
§ TAX ABATEMENT AGREEMENT
COUN'~ OF DALLAS §
This Tax Abatement Agreement (the "AGREEMENT") is entered into by and between the
City of Coppell, Texas (the "CITY"), a Home Rule City and municipal corporation of Dallas County,
Texas, duly acting herein by and through its Mayor, the DFW Trade Center I Limited Partnership
CDFW"), acting by and through its respective authorized officer.
WITNESSETH:
WHEREAS, the City Council of the City, passed an Ordinance (the "ORDINANCE")
establishing Tax Abatement Reinvestment Zone No. 14 (the "ZONE"), for commercial/industrial tax
abatement, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 312 of the
Tax Code, as amended (the "TAX CODE"); and
Wl:II~REAS, 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, DFW's establishment described herein will create permanent new jobs in the
CITY; and
WHEREAS, the City Council finds that the contemplated use of the PREMISES (hereinat~er
defined), the contemplated improvements to the PREMISES in the amount set forth in this
AGREEMENT, and the other terms hereof are consistent with encouraging development of the
ZONE in accordance with the purposes for its creation and/or in compliance with the TAX
ABATEMENT GUIDELINE, the ORDINANCE adopted by the CITY, the TAX CODE and all
other applicable laws; and
Tax Abatement Agreement - Page 1 ss~379~
97251 0308t
WHEREAS, the City Council finds that the improvements sought are feasible and practicable
and would be of benefit to the land 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 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 DFW as the owner of the
PREMISES within the Tax Abatement Reinvestment Zone No. 14 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. DFW is the owner or ia under contract to purchase that real property described in Exhibit "A"
attached hereto and made a part hereof for all purposes (the "PREMISES"), which PREMISES are
located within the city limits of the CITY and within the ZONE.
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 Texas Property Redevelopment and Tax Abatement
Act of the Tax Code, Chapter 312, 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 ss13791
97251 03085
6. Assuming a taxable value for the PREMISES of at least $5.5 million and subject to the terms
and conditions of this AGREEMENT, the CITY hereby grants DFW an abatement of ad valorem
taxation on real and/or personal property with respect to the PREMISES of up to seventy-five percent
(75%) for a period of five (5) years. The actual percentage of taxes subject to abatement for each year
of this AGREEMENT will apply only to the portion of the taxable value of the PREMISES that
exceeds that property's taxable value for the year in which this AGREEMENT is executed (base
year/1997). The tax abatement agreement for tangible personal property may only apply to the
personal property added to the real property alter this AGREEMENT is executed.
7. The period of tax abatement herein authorized shall be five (5) years, beginning on January 1,
1998 and continuing until December 31, 2002, unless otherwise amended by the patties pursuant to the
TAX CODE.
8. During the period of tax abatement herein authorized, DFW 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.
DEFINITIONS
9. Wherever used in this AGREEMENT, the following terms shall have the meanings ascribed
to them:
A. The PREMISES shall mean the property described on Exhibit "A" attached
hereto and incorporated herein for all purposes including any improvements and personal
property, excluding inventory and supplies, which is added to the property subsequent to the
execution of this AGREEMENT;
B. The IMPROVEMENTS shall mean the contemplated improvements
described herein located on the PREMISES and as further described in the plans submitted to
the CITY, including but not limited to buildings, structures, tangible personal property,
equipment, and fixtures added to the PREMISES other than inventory and supplies.
C. The TOTAL ASSESSED TAX VALUE shall mean the total assessed taxable
value on January 1 of any tax year of the PREMISES, any Improvements located on the
PREMISES and the tangible personal property, excluding inventory, located on the
PREMISES.
D. The BASE YEAR TAX VALUE shah mean the total assessed taxable value
for the year in which the Tax Abatement Agreement is executed (1997).
E. The FIRST YEAR OF THE TAX ABATEMENT AGREEMENT shall be
1998, unless otherwise agreed to by the parties.
Tax Abatement Agreement - Page 3 8813791
97251 030 6
F. CERTIFIED APPRAISED VALUE means the appraised value of the
PREMISES as certified by the Dallas Central Appraisal District as of January 1 of each year in
which the tax abatement is granted.
IMPROVEMENTS
10. DFW is the owner or is under contract to purchase real property which is partly located in the
City described in Exhibit "A" and agrees to construct or cause to be constructed on the PREMISES a
commercial warehouse and office facility consisting of approximately 142,748 square feet (and other
ancillary facilities such as required parldng and landscaping more fully described in the submittals filed
by DFW with the CITY from time to time in order to obtain a building permit) known as Building "D"
(hereinat~er referred to as the "IMPROVEMENTS"). The cost of the IMPROVEMENTS should
exceed $4.5 l~fdlion Dollars. Nothing in this AGREEMENT shall obligate DFW to construct
IMPROVEMENTS on the PREMISES, but said IMPROVEMENTS are a condition precedent
upon initiation of tax abatement pursuant to this AGREEMENT. Subject to the terms and conditions
of this AGREEMENT, DFW is entitled to an abatement of ad valorem taxation on real property
and/or personal propeWj of seventy-five percent (75%) conditioned upon DFW, its successors or
assigns, diligently constructing the aforesaid IMPROVEMENTS.
CONSTRUCTION OF IMPROVEMENTS
11. As a condition precedent to the initiation of tax abatement pursuant to this AGREEMENT,
DFW will diligently and faithfully, in good and workmanlike manner, pursue the completion of the
contemplated Improvements on or before December 31, 1997, 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
DFW shall have such additional time to complete the IMPROVEMENTS as may be required in the
event of "Force Majeure," if DFW is diligently and faithfully pursuing completion of the
IMPROVEMENTS. For this purpose, "Fome Majeure" shall mean any contingency or cause beyond
the reasonable control of DFW 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 DFW), fires, explosions or floods, strikes, slowdowns or work
stoppages.
12. DFW agrees to maintain the IMPROVEMENTS during the term of this AGREEMENT in
accordance with all applicable state and local laws, codes, and regulations.
13. The CITY, its agents and employees shall have the fight of access to the PREMISES during
construction to inspect the IMPROVEMENTS at reasonable times and with reasonable notice to
DFW, and in accordance with DFW's visitor access and security policies, in order to insure that the
Tax Abatement Agreement - Page 4 s$13791
97251 030 7
construction of the IMPROVEMENTS are in accordance with this AGREEMENT and all
applicable state and local laws and regulations (or valid waiver thereof).
GENERAL REQUIREMENTS
14. Construction plans for the IMPROVEMENTS constructed on the PREMISES will be filed
with the CITY. The plans for such IMPROVEMENTS as filed shall be deemed to be incorporated
by reference herein and made a part hereof for all purposes.
15. DFW agrees fi.om the date a certificate of occupancy is issued until the expiration of this
AGREEMENT to continuously operate and maintain the PREMISES as an office and commercial
warehouse facility, or any other activity consistent with local zoning, in compliance with all applicable
federal, state and local laws.
16. After completion of the IMPROVEMENTS, DFW shall certify in writing to the CITY the
construction cost of the IMPROVEMENTS. DFW shall annually certify to the CITY that it is in
compliance with each term of the AGREEMENT.
17. The PREMLqES 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
18. In the event DFW fails in performance of any of the following conditions: (i) completion of
the IMPROVEMENTS in accordance with this AGREEMENT or in accordance with applicable
State or local laws, codes or regulations; (ii) has any delinquent ad valorem or State sales taxes owed
to the CITY (provided DFW retains its right to timely and properly protest such taxes or assessment);
('fii) upon the occurrence of any "Event of Bankruptcy or Insolvency". For purposes hereof, an
"Event of Bankruptcy or Insolvency" shall mean the dissolution or termination of DFW's
existence as a going business, insolvency, appointment of receiver for any part of DFW's
property and such appointment is not terminated within sixty (60) 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 DFW and such proceeding is
not dismissed within sixty (60) days after the filing thereo~ or (iv) breaches any of the terms and
conditions of this AGREEMENT, then DFW, after the expiration of the notice and cure periods
described herein, shall be in default of this AGREEMENT. As liquidated damages in the event of
such default, DFW 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 with interest at the
statutory rate for delinquent taxes as determined by Section 33.01 of the Tax Code as amended but
Tax Abatement Agreement - Page 5 8813791
97251 0308
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 property tax
revenue lost, including interest as a result of this AGREEMENT, shall be recoverable against DFW,
its successors and assigns and shall constitute a tax lien on the PREMISES itself and shall become
due, owing and shall be paid to the CITY within thirty (:30) days after demand.
19. Upon breach by DFW of any obligations under this AGREEMENT, the CITY shall notify
DFW in writing. DFW shall have thirty 00) days fi.om receipt &the notice in which to cure any such
default. If the default cannot reasonably be cured within a thirty (30) day period, and DFW has
diligently pursued such remedies as shall be reasonably necessary to cure such default, then the CITY
may extend the period in which the violation must be cured for an additional thirty (30) days.
20. If DFW fails to cure the default within the time provided as specified herein or, as such time
period may be extended, then the CITY at its sole option shall have the right to terminate this
AGREEMENT by written notice to DFW.
21. Upon termination of this AGREEMENT by CITY all tax revenue 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 thirty (30) days after a notice of termination is made. The CITY shall have all
remedies for the collection of the recaptured tax revenues 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 tax revenue abated for the purposes of the AGREEMENT
shall be based upon the full taxable value without tax abatement for the years in which tax abatement
hereunder was received by DFW with respect to the PREMISES, as determined by the Dallas Central
Appraisal District, multiplied by the tax rate of the years in question, as calculated by the City Tax
Assessor-Collector. Penalties as provided for delinquent taxes shall accrue a_Rer expiration of the thirty
(:30) day payment period.
ANNUAL APPLICATION FOR TAX EXEMPTION
22. It shall be the responsibility of DFW, in its name and on behalf and as agent for DFW,
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 situs. A copy of the exemption
application shall be submitted to the CITY for review.
23. DFW shall annually render the value of the IMPROVEMENTS and TANGIBLE
PERSONAL PROPERTY located on the PREMISES to the Appraisal District and provide a copy
of the same to the CITY.
Tax Abatement Agreement - Page 6 ss13791
97251 03089
SUCCESSORS AND ASSIGNS
24. 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 which consent shall not be
unreasonably withheld, conditioned or delayed.
NOTICE
25. 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 prepa/d or by
hand delivery:
If intended for DFW, to:
DFW Trade Center I Limited Partnership
Atto: Doug Johnson
5420 LBJ Freeway
Suite 1275
Dallas, Texas 75240
If intended for CITY, to:
City of Coppell, Texas
City Manager
P. O. Box 478
Coppell, Texas 75019
CITY COUNCIL AUTHORrZATION
26. 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.
27. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid,
illegal or unconstitutional, the balance of this AGREEMENT, shall be enforceable and shall be
enforced as if the parties intended at all fanes to delete said invalid section, subsection, paragraph,
sentence, phrase or word.
Tax Abatement Agreement - Page 7 s$13791
97251 O309O
APPLICABLE LAW
28. 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
29. 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
30. This AGREEMENT embodies the complete agreement of the parties hereto, superseding all
oral or written previous and contemporazy 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.
31. The provisions of this AGREEMENT are hereby declared covenants running with the
PREMISES and are fully binding on all successors, heirs, and assigns of DFW who acquire any right,
rifle, 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
property.
RECORDATION OF AGREEMENT
32. A certified copy of this AGREEMENT shall be recorded in the Deed Records of Dallas
County, Texas.
INCORPORATION OF RECITALS
33. The determinations recited and declared in the preambles to this AGREEMENT are hereby
incorporated herein as part of this AGREEMENT.
EXHIBITS
34. AH exhibits to this AGREEMENT are incorporated herein by reference for all purposes
wherever reference is made to the same.
Tax Abatement Agreement - Page 8 ss~370~
97251 03091
EXECUTED in duplicate originals this the?7'~l day of~.~;a ~,~n~1997.
CITY OF COPPELL, TEXAS DFW TRADE CENTER I L1MITED
PARTNERSHIP
/ ' , By: ID International (Texas), Inc., a Georgia
By: ~{~(( ~t~//'c--. ~~-- Corporatic~n,· its managing general parmer
.? /tllt
KATHLEEN ROACH, CITY SECRETARY
APPROVED AS TO FORM:
PE-"'~ER G. SMIT[I, CITY ATTORNEY
(PGS/ttl 11/17/97)
Tax Abatement Agreement - Page 9 8s13791
97251 0309~
MAYOR'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALI,AS §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this
day personally appeared Candy Sheehan, Mayor of the City of Coppell, Texas, a municipal
corporation, known to me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of the said City of Coppell, Texas, a
municipal corporation, that he was duly authorized to perform the same by appropriate resolution of
the City Council of the City of Coppell, and that she executed the same as the act of said City for the
purpose and consideration therein expressed and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this the ~7~J,; day of
/~'~ c~ ~ ~ ~¢,~ , 1997.
Notary Public, State of Texas
My Commission Expires:
Tax Abatement Agreement - Page 10 8s13791
97251 03093
CORPORATE ACKNOWLEDGMENT
STATE OF GEORGIA §
COUNTY o1~ ~ 6 w ,~,~ §
BEFORE ME, the undersigned authority a Notary Public in and for the State of Georgia, on
this day personally appeared'~t~q~d' ~. ~txng~ of ID International (Texas), Inc., the
managing general partner of DFW Trade ~Cemer-I Limited Partnership, being known to me to be the
person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that
the same was the act of' the said corporation, and that he executed the same as the act of said
corporation for the purpose and consideration therein expressed and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this the ~9 day of
~ 1997.
Notary Public, State of Georgia
My Commission Expkes:
Tax Abatement Agreement - Page 11 8s13791
97251 0309!
EXHIBIT A
PROPERTY DESCRIPTION .
STATE OF TEXAS:
COUNTY OF DALLAS:
BEING a tract of land located in the Cities of Grapevine and Coppell, Texa~, situated in the
T.W. Cousy Survey, Abstract No. 317 and the B.B.B. & C.R.R. Company Survey, Abstract No.
1772. Dallas County, Texas. being all of Lot 1, Block 4 of Lot l, Lot 2 & Tract A. Block 4, D/F'C/
Trade Center, an addition to the Cities of Grape,,Sne and Coppell. Dallas and Denton Counties.
Texas as recorded in Cabinet N, Slide 275 of the Plat Records of Denton County, Texas
(PRDCT) and being a portion of a 180.023 acre tract of land as described in deed to DFW Trade
Center I Limited Partnership, a Texas limited partnership, recorded in Volume 96251, Page 03235
of the Deed Records of Dallas County, Texas (DRDCT) and being more particularly d~:scribed as
follow~:
BEGINNII~IG at a chiseled "x" set on a concrete curb at the intersection of the northeasterly line
of Freeport Parkway (80'. R.O.W. - Per Plat recorded in Volume 96040, Page 2864 of the Map
Records of Dallas County, Texas), with the northwesterly line of Patriot Drive (60' R.O.W. - Per
Plat record~.'d in Cabinet N, Slide 275, PRDCT);
TIclENCIi N 48°36'2~'' W, along the northeasterly line of said Freeport Parkway, 357.97 feet to a
1/2" iron rod set at the northerlymost comer of thc terminus of said Freeport Parkway and the
westerlymoat comer of said Lot 1, Block 4, said point lying in the line common to the westerly
line of said DFW Trade Center I Limited partnership tract and a southeasterly line of a tract of
land as descxibed in quitclaim deed to the City of Grapevine, Texas, recorded in Volume 88055,
Page 0811, DRDCT;
THENCE :Northeasterly, departing the northeasterly line of said Freeport Parkway, along thc
lines common to said. Lot 1, Block 4, said DFW Trade Center I Limited Partnership tract and said
City of Grapevine tract the following:
N 17°57'18'' E, 86.76 feet to a 1/2" iron rod set at the point of culvature of a circular
curve to the left, having a radius of 1677.50 feet;
No:ctheasterly, along said circular curve to the left, through a central angle of 03°40'05", an
arc distance of 107.39 feet (Adjoiner Deed 107.35 feet) and having a chord that bears
N [6?07'16" E, 107.37 feet to a I/2" iron rod set;
N 14°13'12.' IE (Departing previous curve non-tangent), 555.61 feet to a 1/2" iron rod set
at the northerlymost comer of said Lot 1, Block 4 and the weaterlymost comer of Lot 2,
l~Iock 4 of said Lot I, Lot 2 & Tract A, Block 4, D/I%V Trade Center;
THENCE S 48°56'22" E, departing the line common to said DFW Trade Center I Limited.
Partnership tract and said City of GrapeVine tract, along the line common to the northeasterly
line of said Lot 1, Block 4 and the southwesterly line of said Lot 2, Block 4, a distance of 70Z31
feet to a 1/2" iron rod set in the northwesterly line of said Patriot Drive at the ea~tertymo~t
corner of said Lot 1, Block 4 and the southerlymost comer of said Lot 2, Block 4, said ppint lying
in a circular curve to the right, having a radius that bears N 56000'06'' W, 770.00 feet;
97251 O3095
THENCE Southwesterly, along the northwesterly line of said Patriot Drive and said circular curve
to the right, through a central angle of 07°03'44", an arc distance of 94.91 feet and having a chord
that bear~ S 37°31'46" W, 94.85 feet to a 1/2" iron rod set at the point of tangency;
THENCE S 41°03'38" W, continuing along the northwesterly line of said Patriot Drive, 560_43
feet to a 1~" iron rod set;
THENCE S 86°13'37.. W, continuing along the ncrthwesterly line of said Patriot Drwe, 28.20 feet
to the POINT of BEGINNING and containing 362,690 square feet or 8.326 acres of land.
97251 03096
R E C E IV E D o°2e;: 75019
The City With A Beautiful Future ~ 972-462-0022
P,O. BOX 478
COPPELL, TEXAS 75019 RECORDS CENTER
coPY
CERT~ICATE ~GARDING TAX ABATE~NT AG~E~NT
January 20, 2000
Mr. Richard P. Leeret
Cabot Industrial Properties, L.P.
Two Center Plaza, Suite 200
Boston, Massachusetts 02108-1906
RE: Lots 1 and 2, Block 4 of DFW Trade Center, located in the Cities of Grapevine
and Coppell, Denton and Dallas Counties, Texas (the "Property")
Dear Mr. Leeret:
This Estoppel Certificate (the "Certificate") is made as of the date set forth above by the
undersigned with reference to that certain Tax Abatement Agreement dated October 14, 1997,
executed by the City of Coppell, Texas and DFW Trade Center I Limited Partnership and
recorded in book 97215, page 4822, Dallas County, Texas real estate records (the "Lot 2
Agreement"), and that certain Tax Abatement Agreement dated December 9, 1997, executed by
the City of Coppell, Texas and DFW Trade Center I Limited Partnership and recorded in book
97251, page 3082, Dallas County, Texas real estate records (the "Lot 1 Agreement"), with
respect to the Property (the Lot 1 Agreement and the Lot 2 Agreement are collectively referred to
herein as the "Agreements").
Until December 28, 1999, DFW Trade Center I Limited Partnership (the "Seller") was the owner
of the Property. Seller sold the Property to Cabot Industrial Properties, L.P. (the "Purchaser") on
such date.
The undersigned, with respect to the Agreements, does hereby verify as follows:
1. The undersigned has the power and authority under the Agreements to confirm the status
of compliance by the owner of the Property with the Agreements.
2. No amendment, modification or supplement to the Agreements exists, and the
Agreements are in full force and effect.
3. Neither the Seller nor the Property is in default of any obligations, conditions or
covenants of the Agreements.
Mr. Richard P. Leeret
January 20, 2000
Page Two
4. Pursuant to Paragraph 23 of the Lot 2 Agreement and Paragraph 24 of the Lot 1
Agreement, the City of Coppell consents to the assignment of the Agreements from Seller
to Purchaser, upon written assumption of the liability and obligations of DFW Trade
Center I Limited Partnership under the Agreement by Cabot Industrial Properties, L.P.
IN WITNESS WHEREOF, the undersigned has caused this statement to be duly executed as of
the date first above written.
CITY OF ~PPELL, TEXAS
By:~/?~'
Jim Witt, City Manager
~// (SEAL)
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on January 20 , 2000, by Jim Witt, City
Manager of the City of Coppell, Texas, a municipality, on behalf of said municipality.
Notary Public in and for the State of Texas
My commission expires:
(SEAL)