RE 07-23-96.3 REPRODUCIBLE
A RESOLUTION OF THE CITY OF COPPELL, TEXAS
RESOLUTION NO. 072396.3
A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING THE
TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BY AND
BETWEEN THE CITY OF COPPELL, TEXAS AND MEPC QUORUM PROPERTIES II,
INC.; AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council has been presented a proposed Tax Abatement Agreement
by and among the City of Coppell, Texas and MEPC Quorum Properties II, Inc. a copy of which is
attached hereto and incorporated herein by reference; and
WHEREAS, upon full review and consideration of the Agreement, and all matters related
thereto, the City Council is of the opinion and finds that the terms and conditions thereof should be
approved, and that the Mayor should be authorized to execute the Agreement on behalf of the City
of Coppell, Texas;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COPPELL, TEXAS, that:
1. The Agreement attached hereto having been reviewed by the City Council of the
City of Coppell, Texas, and found to be acceptable and in the best interest of the
City and its citizens, be, and the same is hereby, in all things approved, and the
Mayor is hereby authorized to execute the Agreement on behalf of the City of
Coppell, Texas.
2. The City Council finds that the improvements proposed to be built upon the
Premises described in the Agreement will enhance the economic vitality of the
community through a combination of new capital investment, increased sales tax
revenues, and the creation of additional job opportunities.
3. The tax abatement to be granted by the Agreement will not include inventories, and
supplies.
4. The improvements proposed for the Premises will accomplish the tax abatement
guidelines of the City of Coppell, Texas.
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.
962q 01856
6. This Resolution and the Tax Abatement Agreement are hereby approved by the
affn'mative 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 from and after its passage,
provided that the Agreement approved hereby shall be effective for tax year 1997
and following for the term thereof.
DULY RESOLVED .AI~D ADOPTED by the City Council of the City of Coppell, Texas,
on this the ~_ day of t~/~/~t ,1996.
7
(,~ CITY OF COPPELL, TEXAS
TOM MORTON, MAYOR
ATTEST:
LIN~,~ GRAU, CITY SECRETARY
APPROVED AS TO FORM:
PETER G. SMITH, CITY ATTORNEY
(PGS/ttl 5-28-96)
962 q 01857
STATE OF TEXAS §
§ TAX ABATEMENT AGREEMENT
COUNTY OF DALLAS §
This Tax Abatement Agreement (the "Agreement") is entered into by and between the City
of Coppell, Texas (the "City"), a home role city and municipal corporation of Dallas County,
Texas, duly acting herein by and through its Mayor, and MEPC Quorum Properties II, Inc.
CMEPC"), a Delaware corporation, 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. 11 (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, MEPC's development efforts described herein will create permanent new jobs
in the City; and
WHEREAS, the City Council rinds that the contemplated use of the Premises (hereinafter
defined), the contemplated improvements to the Premises there to 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
Guidelines, the Ordinance adopted by the City, the Tax Code and all other applicable laws; and
Tax Abatement Agreement - Page 1 ss890
962qk 01858
WHEREAS, the City Council finds that the improvements sought are feasible and
practicable and would be of benefit to the Premises (hereinafter defined) 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 goveming bodies of each of the taxing units in which the
Premises is located; and
WHEREAS, the City desires to enter into an agreement with MEPC, the proposed owner
of the Premises within the Tax Abatement Reinvestment Zone No. 11 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. MEPC is the owner or is under contract to purchase that real property described in
Exhibit "A" attached hereto and made a part hereof for all purposes (the "Premises" (hereinafter
de£med)), which real property is 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 Texas 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 SS890
962 q 01859
6. Assuming an investment of at least $5 million in taxable assets, and subject to the
terms and conditions of this Agreement, the City hereby grants MEPC an abatement of ad valorem
taxation on real and personal property with respect to the Premises of 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/1996). The tax
abatement agreement for tangible personal property may only apply to the personal property added
to the Premises or the Improvements (hereinafter defined) after this Agreement is executed.
7. lhe period of tax abatement herein authorized shall be five (5) years, beginning on
January 1, 1997 and continuing until December 31, 2001, unless otherwise amended by the parties
pursuant to the Tax Code.
8. During the period of tax abatement herein authorized, MEPC 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 real property described in Exhibit "A" attached
hereto and incorporated herein for all purposes including any Improvements and personal
property, excluding inventory, which is added thereto 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.
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 shall mean the total assessed taxable value for the year
in which the Tax Abatement Agreement is executed (1996).
E. The First Year of the Tax Abatement Agreement shall be 1997, unless otherwise
agreed to by the parties.
Tax Abatement Agreement - Page 3 ss890
01860
F. Certified Appraised Value means the appraised value of the Premises owned by
MEPC as certified by the Dallas Central Appraisal District as of January 1 of each year in
which the tax abatement is granted.
IMPROVEMENTS
10. MEPC owns or is under contract to purchase Premises described in Exhibit "A" and,
upon acquisition, agrees to construct or cause to be constructed thereon Phase I consisting of
approximately 285,000 square feet (or more) of warehousing and distribution facilities. The cost of
the land and Improvements comprising the Premises should exceed $5 Million Dollars. The
approximate location of such Improvements will be shown on a Site Plan of the Premises to be
submitted to the City. Nothing in this Agreement shall obligate MEPC 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, MEPC is
entitled to an abatement of ad valorem taxation for the Premises of seventy-five percent (75%)
conditioned upon MEPC, its successors or assigns diligently constructing the aforesaid
improvements.
11. The City acknowledges that the Premises is part of the larger tract illustrated on
Exhibit "A-I" (the "Land"), which, including the Premises, is comprised of approximately 27.8527
acres, all of which MEPC currently has under contract to purchase, and all of which is included in
the Zone. The development of the Premises, as herein described, is only the first phase of two (2)
phase development of the Land. Subject to the express terms hereof, for a period of five (5) years
commencing on the date hereof, the City irrevocably agrees to execute a tax abatement agreement
for the subsequent phase in form and substance substantially similar to this Agreement upon
request of MEPC provided that (i) at the time of such request, MEPC (or its successors or assigns)
is not in default under this Agreement, and (ii) tax abatement is then legally available under the Tax
Code, the City's Tax Abatement Guidelines, and this Agreement. Separate abatement agreements
have been deemed appropriate by the parties because it is desirable to have a different agreement
for each phase to enhance its marketability and to eliminate any possibility that a default by one
owner with respect to one phase will trigger a recapture with respect to another owner and its phase.
The various tax abatement agreements, including this Agreement, will not be cross-defaulted
against each other.
12. Notwithstanding the above, the subsequent tax abatement entered into for the
remaining portion of the Land will include a provision that the development of such portion must
include at least 185,000 square feet of distribution and light manufacturing space with a total
investment cost, inclusive of acquisition and construction costs of approximately $5,000,000. Such
additional abatement agreement will require that development of the property covered thereby must
be commenced with one (1) year of the date of such agreement and the abatement will be for a term
of five (5) years beginning in the calendar year immediately succeeding the year in which such
agreement is executed. The abatement will be identical to the abatement provided in Paragraph 6
Tax Abatement Agreement - Page 4 sS890
962qq 01861
above for the Premises; provided that the base year will be the year in which the additional
abatement agreement is executed. Upon the actual entering into a new agreement for the second
phase, such new agreement will supersede and replace this paragraph with respect to such parcel.
CONSTRUCTION OF IMPROVEMENTS
13. As a condition precedent to the initiation of tax abatement pursuant to this
Agreement, MEPC will diligently and faithfully, in good and workmanlike manner, pursue the
completion of the contemplated Improvements on or before June 30, 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 MEPC shall have such additional time to complete and maintain the
Improvements as may be required in the event of "Force Majeure," if MEPC is diligently and
faithfully pursuing completion of the Improvements. For this purpose, "Force Majeure" shall mean
any contingency or cause beyond the reasonable control of MEPC 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 MEPC), fires,
explosions or floods, strikes, slowdowns or work stoppages.
14. MEPC agrees to maintain the Improvements during the term of this Agreement in
accordance with all applicable state and local laws, codes, and regulations.
15. 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
MEPC, and in accordance with MEPC's visitor access and security policies, in order to insure that
the 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
16. 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.
17. MEPC agrees from the date a certificate of occupancy is issued until the expiration
of this Agreement to continuously operate and maintain the Premises as an office, warehouse and
distribution center, or any other activity consistent with local zoning, in compliance with all
applicable federal, state and local laws.
18. After completion of the Improvements, MEPC shall certify in writing to the City the
construction cost of the Improvements. MEPC shall annually certify to the City that it is in
compliance with each term of the Agreement.
Tax Abatement Agreement - Page 5 ss890
962qq 01862
19. The Premises 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
20. In the event MEPC 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) have any delinquent ad valorem or State
sales taxes owed to the City with respect to the Premises (provided MEPC retains its right to timely
and properly protest such taxes or assessment); or (iii) breaches any of the terms and conditions of
this Agreement, then MEPC, after the expiration of the notice and cure periods described in
Paragraph 21 below, shall be in default of this Agreement. As liquidated damages in the event of
such default, MEPC shall, within sixty (60) 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
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 MEPC, 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 sixty (60) days.
21. Upon breach by MEPC of any obligations under this Agreement, the City shall
notify MEPC in writing. MEPC shall have sixty (60) days from receipt of the notice in which to
cure any such default. If the default cannot reasonably be cured within a sixty (60) day period, and
MEPC has diligently pursued such remedies as shall be reasonably necessary to cure such default,
then the parties shall automatically extend the period in which the violation must be cured for an
additional sixty (60) days.
22. If MEPC fails to cure the default within the time provided as specified in Paragraph
21 above 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 MEPC.
23. Upon termination of this Agreement pursuant to Paragraph 22 above, 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 sixty (60) 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 pay back 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
Tax Abatement Agreement - Page 6 ss$90
962q 01863
which tax abatement hereunder was received by MEPC 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 after expiration of the sixty (60) day payment period.
ANNUAL APPLICATION FOR TAX EXEMPTION
24. It shall be the responsibility of MEPC, pursuant to the Texas Tax Code, to file an
annual exemption application form with the Chief Appraiser for each appraisal district in which the
eligible taxable personal property has situs. A copy of the exemption application shall be submitted
to the City for review.
SUCCESSORS AND ASSIGNS
25. 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. After any permitted assignment, all
references to MEPC herein shall thereafter be a reference to MEPC's successor with respect to any
obligations or liabilities occurring or arising after the date of such assignment.
NOTICE
26. 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 delivery:
If intended for MEPC, to:
MEPC Quorum Properties II Inc.
15303 Dallas Parkway, Suite 100, LB 10
Dallas, Texas 75248
Attn: Property Manager
Tax Abatement Agreement - Page 7 ss890
01864
If intended for City, to:
City of Coppell, Texas
City Manager
P. O. Box 478
Coppell, Texas 75019
CITY COUNCIL AUTHORIZATION
27. 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.
SEVERABILITY
28. 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
29. 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
30. 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
31. 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.
Tax Abatement Agreement - Page 8 ss890
962hq 01865
32. The provisions of this Agreement are hereby declared covenants nmning with the
Premises and are fully binding on ail successors, heirs, and assigns of MEPC who acquire any right,
title, or interest in or to the property, or any part thereof. Any person who acquires any right, title,
or interest in or to the property, 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
33. A certified copy of this Agreement shail be recorded in the Deed Records of Dailas
County, Texas.
INCORPORATION OF RECITALS
34. The determinations recited and declared in the preambles to this Agreement are
hereby incorporated herein as part of this Agreement.
EXHIBITS
35. All exhibits to this Agreement are incorporated herein by reference for all purposes
wherever reference is made to the same.
ATTORNEY'S FEES
36. Should either party employ an attorney or attomeys to enforce any of the provisions
hereof or to protect its interest in any manner arising under this Agreement, or to recover damages
for breach of this Contract, the non-prevailing party in any action pursued in a court of competent
jurisdiction (the finality of which is not legaily contested) agrees to pay to the prevailing party ail
reasonable costs, damages, and expenses, including attomey's fees, expended or incurred in
connection therewith.
CONSTRUCTION
37. Both parties have participated in the negotiation and preparation of this Agreement.
This Agreement shall not be constructed more or less strongly against either party. MEPC
acknowledges that it has obtained legal counsel to assist in the preparation of this Agreement and
that MEPC has fully satisfied itself, without warranty or representation not expressly contained
herein, by City that the tax abatement contemplated hereby is available in all respects.
Tax Abatement Agreement - Page 9 SS890
962q1 01866
CONDITION
38. MEPC and the City agree that any obligations of MEPC contained herein are
expressly conditioned upon MEPC acquiring title to the Land by September 30, 1996.
EXECUTED in duplicate originals this the ~.J day offS, 1996.
CITY OF COPPELL, TEXAS MEPC QUORUM PROPERTIES II 1NC.
TOM MORTON, MAYOR PETER JOHNSON
Title: Senior Vice P~'e~id~nt
APPROVED AS TO FORM:
P~TER ~ SMfT~, CITY A~O~EY ~IVlD C CA~LS0~
(PGS/~I 5-22-96) Title: ~ P~l~fl
Tax Abatement Agreement - Page 10 SS890
962kt 01867
MAYOR'S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on
this day personally appeared Tom Morton, 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 he 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 ~4~ of
Notary Public, State of Texas
My Commission Expires:
Tax Abatement Agreement - Page 11 ss890
CORPORATE ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
BEFORE ME, the undersigned authority a Notary Public in and for the State of Texas, on
this day personally appeared~'~ -- being the -~e V~e~--qb~_~,~wO-r' of MEPC
Quorum Properties II Inc., a Delaware 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 MEPC Quorum Properties II Inc., a Delaware 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 ~5---~ day of
o.~- ,19 ~'~, .
d
Notary Public, S~te ~)f Texas
My Commission Expires:
(~
Tax Abatement Agreement - Page 12 ss890
962kq 01869
CORPORATE ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
BEFORE ME, the undersigned authority a Notary Public in and for the State of Texas, on
this day personally appeared ~l~v~. t_ ~c.qo,o, being the b/~e~- -/~r~, ~o-r' of MEPC
Quorum Properties II Inc., a Delaware 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 MEPC Quorum Properties II Inc., a Delaware 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.
d~.(fz,_.~GIVEN UNDER MY HAND AND SEAL OF OFFICE this the ~z-.c day of
,19~/.~_.
Notary Public, Sl~lte of Texas
My Commission Expires:
Tax Abatement Agreement - Page 13 ss890
962h 01870
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