RE 2007-1211.2
RESOLUTION NO. 2007-1211.2
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 TDC GATEWAY BUSINESS
CENTER, L.P.; 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 between the City of Coppell, Texas and TDC Gateway Business Center, L.P., a Texas limited
partnership, 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
:
SECTION 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.
SECTION 2.
The 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.
SECTION 3.
The tax abatement to be granted by the Agreement will not include
inventory, and supplies.
SECTION 4.
The improvements proposed for the Premises will accomplish the tax
abatement guidelines of the City of Coppell, Texas.
1
17906
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 affrrmative vote of the majority of the members of the City Council of the City of
Coppell, Texas, at a regularly scheduled meeting ofthe 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 / I ~ay
ATTEST:
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LIBBYBAL , ITYSECRETARY
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17906
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AGREE /20080025306
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STATE OF TEXAS
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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"), and TDC Gateway Business Center, L.P., a Texas limited
partnership ("Owner"), acting by and through their authorized representatives.
WITNES SETH:
WHEREAS, the City Council of the City of Coppell, Texas, (the "City"), passed an
Ordinance (the "Ordinance") establishing Tax Abatement Reinvestment Zone No. 58 (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, Owner owns approximately 18 acres of land in Gateway Corporate Center on
Freeport Parkway north of Interstate Highway 635, and being further described in Exhibit "A"
("Land") and intends to construct two (2) two-story office buildings containing in the aggregate
approximately 225,J10 square feet of space hereinafter defined as (the "Improvements") on the
Land; and 2 z-s,ot:1 l> t:L-
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WHEREAS, Owner's development efforts described herein will create permanent new jobs
in the City; and
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WHEREAS, the City Council finds that the contemplated use of the Premises (hereinafter
defined), the contemplated Improvements thereto 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
N
.
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IDC Gateway Business Center//Tax Abatement Agreement -Page 1
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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 the Owner for the abatement
of taxes pursuant to Chapter 312 of the Tax Codeas 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:
Article I
Definitions
Wherever used in this Agreement, the following terms shall have the meanings ascribed
to them:
“Base YearTaxable Value” shall mean the Taxable Value for the Land for the year in
which the Tax Abatement Agreement is executed (2007).
“Commencement of Construction” shall mean that: (i) the plans have been prepared and
all approvals thereof and permits with respect thereto required by applicable governmental
authorities have been obtained for construction of the Improvements; (ii) all necessary permits
for the construction of the Buildings, on the Land pursuant to the respective plans therefore
having been issued by all applicable governmental authorities; and (iii) grading of the Land or
the construction of the vertical elements of the Improvements has commenced.
“Completion of Construction” shall mean: (i) substantial completion of the
Improvements; and (ii) a final certificate of occupancy has been issued for the last of the
Buildings.
“Effective Date” shall mean the last date of execution of this Agreement.
“Event of Bankruptcy or Insolvency”shall mean the dissolution or termination of a
party’s existence as a going business, insolvency, appointment of receiver for any part of 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 such
party, and such proceeding is not dismissed within ninety (90) days after the filing thereof.
TDC Gateway Business Center//Tax Abatement Agreement –Page 2
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“First Year of Abatement”shall mean January 1 of the calendar year immediately
following the date of issuance of the first final certificate of occupancy for the first of the two
Buildings comprising the Improvements.
“Force Majeure” shall mean any contingency or cause beyond the reasonable control of a
partyincluding, 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 such party), fires, explosions or floods, strikes, slowdowns or work
stoppages.
“Improvements” shall collectively mean a two (2) story office building containing
111,934 square feet and 116,156 square feet to be constructed on the Land and other ancillary
facilities such as reasonably required parking and landscaping more fully described in the submittals
filed by Owner with the City, from time to time, in order to obtain a building permit(s).
“Land” means the real property described in Exhibit “A”.
“Premises” shall collectively mean the Land and the Improvements following
construction thereof.
“Taxable Value” means the appraised value as certified by the Appraisal District as of
January 1 of a given year.
Article II
General Provisions
2.1 Owner is the owner of, the Land, which Land is located within the city limits of the
City and within the Zone. Owner intends to construct the Improvements on the Land.
2.2 The Premises are not in an improvement project financed by tax increment bonds.
2.3 This Agreement is entered into subject to the rights of the holders of outstanding
bonds of the City.
2.4 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.
2.5 The Owner agrees to provide to the tenants of the Premises, the benefit of the tax
abatement of the Improvements granted herein. Owner shall, upon written request, provide the
City, with satisfactory evidence that the benefits of this Tax Abatement Agreement have been
provided to any such tenants.
2.6 Owner shall before May 1, of each calendar year that the Agreement is in effect,
certify in writing to the City that it is in compliance with each term of the Agreement.
TDC Gateway Business Center//Tax Abatement Agreement –Page 3
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2.7 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.
Article III
Tax Abatement Authorized
3.1 This Agreement is authorized by the Tax Code and in accordance with the City Tax
Abatement Guidelines, and approved by resolution of the City Council.
3.2 Subject to the terms and conditions of this Agreement, and provided the Taxable
Value for the Improvements, excluding the Land, is at least $5.5 Million Dollars ($5,500,000.00) as
of January 1 of the First Year of Abatement and as of January 1 of each year thereafter that this
Agreement is in effect, the City hereby grants Owner an abatement of seventy-five percent (75%) of
the Taxable Value of the Improvements for a period of five (5) consecutive years beginning with the
First Year of Abatement. 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.
3.3 The period of tax abatement herein authorized shall be for a period of five (5)
consecutive years.
3.4 During the period of tax abatement herein authorized, Owner shall be subject to all
taxation not abated, including but not limited to, sales tax and ad valorem taxation on land,
inventory and supplies.
Article IV
Improvements
4.1 Owner owns, the Land and intends to construct or caused to be constructed thereon
the Improvements. Nothing in this Agreement shall obligate Owner to construct the Improvements
on the Land but said action is a condition precedent to tax abatement pursuant to this Agreement.
4.2 As a condition precedent to the initiation of the Owner’s tax abatement pursuant to
this Agreement, Owneragrees, subject to events of Force Majeure, to cause Commencement of
Construction of the Improvements to occur on or before August 31, 2007, and to cause Completion
of Construction of the Improvements to occur within twelve (12) calendar months thereafter, 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).
4.3 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.
TDC Gateway Business Center//Tax Abatement Agreement –Page 4
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4.4 Owneragrees to maintain the Improvements during the term of this Agreement in
accordance with all applicable state and local laws, codes, and regulations. Owner agrees that the
Improvements shall be used only as industrial warehouse/office buildings (with ancillary office
uses) for a period of five (5) years commencing on the date the final certificate of occupancy is
issued for the Building.
4.5 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 in accordance with Owner’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).
Article V
Default: Recapture of Tax Revenue
5.1 In the event Owner: (i) fails to cause Completion of Construction of the
Improvements in accordance with this Agreement or in accordance with applicable State or local
laws, codes or regulations; (ii) has delinquent ad valorem or sales taxes owed to the City (provided
Owner retains its right to timely and properly protest such taxes or assessment); (iii) has an “Event
of Bankruptcy or Insolvency”; or (iv) breaches any of the terms and conditions of this Agreement,
then Owner 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 Owner shall, within thirty
(30) days after demand, pay to the City all taxes which otherwise would have been paid by the
Owner to the City without benefit of a tax abatement for the Improvements, 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 the Owner, its
successors and assigns and shall constitute a tax lien against the Premises, and shall become due,
owing and shall be paid to the City within thirty (30) days after termination.
5.2 Upon breach by Owner of any obligations under this Agreement, the City shall
notify the Owner in writing, who shall have thirty (30) days from receipt of the notice in which to
cure any such default. If the default cannot reasonably be cured within a thirty (30) day period, and
the Owner has 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.
5.3 If the Owner fails 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 right to terminate
this Agreement, by written notice to the Owner.
5.4 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 thirty (30) 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
TDC Gateway Business Center//Tax Abatement Agreement –Page 5
21235
schedule. The computation of the abated tax for the purposes of the Agreement shall be based upon
the full Taxable Valueof the Improvements, without tax abatement for the years in which tax
abatement hereunder was received by the Owner, 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 thirty (30) day payment period.
Article VI
Annual Application for Tax Exemption
It shall be the responsibility of the Owner 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 upon request.
Article VII
Annual Rendition
The Owner shall annually render the value of the Improvements to the Appraisal District
and provide a copy of the same to the City upon written request.
Article VIII
Miscellaneous
8.1 Notice. 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:
Attn: Ric Nelson
TDC Gateway Business Center, L.P.
5001 Spring Valley Road, Suite 600 West
Dallas, Texas 75244
If intended for City, to:
Attn: City Manager
City of Coppell, Texas
P. O. Box 478
Coppell, Texas 75019
TDC Gateway Business Center//Tax Abatement Agreement –Page 6
21235
With a copy to:
Peter G. Smith
Nichols, Jackson, Dillard, Hager & Smith, L.L.P.
1800 Lincoln Plaza
500 N. Akard
Dallas, Texas 75201
8.2 Authorization. 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.
8.3 Severability. 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.
8.4 Governing Law. 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. The parties agree to
submit to the personal and subject matter jurisdiction of said court.
8.5 Counterparts. 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.
8.6 Entire Agreement. 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.
8.7 Recordation. A certified copy of this Agreement shall be recorded by the City, at no
cost to Owner, in the Deed Records of Dallas County, Texas.
8.8 Recitals. The determinations recited and declared in the preambles to this Agreement
are hereby incorporated herein as part of this Agreement.
8.9 Exhibits. All exhibits to this Agreement are incorporated herein by reference for all
purposes wherever reference is made to the same.
8.10 Assignment. 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 permitted assigns. This Agreement may not be assigned without the prior written consent of
the City Manager.
TDC Gateway Business Center//Tax Abatement Agreement –Page 7
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City of
By:
Douglas N. Stover, Mayor
Attest:
B~A/~/
ib Y Ball, C Secretary
By:
City Attorney
EXECUTED in duplicate originals the ;1%y Of~ ' 2~
TDC Gateway Business Center, L.P.
By: ~_~
Name: Ric Nelson
Title: ~ ' v' (J .
,
IDC Gateway Business Center//Tax Abatement Agreement -Page 8
TDC Gateway Business Center//Tax Abatement Agreement -Page 9
-
21235
21235
City's Acknowledgment
State of Texas ~
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County of Dallas ~
This instrument was acknowledged Before Me on the //~ay Of~~./.LJ1~
2007, By Douglas N. Stover, Mayor of the City of Coppell, Texas, a Texas municipality, on
behalf of said municipality.
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My Commission Expires:
LIBBY BAL~
Notary Publii.:
State of TeXd:>
Comm. Expires 06-11-7"
Owner's Acknowledgment
State of Texas
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This instrument was acknowledged Before Me on the .is- day of~ ("\LA ~r'":1 '
2007, by Ric Nelson, of TDC Gateway Business Center, L.P., a Texas hmited
partnership, on behalf of said partnership.
~(YJ C:Sf.~l.. .Q
otary Pubhc, State of Texas
My Commission Expires:
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TDC Gateway Business Center//Tax Abatement Agreement -Page 9
21235
-
Exhibit “A”
Legal Description of Land
To Be Attached
TDC Gateway Business Center//Tax Abatement Agreement –Page 10
21235
LEGAL DESCRIPTION
OWNER'S CERTIFICATE
STATE OF TEXAS
COUNTY OF DALLAS
WHEREAS TDC Gateway Business Center, L.P. is the owner of a tract of land situated In the
City of Coppell, Dallas County, Texas, and being a part of the Cardelia Bowen Survey, Abstract
Number 56 and the Joel Wilson Survey, Abstract Number 1555 and being pert of a tract of
land described as Tract A to TDC Gateway Business Center, L.P. as recorded In Document No.
200600457351,
Official Public Records of Dallas County, Texas, (O.P.R.D.CT), and being more particularly
described as follows:
COMMENCING at a 1/2-lnch found Iron rod with a yellow plastic cap stomped 'HALFF ASSOC
INC' (hereinafter referred to as 'with cap') for the southwest corner of Gateway Business Park
No.2, an addition to the City of Coppell as recorded In Volume 98043, Page 0001, Deed Records
of Dallas County, Texas D.R.D.C.T., and being on the northerly right-of-way line of Interstate
Highway 635 as recorded in Volume 79122, Page 1381 ,D.R.D.C.T.;
THENCE South 36 degrees 44 minutes 37 seconds East, along said northerly right-of-way line, a
distance of 575.13 feet to the POINT OF BEGINNING at a 112-lnch set Iron rod with cap on the
south line of a Lone Star Gas Company easement as recorded In Volume 71167, page
1308,D.R.D.C.T.;
THENCE South 89 degrees 03 minutes 34 seconds East, along the south line of said Lone Star
Gas Company Easement and along the south line of a Lone Star Gas Company Easement as
recorded In Volume 71167, Page 1306, D.R.D.C.T., a distance of 1033.54 to a 1/2-1 nch set
Iron rod with cap on the west right-of-way line of Freeport Parkway (0 variable width right-of-way)
as recorded In Volume 98067, Page 3324,D.R.D.C.T.;
THENCE South 35 degrees 16 minutes 43 seconds East, along said west right-of-way line, 0
distance of 104.07 feet to a 1/2-1 nch set Iron rod with cop for the point of curvature of a tangent
circular curve to the right having a radius of 770.00 feet and whose chord bears South 11
degrees 48 minutes 27 seconds East, a distance of 613.36 feet, from which a 5/8-lnch found Iron
rod bears South 24 degrees 51 minutes 40 seconds East, a distance of 1.99 feet;
THENCE Southeasterly, continuing along said west right-of-way line and along said curve to the
right, through a central angle of 46 degrees 56 minutes 33 seconds, an arc distance of 630.86
feet to a 1/2-lnch set Iron rod with cap for the point of tangency;
THENCE South 11 degrees 39 minutes 50 seconds West, continuing along said West right-of-
way line, a distance of 245.91 feet to the southerly southwest corner of said right-of-way for
Freeport Parkway;
THENCE South 78 degrees 20 minutes 10 seconds East, along the south line of said right-of-
way, a distance of 0.39 feet to a point for corner of a tract of land described to the Texas
Department of Transportation TxDOT) as recorded In Volume 84195, Page 0604, D.R.D.C.T.,
and being on the northerly right-of-way line of Interstate Highway 635, from which a TxDOT brass
disc monument found bears North 56 degrees 3- minutes 39 seconds West, a distance of 0.19
feet;
THENCE South 66 degrees 59 minutes 56 seconds West, departing said Freeport Parkway right-
of-way line and along said I. H. 635 right-of-way line, a distance of 80.88 feet to a point for corner,
from which a 5/8-lnch found Iron rod beers South 28 degrees 04 minutes 11 seconds East, a
distance of 1.75 feet;
THENCE North 80 degrees 50 minutes 21 seconds West, continuing along sold I. H. 635
right-of-way line, a distance of 68.28 feet to 0 point for corner, from which 0 found TxDOT
monument bears North 34 degrees 52 minutes 11 seconds West, a distance of 0.30 feet;
THENCE North 78 degrees 19 minutes 41 seconds West, continuing along said I. H. 635
right-of-way line, a distance of 275.97 feet to a TxDOT brass disc monument found for corner;
THENCE North 63 degrees 57 minutes 56 seconds West, continuing along said I. H. 635
right-of-way line, a distance of 157.53 feet to a point for corner, from which 0 found TxDOT brass
disc monument beers North 01 degree 26 minutes 07 seconds West, a distance of 0.36 feet;
THENCE North 42 degrees 29 minutes 08 seconds West, continuing along said I. H. 635
right-of-way line, a distance of 141.98 feet to a point for corner, from which a found TxDOT brass
disc monument bears North 17 degrees 03 minutes 27 seconds East, a distance of 0.32 feet;
THENCE North 59 degrees 21 minutes 26 seconds West, continuing along sold I. H. 635
right-of-way line, a distance of 28.00 feet to a TxDOT brass disc monument found for corner on
the northeasterly line of a tract of land described to the State of Texas as recorded In Volume
79122, Page 1381, D.R.D.C. T.;
THENCE North 34 degrees 23 minutes 31 seconds West, continuing along sold I. H. 635
right-of-way line and along said northeasterly line, a distance of 810.50 feet to 0 1/2-lnch set Iron
rod with cap for corner, from which a 1/2-inch found Iron rod bears South 23 degrees 36 minutes
22 seconds East, a distance of 1.95 feet;
THENCE North 36 degrees 44 minutes 37 seconds West, continuing along said I. H. 635
right-of-way line, a distance of 63.87 feet to the POINT OF BEGINNING AND CONTAINING
787,831 square feet or 18.09 acres of land, more or less.
FILED AND RECORDED
~TIOA
I (,0 C-~,,~ \ OFFICIAL PUBLIC RECORDS
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~" '0'0/ 7"-
.?~;/ John F. Warren, County Clerk
Dallas County TEXAS
January 24, 2008 12:31:44
FEE: $60.00
20080025306