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OR 92-542 Assessment/Service Plan Gateway Public Improvement District Ordinance No. 92542 AN ORDINANCE APPROVING A PRELIMINARY ASSESSMENT/SERVICE PLAN AND PROPOSED ASSESSMENT ROLL FOR COPPELL GATEWAY PUBLIC IMPROVEMENT DISTRICT, APPORTIONING THE COSTS OF IMPROVEMENTS AND SERVICES TO BE PROVIDED BY COPPELL GATEWAY PUBLIC IMPROVEMENT DISTRICT AGAINST PROPERTY IN THE DISTRICT, ESTABLISHING A DATE FOR A E{EARING ON THE PRELIMINARY ASSESSMENT/SERVICE PLAN AND PROPOSED ASSESSMENT ROLL, AUTHORIZING NOTICE OF THE HEARING AND CONTAINING OTMMM PROVISIONS RELATING TO THE SUBJECT. RECITALS The advisory board (the "Advisory Board") for the Coppell Gateway Public Improvement District (the "District"), pursuant to the direction of the City Council of the City of Coppell (the "City"), prepared an ongoing service and improvement plan for the District (the "Preliminary Assessment/Service Plan") which apportioned the cost of the services and improvements to be assessed against property in the District in accordance with the requirements of Chapter 372, Texas Local Government Code (the "Code"), to pay the cost of the improvements and services proposed in the Preliminary Assessment/Service Plan. A copy of the Preliminary Assessment/Service Plan is attached to this Ordinance as Exhibit "A." The Advisory Board recommended adopting the Preliminary Assessment/Service Plan. The Preliminary Assessment/Service Plan covers a period of twenty (20) years, as required by Section 372.013 of the Code, and defines the projected annual cost for the services and improvements during the twenty-year period and estimates the total costs during the twenty-year period, including the total indebtedness and indebtedness in each year. The Preliminary Assessment/Service Plan provides for the assessment of the total cost of services and improvements on an equal basis to each net usable square foot of land (as defined in the Preliminary Assessment/Service Plan) in the District, as permitted by Section 372.015(b)(2) of the Code. The rate of assessment, as proposed in the Preliminary Assessment/Service Plan, will be (i) $0.580297 per square foot of net usable land in the District subject to assessment to pay the costs of Authorized Improvements as described in Article III of the Preliminary Assessment/Service Plan and (ii) $0.000522 per annum per square foot of net usable land in the District subject to assessments to pay Administrative Expense Assessments (as defined in the Preliminary Assessment/Service Plan). The Advisory Board prepared and submitted to the City Council for review and approval a proposed assessment roll (the "Proposed Assessment Roll") which is included as Exhibit "B" to the Preliminary Assessment/Service Plan and which sets forth the proposed assessment against each parcel of real property in the District not exempt from assessment in accordance with the method of assessment outlined above. All of the real property in the District, other than that to be exempted from assessment, will be benefitted by the services and improvements proposed to be provided by the District. The cost of providing services and improvements to the real property in the District on the basis set forth in the Preliminary Assessment/Service Plan results in imposing equal shares of the cost on property similarly benefitted, and results in a reasonable classification and formula for the apportionment of costs of the various classes of services and improvements proposed to be provided by the Preliminary Assessment/Service Plan to the benefitted property within the District. The method of apportioning the cost of the services and improvements to be provided between the City and the area within the District, as provided in the Preliminary Assessment/Service Plan, is fair and reasonable and results in a reasonable and fair classification and formula for apportioning the cost. The Preliminary Assessment/Service Plan contains provisions relating to due and delinquency dates for assessments, interest and penalties on delinquent assessments, and procedures in connection with the imposition and collection of assessments. The City Council finds and hereby determines that it would be advisable to approve the Preliminary Assessment/Service Plan and the Proposed Assessment Roll, and desires to establish a hearing in accordance with the provisions of Chapter 372 of the Code on the Preliminary Assessment/Service Plan and the Proposed Assessment Roll, as permitted and required by Section 372.016 of the Code. 0189!2173 \wp50\¢at28D\coppell\asshrg-4.0rd '2 ' NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COPPELL, TEXAS: Section 1. Findinqs. The findings and recitals in the preamble of this Ordinance are hereby found and determined to be true and correct and are hereby approved and adopted. Section 2. ADDrovement of Preliminary Assessment/Service Plan. The Preliminary Assessment Plan incorporated in the Preliminary Assessment/Service Plan is hereby approved as the Preliminary Assessment Plan for the District, including the provisions setting forth the time of payment of assessments, the rate and amount of assessments, and the penalties and interest on delinquent assessments. The portion thereof relating to the services and improvements to be provided in the first and each subsequent year are adopted and approved as the First Annual Service Plan and the ongoing Service Plan for the District, pursuant to Section 372.013 of the Code. Section 3. ADDrovement of Assessment Roll. The assessment roll attached as Exhibit "B" to the Preliminary Assessment/Service Plan is hereby approved as the Proposed Assessment Roll of the District. Section 4. Filinq of Plans and Assessment Roll. The Preliminary Assessment/Service Plan and Proposed Assessment Roll shall be filed in the office of the City Secretary and be made available to any member of the public who wishes to inspect the same. Section 5. Date for Public Hearinq. A public hearing shall be held and conducted by the City Council to consider approving the Preliminary Assessment/Service Plan and the Proposed Assessment Roll as the final Assessment/Service Plan and Assessment Roll of the District, respectively, and assessing the assessments payable at the time and at the rate and in the amount proposed in the Preliminary Assessment/Service Plan against each parcel of property in the District as set forth in the Proposed Assessment Roll. The hearing shall be held at 7:00 p.m. on the 14th day of April, 1992. Notice of the hearing setting out the matters required by Section 372.016 of the Code shall be given by the City Secretary by publication at least ten (10) days before the date of the hearing, in a newspaper of general circulation in the City. Notice shall also be given by mailing a copy of the notice containing the information required by Section 372.016 of the Code at least ten (10) days prior to the hearing to the current address of each owner of property subject to assessment in the Proposed Assessment Roll 0189:2173 \wpS0\cat280\coppell\asshr~-4,ord --3-- as reflected on the tax roll of the Dallas County Appraisal District. All residents and property owners within the District, and all other persons, are hereby invited to appear in person, or by their attorney, and contend for or contest the Preliminary Assessment/Service Plan, the Proposed Assessment Roll, and each proposed assessment and offer testimony pertinent to any issue presented on the amount of the assessment, purpose of the assessment, special benefit of the assessment, and the penalties and interest on delinquent assessments. Section 6. Public Hearinq. The City Council shall convene at its regular meeting place at the City Hall at the time specified above for the public hearing and shall conduct the public hearing in connection with its approval of the Assessment/Service Plan and Assessment Roll of the District and the levy of the proposed assessments, including penalties and interest on delinquent assessments. At or on the adjournment of such public hearing, the City Council will hear and pass on any objections to the Preliminary Assessment/Service Plan or the Proposed Assessment Roll and the levy of such proposed assessments (which objections may be written or oral). After all objections, if any, have been heard, such hearing shall be closed, the Assessment/Service Plan and the Assessment Roll approved, and assessments, together with penalties and interest on delinquent assessments, as reflected in the Assessment/Service Plan shall be levied as a special assessment on the property in the District as shown in the Preliminary Assessment/Service Plan. The assessments will be levied in the year 1992; however, the assessments to pay the costs of Authorized Improvements as described in the Preliminary Assessment/Service Plan may be paid in twenty (20) annual installments ("Annual Installment") as provided in the Preliminary Assessment/Service Plan with each Annual Installment, plus interest thereon, and each Annual Administration Expense Assessment (as defined in Section 4.03 of the Preliminary Assessment/Service Plan) being due on or before February 1 of the year when each Annual Installment and each Annual Administration Expense Assessment is due or be subject to paying the penalties and additional interest set forth in the Assessment/Service Plan. Each assessment and each Annual Installment thereof will be a first and prior lien against the property assessed, superior to all liens and claims, except liens or claims for state, county, school district, or municipal ad valorem taxes, and shall be a personal liability of and charge against the owners of the property. The lien will be effective from the date of the Ordinance levying the assessment and may be enforced by the City in the manner provided for enforcing an ad valorem tax lien against real property, pursuant to Vernon's Texas Tax Code. 018g:2173 \wp50\ca~280\coppell\asshrg-4.ord --4 -- Section 7. Severability. If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the application of same to any person or set of circumstances is for any reason held to be unconstitutional, void or invalid, the validity of the remaining portions of this Ordinance or their application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or provision or regulation contained herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any other portion hereof, and all provisions of this Ordinance are declared to be severable for that purpose. Section 8. Notice of Posting. The City Council officially finds, determines, recites and declares that a sufficient written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Article 6252-17, Texas Revised Civil Statutes Annotated, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. PASSED AND ADOPTED this 31st day of March, 1992. Mark Wolfe Mayor City of Coppell, Texas , xas ATTEST: Dorothy Timmons City Secretary City of Coppell, Texas [SEAL] 0189:2173 \wpSO\cat280\coppett\asshrg-4.ord --5-- COPPELL GATEWAY PUBLIC IMPROVEMENT DISTRICT PRELIMINARY ASSESSMENT/SERVICE PLAN EXHIBIT A COPPELL GATEWAY PUBLIC IMPROVEMENT DISTRICT PRELIMINARY ASSESSMENT/SERVICE PLAN TABLE OF CONTENTS Improvements Within the District 1 Section 1.01. Improvements and Services Authorized by the Act 1 Section 1.02. Improvements and Services to be Provided to the District ........... 2 II. Assessment Plan 3 Section 2.01. Permissible Method of Assessment Under the Act 3 Section 2.02. Preliminary Assessment Plan 4 Section 2.03. Preliminary Assessment Roll 5 III. Indebtedness and Costs of Improvements 5 Section 3.01. Preliminary Annual Indebtedness 5 Section 3.02. Projected Improvement Costs 6 Section 3.03. Estimated Costs of Establishment and Administration of the District and Costs of Bonds to be Paid From Assessments 9 Section 3.04. Total Costs to be Assessed to pay for the Bonds 9 Section 3.05. Annual Service Costs to be Paid with an Annual Assessment During the Term of the Bonds . 10 Section 3.06. Annual Costs of Improvements to be Paid by City ......... 10 Section 3.07. Ownership of Improvements 10 0189:4575 \WpS0\CAT280\COPPELL~ASSMTPLN.01 -- i ' VI. PROVISIONS WITH RESPECT TO THE LEVY OF ASSESSMENTS 10 Section 4.01. Levy of Assessments for Improvement Costs 10 Section 4.02. Prepayment of Assessments for Each Year 11 Section 4.03. Levy of Assessments to Pay Annual Service Costs of Administration and Operation of District 11 Section 4.04. Interest on Delinquent Administration Expense Assessments and Annual Installments ..... 12 Section 4.05. Penalties ................ 12 Section 4 06. Additional Penalty ....... 12 Section 4 07. No Discounts or Split Payments ..... 13 Section 4 08. Lien for Collection of Assessments ..... 13 Section 4 09. Applicability of Tax Code 13 Section 4 10o No Acceleration of Installments 13 Section 4 11. Lien Survives Foreclosure 13 \WP50\CAT280\COPPELL~ASS~TPLN.01 'i i' COPPELL GATEWAY PUBLIC IMPROVEMENT DISTRICT PRELIMINARY ASSESSMENT/SERVICE PLAN Chapter 372 of the Local Government Code of the State of Texas, known as the "Public Improvement District Assessment Act" (the "Act"), authorizes and defines formation of the Public Improvement District within the State of Texas. By action taken by their City Council, on July 30, 1991, as amended by further action on January 14, 1992, the City of Coppell (the "City") passed Resolution No. 073091.1 which authorized the establishment of Coppell Gateway Public Improvement District (the "District"). In compliance with requirements outlined in various sections of the Act, the Assessment Plan and Service Plan for the District are defined herein. I. Improvements Within the District Section 1.01. Improvements and Services Authorized bV the Act Section 372.003 of the Act defines the improvements and services that may be undertaken by a city through a district as follows: ~372.003. Authorized Improvements and Services (a) If the governing body of a municipality finds that it promotes the interests of the municipality, the governing body may undertake an improvement project tha~ confers a special benefit on a definable part of the municipality or the municipality's extra-territorial jurisdiction. A project may be undertaken in the municipality or the municipality's extra- jurisdiction. (b) A public improvement project may include: (1) landscaping; (2) erection of fountains, distinctive lighting and signs; (3) acquiring, constructing, improving, widening, narrowing, closing, or rerouting of 0189:4675 \WPS0\CAT280\COPPELL~SMTPLN.01 '1-- sidewalks or of streets, any other roadways, or their rights-of-way; (4) construction or improvement of pedestrian malls; (5) acquisition and installation of pieces of art; (6) acquisition, construction, or improvement of libraries; (7) acquisition, construction, or improvement of off-street parking facilities; (8) acquisition, construction, improvement, or rerouting of mass transportation facilities; (9) acquisition, construction, or improvement of water, wastewater, or drainage facilities or improvements; (10) the establishment or improvement of parks; (11) projects similar to those listed in Subdivisions (1)-(I0); (12) acquisition, by purchase or otherwise, of real property ion connection with an authorized improvement; (13) special supplemental services for improvement and promotion of the district, including services relating to advertising, promotion, health and sanitation, water and wastewater, public safety, security, business recruitment, development, recreation, and cultural enhancement; and (14) payment of expenses incurred in the establishment, administration, and operation of the district. (c) A public improvement project may be limited to the provision of the services described by Subsection (b)(13).~ Section 1.02. ImDrovements and Services to be Provided to the District After analyzing the improvements authorized by the Act, the City of Coppell determined that the following improvements (the "Improvements"} which are allowed by the Act should be provided by the City within the District and will be of special benefit to all net usable property within the District. As such, the city authorized the acquisition or construction of the Improvements within the District which are described as follows: 1. Acquisition or construction of a water distribution system throughout the District, connecting to the City's master water distribution collection system. 0189:4675 \WPS0\CAT280\COPPELL~ASSMTPLN.01 '2-- 2. Acquisition or construction of a wastewater collection system throughout the District, connecting to the City's master wastewater collection system. 3. Acquisition or construction of a stormwater drainage system throughout the District, connecting to the City's master drainage system. 4. Acquisition or construction of streets or roadways to provide access to and through all property within the District, connecting to and becoming part of the City's master thoroughfare plan. 5. Acquisition or construction of electric service lines and street lights along all streets and roadways throughout the District. 6. Acquisition or installation of landscaping, fountains, distinctive lighting and distinctive signage that benefit the District as a whole. The services to be provided in the District (the "Services") shall consist of those necessary for the administration and operation of the District, including those of the City, the Paying Agent, Registrar, and Trustee for the Bonds in annually collecting assessments and making payment on the Bonds. II. Assessment Plan Section 2.01. Permissible Method of Assessment Under the Act Section 372.015 of the Act permits a city to assess the cost of Improvements and Services against benefited property as follows: ~372.015. Determination of Assessment (a) The governing body of the municipality shall apportion the cost of an improvement and services to be assessed against property in an improvement district. The apportionment shall be made on the basis of special benefits accruing to the property because of the improvement or services. (b) Cost of an improvement or services may be assessed: \WPS0\CAT280\COPPELL~F~4TPLN.01 --3 -- (1) equally per front foot or square foot; (2) according to the value of the property as determined by the governing body, with or without regard to improvements on the property; or (3) in any other manner that results in imposing equal shares of the cost on property similarly benefitted. (c) The governing body may establish by ordinance: (1) reasonable classifications and formulas for the apportionment of the cost between the municipality and the area to be assessed; and (2) the methods of assessing the special benefits for various classes of improvements and services. (d) The amount of assessment for each property owner may be adjusted following the annual review of the service plan.~ Section 2.02. Preliminary Assessment Plan After analyzing the assessment methods allowed by the Act, the City has determined that the method of cost allocation based on the equal cost and assessment per each net usable square foot of land area within the District is fair and equitable and is the most reasonable means of allocating the costs of the Services to be provided annually to the District ("Service Costs") and costs of the Improvements to be acquired and/or constructed within the District, costs of Bond, and other costs directly or indirectly relating to the acquisition, construction, and financing of the Improvements ("Improvement Costs"}. (Service Costs and Improvement Costs shall be referred to collectively as "Costs"). Based upon the similar common use of all land within the District, as commercial or industrial property, the City proposes to adopt the equal cost and assessment method with benefits derived and Costs allocated as follows: 0189:4672 \WPS0\CAT280\COPPELL'~ASSMTPLN,01 --4-- Benefits: All parcels of land within the District, either as currently platted or as it may be replatted and subdivided in the future, receive an equal benefit over each net square foot of land within the parcel. The total assessed area of land within the district, on a net usable area basis, shall not be altered, reduced or increased by any future land replatting or subdividing. Cost Allocation/Assessment: All Costs shall be allocated on an equal basis to each net usable square foot of land within the district and the assessment required to amortize the Costs shall be allocated to and collected from each net usable square foot of land, within the District, on an equal basis. Section 2.03. Preliminary Assessment Roll The District is described as being those four tracts of land, more specifically described in Exhibit A, consisting of 223.011 gross acres. The net usable acreage for each tract assessed is described in Exhibit B, pages 3 through 19, and shown on the plat attached as Exhibit C. Net usable land is land located within the District which is not to be exempted from assessment by reason of its proposed use as a park, road right-of-way, or a drainage easement. The 197.8025 net usable acres equals 8,616,277 square feet and is the total area of the District to be assessed to pay the Costs. Land parcels within the District may be replatted or subdivided for future transactions, however, the total area of square footage of land to be assessed shall not be adjusted or reduced unless there is a prepayment of total assessments due for a given parcel of land. Each parcel resulting from a replat or subdivision of a parcel shall continue to bear its pro rata share of the assessment against the original unplatted or subdivided parcel. III. Indebtedness and Costs of Improvements Section 3.01. Preliminary Annual Indebtedness In accordance with Sections 372.023 and 372.024 of the Act, the City will issue $5,000,000 Special Assessment Revenue Bonds, Series 1992 (the "Bonds"), secured by liens On all of the revenue generated through assessments. The total amount of Bonds to be issued to pay the Improvement Costs is $5,000,000. The estimated 0189:4675 \WPS0\CAT28O\COPPELL~ASS~PLN.01 '5-- annual debt service requirements on such Bonds is shown in Schedule I. Section 3.02. Proiected ImDrovement Costs In accordance with Sections 372.023 and 372.024 of the Act, the District will provide for the completion, in the estimated year and in the estimated amounts outlined below, of the Improvements described in Section 1.02 herein. Improvements Acquisition/Construction Time and Cost Allowance Phase IA Completed and To Be Acquired Upon Funding Site Clearing, Grading and Excavation $ 63,499 (Streets and Utility R.O.W.) Water Service (Main Lines) 249,869 Sanitary Sewer Service (Main Lines) 74,691 Storm Sewer Service (Main Lines) 214,999 Paving 359,164 Street Lights 34,821 Landscaping and Sprinklers (Design) 10,000 Engineering and Design 230,464 Construction Staking 38,287 Construction Inspection and Quality Control 58,843 $1,334,637 \WPJ0\CAT280\COPPELL~ASSMTPLN.01 -6- Phase IB To Be Completed and Acquired Om Or Before December 31, 1992 Water Service (Main Lines) 127,467 Sanitary Sewer Service (Main Lines) 43,165 Storm Sewer Service (Main Lines) 492,787 Storm Sewer - Off Site 240,891 Paving 487,139 Street Lights 52,000 Landscaping and Sprinklers (Public Areas) 230,000 Engineering and Design 15,000 Construction Inspection and Quality Control 41,000 Contingency 53,914 $1,783,363 0189:4675 \WPS0\CAT280\COPPELL~ASSMTPLN.01 --7-- Phase II To Be Completed and Acquired On Or Before May 31, 1994 Water Service (Main Lines) 22 117 Sanitary Sewer Service (Main Lines) 13 363 Storm Sewer Service (Main Lines) 92 889 Paving 164 928 Street Lights 11 000 Landscaping and Sprinklers (Public Areas) 300 000 Engineering and Design 3 000 Construction Inspection and Quality Control 7 500 Contingency 17,203 $632,000 TOTAL COST OF IMPROVEMENTS DESCRIBED IN SECTION 1.02 $3,750,000 0189:4675 \WP50\CAT280\COPFELL~ASSMTPLN.01 --8-- Section 3.03. Estimated Costs of Establishment and Administration of the District and Costs of Bonds to be Paid From Assessments The estimated costs of establishment and Administration of the District and costs of Bonds to be paid from assessments are as follows: A) Cost and Expenses $ 42,000 Incurred in Establishment, Initial Administration, and Operation of District B) One Years Interest 450,000 on the Bonds C) Cost of Issuance 258,000 of the Bonds D) Establishment of $ 500,000 Reserve Fund for the Bonds (10% of the Bonds) TOTAL COSTS OF ESTABLISHMENT AND ADMINISTRATION $1,250,000 Section 3.04. Total Costs to be Assessed to Day for the Bonds The total costs to be assessed as ~mprovement Costs are as follows: A) Total Cost of Improvements $3,750,000 to be Constructed or Acquired (Phase IA, IB, and II) B) Cost and Expenses 42,000 Incurred in Establishment, Initial Administration, and Operation of District C) One Years Interest on the Bonds 450,000 D) Cost of Issuance of the Bonds 258,000 E) Establishment of Reserve Fund 500,000 for the Bonds (10% of Bonds) TOTAL COSTS TO BE ASSESSED $5,000,000 0189:~675 \WPS0\CAT280\COPPELL~ASSMTPLN.01 --9 -- Section 3.05. Annual Service Costs to be Paid with an Annual Assessment Durinq the Term of the Bonds The annual Service Costs to be paid by the City with annual assessments for administration and operation of the District is as follows: Trustees Annual $4,500 Cost of Administration and Operation of District and Collection of Assessments Section 3.06. Annual Costs of ImDrovements to be Paid bV CitV. In accordance with the Act, all State and Federal laws regulating Home Rule Municipalities within the State of Texas and all the laws and regulations of the City, the City will provide for the ongoing annual maintenance, operation, and repair of the Improvements from the date of receipt and acceptance of title to the Improvements from user fees from the Authorized Improvements and from general funds. No fees or expenses related to the maintenance or repairs of the Improvements shall be due from or collected from property within the District other than those currently provided for under current City laws and regulations for any municipally-owned infrastructure improvements. Section 3.07. Ownership of Improvements In accordance with the Act, the City intends to provide for the construction and completion of those Improvements described in Sections 1.02 and 3.02 herein. Upon completion of the Improvements, in total or in phases, all such Improvements, including the land and the facilities and infrastructure thereon, shall be acquired by the CIty with proceeds of the Bonds and title to the land and Improvements shall rest in the City. VI. PROVISIONS WITH RESPECT TO THE LEVY OF ASSESSMENTS Section 4.01. Levy of Assessments for Improvement Costs There is to be levied by the City an assessment of $0.580297 per square foot of net usable land within the District to pay the Improvement Costs set forth in Article III (the "Improvement 0189:4675 \WPS0\CAT280\COPPELLkA~SMTPLN.01 '10-- Assessment") which shall be due on the effective date of the ordinance levying assessments. Each Improvement Assessment may be paid immediately or in periodic annual installments (the "Annual Installment") over a period of twenty (20) years. The Annual Installment to be paid each year per one dollar ($1.00) of assessment is shown in Schedule II. Each Improvement Assessment shall bear interest per annum from May 1, 1992, the date of the Bonds, until paid at the rate of percent (8.75%) per annum, calculated on the basis of a 360 day year of twelve 30-day months. Each Annual Installment, together with the interest in the unpaid amount of an Improvement Assessment, shall be due or February 1 of each year (the "Installment Payment Date") with the first Annual Installment being due on January 31, 1993 and each subsequent Annual Installment being due on January 31 of each year thereafter with the final Annual Installment due January 31, 2012. Each Annual Installment shall be delinquent if not paid prior to February 1 of the year such Annual Installment is due (the "Delinquency Date"). The principal amount of each Annual Installment of an Improvement Assessment and the interest due on the unpaid principal amount of an Improvement Assessment on each Installment Payment Date per one dollar ($1.00) of Improvement Assessment is shown in Schedule II. To determine the Annual Installment for each parcel, multiply the net usable land in the parcel by the amounts shown on Schedule II for that year. Section 4.02, Prepayment of Assessments for Each Year Pursuant to the provisions of Section 372.018(b) of the Act, an Improvement Assessment may be paid in whole or in part at any time by paying the unpaid amount of the Improvement Assessment plus the interest accrued or penalties that have been imposed prior to the date of payment of the Improvement Assessment. Section 4.03. LevV of Assessments to PaV Annual Service Costs of Administration and Operation of District As authorized by Section 372.003(14) of the Act, there shall be levied each year while the Bonds are outstanding and unpaid to pay the annual costs of the administration and operation of the District $0.000522 per square foot of net usable land in the District (the "Administration Expense Assessment"). The Administration Expense Assessment shall remain in effect from year to year until all Bonds are finally paid or until the City adjusts the levy after a hearing and determination of benefits in any year pursuant to Section 372.015(d) of the Act. Administration Expense Assessments shall be due on January 31 of the year following their 0189:4675 \WPSO\CAT280\COPPELL\A~SMTPLM.01 -11- levy and shall be delinquent if not paid prior to February 1 (the "Delinquency Date"). Section 4.04. Interest on Delinquent Administration Expense Assessments and Annual Installments A delinquent Annual Installment and a delinquent Administration Expense Assessment will accrue interest at the rate of one percent (1%) for each month or portion of a month the Annual Installment or Administration Expense Assessment remains unpaid after it becomes delinquent. Section 4.05. Penalties A delinquent Annual Installment and delinquent Administration Expense Assessment incurs a penalty of six percent (6%) of the amount of the Annual Installment or Administration Expense Assessment for the first calendar month or fraction thereof it is delinquent plus one percent (1%) for each additional month or fraction thereof the Annual Installment or Administration Expense Assessment remains unpaid prior to July 1 of the year in which it becomes delinquent; however, an Annual Installment or Administration Expense Assessment delinquent on July 1 incurs a total penalty of twelve percent (12%) of the amount of the delinquent Annual Installment or Administration Expense Assessment without regard to the number of months the Annual Installment or the Administration Expense Assessments has been delinquent. Penalties shall not exceed the amount permitted by Chapter 372 of the Code. Section 4.06. Additional Penalty If an Annual Installment or an Administration Expense Assessment remains delinquent on July 1 in the year in which the Annual Installment or the Administration Expense Assessment became delinquent, there shall be imposed an additional penalty to defray costs of collection if it is necessary for the City to contract with an attorney for the purposes of representing the City in the collection of the delinquent Annual Installment or Administration Expense Assessment. The additional penalty shall be fifteen percent (15%) of the Annual Installment or the Administration Expense Assessment and the penalties and interest on the Annual Installment or the Administration Expense Assessment. Penalties shall not exceed the amount permitted by Chapter 372 of the Code. 0189:4675 \WPS0\CAT280\COPPELL~ASSMTpLN.01 '12-- Section 4.07. No Discounts or SDlit Pavments There will be no split payment of an Annual Installment or an Administration Expense Assessment or discount for the early payment of an Annual Installment or an Administration Expense Assessment. Section 4.08. Lien for Collection of Assessments Improvement Assessments and Administrative Expense Assessments ("Assessments") together with interest, penalties, and expense of collection and reasonable attorneys fees, as permitted by the Code shall be a first and prior lien against the property assessed, superior to all other liens and claims, except liens or claims for state, county, school district, or municipal ad valorem taxes, and shall be a personal liability of and charge against the owner of the property regardless of whether the owners are named. The lien for Assessments and each Installment thereof and penalties and interest is effective from the date of this Ordinance levying the Assessments until the assessment is paid, and shall be enforced by the City in the manner provided by Vernon's Texas Tax Code for collecting ad valorem taxes on real property. Section 4.09. Applicability of Tax Code To the extent not inconsistent with the Ordinance levying Assessments, and not inconsistent with Chapter 372 of the Code or the other laws governing public improvement districts, the provisions of Vernon's Texas Tax Code shall be applicable to the imposition and collection of Assessments by the City. Section 4.10. No Acceleration of Installments Failure to pay an Annual Installment when due shall not accelerate the payment of the remaining Annual Installments of the Improvement Assessment and such remaining Annual Installments (together with interest thereon) shall continue to be due and payable at the same time and in the same amount and manner as if such default had not occurred. Section 4.11. Lien Survives Foreclosure Any sale of property for nonpayment of an Annual Installment or Annual Installments of an Improvement Assessment annum shall be subject to the lien established for the remaining unpaid Annual Installments of the Improvement Assessment against such property and such property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make timely payment of the 0189:4675 \WPS0\CAT280\COPPELL~A~SMTPLN.01 --13-- nondelinquent Annual Installments of an Improvement Assessment against such property as they become due and payable pursuant to the terms of the assessment ordinance and the ordinance authorizing the issuance of the Bonds. 0189:4675 \WFS0\CAT280\COPPELL~ASSMTPLN.01 --14-- TRACT 1 BEING a tract of land situated in the S.A.&M.G. Railroad Survey, Abstract No. 1439, and being all of Gateway Business Park, an addition to the City of CoppeL1, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of a 0.25 acre tract to the City of Coppell as shown on Abstract Map 1439, DaLlas County, Texas, and being more particularly described as follows: BEGINNING at the intersection of the centerline of Freeport Parkway (80 feet wide) and the centerline of Cotton Road (65 feet wide); THENCE North 88 degrees 23 minutes 42 seconds West, along said centerline of Cotton Road, a distance of 1348.68 feet to a point for a comer, THENCE North 54 degrees 44 minutes 53 seconds West, departing said centerie and along the north right-of-way line of Interstate Highway 635 (right-of-way caries), a distance of 1442.53 feet to a point for a comer; THENCE North 01 degrees 51 minutes 06 seconds East, departing said north line, a distance of 1068.42 feet to a point for a corner, said comer lying on the south right-of-way line of St. Louis and Southwestern Railroad (100 feet wide); THENCE North 87 degrees 24 minutes 30 seconds East, along said south line, a distance of 2413.04 feet to a point on line being the northwest corner of said 0.25 acre tract; THENCE North 87 degrees 24 minutes 30 seconds East, continuing along said south line being a common line with the north line of said 0.25 acre tract, a distance of 102.05 feet to a point on line being the northeast comer of said 0.25 acre tract; THENCE North 87 degrees 24 minutes 30 seconds East, along said south line and departing said north line, a distance of 90.04 feet to a point for a comer, said comer being at the intersection of said south line and the east boundary line of S.A.&M.G. Railroad Survey, Abstract No. 1439, said comer also being the right-of-way of Freeport Parkway (90 feet wide); THENCE South 08 degrees 29 minutes 38 seconds West, departing said south line and along said abstract line, a distance of 392.32 feet to a point for a comer;, THENCE South 01 degrees 48 minutes 59 seconds West, continuing along Freeport Parkway, a distance of 1668.84 feet to the POINT OF BEGINNING AND CONTAINING 4,522,561 square feet or 104.076 acres of land more or less. k~vou:97sw~'e~nx~07 A' I TR.~CT 2 - GROSS AREA BEING a tract of land situated in the Cordelia Brown Survey, Abstract No. 56, the James A. Simmons Survey, Abstract No. 1296, and the Joel Wilson Survey, Abstract No. 1555, Dallas County, Texas, and being aB of a tract of land as desert'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly desert'bed as follows: BEGINNING at the northeast comer of a tract of land conveyed to the State of Texas, as recorded in Volume 84195, page 0604 of said Deed Records; TItENCE North 78 degrees 20 minutes 17 seconds West, along the northeast line of LH. 635, a distance of 95.00 feet to a point for a comer; THENCE South 66 degrees 59 minutes 20 seconds West, continuing along said northeast line, a distance of 80.86 feet to a point for a comer; THENCE North 80 degrees 50 minutes 57 seconds West, continuing along said northeast line, a distance of 68.28 feet to a point for a comer; THENCE North 78 degrees 20 minutes 17 seconds West, continuing along said northeast line, a distance of 275.97 feet to a point for a comer; THENCE North 63 degrees 58 minutes 32 seconds West, continuing along said northeast line, a distance of 157.56 feet to a point for a comer; THENCE North 42 degrees 29 minutes 44 seconds West, continuing along said northeast line, a distance of 141.95 feet to a point for a corner; THENCE North 59 degrees 20 minutes 36 seconds West, continuing along said northeast line, a distance of 28.00 feet to a point for a comer;, THENCE North 34 degrees 24 minutes 07 seconds West, continuing along said northeast line, a distance of 811.79 feet to a point for a coraer; THENCE North 36 degrees 45 minutes 13 seconds West, continuing along said northeast line, a distance of 210.02 feet to a point for a comer;, THENCE North 02 degrees 35 minutes 43 seconds East, departing said northeast line, a distance of 897.75 feet to a point for a comer being the southwest comer of a 1.4515 acre tract of land being the remainder of a tract of land desert'bed by deed to Hunt Investment Corporation as recorded in Volume 74223, Page 1247 of said Deed Records; THENCE North 76 degrees 26 minutes 05 seconds East, along said south line of said 1.4515 acre tract, a distance of 0.61 feet to the point of curvature of a circular curve to the left, having a radius of 674.24 feet; THENCE Northeasterly, continuing along said south line and along said curve through a central angle of 25 degrees 45 minutes 32 seconds, an arc distance of 303.12 feet to a point for a comer in the southwest line of Freeport Parkway, said point lying on a circular curve to the left, having a radius of 306.34 feet and whose chord bears South 33 degrees 16 minutes 36 seconds East; TRACF 2 (Continued~ THENCE Southeasterly, departing said south line and along said southwest line with said curve through a central angle of 04 degrees 00 minutes 26 seconds, an arc distance of 21.43 feet to the point of tangency;, THENCE South 35 degrees 16 minutes 50 seconds East, continuing along said southwest line, a distance of 643.89 feet to a point for a comer; THENCE North 54 degrees 43 m~nut~s 10 seconds East, a distance of 80.00 feet to a point for a corner, THENCE North 35 degrees 16 minutes 50 seconds West, along the northeast line of said Freeport Parkway, a distance of 12.50 feet to a point for a corner;, THENCE North 54 degrees 43 minutes 10 seconds east, along the southeast line of Airline Drive, a distance of 9.63 feet to the point of curvature of a circular curve to the left, having a radius of 666.96 feet; THENCE Northeasterly, along said southeast lj. ne with said curve through a central angle of 18 degrees 26 minutes 50 seconds, &n arc distance of 214.74 feet to the point of tangency;, THENCE North 36 degrees 16 minutes 20 seconds East, continuing along said southeast line, a distance of 593.27 feet to the point of curvature of a circular curve to the fight, having a radius of 50.00 feet; THENCE Northeasterly, continuing along said southeast line and with said curve through a central angle of 55 degrees 37 minutes 15 seconds, an arc distance of 48.54 feet to a point for a corner; THENCE South 88 degrees 06 minutes 25 seconds East, continuing along the south Line of said Airline Drive, a distance of 401.41 feet to a point for a corner, THENCE South 01 degrees 20 minutes 07 seconds West, departing said south line and along the west line of Block 9 Park West Commerce Center as filed for record in Volume 90218, Page 3272 of the Plat Records of Dallas County, Texas, a distance of 627.58 feet to the point of curvature of a circular curve to the left, having a radius of 382.25 feet; THENCE Southerly, along said curve through a central angle of 39 degrees 16 minutes 17 seconds, an arc distance of 262.00 feet to a point for a corner, THENCE South 00 degrees 19 minutes 28 seconds West, continuing along said west line, a distance of 442.86 feet to a point for a corner;, THENCE South 89 degrees 06 minutes 46 seconds East, along the south line of said Block 9, a distance of 262.12 feet to a point for a corner, THENCE South 01 degrees 08 minutes 02 seconds West, departing said south line and along the west line of a tract desert'bed by Deed to Coppell Independent School District as filed for record in Volume 417, Page 461 of said Deed Records, a distance of 1930.15 feet to a point for a corner;, THENCE South 01 degrees 33 minutes 48 seconds West, departing said west line, a distance of 791.33 feet to a point for a comer in the northeast line of H--I. 635; THENCE North 34 degrees 24 minutes 07 seconds West, along said northeast line, a distance of 119458 feet to a point for a comer;, TRACT 2 (Continued) THENCE North 04 degrees 17 minutes 49 seconds East, continuing along the highway fight-of-way, a distance of 740.30 feet to a point for a corner;, THENCE North 06 degrees 54 minutes 39 seconds East, continuing along said fight-of-way, a distance of 49.76 feet to the POINT OF BEGIXNING AND CONTAINING 4,160,249 square feet or 95~S06 acres of land more or less. Note: This description is based on record information including a boundary survey for Trilund Investment by Albert H. Halff Associates, Inc. dated July, 1985 and includes areas dedicated for public use (Le, road rights-of-ways and utility easements) and also includes are within the 100-year floodplain a.s shown on FIRM Maps 480170 0005, 480165 0005, and 480165 0050. TRACT 3 - GROSS AND NET BEING a tract of land situated in the James A. Sireroom3 Survey, Abstract No. 1296, Dallas County, Texas, and being all of a tract of land as desert'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly described as follows: BEGINNING at an intersection of the northwest line of Airline Drive (60' right-of-way) and the northeast line of Freeport Parkway (80' right-of-way); ' ' THENCE North 35 degrees 16 minutes 50 seconds West, along the northeast line, a distance of 571.39 feet to the point of curvature of a circular curve to the right, having a radius of 226.34 feet; THENCE Northeasterly, along said northeast line through a central angle of 08 degrees 14 minutes 06 seconds, an arc distance of 32.53 feet to a point for a comer lying on a curve to the left, having a radius of 674.24 feet and whose chord bears North 39 degrees 57 minutes 24 seconds East; THENCE Northeasterly, along said curve to the left departing said northeast line and along the south line of Block 2 Park West Commerce Center as filed for record in Volume 90218 Page 3272 of the Plat Records of Dallas County, Texas, through a central angle of 07 degrees 09 minutes 03 seconds, an arc distance of 84.15 feet to a point for a comer; THENCE North 36 degrees 22 minutes 52 seconds East, continuing along said south line, a distance of 127.66 feet to a point for a comer; THENCE South 88 degrees 07 minutes 01 seconds East, continuing along said south line, a distance of 364.01 feet to a point for a comer; THENCE North 36 degrees 22 minutes 52 seconds East, continuing along said south line, a distance of 207.52 feet to a point for a comer;, THENCE South 53 degrees 42 minutes 20 seconds East, continuing along said south line, a distance of 302.37 feet to a point for a comer in the northwest line said Airline Drive, said point lying on a curve to the left, having a radius of 110.00 feet and whose chord bears South 42 degrees 24 minutes 42 seconds West; THENCE Southwesterly, departing said south line and along said northwest line and with said curve through a central angle of 12 degrees 16 minutes 45 seconds, an arc distance of 23.57 feet to a point for a comer;, THENCE South 36 degrees 16 minutes 20 seconds West, continuing along said northwest line, a distance of 539.27 feet to the point of curvature of a circular curve to the fight, having a radius of 606.96 feet; THENCE Southwesterly, continuing along said northwest line with said curve through a central angle of 18 degrees 26 minutes 50 seconds, an arc distance of 195.42 feet to a point for a comer;, TRACTF 3 (Continued) THENCE South 54 degrees 43 minutes 10 seconds West, continuing along said northwest line, a distance of 9.63 feet to the POINT OF BEGINNING AND CONTAINING 342,455 square feet or 7.862 acres of land more or less, including 109,634 square feet or 2.517 acres more or less proposed for Grapevine CYeek easement. Note: This description is based on record information including a boundary survey for Tfiland Investment by Albert H. Halff Associates, Inc. dated July, 1985 and includes areas dedicated for pubtic use (Le, uti~ty easements) and also includes are within the 100-yeax floodplain as shown on FIRM Maps 480170 0005, 480165 0005, and 480165 0050. TRACT 4 - GROSS AND NET BEING a tract of land situated in the heirs of Joel Wilson Survey, Abstract No. 1555, Dalla_~ County, Texas, and being all of a tract of Land as desert'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 4821 of the Deed Records of Dallas County, Texas, and being more particularly desert'bed as follows: BEGINNING at an intersectj. on of the south line of Cotton Road (50' fight-of-way) with the northeast line of Interstate Highway 635; .. THENCE South 88 degrees 23 minutes 42 seconds East, a distance of 1214.45 feet along the south l~ne of Cotton Road to a point for a corner on the west line of a 554.56 acre tract conveyed to Secure Trusts, as descn'bed in Volume 785, Page 1637 of said Deed Records; THENCE South 02 degrees 35 minutes 43 seconds West, departing said south line, a distance of 1227.09 feet along the west line of said Secure Trust tract to a point for a corner lying on the northeast line of Interstate Highway 635; THENCE North 36 degrees 43 minutes 45 seconds West, along the northeast line of Interstate Highway 635, a distance of 953.75 feet to the POINT OF BEG[NNLNG AND CONTAINING 678,076 square feet or 15.567 acres of land more or less, including 98,868 square feet or 2.270 acres of land more or less for proposed Grapevine Creek Easement Note: 'l~Ls description is based on record information includes areas dedicated for public use (i.e., utflity easements) and also includes area within the 100-year floodplain as shown on survey performed by Nathan D. Maler Consulting Engineers, Inc. dated 9-28-89. ASSESSMENT ROLL Minimum Annual Administration Total Bond Expense Owner Description Debt Assessment Assessment Catellus Gateway Business $ 660,419.08 $ 594.38 Development Park Corporation Tract 1, Block 1 26.1265 Acres (1,138,069 sq. ft) Catellus Gateway Business $ 206,924.72 $ 186.22 Development Park Corporation Tract 1, Block 2A 8.1860 Acres (356,584 sq. ft.) Catellus Gateway Business $ 459,496.62 $ 413.54 Development Park Corporatlon Tract 1, Block 2B 18.1779 Acres (791,830 sq. ft.) Catellus Gateway Business $ 420,114.76 $ 378.11 Development Park Corporation Tract 1, Block 2C 16.62 Acres (723,965 sq. ft.) Catellus Gateway Business $ 542,976.24 $ 488.69 Development Park Corporation Tract 1, Block 2D 21.4804 Acres (935,685 sq. ft.) Catellus Gateway Business $ 9,370.66 $ 8.41 Development Park Corporation Tract 1, Block 3 .3707 Acres (16,148 sq. ft.) EXHIBIT B B-1 Minimum Annual Administration Total Bond Expense ©~er Description Debt Assessment Assessment Catellus Gateway Business $ 844,713.85 $ 760.26 Development Park Corporation Tract 2A 36.139 Acres - 2.722 - 33.417 <1,574,224 sq. ft.) - 118,568 - 1,455,656 Catellus Gateway Business $ 552,047.45 $ 496.85 Development Park Corporation Tract 2B 21.839 Acres (951,317 sq. ft.) Catellus Gateway Business $ 832,718.54 $ 749.46 Development Park Corporation Tract 2C 32.943 Acres (1,434,985 sq. ft.) Catellus Gateway Business $ 135,105.37 $ 121.58 Development Park Corporation Tract 3 7.862 Acres - 2.517 - 5.345 (342,455 sq. ft.) - 109,634 - 232,821 Catellus Gateway Business $ 336,112.71 $ 302.50 Development Park Corporation Tract 4 15.567 Acres - 2.270 - 13.297 (678.076 sq. ft.) - 98,868 - 579.208 TOTAL $5,000,000.00 $4,500.00 Metes and bounds description of parcels on the Assessment Roll. The parcels of the Assessment Roll are described by metes and bounds in Exhibit B and shown on the Plat attached as Exhibit C. EXHIBIT B B-2 TRACT 1, BLOCK 1 BEING a tract of land situated in the SA.&M.G. Railroad Survey, Abstract No. 1439, and being part of Block 1 Gateway Business Park, an addition to the City of Coppe11, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of DaLlas County, Tens, and being all of proposed Block 1 of said Gateway Business Park Block 2, and being more particularly descn'bed as follows: BEGINNING at the most westerly southwest comer of said Block 1, said comer being the intersection of the north line of I.H. 635 (right-of-way varies) and the east line of Cotton Road (50' right-of-way), said comer being on a circular curve to the right, having a radius of 400.00 feet and whose back tangent bears North 40 degrees 58 minutes 33 seconds West; THENCE Northerly, along said east line and along said curve through a central angle of 36 degrees 05 minutes 32 seconds, an arc distance of 251.97 feet to the point of tangency; THENCE North 4 degrees 53 minutes 01 seconds West, along said east line, a distance of 1.16 feet to the point of curvature of a circular curve to the right, having a radius of 20.00 feet; THENCE Northeasterly, departing said east line and along said curve through a central angle of 87 degrees 03 minutes 07 seconds, an arc distance of 30.39 feet to the point of reverse curvature of a circular curve to the left, having a radius of 855.00 feet; THENCE Easterly, along the south line of Gateway Boulevard (70' fight-of-way) and along said curve through a central angle of 4 degrees 23 minutes 09 seconds, an arc distance of 65.45 feet to the point of reverse curvature of a circular curve to the right, having a radius of 785.00 feet; THENCE Easterly, along said south line and along said curve through a central angle of 13 degrees 49 minutes 21 seconds, an arc distance of 189.38 feet to the point of tangency; THENCE South 88 degrees 23 minutes 42 seconds East, along said south line, a distance of 878.67 feet to the point of curvature of a circular curve to the left, having a radius of 864.00 feet; THENCE Easterly, along said south line and along said curve through a central angle of 22 degrees 18 minutes 40 seconds, an arc distance of 336.44 feet to the point of compound curvature of a circular curve to the left, having a radius of 250.00 feet; THENCE Northeasterly, along said south line of Gateway Boulevard (fight-of-way varies) and along said curve through a central angle of 8 degrees 27 minutes 22 seconds, an arc distance of 36.90 feet to the point of reverse curvature of a circular curve to the right, having a radius of 250.00 feet; THENCE Northeasterly, along said south line and along said curve through a central angle of 4 degrees 39 minutes 42 seconds, an arc distance of 20.34 feet to for the point of compound curvature of a circular curve to the right, having a radius of 779.00 feet; THENCE Easterly, along said south line and along said curve through a central angle of 12 degrees 44 minutes 22 seconds, an arc distance of 173.21 feet to the point of compound curvature of a circular curve to the fight, having a radius of 242.50 feet; TRACT 1~ BLOCK 1 (Continued~ THENCE Easterly, along said south line and along said curve through a central angle of 15 degrees 56 minutes 26 seconds, an arc distance of 67.67 feet to the point of reverse curvature of a circular curve to the left, having a radius of 257.50 feet; THENCE Easterly, along said south line and along said carve through a central angle of 8 degrees 15 minutes 10 seconds, an arc distance of 37.09 feet to the point of reverse curvature of a circular curve to the right having a radius of 769.00 feet; THENCE Easterly, along said south line and along said curve through a central angle of 5 degrees 54 minutes 11 seconds, an arc distance of 79.23 feet to the point of tangency; THENCE South 88 degrees 10 minutes 14 seconds East, along said south line of Gateway Boulevard (92' fight-of-way), a distance of 50.00 feet to the point of curvature of a circular curve to the right having a radius of 30.00 feet; THENCE Southeasterly, departing said south line and along said curve through a central angle of 90 degrees 00 minutes 00 seconds, an arc distance of 47.12 feet to the point of tangency; THENCE South 1 degree 49 minutes 46 seconds West, along the west line of Freeport Parkway (95' right- of-way), a distance of 731.53 feet to the point of curvature of a circular curve to the right having a radius of 10.00 feet; THENCE Southwesterly, departing said west line and along said curve through a central angle of 89 degrees 46 minutes 32 seconds, an arc distance of 15.67 feet to the point of rangehey; THENCE North 88 degrees 23 minutes 42 seconds West, along the north line of Cotton Road (right-of- way varies), a distance of 1344.26 feet to a point for a comer, said comer being the intersection of the north line of said Cotton Road and the said north line of I.H. 635 (fight-of-way varies); THENCE North 54 degrees 44 minutes 53 seconds West, along said north line of I.H. 635, a distance of 590.15 feet to the POINT OF BEGINNING AND CONTAINING 1,138,069 square feet or 26.1265 acres of land more or less. BEI2NG a tract of land situated in the S.A.&M.G. Railroad Survey, Abstract No. 1439, and being part of Block 2 Gateway Business Park, an addition to the City of Coppell, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of proposed Block 2A of said Gateway Business Park Block 2, and being more particularly desert'bed as follows: BEGLNNING at the southwest comer of said Block 2, said comer being on the north fight-of-way Line of Interstate Highway 635 (right-of*way varies); THENCE North 01 degrees 51 minutes 06 seconds East, departing said north line and along the west ILne of said Block 2, a distance of 627.09 feet to a point for a comer, said comer lying on the south fight-of-way lmc of proposed Southwestern Drive (60 feet right-of-way); THENCE North 87 degrees 24 minutes 30 seconds East, along said south line, a distance of .18 feet to a point for a comer, said comer being on a circular curve to the left, having a radius of 60.00 feet and whose hack tangent beaxs South 2 degrees 35 minutes 30 seconds East; THENCE Easterly, along the south line of proposed temporary street fight-of-way for a cul de sac and along said curve through a central angle of 160 degrees 31 minutes 44 seconds, an arc distance of 168.11 feet to the point of reverse curvature of a circular curve to the right, having a radius of 30.00 feet; THENCE Northeasterly, along said south line and along said curve through a central angle of 70 degrees 3i minutes 44 seconds, an arc distance of 36.92 feet to the point of rangehey; THENCE North 87 degrees 24 minutes 30 seconds East, along said south line of Southwestern Drive (60' fight-of-way), a distance of 314.02 feet to the point of curvature of a circular curve to the fight, having a radius of 30.00 feet; THENCE Southeasterly, departing said south line and along said curve through a central angle of 94 degrees 26 minutes 36 seconds, an arc distance of 49.45 feet to the point of tangency; THENCE South 1 degree 51 minutes 06 seconds West, along the proposed west line of Exchange Drive (60' right-of-way), a distance of 733.10 feet to the point of curvature of a circular curve to the right, having a radius of 30.00 feet; THENCE Southwesterly, departing said west line and along said curve through a central angle of 87 degrees 49 minutes 19 seconds, an arc distance of 45.98 feet to the point of compound curvature of a circular curve to the right, having a radius of 785.00 feet; THENCE Westerly, along the north line of Gateway Boulevard (70' fight-of-way) and along said cmwe through a central angle of 32 degrees 02 minutes 09 seconds, an arc distance of 438.91 feet to a point for a corner said comer being the intersection of the north line of said Gateway Boulevard and said north line of [H 635; THENCE North 54 degrees 44 minutes 53 seconds West, along said north line of 1I-I 635, a distance of 48.51 feet to the POINT OF BEGINNING AND CONTAINING 356,584 square feet or 8.1860 acres of land more or less. TRACT 1, BLOCK 2B BEING a tract of land situated in the SA.&M.G. Railroad Survey, Abstract No. 1439, and being part of Block 2 Gateway Business Park, an addition to the City of CoppeLl, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of proposed Block 2B of said Gateway Business Park Block 2, and being more particularly descffbed as follows: BEGI]N~'41NG at a point located on the southeast corner of said Block 2B and said comer being on the west line of proposed Sterling Drive (60' right-of-way), said corner being on a circular curve to the fight, ha~ng a radius of 30.00 feet and whose back tangent bears South 1 degrees 49 minutes 46 seconds West; THENCE Southwesterly, departing said west line and along said curve through a central angle of 89 degrees 46 minutes 32 seconds, an arc distance of 47.01 feet to the point oftangency on the existing north line of Gateway Boulevard (70' fight-of-way); THENCE North 88 degrees 23 minutes 42 seconds West, along said north line, a distance of 693.09 feet to the point of curvature of a circular curve to the left, having a radius of 855.00 feet; THENCE Westerly, along said north line and along said curve through a central angle of 13 degrees 49 minutes 21 seconds, an arc distance of 206.27 feet to the point of reverse curvature of a circular curve to the fight, having a radius of 785.00 feet; TH]ENCE Westerly, along said north line and along said curve through a central angle of 2 degrees 42 minutes 39 seconds, an arc distance of 3'7. I4 feet to the point of compound curvature of a circular curve to the right, having a radius of 30.00 feet; THENCE Northwesterly, departing said north line and along said curve through a central angle of degrees 21 minutes 30 seconds, an arc distance of 53.07 feet to the point of tangency; THENCE North 1 degree 51 minutes 06 seconds East, along the east line of proposed Exchange Drive (60' right-of-way), a distance of '728.18 feet to the point of curvature of a circular curve to the fight, having a radius of 30.00 feet; THENCE Northeasterly, departing said east line and along said curve through a central angle of 85 degrees 33 minutes 24 seconds, an arc distance of 44.80 feet to the point of tangency; THENCE North 87 degrees 24 minutes 30 seconds East, along the south line of proposed Southwestern Drive (60' right-of-way), a distance of 941.'79 feet to the point of curvature of a circular curve to the right, having a radius of 30.00 feet; THENCE Southeasterly, departing said south line and along said curve through a central angle of 94 degrees 25 minutes 16 seconds, an arc distance of 49.44 feet to the point of tangency; THENCE South 1 degree 49 minutes 46 seconds West, along said west line of Sterling Drive, a distance of 763.76 feet to the POINT OF BEGINNING AND CONTAINING 791,830 square feet or 18.1779 acres of land more or less. TRACT 1, BLOCK 2C BEENG a tract of land situated in the S.A.&M.G. Railroad Survey, Abstract No. 1439, and being pan of Block 2 Gateway Business Park, an addition to the City of Coppell, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of proposed Block 2C of said Gateway Business Park Block 2, and being more particularly descn'bed as follows: BEGI~NI2NG at a point located on the southwest comer of said Block 2C and said comer lying on the north line of existing Gateway Boulevard (70' fight-of-way), said comer being on a circular curve to the right, having a radius of 30.00 feet and whose hack tangent bears North 88 degree 23 minutes 42 seconds West; THENCE Northwesterly, departing said north line and along said curve through a central angle of 90 degrees 13 minutes 28 seconds, an arc distance of 47.24 feet to the point of tangency; THENCE North 1 degree 49 minutes 46 seconds East, along the east line of proposed SterLing Drive (60' r/ght-of-way), a distance of 772.57 feet to the point of curvature of a circular curve to the fight, having a radius of 30.00 feet; THENCE Nonheasterly, departing said east line and along said curve through a central angle of 85 degrees 34 minutes 44 seconds, an arc distance of 44.81 feet to the point of tangency; THENCE North 87 degrees 24 minutes 30 seconds East, along the south line of proposed Southwestern Drive (60' right-of-way), a distance of 332.61 feet to the point of curvature of a circular curve to the left, having a radius of 490.00 feet; THENCE Easterly, continuing along said south line and along said curve through a central angle of 24 degrees 08 minutes 13 seconds, an arc distance of 206.42 feet to the point of reverse curvature of a circular curve to the right, having a radius of 430.00 feet; THENCE Easterly, continuing along said south line and along said curve through a central angle of 24 degrees 08 minutes 03 seconds, an arc distance of 181.12 feet to the point of tangency; THENCE North 87 degrees 24 minutes 19 seconds East, continuing along said south line, a distance of 141.87 feet to the point of curvature of a circular curve to the right, having a radius of 30.00 feet; 'H-IENCE Southeasterly, departing said south line and along said curve through a central angle of 98 degrees 07 minutes 59 seconds, an arc distance of 51.38 feet to the point of reverse curvature of a circular curve to the left, having a radius of 890.00 feet; THENCE Southerly, along the west line of Freeport Parkway (95' fight-of-way) and along said curve through a central angle of 3 degrees 42 minutes 32 seconds, an arc distance of 57.61 feet to the point of tangency; THENCE South 1 degree 49 minutes 46 seconds West, continuing along said west line, a distance of 673.44 feet to the point of curvature of a circular cutwe to the right, having a radius of 30.00 feet; THENCE Southwesterly, departing said west line and along said curve through a central angle of 90 degrees 00 minutes 00 seconds, an arc distance of 47.12 feet to the point of tangency; TRACT 1, BLOCK 2C (Continued) THENCE North 88 degrees 10 minutes 14 seconds West, along the said north line of Gateway Boulevard (92' right-of-way at this point), a distance of 50.00 feet to the point of curvature of a circular curve to the left, having a radius of 861.00 feet; THENCE Westerly, continuing along said north line (right-of-way varies) and along said curve through a central angle of 13 degrees 54 minutes 19 seconds, an arc distance of 208.96 feet to the point of compound curvature of a circular curve to the left, having a radius of 457.50 feet; THENCE Southwesterly, continuing along said north Line and along said curve through a central angle of 19 degrees 56 minutes 56 seconds, an arc distance of 159.29 feet to the point of reverse curvature of a circular curve to the right, having a radius of 250.00 feet; THENCE Southwesterly, continuing along said north Line and along said curve through a central angle of 11 degrees 56 minutes 06 seconds, an arc distance of 52.08 feet to the point of reverse curvature of a circular curve to the left, having a radius of 250.00 feet; THENCE Westerly, continuing along said north line and along said curve through a central angle of 1 degree 58 minutes 49 seconds, an arc distance of 8.64 feet to the point of reverse curvature of a circular curve to the right, having a radius of 794.00 feet; THENCE Westerly, continuing along said north line of Gateway Boulevard (70' right-of-way) and along said curve through a central angle of 23 degrees 40 minutes 30 seconds, an arc distance of 328.08 feet to the point of tangency; THENCE North 88 degrees 23 minutes 42 seconds West, continuing along said north line, a distance of 65.58 feet to the POINT OF BEGINNING and containing 723,965 square feet or 16.6200 acres of land more or less. TRACT 1, BLOCK 2D BEING a tract of land situated in the S.A&M.G. Railroad Survey, Abstract No. 1439, and being part of Block 2 Gateway Business Park, an addition to the City of Coppell, Dallas County, Texas as filed for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of proposed Block 2D of said Gateway Business Park Block 2, and being all of a 0.25 acre tract to the City of Coppell as shown on Abstract Map 1439, Dallas County, Texas and being more particularly described as follows: BEGINNING at the northwest corner of said Block 2, said corner being on the common north line of said Block 2 and the south Line of the Sik Louis and Southwestern Railroad fight-of-way (100' right-of-way); THENCE North 87 degrees 24 minutes 30 seconds East, along said common line, a distance of 2413.04 feet to a point on line, said point being the northwest corner of a 0.25 tract to the City of Coppell as shown on Abstract Map 1439 County of Dallas, Texas; THENCE North 87 degrees 24 minutes 30 seconds East, departing said north line of Block 2 and along the north line of said 0.25 acre tract and said south line, a d/stance of 102.05 feet to a point on line; THENCE North 87 degrees 24 minutes 30 seconds East, departing said north line of 0.25 acre tract and along said common line of said Block 2 and said St. LoLLis Southwestern Railroad right-of-way, a distance of 49.57 feet to a point for a corner; THENCE South 8 degrees 39 minutes 01 seconds West, departing said common line and along the west Line of Freeport Parkway (80' right-of-way), a distance of 280.79 feet to the point of curvature of a circular curve to the right, having a radius of 30.00 feet; THENCE Southwesterly, departing said west line and along said curve through a central angle of 78 degrees 45 minutes 18 seconds, an arc distance of 41.24 feet to the point of tangency; THENCE South 87 degrees 24 minutes 19 seconds West, along the north line of proposed Southwestern Drive (60' right-of-way), a distance of 164.34 feet to the point of curvature of a circular curve to the left, having a radius of 490.00 feet; THENCE Westerly, continuing along said north line and along said curve through a central angle of 24 degrees 08 minutes 03 seconds, an arc distance of 206.40 feet to the point of reverse curvature of a circular curve to the right, having a radius of 430.00 feet; THENCE Westerly, continuing along said north line and along said curve through a central angle of 24 degrees 08 minutes 13 seconds, an arc distance of 181.15 feet to the point of tangency; THENCE South 87 degrees 24 minutes 30 seconds West, continuing along said north line, a distance of 1969.51 feet to a point for a comer, said comer being the intersection of said north line and the west line of said Block 2; THENCE North 2 degrees 35 minutes 30 seconds West, departing said north line and along said west line, a distance of 381.15 feet to the POINT OF BEGINNING AND CONTAINING 935,685 square feet or 21.4804 acres of land more or less. TRACT 1, BLOCK 3 BELNG a tract of land situated in the S.A.&M.G. Railroad Survey, Abstract No. 1439, and being part of Block 3 Gateway Business Park, an addition to the City of CoppelI, Dallas County, Texas as fled for record in Volume 90138, Page 4298 through 4296 of the Plat Records of Dallas County, Texas, and being all of proposed Block 3 of said Gateway Business Park Block 2, and being more particularly described as follows: BEiG[N~F[NG at the most northwesterly comer of said Block 3 and said comer being the intersection of the south line of Gateway Boulevard (70' right-of-way) and the north line of I.H. 635 (fight-of-way varies), said comer being on a circular curve to the left, having a radius of 855.00 feet and whose back tangent bears South 78 degrees 20 minutes 47 seconds East; THENCE Easterly, along said south line and along said curve through a central angle of 13 degrees 35 minutes 22 seconds, an arc distance of 202.79 feet to a point for the point of reverse curvature of a circular curce to the right having a radius of 20.00 feet; THENCE Southeasterly, departing said south line and along said curve through a central angle of 87 degrees 03 minutes 07 seconds, an arc distance of 30.39 feet to a point for the point of tangency; THENCE South 4 degrees 53 minutes 02 seconds East, along the west line of Cotton Road (50' right-of- way), a distance of 1.16 feet to a point for the point of curvature of a circular curve to the left, having a radius of 450.00 feet; THENCE Southerly, along said west line and along said curve tt~rough a central angle of 19 degrees 33 minutes 26 seconds, an arc distance of 153.60 feet to a point for a comer, said comer being the intersection of said south line and said north line of I.H. 635; THENCE North 54 degrees 44 minutes 53 seconds West, along said north line, a distance of 319.59 feet to a point the POINT OF BEGINN'[NG AND CONTAINING 16,148 square feet or .3707 acres of land more or less. TRACT 2A GROSS AND NET BEING a tract of land situated in the Cordella Brown Survey, Abstract No. 56, the James A. Simmons Survey, Abstract No. 1296, and the Joel Wilson Survey, Abstract No. 1555, Dallas County, Texas, and being all of a tract of land as deSert'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly desert'bed as follows: COMMEb/CLNG at the northeast corner of a tract of land conveyed to the State of Texas, as recorded in Volume 84195, page 0604 of said Deed Records; THENCE North 78 degrees 20 minutes 17 seconds West, along the northeast line of I.H. 635, a distance of 95.00 feet to the POINT OF BEGINNING; THENCE South 66 degrees 59 minutes 20 seconds West, continuing along said northeast line, a d/stance of 80.86 feet to a point for a comer; THENCE North 80 degrees 50 minutes 57 seconds West, continuing along said northeast line, a distance of 68.28 feet to a point for a corner; TH~ENCE North 78 degrees 20 minutes 17 seconds West, continuing along said northeast line, a distance of 275.97 feet to a point for a corner; THENCE North 63 degrees 58 minutes 32 seconds West, continuing along said northeast line, a distance of 157.56 feet to a point for a corner; TI-~NCE North 42 degrees 29 minutes 36 seconds West, continuing along said northeast line, a distance of 28.00 feet to a point for a comer; THENCE North 59 degrees 20 minutes 36 seconds West, continuing along said northeast line, a d/stance of 811.79 feet to a point for a corner; THENCE North 36 degrees 45 minutes 13 seconds West, continuing along said norLheast line, a distance of 210.02 feet to a point for a comer; THENCE North 02 degrees 35 minutes 43 seconds East, departing said northeast line, a distance of 897.75 feet to a point for a comer being the southwest comer of a 1.4515 acre tract of land being the remainder of a tract of land described by deed to Hunt Investment Corporation as recorded in Volume 74223, Page 1247 of said Deed Records; THENCE North 76 degrees 26 minutes 05 seconds East, along said south line of said 1.4515 acre tract, a distance of 0.61 feet to the point of curvature of a circular curve to the left, having a radius of 674.24 feet; THENCE Northeasterly, continuing along said south line and along said curve through a central angle of 25 degrees 45 minutes 32 seconds, an arc distance of 303.12 feet to a point for a comer in the southwest line of Freeport Parkway (80' right-of-way), said point lying on a circular curve to the left, having a radius of 306.34 feet and whose chord bears South 33 degrees 16 minutes 36 seconds East; THENCE Southeasterly, departing said south line and along said southwest line with said curve fitrough a central angle of 04 degrees 00 minutes 26 seconds, an arc distance of 2t.43 feet to the point of tangency; TRACF 2A (Continued) THENCE South 35 degrees 16 minutes 50 seconds East, continuing along said southwest line, a distance of 643.89 feet to a point for a comer; THENCE South 54 degrees 43 minutes 10 seconds East, a distance of 2.00 feet to a point for a comer; THENCE South 35 degrees 16 minutes 50 seconds East, along said southwest line, a distance of 860.11 feet to the point of curvature of a circular curve to the right, having a radius of 778.00 feet; THENCE Southerly, along said southwest line and along said curve through a central angle of 46 degrees 56 minutes 33 seconds, an arc distance of 637.42 feet to the point of tangency; THENCE South 11 degrees 39 minutes 43 seconds West, along the west line of said Freeport Parkway, a distance of 45.91 feet to a point for a comer; THENCE North 78 degrees 20 minutes 17 seconds West, a distance of 8.00 feet to a point for a comer; THENCE South 11 degrees 39 minutes 43 seconds West, along the west line of Freeport Parkway (100' right-of-way), a distance of 200.00 feet to the POENT OF BEGINNING AND CONTAINING 1,574,224 square feet or 36.139 acres of land more or less including 118,568 square feet or 2,722 acres of land more or less proposed for Grapevine Creek Easement. Note: This description is based on record information including a boundary sun, ey for Tfiland Investment by Albert H. Halff Associates, Inc. dated July, 1985 and includes areas dedicated for public use (i.e., utility easements) and also includes are within the 100-year floodplain as shown on FZ[R~M Maps 480170 0005, 480165 0005, and 480165 0050. I:XAVO~ l°~/SXWI~LD~6-142 f~ - I ~.. TRACT 2B BELNG a tract of land situated in the Cordella Brown Survey, Abstract No. 56, the James A. Simmons Survey, Abstract No. 1296, and the Joel Wilson Survey, Abstract No. 1555, Dallas County, Texas, and being pan of a tract of land as descn~Ded by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly descn'bed as follows: BEGINNING at the intersection of the south line of Airline Drive (60' right-of-way) and the east line of Freeport Parkway (proposed 84' right-of-way); THENCE North 54 de~'ees 43 minutes 10 seconds east, along the southeast line of said Airline Drive, a distance of 7.63 feet to the point of curvature of a circular curve to the left, having a radius of 666.96 feet; THENCE Northeasterly, along said southeast line with said curve through a central angle of 18 degrees 26 minutes 50 seconds, an arc distance of 214.74 feet to the point of tangency; THENCE North 36 degrees 16 minutes 20 seconds East, continuing along said southeast line, a distance of 593.27 feet to the point of curvature of a circular curve to the right, having a radius of 50.00 feet; THENCE Northeasterly, continuing along said southeast line and with said curve through a central angle of 55 degrees 37 minutes 15 seconds, an arc distance of 48.54 feet to a point for a comer; THENCE South 01 degrees 20 minutes 07 seconds West, departing said south line and along the west line of Block 9 Park West Commerce Center as filed for record in Volume 90218, Page 3272 of the Plat Records of Dallas County, Texas, a distance of 627.58 feet to the point of curvature of a circular curve to the left, having a radius of 382.25 feet; THENCE Southerly, along said curve through a central angle of 39 degrees t6 minutes 17 seconds, an arc distance of 262.00 feet to a point for a comer; THENCE South 01 degrees 19 minutes 28 seconds West, continuing along said west line, a distance of 440.36 feet to a point for a comer in the north line of proposed Wrangler Drive (65' fight-of-way); THENCE North 89 degrees 06 minutes 45 seconds West, along said north line, a distance of 143.98 feet to the point of curvature of a circular curve to the left, having a radius of 632.50 feet; THENCE Westerly, along said north line and along said curve through a central angle of 31 degrees 25 minutes 38 seconds, an arc distance of 346.93 feet to a point for a comer, said comer being on a circular curve to the right having a radius of 862.00 feet and whose back tangent bears North 31 degrees 41 minutes 51 seconds West; THENCE Northwesterly, departin said north line, along said west line of Freeport Parkway and along said curve through a central angle of 3 degrees 34 minutes 59 seconds, an arc distance of 53.91 feet to the point of tangency; TRACT 2B (Continued) THENCE North 35 degrees 16 minutes 50 seconds West, along said west line, a distance of 872.58 feet to the POENT OF BEGINNING AND CONTAINI2'qG 951,317 square feet or 21.839 acres of land more or less. Note: This description is based on record information including a boundary survey for Triland Investment by Albert H. Halff Associates, Inc. dated July, 1985 and includes areas dedicated for public use (i.e., utility easements) and also includes are within the 100-year floodplain as shown on HRM Maps 480170 0005, 480165 0005, and 480165 0050. TRACT 2C BEING a tract of land situated in the Cordella Brown Surqey, Abstract No. 56, the James A. Simmons Survey, Abstract No. 1296, and the Joel Wilson Survey, Abstract No. 1555, Dallas County, Texas, and being pan of a tract of land as desert'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly desert'bed as follows: BEG~4NING at the northeast comer of a tract of land conveyed to the State of Texas, as recorded in Volume 84195, page 0604 of said Deed Records; THENCE South 78 degrees 20 minutes 17 seconds East, along the proposed south line of Freeport Parkway, a distance of 5.00 feet to a point for a comer; THENCE North 11 degrees 39 minutes 43 seconds East, along the proposed east line of Freeport Parkway (100' fight-of-way), a distance of 200.00 feet to a point for a comer; THENCE North 78 degrees 20 minutes I7 seconds West, along said east line, a distance of 8.00 feet to a point for a comer; THENCE North 11 degrees 39 minutes 43 seconds East, along said east line, a distance of 45.95 feet to the point of curvature of a circular curve to the left, having a radius of 862.00 feet; THENCE Northerly, along said east line and along said curve through a central angle of 39 degrees 02 minutes 25 seconds, an arc distance of 587.35 feet to a point for a comer, said comer being on a circular curve to the right, having a radius of 567.50 feet and whose back tangent bears North 59 degrees 20 minutes 43 seconds East; THENCE Easterly, departing said east line and along the proposed south line of Wrangler Drive (65' fight-of-way) and along said curve through a central angle of 31 degrees 32 minutes 31 seconds, an arc distance of 312.41 feet to the point of tangency; THENCE South 89 degrees 06 minutes 46 seconds East, along the south line, a distance of 405.81 feet to a point for a comer; THENCE South 01 degrees 08 minutes 02 seconds West, departing said south line and along the west line of a tract desert'bed by Deed to Coppell Independent School District as fi/ed for record in Volume 417, Page 461 of said Deed Records, a distance of 1867.65 feet to a point for a comer; THENCE South 01 degrees 33 minutes 48 seconds West, departing said west line, a distance of 791.33 feet to a point for a comer in the northeast line of I.H. 635; THENCE North 34 degrees 24 minutes 07 seconds West, along said northeast line, a distance of 1194.58 feet to a point for a comer; THENCE North 04 degrees 17 minutes 49 seconds East, continuing along the highway right-of-way, a distance of 740.30 feet to a point for a comer; TRACT 2C (Continued) THENCE North 06 degrees 54 minutes 39 seconds East, continuing along sa/d fight-of-way, a distance of 49.76 feet to the POINT OF BEGINNING AND CONTAINING 1,434,985 square feet or 32.943 acres of land more or less. Note: This description/s based on record information including a boundary survey for Triland Investment by Albert H. HaLff Associates, Inc. dated July, 1985 and includes areas dedicated for public use (i.e., · utility e~ements) and also includes are within the 100-year floodplaLn as shown on FIRM Maps 480170 0005, 480165 0005, and 480165 0050. TRACT 3 - GROSS AND NET BEING a tract of land situated in the James A. S/mmoas Survey, Abstract No. 1296, Dallas County, Texas, and being all of a tract of land as descffbed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 3416 of the Deed Records of Dallas County, Texas, and being more particularly descn'bed as follows: BEGINNING at an intersection of the northwest Line of Airline Drive (60' fight-of-way) and the northeast line of Freeport Parkway (80' fight-of-way); ' ' THENCE North 35 degrees 16 minutes 50 seconds West, along the northeast line, a distance of 571.39 feet to the point of curvature of a circular curve to the right, having a radius of 226.34 feet; THENCE Northeasterly, along said northeast line through a central angle of 08 degrees 14 minutes 06 seconds, an arc distance of 32.53 feet to a point for a comer lying on a curve to the left, having a radius of 674.24 feet and whose chord bears North 39 degrees 57 minutes 24 seconds East; THENCE Northeasterly, along said curve to the left departing said northeast line and along the south line of Block 2 Park West Commerce Center as filed for record in Volume 90218 Page 3272 of the Plat Records of Dallas County, Texas, through a central angle of 07 degrees 09 minutes 03 seconds, an arc distance of 84.15 feet to a point for a comer; THENCE North 36 degrees 22 minutes 52 seconds East, continuing along said south line, a distance of 127.66 feet to a point for a comer; THENCE South 88 degrees 07 minutes 01 seconds East, continuing along said south line, a distance of 364.01 feet to a point for a comer; THENCE North 36 degrees 22 minutes 52 seconds East, continuing along said south line, a distance of 207.52 feet to a point for a comer; THENCE South 53 degrees 42 minutes 20 seconds East, continuing along said south line, a distance of 302.37 feet to a point for a comer in the northwest line said Airline Drive, said point lying on a curve to the left, having a radius of 110.00 feet and whose chord bears South 42 degrees 24 minutes 42 seconds West; THENCE Southwesterly, departing said south line and along said northwest line and with said curve through a central angle of 12 degrees 16 minutes 45 seconds, an arc distance of 23.57 feet to a point for a comer; THENCE South 36 degrees 16 minutes 20 seconds West, continuing along said northwest line, a distance of 539.27 feet to the point of curvature of a circular curve to the fight, having a radius of 606.96 feet; THENCE Southwesterly, continuing along said northwest line with said curve through a central angle of 18 degrees 26 minutes 50 seconds, an arc distance of 195.42 feet to a point for a comer; TRACT 3 (Continued] THENCE South 54 degrees 43 minutes 10 seconds West, continuing along said northwest line, a distance of 9.63 feet to the POINT OF BEGINNING AND CONTAINING 342,455 square feet or 7.862 acres of land more or less, including 109,634 square feet or 2.517 acres more or less proposed for Grapevine Creek easement. Note: This description is based on record information including a boundary survey for Triland Investment by Albert H. Halff Associates, Inc. dated July, 1985 and includes areas dedicated for public use (i,e., utility easements) and also includes are within the 100-year floodplain as shown on FIRM Maps 480170 0005, 480165 0005, and 480165 0050. TRACT 4 - GROSS AND NET BEING a tract of land situated in the heirs of Joel Wilson Survey, Abstract No. 1555, Dallas County, Texas, and being all of a tract of land as desca'bed by deed to Santa Fe Pacific Realty Corporation, as recorded in Volume 89190, Page 4821 of the Deed Records of Dallas County, Texas, and being more particularly descn'bed as follows: BEGINNING at an intersection of the south line of Cotton Road (50' right-of-way) with the northeast line of Interstate Highway 635; -. THENCE South 88 degrees 23 minutes 42 seconds East, a distance of 1214.45 feet along the south Line of Cotton Road to a point for a comer on the west line of a 554.56 acre tract conveyed to Secure Trusts, as descffbed in Volume 785, Page 1637 of said Deed Records; THENCE South 02 degrees 35 minutes 43 seconds West, departing said south line, a distance of 1227.09 feet along the west line of said Secure Trust tract to a point for a comer lying on the northeast line of Interstate Highway 635; THENCE North 36 degrees 43 minutes 45 seconds West, along the northeast line of Interstate Highway 635, a distance of 953.75 feet to the POINT OF BEGINNING AND CONTAINING 678,076 squaxe feet or 15.567 acres of land more or less, including 98,868 square feet or 2.270 acres of land more or less for proposed Grapevine Creek Easement. Note: This description is based on record information includes axeas dedicated for public use (i.e., uffljty easements) and also includes area within the 100-year floodplain as shown on survey performed by Nathan D. Maier Consulting Engineers, Inc. dated 9-28-89. EXHIBIT COpF~w .T . GATBWAY PUBLIC IieRO~ DISTRICt SCBEi)ULB H Annual Assessmut Installment P~r $I.00 of Bond Debt 1992 $ $ 1993 .08'75 .0875 1994 ,0875 ,0875 1995 .025 .0875 ,1125 1996 ,027 ,08531 ,11231 1997 .029 ,08295 .1195 1998 ,032 .08041 .11241 1999 .035 .07761 .11261 2000 .038 .07455 .11255 2001 .041 .07122 .11222 2002 .04,t .06764 .11164 2003 .049 .063'79 .11279 2004 ,053 ,0595 .I125 2005 .05'7 .05486 ,1118~ :2006 .062 .0~98'7 .11 200'7 .068 .~445 .112~5 2008 .(Y7~, .0385 ' . 1125 2009 .08 .03202 .11202 2010 .088 .02502 .11302 2011 .095 .01732 .11232 2012 .103 .0090 .112