RE 12-14-99.4 RESOLUTION NO. 121499.4 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 CROW FAMILY HOLDINGS INDUSTRIAL TEXAS LIMITED PARTNERSHIP; AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council has been presented a proposed Tax Abatement Agreement by and among the City of Coppell, Texas and Crow Family Holdings Industrial 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 City Council finds that the improvements proposed to be built upon the Premises described in the Agreement will enhance the economic vitality of the community through a combination of new capital investment, increased sales tax revenues, and the creation of additional job opportunities. 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. 30258 1.DOe 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 Coppeli, Texas, intends to enter into the Agreement. The notice given by the City Manager included a copy of the Agreement approved by this Resolution. SECTION 6. This Resolution and the Tax Abatement Agreement are hereby approved by the affirmative vote of the majority of the members of the City Council of the City of Coppell, Texas, at a regularly scheduled meeting of the City Council. SECTION 7. This Resolution shall become effective immediately from and after its passage. DULY RESOLVED AND ADOPTED by the City Council of the City of Coppell, Texas, on this the 14th day of December, 1999. CITY OF COPPELL, TEXAS CANDY SHEEEHA, MAYOR ATTEST: LIBBY BALL, CITY SECRETARY APPROVED AS TO FORM: ROBERT E. HAGER, CITY ATTORNEY ~P2TE. HA~ORNEy (PGS/ttl 12/07/1999) 30258 I.DOC STATE OF TEXAS § § TAX ABATEMENT AGREEMENT COUNTY OF DAIJAS § This Tax Abatement A~eement (the "AGREEMENT') is entered into by and between the City of Coppell, Texas (the "CITY'), duly acting herein by and through its Mayor, and Crow Family Holdings Industrial Texas Limited Partnership CCFH-Texas" and formerly known as CFH-FTAX Limited Partnership), acting by and through its authorized officer. WITNESSETH: WHEREAS, the City Council of the City of Coppell, Texas, (the "CITY'), passed an Ordinance (the "ORDINANCE") establishing Tax Abatement Reinvestment Zone No. 25 (the "ZONE"), for commercialfmdustrial 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 emer into this AGREEMENT in accordance with said ORDINANCE, the TAX ABATEMENT GUIDELINES and the TAX CODE; and WHEREAS, CFH-Texas' development efforts described herein will create permanent new jobs in the CITY; and WHEREAS, the City Council finds that the contemplated use of the PREMISES (hereinafier defined), the contemplated improvements to the PREMISES thereto in the amount set forth in this AGREEMENT, and the other terms hereof are consistent with encouraging development of the ZONE in accordance with the purposes for its creation and/or in compliance with the TAX ABATEMENT GUIDELINES, the ORDINANCE adopted by the CITY, the TAX CODE and all other applicable laws; and WHEREAS, the City Council finds that the improvements sought are feasible and practicable and would be of benefit to the PREMISES (hereinafier defined) to be included in the ZONE and to the CITY after expiration of this AGREEMENT; and TAX ABATEMENT AGREEMENT - Page 1 ss23726 WHEREAS, a copy of this AGREEMENT has been furnished, in the manner prescribed by the TAX CODE, to the presiding offricers 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 CFH-Texas the owner of the PREMISES within the Zone for the abatement of taxes pursuant to Chapter 3 12 of the TAX CODE as amended; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for good and other valuable consideration, the adequacy and receipt of which is hereby acknowledged, including the expansion of primary employment, the attraction of major investment in the ZONE, which contributes to the economic development of Coppell and the enhancement of the tax base in the CITY, the paxties agree as follows: GENERAL PROVISIONS 1. CFH-Texas is the owner of the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "PREMISES" hereinafter defined), which real property is located within the city limits of the CITY and within the ZONE 2. The PREMISES are not an improvement project financed by tax increment bonds. 3. This AGREEMENT is entered into subject to the rights of the holders of outstanding bonds of the CITY. 4. The PREMISES are not owned or leased by any member of the Coppelt City Council or any member of the Coppelt Planning and Zoning Commission, or any member of the governing body of any taxing units joining in or adopting this AGREEMENT. TAX ABATEMENT AUTHORIZED 5. This AGREEMENT is authorized by the TAX CODE and in accordance with the Tax Abatement Guidelines, and approved by resolution of the City Council of the CITY authorizing the execution of this AGREEMENT. 6. Subject to the terms and conditions of this AGREEMENT, and provided that the combined TAXABLE VALUE (hereinafer defined) for the PREMISES and TANGIBLE PERSONAL PROPERTY (hereinafter defined) is at least Three Million Five Hundred Thousand Dollars ($3,500,000) as of January 1 of the FIRST YEAR OF ABATEMENT (hereinafter defined) and as of January 1 of each year thereafter for a period of four (4) years, the CITY hereby grants CFH-Texas an abatement of fifty percent (50%) of the TAXABLE VALUE of the PREMISES and the TANGIBLE PERSONAL PROPERTY located on the PREMISES. If the combined TAXABLE VALUE for the PREMISES and TANGIBLE PERSONAL PROPERTY is Five Million Five Hundred Thousand Dollars ($5,500,000) or greater, for any tax year during the term of this AGREEMENT, the CITY grants CFH-Texas an abatement of seventy-five percent (75%) of the TAX ABATEMENT AGREEMENT - Page 2 ss23726 TAXABLE VALUE of the PREMISES and the TANGIBLE PERSONAL PROPERTY located on the PREMISES, otherwise the percentage of abatement is fifty percent (50%) provided the combined TAXABLE VALUE of the PREMISES and the TANGIBLE PERSONAL PROPERTY is at least Three Million Five Hundred Thousand Dollars ($3,500,000). The actual percentage of taxes subject to abatement for each year of this AGREEMENT will apply only to the portion of the taxable value of the PREMISES that exceeds the BASE YEAR TAXABLE VALUE for the PREMISES, the year in which this AGREEMENT is executed (base year/1999). The tax abatement agreement for TANGIBLE PERSONAL PROPERTY will only apply to the TANGIBLE PERSONAL PROPERTY added to the PREMISES after this AGREEMENT is executed. 7. The period of tax abatemere herein authorized shall be for a period of five (5) years beginning the FIRST YEAR OF THE TAX ABATEMENT (hereinafter defined). 8. During the period of tax abatement herein authorized, CFH-Texas shall be subject to all CITY taxation not abated, including but not limited to, sales tax and ad valorem taxation on land, inventory and supplies. DEFINITIONS 9. Wherever used in this AGREEMENT, the following terms shall have the meanings ascribed to them: A. The PREMISES shall mean the real property described in Exhibit "A" attached hereto and incorporated herein for all purposes including any IMPROVEMENTS and TANGIBLE PERSONAL PROPERTY, excluding inventory, which is added thereto subsequent to the execution of this AGREEMENT; B. The IMPROVEMENTS shall mean the contemplated improvements to be constructed on the PREMISES and as further described herein. C. TAXABLE VALUE means the appraised value as certified by the Appraisal District as of January 1 of a given year. D. The BASE YEAR TAXABI,E VALUE shall mean the total assessed taxable value for the PREMISES (on an unimproved basis) for the year in which the Tax Abatement Agreement is executed (1999). E. The FIRST YEAR OF THE TAX ABATEMENT shall mean January 1 of the calendar year immediately following the issuance of a certificate of occupancy for the IMPROVEMENTS. F. TANGIBLE PERSONAL PROPERTY shall mean tangible personal property, equipment and fixtures other than inventory or supplies added to the PREMISES subsequent to the execution of this AGREEMENT. TAX ABATEMENT AGREEMENT - Page 3 ss23726 G. An EVENT OF BANKRUPTCY OR INSOLVENCY shall mean the dissolution or termination (other than a dissolution or termination by reason of CFH- Texas merging with an affiliate of CFH-Texas) of CFH-Texas' existence as a going business, insolvency, appointment of receiver for any part of CFH-Texas' 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 CFH-Texas and such proceeding is not dismissed within ninety (90) days after the filing thereof. IMPROVEMENTS 10. CFH-Texas owns the real property described in Exhibit "A" and agrees to construct or cause to be constructed thereon an office/warehouse facility of at least 117,260 square feet (and other ancillary facilities such as reasonably required parking and landscaping more fully described in the submittals filed by CFH-Texas with the CITY from time to time in order to obtain a building permit) known as Royal Business Center, (the "IMPROVEMENTS"). The cost of the IMPROVE1VIENTS including the land shall be at least Three million Five Hundred Forty-Five Thousand DoUars ($3,545,000). Nothing in this AGREEMENT shall obligate CFH-Texas to construct the IMPROVEMENTS and/or to locate TANGIBLE PERSONAL PROPERTY on the PREMISES, but said actions are a condition precedent to tax abatement pursuant to this AGREEMENT. CONSTRUCTION OF IMPROVEMENTS 11. As a condition precedent to the initiation of tax abatement pursuant to this AGREEMENT, CFH-Texas will diligently and faithfully, in good and workmanlike manner, pursue the completion of the contemplated IMPROVEMENTS on or before December 31, 1999, as good and valuable consideration for this AGREEMENT, and that all construction of the IMPROVEMENTS will be in substantial accordance with all applicable state and local laws, codes, and regulations, (or valid waiver thereof); provided, that CFH-Texas shall have such additional time to complete and maintain the IMPROVEMENTS as may be required in the event of "Force Majeure," if CFH-Texas is diligently and faithfully pursuing completion of the IMPROVEMENTS. For this purpose, "Force Majeure" shall mean any contingency or cause beyond the reasonable control of CFH-Texas including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, adverse weather, government or de facto governmental action (unless caused by acts or omissions of CFH-Texas), fires, explosions or floods, strikes, slowdowns or work stoppages. 12. Subject to events of casualty, condemnation or Force Majeure, CFH-Texas agrees to maintain the IMPROVEMENTS during the term of this AGREEMENT in accordance with all applicable state and local laws, codes, and regulations. CFH-Texas agrees that the IMPROVEMENTS shall be used only as an office/warehouse facility for a period of five (5) years commencing on the date a certificate of occupancy is issued for the IMPROVEMENTS or until the CITY and the TAXING UNITS have received ad valorem taxes from the PREMISES in an amount equal to all ad valorem taxes abated herein, whichever occurs first. TAX ABATEMENT AGREEMENT - Page 4 ss23726 13. The CITY, its agents and employees shall have the right of access to the PREMISES during construction to inspect the IMPROVEMENTS at reasonable times and with reasonable notice to CFH-Texas, and in accordance with CFH-Texas visitor access and security policies, in order to insure that the construction of the IMPROVEMENTS are in accordance with this AGREEMENT and all applicable state and local laws and regulations (or valid waiver thereof). GENERAL REQUIREMENTS 14. Construction plans for the IMPROVEMENTS constructed on the PREMISES will be filed with the CITY, which shall be deemed to be incorporated by reference herein and made a part hereof for all purposes. 15. After completion of the IMPROVEMENTS, CFH-Texas shall certify in writing to the CITY the construction cost of the IMPROVEMENTS. CFH-Texas shall also annually certify to the CITY to the best of its knowledge, that it is in substantial compliance with each term of the AGREEMENT. 16. The PREMISES and the IMPROVEMENTS constructed thereon at all times shall be used in the manner that is consistent with the City' s Comprehensive Zoning Ordinance, as amended. 17. CFH-Texas agrees to provide to any tenants of the PREMISES, the benefit of the abatement of real property taxes granted herein. CFH-Texas shall, upon written request, provide the CITY with satisfactory evidence that the benefits of this AGREEMENT have been provided to the tenants, if any, of the PREMISES. DEFAULT: RECAPTURE OF TAX REVENUE 18. In the event CFH-Texas fails in performance of any of the following conditions: (i) substantial completion of the IMPROVEMENTS in accordance with this AGREEMENT or in accordance with applicable State or local laws, codes or regulations; (ii) has any delinquent ad valorera or State sales taxes owed to the CITY with respect to the PREMISES and/or TANGIBLE PERSONAL PROPERTY (provided CFH-Texas retains its right to timely and properly protest and/or contest such taxes or assessment); (iii) upon the occurrence of any "Event of Bankruptcy or Insolvency"; or (iv) breaches any of the material terms and conditions of this AGREEMENT, then CFH-Texas, 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, CFH-Texas shall, within thirty (30) days after demand, pay to the CITY all taxes which otherwise would have been paid to the CITY without benefit of a tax abatement with interest at the statutory rate for delinquent taxes as determined by Section 33.01 of the TAX CODE as amended but without penalty. The parties acknowledge that actual damages in the event of default termination would be speculative and difficult to determine. The parties further agree that any property tax revenue lost, including interest as a result of this AGREEMENT, shall be recoverable against CFH-Texas, its successors and assigns and shall constitute a tax lien on the PREMISES and the TANGIBLE PERSONAL PROPERTY and shall become due, owing and shall be paid to the CITY within thirty (30) days after termination. TAX ABATEMENT AGREEMENT - Page 5 8823726 19. Upon breach by CFH-Texas of any obligations under this AGREEMENT, the CITY shall notify CFH-Texas in writing. CFH-Texas 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 CFH-Texas has diligently pursued such remedies as shall be reasonably necessary to cure such default, then the CITY may extend the period in which the violation must be cured. 20. If CFH-Texas 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 CFH-Texas. 21. Upon termination of this AGREEMENT by CITY, all tax revenue abated as a result of this AGREEMENT shall become a debt to the CITY as liquidated damages, and shall become due and payable not later than thirty (30) days after a notice of termination is made. The CITY shall have all remedies for the collection of the recaptured tax revenues provided generally in the TAX CODE for the collection of delinquent property tax. The CITY at its sole discretion has the option to provide a repayment schedule. The computation of tax revenue abated for the purposes of the AGREEMENT shall be based upon the full TAXABLE VALUE without tax abatement for the years in which tax abatement hereunder was received by CFH-Texas with respect to the PREMISES and TANGIBLE PERSONAL PROPERTY 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. ANNUAL APPLICATION FOR TAX EXEMPTION; RENDITION 22. It shall be the responsibility of CFH-Texas, 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. 23. CFH-Texas shall annually render the values of the PREMISES and the TANGIBLE PERSONAL PROPERTY to the Appraisal District and provide a copy of the same to the CITY. SUCCESSORS AND ASSIGNS 24. This AGREEMENT shall be binding on and inure to the benefit of the paxties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. This AGREEMENT may be assigned with the consent of the CITY. After any permitted assignment, all references to CFH-Texas herein shall thereafter be a reference to CFH-Texas' successor with respect to any obligations or liabilities occurring or arising after the date of such assignment. TAX ABATEMENT AGREEMENT - Page 6 ss23726 NOTICE 25. All notices required by this AGREEMENT shall be addressed to the following, or other such other party or address as either party designates in writingo by certified mail, postage prepaid or by hand delivery: If intended for CFH-Texas, to: Attn: Brad Copeland CFH-FTAX Limited Partnership 2100 McKinney Avenue Suite 700 Dallas, Texas 75201 If intended for CITY, to: City of Coppell, Texas City Manager P. O. Box 478 Coppell, Texas 75019 C1TY COUNCIL AUTHORIZATION 26. This AGREEMENT was authorized by resolution of the City Council approved by its Council meeting authorizing the Mayor to execute this AGREEMENT on behalf of the CITY. SEVERABILITY 27. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this AGREEMENT shall stand, shall be enforceable and shall be read as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word. APPLICABLE LAW 28. This AGREEMENT shall be construed under the laws of the State of Texas. Venue for any action under this AGREEMENT shall be the State District Court of Dallas County, Texas. This AGREEMENT is performable in Dallas County, Texas. COUNTERPARTS 29. This AGREEMENT may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. TAX ABATEMENT AGREEMENT - Page 7 SS23726 ENTIRE AGREEMENT 30. 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. 31. The provisions of this AGREEMENT are hereby declared covenants running with the PREMISES and are fully binding on all successors, heirs, and assigns of CFH-Texas who acquire any right, title, or interest in or to the PREMISES, or any part thereof. Any person who acquires any right, title, or interest in or to the PREMISES, or any part hereof, thereby agrees and covenants to abide by and fully perform the provisions of this AGREEMENT with respect to the right, title or interest in such property. RECORDATION OF AGREEMENT 32. A certified copy of this AGREEMENT shall be recorded in the Deed Records of Dallas County, Texas. INCORPORATION OF RECITALS 33. The determinations recited and declared in the preambles to this AGREEMENT are hereby incorporated herein as part of this AGREEMENT. EXHIBITS 34. All exhibits to this AGREEMENT are incorporated herein by reference for all purposes wherever reference is made to the same. CONSTRUCTION 35. Both parties have participated in the negotiation and preparation of this AGREEMENT. This AGREEMENT shall not be constructed more or less strongly against either party. CFH-Texas acknowledges that it has obtained legal counsel to assist in the preparation of this AGREEMENT and that CFH-Texas has fully satisfied itself, without warranty or representation not expressly contained herein, by CITY that the tax abatement contemplated hereby is available in all respects. TAX ABATEMENT AGREEMENT - Page 8 ss23726 EXECUTED in duplicate originals this the 15th day of Dcember, 1999. CITY OF COPPELL, TEXAS By: CANDY SHEEHAN, MAY ATTEST: BY: LIBBY BALL AGREED AS TO FORM: By: PETER G. SMITH, CITY ATTORNEY EXECUTED in duplicate originals this the __ day of ,1999. CROW FAMII,Y HOLDINGS INDUSTRIAL TEXAS LIMITED PARTNERSHIP, a Delaware limited partnership By: CFH-FTGP, L.L.C., a Delaware limited liability company, its General Partner By:Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, its Member By: CFH Industrial Trust, Inc., a Maryland corporation, its General Partner By: Name: David T. Confer Title: Vice President TAX ABATEMENT AGREEMENT - Page 9 ss23726 CITY' S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the 15th day of December 1999 by Candy Sheehan, Mayor of the City of Coppell, Texas, a Texas municipality, on behalf of said municipality. Libby Ball Notary Public, State of Texas My Commission Expires: 6-11-00 TAX ABATEMENT AGREEMENT - Page 10 ss23726 CFH-Texas' ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS Maryland corporation on behalf of such 'corporation in its capacity as the General Partner of Crow Family Holdings Industrial Limited Partnership, a Delaware limited partnership, the Member of CFH-FTGP, L.L.C., a Delaware limited liability company, the General Partner of Crow Family Holdings Industrial Texas Limited Partnership, a Delaware limited partnership. Notary Public State of Texas My Commission expires: 5-5-03 TAX ABATEMENT AGREEMENT - Page 11 ss23726 EXHIBIT A LEGAL DESCRIPTION BEING Lot 1 of Freeport North. an addition to the City of Coppell, Dallas County, Texas according to the plat thereof recorded in Volume 96228, Page 3239. Map Records, Dallas County. Texas, and being more particularly described by metes and bounds as follows: BEGIN,'NING at a 1/2 inch iron rod with NDM cap found for a comer at the northeast point of a comer clip located along the south right-of-way of Northpoint Drive (80 feet wide) and the east right-of-way of Royal Lane ( 100 feet wide); THENCE North 89 degrees 50 minutes 31 seconds East continuing along said south right-of- way, a distance of 373.05 feet to a I'/2 inch iron rod found for a comer on the west line of a tract of land described in deed to Pmgeles Esteve as recorded in Volume 88246, Page 4209, Deed Records, Dallas County, Texas; THENCE South 00 degrees 36 minutes 38 seconds East along the west line of the Angeles Esteve tract. a distance of 265.18 feet to a 5/8 inch iron rod found for a comer; THENCE South O0 degrees 01. 'nutes 55 seconds East continuing along the west line of said Angeles Esteve tract, a distance of 281.61 feet to a 1/2 inch set iron rod with "Halff Assoc. Inc." cap for a corner at the northeast corner Lot 3C of Freeport North Addition; THENCE South 89 degree 58 minutes 05 seconds West, departing said west line and along the north line of said Lot 3C a distance of 729.09 feet to a 1/2... in_ch set iron rod with "Halff Assoc. Inc." cap at a non-tangent point on a circular curve to the fight whose radius is 950.00 feet, on the east right-of-way of Royal Lane (100 feet wide); THENCE along said curve to the fight and east right-of-way of Royal Lane, through a central angle of 18 degrees 3I minutes 04 seconds, an arc length of 307.04 feet, a chord bearing North 28 degrees 04 minutes 59 seconds East a distance of 305.70 feet to a 1/2 inch iron rod with NDM cap found for a comer at the point of tangohey; THENCE North 37 degrees 20 minutes 31 seconds East continuing along said east right-of-way, a distance of 170.92 feet to a I/'2 inch iron rod with NDM cap found for a point of curvature of a circular curve to the left whose radius is 1050.00 feet; THENCE along said curve to the left and east fight-of-way through a central angle of 08 degres 18 minutes 38 seconds, an arc length of 152.30 feet, a chord bearing North 33 degrees 1I minutes 12 seconds East a distance of 152.17 feet to a 1/2 inch iron rod with NDM cap found for a comer at the southwest point of a comer clip located along the south right-of-way of Northpoint Drive; THENCE North 59 degrees I3 minutes 48 seconds East, a distance of 25.82 feet to the POINT OF BEGINNING and containing 312,691 square feet or 7.178 acres of land, more or less. EXHIBIT 9S S, SC 2 9 P~ YZ~ S I - ~' ~' V L~~ ~ .....~b,~ .....~ ,,.-~:;.~.~.~ ~;~,~ o~ ~,~ o~ ~. i~ in~,~ .~ "'-"' ~,~ ~ STATE C}~ I'EX:-~S COUN~ OF DALEAS DEC ~9 1999 ~.~..~: COUNTY CLER~ D~Iles Gaunt, T~