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RE 12-14-99.5 RESOLUTION NO. 121499.5 A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BY AND AMONG THE CITY OF COPPELL, TEXAS, ORIENTAL LACQUER FURNITURE, INC. D/B/A THE LAM LEE GROUP AND C.L. LEE FAMILY 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, Oriental Lacquer Furniture, Inc. d/b/a The Lam Lee 6roup and C. L. Lee Family 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 Coppelt, 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. SS28163 SECTION 4. The improvements proposed for the Premises will accomplish the tax abatement guidelines of the City of Coppell, Texas. SECTION 5. The City Manager delivered to the presiding officer of the governing body of each taxing unit in which the property subject to the Agreement is located, a written notice that the City of Coppell, Texas, intends to enter into the Agreement. The notice given by the City Manager included a copy of the Agreement approved by this Resolution. SECTION 6. This Resolution and the Tax Abatement Agreement are hereby approved by the 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 SHEEHAN, MAYOR ATTEST: LIBBY BALL, CITY SECRETARY APPROVED AS TO FORM ROBERT E. HAGER, CITY ATTORNEY (PGS/ttl 12/07/1999) 2 ss28163 STATE OF TEXAS § § TAX ABATEMENT AGREEMENT COUNTY OF DALLAS § This Tax Abatement Agreement (the "AGREEMENT') is entered into by and among the City of Coppell, Texas (the "CrlY'), duly acting herein by and through its Mayor, Oriental Lacquer Furniture, Inc. d/b/a The Lam Lee Group ("LLG") and C. L. Lee Family Limited Partnership ("CLLF") (LLG and CLLF sometimes collectively referred to as "OWNERS"), acting by and through their authorized officers. WITNESSETH: WHEREAS, the City Council of the City of Coppell, Texas, (the "CITY"), passed an Ordinance (the "ORDINANCE") establishing Tax Abatement Reinvestment Zone No. 26 (the "ZONE"), for commercialfmdustrial tax abatement, as authorized by the Property Redevelopment and Tax Abatement Act, Chapter 3 12 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 Coppelt area, it is in the best interests of the taxpayers for the CITY to enter into this AGREEMENT in accordance with said ORDINANCE, the TAX ABATEMENT GUIDELINES and the TAX CODE; and WHEREAS, OWNERS' 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 (hereinaeter 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 (hereinafter defined) to be included in the ZONE and to the CITY after expiration of this AGREEMENT; and TAX ABATEMENT AGREEMENT - Page 1 28156 I.DOC 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 PREMLqES is located; and WHEREAS, the CITY desires to enter into an agreement with CLLF, the owner of the PREMISES and LLG, the owner of TANGIBLE PERSONAL PROPERTY and Lessee of the PREMISES within the Tax Abatement Reinvestment Zone for the abatement of taxes pursuant to Chapter 312 of the TAX CODE as amended; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for good and other valuable consideration, the adequacy and receipt of which is hereby acknowledged, including the expansion of primary employment, the attraction of major investment in the ZONE, which contributes to the economic development of Coppell and the enhancement of the tax base in the CITY, the parties agree as follows: GENERAL PROVISIONS 1. CLLF is the owner of the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes (the "PREMISES" hereinat'ter defined), which real property is located within the city limits of the CITY and within the ZONE. LLG is the owner of TANGIBLE PERSONAL PROPERTY and is the Lessee or intends to lease the PREMISES and is or shall become the owner of TANGIBLE PERSONAL PROPERTY that will be located on the PREMISES. 2. The PREMISES are not in an improvement project financed by tax increment bonds. 3. This AGREEMENT is entered into subject to the rights of the holders of outstanding bonds of the CITY. 4. The PREMISES are not owned or leased by any member of the Coppell City Council or any member of the Coppell Planning and Zoning Commission, or any member of the governing body of any taxing units joining in or adopting this AGREEMENT. TAX ABATEMENT AUTHORIZED 5. This AGREEMENT is authorized by the TAX CODE and in accordance with the City Tax Abatement Guidelines and Criteria, and approved by resolution of the City Council of the CITY authorizing the execution of this AGREEMENT. 6. Subject to the terms and conditions of this AGREEMENT, and provided the combined TAXABLE VALUE for the PREMISES and TANGIBLE PERSONAL PROPERTY, is at least Five Million Five Hundred Thousand Dollars ($5,500,000) as of the FIRST YEAR OF ABATEMENT and as of January 1 of each year thereafter for a period of four (4) years, the CITY hereby grants CLLF an abatement of seventy-five percent (75%) of the TAXABLE VALUE of the TAX ABATEMENT AGREEMENT - Page 2 28156_1.DOC PREMISES and LLG an abatement of seventy-five percent (75%) of the TAXABLE VALUE of the TANGIBLE PERSONAL PROPERTY located on the PREMISES. The actual percentage of taxes for the PREMISES 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 tax abatement for TANGIBLE PERSONAL PROPERTY shall only apply to the TANGIBLE PERSONAL PROPERTY added to the PREMISES after this AGREEMENT is executed. 7. The period of tax abatement herein authorized shall be for a period of five (5) years. 8. During the period of tax abatement herein authorized, LLG and CLLF 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 but excluding TANGIBLE PERSONAL PROPERTY, inventory and supplies, which are 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 fiarther 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 TAXABLE VALUE shall mean the total assessed taxable value for the PREMISES for the year in which the Tax Abatement Agreement is executed (1999). E. The FIRST YEAR OF 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. G. An EVENT OF BANKRUPTCY OR INSOLVENCY shall mean the dissolution or termination of a party's existence as a going business, insolvency, appointment of receiver for any part of a party's property and such appointment is not TAX ABATEMENT AGREEMENT - Page 3 28156_1.DOC 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 any party and such proceeding is not dismissed within ninety (90) days after the filing thereof. IMPROVEMENTS 10. CLLF owns the real property described in Exhibit "A" and agrees to construct or cause to be constructed thereon an office/warehouse facility consisting of at least 208,000 square feet (and other ancillary facilities such as reasonably required parking and landscaping more fully described in the submittals filed by CLLF with the CITY from time to time in order to obtain a building permit) (the "IMPROVEMENTS"). The cost of the IMPROVEMENTS excluding the land shall be at least Five Million Three Hundred Thousand Dollars ($5,300,000). 1,I,G agrees to lease the PREMISES from CLLF and to locate TANGIBLE PERSONAL PROPERTY on the PREMISES with a TAXAB1,E VALUE of Two Hundred Thirty-Five Thousand Dollars as of the FIRST YEAR OF ABATEMENT and as of January 1 of each calendar year thereafter for a period of four (4) years. Nothing in this AGREEMENT shall obligate O,l,F to construct the IMPROVEMENTS on the PREMISES or LLG to lease the PREMISES 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, CLLF will diligently and faithfully, in good and workmanlike manner, pursue the completion of the contemplated IMPROVEMENTS on or before December 31, 2000, as good and valuable consideration for this AGREEMENT, and that all construction of the IMPROVEMENTS will be in accordance with all applicable state and local laws, codes, and regulations, (or valid waiver thereof); provided, that CLLF shall have such additional time to complete and maintain the IMPROVEMENTS as may be required in the event of "Force Majeure," if CLLF 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 CLLF including, without limitation, acts of God or the public enemy, war, riot, civil commotion, insurrection, adverse weather, government or de faeto governmental action (unless caused by acts or omissions of CLLF), fires, explosions or floods, strikes, slowdowns or work stoppages. 12. OWNERS agree to maintain the IMPROVEMENTS during the term of this AGREEMENT in accordance with all applicable state and local laws, codes, and regulations. OWNERS agrees that the IMPROYEMENTS 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. 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 OWNERS, and in accordance with OWNERS' visitor access and security policies, in order to TAX ABATEMENT AGREEMENT - Page 4 28156_I.DOC 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. Alter completion of the IMPROVEMENTS, CLLF shall certify in writing to the CITY the construction cost of the IMPROVEMENTS. CLLF and LLG shall each annually certify to the CITY in writing that such party is in compliance with each term of the AGREEMENT. 16. The PREMISES and the IMPROVEMENTS constructed thereon at all times shall be used in the manner (i) that is consistent with the City's Comprehensive Zoning Ordinance, as amended, and (ii) that, during the period taxes are abated hereunder, is consistent with the general purposes of encouraging development or redevelopment within the ZONE. 17. CLLF agrees to provide to LLG or any other applicable tenants of the PREMISES, the benefit of the abatement of real property taxes granted herein. CLLF 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, 18. LLG agrees to lease the PREMISES from CLLF for a period of at least five (5) years commencing on the date a certificate of occupancy is issued for the IMPROVEMENTS. DEFAULT: RECAPTURE OF TAX REVENUE 19. In the event LLG or CLLF fail in performance of any of the following conditions: (i) completion of the IMPROVEMENTS in accordance with this AGREEMENT or in accordance with applicable State or local laws, codes or regulations; (ii) has any delinquent ad valorem or State sales taxes owed to the CITY (provided such party retains its right to timely and properly protest such taxes or assessment); (iii) upon the occurrence of any "Event of Bankruptcy or Insolvency"; or (iv) breaches any of the terms and conditions of this AGREEMENT, then such party, 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, such defaulting party 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 mended 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 such defaulting party, its successors and assigns and shall constitute a tax lien on the PREMISES and/or the TANGIBLE PERSONAL PROPERTY as the case may be, and shall become due, owing and shall be paid to the C1TY within thirty (30) days after termination. TAX ABATEMENT AGREEMENT - Page 5 20. Upon breach by CLLF or LLG of any obligations under this AGREEMENT, the CITY shall notify such defaulting party in writing, with a copy to the non-defaulting party. The defaulting party 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 such defaulting party 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. The non-defaulting party shall have the same right to cure any such default as the defaulting party. 21. If the defaulting party 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 with respect to such defaulting party, by written notice to such defaulting party ("Terminated Party"). 22. Upon termination of this AGREEMENT with respects to the Terminated Party by CITY, all tax revenue abated as a result of this AGREEMENT with respect to the Terminated Party shall become a debt to the CITY as liquidated damages, and shall become due and payable not later than thirty (30) days after a notice of termination is made. The CITY shall have all remedies for the collection of the abated taxes 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 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 such Terminated Party with respect to the PREMISES or TANGIBLE PERSONAL PROPERTY as the case may be, as determined by the Appraisal District, multiplied by the tax rate for 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 23. It shall be the responsibility of CLLF and LLG, 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 sims. A copy of the exemption application(s) shall be submitted to the CITY. 24. CLLF shall annually render the values of the PREMISES to the Appraisal District and provide a copy of the same to the CITY. LLG shall annually render the values of the TANGIBLE PERSONAL PROPERTY to the Appraisal District and provide a copy of the same to the CITY. SUCCESSORS AND ASSIGNS 25. This AGREEMENT shall be binding on and inure to the benefit of the parties to it and their respective heirs, executors, administrators, legal representatives, successors, and assigns. This AGREEMENT may not be assigned without the consent of the CITY. TAX ABATEMENT AGREEMENT - Page 6 2glS6_I.DOC NOTICE 26. All notices required by this AGREEMENT shall be addressed to the following, or other such other party or address as either party designates in writing, by certified mail, postage prepaid or by hand delivery: If intended for CLLF, to: C. L. Lee Family Limited Partnership Attn: Alice W. Lee, General Partner 5208 Beckington Lane Dallas, Texas 75287 If intended for LLG, to: Oriental Lacquer Furniture Inc. d/b/a The Lam Lee Group Attn: Alice W. Lee, Vice President 168 Regal Row Dallas, Texas 75247 If intended for CITY, to: City of Coppell, Texas City Manager P. O. Box 478 Coppell, Texas 75019 CITY COUNCIL AUTHORIZATION 27. This AGREEMENT was authorized by resolution of the City Council approved by its Council meeting authorizing the Mayor to execute this AGREEMENT on behalf of the CITY. 28. In the event any section, subsection, paragraph, sentence, phrase or word herein is held invalid, illegal or unconstitutional, the balance of this AGREEMENT shall stand, shall be enforceable and shall be read as if the parties intended at all times to delete said invalid section, subsection, paragraph, sentence, phrase or word. TAX ABATEMENT AGREEMENT - Page 7 2SlS6_l.DOC APPLICABLE LAW 29. This AGREEMENT shall be construed under the laws of the State of Texas. Venue for any action under this AGREEMENT shall be the State District Court of Dallas County, Texas. This AGREEMENT is performable in Dallas County, Texas. COUNTERPARTS 30. This AGREEMENT may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. ENTIRE AGREEMENT 31. This AGREEMENT embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the parties and relating to the matters in this AGREEMENT, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this AGREEMENT. 32. The provisions of this AGREEMENT are hereby declared covenants running with the PREMISES and are fully binding on all successors, heirs, and assigns of OWNERS who acquire any right, title, or interest in or to the property, or any part thereof. Any person who acquires any right, title, or interest in or to the property, or any part hereof, thereby agrees and covenants to abide by and fully perform the provisions of this AGREEMENT with respect to the right, title or interest in such property. RECORDATION OF AGREEMENT 33. A certified copy of this AGREEMENT shall be recorded in the Deed Records of Dallas County, Texas. INCORPORATION OF RECITALS 34. The detenninations recited and declared in the preambles to this AGREEMENT are hereby incorporated herein as part of this AGREEMENT. EXHIBITS AND RECITALS 35. All exhibits and recitals to this AGREEMENT are incorporated herein by reference for all purposes wherever reference is made to the same. TAX ABATEMENT AGREEMENT - Page 8 EXECUTED in duplicate originals this the 15th day of December, 1999. CITY OF COPPELL, TEXAS CANDY SHEEHAN, MAYOR ATTEST: LIBBY BALL, CITY SECRETARY AGREED AS TO FORM: PETER G. SMITH, CITY ATTORNEY EXECUTED in duplicate originals this the 23rd day of November, 1999. C. L. LEE FAMILY LIMITED PARTNERSHIP By: Name: Alice W. Lee Title: General Partner EXECUTED in duplicate originals this the 23rd day of November, 1999. ORIENTAL LACQUER FURNITURE INC. D/B/A THE LAM LEE GROUP By: Name: Alice W. Lee Title: Vice President TAX ABATEMENT AGREEMENT - Page 9 2glS6_I.DOC CITY' S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the 15th day of December, 199 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 l0 28156_I.DOC CLLF' S ACKNOWI ~EDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the 23rd day of November, 1999 by Alice W. Lee being the General Partner of C.L. Lee Family Limited Partnership, on behalf of said partnership. Notary Public, State of Texas My Comission Expires: 10-23-00 TAX ABATEMENT AGREEMENT - Page 11 28156_1.Doc LLG' S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the 23rd day of November, 1999 by Alice W. Lee being the Vice President of Oriental Lacquer Furniture Inc. dJb/a The Lam Lee Group, on behalf of said corporation. Notary Public, State of Texas My Commission Expires: 10-23-00 TAX ABATEMENT AGREEMENT - Page 12 28!56_i.DOC OWNER'S CFRTIFICATE Whereas . and are the owners of a 13.085 acre tract of land situated in the William K, Payne Survey, Abstract No. 1140, the C.S. Dunnagan Survey, Abstract No. 1439 and the Jessie Moore Survey, Abstract No. 968, Dallas County, Texas; said tract being pad of Lot 5R, Freeport North, an addition to the City of Coppell, Texas according to the plat recorded in Volume 95245, Page 2050 of the Deed Records, Dallas County, Texas; said 13.085 acre tract being more particularly described as follows; BEGINNING. at a 1/2-inch iron rod found in the west right-of-way llne of Royal Lane (a 100 foot wide right-of-way); said point being the southwest corner of Lot 343. Freeport North. an addition to the City of Coppall. Texas according to the plat recorded in Volume 92220. Page 702 of the Deed Records. Dallas County, Texas; THENCE. South 89 degrees, 39 minute, 54 seconds East, along the south line of said Lot 3C, a distance of 799.18 feet to a 1/2-inch iron rod found for corner, said point being in the east line of said first called Freeport North and the west line of a tract of land described in deed to Angeles Esteve. recorded in Volume 88246. Page 4209 of the Deed Records. Dallas County. Texas; THENCE. South 00 degrees, 13 minute, 40 seconds West. departing said south line and along the said east line of the Esteve tract. passing at a distance of 547.94 feet a 1/2-inch iron rod with "Pacheco Koch' cap set at he north line of a 100 foot wide Drainage Easement. dedicated by instrument recorded in Volume 84203. Page 1836 of the Deed Records. Dallas County. Texas; continuing along said west line. in all a distance of 599.61 feet to an angle point: THENCE. South 00 degrees. 56 minute. 27 seconds West. continuing along said west line. a distance of 26.00 feet to a point far corner: said point being in the centerline of said foot wide dralnag, easement; THENCE. westerly. departing said west line and along said centerline, the following three courses and distances; South 75 degrees. 23 minute, 58 seconds West. a distance of 309 66 feet to a point; said point being the beginning of a curve to the right whose center bears North 14 degrees..36 minute, 02 seconds West, a distance of 1336.90 feet from said point: Westerly, along said curve tot he right, through a central angle of 15 degrees, 00 minute. seconds. an arc distance of 350.00 feet, on a chord bearing and distance of South 82 degrees. 53 minute, 58 seconds West, 349.00 feet to a point at the end of said curve; North 89 degrees, 36 minute, 02 seconds West, a distance of 155.49 feet to a paint; said point being in the said east right-of-way line of Royal Lane; THENCE. north 00 degrees. 23 minute, 26 seconds East. departing said center!ine and along said east fine. a distance of 750.41 feet to the POINT OF BEGINNING: CONTAINING, 5459,974 square feet or 13.085 acres of land. more or less EXHIBIT "A" TEXAS COUNTY COUNIY CLERK, Dallas County, Texal