RE 2000-12-12.1 :I.~Z/20/(X) ~35J. $37, O0
Deed
RESOLUTION NO. 20001212.1
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 PSINet REALTY, INC.;
AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council has been presented a proposed Tax Abatement Agreement by
and among the City of Coppell, Texas and PSINet Realty, Inc., a copy of which is attached hereto
and incorporated herein by reference; and
WHEREAS, upon full review and consideration of the Agreement, and all matters related
thereto, the City Council is of the opinion and finds that the terms and conditions thereof should be
approved, and that the Mayor should be authorized to execute the Agreement on behalf of the City
of Coppell, Texas;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COPPELL, TEXAS, THAT:
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.
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T' '
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 12th day of December 2000.
CITY OF(~~~, ~TE~~Rp ~ ,
CANDY SHEEHAN, MAYOR
ATTEST:
LIBBY BALL,~
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(pos/ttl ~ u2s/oo) :"..,o ~""',""7':'
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33896
STATE OF TEXAS §
§ TAX ABATEMENT AGREEMENT
COUNTY OF DALLAS §
This Tax Abatement Agreement (the "Agreement") is entered into by and between the City
of Coppell, Texas (the "City"), duly acting herein by and through its Mayor, and PSinet Realty Inc.
("Owner"), 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. 27 (the "Zone"),
for commercial/industrial tax abatement, as authorized by the Property Redevelopment and Tax
Abatement Act, Chapter 312 of the Texas Tax Code, as amended (the "Tax Code"); and
WHEREAS, the City has adopted guidelines for tax abatement (the "Tax Abatement
Guidelines"); and
WHEREAS, the Tax Abatement Guidelines contain appropriate guidelines and criteria
governing tax abatement agreements to be entered into by the City as contemplated by the Tax
Code; and
WHEREAS, the City has adopted a resolution stating that it elects to be eligible to
participate in tax abatement; and
WHEREAS, in order to maintain and enhance the commercial and industrial economic and
employment base of the Coppell area, it is in the best interests of the taxpayers for the City to enter
into this Agreement in accordance with said Ordinance, the Tax Abatement Guidelines and the Tax
Code; and
WHF~REAS, Owner' s 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 (hereinafter defined) to be included in the Zone
and to the City after expiration of this Agreement; and
WHEREAS, a copy of this Agreement has been furnished, in the manner prescribed by the
Tax Code, to the presiding officers of the governing bodies of each of the taxing units in which the
Premises is located; and
TAX ABATEMENT AGREEMENT - Page 1 33906
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WHEREAS, the City desires to enter into an agreement with Owner, the proposed owner 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. Owner is the owner of the real property and existing improvements located thereon
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 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 Taxable
Value for the Premises is at least Five Million Five Hundred Thousand Dollars ($5,500,000) as of
January 1 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 Owner an abatement of seventy~five percent (75%) of the
Taxable Value of the Premises and the Tangible Personal Property for a period of five (5)
consecutive years. The actual percentage of Taxable Value of the Premises subject to abatement for
each year this Agreement is in effect 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/2000). The actual percentage of Taxable Value of the Tangible
Personal Property subject to abatement for each year this Agreement is in effect shall apply only 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.
TAX ABATEMENT AGREEMENT- Page 2 33906
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T"
8. During the period of tax abatement herein authorized, Owner 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 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 Taxable Value shall mean the total assessed taxable value for
the Premises for the year in which the Tax Abatement Agreement is executed (2000).
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 Owner's existence as a going business, insolvency, appointment of
receiver for any part of Owner' s property and such appointment is not terminated within
ninety (90) days after such appointment is initially made, any general assignment for the
benefit of creditors, or the commencement of any proceeding under any bankruptcy or
insolvency laws by or against Owner and such proceeding is not dismissed within ninety
(90) days after the filing thereof.
IMPROVEMENTS
10. Owner owns the real property and the existing improvements located thereon
described in Exhibit "A" and agrees to construct or cause to be constructed thereon certain
renovations, improvements and additions to the existing Improvements consisting of approximately
80,000 square feet of computer data center/office space (and other ancillary facilities such as
reasonably required parking and landscaping more fully described in the submittals filed by Owner
TAX ABATEMENT AGREEMENT- Page 3 33906
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with the City from time to time in order to obtain a building permit) known as PSINet Data Hosting
Center (the "Improvements"). The cost of the Improvements excluding the land shall be at least
Thirty Million Dollars ($30,000,000). Owner agrees to locate Tangible Personal Property on the
Premises with a Taxable Value of at least Forty-Six Million Dollars ($46,000,000) as of the First
Year of Abatement and as of January 1 of each calendar thereafter for a period of four (4)
consecutive years. Nothing in this Agreement shall obligate Owner to construct the Improvements
on the Premises and/or to locate Tangible Personal Property on the Premises, but said action are
conditions 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, Owner will diligently and faithfully, in good and workmanlike manner, and 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 Owner shall have such additional time to complete and maintain the Improvements as
may be required in the event of "Force Majeure," if Owner 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 Owner 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 Owner), fires, explosions or floods,
strikes, slowdowns or work stoppages.
12. Owner agrees to maintain the Improvements during the term of this Agreement in
accordance with all applicable state and local laws, codes, and regulations. Owner agrees that the
Improvements shall be used only as a computer data center/office 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
Owner, and in accordance with Owner's visitor access and security policies, in order to insure that
the construction of the Improvements are in accordance with this Agreement and all applicable state
and local laws and regulations (or valid waiver thereof).
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, Owner shall certify in writing to the City the
construction cost of the Improvements. Owner shall also annually certify to the City that it is in
compliance with each term of the Agreement.
TAX ABATEMENT AGREEMENT - Page 4 33906
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 mended, 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. Owner or an affdiate of Owner agrees to continuously occupy the Premises and to
continuously operate, maintain and use the Premises for a computer data center/office or other
similar use for a period of five (5) consecutive years commencing on the date a certificate of
occupancy is issued for Owner' s use of the Premises.
CITY WEB SITE
18. Owner without cost to City agrees to host, maintain, service and update the City's
official web site to the reasonable satisfaction of the City during the term of this Agreement as
described herein. Owner shall update the City's official web site on a monthly basis as needed,
such monthly updates to be completed in accordance with reasonable priority and time periods
established by the City. Owner shall conduct a design and technical review of the City's official
web site on an annual basis and meet with City representatives to discuss the review and any
recommendations.
DEFAULT: RECAPTURE OF TAX REVENUE
19. In the event Owner fails in performance of any of the following conditions: (i)
completion of the Improvements in accordance with this Agreement or in accordance with
applicable State or local laws, codes or regulations; (ii) payment of ad valorera or State sales taxes
owed to the City with respect to the Premises (provided Owner 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 Owner,
after the expiration of the notice and cure periods described below, shall be in default of this
Agreement. As liquidated damages in the event of such default, Owner 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 Owner, its successors and assigns and shall constitute a tax
lien on the Premises and shall become due, owing and shall be paid to the City within thirty (30)
days after termination.
20. Upon breach by Owner of any obligations under this Agreement, the City shall
notify Owner in writing. Owner 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
Owner has diligently pursued such remedies as shall be reasonably necessary to cure such default,
then the City may extend the period in which the violation must be cured.
TAX ABATEMENT AGREEMENT- Page 5 33906
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21. If Owner fails to cure the default within the time provided as spedfled above or, as
such time period may be extended, then the City at its sole option shall have the fight to terminate
this Agreement by written notice to Owner.
22. Upon termination of this Agreement by City, all tax abated as a result of this
Agreement shall become a debt to the City as liquidated damages, and shall become due and
payable not later than sixty (60).days after a notice of termination is made. The City shall have all
remedies for the collection of the abated tax provided generally in the Tax Code for the collection of
delinquent property tax. The City at its sole discretion has the option to provide a repayment
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 Owner with respect to the Premises 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 sixty (60) day payment period.
ANNUAL APPLICATION FOR TAX EXEMPTION; RENDITION
23. It shall be the responsibility of Owner, pursuant to the Tax Code, to file an annual
exemption application form with the Chief Appraiser for each Appraisal District in which the
eligible taxable property has situs. A copy of the exemption application shall be submitted to the
City.
24. Owner 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
25. This Agreement shall be binding on and inure to the benefit of the parties to it and
their respective heirs, executors, administrators, legal representatives, successors, and assigns. This
Agreement may be assigned with the consent of the City. After any permitted assignment, all
references to Owner herein shall thereafter be a reference to Owner' s successor with respect to any
obligations or liabilities occurring or arising after the date of such assignment.
NOTICE
26. All notices required by this Agreement shall be addressed to the following, or other
such other party or address as either party designates in writing, by certified mail, postage prepaid,
or by hand or overnight delivery:
If intended for Owner, to:
Attn:
PSinet, Inc.
44983 Knoll Square
Ashburn, Virginia 20147
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If intended for City, to:
Attn: City Manager
City of Coppell, Texas
P. O. Box 478
Coppell, Texas 75019
CITY COUNCIL AUTHORIZATION
27. This Agreement was authorized by resolution of the City Council approved by its
Council meeting authorizing the Mayor to execute this Agreement on behalf of the City.
SEVERABILITY
28. In the event any section, sub section, paragraph, sentence, phrase or word herein is
held invalid, illegal or unconstitutional, the balance of this Agreement shall stand, shall be
enforceable and shall be read as if the parties intended at all times to delete said invalid section,
subsection, paragraph, sentence, phrase or word.
APPLICABLE LAW
29. This Agreement shall be construed under the laws of the State of Texas. Venue for
any action under this Agreement shall be the State District Court of Dallas County, Texas. This
Agreement is performable in Dallas County, Texas.
COUNTERPARTS
30. This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original and constitute one and the same instrument.
ENTIRE AGREEMENT
31. This Agreement embodies the complete agreement of the parties hereto, superseding
all oral or written previous and contemporary agreements between the parties and relating to the
matters in this Agreement, and except as otherwise provided herein cannot be modified without
written agreement of the parties to be attached to and made a part of this Agreement.
CONVENANTS RUNNING WITH THE PREMISES
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 Owner 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
Premises.
TAX ABATEMENT AGREEMENT - Page 7 33906
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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 determinations recited and declared in the preambles to this Agreement are
hereby incorporated herein as part of this Agreement.
EXHIBITS
3 5. All exhibits to this Agreement are incorporated herein by reference for all purposes
wherever reference is made to the same.
EXECUTED in duplicate originals this the 14th day of Dec., 2000.
CITY OF C~)mTEXA$~
By: ~
CANDY SHEEHAN, MAYOR
ATTEST:
By: ~
SECRETLY
REED~~
fiETER'G~ ~ITH,/CITY ATTORNEY
TAX ABATEMENT AGREEMENT - Page 8 33906
039f4 2
I
EXECUTED in duplicate originals this the__ day of.__
TEXAS
CANDY SHEEHAN, MAYOR
ATTEST:
By:
LIBBY BALL, CITY SECRETARY
AGREED FORM:
PETER G. SMITH, CITY ATTORNEY
EXECUTED in duplicate originals this the 1~4 day of ~, 2000.
t~E-T-PSInet REALTY INC.
Name: c::~/~:>
Title: ~ ~ ~--"~
TAX ABATEMENT AGREEMENT - Page 9 33906
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CITY' S ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the 14th day of December
2000, by Candy Sheehan, Mayor of the City of Coppell, Texas, a Texas municipality, on behalf of
said municipality.
My Commission Expires:
TAX ABATEMENT AGREEMENT - Page 10 33906
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DRAFT
May 24~ 200e~:y -- 20co -,,,
OWNER'S ACKNOWLEDGMENT
COUNTY 01~-~ ~ §
This instrument was acknowledged before me on the iCr~ day of
2000, by ~v/~ ~u~,~' being the t// t~F,ee'7~ F, tr, sT'~v C~4'f-, ofggtNet-PSInet
Realty Inc., on behalf of said corporation.
Notary Public, State of
TAX ABATEMENT AGREEMENT - Page 11 33906
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DESCRIPTION
Description, of a 6.527 acre ~rac~ of land situated-in the Cordelia mowen Survey.
Abs:racu No. S6. Dallas Couzx=y, Texas; said C=ac= belts par= of ~he NorThlake 635
Business Park, an Addicion =o ~he City of Coppoll, Tex~ according ~o =he final pla&
recorded in volume SSOSe, Page 3358 of =he Deed Records of Dalla= County, Texas said
:rzct being all of LoC 2. Bloc~. B, Northlake 635 Burins== Park, artAddition ~o
City of Coppoll, Texas according =o =he Minor Plat recorded in volume 98193, Page 30
of ~he Deed Records of Dallas County0 Texa~; sa~d ~rac= being all'of the same
describe~ ~n 5~ecial warranty Deed =o ACbP Northlake L.P., recorded ~n volume 98094.
Page 457~ of the Deed Record.- of Dalla~ County, rex~s; said 6.S27 acre tract being
a~re particularly described as follows~
BEGINNING au a 1/2-~nch iron rod ~ound at ~he Cast end ~f a corner clip at the
in~erzec~ion of ~he $ou=hwes~ right-of-way line of Lake=hore Drive (a 60 ~ooc wl~e
right-of-way] and the Southeast right-of-way line of Crestaide Drive (a 60 fooc
right-of-way); said point bein~ the most Easterly Nor=hessE corner o[ ~he said Lo~
THENCE South 36 de~rees 36 minutes 53 =econds Eas~ &long the said S~thwes~ line
L~kcshoro Drive. = dis=ante of 1S4.24 ~ee~ ~o a 1/2-inch iron rod round; saidpoin~
heine the Begi.'u%ing Of'='~urve to the lef~ whose center bears North S~ degrees 21
mlnu=e= 07 ~econd~ East, a distance of 380.00 feet from =aid point;
THENCE Sou=heas=erl~, continuing along che'sa~d southw~s~ line of Lakeshore Drive.and
said curve :o the left, ~hrou~h a ~en=ral angle~of. ZS'deS=ee.= 15 n~inu~s,2L s~conds.
an arc di=nance of 167.50 fee=, un a chord boaribS and distance o~ Sou~h'a~ de~rees
mlnuccs 3~ seconds Sash. 166.15 reec co a 1/2-inch iron rod found; said po&n~ being
~ North comer of Lot 1, Block ~, Norhh.lake ~3~ B~sine=e. Park. ~n ~dicion Co the
Cit~ of Coppoll, Tex~s according co the Final ~lac =~corded in volume 9800S, Page ~11
o[ the Deed Recora~ o~ D=lla= Coun~,
T.--uZ'~CS Sou~h 39 aegrce~ 21 minute= 04 $econds w~st deF. arcing the s~id Southwest line
of Lake~hore Drive ~nd along a Northwest line of the sai~ Lc~ 1. a distance o~ 251.7S
fee= no a 1/2-inch iron rod found an an angle poinn;
T~ENCE North 89 demrees 36 m/mutes 29 seconds We~ alon~ a North line of Chc said
1, a distance of 94.84 fee= ~o a 1/2-inch iron rod found =: che Nor:hwes~ comer o=
~he said Lo~ 1: said poin~ being the Nur~hea=: corner of the remainder of =he
Mac Lesle~ cracc"as'described in deed'recorded JanuarF'14,.l~58;
T.~H2-NCS Sou~h 89 de~rees ~0 m~nutes 52 seconds ~est along ~he North llne of =he smid
Le~le~ ~ract. · di~=ance of 70e.00 fee~ =o ~ Z/2-inch iron rod with "Pathcoo Koch" cap
set for corn~: said point being nhc Sou:hess: corner of Lo~ 2. Block D, Northlake
~usiness Park. an Addi=ion =o the City oZ Co~pell, Texas according to the Final Plat
recorded in Volume 87110. Page 1874 of t~e Deed Records of Da!las Coon:y, Texas;
THSI~CE North 00 degrees 30 minute= 00 seconds East, departing the said North line of
~ha Lesle~ trace and along the Ease line of the said Lot ~. Block D, a d/s~ance of
312.42 feet no a 1/2-inch iron rod with "~o~ell & Powe11. cap found a~ an angle points
I~CE North 16 degrees 48 minutes 0S {econds Easu. continuing along the said Eas~
line 0~ Lou 2, 9lock D0 a dlscance of 30.69 fee~ uo a 1/2-inch iron rod with 'Fowe11 &
EXHIBIT "A"
2 6 0 3 9 6
DESCRIPTION
Fewell" cap found for ccrrier; said poinn be~ng'~n che SoUth 1ire cf the said Cre-'Eside
0rive/said ~in= bein~ ~e.Be~nning of a nonraiSe= ~c =o =he lefu w~e
bears Kor=h 29 ~grces ~6 minu~es 21 =eccnds Eas~, a dSsu~ce of 380.00' ~een' =tom said
~ Scu~eas~erlF, along ~he said Scu=h lin~ of Cree~side Drive a said ~e
Ehe 1el=, U~ough a c~=ral ~gle of 2S de~ees SS minu~es 21 secoMs, an arc
of 191.93 fee= on a chord ~arin~ ~a dls~ance of ~ou~h 7~ degees 01 minu~es 49
secon~ E~s~, 189.90 fee= uo a l/l-in~ iron rod fo~d a~ ~he ~d of said cu~e;
~CE Sou~h e9 degrees 3~ minu=es 00 'seconds Eas=, conuinutng along ~e s~d Scu~
line of Cre==si~ ~ive, a ~~e of 206.g0 fee= ~o a 1/l-inch iron rod fc~d= .said
po~t being =he Begi~ ol ~ cu~ =c Ehe lefn whose center bear= Ncrnh ~0 ~ees
30 ~nu=es ~0 seco~s ~as=, a dis~ce of 180.00 feet from said
T~CE Northeasterly, con=Lnuing ~ong =h~ said Sou:h line cf Cre=~side Drive ~d said
curve =o nhe lef:, :~ough..a canoral ~gle of 37 degrees 06 minuh~s ~ second, ~ ~c
dis=~ce of 246.16 [ee~: onSa chord bearing ~=d diananee of North 71. d~ree= ~g ~nu~es
31 seco~= E~2:, 241.87 feeu no a 1/~-inch iron roe fo~d a~ ~he ~a 8f said
T~NCE North N3 deStees 23 mlnu~es 07 sacones ~a=:, along u~' said Sou~h line of
Crestside Drive a dishes of 109.67 fee~ =o a l/2-inch iron.rod fo~d[. raid. poin~
being ~he Was= end of ~he said comer clip a= nh~ innersec~i~n of =he So6~hwes~
fiShy-of-way li~ of Lak~shor2 Drive ~ uhe Sou~heas= righ=-of-way line of Crcsnside
Driv~;
~CE ~ou~h 81 degrees ag ~nu:es ~3 seconds Eas~. alon9 ~he said corner clip,
dis:anc~ of 21.21 feez no =he Poin: of Begi~ing;
ccn:aSning, 284,334 s~are =ee= or 6.527 acres of land, more or less.
NOTR: COMP~ DOES NOT ~P~S~ T~T ~ ~O~ ACR~GE ~/OR SQU~ FOOT~E
~TIONS ~E CO~ECT.
RltIIBIT "A"
039e- 7