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RE 2002-07-25.1 RESOLUTION NO. 2002-0725.1 A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN AMENDED AND RESTATED TAX ABATEMENT AGREEMENT BY AND BETWEEN THE CITY OF COPPELL, TEXAS AND CRESTSIDE FACILITIES CORPORATION; AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council has been presented a proposed Amended and Restated Tax Abatement Agreement by and between the City of Coppell, Texas and Crestside Facilities Corporation, 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. 48977 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 25th day of July, 2002. CITY OF COPPELL, TEXAS CANDY SHEEHAN, MAYOR ATTEST: APPROVED AS TO FORM: LIBBY BALL, CITY SECRETARY ROBERT E. HAGER, CITY ATTORNEY (PGS/tt107/30/02) 2 48977 STATE OF TEXAS COUNTY OFDALLAS AMENDED AND RESTATED TAX ABATEMENT AGREEMENT 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 Crestside Facilities Corporation ("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, the City has heretofore entered into a Tax Abatement Agreement with PS1Net Realty Inc. ("PS1Net") dated as of December 14, 2000 (the "Original Agreement"), providing for an abatement of taxes in respect of the Premises mentioned below and certain Tangible Personal Property added to the Premises by PS1Net; and WHEREAS, PS1Net has filed for protection under the U.S. Bankruptcy Code and is the debtor in a bankruptcy proceeding pending in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"); and WHEREAS, the City has consented to an assignment of the Original Agreement to Owner and the parties desire to amend and restate the tax abatement agreement herein; and WHEREAS, Owner has entered into an agreement with PSINet (the "Purchase and Sale Agreement"), whereby Owner will purchase the Premises and the Tangible Personal Property located thereon from PSINet, subject to satisfaction of certain conditions, including entry of an order of Bankruptcy Court authorizing the sale of the Premises and such Tangible Personal Property to Owner, and Owner being satisfied with the results of its due diligence and the feasibility of purchasing the Premises and such Tangible Personal Property; and AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 3 48756 WHEREAS, in order to maintain and enhance the commercial and industrial economic and employment base of the Coppell area, it is in the best interests of the taxpayers for the City to enter into this Agreement in accordance with said Ordinance, the Tax Abatement Guidelines and the Tax Code; and WHEREAS, Owner'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 (hereinafter defined), 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 (hereinafter defined) 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 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. Effective as of the closing of the purchase of the Premises under the Purchase and Sale Agreement, Owner will be the owner of the Premises and the Tangible Personal Property. 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. AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 4 48756 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 Improvements is at least Five Million Five Hundred Thousand Dollars ($5,500,000) and the Taxable Value of the Tangible Personal Property is at least One Million Dollars ($1,000,000) as of the First Year of Abatement and at least Three Million Dollars ($3,000,000) as of the First Year of Abatement and as of January 1 of each year thereafter for a period of three (3) years, the City hereby grants Owner an abatement of seventy-five percent (75%) of the Taxable Value of the Improvements and the Tangible Personal Property. The actual percentage of Taxable Value of the Improvements subject to abatement for each year this Agreement is in effect will apply only to the portion of the Taxable Value of the Improvements that exceeds the Base Year Taxable Value for the Premises, the year in which the Original Agreement was 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 the Original Agreement was executed. 7. The period of tax abatement herein authorized shall be for a period of four (4) years, commencing with the First Year of Abatement. 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. "Premises" shall mean the Land and the Improvements but excluding Tangible Personal Property which is added thereto subsequent to the execution of this Agreement; B. "Improvements" shall mean the existing improvements on the Land and as further described herein, and any improvements constructed on the Land after the Effective Date. C. "Taxable Value" means the appraised value as certified by the Appraisal District as of January 1 of a given year. D. "Base Year Taxable Value" shall mean the total assessed taxable value for the Premises for the year in which the Original Agreement was executed (2000). AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 5 48756 E. "First Year of Abatement" shall mean January 1, 2002. 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 the Original Agreement, including tangible personal property, equipment and fixtures, other than inventory or supplies, purchased, located and maintained on the Premises subsequent to the Effective Date. 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. hereto. "Land" shall mean the real property described in Exhibit "A" attached I. "Effective Date" shall mean the last date of execution hereof. IMPROVEMENTS 10. The existing Improvements on the Land consist 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 with the City from time to time in order to obtain a building permit) (the "Improvements"). Owner agrees that the Taxable Value of the Improvements, excluding the Land, shall be 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 calendar year thereafter that this Agreement is in effect. Owner agrees to purchase, locate and maintain Tangible Personal Property on the Premises with a Taxable Value of at least One Million Dollar ($1,000,000) as of the First Year of Abatement and of at least Three Million Dollars ($3,000,000) as of January 1 of each calendar thereafter that this Agreement is in effect. Nothing in this Agreement shall obligate Owner to purchase the Premises and/or the Tangible Personal Property on the Premises, but said actions are conditions precedent to tax abatement pursuant to this Agreement. IMPROVEMENTS 11. 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 during the term of this Agreement that the Improvements shall be used only as a computer data center/office facility. 12. The City, its agents and employees shall have the right of access to the Premises during periods of construction of new improvements, to inspect the Improvements at reasonable times and with reasonable notice to Owner, and in accordance with Owner's visitor access and AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 6 48756 security policies, in order to insure that the construction of new Improvements are in accordance with this Agreement and all applicable state and local laws and regulations (or valid waiver thereof). GENERAL REQUIREMENTS 13. Construction plans for any new Improvements constructed on the Land shall be filed with the City, which shall be deemed to be incorporated by reference herein and made a part hereof for all purposes. 14. Owner shall prior to May 1 of each calendar that this Agreement is in effect, certify in writing to the City that it is in compliance with each term of this Agreement. 15. The Premises shall at all times 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. 16. Owner, agrees to, or to cause an affiliate of Owner or other clearing agency 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 four (4) consecutive years commencing on the Effective Date. DEFAULT:RECAPTUREOFTAXREVENUE 17. In the event Owner: (i) has delinquent ad valorem or sales taxes owed to the City with respect to the Premises and/or the Tangible Personal Property (provided Owner retains its right to timely and properly protest such taxes or assessment); (ii) suffers any "Event of Bankruptcy or Insolvency"; or (iii) 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 abated tax, 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 the Tangible Personal Property, and shall become due, owing and shall be paid to the City within thirty (30) days after termination. 18. 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 default must be cured. AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 7 48756 19. If Owner fails to cure the default within the time provided as specified above or, as such time period may be extended, then the City at its sole option shall have the right to terminate this Agreement by written notice to Owner. 20. Upon termination of this Agreement by City, all tax abated as a result of this Agreement shall become a debt to the City as liquidated damages, and shall become due and payable not later than thirty (30) days after a notice of termination is made. The City shall have all remedies for the collection of the abated tax provided generally in the Tax Code for the collection of delinquent property tax. The City at its sole discretion has the option to provide a repayment 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 Owner with respect to the Improvements and the 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 sixty (60) day payment period. ANNUAL APPLICATION FOR TAX EXEMPTION; RENDITION 21. 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 upon written request. 22. 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 upon request. SUCCESSORS AND ASSIGNS 23. 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 Manager. 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 24. 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: AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 8 48756 If intended for Owner, to: Crestside Facilities Corporation Attn: Security Desk 1333 Crestside Drive Coppell, Texas 75019 If intended for City, to: with copy to: City of Coppell, Texas Attn: City Manager P. O. Box 478 Coppell, Texas 75019 Peter G. Smith Nichols, Jackson, Dillard, Hager & Smith, L.L.P. 1800 Lincoln Plaza 500 N. Akard Dallas, Texas 75201 CITY COUNCIL AUTHORIZATION 25. 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 26. 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 27. 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 28. 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 29. 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. AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 9 48756 CONVENANTS RUNNING WITH THE PREMISES 30. 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. RECORDATION OF AGREEMENT 31. A certified copy of this Agreement shall be recorded in the Deed Records of Dallas County, Texas. INCORPORATION OF RECITALS 32. The determinations recited and declared in the preambles to this Agreement are hereby incorporated herein as part of this Agreement. EXHIBITS 33. All exhibits to this Agreement are incorporated herein by reference for all purposes wherever reference is made to the same. OWNER CLOSING CONDITIONS PRECEDENT 34. This Agreement is expressly conditioned upon and shall not be effective unless and until Owner closes the purchase of the Premises and the Tangible Personal Property pursuant to the Purchase and Sale Agreement. AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 10 48756 EXECUTED in duplicate originals this the,25th, day of 2002. By: CANDY SHEEHAN CANDY SHEEHAN, MAYOR ATTEST: LIBBY BALL, CITY SECRETARY AGREED . By: PETER G. SMITH, CITY ATTORNEY EXECUTED in duplicate originals this the t v- day of ..T~/ ., 2002. CRESTSIDE FACILITIES CORPORATION Name: Title: AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 9 48756 CITY'S ACKNOWLEDGMENT STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on the 26th day of July , 2002, by Candy Sheehan, Mayor of the City of Coppell, Texas, a Texas municipalit3~, ~)~behalf of said municipality. Kathryn A. Wilkerson Notary Public, State of Texas My Commission Expires: AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 10 48756 OWNER'S ACKNOWLEDGMENT COUNTY 0 ~L~-~ § This instrument was acknowledged before me on the 12th day of July, 2002, by ,Anthony Savarese being the Facilities Corporation, 6n behalf of said corporation. /-~ day of of Crestside My Notary Pul~llc~ State of New York No. 24-4741228 ~ Notary PUb'I~, Sta~' o .f~Xz~/~X~. AMENDED AND RESTATED TAX ABATEMENT AGREEMENT WITH CRESTSIDE FACILITIES CORPORATION - Page 11 48756 EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY DESCRIPTION, of a 6.527 acre tract of land situated in the Cordelia Bowen Survey. Abstract No. 56, Dallas County, Texas; said tract being all of Lot 1, Block A, PS1Net Addition, an addition to the City of Coppell, Texas, according to the plat recorded in Volume 2000111, Page 5696 of the Deed Records of Dallas County, Texas; said tract being all of the same tract described in Special Warranty Deed from ACLP Northlake L.P. to PS1Net Realty Inc. recorded in Volume 99252, Page 6210 of the Deed Records of Dallas County, Texas; said 6.527 acre tract being more particularly described as follows; BEGINNING. At a iA-inch iron rod found at the east end of a comer clip at the intersection of the southwest right-of-way line of Lakeshore Drive (a 60 foot wide right-of-way) and the southeast right-of-way line of Crestside Drive (a 60 foot wide right-of-way); said point being the most easterly northeast corner of the said Lot 2; THENCE, South 36 degrees, 36 minutes, 53 seconds East, along the said southwest line of Lakeshore Drive, a distance of 154.24 feet to a iA-inch iron rod found; said point being the beginning of a curve to the left whose center bears North 53 degrees, 23 minutes, 07 seconds East, a distance of 380.00 feet from said point; THENCE, southeasterly, continuing along the said southwest line of Lakeshore Drive and said curve to the left, through a central angle of 25 degrees, 15 minutes, 21 seconds, an arc distance of 167.50 feet, on a chord bearing and distance of South 49 degrees, 14 minutes, 34 seconds East, 166.15 feet to a iA-inch iron rod found; said point being the north comer of Lot 1, Block B, Northlake 635 Business Park, an addition to the City of Coppell, Texas according to the Final Plat recorded in Volume 98008, Page 011 of the Deed Records of Dallas County, Texas; THENCE, South 39 degrees, 21 minutes, 04 seconds West, departing the said southwest line of Lakeshore Drive and along a northwest line of the sold Lot 1, a distance of 251.75 feet to a 1A- inch iron rod found at an angle point; THENCE, North 89 degrees, 38 minutes, 29 seconds West, along a north line of the said Lot 1, a distance of 94.84 feet to a iA-inch iron rod found at the northwest comer of the sold Lot 1; sold point being the northeast corner of the remainder of the Hattie Mae Lesley tract as described in deed recorded January 24, 1958; THENCE, South 89 degrees 50 minutes, 52 seconds West, along the north line of the sold Lesley tract, a distance of 704.00 feet to a ~A-nch iron rod with "Pacheco Koch" cap set for corner; said point being the southeast corner of Lot 2, Block D, Northlake 635 Business Park, an addition to the City of Coppell, Texas according to the Final Plat recorded in Volume 87110, Page 1874 of the Deed Records of Dallas County, Texas; THENCE, North 00 degrees, 30 minutes, 00 seconds East, departing the said north line of the Lesley tract and along the east line of the said Lot 2, Block D, a distance of 312.42 feet to a 1A- inch iron rod with "Powell & Powell" cap found at an angle point; THENCE, North 16 degrees, 48 minutes, 05 seconds East, continuing along the said east line of Lot 2, Block D, a distance of 30.69 feet to a iA-inch iron rod with "Powell & Powell" cap found for corner; said point being in the south line of the said Crestside Drive; said point being the beginning of a nontangent curve to the loft whose center bears North 29 degrees, 26 minutes, 21 seconds East, a distance of 380.00 feet from said point; THENCE, southeasterly, along the said south line of Crestside Drive and said curve to the left, through a central angle of 28 degrees, 56 minutes, 21 seconds, an arc distance of 191.93 feet on a chord bearing and distance of South 75 degrees, 01 minutes, 49 seconds East, 189-90 feet to a 1A- inch iron rod found at the end of said curve; THENCE, South 89 degrees, 30 minutes, 00 seconds East, continuing along the sold south line of Crestside Drive, a distance of 206.60 feet to a iA-inch iron rod found; said point being the beginning of a curve to the left whose center bears North 00 degrees, 30 minutes, 00 seconds East, a distance of 380.00 feet from said point; THENCE, Northeasterly, continuing along the said south line of Crestside Drive and said curve to the left, through a central angle of 37 degrees, 06 minutes, 55 seconds, an arc distance of 246.16 feet on a chord bearing and distance of North 71 degrees, 56 minutes, 35 seconds East, 241.87 feet to a iA-inch iron rod found (it the end of said curve; THENCE, North 53 degrees, 23 minutes, 07 seconds East, along the said south line of Crestside Drive a distance of 109.67 feet to a iA-inch iron rod found; said point being the west end of the said corner clip (it the intersection of the southwest right-of-way line of Lakeshore Drive and the southeast right-of-way line of Crestside Drive; THENCE, South 81 degrees, 36 minutes, 53 seconds East, along the sold corner clip, a distance of 21.21 feet to the POINT OF BEGINNING; CONTAINING, 284,334 square feet or 6.527 acres of land, more or less.