HomeMy WebLinkAboutContract 47593 CIYY SECRETARY
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COMPLETION AGREEMENT
This Completion Agreement ("Agreement) is made and entered into by
and among the City of Fort Worth ("City"), and 17FW Limited Partnership, a
a Texas limited partnership, e.g. Limited Liability Corporation("Developer"),
Texas Capital Bank, National Association ("Lender"), effective as of April 7,
2015. The City, the Developer and the Lender are hereinafter collectively
called the "Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property that
contains approximately # 105.535 acres that is located in the City, the legal
description of which tract of real property is marked Exhibit "A" — Legal
Description, attached hereto and incorporated herein for all purposes (which
tract of real property is hereinafter called the "Property"); and
WHEREAS, the Developer intends to develop the Property as an
addition to the City through plat FP 14-083 or FS ; and
WHEREAS, the Developer and the City have entered into a Community
Facilities Agreement relating to the development of Seventeen Lakes Phase
3(hereinafter called the "CFA"); and
WHEREAS, the City has required certain assurances of the availability
of funds to complete the streets, street signs and lights, and the water and
sewer utilities for the development of the Property (herein collectively called
the "Community Facilities"), and
WHEREAS, in order to provide such assurances as have been required
by the City, the Lender has agreed to advance certain funds to the City for
Hard Costs (which term is hereinafter defined) subject to, and in accordance
with, the terms, provisions and conditions of this Agreement; and
WHEREAS, the Developer has granted to the Lender as additional
security for the Loan (which term is hereinafter defined) a security interest in
all plans and specifications for the development of the Property (hereinafter
collectively called the "Plans"); and
OFFICIAL RE � v
CORD ���`
CITY SECRETARY
WHEREAS, the Parties desire to set forth the terms and conditions of
such accommodations as are described above.
NOW THEREFORE, for and in consideration of the benefits to be
derived from the mutual observance by the parties of the terms and conditions
hereof, and for and in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, the receipt, adequacy and sufficiency of which
are hereby acknowledged, the Parties agree as follows:
1 . Recitals. The foregoing recitals are true, correct and complete
and constitute the basis for this Agreement and they are incorporated into this
Agreement for all purposes.
2. The Completion Amount. The City and the Developer agree that
the Hard Costs required to complete the Community Facilities in the
aggregate should not exceed the sum of Four Million Sixty Five Thousand
Eight Hundred Thirty Six and 21/100 Dollars ($4065536.21),
hereinafter called the "Completion Amount". Notwithstanding the foregoing,
it is acknowledged that the actual costs of completion of the Community
Facilities may vary as a result of change orders agreed to by the Parties, but
such variances for the purposes of this Agreement shall not affect the
Completion Amount as used herein.
3. Adjustments to the Completion Amount. The Lender may from
time to time make advances to the Developer for the development of the
Property under the development loan that has been made by the Lender to the
Developer for the purpose of financing the costs of constructing the
Community Facilities for the Property (the "Loan") subject to, and in
accordance with, the terms, conditions and provisions of the Loan Documents
(which term is hereinafter defined) evidencing and securing the Loan. Some
of those advances shall be for Hard Costs as specified in the "Approved
Budget" relating to the Loan, a copy of which Approved Budget is marked
Exhibit "B", attached hereto and incorporated herein for all purposes, with
the Hard Costs (which term is hereinafter defined) line items highlighted.
The term "Hard Costs" shall mean the actual costs of construction and
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installation of the Community Facilities. To the extent that advances under
the Loan are for the payment of Hard Costs, the Completion Amount shall be
deemed reduced, dollar for dollar. The Lender may withhold statutory
retainage from any advances under the Loan or pursuant to this Agreement.
All such retainage withheld, to the extent it is attributable to Hard Costs,
shall also reduce the Completion Amount dollar for dollar. All retainage
withheld by the Lender for Hard Costs that are advanced to the City pursuant
to this Agreement shall be released to the City as provided in the Texas
Property Code upon expiration of the statutory retainage period.
4. Completion by the DeyeloMer. The Developer agrees to
complete the Community Facilities on or before the date for completion that
is established in the Loan Documents plus thirty (30) days (hereinafter called
the "Completion Date"), in accordance with the CFA, the Plans that are
approved by the Lender and the City and all documents evidencing or
securing the Loan (which documents are hereinafter collectively called the
"Loan Documents"). For the purposes of this Agreement, the development of
the Property shall be deemed complete upon acceptance by the City of the
Community Facilities. The City shall promptly notify the Lender and the
Developer upon such acceptance.
5. Completion by the City. In the event that either: (A) the
development of the Property is not completed by the Completion Date for any
reason whatsoever, or (B) the Developer is in default under the Loan, then the
Lender, at its sole option, may request the City to complete development. The
City may, at its sole option and at the cost and expense of the Developer,
within 10 days from receipt of Lender's request, notify Lender that it will
undertake to complete the Community Facilities and the City shall then
commence, pursue, and complete the Community Facilities in a reasonably
timely, diligent and workmanlike manner in accordance with the Plans,
subject to the terms of this Agreement. The Lender and the Developer agree
that the City may use the Plans as necessary to complete the Community
Facilities.
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If the City does not timely elect to complete the construction of the
Community Facilities or if the Lender does not request the City to complete
construction of the Community Facilities, then the Lender may at its election
terminate this Agreement, or at its option, proceed to complete the
Community Facilities, or foreclose on any of its collateral, or take any and
all such action as may be provided under the Loan Documents.
6. Advance of Completion Costs to the City and Delivery of Hard
Costs Collateral to the City. In the event the Lender has requested the City
and the City has elected to complete the Community Facilities, Lender shall
transfer to the City all remaining undisbursed Hard Costs specified in the
Approved Budget within 10 days of the date that the City elected to complete
and provided Lender with written notice of such election.
The Developer hereby authorizes and instructs the Lender to make the
transfer of any remaining undisbursed Hard Costs specified in the Approved
Budget to the City within 10 days of notification that the City elects to
complete the Community Facilities.
In the event the cost to complete the Community Facilities exceeds the
moneys transferred to the City, City shall notify Lender and Developer in
writing of the need of additional funds. The additional funds required to
complete the Community Facilities shall be delivered to the City within 10
business days following notification to Lender and Developer. Failure to
deliver the additional funds shall relieve the City of the obligation to
complete the Community Facilities, in which event City shall use the Hard
Costs funds in its possession to pay the contractor(s) all funds due it/them.
Any remaining undisbursed Hard Costs shall be returned to Lender within a
reasonable time.
7. Completion by the Lender. The Lender may, at its discretion,
but shall not be obligated to, undertake to complete the Community Facilities
if there is any default under any Loan Documents in lieu of requesting the
City to complete the Community Facilities. If the Lender elects to complete
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the Community Facilities, any Hard Costs it expends shall, dollar for dollar,
reduce the Completion Amount.
8. Easements. In the event the City or the Lender undertakes the
completion of the Community Facilities, the Developer (and to the extent
necessary the Lender) grants to the City and the Lender open access to the
Property and shall execute and deliver such temporary easements over and
across the entirety of the Property for the purpose of access and use for the
completion of the construction of the Community Facilities in accordance
with this Agreement. To the extent requested by the City and the Lender,
written temporary construction easements in form acceptable to the City and
the Lender shall be executed by the Developer and filed of record. Nothing
in this paragraph shall reduce any rights of the Lender or obligations of the
Developer under the Loan Documents.
9. Lender's Riallts. Nothing in this Agreement shall affect any
portion of the Lender's collateral for the Loan or limit or impair the Lender's
right to foreclose the same or deal with the collateral as it elects in
accordance with the Loan Documents.
10. Satisfaction of the City Requirements. The City agrees that the
assurances and covenants contained in this Agreement satisfy all
requirements of the City with respect to payment and performance bonds or
other requirements for security in connection with the development of the
Property and the completion of the Community Facilities that are contained in
the CFA or in any other agreement relating thereto, and the City hereby
accepts the assurances and covenants contained herein in lieu thereof. To the
extent the CFA irreconcilably conflicts with this Agreement, the provisions
of this Agreement shall control.
11 . Termination. This Agreement shall terminate upon the earlier to
occur of the following: (a) acceptance by the City of the Community
Facilities; (b) mutual written agreement of all of the Parties; or (c) the
reduction of the Completion Amount to zero. However, release of the plat
5
shall be governed by paragraph 12 hereof and termination pursuant to (b) or
(c) of this paragraph 1 1 shall not require the City to release the plat.
12. Final Plat. The Parties acknowledge and agree that the City
shall hold the final plat of the Property until the Community Facilities are
completed and accepted by the City and all Hard Costs contractors have been
paid, less retainage. Upon acceptance by the City and receipt of evidence
from the Developer showing that all Hard Costs contractors have been paid,
including but not necessarily limited to lien waivers and bills paid affidavits,
the City shall within a reasonable time file the final plat for the Property in
the Plat Records of the county where the Property is located. The purpose of
the City retaining the final plat of the Property as provided herein is to
guarantee the Developer's obligations under the CFA are completed.
13. Construction Contracts. Developer agrees to include in each
Construction contract that it enters into for the completion of the Community
Facilities the following:
a. A statement that the City is not holding any security to guarantee any
payment for work performed on the Community Facilities;
b. A statement that the Property is private property and that same may
be subject to mechanic's and materialman's liens;
c. A requirement that each contractor contracting with the Developer
release the City from any claim that is related to the Property; and
d. A requirement that each contractor contracting with the Developer
include in each subcontract the statements contained in a., b., and c.
above.
14. Miscellaneous.
A. Non-assignment of Agreement. This Agreement may not be assigned
by any of the Parties without the prior written consent of all the other
Parties.
B. Notice. Any notice required or permitted to be delivered under this
Agreement shall be deemed received on actual receipt by the
appropriate party at the following addresses:
6
(i) Notice to the City shall be addressed and delivered as follows:
City of Fort Worth
Planning and Development Department
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: CFA Division
Julie Westerman, Development Manager
Email: Julie.Westerman@fortworthtexas.gov
Confirmation Number: 817-392-2677
and/or
Attention: CFA Division
Email: cfa@fortworthtexas.gov
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
50 64c" A
Office of the City Attorney
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Confirmation Number: 817-392-7615
(ii) Notice to the Developer shall be addressed and delivered as
follows:
17FW Limited Partnership
218 West Wall Street
Grapevine, Texas, 76051
(iii) Notice to the Lender shall be addressed and delivered as follows:
Texas Capital Bank, National Association
2930 W. Sam Houston Parkway N., Suite 300
Houston, Texas, 77043
Email: Jerry.Schillaci@texascapitalbank.com
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A party may change its address for notice upon prior written notice to the
other parties pursuant to the terms hereof.
C. Texas Law to Applv. This Agreement shall be construed under and in
accordance with the laws of the State of Texas.
D. Parties Bound. This Agreement shall be binding upon and inure to the
benefit of the Parties and their respective legal representatives,
successors and assigns.
E. Legal Construction. In case any one or more of the provisions
contained in this Agreement shall for any reason is held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision of this Agreement,
and this Agreement shall be construed as if such invalid, illegal, or
unenforceable provision had never been contained in this Agreement.
F. Prior Agreements Superseded. This Agreement constitutes the sole
and only agreement of the Parties with respect to the subject matter
hereof and supersedes any prior understandings or written or oral
agreements among the Parties concerning the subject matter hereof;
provided, however, that this Agreement shall not supersede, amend or
modify any of the Loan Documents or any portion thereof.
G. Amendment. This Agreement may only be amended by a written
instrument executed by all of the Parties to his Agreement.
H. Headings. The headings that are used in this Agreement are used for
reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and
provisions of this, Agreement.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
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Executed IN QUADRUPLICATE by the Parties hereto:
CITY OF FORT WORTH: DEVELOPER:
Z/
TE505 -3- CLt A N m . obertJ. Betancur
Assistant t.ity Manager itle: Vice President
Date: Date:
APPROVED AS TO FORM: LENDER:
:4-440 A, fit(re,,, k, e: Jerry C. Schillaci
Assistant City Attorney 3/ioho Title: Senior Vice President
r-1-K mi S Cnr�•r�IC4.ih �1/tet
ATTEST:
Mary J. Kayser �0
City Secretary � .., %-
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[OFFICIAL REC10R®
CITY SECRETARY
F'�� WORTH9 7M
9
17FW Limited Partnership, the Guarantor of the Development Loan, is
executing this Completion Agreement for the sole purpose of acknowledging
that advances that are made by the Lender pursuant to this Completion
Agreement shall be deemed to be advances that are made under the Loan that
shall be subject to and covered by the Loan Documents and the Guaranty
Agreement that was executed by 17FW Limited Partnership.
GUARA
By:
Name: Mert J. Betancur
Title: Vice President
10
LIST OF EXHIBITS TO THE COMPLETION AGREEMENT
EXHIBIT A - LEGAL DESCRIPTION
EXHIBIT B - APPROVED BUDGET
11
EXHIBIT A
LEGAL DESCRIPTION
STATE OF TEXAS
COUNTY OF DENTON
WHEREAS 17FW LP, is the owner of a 105.535 acre tract of land situated in the M.E.P.
& P.R.R. Co. Survey Abstract No. 906 and the A. Robinson Survey, Abstract No. 1119,
City of Fort Worth, Denton County, Texas, according to the deed filed in Document
Number 2014-82640, Real Property Records of Denton County, Texas (R.P.R.D.C.T.);
said 105.535 acres of land being more particularly described by metes and bounds as
follows:
COMMENCING at a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" found for the
southwest corner of 19,287 square feet right-of-way dedication dedicated by Seventeen
Lakes recorded in Document Number 2013-239 of the Plat Records of Denton County,
Texas, also lying on the south line of said 17FW tract and lying on the north line of
Henrietta Creek Road, a variable width right-of-way;
THENCE North 89 degrees 58 minutes 21 seconds West, along the south line of said
17FW tract and the north line of said Henrietta Creek Road, a distance of 961.71 feet to
a 5/8 inch iron rod found for corner;
THENCE North 41 degrees 42 minutes 40 seconds West, leaving said Henrietta Creek
Road along the common line of said 17FW tract and Henrietta Creek Estates
(unrecorded addition),and generally along a fence, a distance of 114.15 feet to a 5/8
inch iron rod with cap stamped "T.N.P." found at an angle point in same;
THENCE North 41 degrees 07 minutes 16 seconds West, continuing along the common
line of said 17FW tract and said Henrietta Creek Estates (unrecorded addition),and
generally along a fence, a distance of 1453.50 feet to the POINT OF BEGINNING of the
herein described tract;
THENCE North 41 degrees 07 minutes 16 seconds West, continuing along the common
line of said 17FW and said Henrietta Creek Estates (unrecorded addition),and generally
along a fence, a distance of 1255.96 feet to a 3/4 inch iron rod found for the common
corner of said 17FW tract and the southeast corner of a tract of land described by deed
to Ruby Day recorded in Document Number 2012-34534 of the Real Property Records
of Denton County, Texas;
THENCE North 16 degrees 40 minutes 58 seconds East, along the west line of said
17FW tract and the east line of said Ruby Day tract and generally along a fence, a
distance of 917.63 feet to a 5/8 inch iron rod with Yellow cap found on the northwesterly
line of said 17FW tract also for the southwest corner of a tract of land described by deed
to I Am One, Inc. recorded in Volume 4318, Page 1547 of the Deed Records of Denton
County, Texas;
THENCE North 89 degrees 05 minutes 44 seconds East, along the northwest line of
said 17FW tract and the southerly line of said I Am One tract and generally along a
EXHIBIT A
LEGAL DESCRIPTION
fence, a distance of 89.22 feet to a 5/8 inch iron rod with cap stamped "SEMPCO" found
for an angle point in same;
THENCE North 60 degrees 50 minutes 54 seconds East, continuing along the
northwest line of said 17FW tract and the southerly line of said I Am One tract and
generally along a fence a distance of 964.22 feet to a 3/8 inch iron rod found for the
southeast corner of said I Am One tract and the southwest corner of a tract of land
described by deed to Whigham Family Limited Partnership recorded in Document
Number 96-R0082877 of the Real Property Records of Denton County, Texas, from
which a 1/2 inch iron rod found bears North 25 degrees 50 minutes East, 0.20 feet;
THENCE North 89 degrees 08 minutes 45 seconds East, along the north line of said
17FW tract and the south line of said Whigham Family Limited Partnership and
generally along a fence, a distance of 1013.44 feet to a 1/2 inch iron rod found lying on
the westerly line of Seventeen Lakes, Blocks 1-13, an addition to Denton County, Texas
recorded in Cabinet W, Page 936 of the Plat Records of Denton County, Texas, from
which a 5/8 inch iron rod with cap stamped "T.N.P." found bears North 72 degrees 55
minutes 38 seconds East, 5.17 feet;
THENCE along the common line of said Seventeen Lakes Addition and this tract the
following courses and distances:
South 29 degrees 08 minutes 13 seconds East, a distance of 240.75 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 60 degrees 50 minutes 43 seconds West, a distance of 10.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 29 degrees 08 minutes 13 seconds East, a distance of 353.71 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 46 degrees 25 minutes 01 seconds East, a distance of 183.46 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 65 degrees 35 minutes 53 seconds East, a distance of 269.46 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for the south corner of said Seventeen
Lakes Addition also for the northwest corner of Seventeen Lakes, Lot 1, Block 14, Lots
1-46, Block 15, Block 16, Lots 1-12, Block 17 and Lot 1, Block 18, an addition to Denton
County, Texas recorded in Document Number 2013-239 of the Plat Records of Denton
County, Texas;
THENCE along the common line of this tract and last mention Seventeen Lakes
Addition the following courses and distances:
EXHIBIT A
LEGAL DESCRIPTION
North 24 degrees 24 minutes 07 seconds East, a distance of 130.07 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 65 degrees 35 minutes 53 seconds East, a distance of 146.50 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for the beginning of a curve to the right;
with said curve to the right with a radius of 470.00 feet, a central angle of 09 degrees 16
minutes 52 seconds , an arc length of 76.13 feet, and a chord which bears South 60
degrees 57 minutes 27 seconds East, a chord length of 76.05 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430 set for corner;
South 25 degrees 10 minutes 58 seconds West, a distance of 142.23 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for the beginning of a curve to the right;
THENCE with said curve to the right with a radius of 330.00 feet, a central angle of 51
degrees 47 minutes 13 seconds , an arc length of 298.27 feet, and a chord which bears
South 26 degrees 46 minutes 14 seconds East, a chord length of 288.22 feet to a 5/8
inch iron rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 234.05 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 89 degrees 07 minutes 22 seconds East, a distance of 140.00 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 123.03 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 89 degrees 07 minutes 22 seconds West, a distance of 175.42 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 60.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 29 degrees 28 minutes 35 seconds East, a distance of 136.68 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
North 89 degrees 07 minutes 22 seconds East, a distance of 110.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 295.17 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 44 degrees 07 minutes 22 seconds West, a distance of 14.14 feet to a 518 inch
iron rod with cap stamped "T.N.P." found for corner;
EXHIBITA
LEGAL DESCRIPTION
South 89 degrees 07 minutes 22 seconds West, a distance of 5.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 15.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
North 89 degrees 07 minutes 22 seconds East, a distance of 5.00 feet to a 5/8 inch iron
rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 35.00 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 45 degrees 52 minutes 38 seconds East, a distance of 14.14 feet to a 5/8 inch
iron rod with cap stamped "T.N.P." found for corner;
South 00 degrees 52 minutes 38 seconds East, a distance of 115.00 feet to a 5/8 inch
iron rod with cap stamped "5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for
corner;
THENCE through the interior of said 17FW tract the following courses and distances;
South 89 degrees 07 minutes 22 seconds West a distance of 402.19 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 00 degrees 52 minutes 38 seconds West a distance of 61.52 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 15 degrees 23 minutes 40 seconds East a distance of 80.25 feet to a 5/8 inch iron
rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to the
right;
With said curve to the right having a radius of 325.00 feet, a central angle of 49 degrees
42 minutes 28 seconds, an arc length of 281.96 feet, a chord bearing of North 49
degrees 25 minutes 04 seconds West a distance of, 273.20 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner;
North 24 degrees 33 minutes 50 seconds West a distance of 202.62 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to
the left;
With said curve to the left having a radius of 275.00 feet, a central angle of 55 degrees
52 minutes 22 seconds, an arc length of 268.17 feet, a chord bearing of North 52
degrees 30 minutes 01 seconds West a distance of, 257.67 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner;
EXHIBIT A
LEGAL DESCRIPTION
North 80 degrees 26 minutes 12 seconds West a distance of 121.35 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 55 degrees 48 minutes 41 seconds West a distance of 14.45 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 80 degrees 26 minutes 12 seconds West a distance of 50.05 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 34 degrees 11 minutes 19 seconds West a distance of 13.83 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 80 degrees 26 minutes 12 seconds West a distance of 131.89 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to
the left;
With said curve to the left having a radius of 975.00 feet, a central angle of 05 degrees
46 minutes 06 seconds, an arc length of 98.16 feet, a chord bearing of North 83
degrees 19 minutes 15 seconds West a distance of, 98.12 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner;
South 49 degrees 41 minutes 02 seconds West a distance of 14.43 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 88 degrees 15 minutes 56 seconds West a distance of 50.13 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 42 degrees 04 minutes 59 seconds West a distance of 13.40 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to
the left;
With said curve to the left having a radius of 975.00 feet, a central angle of 02 degrees
31 minutes 21 seconds, an arc length of 42.92 feet, a chord bearing of South 88
degrees 24 minutes 45 seconds West a distance of, 42.92 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430`° set for corner;
South 87 degrees 09 minutes 04 seconds West a distance of 473.56 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to
the left;
With said curve to the left having a radius of 275.00 feet, a central angle of 09 degrees
22 minutes 31 seconds, an arc length of 45.00 feet, a chord bearing of South 82
degrees 27 minutes 49 seconds West a distance of, 44.95 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner;
EXHIBIT A
LEGAL DESCRIPTION
South 15 degrees 54 minutes 07 seconds West a distance of 678.81 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 41 degrees 08 minutes 01 seconds West a distance of 157.76 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a curve to
the left;
With said curve to the left having a radius of 300.00 feet, a central angle of 05 degrees
25 minutes 47 seconds, an arc length of 28.43 feet, a chord bearing of South 24
degrees 44 minutes 13 seconds West a distance of, 28.42 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner at the beginning of a reverse curve to
the right;
With said reverse curve to the right having a radius of 200.00 feet, a central angle of 25
degrees 03 minutes 13 seconds, an arc length of 87.45 feet, a chord bearing of South
34 degrees 32 minutes 56 seconds West a distance of, 86.76 feet to a 5/8 inch iron rod
with cap stamped "R.P.L.S. 5430" set for corner;
South 03 degrees 38 minutes 18 seconds West a distance of 14.20 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 48 degrees 50 minutes 45 seconds West a distance of 50.00 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
North 86 degrees 08 minutes 01 seconds West a distance of 14.14 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 48 degrees 51 minutes 59 seconds West a distance of 105.00 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 03 degrees 51 minutes 59 seconds West a distance of 13.54 feet to a 5/8 inch
iron rod with cap stamped "R.P.L.S. 5430" set for corner;
South 48 degrees 52 minutes 44 seconds West a distance of 148.00 feet to the POINT
OF BEGINNING containing 4,597,050 square feet or 105.534 acres of land.
EXHIBIT B
APPROVED BUDGET
Section I
Water $635892.49
Sewer $921579.50
Subtotal $1557471.99
Section II
Interior Streets $1553485.22
Storm Drains $712747.65
Subtotal $2266232.87
Section III
Street Lights $242131 .35
Sub-total $242131 .35
TOTAL $4065836.21
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