HomeMy WebLinkAboutOrdinance 22707-05-2017 ORDINANCE NO.22707-05-2017
AN ORDINANCE OF THE CITY OF FORT WORTH, TEXAS APPROVING A SERVICE
AND ASSESSMENT PLAN FOR THE FORT WORTH PUBLIC IMPROVEMENT DISTRICT
NO. 16 (WALSH RANCH/QUAIL VALLEY); MAKING A FINDING OF SPECIAL BENEFIT
TO THE PROPERTY IN IMPROVEMENT AREA #1 OF THE DISTRICT; LEVYING
SPECIAL ASSESSMENTS AGAINST PROPERTY WITHIN IMPROVEMENT AREA #1 OF
THE DISTRICT; ESTABLISHING A LIEN ON SUCH PROPERTY; APPROVING AN
ASSESSMENT ROLL FOR IMPROVEMENT AREA #1 OF THE DISTRICT; PROVIDING
FOR THE METHOD OF ASSESSMENT AND THE PAYMENT OF THE IMPROVEMENT
AREA #1 SPECIAL ASSESSMENTS; PROVIDING FOR PENALTIES AND INTEREST ON
DELINQUENT ASSESSMENTS; PROVIDING FOR A SEVERABILITY CLAUSE;
PROVIDING AN EFFECTIVE DATE; AND PROVIDING FOR RELATED MATTERS
WHEREAS, Chapter 372, Texas Local Government Code (the "Act") authorizes the
governing body (the "City Council") of the City of Fort Worth, Texas (the "City"), to create a public
improvement district within the corporate limits and extraterritorial jurisdiction of the City;and
WHEREAS, on September 20, 2016, the City Council conducted a public hearing to consider
a petition received by the City on August 1, 2016 (the "Petition") requesting the creation of the Fort
Worth Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "District") to undertake
the construction of certain public improvements described in the Petition (the "Authorized
Improvements"); and
WHEREAS, on September 27, 2016, the City Council approved Resolution No. 4686-09-
2016 (the "Authorization Resolution"),authorizing,establishing and creating the District;and
WHEREAS, on October 6, 2016 (the "Authorization Publication Date"), the City
published the Authorization Resolution in the Fort Worth Star-Telegram, a newspaper of general
circulation in the City and the boundaries of the District;and
WHEREAS, no written protests regarding the creation of the District from any owners of
record of property within the District were filed with the City Secretary within 20 days of the
Authorization Publication Date; and
WHEREAS, only a portion of the property within the District, consisting of approximately
acres("Improvement Area#1")will be developed initially; and
WHEREAS, on March 7, 2017, the City Council adopted Resolution No. 4758-03-2017
determining the total estimated costs of the Authorized Improvements in Improvement Area #1 of
the District, directing the filing of a proposed assessment roll, directing the mailing and publication of
notice of a public hearing to be held on March 28, 2017 to consider the levying of the special
assessments against the property within Improvement Area #1 of the District, and directing related
actions;and
WHEREAS, the City Council, pursuant to Resolution No. 4758-03-2017 and Sections
372.016(b) and(c) of the PID Act,published notice on March 9,2017 in the Fort Worth Star Telegram
of a public hearing to be held on March 28, 2017 to consider the proposed special assessments to be
levied against property located in Improvement Area #1 of the District and mailed copies of such
notice to the last known address of the owners of the property liable for the special assessments;and
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WHEREAS, the hearing originally to be held on March 28, 2017 was postponed and,
in connection with that delay,the City Council adopted Resolution No. 4768-04-2017,which superseded
Resolution No. 4758-03-2017;and
WHEREAS, on April 11, 2017, the City Council adopted Resolution No. 4768-04-2017
determining the total estimated costs of the Authorized Improvements in Improvement Area #1 of
the District, directing the filing of a proposed assessment roll, authorizing the publication of notice of a
public hearing to consider the levying of the special assessments against the property within
Improvement Area
#1 of the District in a newspaper of general circulation in the City and the boundaries of the District,
and directing related actions; and
WHEREAS, the City Council, pursuant to Section 372.016(b) of the PID Act, published
notice on April 13, 2017 in the Fort Worth Star Telegram, a newspaper of general circulation in the
City, of a public hearing to consider the proposed special assessments to be levied against
property located in Improvement Area#1 of the District;and
WHEREAS, the City Council, pursuant to Section 372.016(c) of the PID Act, mailed the
notice of the public hearing for the proposed special assessments to the last known address of the
owners of the property liable for the special assessments;and
WHEREAS, the City Council convened the public hearing at the City Council meeting
beginning at 7:00 p.m. on Tuesday, May 2, 2017, at which all persons who appeared, or requested
to appear, in person or by their attorney, were given the opportunity to contend for or to contest the
District Service and Assessment Plan attached hereto as EXHIBIT A (the "Service and Assessment
Plan"), the Improvement Area #1 Assessment Roll in the form attached as APPENDIX A-1 to the
Service and Assessment Plan (the "Assessment Roll"), and the proposed Special Assessments (as
defined in the Service and Assessment Plan) to be levied against the property in Improvement Area
#1 of the District, and to offer testimony pertinent to any issue presented on the amount of the
Special Assessment, the apportionment of the costs of the Authorized Improvements that benefit
Improvement Area#1 and which are to be funded by the Special Assessments levied in Improvement
Area #1 of the District (the "Improvement Area #1 Funded Improvements"), the purpose of the
Special Assessment, the special benefits accruing to the property within Improvement Area #1 of the
District due to the Improvement Area #1 Funded Improvements, and the penalties and interest of
annual installments and on delinquent annual installments of the Special Assessment;and
WHEREAS, the City Council finds and determines that the Assessment Roll and the Service
and Assessment Plan and which is incorporated herein for all purposes, should be approved and that
the Special Assessments should be levied against the property in Improvement Area #1 as provided
in this Ordinance and the Service and Assessment Plan and Assessment Roll;and
WHEREAS, the City Council further finds that there were no written objections or
evidence submitted to the City Secretary in opposition to the Service and Assessment Plan, the
apportionment of the costs of the Improvement Area #1 Funded Improvements, the Assessment
Roll, or the levy of the Special Assessments; and
WHEREAS, prior to the issuance of bonds secured by the Special Assessments, Quail
Valley Devco I, L.L.C., a Texas limited liability company ("Quail Valley"), and Walsh Ranches
Limited Partnership, a Texas limited partnership ("Walsh Ranches" and, collectively with the Quail
Valley, the (the "Majority Landowners") the owners of the majority of the privately-owned and
taxable property located within the District, including a majority of the privately-owned and
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taxable property located within Improvement Area#1 of the District,will have executed and presented
to the City staff for approval and acceptance a landowner agreement (the "Majority Landowner
Agreement") in the form and substance acceptable to the City, in which the Majority
Landowners acknowledge and accept the Service and Assessment Plan, approve the Assessment Roll,
acknowledge and accept this Ordinance and acknowledge and accept the levy of the Assessments
against their property located within the District,and agree to pay the Special Assessments when due
and payable;and
WHEREAS, the City Council closed the public hearing, and after considering all comments
and all written and documentary evidence presented at the hearing, including all written
comments and statements filed with the City, determined to proceed with the adoption of this
Ordinance in conformity with the requirements of the Act;and
WHEREAS, the apportionment of the cost of the Improvement Area #1 Funded
Improvements and the Annual Installment pursuant to the Service and Assessment Plan is fair and
reasonable, reflects an accurate presentation of the special benefit each property will receive from the
administrative services and construction of the Improvement Area#1 Funded Improvements identified
in the Service and Assessment Plan, and is hereby approved; and
WHEREAS, the Service and Assessment Plan covers a period of at least five years and
defines the annual indebtedness and projected costs for the Improvement Area #1 Funded
Improvements and Administrative Expenses; and
WHEREAS, the Service and Assessment Plan apportions the cost of the Improvement Area
#1 Funded Improvement and Administrative Expenses to be assessed against property in the
District and such apportionment is made on the basis of special benefits accruing to the property
because of the Improvement Area#1 Funded Improvements and Administrative Expenses;and
WHEREAS, all of the real property in the District which is being assessed in the amounts
shown in the Assessment Roll will be benefitted by the services and improvements proposed to be
provided through the District in the Service and Assessment Plan, and each parcel of such real property
will receive special benefits in each year equal or greater than each Annual Installment and will
receive special benefits during the term of the Special Assessments equal to or greater than the total
amount assessed; and
WHEREAS, the method of apportionment of the cost of the Improvement Area #1 Funded
Improvements, Administrative Expenses, and Annual Installments associated with the Improvement
Area #1 Bonds set forth in the Service and Assessment Plan results in imposing equal shares of the
costs of the Improvement Area #1 Funded Improvements and Administrative Expenses on property
similarly benefitted, and results in a reasonable classification and formula for apportionment of such
costs;
WHEREAS, the Service and Assessment Plan should be approved as the service plan and
assessment plan for the District as described in Sections 372.013 and 372.014 of the Act;and
WHEREAS, the Assessment Roll should be approved as the assessment roll for
Improvement Area#1 of the District;and
WHEREAS, the provisions of the Service and Assessment Plan relating to due and
delinquency dates for the Special Assessments and the Annual Installments, interest and penalties
on delinquent Special Assessments and Annual Installments and procedures in connection with the
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imposition and collection of the Special Assessments should be approved and will expedite
collection of the Special Assessments in a timely manner in order to provide the services and
improvements needed and required for the area within the District;and
WHEREAS, the Special Assessments herein levied and assessed are made and levied under
and by virtue of the terms,powers and provisions of the Act.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS THAT:
Section 1.Findings.
The findings, determinations and recitations set out in the preambles of this Ordinance are
found to be true and correct and they are hereby adopted by the City Council and made a part
hereof for all purposes.
Section 2.Public Hearing.
The action of the City Council holding and closing the public hearing in these proceedings
is hereby ratified and confirmed.
Section 3. Terms.
Terms not otherwise defined herein are defined in the Service and Assessment Plan.
Section 4.Assessment Plan.
The Service and Assessment Plan substantially in the form attached to this Ordinance is
hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the Act as the service and
assessment plan for the District.
Section 5.Assessment Roll.
The Assessment Roll attached as APPENDIX A-1 to the Service and Assessment Plan is
hereby approved as the assessment roll for Improvement Area#1 of the District.
Section 6.Levy and Payment of Special Assessments for Costs of Improvement Project.
(a) The City Council hereby levies an assessment on each tract of property located within
Improvement Area#1 of the District, except for the Non-Benefitted Property, as shown and described
on the Service and Assessment Plan and the Assessment Roll, in the respective amounts shown
on the Assessment Roll. There is further levied and assessed against each tract of property
located within Improvement Area #1 of the District, except for the Non-Benefitted Property, having
not paid the assessments in full, additional annual assessments for the Administrative Expenses, as
described in the Service and Assessment Plan, which shall be part of the Special Assessment and the
Annual Installment. The amount of the Annual Installment shall be reviewed and determined
annually by the City Council following the City Council's annual review of the Service and
Assessment Plan for the District. Pursuant to Section 372.015(d), the amount of assessment for each
property owner may be adjusted following the annual review of the Service and Assessment Plan.
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(b) The levy of the Special Assessments shall be effective on the date of adoption of this
Ordinance levying assessments and strictly in accordance with the terms of the Service and
Assessment Plan and the Act.
(c)The collection of the Special Assessments shall be as described in the Service and
Assessment
Plan and the Act.
(d) Each Special Assessment may be paid in a lump sum or may be paid in Annual
Installments pursuant to the terms of the Service and Assessment Plan.
(e) Each Special Assessment shall bear interest at the rate or rates specified in the Service
and Assessment Plan.
(f)Each Annual Installment shall be collected each year in the manner set forth in the Service
and Assessment Plan.
(g) The Annual Installments for Assessed Properties shall be calculated pursuant to the terms
of the Service and Assessment Plan.
Section 7.Method of Assessment.
The method of apportioning the Actual Costs of the Improvement Area #1 Funded
Improvements and the Administrative Expenses is set forth in the Service and Assessment Plan.
Section 8.Penalties and Interest on Delinquent Special Assessments.
Delinquent Special Assessments shall be subject to the penalties, interest, procedures, and
foreclosure sales set forth in the Service and Assessment Plan and as allowed by law and such
enforcement. The Special Assessments shall have lien priority as specified in the Act and the Service
and Assessment Plan.
Section 9.Prepayments of Special Assessments.
As provided in subsection 372.018(f) of the Act and Section VI.E of the Service and
Assessment Plan, the owner (the "Owner") of any Assessed Property may prepay the Special
Assessments levied by this Ordinance.
Section 10.Lien Property.
(a) The the City Council and each of the landowners in the District intend for the
obligations, covenants and burdens on such landowners of the Assessed Property, including without
limitation such landowner's obligations related to payment of the Special Assessments and the
Annual Installments, to constitute a covenant running with the land. The Special Assessments and the
Annual Installments levied hereby shall be binding upon the landowner, the Owners, and their
respective transferees, legal representatives, heirs, devisees, successors and assigns in the same
manner and for the same period as such parties would be personally liable for the payment of ad
valorem taxes under applicable law. Special Assessments and the Annual Installments shall have lien
priority as specified in the Service and Assessment Plan and the Act.
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(b) The Special Assessments and Annual Installments levied and assessed against the
property within Improvement Area#1 of the District as provided in this Ordinance and the Service and
Assessment Plan, together with reasonable attorney's fees and costs of collection, if incurred, are
hereby declared to be and are made a lien upon each tract of property within the District against
which the same are levied and assessed, and a personal liability and charge against the real and true
owners of such lot, including the successors and assigns, whether such owners be named herein or not,
and said liens shall be and constitute the first enforceable lien and claim against the lot on which
such assessments are levied, and shall be a first and paramount lien thereon, superior to all other liens
and claims except state, county, school district and municipal ad valorem taxes. The City Council
hereby authorizes enforcement of such lien in the manner set forth herein and in the Act.
Section 11.Appointment of Administrator and Collector of Assessments.
(a) MuniCap, Inc., of Columbia, Maryland, is hereby appointed and designated as the
initial administrator of the Service and Assessment Plan and of Special Assessments levied by this
Ordinance (the "Administrator"). The Administrator shall perform the duties of the Administrator
described in the Service and Assessment Plan and in this Ordinance. The City has entered into a
PID Administration Services Agreement with MuniCap, Inc. The Administrator's fees, charges and
expenses for providing such service shall be part of the Annual Installment, as further described in
the Service and Assessment Plan.
(b) The Chief Financial Officer / Director of Financial Management Services of the City or
his designee is hereby appointed as the temporary collector of the Special Assessments. The Chief
Financial Officer / Director of Financial Management Services or designee shall serve in such
capacity until such time as the City shall arrange for the collection duties to be performed by the
Tarrant or Parker County Tax Assessors or any other qualified collection agent selected by the City.
Section 12.Applicability of Tax Code.
To the extent not inconsistent with this Ordinance, and not inconsistent with the Act or the
other laws governing public improvement districts, the provisions of the Texas Tax Code
governing enforcement of ad valorem tax liens (other than with respect to property subject to
agriculture use valuation, including redemption rights following a tax sale) shall be applicable to
the imposition and collection of Special Assessments by the City, and the Texas Tax Code shall
otherwise be applicable to the extent provided by the Act.
Section 13. Severability.
If any provision of this Ordinance or the application of any provision to any person or
circumstance is held invalid, the invalidity shall not affect other provisions or applications of the
Ordinance which can be given effect without the invalid provision or application, and to this end
the provisions of this Ordinance are declared to be severable.
Section 14.Effective Date.
This Ordinance shall take effect, and the levy of the Improvement Area #1, shall become
effective from and after its date of passage in accordance with law.
Section 15. Open Meetings.
It is hereby officially found and determined that the meeting at which this Ordinance is
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passed was open to the public as required and that public notice of the time, place, and purpose of
said meeting was given as required by the Texas Open Meetings Act.
Section 16.Filing in Land Records.
The City Secretary is directed to cause a copy of this Ordinance, including the Service
and Assessment Plan,to be recorded in the real property records of Tarrant County and Parker County,
Texas. The City Secretary is further directed to similarly file each Annual Service Plan Update
approved by the City Council.
AND IT IS SO ORDAINED.
APPROVED AS TO FOCI AND LEGALITY: ATTEST:
Tyler F. Wallach Assistant City Attorney Ma6 J. ity S etary
M&C: C- 1
Adopted and Effective: May 2, 2017
Ordinance No.22707-05-2017
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EXHIBIT A
SERVICE AND ASSESSMENT PLAN
Fort Worth Public
Improvement District N 16
(Walsh Ranch/Quail Valley)
Service and Assessment Plan
May 2, 2017
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Table of Contents
Section I
PLAN DESCRIPTION AND DEFINED TERMS......................................................................... 3
Section II
PROPERTY INCLUDED IN THE PID ....................................................................................... 10
Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS .................................................. 15
Section IV
ASSESSMENTPLAN.................................................................................................................. 20
Section V
SERVICEPLAN .......................................................................................................................... 26
Section VI
TERMS OF THE ASSESSMENTS.............................................................................................. 31
Section VII
ASSESSMENTROLLS ............................................................................................................... 36
Section VIII
MISCELLANEOUS PROVISIONS............................................................................................. 38
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List of Tables and Appendices
Table II-A
PUBLIC IMPROVEMENT DISTRICT BOUNDARIES ............................................................ 10
Table II-B
IMPROVEMENT AREA 91 MAP............................................................................................... 11
Table II-C
IMPROVEMENT AREA 41 LOT BREAKDOWN BY TYPE................................................... 12
Table II-D
IMPROVEMENT AREA 91 LOT LAYOUT.............................................................................. 13
Table II-E
FUTURE IMPROVEMENT AREAS MAP................................................................................. 14
Table III-A
IMPROVEMENT AREA 91 AUTHORIZED IMPROVEMENTS............................................. 18
Table III-B
FUTURE IMPROVEMENT AREAS AUTHORIZED IMPROVEMENTS & LOT COUNT....19
Table IV-A
IMPROVEMENT AREA 91 COST ALLOCATION................................................................. 22
Table IV-B
IMPROVEMENT AREA 91 ASSESSMENT ALLOCATION................................................... 23
Table IV-C
IMPROVEMENT AREA#1 ESTIMATED VALUE TO ASSESSMENT RATIOS.................. 23
Table V-A
IMPROVEMENT AREA 91 SOURCES AND USES OF FUNDS............................................. 28
Table V-B
SOURCES AND USES (ASSUMING FUTURE PID BOND ISSUANCE)............................... 29
Table V-C
IMPROVEMENT AREA # 1 ANNUAL INSTALLMENTS ...................................................... 30
Appendix A-1
IMPROVEMENT AREA 91 ASSESSMENT ROLL ..................................................................40
Appendix B
LEGAL DESCRIPTIONS FOR PARCELS WITHIN THE PID................................................. 57
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Section I
PLAN DESCRIPTION AND DEFINED TERMS
A. Introduction
1. On September 27, 2016, the City Council (the "City Council") of the City of Fort Worth,
Texas (the "City") approved Resolution 4686-09-2016, which authorized the creation of the Fort
Worth Public Improvement District No. 16 (Walsh Ranch/Quail Valley) (the "PID")to finance a
portion of the Actual Costs of the Authorized Improvements for the benefit of certain property in
the PID, all of which is located within the city limits or ETJ of the City.
2. Chapter 372 of the Texas Local Government Code (as amended, the "PID Act"), governs
the creation and operation of public improvement districts within the State of Texas. This
Service and Assessment Plan (this "SAP") was prepared pursuant to the PID Act. The PID Act
requires that a service plan "cover a period of at least five years and must also define the annual
indebtedness and the projected costs for improvements." The PID Act also requires a service
plan "be reviewed and updated annually for the purpose of determining the annual budget for
improvements." The service plan for the PID is described in more detail in Section V.
3. It is anticipated that the PID will finance the Actual Costs of only a portion of the
Authorized Improvements being constructed for the Property. The Property is expected to be
developed in seven phases. For each phase developed, the City will levy and collect
Assessments for the benefitted Property pursuant to an Assessment Ordinance specific to that
phase.
4. The Assessment Rolls for the PID are attached as Appendix A-1 and are addressed in
Section VII. The Assessments shown on the Assessment Rolls are based on the method for
establishing and levying the Assessments described in Sections IV and VI.
5. Unless otherwise specified, references in this SAP to a "Section," a "Table," or an
"Appendix" shall mean a Section of, Table in, or Appendix to this SAP for all purposes.
B. Definitions
As used in this SAP, capitalized terms shall have the meanings ascribed to them as follows:
1. "Actual Costs" means, with respect to, Authorized Improvements, the demonstrated,
reasonable, allocable, and allowable costs of constructing such Authorized Improvements.
Actual Costs may include (i) the costs incurred for the design, planning, financing,
administration/management, acquisition, installation, construction and/or implementation of such
Authorized Improvements, (ii) the costs incurred in preparing the construction plans for such
Authorized Improvements, (iii) the fees paid for obtaining permits, licenses or other
governmental approvals for such Authorized Improvements, (iv) the costs incurred for external
professional costs, such as engineering, geotechnical, surveying, land planning, architectural
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landscapers, appraisals, legal, accounting and similar professional services, taxes (property and
franchise) related to the Authorized Improvements, (v) costs of all labor, bonds and materials,
including equipment and fixtures, incurred by contractors, builders and materialmen in
connection with the acquisition, construction or implementation of the Authorized
Improvements, and (vi) all related permitting, zoning and authorized approval expenses;
architectural, engineering, legal and consulting fees; financing charges; taxes; governmental fees
and charges; insurance premiums; and miscellaneous expenses associated with the Authorized
Improvements. For the avoidance of doubt, not all of the Authorized Improvements and the
Actual Costs thereof are being funded through the PID. Only certain Authorized
Improvements described herein, and the PID-Funded Actual Costs thereof, as defined below,
are being funded through the PID.
2. "Additional Interest" means the 0.50% additional interest charged on Assessments
pursuant to Section 372.018 of the PID Act to fund the Prepayment Reserve and the Delinquency
Reserve pursuant to Sections IV.G,IV.H and Section IV.1.
3. "Administrative Expenses" means the administrative, organizational, maintenance and
operation costs and expenses associated with, or incident to, the administration, organization,
maintenance and operation of the PID, including, but not limited to, the costs of(i) legal counsel,
engineers, accountants, financial advisors, investment bankers or other consultants and advisors,
(ii) creating and organizing the PID and preparing the Assessment Rolls, (iii) computing,
levying, collecting and transmitting the Assessments or the Annual Installments thereof, (iv)
maintaining the record of Assessments, including payments, reallocations and/or cancellations of
the Assessments or Annual Installments thereof, (v) investing or depositing the Assessments or
other monies, (vi) complying with the PID Act with respect to the PID, (vii) paying the paying
agent/registrar's and trustee's fees and expenses (including the fees and expenses of their
respective legal counsel) related to the PID Bonds, and (viii) City costs of creating and
administering the PID and administering the construction of that portion of the Authorized
Improvements to be funded through the PID. Administrative Expenses shall also mean the
administrative costs and expenses of issuing, making debt service payments on, and redeeming
the PID Bonds, provided, however, that for the avoidance of doubt, Administrative Expenses do
not include the amounts for payment of the actual principal of, redemption premium, if any, and
interest on the PID Bonds. Annual Administrative Expenses collected and not expended shall be
carried forward and applied to reduce Administrative Expenses in subsequent years to avoid over
collection.
4. "Administrator" means an officer or employee of the City or third party designee of the
City who is not an officer or employee thereof, who shall have the responsibilities provided for
herein, in an Indenture relating to the PID Bonds or in any other agreement approved by the City
Council relating to the PID.
5. "Annual Installment" means, with respect to the Assessed Property, each annual
payment of. (i) the Assessment (including the principal of and interest thereon) as shown on the
Assessment Rolls as updated each year by the Annual Service Plan Update in accordance with
this SAP and calculated as provided in Section VI, (ii) Administrative Expenses as updated each
year by the Annual Service Plan Update, and (iii) the Additional Interest. The Annual
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Installment is subject to update and adjustment from time to time, including upon the issuance of
PID Bonds, if any.
6. "Annual Service Plan Update" is defined in Section V.2.
7. "Assessed Property" or "Assessed Properties" means property within the PID that
benefits from the Authorized Improvements and on which Assessments have been levied as
shown on the Assessment Rolls and which currently includes all Parcels other than Non-
Benefited Property.
8. "Assessment" means the assessment levied against a Parcel pursuant to an Assessment
Ordinance and the provisions of this SAP, as shown on any Assessment Roll, subject to
reallocation upon the subdivision or reduction of such Parcel according to this SAP and the PID
Act.
9. "Assessment Ordinance" means each ordinance adopted by the City Council approving
this SAP (including amendments or supplements) and levying the Assessments.
10. "Assessment Roll" means, as applicable, the Improvement Area #1 Assessment Roll
included as Appendix A-1 as may be updated, modified or amended from time to time in
accordance with the procedures set forth in this SAP and in the PID Act, including updates
prepared in connection with any future issuance of PID Bonds or in connection with any Annual
Service Plan Update.
11. "Authorized Improvements" means those improvements, including those listed in
Section IIIA and described in Section IIIM, authorized by Section 372.003 of the PID Act,
regardless of whether such improvements are actually funded through the PID. Only a portion
of the Authorized Improvements constructed within the PID will be funded through the PID,
and such improvements will be acquired, constructed or installed in accordance with this SAP,
and any future updates and/or amendments.
12. "City" means the City of Fort Worth, Texas.
13. "City Council" means the duly elected governing body of the City.
14. "County" means either Parker County, Texas or Tarrant County, Texas.
15. "Delinquency Reserve" has the meaning set forth in Section IV.I.
16. "Delinquent Collection Costs" means interest, penalties and expenses incurred or
imposed with respect to any delinquent Assessment, or an Annual Installment thereof, in
accordance with the PID Act which includes the costs related to pursuing collection of such
delinquent Assessment, or an Annual Installment thereof, and the costs related to foreclosing the
lien against the Assessed Property, including attorney's fees to the extent permitted by the PID
Act
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17. "Developer" means QUAIL VALLEY DEVCO 1, LLC, a Texas limited liability
company, and WALSH RANCHES LIMITED PARTNERSHIP, a Texas limited partnership,
and their respective successors and assigns.
18. "ETJ" means the extraterritorial jurisdiction of the City.
19. "Future Improvement Areas" means those Future Improvement Areas to be defined
and developed after Improvement Area 91 within the boundaries of the PID on that portion of the
Property shown on Table 11-D and described in Appendix B.
20. "Future Improvement Areas Assessed Property" means, for any year, all Parcels
within the Future Improvement Areas and listed on the Future Improvement Areas Assessment
Roll, other than Non-Benefited Property.
21. "Future Improvement Areas Assessment Roll" means, as applicable, the Future
Improvement Areas Assessment Roll as may be updated, modified or amended from time to time
in accordance with the procedures set forth in this SAP and in the PID Act, including updates
prepared in connection with any future issuance of PID Bonds or in connection with any Annual
Service Plan Update.
22. "Future Improvement Areas Improvements" means those Authorized Improvements
which confer a special benefit on Future Improvement Areas and the costs of which are to be
PID-Funded Actual Costs.
23. "Future Improvement Area Reimbursement Agreement" means any PID
Reimbursement Agreement entered into with respect to any Future Improvement Area, by and
between the City and the Developer, pursuant to which the Developer agrees to fund the Actual
Costs of all Authorized Improvement in the applicable Future Improvement Area of the District,
and the City agrees to reimburse the Developer for the PID-Funded Actual Costs of the
corresponding Future Improvement Area Improvements, with interest, as permitted by the PID
Act.
24. "Improvement Area #1" means that portion of the Property shown on Table 11-13, and
described in Appendix B.
25. "Improvement Area #1 Assessed Property" means, for any year, all Parcels within
Improvement Area 91 and listed on the Improvement Area 91 Assessment Roll, other than Non-
Benefited Property.
26. "Improvement Area #1 Assessment Roll" means the Assessment Roll included as
Appendix A-1.
27. "Improvement Area #1 Funded Improvements" means those Authorized
Improvements which confer a special benefit on Improvement Area 91 and the costs of which
are to be PID-Funded Actual Costs.
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28. "Improvement Area #1 Reimbursement Agreement" means that certain Fort Worth
Public Improvement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement,
dated May 2, 2017, by and between the City and the Developer pursuant to which the Developer
agrees to fund the Actual Costs of all Authorized Improvements in Improvement Area 91 of the
District and the City agrees to reimburse the Developer for the PID-Funded Actual Costs of the
Improvement Area 91 Funded Improvements, with interest, as permitted by the PID Act.
29. "Indenture" means an indenture of trust, trust agreement, ordinance or similar document
between the City and the Trustee, authorizing the issuance of, and setting forth the terms and
other provisions relating to the collection of annual installments for repayment of, any PID
Bonds as such indenture or document may be modified, amended, and/or supplemented from
time to time.
30. "Lot" means (i) for any portion of the Property for which a subdivision plat has been
recorded in the official public records of a County, a tract of land described by "Lot" and
"Block" in such subdivision plat, and (ii) for any portion of the Property for which a subdivision
plat has not been recorded in the official public records of a County, a tract of land anticipated to
be described by "Lot" and 'Block" in a final recorded subdivision plat.
31. "Lot Type" means a classification of final building Lots with similar characteristics
(e.g., commercial, light industrial, multifamily residential, single family residential or other
uses), as determined or approved by the Administrator and confirmed by the City Council.
Single family residential Lots shall be further classified based on the front footage of the Lot as
determined or approved by the Administrator and confirmed by the City Council. Improvement
Area 91 will have five residential lot types classified as 35 foot, 50 foot, 60 foot, 70 foot and
Custom lots.
32. "Mandatory Prepayment" shall have the meaning set forth in Section VI.C.
33. "Master Reimbursement Agreement" means the Master Reimbursement Agreement
entered into by and between the City and the Developer, pursuant to which the Developer agrees
to fund the Actual Costs of all Authorized Improvements and the City agrees to reimburse the
Developer for the PID-Funded Actual Costs, related to a portion of the Authorized
Improvements, with interest, as permitted by the PID Act.
34. "Maximum Assessment per Unit" means, for each Lot Type, the Assessment per unit
amounts shown in Section IV.D.2 (Table IV-B) of the SAP.
7
1920.010\58189.10
35. "Non-Benefited Property" means Parcels that accrue no special benefit from the
Authorized Improvements being funded through the PID, including Public Property and
easements that create an exclusive use for a public utility provider. Property identified as Non-
Benefited Property at the time the Assessments (i) are imposed or (ii) are reallocated pursuant to
a subdivision of a Parcel, is not assessed. Assessed Property converted to Non-Benefited
Property, if the Assessments may not be reallocated pursuant to the provisions herein, remains
subject to the Assessments and requires the Assessments to be prepaid as provided for in Section
VLC.
36. "Notice of PID Assessment Termination" is defined in Section VI.E.1.
37. "Parcel" means property within the PID that is identified by (1) a tax map identification
number assigned by the Parker County Appraisal District or the Tarrant Appraisal District, as the
case may be, for real property tax purposes, (2) a metes and bounds description, (3) lot and block
number in a final subdivision plat recorded in the official public records of a County, (4) for any
portion of the Property for which a subdivision plat has not been recorded in the official public
records of a County, a tract of land anticipated to be described by "Lot" and "Block" in a final
recorded subdivision plat or(5) any other means determined by the City Council.
38. "PID" is defined in Section I.A.2.
39. "PID Act" is defined in Section I.A.2.
40. "PID Bonds" mean bonds which may be issued by the City from time to time to finance
a portion of the PID-Funded Actual Costs of a portion of the Authorized Improvements.
41. "PID-Funded Actual Costs" means the Actual Costs to be paid through the PID of a
specified portion of the Authorized Improvements, as described in Section IILB.2 and as shown
on Table III-A. PID-Funded Actual Costs includes all payments for Administrative Expenses.
42. "PID Reimbursement Agreement" means collectively or as applicable, the
Improvement Area 91 Reimbursement Agreement and/or any Future Improvement Area
Reimbursement Agreement.
43. "Prepayment Costs" means interest to the date of prepayment of any Assessment, plus
expenses related to the prepayment that are allowed by the PID Act and reasonably expected to
be incurred by or imposed upon the City as a result of the prepayment.
44. `Prepayment Reserve"has the meaning set forth in Section IV.H of this SAP.
45. "Property" is defined in Section II.A.
46. "Public Property" means real property, right of way and easements located within the
PID owned by or irrevocably offered and accepted for dedication to the federal government, the
State of Texas, the applicable County, the City, a school district, a public utility provider or any
other political subdivision or public agency, whether in fee simple, through an easement, by plat
or otherwise.
8
1920.010\58189.10
47. "SAP" is defined in Section I.A.2. The concept shall include updates, modifications,
and amendments of the SAP as approved by the City Council from time to time in accordance
with the procedures set forth in this SAP and in the PID Act, including updates prepared in
connection with the future issuance of PID Bonds, if any, and in connection with any Annual
Service Plan Update, and in connection with the approval by the City Council of each
Assessment Ordinance.
48. "Trustee" means the trustee specified in an Indenture and any successor permitted by the
Indenture.
9
1920.010\58189.10
Section II
PROPERTY INCLUDED IN THE PID
A. Property Included in the PID
The PID is comprised of the Property shown in Table II-A. Legal descriptions for all Parcels
within the PID are included in Appendix B. The PID, encompassing approximately 1,703.5682
acres, is located within the corporate limits and ETJ of the City. It is anticipated that the
Property will be developed in seven phases containing approximately 3,317 single family homes.
Improvement Area 91, consisting of approximately 251.01 acres, is depicted on Table 11-B and
will include 587 single family residential lots. Table 11-C presents the breakdown of the single
family residential lots by Lot Type within Improvement Area 91 and the lot layout for
Improvement Area 91 is presented in Table 11-D. The Future Improvement Areas are depicted
on Table II-E and will include approximately 2,730 single family residential lots.
TABLE 11-A
Public Improvement District Boundaries
I
LD WEATHERPORD
1
AISD PROPERTY —�`✓
BouwoaRr
_ __—_____—_s.�--- -- leacluded from PIDF
i
P WALSH RANCH QUAIL VALLEY
PUBLIC IMPROVEMENT
DISTRICT BOUNDARY , l
_ H�R�rq
•�j `�` _.. __ INTFR$TA 8R
m., WALSH RANCH QUAIL VALLEY
PUBLIC IMPROVEMENT
DISTRICT BOUNDARY
WALSH RANCH
\\\,� QUAIL VALLEY
VICINITY MAP
Note: Total acreage for the PID boundaries outlined herein is approximately 1,703.5682 acres.
10
1920.010\58189.10
TABLE II-B
Improvement Area#1 Map
i
AISO PROPERTY
BOUNDARY
lexcluded from PIDI
- LO VIIEAYHERFORD R
Impfov2mmh Afee ill �
i
ro
_INTERSTATE 30
"^.. WALSH RANCH QUAIL VALLEY
�, �• �� PUBLICIMPROVEMENT
DISTRICT BOUNDARY
WALSH RANCH
QUAIL VALLEY
\ L - VICINITY MAP
NTS
Note: Total acreage for the Improvement Area#1 boundaries outlined herein is approximately 251.01 acres.
11
1920.010\58189.10
Table II-C
Improvement Area #1
Lot Breakdown by Type
Lot Type #of Lots
35 28
50 239
60 182
70 98
100 40
Tota 1 587
Souce: Quail Valley Devco I, LLC and Walsh Ranches Limited
Partnership
12
1920.010\58189.10
TABLE 1
Im rovement Area#1 Lotout
1®
ry
r,
a
1
i
i (239) WALSH Custmn Lots 140)
6070
TABLE II-E
Future Improvement Areas Ma
I
. I
I
I
I
AMMOWAPER" I
I
_ I
"o I
i
1� r
w ;"
14
1920.010\58189.10
Section III
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS
A. Authorized Improvements Overview
1. Section 372.003 of the PID Act authorizes a City to undertake the following
improvements:
(i) landscaping;
(ii) erection of fountains, distinctive lighting, and signs;
(iii) acquiring, constructing, improving, widening, narrowing, closing, or rerouting of
sidewalks or of streets, any other roadways, or their rights-of way;
(iv) construction or improvement of pedestrian malls;
(v) acquisition and installment of pieces of art;
(vi) acquisition, construction or improvement of libraries;
(vii) acquisition, construction or improvement of off-street parking facilities;
(viii) acquisition, construction, improvement or rerouting of mass transportation
facilities;
(ix) acquisition, construction or improvement of water, wastewater, or drainage
facilities or improvements;
(x) the establishment or improvement of parks;
(xi) projects similar to those listed in Subdivisions (i)-(x);
(xii) acquisition, by purchase or otherwise, of real property in connection with an
authorized improvement;
(xiii) special supplemental services for improvement and promotion of the district,
including services relating to advertising, promotion, health and sanitation, water
and wastewater, public safety, security, business recruitment, development,
recreation and cultural enhancement;
(xiv) payment of expenses incurred in the establishment, administration and operation
of the district; and
(xv) the development, rehabilitation, or expansion of affordable housing.
2. The City has determined to undertake a portion of the Authorized Improvements
described in Section IIIM and Section IILC. Any change to the Authorized Improvements will
require the approval of the City.
B. Descriptions and Costs of Improvement Area #1 Funded Improvements
1. The Improvement Area 91 Funded Improvements are that portion of the Authorized
Improvements that confer a special benefit solely on Improvement Area 91 and the costs of
which are PID-Funded Actual Costs that will be financed from Assessments levied against
Improvement Area 91 Assessed Property and from the proceeds of PID Bonds, if any, secured by
such Assessments. For the avoidance of doubt, not all Authorized Improvements benefitting
Improvement Area 91 are Improvement Area 91 Funded Improvements.
15
1920.010\58189.10
2. Table III-A shows the Actual Costs of all Authorized Improvement in Improvement
Area 91, including the PID-Funded Actual Costs of the Improvement Area 91 Funded
Improvements. The costs shown in Table III-A may be revised in Annual Service Plan Updates.
The PID-Funded Actual Costs of the Improvement Area 91 Funded Improvements are to be
funded from: (i) the principal portion of the Annual Installments collected from Assessments
levied against Improvement Area 91 Assessed Property in accordance with the Improvement
Area 91 Reimbursement Agreement; (ii) the proceeds of PID Bonds, if any, secured by
Assessments levied against Improvement Area 91 Assessed Property and issued in one or more
series; and (iii) at the sole discretion of the City, funds from any other lawfully available and
unencumbered source.
3. The Authorized Improvements being constructed in Improvement Area 91 and the Actual
Costs thereof are described in Sections 3.1 through 3.6 below. The Improvement Area 91
Funded Improvements and the PID-Funded Actual Costs thereof are described in Section 3.5
below. The PID-Funded Actual Costs of the Improvement Area 91 Funded Improvements are
also shown on Table III-A below.
3.1 Earthwork & Erosion Control - The Erosion and Sedimentation Control
Measures of the improvements will include stabilized construction entrances, silt fence
located downstream of all disturbed area, rock berms, inlet protection, and protection of
mature trees and vegetation. The Actual Costs of the Earthwork and Erosion Control
improvements are $3,514,622.
3.2 Storm Drainage - The storm drainage improvements (the "Storm Drainage
Improvements") consist of the construction and installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary
to provide storm drainage for streets and surrounding development in Improvement
Area 91. The storm drain improvements will be constructed according to City
standards, determined in the City's sole discretion. The Actual Costs of the Storm
Drain Improvements are $3,442,755.
3.3 Water - The water improvements (the "Water Improvements") consist of the
construction and installation of pipes, valves, blow-off and air release valves,
easements, encasements, and appurtenances necessary to provide a water distribution
system for Improvement Area 91. The water improvements will be constructed
according to City standards, determined in the City's sole discretion. The Actual
Costs of the Water Improvements are $2,448,956.
3.4 Waste Water - The wastewater improvements (the "Wastewater
Improvements") consist of the construction and installation of pipes, service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances
necessary to provide sanitary service for Improvement Area 91. The wastewater
improvements will be constructed according to the City standards, determined in the
16
1920.010\58189.10
City's sole discretion. The Actual Costs of the Wastewater Improvements are
$2,626,023.
3.5 Paving - The roadway improvements (the "Roadway Improvements") consist of
the construction of road and thoroughfare improvements, including related earthwork,
retaining walls to support the roadways, signage, traffic signals and traffic control
devices for Improvement Area 91. The road improvements will be constructed
according to City standards, determined in the City's sole discretion. The Actual
Costs of the Roadway Improvements are $5,712,973. The Improvement Area 91
Funded Improvements will include Roadway Improvements and the PID-Funded
Actual Costs of such improvements are $5,712,973.
3.6 Landscaping - The open space and trail improvements (the "Open Space and
Trail Improvements") consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and 10' hike/bike trails to serve
Improvement Area 91. The open space and trail system improvements will be
constructed according to City standards, determined in the City's sole discretion. The
Actual Costs of the Open Space and Trail Improvements are $2,330,585. The
Improvement Area 91 Funded Improvements will include a portion of the Open
Space and Trail Improvements and the PID-Funded Actual Costs of such
improvements are $637,027.
17
1920.010\58189.10
Table III-A
Improvement Area #1
Authorized Improvements
Actual Costs
Reimbursed by Actual Costs
Assessments Funded by
Description Costs (1) Developer
Authorized Improvements
Bonds& Mobilization $ 1,054,976 $ - $ 1,054,976
Earthwork& Erosion Control 3,514,622 - 3,514,622
Storm Drainage 3,442,755 - 3,442,755
Water 2,448,956 - 2,448,956
Waste Water 2,626,023 - 2,626,023
Paving (2) 5,712,973 5,712,973 -
Landscaping (2) 2,330,585 637,027 1,693,558
Project Contingency 2,773,202 - 2,773,202
Engineering 2,719,068 - 2,719,068
City Inspection & Fees 1,318,095 - 1,318,095
Professional Fees 45,266 - 45,266
Construction Fees 1,532,073 - 1,532,073
Total Authorized Improvements $ 29,518,594 $ 6,350,000 $ 23,168,594
Note: Co>; s pt'dvide`d"by Huitt-Zollars Engineers. The figures shown in Table III-A may be revised in"'A nnuaf" """"
Service Plan Updates but such revisions shall not increase the principal amount of the Assessments.
(1) i.e.; the PID-Funded Actual Costs of the Improvement Area#1 Funded Improvements.
(2) The Improvement Area#1 Funded Improvements consist of the Paving Improvments and a portion of the
Landscaping Improvements (see Sections III.B.3.5 and 3.6 above).
18
1920.010\58189.10
C. Descriptions and Costs of Future Improvement Area Improvements
As Future Improvement Areas are developed and Future Improvement Area Assessments are
levied, this SAP will be amended to identify the specific Future Improvement Area
Improvements that confer a special benefit to the property inside each Future Improvement Area
(e.g. Table III-B will be updated to reflect the costs for the specific Future Improvement Area
Improvements financed within the specific Future Improvement Area being developed.)
Table III-B
" Future Improvement Areas
Authorized Improvements and Lot Count
Authorized Improvements lal Total Area#2 Area#3 Area#4 Area#5 Area#6 Area#7
#of Lots 2,729 335 598 363 553 403 477
Bonds&Mobilization $ 5,473,689 $ 592,426 $ 561,845 $ 1,055,327 $ 1,080,501 $ 939,939 $ 1,243,651
Earthwork&Erosion Control 18,235,440 1,973,651 1,871,770 3,515,792 3,599,657 3,131,380 4,143,190
Storm Drainage 17,862,561 1,933,294 1,833,496 3,443,901 3,526,052 3,067,349 4,058,469
Water 12,706,286 1,375,222 1,304,232 2,449,771 2,508,208 2,181,917 2,886,936
Waste Water 13,624,988 1,474,654 1,398,532 2,626,897 2,689,559 2,339,676 3,095,670
Paving 29,641,474 3,208,144 3,042,538 5,714,875 5,851,197 5,090,018 6,734,702
Landscaping 12,092,123 1,308,750 1,241,191 2,331,361 2,386,973 2,076,453 2,747,395
Project Contingency 14,415,802 1,559,584 1,479,573 2,780,183 2,847,053 2,472,820 3,276,589
Engineering 14,107,747 1,526,904 1,448,084 2,719,973 2,784,855 2,422,575 3,205,356
City Inspection&Fees 6,838,870 740,182 701,973 1,318,534 1,349,986 1,174,367 1,553,828
Professional Fees 506,680 48,221 50,689 105,860 113,900 60,466 127,544
Construction Fees 7,949,084 860,342 815,931 1,532,583 1,569,141 1,365,012 1,806,075
$153,457,473 $ 16,601,709 $ 15,750,452 $ 29,595,420 $ 30,307,635 $ 26,322,375 $ 34,879,882
Estimated Year to Levy Assessments 1 20211 20241 20271 20301 20331 2036
Estimated Year to Issue PID Bonds 1 20231 202651 20291 20321 20351 2038
Estimated Costs Reimbursed by PID $ 34,005,000 1$ 4,905,000 1$ 6,340,000 1$ 4,150,000 1$ 6,780,000 1$ 5,230,000 1$ 6,600,000
'vco I,LLC.
19
1920.010\58189.10
Section IV
ASSESSMENT PLAN
A. Introduction
1. The PID Act requires the City Council to apportion the PID-Funded Actual Costs of the
Authorized Improvements to be funded through the PID based on the special benefits conferred
on each Parcel from the Authorized Improvements. The PID Act provides that the PID-Funded
Actual Costs may be assessed: (i) equally per front foot or square foot; (ii) according to the value
of the property as determined by the governing body, with or without regard to improvements on
the property; or (iii) in any other manner that results in imposing equal shares of the cost on
property similarly benefited. The PID Act further provides that the City Council may establish
the methods of assessing the special benefits for various classes of improvements.
2. Table IV-A details the allocation of PID-Funded Actual Costs of the Improvement Area
91 Funded Improvements to the Improvement Area 91 Assessed Property.
3. This Section IV is intended to: (1) describe the special benefit conferred upon each
Parcel within Improvement Area 91 as a result of the Improvement Area 91 Funded
Improvements; (2) provide the basis and justification for the determination by the City Council
that these special benefits exceed the amount of the Assessments levied; and (3) explain the
methodologies by which the City Council allocates and reallocates the special benefits of the
Improvement Area 91 Funded Improvements to Parcels so that equal shares of the PID-Funded
Actual Costs being apportioned to Parcels that are similarly benefited. The determination by the
City Council of the assessment methodologies set forth in this Section IV is the result of the
discretionary exercise by the City Council of its legislative authority and governmental powers,
consistent with the PID Act, and is conclusive and binding on the Developer and all future
owners and developers of any Assessed Property.
B. Special Benefit
1. The Assessed Property must receive a direct and special benefit from the Authorized
Improvements being funded through the PID that is equal to or greater than the amount of the
Assessments. The Improvement Area 91 Funded Improvements are provided solely for the
benefit of the Improvement Area 91 Assessed Property, and the benefit received from such
Improvement Area 91 Funded Improvements must be equal to or greater than the Assessments
levied against the Improvement Area 91 Assessed Property.
20
1920.010\58189.10
2. At the time of approval of this preliminary SAP, the Developer, Drees Custom Homes, L.P.,
Highland Homes-Dallas, LLC, Weekley Homes, LLC, Village Homes, LP and Toll Brothers
owned 100% of the Improvement Area 91 Assessed Property (collectively with the Developer,
the "Owners"). The final SAP will be updated to reflect any additional owners as of the date of
approval of the final SAP. The Owners have acknowledged that their property lies within the
boundaries of the PID and have consented to the levy of Assessments to finance the
Improvement Area#1 Funded Improvements.
3. If Lots are not platted in accordance with the approved entitlements, the Assessments for
each affected Lot will be allocated in an equitable manner, but in no event will such new
allocation increase the Maximum Assessment per Unit for each Parcel as identified in Table IV-
B. If the Assessment for the Assessed Property prior to subdivision exceeds the sum of the
Assessments for all newly divided Assessed Properties after such reallocation, the excess amount
shall be prepaid as a Mandatory Prepayment as provided under Section VI.0 herein.
4. The City Council determined that funding the PID-Funded Actual Costs through the PID
is beneficial to the City and confers a special benefit on the Improvement Area 91 Assessed
Property. The City Council has also determined that the special benefit from Improvement Area
91 Funded Improvements exceeds the amount of the Assessments levied against Improvement
Area 91 Assessed Property. This conclusion is supported by the evidence, information, and
testimony provided to the City Council.
C. Allocation of Actual Costs of Improvement Area #1 Funded Improvements
The Improvement Area 91 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non-Benefited Property, in Improvement Area 91. The PID-Funded
Actual Costs of the Improvement Area 91 Funded Improvements are, therefore, allocated
entirely to the Improvement Area 91 Assessed Property as shown in Table IV-A. The costs
detailed in Table IV-A are subject to revision through the Annual Service Plan Updates, but may
not result in increased Assessments except as authorized by this SAP and the PID Act.
21
1920.010\58189.10
Table IV-A
Improvement Area#1
Cost Allocation
Improvement Area#1
Authorized Improvement Total Cost(a) % Allocation(b) Share of Costs PID Funded Costs
Bonds&Mobilization $ 1,054,976 0% $ $
Earthwork&Erosion Control 3,514,622 0%
Storm Drainage 3,442,755 0%
Water 2,448,956 0%
Waste Water 2,626,023 0% -
Paving(2) 5,712,973 100.0000% 5,712,973 5,712,973
Landscaping(2) 2,330,585 27.3334% 637,027 637,027
Project Contingency 2,773,202 0% - -
Engineering 2,719,068 0%
City Inspection&Fees 1,318,095 0%
Professional Fees 45,266 0%
Construction Fees 1,532,073 0% - -
Total Authorized Improvements $ 29,518,594 $ 6,350,000 $ 6,350,000
(a)See Table III-A for details.
(b)The%Alloction represents PID-Funded Costs
im
D. Assessment Methodolo2y
1. The City Council may assess the PID-Funded Actual Costs against Assessed Property so
long as the special benefit conferred upon the Assessed Property by the corresponding
Authorized Improvements equals or exceeds the amount of the Assessments. The PID-Funded
Actual Costs may be assessed using any methodology that results in the imposition of equal
shares of the PID-Funded Actual Costs on Assessed Property similarly benefited.
2. Assessment Methodology for Improvement Area 91
2.1 For purposes of this SAP, the City Council has determined that the PID-Funded
Actual Costs of the portion of the Improvement Area 91 Funded Improvements shall be allocated
to the Improvement Area 91 Assessed Property by spreading the entire Assessment across all
Lots of Assessed Property within Improvement Area 91 based on the ratio of the estimated build
out value of each Lot to the total build out value for all Parcels within Improvement Area 91.
The assessment methodology described in this Section 2.1 is summarized in Table IV-B. Table
IV-B also summarizes for each Lot Type of Assessed Property within Improvement Area 91: (1)
the Assessment for each Lot Type; (2) the Annual Installment for each Lot Type; and (3) the
equivalent tax rate for each Lot Type based on estimated finished lot value and estimated
completed home price. This assessment methodology is anticipated to be used for each Future
Improvement Area, subject to the approval of the City Council. Table IV-C also summarizes
for each Lot Type of Assessed Property within Improvement Area 91: (1) the estimated finished
lot to Assessment ratio and (2) the estimated completed home price to Assessment ratio.
2.2 Based on the PID-Funded Actual Costs for the Improvement Area 91 Funded
Improvements, the City Council has determined that the benefit to the Improvement Area 91
Assessed Property from the Improvement Area 91 Funded Improvements is at least equal to the
Improvement Area 91 Assessments levied on the Improvement Area 91 Assessed Property.
22
1920.010\58189.10
2.3 The Assessments and Annual Installments for each Lot of Assessed Property
located in Improvement Area 91 are shown on the Improvement Area 91 Assessment Roll
attached as Appendix A-1, and no Assessment shall be changed except as authorized by this
SAP and the PID Act. Table IV-B and Table IV-C summarizes the initial allocation of the
Assessment for the Improvement Area 91 Assessed Property at the time the initial Assessment
Ordinance relating to the Improvement Area 91 Funded Improvements was adopted by the City
Council. The information in Table IV-B and Table IV-C may be modified in a Service Plan
Update approved by the City Council, subject to the terms of this SAP, the PID Act, and any
other documents associated with the PID.
Table IV-13
Improvement Area#1
Mir
Assessment Allocation
Equivalent Equivalent
Estim ated Initial Year Tax Rate(per Tax Rate(per
Estimated Completed Initial Year Maximum Annual $100/AV)- $100/AV)-
Finished Lot Home Estimated Total Annual Assessment Installment Finished Lot Completed
Lot Width Units Value Value Build Out Value Assessment Installment Per Unit Per Unit Value Home Value
35 28 $ 53,410 $ 286,900 $ 8,033,200 $ 192,408 $ 14,466 $ 6,872 $ 517 $ 0.97 $ 0.18
50 239 $ 72,856 $ 356,700 $ 85,251,300 $ 2,041,909 $ 153,516 $ 8,544 $ 642 $ 0.88 $ 0.18
60 182 $ 89,479 $ 439,000 $ 79,898,000 $ 1,913,688 $ 143,876 $ 10,515 $ 791 $ 0.88 $ 0.18
70 98 $ 113,861 $ 559,500 $ 54,831,000 $ 1,313,293 $ 98,737 $ 13,401 $ 1,008 $ 0.88 $ 0.18
Custom 40 $ 170,000 $ 927,600 $ 37,104,000 $ 888,702 $ 66,815 $ 22,218 $ 1,670 $ 0.98 $ 0.18
Total 587 $ 265,117,500 $ 6,350,000 $ 477,409
Note: Estimates based on information available as of 2/22/17. The above estimate assumes an average 6.0% interest rate for the initial two years,a 9.0%
interest rate for the remaining 28 years,a 30 year term for the collection of the PID assessments,and an annual administrative expense of$45,000 increasing
at 2.0% per year.This information may be modified in a Annual Service Plan Update approved by the City Council,subject to the terms of this SAP,the PID
Act,and any other documents associated with the PID.
Table IV-C
Improvement Area#1
EL Estimated Value to Assessment Ratios
Estimated Initial Year Completed
Estimated Completed Initial Year Maximum Annual Finished Lot Home to
Finished Lot Home Estimated Total Annual Assessment Installment to Assessment Assessment
Lot Width Units Value Value Build Out Value Assessment Installment Per Unit Per Unit Leverage Leverage
35 28 $ 53,410 $ 286,900 $ 8,033,200 $ 192,408 $ 14,466 $ 6,872 $ 517 7.77 41.75
50 239 $ 72,856 $ 356,700 $ 85,251,300 $ 2,041,909 $ 153,516 $ 8,544 $ 642 8.53 41.75
60 182 $ 89,479 $ 439,000 $ 79,898,000 $ 1,913,688 $ 143,876 $ 10,515 $ 791 8.51 41.75
70 98 $ 113,861 $ 559,500 $ 54,831,000 $ 1,313,293 $ 98,737 $ 13,401 $ 1,008 8.50 41.75
Custom 40 $ 170,000 $ 927,600 $ 37,104,000 $ 888,702 $ 66,815 $ 22,218 $ 1,670 7.65 41.75
Total 587 $ 265,117,500 $ 6,350,000 $ 477,409
Note: Estimates based on information available as of 2/22/17. The above estimate assumes an average 6.0% interest rate for the initial two years, a 5.0%
interest rate for the remaining 28 years,a 30 year term for the collection of the PID assessments,and an annual administrative expense of$45,000 increasing
at 2.0% per year.This information may be modified in a Annual Service Plan Update approved by the City Council,subject to the terms of this SAP,the PID
Act,and any other documents associated with the PID.
E. Assessment and Annual Installments
1. The Assessments for the Improvement Area 91 Funded Improvements will be levied on
each Lot of Improvement Area 91 Assessed Property according to the Improvement Area 91
Assessment Roll. The Improvement Area 91 Annual Installments will be delinquent after
January 31 of each year after the commencement of collection pursuant to Section VA and will
be due in the amounts shown on the Improvement Area 91 Assessment Roll, subject to any
revisions made during an Annual Service Plan Update.
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F. Administrative Expenses
The cost of administering the PID and collecting the Annual Installments shall be paid for on a
pro rata basis by each Parcel or Lot within the PID based on the amount of the outstanding
Assessment remaining on such Parcel or Lot. The Administrative Expenses shall be collected as
part of and in the same manner as Annual Installments in the amounts shown on the Assessment
Rolls.
G. Additional Interest Rate
Pursuant to the PID Act, if PID Bonds are issued, the interest rate for Assessments may exceed
the actual interest rate per annum paid on bonds issued by a PID by no more than one half of one
percent (0.50%) per annum, (the "Additional Interest Rate"). Forty percent (40.0%) of the funds
generated by the Additional Interest Rate (i.e. 0.20%) per annum will be dedicated to fund the
Prepayment Reserve as described in Section IV.H below. The remaining sixty percent (60.0%)
balance of the funds generated by the Additional Interest Rate (i.e. 0.30%) per annum is
dedicated to the Delinquency Reserve as described in Section IV.I below.
H. Prepayment Reserve
As described in Section IV.G above, if PID Bonds are issued, a portion of the funds generated
by the Additional Interest Rate will be allocated to fund the associated interest charged between
the date of prepayment of an Assessment and the date on which related PID Bonds are actually
redeemed (the "Prepayment Reserve"). If PID Bonds are issued, a Prepayment Reserve shall be
funded each year until it reaches 1.5% of the par amount of the related PID Bonds, but in no
event will the annual collections be more than 0.20% per annum higher than the actual interest
rate paid on the related PID Bonds. If the PID Act is subsequently amended to allow a
prepayment of an Assessment to include all applicable interest from the date of prepayment
through and including the date of the regularly scheduled PID Bond payments to be charged
upon the prepayment of the Assessment, the 0.20% per annum allocated to fund the associated
interest charged between the date of prepayment of the Assessment and the date on which PID
Bonds are actually prepaid may be eliminated at the election of the City. If the Prepayment
Reserve requirement is so eliminated or in a given year the additional reserve is fully funded at
1.5% of the par amount of the PID Bonds, the City can allocate the Prepayment Reserve
component of the Additional Interest Rate collected during that year to the Delinquency Reserve
or to pay Administrative Expenses as set forth in the applicable Indenture.
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L Delinquency Reserve
As described in Section IV.G above, if PID Bonds are issued, a portion of the funds generated
by the Additional Interest Rate will be allocated to offset any possible delinquent payments. This
additional reserve (the "Delinquency Reserve") shall be funded each year up to 4.0% of the par
amount of the related PID Bonds, but in no event will the annual collection of the Delinquency
Reserve be more than 0.30% per annum higher than the actual interest rate paid on the related
PID Bonds. If in a given year the additional reserve is fully funded at 4.0% of the par amount of
the related PID Bonds, the City can allocate the Delinquency Reserve component of the
Additional Interest Rate collected during that year to the Prepayment Reserve, or to pay
Administrative Expenses or to redeem PID Bonds as set forth in the applicable Indenture.
J. Lew of Assessments in Future Improvement Areas
Assessments for each Future Improvement Area of the PID will be levied on a date mutually
agreed upon by the City and the Developer and will be collected as described in Section V.
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Section V
SERVICE PLAN
1. The PID Act requires that a service plan (i) cover a period of at least five years, and (ii)
define the annual projected costs and indebtedness for the Authorized Improvements undertaken
within the PID during the five year period. It is anticipated that it will take approximately 12
months for the Improvement Area 91 Funded Improvements to be constructed. The timetable for
Future Improvement Areas Improvements will be determined and included in future updates to
this SAP.
2. The Actual Costs and PID-Funded Actual Costs for the Improvement Area 91 Authorized
Improvements and payment of expenses incurred in the establishment, administration and
operation of the PID are shown in Table V-A. The Service Plan shall be reviewed and updated
at least annually for purposes of determining the annual budget for Administrative Expenses,
updating the estimated costs of the Authorized Improvements, and updating the Assessment
Rolls ("Annual Service Plan Update").
3. Table V-A summarizes the sources and uses of funds required to construct the
Authorized Improvements and establish the PID. The amounts shown in Table V-A shall be
updated each year in the Annual Service Plan Update to reflect any revisions to the Actual Costs.
4. The City and the Developer acknowledge and agree that phasing of the development is
necessary to respond to market conditions and demand but also acknowledge that it is the goal of
the City for full development of the PID to occur as rapidly as possible. Therefore, the levy of
assessments for the final phase of development must occur within twenty-five (25) years after the
date on which assessments are levied for the first phase of development (the "Assessment
Deadline"). To the extent any portion of the Maximum Reimbursement, as defined in the Master
Reimbursement Agreement, has not been allocated to an Assessment levied on or before the
Assessment Deadline, the Developer shall not be entitled to reimbursement for that portion, and
the City shall not be obligated to make an Assessment for the unrecovered portion. Collection of
Assessments for each Future Improvement Area may not commence until the date on which (a)
all Authorized Improvements for that Future Improvement Area have been completed and
accepted by the City, and (b) such Assessments can be collected in the same manner by which
the City's ad valorem taxes are collected.
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5. At the request of the Developer, the City may, in its discretion, issue PID Bonds to
accelerate and monetize some or all of the amounts payable under an applicable PID
Reimbursement Agreement; provided, however, that (a) PID Bonds shall have a maturity of no
more than twenty (20) years from the date of their initial issuance, and (b) the issuance of PID
Bonds for a Future Improvement Area shall be conditioned on full compliance with all of the
following: (i) the Developer has filed a written notice of its request that the City issue PID Bonds
for that Future Improvement Area prior to the date on which an assessment ordinance for that
Future Improvement Area is first adopted; (ii) the Developer has completed all Authorized
Improvements required to file final plats for the entirety of that Future Improvement Area; (iii)
final plats for the entire subsequent Future Improvement Area are approved filed with and
approved, if necessary, by the City, (iv) the filing of such final plats is made within five (5)years
from the date on which Assessments are initially collected in the Future Improvement Area for
which PID Bonds are to be issued; and (v) the Developer is in full compliance with the terms of
all of its Continuing Disclosure Agreements entered into with respect to any outstanding PID
Bonds. Notwithstanding clauses (iii) and (iv) above, PID Bonds associated with the final Future
Improvement Area may be issued as soon as collection of Assessments for that Future
Improvement Area has commenced, as discussed in Section VA above. The same basic process
outlined above shall apply to issuance of PID Bonds for Improvement Area # 1, provided,
however, that no written notice of Developer's request for bonds shall be required. In the event
of any conflict between the terms of Section VA or V.5 and the Master Reimbursement
Agreement or any PID Reimbursement Agreement, the terms of the Master Reimbursement
Agreement or applicable PID Reimbursement Agreement shall control.
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Table V-A
Improvement Area#1
Sources and Uses of Funds
Costs
Reimbursed by Costs Funded
Description Costs Assessments by Developer
Sources:
PID Reimbursement Agreement Improvement Area#1 $ 6,350,000 $ 6,350,000 $ -
Developer Cash Contribution 23,168,594 - 23,168,594
Total Sources $ 29,518,594 $ 6,350,000 $ 23,168,594
Uses:
Authorized Improvements
Bonds & Mobilization $ 1,054,976 $ - $ 1,054,976
Earthwork & Erosion Control 3,514,622 3,514,622
Storm Drainage 3,442,755 3,442,755
Water 2,448,956 - 2,448,956
Waste Water 2,626,023 - 2,626,023
Paving 5,712,973 5,712,973 -
Landscaping 2,330,585 637,027 1,693,558
Project Contingency 2,773,202 - 2,773,202
Engineering 2,719,068 - 2,719,068
City Inspection & Fees 1,318,095 - 1,318,095
Professional Fees 45,266 - 45,266
Construction Fees 1,532,073 1,532,073
Total Uses: $ 29,518,594 1 $ 6,350,0001 $ 23,168,594
(a)See Table III-A and IV-A for details.
6. Table V-B summarizes the sources and uses of funds assuming the completion of the
planned future issuance of PID Bonds. The amounts shown in Table V-B shall be updated each
year in the Annual Service Plan Update to reflect any revisions.
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Table V-B
Sources and Uses
Sources of Funds Improvement Area #1
Bond par amount $ 5,015,000
Remainder balance- Reimbursement Agreement $ 1,335,000
Total Bonds and Reimbursement Agreement $ 6,350,000
Developer Cash Contribution-Authorized Improvements (a) $ 24,075,094
Total Sources for Authorized Improvements $ 30,425,094
Use of Funds
Bonds & Mobilization $ 1,054,976
Earthwork & Erosion Control $ 3,514,622
Storm Drainage $ 3,442,755
Water $ 2,448,956
Waste Water $ 2,626,023
Paving $ 5,712,973
Landscaping $ 2,330,585
Project Contingency $ 2,773,202
Engineering $ 2,719,068
City Inspection & Fees $ 1,318,095
Costs of issuance
Capitalized Interest (c) $ -
Reserve fund (b) $ 405,000
PID establishment/operation and other costs of issuance (d) $ 351,050
Underwriter's discount/Underwriter's Counsel (e) $ 150,450
Subtotal $ 906,500
Total Uses $ 30,425,094
(a) Owner will initally fund all costs. Owner will be reimbursed from the Assessments in accordance with the
Improvement Area#1 Reimbursement Agreement and the planned issuance of PID Bonds.
(b) The planned PID Bonds will include a debt service reserve fund equal to the Reserve Account Requirement as
defined in the Indenture.
(c)The planned Improvement Area#1 PID Bonds are expected to include zero months of capitalized interest. The actual
amounts of capitalized interest will be adjusted at the time of the planned issuance of the PID Bonds.
(d)The estimates presented here will be adjusted to the actual costs at the time of the planned issuance of PID Bonds.
(e)The planned PID Bonds assume a 3.0%Underw riter Discount/Underwriter Counsel Fee.
7. The projected Improvement Area 41 Annual Installments for the first six years after the
approval of this SAP, assuming the issuance of PID Bonds two years after levying of the
Assessments, for the PID are presented in Table V-C. The projected Annual Installments for
Future Improvement Areas will be included in subsequent SAPS at the time Assessments for the
Future Improvement Areas are paid in accordance with the applicable Future Improvement Area
Reimbursement Agreement. The projected Annual Installments are subject to revision and shall
be updated in the Annual Service Plan Update to reflect any change expected for each year.
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Table V-C
Improvement Area #1
Annual Installments
Year Ending Principal Interest Administrative Annual PID
September 30, Payments Expense Expenses Installments
2018 $ - $ - $ - $ -
2019 51,409 381,000 45,000 477,409
2020 53,593 377,915 45,900 477,409
2021 118,341 312,250 46,818 477,409
2022 123,322 306,333 47,754 477,409
2023 128,533 300,167 48,709 477,409
Tota I $ 423,789 1 $ 1,296,665 1 $ 189,182 1 $ 1,909,635
Note: The projected Annual Installments are the expenditures associated with the
formation of the PID, interest expense, and the administration of the PID. The
reimbursements are based on a 30 year term for the PID, a 6.00% interest rate for
the initial two years and a 5.0% interest rate for the remaining 28 years.
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Section VI
TERMS OF THE ASSESSMENTS
A. Amount of Assessments and Annual Installments for Parcels Located Within
Improvement Area#1
The Assessments and Annual Installments for the Improvement Area 91 Assessed Property are
shown on the Improvement Area 91 Assessment Roll. The Assessments and Annual
Installments shall not be changed except as authorized by this SAP and by the PID Act and
approved by City Council. The Improvement Area 91 Annual Installments shall be collected in
an amount sufficient to pay principal and interest on any PID Bonds, any amounts payable
pursuant to the Improvement Area 91 Reimbursement Agreement (subject to the terms thereof),
to fund the Prepayment Reserve and the Delinquency Reserve, and to pay the Administrative
Expenses.
B. Reallocation of Assessments for Parcels Located Within the PID
1. Upon Division Prior to Recording of Subdivision Plat
1.1 Upon the division of any Assessed Property (without the recording of subdivision
plat), the Administrator shall reallocate the Assessment for the Assessed Property prior to the
division among the newly divided Assessed Properties in accordance with the assessment
methodology as presented in Section IV. D. 2.
1.2 If Lots are not platted in accordance with the approved entitlements, the
Assessments for each affected Lot will be allocated in an equitable manner, but in no event will
such new allocation increase the total Assessment for each Parcel as identified in Table IV-B.
1.3 The reallocation of an Assessment for Assessed Property that is a homestead
under Texas law may not exceed the Assessment prior to the increase or reallocation. Any
reallocation pursuant to this section shall be reflected in a Service and Assessment Plan Update
approved by the City Council. The reallocation herein shall be considered an administrative
action that will not require the City Council to issue notice and hold a public hearing.
1.4 The sum of the Assessments for all newly divided Assessed Properties shall equal
the Assessment for the Assessed Property prior to subdivision. The calculation shall be made
separately for each newly divided Assessed Property. Any reallocation pursuant to this section
shall be reflected in an update to this Service and Assessment Plan approved by the City Council.
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2. Upon Subdivision by a Recorded Subdivision Plat
2.1 Once a Lot has an Assessment applied to it, as shown in Table IV-B, and is then
subdivided again, such newly subdivided lots will be the Assessment of the applicable lot size as
set forth in Table IV-B. In no event will the new subdivision cause the sum of the Assessments
for the newly subdivided Lots to be greater than the Assessment for the undivided Lot prior to its
subdivision.
2.2 The allocation method used above is to insure there will not be an increase in the
Assessment for each specific Parcel. If Lots are not platted in accordance with the approved
entitlements, the Assessments for each affected Lot will be allocated in an equitable manner.
3. Upon Consolidation
Upon the consolidation of two or more Assessed Properties, the Assessment for the
consolidated Assessed Property shall be the sum of the Assessments for the Assessed
Properties prior to consolidation. The reallocation of an Assessment for an Assessed
Property that is a homestead under Texas law may not exceed the Assessment for such
Assessed Property prior to the reallocation. Any reallocation pursuant to this section shall
be calculated by the Administrator and reflected in an update to this SAP approved by the
City Council. The consolidation of any Assessed Property as described herein shall be
considered an administrative action and will not require any notice or public hearing (as
defined in the PID Act)by the City Council.
4. Upon Transfer between Parcels with Different Uses
4.1 Should an owner of an Assessed Property choose to transfer the intended land use
between all or a portion of one or more Parcels or Lots, in no event will the transfer cause
the sum of the Assessments for the affected Parcels or Lots to be greater than the
Assessment for those Parcels or Lots prior to the transfer of use.
4.2 If uses are transferred among Parcels or Lots, the Assessments for each affected
Parcel or Lot will be allocated in an equitable manner.
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C. Mandatory Prepayment of Assessments
If Assessed Property or a portion thereof is transferred to a party that is exempt from the
payment of the Assessment under applicable law, or if an owner causes a Parcel or
portion thereof to become Non-Benefited Property, the owner of such Parcel or portion
thereof shall pay to the City the full amount of the Assessment, plus all Prepayment
Costs, for such Parcel or portion thereof prior to any such transfer or act (a "Mandatory
Prepayment"). Should a Mandatory Prepayment of Assessments occur, the owner of
such Parcel or portion thereof shall notify the City and the Administrator no later than
thirty (30) days after the date of the payment of the Mandatory Prepayment. The sum of
the Assessments for all newly divided Assessed Properties shall equal the Assessment for
the Assessed Property prior to subdivision. If the Assessment for the Assessed Property
prior to subdivision exceeds the sum of the Assessments for all newly divided Assessed
Properties after such reallocation, the Parcel owner shall pay the excess Assessment
amount as a Mandatory Prepayment.
D. Reduction of Assessments
1. If after all Authorized Improvements to be funded through the PID have been completed
and the Actual Costs for such Authorized Improvements are less than the PID-Funded
Actual Costs used to calculate the Assessments, resulting in an excess Assessment, then
the City may, at its discretion, reduce the Assessment for each Assessed Property pro rata
such that the sum of the resulting reduction in the Assessments for all Assessed
Properties equals the excess Assessments Additionally, the City may, at the request of
the Developer, use such excess Assessments to fund and/or reimburse the Developer for,
and/or directly fund, additional Authorized Improvements.
2. Similarly, if the Developer does not undertake some of the Authorized Improvements to
be funded through the PID, as set forth in Table III-A, resulting in excess Assessments,
then the City may, at the City's sole discretion, reduce the Assessment for each Assessed
Property pro-rata to reflect only the PID-Funded Actual Costs that were expended and
deposit and apply such excess Assessments as described in the paragraph immediately
above.
E. Payment of Assessments
1. Payment in Full
1.1 The Assessment for any Parcel may be paid in full at any time in accordance with the
PID Act. The payment shall include all Prepayment Costs, if any.
1.2 If an Annual Installment has been billed prior to payment in full of an Assessment,
the Annual Installment shall be due and payable and shall be credited against the
payment in full amount upon payment.
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1.3 Upon payment in full of an Assessment and all Prepayment Costs, the City shall
deposit the payment in accordance with the applicable PID Reimbursement
Agreement; whereupon, the Assessment for the Parcel shall be reduced to zero, and
the Parcel owner's obligation to pay the Assessment and Annual Installments thereof
shall automatically terminate. The City shall provide the owner of the affected
Assessed Property a recordable"Notice of PID Assessment Termination."
1.4 At the option of a Parcel owner, the Assessment on any Parcel may be paid in part in
an amount equal to the amount of prepaid Assessments plus Prepayment Costs, if
any, with respect thereto. Upon the payment of such amount for a Parcel, the
Assessment for the Parcel shall be reduced by the amount of such partial payment, the
Assessment Roll shall be updated to reflect such partial payment, and the obligation
to pay the Annual Installment for such Parcel shall be reduced to the extent the partial
payment is made.
2. Payment of Annual Installments
2.1 The PID Act provides that an Assessment for a Parcel may be paid in full at any time.
If not paid in full, the PID Act authorizes the City to collect interest and collection
costs on the outstanding Assessment. An Assessment for a Parcel that is not paid in
full will be collected in Annual Installments, as defined in Section LB.5, in the
amounts shown on the applicable Assessment Roll, which includes interest on the
outstanding Assessment and Administrative Expenses.
2.2 The Annual Installments may not exceed the amounts shown on the applicable
Assessment Roll except pursuant to any amendment or update to this SAP.
2.3 The Annual Installments shall be reduced to equal the actual costs of repaying any
PID Bonds, PID Reimbursement Agreement, or actual Administrative Expenses,
taking into consideration any other available funds for these costs such as interest
income on account balances.
2.4 The Annual Installments as listed on the Assessment Roll have been calculated as
having a term of 30 years from initial collection, and assuming an interest rate of
6.0% for the initial two years of collection and 5.0% for the remaining 28 years of
collection. The interest rate assumptions are in conformance with the PID Act
assuming an index rate of 4.02% as provided by The Bond Buyer's Revenue Bond
Index dated April 27, 2017. The principal amounts of Annual Installments may not
exceed the amounts shown on the Assessment Roll except pursuant to any
amendment or update to this SAP. The interest on the Assessments or Annual
Installments includes the interest generated from the Additional Interest Rate.
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F. Collection of Annual Installments; Deferred Collection of Improvement Area 41
Annual Installments
1. The Administrator shall, no less frequently than annually, prepare and submit to the City
for its approval, an Annual Service Plan Update to allow for the billing and collection of Annual
Installments. Each Annual Service Plan Update shall include updated Assessment Rolls and a
calculation of the Annual Installments for each Assessed Property. Administrative Expenses
shall be allocated among Assessed Properties in proportion to the amount of the Annual
Installments for the Assessed Property. Each Annual Installment shall be reduced by any credits
applied. Annual Installments may be collected by the City (or such entity to whom the City
directs) in the same manner and at the same time as ad valorem taxes. Annual Installments shall
be subject to the penalties, procedures, and foreclosure sale in case of delinquencies as set forth
in the PID Act. The City may provide for other means of collecting the Annual Installments to
the extent permitted under the PID Act. The Assessments shall have the lien priority as specified
in the PID Act.
2. Any sale of Assessed Property for nonpayment of the delinquent Annual Installments
shall be subject to the lien established for the remaining unpaid Annual Installments against such
Assessed Property, and such Assessed Property may again be sold at a judicial foreclosure sale if
the purchaser thereof fails to make timely payment of the non-delinquent Annual Installments
against such Assessed Property as they become due and payable.
3. Each Annual Installment, including the interest on the unpaid amount of an Assessment,
shall be billed and collected annually. Each Annual Installment together with interest thereon
shall be delinquent if not paid prior to February 1 of the following year. Delinquent Annual
Installments shall incur interest, penalties, and attorney's fees in the same manner as delinquent
ad valorem taxes. Annual Installments will be due when billed.
4. Collection of the Annual Installments associated with Improvement Area 91 of the PID
will be deferred pursuant to Section 372.017 of the PID Act until the first date following the
completion of the Authorized Improvements in Improvement Area 91 on which such Annual
Installments can be collected in the same manner by which the City collects its ad valorem taxes.
Collection of the Annual Installments associated with Improvement Area 91 is anticipated to
commence by October 1, 2018, with such Annual Installments being delinquent if not paid on or
before January 31, 2019.
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Section VII
ASSESSMENT ROLLS
A. Improvement Area#1 Assessment Roll
1. The City Council has evaluated each Lot in Improvement Area 91 (based on numerous
factors such as the applicable zoning for developable area, the use of proposed Owners
Association property, the Public Property, the types of Authorized Improvements, and other
development factors deemed relevant by the City Council) to determine the amount of Assessed
Property within Improvement Area 91.
2. The Improvement Area 91 Assessed Property will be assessed for the special benefits
conferred upon such property by the Improvement Area 91 Funded Improvements. Table V-A
summarizes the $6,350,000 in special benefit received by such property from the Improvement
Area 91 Funded Improvements. The total amount of the PID-Funded Actual Costs is
$6,350,000, which is equal to the benefit received by the Assessed Property. Accordingly, the
total Assessment to be applied to the Improvement Area 91 Assessed Property is $6,350,000 plus
annual interest and Administrative Expenses. The Assessment for each Improvement Area 91
Assessed Property is calculated based on the allocation methodologies described in Section
W.E. The Assessment Roll for Improvement Area 91 Assessed Property is attached as
Appendix A-1.
B. Future Improvement Area Assessment Roll
As Future Improvement Areas are developed, this SAP will be amended to determine the
Assessment for each Parcel or Lot located within such Future Improvement Area, and an
appendix will be added as the Future Improvement Area Assessment Roll for such Future
Improvement Area.
C. Annual Assessment Roll Updates
1. The Administrator shall, in consultation with City staff, prepare, and shall submit to the
City Council for approval, updates to the Assessment Rolls and in or as part of the Annual
Service Plan Updates to reflect changes such as (i) the identification of each Parcel, (ii) the
Assessment for each Assessed Property, including any adjustments authorized by this SAP and
the PID Act; (iii) the Annual Installments for the Assessed Property for the year (if the
Assessment is payable in installments); and (iv) payments of the Assessment, if any, as provided
by Section VLA.
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2. Annual Service Plan Updates shall reflect the actual interest of the PID Bonds, if any, or
as outlined in the applicable PID Reimbursement Agreement, on which the Annual Installments
shall be paid plus the Additional Interest Rate, if any, any reduction in the Assessments, any
revisions in the PID-Funded Actual Costs, Assessments agreed upon in the applicable PID
Reimbursement Agreement, and Developer funds.
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Section VIII
MISCELLANEOUS PROVISIONS
A. Administrative Review
1. The City may elect to designate a third party, who is not an officer or employee of the
City, to serve as Administrator of the PID. The City shall notify the property owners within the
PID in writing upon appointing a third party Administrator.
2. To the extent consistent with the PID Act, if an owner of the Assessed Property claims
that a calculation error has been made in an Assessment Roll, including the calculation of the
Annual Installment, that owner must send a written notice describing the error to the
Administrator no later than thirty (30) days after the date the invoice or other bill for the Annual
Installment is received. If the owner fails to give such notice, such owner shall be deemed to
have accepted the calculation of the Assessment Roll (including the Annual Installments) and to
have waived any objection to the calculation. The Administrator shall, in consultation with City
staff, promptly review the notice, and if necessary, meet with the Assessed Property owner,
consider written and oral evidence regarding the alleged error and decide whether, in fact, such a
calculation error occurred.
3. If the Administrator, in consultation with City staff, determines that a calculation error
has been made and the Assessment Roll should be modified or changed in favor of the Assessed
Property owner, such change or modification shall be presented to the City Council for approval,
to the extent permitted by the PID Act. A cash refund may not be made for any amount
previously paid by the Assessed Property owner (except for the final year during which the
Annual Installment shall be collected), but an adjustment may be made in the amount of the
Annual Installment to be paid in the following year. The decision of the Administrator regarding
a calculation error relating to the Assessment Roll may be appealed to City Council. Any
amendments made to the Assessment Roll pursuant to calculation errors shall be made pursuant
to the PID Act.
B. Termination of Assessments
Each Assessment shall terminate on the date the Assessment is paid in full, including payment of
any unpaid Annual Installments and Delinquent Collection Costs, if any. After the termination of
the Assessment, and the collection of any delinquent Annual Installments and Delinquent
Collection Costs, the City shall provide the owner of the affected Parcel a recordable Notice of
the PID Assessment Termination.
C. Amendments
Amendments to this SAP may be made as permitted or required by the PID Act.
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D. Administration and Interpretation of Provisions
The City Council shall administer(or cause the administration of) the PID in accordance with the
PID Act, including all Annual Service Plan Updates.
E. Severability
1. If any provision, section, subsection, sentence, clause or phrase of this SAP, or the
application of same to an Assessed Property or any person or set of circumstances is for any
reason held to be unconstitutional, void or invalid, the validity of the remaining portions of this
SAP or the application to all or any portion of the Property or other persons or sets of
circumstances shall not be affected thereby, it being the intent of the City Council in adopting
this SAP that no part thereof, or provision or regulation contained therein shall become
inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any other part
hereof, and all provisions of this SAP are declared to be severable for that purpose.
2. If any provision of this SAP is determined by a court to be unenforceable, the
unenforceable provision shall be deleted from this SAP, and the unenforceable provision shall, to
the extent possible, be rewritten to be enforceable and to give effect to the intent of the City.
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1920.010\58189.10
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Appendix B
TRACT 1 (Quail Valley)
Being a 1,211.51 acre tract of land situated in the Houston Tap & Brazoria RR Co Survey,
Abstract Number 654, the Houston Tap &Brazoria RR Co Survey,Abstract Number 647,the
International & Great Northern RR Co Survey, Abstract Number 1995, the International &
Great Northern RR Co Survey, Abstract Number 1996, the International & Great Northern
RR Co Survey, Abstract Number 2004, G. Tandy Survey, Abstract Number 2356, the Heirs
of C.H. Higbee Survey, Abstract Number 2740 and the M.0 Moulton Survey, Abstract
Number 934, Parker County, being part of a tract of land described in deed to Walsh
Ranches Limited Partnership, as recorded in Volume 1699, Page 1765, Deed Records,
Parker County, Texas (D.R.P.C.T), as previously described in deed recorded in Volume 237,
Page 562, D.R.P.C.T., said 1,211.51 acre tract of land being more particularly described as
follows:
COMMENCING at an aluminum TXDOT disc found for corner on the east right-of-way line of
F.M. 3325 (variable width), said corner being on the north line of said Walsh Ranches
Limited Partnership tract;
THENCE North 89 degrees 18 minutes 10 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 5178.11 feet to a 5/8 inch iron rod with a yellow plastic cap
stamped "DUNAWAY ASSOC. LP"set for corner for the POINT OF BEGINNING;
THENCE North 89 degrees 18 minutes 10 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 49.67 feet to a 5/8 inch iron rod with yellow cap stamped
"DUNAWAY ASSOC. LP" found for an ell corner of said Walsh Ranches Limited Partnership
tract
THENCE North 00 degrees 33 minutes 20 seconds West, along said Walsh Ranches Limited
Partnership tract, a distance of 2015.32 feet to a 5/8 inch iron rod with a yellow plastic cap
stamped "DUNAWAY ASSOC. LP" set for corner near the south side of Old Weatherford
Road (undedicated);
THENCE South 82 degrees 28 minutes 09 seconds East, along a fence, a distance of 120.54
feet to a railroad spike set for corner;
THENCE North 88 degrees 23 minutes 39 seconds East, along said fence, a distance of
2130.14 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC.
LP"set for corner;
THENCE North 89 degrees 27 minutes 38 seconds East, along said fence, a distance of
477.65 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC.
LP"set for corner;
57
1920.010\58189.10
THENCE South 03 degrees 41 minutes 11 seconds East, departing said fence, a distance of
394.47 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC.
LP"set for corner;
THENCE North 89 degrees 37 minutes 10 seconds East, a distance of 651.88 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 00 degrees 22 minutes 50 seconds West, a distance of 594.83 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner near
a wire fence and the south side of Old Weatherford Road;
THENCE South 85 degrees 44 minutes 35 seconds East, along said fence, a distance of
286.37 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC.
LP" set for corner, said corner being on a circular curve to the left having a radius of 960.00
feet, a central angle of 22 degrees 24 minutes 34 seconds, and a chord bearing of South 76
degrees 05 minutes 43 seconds East, a distance of 343.09 feet;
THENCE South 87 degrees 18 minutes 00 seconds East, a distance of 620.89 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 02 degrees 42 minutes 00 seconds West, a distance of 53.00 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 87 degrees 18 minutes 00 seconds East, a distance of 146.19 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the right having a radius of 1023.50 feet, a central angle of 31
degrees 17 minutes 49 seconds, and a chord bearing of South 71 degrees 39 minutes 05
seconds East, a distance of 552.15 feet;
THENCE with said curve to the right an arc distance of 559.07 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 1076.50, a central angle of 51 degrees 45
minutes 52 seconds, and a chord bearing of South 81 degrees 53 minutes 07 seconds East,
a distance of 939.83 feet;
THENCE with said curve to the left an arc distance of 972.57 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 1037.00, a central angle of 11 degrees 36 minutes
01 seconds, and a chord bearing of North 78 degrees 01 minutes 58 seconds East, a
distance of 209.59 feet;
THENCE with said curve to the right an arc distance of 209.95 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 06 degrees 10 minutes 02 seconds East, a distance of 51.52 feet to a 5/8
58
1920.010\58189.10
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 1037.00 feet, a central angle
of 02 degrees 09 minutes 38 seconds, and a chord bearing of North 81 degrees 42 minutes
27 seconds East, a distance of 39.10 feet;
THENCE with said curve to the right an arc distance of 39.10 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said corner being
on a circular curve to the right having a radius of 3154.50 feet, a central angle of 00 degrees
41 minutes 44 seconds, and a chord bearing of South 01 degrees 58 minutes 20 seconds
East, a distance of 38.29 feet;
THENCE with said curve to the right an arc distance of 38.29 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 01 degrees 37 minutes 29 seconds East, a distance of 132.96 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 1598.00 feet, a central angle
of 08 degrees 48 minutes 07 seconds, and a chord bearing of South 02 degrees 46 minutes
35 seconds West, a distance of 245.25 feet;
THENCE with said curve to the right an arc distance of 245.49 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said corner being
on a circular curve to the left having a radius of 193.00 feet, a central angle of 44 degrees
10 minutes 32 seconds, and a chord bearing of South 23 degrees 39 minutes 24 seconds
West, a distance of 145.15 feet;
THENCE with said curve to the left an arc distance of 148.81 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 517.00, a central angle of 18 degrees 34 minutes
00 seconds, and a chord bearing of South 10 degrees 51 minutes 08 seconds West, a
distance of 166.80 feet;
THENCE with said curve to the right an arc distance of 167.53 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 783.00, a central angle of 19 degrees 59
minutes 11 seconds, and a chord bearing of South 10 degrees 08 minutes 33 seconds West,
a distance of 271.75 feet;
THENCE with said curve to the left an arc distance of 273.13 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 00 degrees 08 minutes 58 seconds West, a distance of 257.44 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 603.00, a central angle of 32 degrees 28
minutes 53 seconds, and a chord bearing of South 16 degrees O5 minutes 29 seconds East,
a distance of 337.29 feet;
59
1920.010\58189.10
THENCE with said curve to the left an arc distance of 341.84 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 407.00, a central angle of 34 degrees 47 minutes
54 seconds, and a chord bearing of South 14 degrees 55 minutes 58 seconds East, a
distance of 243.41 feet;
THENCE with said curve to the right an arc distance of 247.19 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 443.00, a central angle of 15 degrees 47
minutes 58 seconds, and a chord bearing of South O5 degrees 26 minutes 00 seconds East,
a distance of 121.77 feet;
THENCE with said curve to the left an arc distance of 122.16 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for point of reverse curvature of a
curve to the right having a radius of 837.00, a central angle of 20 degrees 46 minutes 55
seconds, and a chord bearing of South 02 degrees 56 minutes 31 seconds East, a distance of
301.93 feet;
THENCE with said curve to the right an arc distance of 303.59 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 453.00, a central angle of 38 degrees 38
minutes 54 seconds, and a chord bearing of South 11 degrees 52 minutes 31 seconds East,
a distance of 299.81feet;
THENCE with said curve to the left an arc distance of 305.57 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for point of reverse curvature of a
curve to the right having a radius of 127.00, a central angle of 43 degrees 22 minutes 47
seconds, and a chord bearing of South 09 degrees 30 minutes 34 seconds East, a distance of
93.87 feet;
THENCE with said curve to the right an arc distance of 96.15 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 193.00, a central angle of 24 degrees 51
minutes 04 seconds, and a chord bearing of South 00 degrees 14 minutes 42 seconds East,
a distance of 83.06 feet;
THENCE with said curve to the left an arc distance of 83.71 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for point of reverse curvature of a
curve to the right having a radius of 200.00, a central angle of 24 degrees O5 minutes O5
seconds, and a chord bearing of South 00 degrees 37 minutes 41 seconds East, a distance of
83.45 feet;
THENCE with said curve to the right an arc distance of 84.07 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 100.00, a central angle of 35 degrees 28
60
1920.010\58189.10
minutes 59 seconds, and a chord bearing of South 06 degrees 19 minutes 38 seconds East,
a distance of 60.94 feet;
THENCE with said curve to the left an arc distance of 61.93 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 24 degrees 04 minutes 08 seconds East, a distance of 651.54 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 65 degrees 20 minutes 07 seconds East, a distance of 199.81 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 1018.00 feet, a central angle
of 03 degrees 21 minutes 56 seconds, and a chord bearing of South 10 degrees 40 minutes
28 seconds East, a distance of 59.79 feet;
THENCE with said curve to the right an arc distance of 59.80 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of said curve and
the beginning of a circular curve to the right having a radius of 988.00 feet, a central angle
of 08 degrees 10 minutes 18 seconds, and a chord bearing of South 01 degrees 18 minutes
56 seconds East, a distance of 140.79 feet;
THENCE with said curve to the right an arc distance of 140.91 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 612.00, a central angle of 04 degrees 23
minutes 39 seconds, and a chord bearing of South 03 degrees 49 minutes 07 seconds West,
a distance of 46.92 feet;
THENCE with said curve to the left an arc distance of 46.94 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 01 degrees 37 minutes 18 seconds West, a distance of 141.88 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a circular curve to the right having a radius of 110.00 feet, a central angle of 85
degrees 58 minutes 45 seconds, and a chord bearing of South 44 degrees 36 minutes 40
seconds West, a distance of 150.01 feet;
THENCE with said curve to the right an arc distance of 165.07 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 87 degrees 36 minutes 03 seconds West, a distance of 13.60 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 02 degrees 23 minutes 57 seconds East, a distance of 140.41 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 87 degrees 36 minutes 03 seconds East, a distance of 15.09 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
61
1920.010\58189.10
curvature a circular curve to the right having a radius of 85.00 feet, a central angle of 94
degrees 01 minutes 15 seconds, and a chord bearing of South 45 degrees 23 minutes 20
seconds East, a distance of 124.35 feet;
THENCE with said curve to the right an arc distance of 139.48 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 01 degrees 37 minutes 18 seconds West, a distance of 59.40 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature a circular curve to the left having a radius of 1095.50 feet, a central angle of 17
degrees 13 minutes 58 seconds, and a chord bearing of South 06 degrees 59 minutes 41
seconds East, a distance of 328.25 feet;
THENCE with said curve to the left an arc distance of 329.49 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a
compound curve to the left having a radius of 1012.00 feet, a central angle of 06 degrees 01
minutes 18 seconds, and a chord bearing of South 18 degrees 37 minutes 19 seconds East,
a distance of 106.31 feet;
THENCE with said curve to the left an arc distance of 106.36 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 21 degrees 37 minutes 58 seconds East, a distance of 116.87 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature a circular curve to the right having a radius of 989.60 feet, a central angle of 04
degrees 30 minutes 39 seconds, and a chord bearing of South 19 degrees 22 minutes 32
seconds East, a distance of 77.89 feet;
THENCE with said curve to the right an arc distance of 77.91 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of curvature of a
compound curve to the right having a radius of 1016.50 feet, a central angle of 15 degrees
47 minutes 29 seconds, and a chord bearing of South 09 degrees 14 minutes 25 seconds
East, a distance of 279.27 feet;
THENCE with said curve to the right an arc distance of 280.16 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 01 degrees 20 minutes 41 seconds East, a distance of 133.67 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 1083.50 feet, a central angle of 28 degrees
36 minutes 02 seconds, and a chord bearing of South 15 degrees 38 minutes 42 seconds
East, a distance of 535.26 feet;
THENCE with said curve to the left an arc distance of 540.85 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 988.00 feet, a central angle of 17 degrees 59
minutes 08 seconds, and a chord bearing of South 20 degrees 57 minutes 08 seconds East,
a distance of 308.87 feet;
62
1920.010\58189.10
THENCE with said curve to the right an arc distance of 310.14 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 612.00 feet, a central angle of 01 degree
29 minutes 47 seconds, and a chord bearing of South 12 degrees 42 minutes 28 seconds
East, a distance of 15.98 feet;
THENCE with said curve to the left an arc distance of 15.98 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 1004.50 feet, a central angle of 08 degrees 27
minutes 45 seconds, and a chord bearing of South 09 degrees 13 minutes 29 seconds East,
a distance of 148.23 feet;
THENCE with said curve to the right an arc distance of 148.36 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of compound
curvature of a curve to the right having a radius of 138.00 feet, a central angle of 90 degrees
27 minutes 45 seconds, and a chord bearing of South 40 degrees 14 minutes 16 seconds
West, a distance of 195.95 feet;
THENCE with said curve to the right an arc distance of 217.88 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE North 79 degrees 03 minutes 38 seconds West, a distance of 461.79 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 1105.00 feet, a central angle of 32 degrees
23 minutes 14 seconds, and a chord bearing of South 84 degrees 44 minutes 45 seconds
West, a distance of 616.34 feet;
THENCE with said curve to the left an arc distance of 624.62 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE South 19 degrees 31 minutes 47 seconds West, a distance of 468.98 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 1806.29 feet, a central angle of 23 degrees
45 minutes 46 seconds, and a chord bearing of South 08 degrees 04 minutes 14 seconds
West, a distance of 743.78 feet;
THENCE with said curve to the left an arc distance of 749.14 feet, to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 07 degrees 06 minutes 11 seconds East, a distance of 193.87 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set in the north
right-of-way line of Interstate Highway 30 (a variable width right-of-way);
THENCE with the north right-of-way line of said Interstate Highway 30 and Interstate
Highway 20 (a variable width right-of-way) the following courses and distances:
63
1920.010\58189.10
South 87 degrees 58 minutes 15 seconds West, a distance of 544.40 feet to an
aluminum TXDOT disc found;
North 79 degrees 44 minutes 29 seconds West, a distance of 102.61 feet to an
aluminum TXDOT disc found;
South 87 degrees 59 minutes 03 seconds West, a distance of 199.99 feet to an
aluminum TXDOT disc found;
South 75 degrees 36 minutes 14 seconds West, a distance of 102.49 feet to an
aluminum TXDOT disc found;
South 88 degrees 00 minutes 36 seconds West, a distance of 78.27 feet to an
aluminum TXDOT disc found for the point of curvature of a curve to the right
having a radius of 1398.07 feet, a central angle of 31 degrees 36 minutes 57
seconds, and a chord bearing of North 76 degrees 10 minutes 56 seconds
West, a distance of 761.70 feet;
With said curve to the right an arc distance of 771.45', to an aluminum
TXDOT disc found for the point of tangency;
North 60 degrees 16 minutes 55 seconds West, a distance of 728.27 feet to an
aluminum TXDOT disc found;
North 52 degrees 51 minutes 48 seconds West, a distance of 205.86 feet to an
aluminum TXDOT disc found;
North 65 degrees 36 minutes 35 seconds West, a distance of 204.62 feet to an
aluminum TXDOT disc found;
North 78 degrees 21 minutes 11 seconds West, a distance of 205.92 feet to an
aluminum TXDOT disc found for the point of curvature of a curve to the left
having a radius of 3027.79 feet, a central angle of 07 degrees 38 minutes 27
seconds, and a chord bearing of North 75 degrees 04 minutes 32 seconds
West, a distance of 403.48 feet;
With said curve to the left an arc distance of 403.78', to an aluminum TXDOT
disc found for the point of tangency;
North 78 degrees 57 minutes 26 seconds West, a distance of 1709.53 feet to
an aluminum TXDOT disc found for the point of curvature of a curve to the
right having a radius of 5693.90 feet, a central angle of 10 degrees 27
minutes 29 seconds, and a chord bearing of North 73 degrees 43 minutes 41
seconds West, a distance of 1037.85 feet;
64
1920.010\58189.10
With said curve to the right an arc distance of 1039.29', to an aluminum
TXDOT disc found for the point of tangency;
North 67 degrees 25 minutes 24 seconds West, a distance of 1369.53 feet to a
5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"
set for the point of curvature of a curve to the left having a radius of 5815.38
feet, a central angle of 03 degrees 38 minutes 25 seconds, and a chord
bearing of North 69 degrees 14 minutes 36 seconds West, a distance of
369.41 feet;
With said curve to the left an arc distance of 369.48', to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of
curve;
THENCE North 25 degrees 57 minutes 28 seconds East, a distance of 36.78 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the right having a radius of 2050.00 feet, a central angle of 14
degrees 24 minutes 02 seconds, and a chord bearing of North 33 degrees 09 minutes 29
seconds East, a distance of 513.89 feet;
THENCE with said curve to the right an arc distance of 515.24 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 40 degrees 21 minutes 30 seconds East, a distance of 652.96 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 1250.00 feet, a central angle of 14 degrees
30 minutes 52 seconds, and a chord bearing of North 33 degrees 06 minutes 04 seconds
East, a distance of 315.81 feet;
THENCE with said curve to the left an arc distance of 316.66 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 25 degrees 50 minutes 38 seconds East, a distance of 777.57 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 750.00 feet, a central angle of 40 degrees
20 minutes 08 seconds, and a chord bearing of North 05 degrees 40 minutes 34 seconds
East, a distance of 517.16 feet;
THENCE with said curve to the left an arc distance of 527.99 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 14 degrees 29 minutes 30 seconds West, a distance of 437.61 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the right having a radius of 900.00 feet, a central angle of 34 degrees
12 minutes 30 seconds, and a chord bearing of North 02 degrees 36 minutes 45 seconds
East, a distance of 529.40 feet;
65
1920.010\58189.10
THENCE with said curve to the right an arc distance of 537.34 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 19 degrees 43 minutes 00 seconds East, a distance of 354.73 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 00 degrees 30 minutes 14 seconds West, a distance of 213.86 feet to the
POINT OF BEGINNING and containing 52,773,514 square feet or 1,211.51 acres of land
more or less.
TRACT 2 (Quail Valley)
Being a 411.43 acre tract of land situated in the Houston Tap & Brazoria RR Co Survey,
Abstract Number 654, the International & Great Northern RR Co Survey, Abstract Number
2004, Jonathan Burleson Survey, Abstract Number 78 and the M.0 Moulton Survey,
Abstract Number 934, Parker and Tarrant County, being part of a tract of land described in
deed to Walsh Ranches Limited Partnership, as recorded in Volume 1699, Page 1765, Deed
Records, Parker County, Texas (D.R.P.C.T), as previously described in deed recorded in
Volume 237, Page 562, D.R.P.C.T., and recorded in Volume 12624, Page 92, Deed Records,
Tarrant County, Texas (D.R.T.C.T), said 411.43 acre tract of land being more particularly
described as follows:
COMMENCING at a steel axle found for the most easterly northeast corner of said Walsh
Ranches Limited Partnership tract;
THENCE South 89 degrees 49 minutes 28 seconds West a distance of 909.63 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner for
the POINT OF BEGINNING, said corner being on a circular curve to the right having a radius
of 1022.00 feet, a central angle of 61 degrees 31 minutes 09 seconds, and a chord bearing
of South 29 degrees 01 minutes 57 seconds West, a distance of 1045.38 feet;
THENCE with said curve to the right an arc distance of 1097.33 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 1022.00, a central angle of 32 degrees 17
minutes 50 seconds, and a chord bearing of South 43 degrees 38 minutes 37 seconds West,
a distance of 568.50 feet;
THENCE with said curve to the left an arc distance of 576.09 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a
compound curve to the left having a radius of 2300.00, a central angle of 34 degrees 48
minutes 57 seconds, and a chord bearing of South 10 degrees 05 minutes 14 seconds West,
a distance of 1376.19 feet;
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1920.010\58189.10
THENCE with said curve to the left an arc distance of 1397.59 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of curvature of a
circular curve to the right having a radius of 1300.00, a central angle of 26 degrees 55
minutes 47 seconds, and a chord bearing of South 06 degrees 08 minutes 39 seconds West,
a distance of 605.41 feet;
THENCE with said curve to the right an arc distance of 611.01 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said corner being
on a circular curve to the left having a radius of 1855.00, a central angle of 06 degrees 19
minutes 35 seconds, and a chord bearing of North 85 degrees 25 minutes 29 seconds West,
a distance of 204.72 feet;
THENCE with said curve to the left an arc distance of 204.82 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 88 degrees 35 minutes 16 seconds West a distance of 734.26 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature to the right having a radius of 1445.00 feet, a central angle of 08 degrees 46
minutes 19 seconds, and a chord bearing of North 84 degrees 12 minutes 07 seconds West,
a distance of 221.01 feet;
THENCE with said curve to the right an arc distance of 221.23 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 79 degrees 48 minutes 58 seconds West a distance of 302.82 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature to the left having a radius of 1555.00 feet, a central angle of 27 degrees 35
minutes 31 seconds, and a chord bearing of North 86 degrees 23 minutes 17 seconds West,
a distance of 741.63 feet;
THENCE with said curve to the left an arc distance of 748.84 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 72 degrees 35 minutes 31 seconds West a distance of 339.75 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature to the right having a radius of 1845.00 feet, a central angle of 09 degrees 54
minutes 08 seconds, and a chord bearing of South 77 degrees 32 minutes 36 seconds West,
a distance of 318.47 feet;
THENCE with said curve to the right an arc distance of 318.87 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of curvature of a
compound curve to the right having a radius of 83.00, a central angle of 09 degrees 21
minutes 17 seconds, and a chord bearing of South 87 degrees 10 minutes 18 seconds West,
a distance of 13.54 feet;
THENCE with said curve to the right an arc distance of 13.55 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for point of tangency;
67
1920.010\58189.10
THENCE North 88 degrees 09 minutes 03 seconds West a distance of 67.57 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature to the left having a radius of 267.00 feet, a central angle of 05 degrees 58 minutes
53 seconds, and a chord bearing of South 88 degrees 51 minutes 30 seconds West, a
distance of 27.86 feet;
THENCE with said curve to the left an arc distance of 27.87 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 1833.00, a central angle of 02 degrees 31 minutes
51 seconds, and a chord bearing of South 87 degrees 07 minutes 59 seconds West, a
distance of 80.96 feet;
THENCE with said curve to the right an arc distance of 80.97 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 88 degrees 25 minutes 41 seconds West a distance of 50.60 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 88 degrees 48 minutes 51 seconds West a distance of 48.15 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner on a
circular curve to the right having a radius of 138.00, a central angle of 28 degrees 07
minutes 19 seconds, and a chord bearing of North 61 degrees 29 minutes 46 seconds West,
a distance of 67.06 feet;
THENCE with said curve to the right an arc distance of 67.73 feet to an `X' cut in concrete
for corner;
THENCE North 45 degrees 03 minutes 24 seconds East a distance of 10.88 feet to an `X' cut
in concrete for the point of curvature to the left having a radius of 107.00 feet, a central
angle of 66 degrees 15 minutes 56 seconds, and a chord bearing of North 11 degrees 55
minutes 27 seconds East, a distance of 116.97 feet;
THENCE with said curve to the left an arc distance of 123.75 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 193.00, a central angle of 21 degrees 16 minutes
50 seconds, and a chord bearing of North 10 degrees 34 minutes 06 seconds West, a
distance of 71.27 feet;
THENCE with said curve to the right an arc distance of 71.68 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 257.00, a central angle of 64 degrees 38
minutes 14 seconds, and a chord bearing of North 32 degrees 14 minutes 49 seconds West,
a distance of 274.80 feet;
THENCE with said curve to the left an arc distance of 289.93 feet to a 5/8 inch iron rod with
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1920.010\58189.10
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 253.00, a central angle of 81 degrees 13 minutes
26 seconds, and a chord bearing of North 23 degrees 57 minutes 13 seconds West, a
distance of 329.37 feet;
THENCE with said curve to the right an arc distance of 358.66 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 377.00, a central angle of 66 degrees 03
minutes 23 seconds, and a chord bearing of North 16 degrees 22 minutes 11 seconds West,
a distance of 410.97 feet;
THENCE with said curve to the left an arc distance of 434.64 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 273.00, a central angle of 56 degrees 29 minutes
27 seconds, and a chord bearing of North 21 degrees 09 minutes 09 seconds West, a
distance of 258.39 feet;
THENCE with said curve to the right an arc distance of 269.17 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 257.00, a central angle of 43 degrees 41
minutes 19 seconds, and a chord bearing of North 14 degrees 45 minutes O5 seconds West,
a distance of 191.25 feet;
THENCE with said curve to the left an arc distance of 195.96 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 268.00, a central angle of 69 degrees 51 minutes
02 seconds, and a chord bearing of North 01 degrees 40 minutes 13 seconds West, a
distance of 306.86 feet;
THENCE with said curve to the right an arc distance of 326.72 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 307.00, a central angle of 60 degrees 52
minutes 48 seconds, and a chord bearing of North 02 degrees 48 minutes 54 seconds East,
a distance of 311.07 feet;
THENCE with said curve to the left an arc distance of 326.20 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 233.00, a central angle of 56 degrees 37 minutes
31 seconds, and a chord bearing of North 00 degrees 41 minutes 16 seconds East, a
distance of 221.02 feet;
THENCE with said curve to the right an arc distance of 230.27 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 127.00, a central angle of 106 degrees 07
minutes 38 seconds, and a chord bearing of North 24 degrees 03 minutes 48 seconds West,
a distance of 203.02 feet;
69
1920.010\58189.10
THENCE with said curve to the left an arc distance of 235.24 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 26 degrees 08 minutes 54 seconds West a distance of 247.14 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 71 degrees 08 minutes 54 seconds West a distance of 64.62 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 26 degrees 08 minutes 54 seconds West a distance of 379.60 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 28 degrees 26 minutes 20 seconds West a distance of 116.36 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 16 degrees 39 minutes 10 seconds East a distance of 135.76 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 28 degrees 20 minutes 50 seconds West a distance of 703.92 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 73 degrees 20 minutes 50 seconds West a distance of 36.77 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 63 degrees 51 minutes 06 seconds West a distance of 115.61 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 26 degrees 08 minutes 54 seconds West a distance of 331.47 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for point of
curvature to the right having a radius of 1018.00 feet, a central angle of 06 degrees 58
minutes 24 seconds, and a chord bearing of North 22 degrees 39 minutes 42 seconds West,
a distance of 123.82 feet;
THENCE with said curve to the right an arc distance of 123.90 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 70 degrees 49 minutes 30 seconds East a distance of 0.50 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 1017.50 feet, a central angle
of 17 degrees 33 minutes 02 seconds, and a chord bearing of North 10 degrees 33 minutes
59 seconds West, a distance of 310.46 feet;
THENCE with said curve to the right an arc distance of 311.67 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 01 degrees 37 minutes 29 seconds West a distance of 1823.60 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
70
1920.010\58189.10
corner being on a circular curve to the left having a radius of 15.50 feet, a central angle of
25 degrees 45 minutes 03 seconds, and a chord bearing of North 11 degrees 04 minutes 42
seconds East, a distance of 6.91 feet;
THENCE with said curve to the left an arc distance of 6.97 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 01 degrees 47 minutes 49 seconds West a distance of 17.00 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 15.50 feet, a central angle of 25 degrees
36 minutes 41 seconds, and a chord bearing of North 14 degrees 36 minutes 10 seconds
West, a distance of 6.87 feet;
THENCE with said curve to the left an arc distance of 6.93 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said corner being on a
circular curve to the left having a radius of 3335.00 feet, a central angle of 03 degrees 47
minutes 41 seconds, and a chord bearing of North 03 degrees 54 minutes 25 seconds West,
a distance of 220.83 feet;
THENCE with said curve to the left an arc distance of 220.87 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 84 degrees 11 minutes 45 seconds West a distance of 152.50 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 3182.50 feet, a central angle
of 00 degrees 29 minutes 37 seconds, and a chord bearing of South 05 degrees 33 minutes
27 seconds East, a distance of 27.41 feet;
THENCE with said curve to the right an arc distance of 27.41 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE South 39 degrees 59 minutes 42 seconds West a distance of 34.41 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner;
THENCE North 55 degrees 36 minutes 07 seconds West a distance of 7.05 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the left having a radius of 207.00 feet, a central angle of 62 degrees
22 minutes 05 seconds, and a chord bearing of North 86 degrees 47 minutes 09 seconds
West, a distance of 214.36 feet;
THENCE with said curve to the left an arc distance of 225.33 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 218.00, a central angle of 69 degrees 49 minutes
51 seconds, and a chord bearing of North 83 degrees 03 minutes 16 seconds West, a
distance of 249.55 feet;
THENCE with said curve to the right an arc distance of 265.69 feet to a 5/8 inch iron rod
71
1920.010\58189.10
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 207.00, a central angle of 59 degrees 22
minutes 57 seconds, and a chord bearing of North 77 degrees 49 minutes 49 seconds West,
a distance of 205.07 feet;
THENCE with said curve to the left an arc distance of 214.54 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 72 degrees 28 minutes 42 seconds West a distance of 78.56 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a curve to the right having a radius of 143.00 feet, a central angle of 50 degrees
42 minutes 13 seconds, and a chord bearing of North 82 degrees 10 minutes 11 seconds
West, a distance of 122.46 feet;
THENCE with said curve to the right an arc distance of 126.55 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 427.00, a central angle of 36 degrees 59
minutes 24 seconds, and a chord bearing of North 75 degrees 18 minutes 47 seconds West,
a distance of 270.91 feet;
THENCE with said curve to the left an arc distance of 275.67 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 593.00 feet, a central angle of 36 degrees 45
minutes 17 seconds, and a chord bearing of North 75 degrees 25 minutes 53 seconds West,
a distance of 373.90 feet;
THENCE with said curve to the right an arc distance of 380.39 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 207.00, a central angle of 58 degrees 39
minutes 22 seconds, and a chord bearing of North 86 degrees 22 minutes 58 seconds West,
a distance of 202.78 feet;
THENCE with said curve to the left an arc distance of 211.91 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 93.00 feet, a central angle of 26 degrees 50
minutes 37 seconds, and a chord bearing of South 77 degrees 42 minutes 40 seconds West,
a distance of 43.17 feet;
THENCE with said curve to the right an arc distance of 43.57 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 88 degrees 52 minutes 02 seconds West a distance of 21.21 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for corner, said
corner being on a circular curve to the right having a radius of 60.00 feet, a central angle of
40 degrees 01 minutes 07 seconds, and a chord bearing of North 17 degrees 18 minutes 33
seconds West, a distance of 41.06 feet;
THENCE with said curve to the right an arc distance of 41.91feet to a 5/8 inch iron rod with
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1920.010\58189.10
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 02 degrees 42 minutes 00 seconds East a distance of 35.97 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
curvature of a circular curve to the right having a radius of 65.00 feet, a central angle of 53
degrees 30 minutes 46 seconds, and a chord bearing of North 29 degrees 27 minutes 23
seconds East, a distance of 58.53 feet;
THENCE with said curve to the right an arc distance of 60.71 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for corner near the south side
of Old Weatherford Road (undedicated);
THENCE North 72 degrees 21 minutes 50 seconds East, near a wire fence along the south
side of said Old Weatherford Road, a distance of 328.98 feet to a 5/8 inch iron rod with
yellow cap stamped "DUNAWAY ASSOC. LP" set near the west end of a bridge for corner;
THENCE North 83 degrees 23 minutes 06 seconds East, near said bridge and said Old
Weatherford Road, a distance of 59.65 feet to the approximate centerline of Mary's Creek;
THENCE along the approximate centerline of Mary's Creek the following courses and
distances:
South 55 degrees 36 minutes 16 seconds East, a distance of 79.20 feet to a
point for corner;
South 78 degrees 55 minutes 26 seconds East, a distance of 98.53 feet to a
point for corner;
South 87 degrees 17 minutes 32 seconds East, a distance of 78.41 feet to a
point for corner;
North 87 degrees 23 minutes 48 seconds East, a distance of 95.05 feet to a
point for corner;
South 63 degrees 48 minutes 53 seconds East, a distance of 92.77 feet to a
point for corner;
South 70 degrees 42 minutes 53 seconds East, a distance of 72.59 feet to a
point for corner;
South 83 degrees 45 minutes 43 seconds East, a distance of 60.03 feet to a
point for corner;
North 65 degrees 28 minutes 24 seconds East, a distance of 45.32 feet to a
point for corner;
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1920.010\58189.10
North 51 degrees 48 minutes 31 seconds East, a distance of 138.31 feet to a
point for corner;
South 78 degrees 47 minutes 12 seconds East, a distance of 46.06 feet to a
point for corner;
South 49 degrees 50 minutes 11 seconds East, a distance of 203.84 feet to a
point for corner;
South 66 degrees 19 minutes 25 seconds East, a distance of 73.83 feet to a
point for corner;
South 85 degrees 53 minutes 12 seconds East, a distance of 59.42 feet to a
point for corner;
North 59 degrees 52 minutes 11 seconds East, a distance of 197.53 feet to a
point for corner;
North 64 degrees 16 minutes 04 seconds East, a distance of 98.27 feet to a
point for corner;
North 60 degrees 39 minutes 19 seconds East, a distance of 178.82 feet to a
point for corner;
North 70 degrees 49 minutes 25 seconds East, a distance of 73.88 feet to a
point for corner;
North 57 degrees 57 minutes 58 seconds East, a distance of 104.85 feet to a
point for corner on the east line of said Walsh Ranches Limited Partnership
tract and the west line of a tract of land described in deed to Donald L.
Pengelly and Joan Pengelly, as recorded in Volume 1448, Page 483, D.R.P.C.T.;
THENCE South 00 degrees 46 minutes 40 seconds East, along the east line of said Walsh
Ranches Limited Partnership tract, passing a railroad spike found at a distance of 627.00
feet for the southwest corner of said Pengelly tract, passing a 1/2 inch iron rod found at a
distance of 2235.76 feet for the northwest corner of a tract (Tract I) of land described in
deed to W.C.Weeden, Trustee, as recorded in Volume 1505, Page 743, D.R.P.C.T., continuing
a total distance of distance of 2700.06 feet to a stone found for an ell corner of said Walsh
Ranches Limited Partnership tract;
THENCE North 89 degrees 27 minutes 32 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 3530.15 feet to a stone found for an ell corner of said Walsh
Ranches Limited Partnership tract;
THENCE South 00 degrees 43 minutes 04 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 1251.87 feet to a fence corner post found for an ell corner of
74
1920.010\58189.10
said Walsh Ranches Limited Partnership tract;
THENCE North 89 degrees 49 minutes 28 seconds East a distance of 2473.87 feet to the
POINT OF BEGINNING and containing 17,922,035 square feet or 411.43 acres of land more
or less.
TRACT 3 (Old Weatherford Road)
Being a 7.210 acre tract of land situated in the International & Great Northern RR Co
Survey, Abstract Number 2004, the Heirs of C.H. Higbee Survey, Abstract Number 2740,
and the M.0 Moulton Survey, Abstract Number 934, Parker County, being part of the tract of
land described in the deed to Walsh Ranches Limited Partnership, recorded in Volume
1699, Page 1765, Deed Records, Parker County, Texas, said 7.210 acre tract of land being
more particularly described as follows:
COMMENCING at a stone found for the southwest corner of the John Kelsey Survey,
Abstract Number 782, a re-entrant corner of the International & Great Northern RR Co
Survey,Abstract Number 2004;
THENCE with an east line of said Walsh Ranches tract and the west lines of the tract of land
described in the deed to John and Mary Lowery, recorded in Volume 1540, Page 1666, Deed
Records, Parker County, Texas, the tract of land described in the deed to Debra Faye
Johnson Head, recorded in Volume 1410, Page 829, Deed Records, Parker County, Texas,
and the tract of land described in the deed to Mary's Creek Properties, recorded in Volume
1848, Page 1466, Deed Records, Parker County, Texas North 00°46'53" West a distance of
2022.31 feet to a point from which a 1 inch iron rod found for the point of commencing of
Tract II in the deed to John and Mary Lowery and the called northwest corner of the John
Kelsey Survey bears North 00°46'53"West a distance of 737.21 feet;
THENCE departing said east and west lines South 89°13'07" West a distance of 284.77 feet
to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the
point of curvature of a non-tangent curve to the left having a radius of 1037.00 feet, a
central angle of 11°36'01", and a chord bearing and distance of South 78°01'58" West
209.59 feet, and the POINT OF BEGINNING;
THENCE with said non-tangent curve to the left an arc distance of 209.95 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the right having a radius of 1076.50 feet, a central angle of
51°45'52", and a chord bearing and distance of North 81°53'07"West 939.83 feet;
THENCE with said reverse curve to the right an arc distance of 972.57 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 1023.50 feet, a central angle of
31°17'49", and a chord bearing and distance North 71°39'05"West 552.15 feet;
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1920.010\58189.10
THENCE with said reverse curve to the left an arc distance of 559.07 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of tangency;
THENCE North 87°18'00" West a distance of 146.19 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set;
THENCE North 02°42'00" East a distance of 53.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set;
THENCE South 87°18'00" East a distance of 13.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
left having a radius of 17.00 feet, a central angle of 90°00'00", and a chord bearing and
distance of North 47°42'00" East 24.04 feet;
THENCE with said curve to the left an arc distance of 26.70 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of tangency;
THENCE North 02°42'00" East a distance of 50.38 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
left having a radius of 65.00 feet, a central angle of 77°04'41", and a chord bearing and
distance of North 35°50'20"West 81.00 feet;
THENCE with said curve to the left an arc distance of 87.44 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve in the
occupied southerly line of Old Weatherford Road;
THENCE with the occupied southerly line of Old Weatherford Road, North 82°36'43" East a
distance of 122.71 feet to a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY
ASSOC. LP" set for the beginning of a non-tangent curve to the left having a radius of 65.00
feet, a central angle of 53°30'46", and a chord bearing and distance of South 29°27'23"
West 58.53 feet;
THENCE departing the occupied southerly line of Old Weatherford Road, with said non-
tangent curve to the left an arc distance of 60.71 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of tangency;
THENCE South 02°42'00" West a distance of 35.97 to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
left having a radius of 60.00 feet, a central angle of 40°01'07", and a chord bearing and
distance of South 17°18'33" East 41.06 feet;
THENCE with said curve to the left an arc distance of 41.91 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE South 88°52'02" East a distance of 20.21 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
76
1920.010\58189.10
left having a radius of 93.00 feet, a central angle of 26°50'37", and a chord bearing and
distance of North 77°42'40" East 43.17 feet;
THENCE with said curve to the left an arc distance of 43.57 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse curvature
of a curve to the right having a radius of 207.00 feet, a central angle of 58°39'22", and a
chord bearing and distance of South 86°22'58" East 202.78 feet;
THENCE with said reverse curve to the right an arc distance of 211.91 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having radius of 593.00 feet, a central angle of
36°45'12", and a chord bearing and distance of South 75°25'53" East 373.90 feet;
THENCE with said reverse curve to the left an arc distance of 380.39 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having radius of 427.00 feet, a central angle of 36°59'24",
and a chord bearing and distance of South 75°18'47" East 270.91 feet;
THENCE with said reverse curve to the right an arc distance of 275.67 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having radius of 143.00 feet, a central angle of
50°42'13", and a chord bearing and distance of South 82°10'11" East 122.46 feet;
THENCE with said reverse curve to the left an arc distance of 126.55 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of tangency;
THENCE North 72°28'42" East a distance of 78.56 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
right having a radius of 207.00 feet, a central angle of 59°22'57", and a chord bearing and
distance of South 77°49'49" East 205.07 feet;
THENCE with said curve to the right an arc distance of 214.54 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having radius of 218.00 feet, a central angle of 69°49'51",
and a chord bearing and distance of South 83°03'16" East 249.55 feet;
THENCE with said reverse curve to the left an arc distance of 265.69 feet to a S/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having radius of 207.00 feet, a central angle of 62°22'05",
and a chord bearing and distance of South 86°47'09" East 214.36 feet;
THENCE with said reverse curve to the right an arc distance of 225.33 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE South 55°36'07" East a distance of 7.05 feet to a 5/8 inch iron rod with a yellow
77
1920.010\58189.10
plastic cap stamped "DUNAWAY ASSOC. LP" set;
THENCE South 39°59'42" West a distance of 47.89 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set;
THENCE South 83°49'58" West a distance of 14.46 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set;
THENCE South 06°10'02" East a distance of 57.00 feet to the POINT OF BEGINNING.
Containing a computed area of 314,077 square feet or 7.210 acres of land.
TRACT 4 (Walsh Ranch Parkway)
Being a 93.178 acre tract of land situated in the Houston Tap & Brazoria RR Co Survey,
Abstract Number 654, the International & Great Northern RR Co Survey, Abstract Number
2004, the Heirs of C.H. Higbee Survey, Abstract Number 2740, and the M.0 Moulton Survey,
Abstract Number 934, Parker County, being part of Tract A described in the deed recorded
in Volume 2072, Page 983, Deed Records, Parker County, Texas, also being part of the tract
of land described in the deed to Walsh Ranches Limited Partnership, recorded in Volume
1699, Page 1765, Deed Records, Parker County, Texas, said 93.178 acre tract of land being
more particularly described as follows:
COMMENCING at a 5/8 inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC.
LP" set at the intersection of the northerly right-of-way line of Interstate Highway 30 (a
variable width right-of-way) and the Tarrant County and Parker County line;
THENCE with the northerly right-of-way line of Interstate Highway 30 the following
courses and distances:
South 89°34'23" West a distance of 384.74 feet to a 5/8 inch iron rod with a yellow plastic
cap stamped "DUNAWAY ASSOC. LP"set;
North 61°50'37" West a distance of 67.00 feet to a 5/8 inch iron rod with a yellow plastic
cap stamped "DUNAWAY ASSOC. LP"set;
North 88°21'37" West a distance of 198.31 feet to a Texas Department of Transportation
monument found;
South 68°32'23" West a distance of 54.63 feet to a Texas Department of Transportation
monument found;
North 87°42'45" West a distance of 1100.00 feet to a Texas Department of Transportation
monument found;
North 63°57'37" West a distance of 54.63 feet to a Texas Department of Transportation
78
1920.010\58189.10
monument found;
North 87°10'37"West a distance of 148.10 feet;
South 70°28'23" West a distance of 53.84 feet to a Texas Department of Transportation
monument found;
North 84°10'52" West a distance of 71.36 feet to a Texas Department of Transportation
monument found;
North 83°27'51" West a distance of 200.00 feet to a Texas Department of Transportation
monument found for the beginning of a non-tangent curve to the left having a radius of
1947.86 feet, a central angle of 4°17'47" and a chord bearing and distance of North
85°36'17"West 146.03 feet;
With said non-tangent curve to the left an arc distance of 146.07 feet to the end of curve;
THENCE departing the northerly right-of-way line of Interstate Highway 30, North
02°13'26" East a distance of 121.47 feet to a 5/8 inch iron rod with a yellow plastic cap
stamped "DUNAWAY ASSOC. LP"set for the POINT OF BEGINNING;
THENCE West a distance of 175.00 feet to a 5/8 inch iron rod with a yellow plastic cap
stamped "DUNAWAY ASSOC. LP"set;
THENCE North a distance of 106.00 feet to a 5/8 inch iron rod with a yellow plastic cap
stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a tangent curve to the
right having a radius of 612.00 feet, a central angle of 01°59'46", and a chord bearing and
distance of North 00°59'53" East 21.32 feet;
THENCE with said tangent curve to the right an arc distance of 21.32 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 988.00, a central angle of 17°51'20", and a
chord bearing and distance of North 06°55'54"West 306.65 feet;
THENCE with said reverse curve to the left an arc distance of 307.90 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 15°51'34"West a distance of 93.20 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
right having a radius of 1083.50, a central angle of 14°15'22", and a chord bearing and
distance of North 08°43'53"West 268.90 feet;
THENCE with said curve to the right an arc distance of 269.59 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 238.00, a central angle of 65°41'31", and a
chord bearing and distance of North 34°26'58"West 258.17 feet;
79
1920.010\58189.10
THENCE with said reverse curve to the left an arc distance of 272.88 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE North 79°03'38"West a distance of 58.53 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 10°56'22" East a distance of 122.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 79°03'38" East a distance of 70.31 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a non-tangent
curve to the left having a radius of 138.00, a central angle of 90°27'45", and a chord bearing
and distance of North 40°14'16" East 195.95 feet;
THENCE with said non-tangent curve to the left an arc distance of 217.88 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
compound curvature of a curve to the left having a radius of 1004.50 feet, a central angle of
08°27'45", and a chord bearing and distance of North 09°13'29"West 148.23 feet;
THENCE with said compound curve to the left an arc distance of 148.36 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the right having a radius of 612.00, a central angle of
01°29'47", and a chord bearing and distance of North 12°42'28"West 15.98 feet;
THENCE with said reverse curve to the right an arc distance of 15.98 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 988.00, a central angle of 17°59'08", and a
chord bearing and distance of North 20°57'08"West 308.87 feet;
THENCE with said reverse curve to the left an arc distance of 310.14 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 1083.50, a central angle of 28°36'02",
and a chord bearing and distance of North 15°38'42"West 535.26 feet;
THENCE with said reverse curve to the right an arc distance of 540.85 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE North 01°20'41" West a distance of 133.67 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve
to the left having a radius of 1016.50, a central angle of 15°47'29", and a chord bearing and
distance of North 09°14'25"West 279.27 feet;
THENCE with said curve to the left an arc distance of 280.16 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of compound
curvature of a curve to the left having a radius of 989.60, a central angle of 04°30'39", and a
80
1920.010\58189.10
chord bearing and distance of North 19°22'32"West 77.89 feet;
THENCE with said compound curve to the left an arc distance of 77.91 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE North 21°37'58" West a distance of 116.87 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve
to the right having a radius of 1012.00, a central angle of 06°01'18", and a chord bearing
and distance of North 18°37'19"West 106.31 feet;
THENCE with said curve to the right an arc distance of 106.36 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of compound
curvature of a curve to the right having a radius of 1095.50, a central angle of 17°13'58",
and a chord bearing and distance of North 06°59'41"West 328.25 feet;
THENCE with said compound curve to the right an arc distance of 329.49 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE North 01°37'18" East a distance of 59.40 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
left having a radius of 85.00 feet; a central angle of 94°01'15", and a chord bearing and
distance of North 45°23'20"West 124.35 feet;
THENCE with said curve to the left an arc distance of 139.48 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 87°36'03"West a distance of 15.09 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 02°23'57" West a distance of 140.41 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP"set.-
THENCE
et;THENCE North 87°36'03" East a distance of 13.60 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
left having a radius of 110.00 feet; a central angle of 85°58'45", and a chord bearing and
distance of North 44°36'40" East 150.01 feet;
THENCE with said curve to the left an arc distance of 165.07 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE North 01°37'18" East a distance of 141.88 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
right having a radius of 612.00 feet; a central angle of 04°23'39", and a chord bearing and
distance of North 03°49'07" East 46.92 feet;
THENCE with said curve to the right an arc distance of 46.94 feet to a 5/8 inch iron rod
81
1920.010\58189.10
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 988.00 feet, a central angle of 08°10'18",
and a chord bearing and distance North 01°18'56"West 140.79 feet;
THENCE with said reverse curve to the left an arc distance of 140.91 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
compound curvature of a curve to the left having a radius of 1018.00 feet, a central angle of
03°21'56", and a chord bearing and distance of North 10°40'28"West 59.79 feet;
THENCE with said compound curve to the left an arc distance of 59.80 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE North 65°20'07" West a distance of 199.81 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 24°04'08" West a distance of 651.54 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve
to the right having a radius of 100.00 feet, a central angle of 35°28'59", and a chord bearing
and distance of North 06°19'38"West 60.94 feet;
THENCE with said curve to the right an arc distance of 61.93 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 200.00 feet, a central angle of 24°05'05",
and a chord bearing and distance of North 00°37'41"West 83.45 feet;
THENCE with said reverse curve to the left an arc distance of 84.07 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 193.00 feet, a central angle of 24°51'04",
and a chord bearing and distance of North 00°14'42"West 83.06 feet;
THENCE with said reverse curve to the right an arc distance of 83.71 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 127.00 feet, a central angle of 43°22'47",
and a chord bearing and distance of North 09°30'34"West 93.87 feet;
THENCE with said reverse curve to the left an arc distance of 96.15 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 453.00 feet, a central angle of 38°38'54",
and a chord bearing and distance of North 11°52'31"West 299.81 feet;
THENCE with said reverse curve to the right an arc distance of 305.57 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 837.00 feet, a central angle of
20°46'55", and a chord bearing and distance of North 02°56'31"West 301.93 feet;
THENCE with said reverse curve to the left an arc distance of 303.59 feet to a 5/8 inch iron
82
1920.010\58189.10
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 443.00 feet, a central angle of 15°47'58",
and a chord bearing and distance of North 05°26'00"West 121.77 feet;
THENCE with said reverse curve to the right an arc distance of 122.16 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 407.00 feet, a central angle of
34°47'54", and a chord bearing and distance of North 14°55'58"West 243.41 feet;
THENCE with said reverse curve to the left an arc distance of 247.19 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 603.00 feet, a central angle of 32°28'53",
and a chord bearing and distance of North 16°05'29"West 337.29 feet;
THENCE with said reverse curve to the right an arc distance of 341.84 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE North 00°08'58" East a distance of 257.44 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
right having a radius of 783.00 feet, a central angle of 19°59'11", and a chord bearing and
distance of North 10°08'33" East 271.75 feet;
THENCE with said curve to the right an arc distance of 273.13 feet to a 5/8 inch iron rod
with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 517.00 feet, a central angle of 18°34'00",
and a chord bearing and distance of North 10°51'08" East 116.80 feet;
THENCE with said reverse curve to the left an arc distance of 167.53 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 193.00 feet, a central angle of 44°10'32",
and a chord bearing and distance of North 23°39'24" East 145.15 feet;
THENCE with said reverse curve to the right an arc distance of 148.81 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of
a non-tangent curve to the left having a radius of 1598.00 feet, a central angle of 08°48'07",
and a chord bearing and distance of North 02°46'35" East 245.25 feet;
THENCE with said non-tangent curve to the left an arc distance of 245.49 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE North 01°37'29" West a distance of 132.96 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve
to the left having a radius of 3154.50 feet, a central angle of 00°41'44", and a chord bearing
and distance of North 01°58'20"West 38.29 feet;
83
1920.010\58189.10
THENCE with said curve to the left an arc distance of 38.29 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a
curve to the left having a radius of 1037.00 feet, a central angle of 02°09'38", and a chord
bearing and distance of South 81°42'27"West 39.10 feet;
THENCE with said curve to the left an arc distance of 39.10 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE North 06°10'02" West a distance of 108.52 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP"set.-
THENCE
et;THENCE North 83°49'58" East a distance of 14.46 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 39°59'42" East a distance of 82.30 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the left having a radius of 3182.50 feet, a central angle of 00°29'37", and a chord bearing
and distance of North 05°33'27"West 27.41 feet;
THENCE with said non-tangent curve to the left an arc distance of 27.41 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE North 84°11'45" East a distance of 152.50 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the right having a radius of 3335.00 feet, a central angle of 03°47'41", and a chord bearing
and distance of South 03°54'25" East 220.83 feet;
THENCE with said non-tangent curve to the right an arc distance of 220.87 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the
beginning of a non-tangent curve to the right having a radius of 15.50 feet, a central angle
of 25°36'41", and a chord bearing and distance of South 14°36'10" East 6.87 feet;
THENCE with said non-tangent curve to the right an arc distance of 6.93 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE South 01°47'49" East a distance of 17.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve to the
right having a radius of 15.50 feet, a central angle of 25°45'03", and a chord bearing and
distance of South 11°04'42"West 6.91 feet;
THENCE with said curve to the right an arc distance of 6.97 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE South 01°37'29" East a distance of 1823.60 feet to a 5/8 inch iron rod with a
84
1920.010\58189.10
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of curvature of a curve
to the left having a radius of 1017.50 feet, a central angle of 17°33'02", and a chord bearing
and distance of South 10°23'59" East 310.46 feet;
THENCE with said curve to the left an arc distance of 311.67 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE South 70°49'30" West a distance of 0.50 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the left having a radius of 1018.00 feet, a central angle of 06°58'24", and a chord bearing
and distance of South 22°39'42" East 123.82 feet;
THENCE with said curve to the left an arc distance of 12 3.9 0 feet to a 5/8 inch iron rod with
a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the point of tangency;
THENCE South 26°08'54" East a distance of 331.47 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 63°51'06" East a distance of 115.61 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 73°20'50" East a distance of 36.77 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 28°20'50" East a distance of 703.92 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 16°39'10" West a distance of 135.76 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP"set.-
THENCE
et;THENCE South 28°26'20" East a distance of 116.36 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 26°08'54" East a distance of 379.60 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 71°08'54" East a distance of 64.62 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 26°08'54" East a distance of 247.14 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the right having a radius of 127.00 feet, a central angle of 106°07'38", and a chord bearing
and distance of South 24°03'48" East 203.02 feet;
THENCE with said non-tangent curve to the right an arc distance of 235.24 feet to a 5/8
inch iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
85
1920.010\58189.10
reverse curvature of a curve to the left having a radius of 233.00 feet, a central angle of
56°37'31", and a chord bearing and distance of South 00°41'16"West 221.02 feet;
THENCE with said reverse curve to the left an arc distance of 230.27 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 307.00 feet, a central angle of 60°52'48",
and a chord bearing and distance of South 02°48'54"West 311.07 feet;
THENCE with said reverse curve to the right an arc distance of 326.20 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 268.00 feet, a central angle of
69°51'02", and a chord bearing and distance of South 01°40'13" East 306.86 feet;
THENCE with said reverse curve to the left an arc distance of 326.72 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 257.00 feet, a central angle of 43°41'19",
and a chord bearing and distance of South 14°45'05" East 191.25 feet;
THENCE with said reverse curve to the right an arc distance of 195.96 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 273.00 feet, a central angle of
56°29'27", and a chord bearing and distance of South 21°09'09" East 258.39 feet;
THENCE with said reverse curve to the left an arc distance of 269.17 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 377.00 feet, a central angle of 66°03'23",
and a chord bearing and distance of South 16°22'11" East 410.97 feet;
THENCE with said reverse curve to the right an arc distance of 434.64 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 253.00 feet, a central angle of
81°13'26", and a chord bearing and distance of South 23°57'13" East 329.37 feet;
THENCE with said reverse curve to the left an arc distance of 358.66 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 257.00 feet, a central angle of 64°38'14",
and a chord bearing and distance of South 32°14'49" East 274.80 feet;
THENCE with said reverse curve to the right an arc distance of 289.93 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 193.00 feet, a central angle of
21°16'50", and a chord bearing and distance of South 10°34'06" East 71.27 feet;
THENCE with said reverse curve to the left an arc distance of 71.68 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 107.00 feet, a central angle of 66°15'56",
86
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and a chord bearing and distance of South 11°55'27"West 116.97 feet;
THENCE with said reverse curve to the right an arc distance of 123.75 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
tangency;
THENCE South 45°03'24"West a distance of 10.88 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the left having a radius of 138.00 feet, a central angle of 28°07'19", and a chord bearing and
distance of South 61°29'46" East 67.06 feet;
THENCE with said non-tangent curve to the left an arc distance of 67.73 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the end of curve;
THENCE North 88°48'51" East a distance of 48.15 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 01°53'58" East a distance of 122.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the right having a radius of 2055.00 feet, a central angle of 04°06'49", and a chord bearing
and distance of North 89°50'33"West 147.51 feet;
THENCE with said non-tangent curve to the right distance of 147.54 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP"set for the end of curve;
THENCE South 48°03'01"West a distance of 28.56 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE South 03°36'26"West a distance of 13.81 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 86°23'34"West a distance of 87.00 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 03°36'26" East a distance of 2.38 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP"set;
THENCE North 40°27'49"West a distance of 28.74 feet to a 5/8 inch iron rod with a yellow
plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of a non-tangent curve to
the right having a radius of 2067.00 feet, a central angle of 00°02'39", and a chord bearing
and distance of North 84°14'06"West 1.59 feet;
THENCE with said non-tangent curve to the right an arc distance of 1.59 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the beginning of
a non-tangent curve to the left having a radius of 119.00 feet, a central angle of 22°22'37",
and a chord bearing and distance of South 79°49'37"West 46.18 feet;
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THENCE with said non-tangent curve to the left an arc distance of 46.48 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the right having a radius of 157.00 feet, a central angle of
23°32'18", and a chord bearing and distance of South 80°24'28"West 64.05 feet;
THENCE with said reverse curve to the right an arc distance of 64.50 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the left having a radius of 93.00 feet, a central angle of 78°12'12",
and a chord bearing and distance of South 53°04'31"West 117.31 feet;
THENCE with said reverse curve to the left an arc distance of 126.94 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 132.00 feet, a central angle of 48°43'44",
and a chord bearing and distance of South 38°20'17"West 108.91 feet;
THENCE with said reverse curve to the right an arc distance of 112.26 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 268.00 feet, a central angle of
84°38'01", and a chord bearing and distance of South 20°23'08"West 360.85 feet;
THENCE with said reverse curve to the left an arc distance of 395.87 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 257.00 feet, a central angle of 38°58'12",
and a chord bearing and distance of South 02°26'46" East 171.45 feet;
THENCE with said reverse curve to the right an arc distance of 174.80 feet to a 5/8 inch
iron rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of
reverse curvature of a curve to the left having a radius of 168.00 feet, a central angle of
47°18'47", and a chord bearing and distance of South 06°37'04" East 134.81 feet;
THENCE with said reverse curve to the left an arc distance of 138.73 feet to a 5/8 inch iron
rod with a yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of reverse
curvature of a curve to the right having a radius of 106.00 feet, a central angle of 14°17'17",
and a chord bearing and distance of South 23°07'49" East 26.37 feet;
THENCE with said reverse curve to the right an arc distance of 26.43 feet to the POINT OF
BEGINNING.
Containing a computed area of 4,058,831 square feet or 93.178 acres of land.
SAVE AND EXCEPT (AISD School Site)
BEING situated in the International &Great Northern R.R. Co. Survey,Abstract No. 1996,
88
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Parker County, Texas, and being a portion of a tract of land as described in deed to Walsh
Ranches Limited Partnership, a Texas Limited Partnership having a General Partner named
Walsh North Star Company, a Texas corporation as recorded in Volume 1699, Page 1765 of
the Deed Records of Parker County, Texas (D.R.P.C.T.), and being more particularly
described as follows:
COMMENCING at a 5/8 inch iron rod found with cap stamped "DUNAWAY ASSOC. LP" at
the northwest corner of the intersection of the westerly right of way line of southbound
Walsh Ranch Parkway(a variable width right of way) and the northerly right of way line of
Walsh Creek
Boulevard, as shown on the final plat of Walsh Ranch Parkway, an addition to the City of
Fort Worth, Parker County, Texas, (unrecorded as of this date);
THENCE, along the westerly right of way line of said southbound Walsh Ranch Parkway the
following courses:
North 87 degrees 36 minutes 03 seconds East, a distance of 13.60 feet to a 5/8 inch
iron rod found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning
of a curve to the left having a central angle of 85 degrees 58 minutes 45 seconds, a
radius of 110.00 feet, subtended by a 150.01 foot chord which bears North 44
degrees 36 minutes 40 seconds East;
Along said curve to the left an arc distance of 165.07 feet to a 5/8 inch iron rod
found with cap stamped "DUNAWAY ASSOC. LP";
North 01 degrees 37 minutes 18 seconds East, a distance of 141.88 feet to a 5/8 inch
iron rod found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning
of a curve to the right having a central angle of 04 degrees 23 minutes 39 seconds, a
radius of 612.00 feet, subtended by a 46.92 foot chord which bears North 03
degrees 49 minutes 07 seconds East;
Along said curve to the right an arc distance of 46.94 feet to a 5/8 inch iron rod
found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a
reverse curve to the left having a central angle of 08 degrees 10 minutes 18 seconds,
a radius of 988.00 feet, subtended by a 140.79 foot chord which bears North 01
degrees 18 minutes 56 seconds West;
Along said curve to the left an arc distance of 140.91 feet to a 5/8 inch iron rod
found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a
compound curve to the left having a central angle of 03 degrees 21 minutes 56
seconds, a radius of 1018.00 feet, subtended by a 59.79 foot chord which bears
North 10 degrees 40 minutes 28 seconds West;
Along said curve to the left an arc distance of 59.80 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP" at the south corner of Private Open Space
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Lot 7X, as shown on said final plat of Walsh Ranch Parkway;
THENCE, departing the westerly line of said southbound Walsh Ranch Parkway, and along
the westerly line of said Private Open Space Lot 7X the following courses:
North 65 degrees 20 minutes 07 seconds West, a distance of 199.81 feet to a 5/8
inch iron rod found with cap stamped "DUNAWAY ASSOC. LP";
North 24 degrees 04 minutes 08 seconds West, a distance of 651.54 feet to a 5/8
inch iron rod found with cap stamped "DUNAWAY ASSOC. LP", and being the
beginning of a curve to the right having a central angle of 35 degrees 28 minutes 59
seconds, a radius of 100.00 feet, subtended by a 60.94 foot chord which bears North
06 degrees 19 minutes 38 seconds West;
Along said curve to the right an arc distance of 61.93 feet to a 5/8 inch iron rod
found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a
reverse curve to the left having a central angle of 24 degrees O5 minutes O5 seconds,
a radius of 200.00 feet, subtended by a 83.45 foot chord which bears North 00
degrees 37 minutes 41 seconds West;
Along said curve to the left an arc distance of 84.07 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a reverse
curve to the right having a central angle of 24 degrees 51 minutes 04 seconds, a
radius of 193.00 feet, subtended by a 83.06 foot chord which bears North 00
degrees 14 minutes 42 seconds West;
Along said curve to the right an arc distance of 83.71 feet to a 5/8 inch iron rod
found with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a
reverse curve to the left having a central angle of 43 degrees 22 minutes 47 seconds,
a radius of 127.00 feet, subtended by a 93.87 foot chord which bears North 09
degrees 30 minutes 34 seconds West;
Along said curve to the left an arc distance of 96.15 feet to a 5/8 inch iron rod found
with cap stamped "DUNAWAY ASSOC. LP", and being the beginning of a reverse
curve to the right having a central angle of 23 degrees 50 minutes O5 seconds, a
radius of 453.00 feet, subtended by a 187.09 foot chord which bears North 19
degrees 16 minutes 55 seconds West;
Along said curve to the right an arc distance of 188.45 feet to a 5/8 inch iron rod set
with plastic cap stamped "Huitt-Zollars";
THENCE, South 82 degrees 00 minutes 00 seconds West, departing the westerly line of
Private
Open Space Lot 7X, a distance of 205.63 feet to a 5/8 inch iron rod set with plastic cap
stamped "Huitt-Zollars", and being the beginning of a curve to the right having a central
angle of 12 degrees 20 minutes 32 seconds, a radius of 1053.00 feet, subtended by a 226.39
90
1920.010\58189.10
foot chord which bears North 88 degrees 10 minutes 16 seconds West;
THENCE, along said curve to the right an arc distance of 226.83 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars";
THENCE, North 04 degrees 20 minutes 32 seconds East, a distance of 3.00 feet to a 5/8 inch
iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-
tangent curve to the right having a central angle of 8 degrees 00 minutes 48 seconds, a
radius of 1050.00 feet, subtended by a 146.73 foot chord which bears North 81 degrees 39
minutes 04 seconds West;
THENCE, along said curve to the right an arc distance of 146.85 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars";
THENCE, South 12 degrees 21 minutes 20 seconds West, a distance of 3.00 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-
tangent curve to the right having a central angle of 9 degrees 38 minutes 40 seconds, a
radius of 1053.00 feet, subtended by a 177.04 foot chord which bears North 72 degrees 49
minutes 20 seconds West;
THENCE, along said curve to the right an arc distance of 177.25 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars";
THENCE, North 68 degrees 00 minutes 00 seconds West, a distance of 355.64 feet to a S/8
inch iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a
curve to the left having a central angle of 47 degrees 19 minutes 24 seconds, a radius of
867.00 feet, subtended by a 695.91 foot chord which bears South 88 degrees 20 minutes
18 seconds West;
THENCE, along said curve to the left an arc distance of 716.10 feet to a 5/8 inch iron rod set
with plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to the
right having a central angle of 24 degrees 50 minutes 45 seconds, a radius of 1553.00 feet,
subtended by a 668.18 foot chord which bears South 77 degrees 05 minutes 59 seconds
West;
THENCE, along said curve to the right an arc distance of 673.44 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars";
THENCE, South 46 degrees 00 minutes 26 seconds West, a distance of 21.66 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-
tangent curve to the right having a central angle of 49 degrees 33 minutes 56 seconds, a
radius of 180.00 feet, subtended by a 150.90 foot chord which bears South 29 degrees 23
minutes 10 seconds West;
THENCE, along said curve to the right an arc distance of 155.72 feet to a 5/8 inch iron rod
91
1920.010\58189.10
set with plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to
the left having a central angle of 53 degrees 12 minutes 42 seconds, a radius of 213.00 feet,
subtended by a 190.78 foot chord which bears South 27 degrees 33 minutes 47 seconds
West;
THENCE, along said curve to the left an arc distance of 197.82 feet to a 5/8 inch iron rod set
with plastic cap stamped "Huitt-Zollars";
THENCE, North 89 degrees 02 minutes 34 seconds West, a distance of 60.00 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars" for the POINT OF BEGINNING;
THENCE, South 84 degrees 40 minutes 28 seconds West, a distance of 624.92 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars';
THENCE, North 81 degrees 01 minutes 12 seconds West, a distance of 547.98 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars';
THENCE, North 00 degrees 51 minutes 28 seconds West, a distance of 567.71 feet to a
5/8 inch iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning
of a non-tangent curve to the right having a central angle of 33 degrees 28 minutes 50
seconds, a radius of 1247.00 feet, subtended by a 718.36 foot chord which bears South
80 degrees 25 minutes 09 seconds East;
THENCE, along said curve to the right an arc distance of 728.68 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to
the left having a central angle of 23 degrees 28 minutes 38 seconds, a radius of 1553.00
feet, subtended by a 631.91 foot chord which bears South 75 degrees 25 minutes 03
seconds East;
THENCE, along said curve to the left an arc distance of 636.35 feet to a 5/8 inch iron rod set
with plastic cap stamped "Huitt-Zollars';
THENCE, South 42 degrees 21 minutes 01 seconds East, a distance of 21.18 feet to a 5/8
inch iron rod set with plastic cap stamped "Huitt-Zollars", and being the beginning of a non-
tangent curve to the right having a central angle of 47 degrees 51 minutes 12 seconds, a
radius of 120.00 feet, subtended by a 97.34 foot chord which bears South 30 degrees 14
minutes 32 seconds West;
THENCE, along said curve to the right an arc distance of 100.22 feet to a 5/8 inch iron rod
set with plastic cap stamped "Huitt-Zollars", and being the beginning of a reverse curve to
the left having a central angle of 53 degrees 12 minutes 42 seconds, a radius of 273.00 feet,
subtended by a 244.53 foot chord which bears South 27 degrees 33 minutes 47 seconds
West;
THENCE, along said curve to the left an arc distance of 253.54 feet to the POINT OF
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BEGINNING and CONTAINING 14.51 acres of land, more or less.
SAVE AND EXCEPT (Quail Valley Lemons Overlap)
Being a 0.4130 acre tract of land situated in the International & Great Northern RR Co
Survey, Abstract Number 2004, Parker County, Texas and being part of a tract of land
described in deed to Walsh Ranches Limited Partnership, as recorded in Volume 1699,
Page 1765, Deed Records, Parker County, Texas (D.R.P.C.T), as previously described in deed
recorded in Volume 237, Page 562, D.R.P.C.T., and recorded in Volume 12624, Page 92,
Deed Records, Tarrant County, Texas (D.R.T.C.T), said tract also being a part of a tract of
land described in deed to Keith D. Lemons and Pamela J. Lemons, as recorded in Volume
1552, Page 1381, D.R.P.C.T., said 0.4130 acre tract of land being more particularly
described as follows:
BEGINNING at stone found for an ell corner of said Walsh Ranches Limited Partnership
tract, said corner being on the south line of said Lemons tract;
THENCE South 87 degrees 24 minutes 33 seconds West, along the south line of said
Lemons tract, a distance of 988.78 feet to a 5/8 inch iron rod found for the southwest
corner of said Lemons tract and the southeast corner of a tract of land described in deed to
John and Stacy Reding, as recorded in Instrument Number 201412020, D.R.P.C.T.,
THENCE North 40 degrees 08 minutes 24 seconds West, along the west line of said Lemons
tract and the east line of said Reding tract, a distance of 45.90 feet to a point for corner on
the north line of said Walsh Ranches Limited Partnership tract, from which an ell corner of
said Walsh Ranches Limited Partnership tract and a point on the west line of said Reding
tract bears South 89 degrees 27 minutes 32 seconds West, a distance of 2512.74 feet;
THENCE North 89 degrees 27 minutes 32 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 1017.41 feet to the POINT OF BEGINNING and containing
17,989 square feet or 0.4130 acres of land more or less.
SAVE AND EXCEPT (Quail Valley Reding Overlap)
Being a 4.8368 acre tract of land situated in the International & Great Northern RR Co
Survey, Abstract Number 2004, Parker County, Texas and being part of a tract of land
described in deed to Walsh Ranches Limited Partnership, as recorded in Volume 1699,
Page 1765, Deed Records, Parker County, Texas (D.R.P.C.T), as previously described in deed
recorded in Volume 237, Page 562, D.R.P.C.T., and recorded in Volume 12624, Page 92,
Deed Records, Tarrant County, Texas (D.R.T.C.T), said tract also being a part of a tract of
land described in deed to John and Stacy Reding, as recorded in Instrument Number
201412020, D.R.P.C.T., said 4.8368 acre tract of land being more particularly described as
follows:
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1920.010\58189.10
BEGINNING at stone found for an ell corner of said Walsh Ranches Limited Partnership
tract, said corner being on the west line of said Reding tract;
THENCE North 89 degrees 27 minutes 32 seconds East, along said Walsh Ranches Limited
Partnership tract, a distance of 2512.74 feet to a point for corner from which a stone found
for an ell corner of said Walsh Ranches Limited Partnership tract bears North 89 degrees
27 minutes 32 seconds East, a distance of 1017.41 feet, said corner being on the east line of
said Reding tract and the west line of a tract of land described in deed to Keith D. Lemons
and Pamela J. Lemons, as recorded in Volume 1552, Page 1381, D.R.P.C.T.;
THENCE South 40 degrees 08 minutes 24 seconds East, along the east line of said Reding
tract and the west line of said Lemons tract, a distance of 45.90 feet to a 5/8 inch iron rod
found for the southeast corner of said Reding tract and the southwest corner of said
Lemons tract;
THENCE South 87 degrees 18 minutes 27 seconds West, along the south line of said Reding
tract, a distance of 2542.86 feet to a 1/2 inch iron rod found for the southwest corner of
said Reding tract;
THENCE North 00 degrees 56 minutes 45 seconds West, along the west line of said Reding
tract, a distance of 130.83 feet to the POINT OF BEGINNING and containing 210,690 square
feet or 4.8368 acres of land more or less.
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1920.010\58189.10