HomeMy WebLinkAboutContract 33343 CITY SECRETARY '
CONTRACT NO.
TAX INCREMENT FINANCING
DEVELOPMENT AGREEMENT
This TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT
("Agreement") is entered into by and between the BOARD OF DIRECTORS OF TAX
INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT
WORTH, TEXAS (the `Board"), an administrative body appointed in accordance with
Chapter 311 of the Texas Tax Code (the "TIF Act") to oversee the administration of Tax
Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas (the "TIF
District"), a reinvestment zone designated by ordinance of the City of Fort Worth in
accordance with the TIF Act; the CITY OF FORT WORTH, TEXAS (the "City"), a
home rule municipal corporation organized under the laws of the State of Texas; and
PRESIDIO VISTA I,LTD ("Developer"), a Texas limited partnership.
A. On December 9, 2003 the City Council adopted Ordinance No. 15774,
establishing the TIF District and the tax increment fund of the TIF District (the "TIF
Fund").
B. On February 3, 2005 the Board adopted a project plan (the "TIF Project
Plan") and financing plan for the TIF District. The TIF Project Plan provides for
construction of the Public Improvements. On September 29, 2005, the Board expanded the
scope of the TIF Project Plan and accordingly amended the financing plan for the TIF
District. The TIF Project Plan and the financing plan, as amended, were approved by the
City Council on October 25, 2005 pursuant to Ordinance No. 16667-10-2005.
C. Developer intends to develop into a retail shopping center one or more of
three (3) unimproved tracts of land owned by Developer and located in the TIF District,
which tracts of land are more specifically depicted and described as Area 1, Area 2 and
Area 3 in Exhibit "A" and Exhibit "A-1" (collectively, the "Development Site"), which
Exhibits are both attached hereto and hereby made a part of this Agreement for all
purposes. In order to provide necessary regional access to the Development Site,
Developer desires the planned extension of North Tarrant Parkway between U.S. Highway
287 and Interstate Highway 35-W and certain interchanges between North Tarrant Parkway
and U.S. Highway 287 to be constructed, as recommended in the City's Master
Thoroughfare Plan, as amended from time to time, and as more specifically depicted and
described in Exhibit`B", attached hereto and hereby made a part of this Agreement for all
purposes (collectively, the "Public Improvements"). The City currently does not have
sufficient funding to undertake the design or construction of any of the Public
Improvements (and any necessary land acquisition related thereto). As a result, Developer
is willing to fund the design and construction of the Public Improvements in return for the
Board's commitment to reimburse Developer from a portion of the funds in the TIF Fund
for certain expenses associated with such construction (and any necessary land ac
related thereto). � 1 ire zn
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D. The City wishes to be in a position to initiate construction of certain future
phases of the Public Improvements in the event that Developer is unable or does not wish
to construct any such phase at that time,in which case the City would be willing to fund the
construction of any such phase (and any necessary land acquisition related thereto) in
return for the Board's commitment to reimburse the City from a portion of the funds in the
TIF Fund for all expenses associated with such construction (and any necessary land
acquisition related thereto).
E. The TIF Act and City Ordinance No. 15774 authorize the Board to enter
into agreements dedicating revenue from the TIF Fund as the Board considers necessary or
convenient to implement the TIF Project Plan. The Board believes that construction of the
Public Improvements is regional public infrastructure that will benefit development within
the TIF District and will facilitate the transportation of the public in and through the TIF
District. Costs of the Public Improvements qualify as lawful"project costs", as that term is
defined in Section 311.002(1) of the TIF Act("Project Costs"). Accordingly, the Board is
willing to reimburse Developer certain Project Costs incurred by Developer as part of the
construction of the Public Improvements and, if Developer is unable or does not wish to
construct one or more future phases of the Public Improvements, to reimburse the City for
Project Costs incurred by the City in the construction of any such phase, all solely in
accordance with and pursuant to this Agreement.
NOW,THEREFORE,the Board, the City and Developer, for and in consideration
of the terms and conditions set forth herein, do hereby contract, covenant and agree as
follows:
1. INCORPORTION OF RECITALS.
The Board, the City and Developer hereby agree that the recitals set forth above
are true and correct and form the basis upon which the Board, the City and Developer
have entered into this Agreement.
2. TERM.
The term of this Agreement shall commence on the later date as of which the
Board,the City and Developer have executed this Agreement(the"Effective Date") and,
unless earlier terminated in accordance with this Agreement, shall expire upon the earlier
of(i) completion of all phases of the Public Improvements and full satisfaction by the
Board of its obligations hereunder for reimbursement therefor to Developer and, if
applicable, the City or (ii) termination of the TIF District in accordance with Section
311.017 of the TIF Act(the"Term").
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3. CONSTRUCTION OF PUBLIC IMPROVEMENTS.
3.1. Developer-Initiated Construction; Community Facilities Agreements.
It is anticipated that the Public Improvements will be constructed in phases
during the Term. Once Developer wishes for construction on a given phase to
begin, Developer will notify the City in writing and Developer and the City will
then use reasonable efforts promptly to negotiate in good faith and execute a
Community Facilities Agreement ("CFA") pertaining to such phase of the Public
Improvements. If the City agrees, based on legal obligations or then-existing
policies, to participate in all or any portion of the work covered by a CFA but for
any reason does not appropriate sufficient funds in its then-current operating budget
to cover such participation, Developer, at its option, may advance funding to cover
the City's participation under the CFA and then obtain reimbursement for any such
advances from Available Development Site TIF Funds, as defined in Section 4.1, in
accordance with this Agreement, thereby allowing construction under the CFA to
proceed. In such a case, Developer shall provide written notice to the Board prior
to execution of the CFA, and the CFA shall provide that Developer will pay the
City's share of the project covered by the CFA and seek reimbursement for such
share from Available Development Site TIF Funds, as defined in Section 4.1, in
accordance with this Agreement. As authorized by Section 311.010(g)of the Texas
Tax Code and by the City's Policy for the Installation of Community Facilities,
dated March 2001, construction work funded by Developer under any such CFA
will not be subject to the City's competitive bidding requirements, as set forth in
Section 252.021 of the Texas Local Government Code, because City funds will not
be used to pay for such work. Construction of Phases 1A and 1C, as depicted on
Exhibit `B", is expected to begin shortly following the Effective Date of this
Agreement and execution of a CFA covering such work.
3.2. N /WBE Goals.
In satisfaction of the Board's obligations under Section 311.0101 of the TIF
Act, before initiating work on any phase of the Public Improvements under any
CFA, Developer and, if applicable, the City shall consult with the City's
Minority/Women Business Enterprise Office in establishing goals for Developer
and, if applicable, the City to utilize minority-owned and women-owned business
enterprises in undertaking work on such Public Improvements.
3.3. City-Initiated Construction.
In the event that the City wishes for construction on a given phase of the
Public Improvements to begin, the City will notify Developer in writing.
Developer shall respond to the City's notice in writing within ten(10) calendar days
as to whether Developer is prepared to proceed with construction on that phase in a
timely manner in accordance with the process outlined in Section 3.1. If Developer
notifies the City that Developer is not prepared to proceed with construction on that
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phase of the Public Improvements, the City, in its sole discretion, shall have the
right to fund construction of that phase from any lawfully available revenue source,
in which case the City shall provide written notice to the Board of its decision to
fund construction of such phase and shall be entitled to obtain reimbursement from
Available Development Site TIF Funds, as defined in Section 4.1 (and, in the
Board's sole discretion and without any obligation to do so, from surplus funds in
the TIF Fund which are attributable to property in the TIF District other than the
Development Site) for City funds expended for such construction (and any
necessary land acquisition related thereto), plus interest thereon at a rate and on
terms equal to those payable to Developer hereunder, as set forth in Section 4.1 and
otherwise in accordance with the procedures set forth in this Agreement (any such
obligation collectively being a"City Reimbursement Obligation").
4. REIMBURSEMENTS BY THE BOARD.
4.1. Amount of Reimbursement; Interest; Payment in Installments.
Subject to the terms and conditions of this Agreement, the Board will
reimburse Developer for all sums funded by Developer for the City's share in the
cost of Public Improvements under any CFAs entered into by and between the
City and Developer in accordance with Section 3.1 (collectively, the "Developer
Funded Amounts") and will pay Developer interest on such Developer Funded
Amounts, as specified in this Agreement. The Board's reimbursement obligation
to Developer under this Agreement shall be calculated as of January 1 of each
year during the Term beginning in 2007 and shall equal (i) all Developer Funded
Amounts paid by Developer during the immediately preceding calendar year,plus
(ii) the balance of any unreimbursed Developer Funded Amounts paid by
Developer in earlier calendar years, plus (iii) interest thereon, as provided by this
Section 4.1 (collectively, the "Reimbursement Amount"). The Reimbursement
Amount shall bear interest calculated at a fixed rate equal to six percent(6 %) and
shall accrue beginning on the date such funds are expended by Developer in
accordance with the governing CFA. Such interest shall be simple interest
compounded annually based on the existing unpaid balance, plus any accrued
interest to date. The Board shall be required to pay the Reimbursement Amount
by not later than June 1 of each year solely from tax increment generated by the
real property comprising the Development Site that is deposited into the TIF Fund
and otherwise available for that purpose, as more specifically outlined in Section
4.2 and subject to Section 4.3 (the"Available Development Site TIF Funds").
4.2. Limited to Available Development Site TIF Funds.
Notwithstanding anything to the contrary herein, Developer understands
and agrees that the Board shall be required to pay the Reimbursement Amount
only from Available Development Site TIF Funds, with the understanding that the
Board, in its sole discretion and without any obligation to do so, may at any time
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Tax Increment Financing Development Agreement CITY
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elect to pay some of the Reimbursement Amount from surplus funds in the TIF
Fund which are attributable to property in the TIF District other than the
Development Site. In the event that there are not sufficient Available
Development Site TIF Funds to pay the full Reimbursement Amount in any given
year, Developer's sole remedy shall be the carrying forward of the unpaid balance
of the Reimbursement Amount, plus any interest earned and accrued thereon in
accordance with Section 4.1, for payment by the Board in the next year in which
there are sufficient Available Development Site TIF Funds for such purpose.
Developer agrees that it will not look to general funds or bond funds of the City or
to any funds in the TIF Fund attributable to property in the TIF District other than
the Development Site for payment of all or any portion of the Reimbursement
Amount. Upon termination of the TIF District on December 31, 2019, as
provided by Ordinance No. 15774, or such other date as may be specified in a
subsequent ordinance adopted in accordance with Section 311.017 of the TIF Act
(with the explicit understanding that the City's staff has agreed that during the
Term of this Agreement it will not recommend that the City Council adopt any
ordinance that causes the TIF District to terminate prior to the December 31, 2019
expiration date established by Ordinance No. 15774), any portion of the
Reimbursement Amount that has not been paid in accordance with this
Agreement due to a lack of sufficient Available Development Site TIF Funds
shall no longer be considered a legal Project Cost of the TIF District, and any
obligation of the Board to reimburse Developer any remaining balance of the
Reimbursement Amount shall automatically be extinguished.
4.3. Priority of Payment with Respect to Developer.
Notwithstanding anything to the contrary herein, Developer agrees that
any obligation of the Board to pay all or any portion of the Reimbursement
Amount shall be subordinate to the following:
(i) The retention by the Board of up to five percent (5%) of the tax
increment annually deposited into the TIF Fund and attributable to
the Development Site in order to pay actual administrative and
operating expenses of the TIF District;
(ii) The obligation of the Board to pay any Reimbursement Amount
required pursuant to that certain Tax Increment Financing
Development Agreement by and between the Board, the City and
AIL Investment, L.P. dated on or about December 20, 2005 (City
Secretary Contract No. 33002);
(iii) The obligation of the Board hereunder to pay the City any City
Reimbursement Obligation from tax increment generated by the
real property comprising the Development Site and deposited into
the TIF Fund if the date of the City's written notice to the Board
giving rise to such City Reimbursement Obligation, as provided by
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and in accordance with Section 3.3, is prior to the date of execution
by both the City and Developer of the CFA(s) covering any phase
of the Public Improvements, as provided by and in accordance
with Section 3.1; and
(iv) The annual retention of twenty-five percent (25%) of the tax
increment generated by the real property comprising the
Development Site, which shall be deposited into a sub-account of
the TIF Fund for use as reserve funds for payment to the City of
any potential future City Reimbursement Obligation, with the
understanding that such reserve funds shall not exceed an
aggregate of $5 million (the "City Reserve Fund"). Upon
completion of all phases of the Public Improvements, the City
Reserve Fund shall be extinguished and the twenty-five percent
(25%) of annual tax increment generated by the real property
comprising the Development Site and previously budgeted for
deposit into the City Reserve Fund will thereafter be deposited into
the general TIF Fund, which sums shall constitute Available
Development Site TIF Funds.
Otherwise, payment to Developer in accordance with this Agreement of the
Reimbursement Amount will have priority over other subsequent agreements by
the Board for payment of other Project Costs from tax increment generated by the
real property comprising the Development Site and deposited into the TIF Fund.
The Board's obligations to Developer and, if applicable, the City under this
Agreement will not have priority over any other subsequent agreements by the
Board for payment of other Project Costs to the extent that such agreements
pledge funds in the TIF Fund that are attributable to property in the TIF District
other than the Development Site.
5. INDEMNIFICATION.
DEVELOPER AGREES TO DEFEND, INDEMNIFY AND HOLD
HARMLESS THE BOARD, THE CITY, AND THEIR OFFICERS, AGENTS,
SERVANTS, EMPLOYEES AND CONTRACTORS (EXCLUDING DEVELOPER),
AGAINST ANY AND ALL CLAIMS, LAWSUITS, COSTS AND EXPENSES FOR
PERSONAL INJURY (INCLUDING DEATH), PROPERTY DAMAGE OR ANY
OTHER HARM OR CLAIM FOR WHICH RECO VERY OF DAMAGES IS SOUGHT
AND THAT MAY ARISE OUT OF OR BE OCCASIONED BY DEVELOPER'S
BREACH OF ANY OF THE TERMS OR PROVISIONS OF THIS AGREEMENT,
OR BY ANY NEGLIGENT ACT OR OMISSION, OR MALFEASANCE, OF
DEVELOPER, ITS OFFICERS, AGENTS, ASSOCIATES, EMPLOYEES,
CONTRACTORS (OTHER THAN THE BOARD AND/OR THE CITY) OR
SUBCONTRACTORS, IN THE PERFORMANCE OF THIS AGREEMENT,
INCLUDING, BUT NOT LIMITED TO, THE UNDERTAKING OF ANY PUBLIC
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IMPROVEMENTS. IN THE EVENT OF JOINT AND CONCURRENT
NEGLIGENCE OF BOTH DEVELOPER AND THE BOARD AND/OR THE CITY,
RESPONSIBILITY, IF ANY, SHALL BE APPORTIONED COMPARATIVELY IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT,
HOWEVER, WAIVING ANY GOVERNMENTAL IMMUNITY AVAILABLE TO
THE BOARD AND THE CITY UNDER TEXAS OR FEDERAL LA W.
DEVELOPER HEREBY ACKNOWLEDGES THAT NEITHER THE BOARD
NOR THE CITY CAN GUARANTEE OR CONTROL THE TAXABLE APPRAISED
VALUE OF PROPERTY WITHIN THE TIF DISTRICT, INCLUDING THE
DEVELOPMENT SITE, AND THUS CANNOT GUARANTEE OR CONTROL THE
AMOUNT OF TAX INCREMENT THAT MAY BE DEPOSITED INTO THE TIF
FUND, INCLUDING THAT PORTION GENERATED BY THE REAL PROPERTY
COMPRISING THE DEVELOPMENT SITE, THROUGHOUT OR AT ANY TIME
DURING THE TERM OF THE TIF DISTRICT. DEVELOPER HAS ENTERED
INTO THIS AGREEMENT WITHOUT RELYING ON ANY ASSERTIONS,
REPRESENTATIONS OR ASSUMPTIONS THAT MAY HAVE BEEN MADE BY
THE BOARD AND/OR THE CITY, THEIR OFFICERS,AGENTS, SERVANTS AND
EMPLOYEES WITH RESPECT TO THE TIF DISTRICT'S FINANCING PLAN
AND THE POTENTIAL AMOUNT OF TAX INCREMENT, WHETHER OR NOT
GENERATED BY THE REAL PROPERTY COMPRISING THE DEVELOPMENT
SITE, THAT MAYBE DEPOSITED INTO THE TIF FUND THROUGHOUT OR AT
ANY TIME DURING THE TERM OF THE TIF DISTRICT. DEVELOPER
HEREBY AGREES TO RELEASE AND HOLD HARMLESS THE BOARD AND
THE CITY, THEIR OFFICERS, AGENTS, SERVANTS, EMPLOYEES AND
CONTRACTORS, FOR ANY DAMAGES OR CLAIMS, INCLUDING, BUT NOT
LIMITED TO, DAMAGES FOR LOST INVESTMENT, LOST OR UNREALIZED
PROFITS OR INVESTMENT, AND LOST OR UNREALIZED FINANCING, THAT
MAY ARISE OUT OF OR BE OCCASIONED BY A FAILURE OF THE TIF
DISTRICT TO PRODUCE SUFFICIENT TAX INCREMENT TO SUPPORT ALL
OF THE BOARD'S FINANCIAL OBLIGATIONS UNDER THIS AGREEMENT OR
TO MEET ANY FINANCIAL BENCHMARKS, MILESTONES OR
PERFORMANCES ANTICIPATED BYDEVELOPER.
6. PAYMENT OF TAXES.
Developer shall not allow any ad valorem real property taxes with respect to
property located within the Development Site owned by Developer or an Affiliate, as
defined in Section 10, and owed by Developer or an Affiliate to the City, to become
delinquent without following in a timely and proper manner the legal procedures for
protest and/or contest of any such ad valorem real property taxes.
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7. DEFAULT AND TERMINATION.
If a party defaults under any provision of this Agreement, the non-defaulting party
or parties shall provide the defaulting party with a written notice that specifies the nature
of the default. The defaulting party shall have thirty (30) calendar days following receipt
of such written notice to cure the default, or if such default is not reasonably curable
within thirty (30) calendar days, such additional time as may be reasonably necessary
provided that the defaulting party is diligently pursuing cure of the default. If the default
has not been fully cured within such time, the non-defaulting party shall have all rights
and remedies available under the law or in equity, including, but not limited to, the right
to terminate this Agreement, which may be effected by providing written notice thereof
to the defaulting party.
8. INDEPENDENT CONTRACTOR.
It is expressly understood and agreed that Developer shall operate as an
independent contractor in each and every respect hereunder and not as an agent,
representative or employee of the Board or the City. Nothing in this Agreement will be
construed as the creation of a partnership or joint enterprise between the City or the
Board and Developer.
9. NOTICES.
All written notices called for or required by this Agreement shall be addressed to
the following, or such other person or address as the party designates in writing, by
certified mail, postage prepaid, or by hand delivery:
Board: Developer:
Attn: Director Attn: Peter M. Aberg
Economic/Community Development Dept. Legacy Capital
1000 Throckmorton St. 5910 North Central Expressway
Fort Worth, TX 76102 Suite 1250
Dallas, TX 75206
with a copy to: with copies to:
Attn: City Attorney Attn: Jim Schell
City Attorney's Office Pope, Hardwicke
1000 Throckmorton St. 901 Fort Worth Club Building
Fort Worth, TX 76102 Fort Worth, TX 76102
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City: and
Attn: City Manager Attn: General Counsel
City Manager's Office Simon Property Group
1000 Throckmorton St. 115 W. Washington St.
Fort Worth, TX 76102 Indianapolis, IN 46204
with a copy to:
Attn: City Attorney
City Attorney's Office
1000 Throckmorton St.
Fort Worth, TX 76102
10. ASSIGNMENT AND SUCCESSORS.
This Agreement is assignable by Developer to Simon Property Group (Texas),
L.P. ("SPG"), a Texas limited partnership, or an Affiliate of SPG (SPG and any Affiliate
of SPG each being a "Permitted Assignee"), provided that (i) Developer notifies the
City in writing of such assignment and provides the City with the name and telephone
number of an employee of the Permitted Assignee at or above the managerial level and
(ii) Permitted Assignee executes a written agreement with the City pursuant to which
Permitted Assignee agrees to be bound by all duties and obligations of Developer under
this Agreement. For purposes of this Agreement, an "Affiliate" of SPG shall mean (i)
any entity in which a majority of the ownership consists of individuals, partnerships,
trusts (or their individual partners or beneficiaries) or other entities included, whether by
legal title or beneficially, in the present ownership of SPG; (ii) any entity which has at
least a fifty-one percent (51%) ownership interest in SPG or any entity in which SPG has
at least a fifty-one percent (51%) ownership interest; (iii) an entity in which SPG
Acquisitions, Inc., an Indiana corporation, is a member or general partner; (iv) an entity
in which Simon Property Group, L.P., a Delaware limited partnership, is a member or
general partner; or (v) an entity in which Simon Property Group, Inc., a Delaware
corporation, is a member or general partner. This Agreement is also assignable to an
Affiliate of Developer without the prior approval of the Board so long as such Affiliate of
Developer complies with the requirements of a Permitted Assignee set forth in this
Section 10. For purposes of this Agreement, an "Affiliate of Developer" shall mean any
person or entity, directly or indirectly controlling, controlled by or under common control
with Developer. As used in this definition, the term "control" means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and
policies of a person or entity, whether through ownership of voting securities, by contract
or otherwise. Following the date that Developer has funded the total amounts required to
be funded by Developer hereunder, Developer may assign, transfer or otherwise convey
any of its rights or obligations under this Agreement to any party without the prior
written consent of the Board. Otherwise, Developer may not assign this Agreement
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without the written consent of the Board, which consent shall not unreasonably be
withheld, provided that such assignee complies with the requirements of a Permitted
Assignee set forth in this Section 10.
11. COMPLIANCE WITH LAWS, ORDINANCES, RULES AND
REGULATIONS.
This Agreement will be subject to all applicable federal, state and local laws,
ordinances, rules and regulations, including, but not limited to, all provisions of the
City's Charter and ordinances, as amended.
12. GOVERNMENTAL POWERS.
It is understood that by execution of this Agreement, neither the Board nor the
City waive or surrender any of their governmental powers.
13. NO WAIVER.
The failure of any party to insist upon the performance of any term or provision of
this Agreement or to exercise any right granted hereunder shall not constitute a waiver of
that party's right to insist upon appropriate performance or to assert any such right on any
future occasion.
14. VENUE AND JURISDICTION.
If any action, whether real or asserted, at law or in equity, arises on the basis of
any provision of this Agreement, venue for such action shall lie in state courts located in
Tarrant County, Texas or the United States District Court for the Northern District of
Texas—Fort Worth Division. This Agreement shall be construed in accordance with the
laws of the State of Texas.
15. NO THIRD PARTY RIGHTS.
The provisions and conditions of this Agreement are solely for the benefit of the
Board, the City and Developer, and any lawful assign or successor of Developer, and are
not intended to create any rights, contractual or otherwise, to any other person or entity.
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16. FORCE MAJEURE.
It is expressly understood and agreed by the parties to this Agreement that if the
performance of any obligations hereunder is delayed by reason of war, acts of terrorism,
civil commotion, acts of God, inclement weather, governmental restrictions, regulations,
or interferences, or delays caused by unforeseen construction or site issues, fire or other
casualty, court injunction, necessary condemnation proceedings, acts of another party, its
affiliates/related entities and/or their contractors, or any actions or inactions of third
parties or other circumstances which are reasonably beyond the control of the party
obligated or permitted under the terms of this Agreement to do or perform the same,
regardless of whether any such circumstance is similar to any of those enumerated or not,
the party so obligated or permitted shall be excused from doing or performing the same
during such period of delay, so that the time period applicable to such design or
construction requirement shall be extended for a period of time equal to the period such
party was delayed.
17. SEVERABILITY AND ENFORCEABILITY.
If any provision of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired. If any provision of this Agreement shall be held
to be invalid, illegal or unenforceable to the extent that either party is unable to perform
its material obligations hereunder, then the Board, the City and Developer shall negotiate
in good faith a reasonable resolution of the problem, which may be reflected in a written
amendment to this Agreement if reasonably deemed appropriate by the parties.
18. INTERPRETATION.
In the event of any dispute over the meaning or application of any provision of
this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither
more strongly for or against any party, regardless of the actual drafter of this Agreement.
19. CAPTIONS.
Captions and headings used in this Agreement are for reference purposes only and
shall not be deemed a part of this Agreement.
20. ENTIRETY OF AGREEMENT.
This Agreement, including any exhibits attached hereto and any documents
incorporated herein by reference, contains the entire understanding and agreement
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between the Board, the City and Developer, and any lawful assign and successor of
Developer, as to the matters contained herein. Any prior or contemporaneous oral or
written agreement is hereby declared null and void to the extent in conflict with any
provision of this Agreement. This Agreement shall not be amended unless executed in
writing by all parties and approved by the Board and the City in open meetings held in
accordance with Chapter 551 of the Texas Government Code.
21. COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which shall be
considered an original,but all of which shall constitute one instrument.
EXECUTED as of the last date indicated below:
BOARD OF DIRECTORS OF PRESIDIO VISTA I,LTD:
TAX INCREMENT REINVESTMENT
ZONE NUMBER SEVEN, CITY OF By: Cl C For+ WortA LLC
FORT WORTH,TEXAS: its sole general partner
Becky Haskin Name: SCOtt D. Wolcott
Chairperson Title: Managing Member
Date: - / �/ C� Date:
CITY OF FORT WORTH,TEXAS:
By: CG'
Dale Fisseler
Assistant City Manager
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Tax Increment Financing Development Agreement
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APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky
Assistant City Attorney
M&C: none required
Attested B,
Marty Hendrix
City Secretary
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EXHIBITS
"A"—Map Depicting Development Site (Areas 1, 2 and 3)
"A-1"—Metes and Bounds Describing Development Site
"B"—Public Improvements
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Tax Increment Financing Development Agreement �, S
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RE.,
LEGAL DESCRIPTION AREA 1
Being a tract of land situated in the William McCowan Survey, Abstract No. 999 in the
City of Fort Worth, Tarrant County, Texas, and being part of a 194.34 acre tract of land
described in special warranty deed to Presidio Vista I, Ltd., as recorded in Volume
16397, Page 276 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.), and being
part of a 115.1 acre tract of land described in special warranty deed with vendor's lien to
Presidio Vista I, Ltd, as recorded in County Clerk Document No.205083355, D.R.T.C.T.,
and being more particularly described as follows:
COMMENCING at a 1/2-inch found iron rod with cap stamped "Halff Assoc., Inc. in
asphalt in the centerline of Harmon Road for the northwest corner of said 194.34 acre
tract, and the southwest corner of said 115.1 acre tract;
THENCE South 00 degrees 16 minutes 52 seconds East, along the west line of said
194.34 acre tract and along the centerline of Harmon Road, a distance of 30.30 feet to the
POINT OF BEGINNING;
THENCE North 89 degrees 08 minutes 42 seconds East, departing said centerline, over
and across said 194.34 acre tract, a distance of 207.02 feet to a point for corner;
THENCE South 77 degrees 03 minutes 14 seconds East, continuing over and across said
194.34 acre tract, a distance of 123.25 feet to a point for corner;
THENCE North 87 degrees 51 minutes 55 seconds East, continuing over and across said
194.34 acre tract, a distance of 183.62 feet to a point for corner;
THENCE South 56 degrees 14 minutes 15 seconds East, continuing over and across said
194.34 acre tract, a distance of 143.46 feet to a point for corner;
THENCE South 37 degrees 13 minutes 24 seconds East, continuing over and across said
194.34 acre tract, a distance of 135.22 feet to a point for corner;
THENCE North 36 degrees 31 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 45.59 feet to a point for corner;
THENCE North 13 degrees 42 minutes 17 seconds East, continuing over and across said
194.34 acre tract, a distance of 162.94 feet to a point for corner;
THENCE North 59 degrees 20 minutes 22 seconds East, continuing over and across said
194.34 acre tract, passing at a distance of 105.67 feet, the common line between the north
line of said 194.34 acre tract and the south line of said 115.1 acre tract, over and across
said 115.1 acre tract, in all, a distance of 163.89 feet to a point for corner;
THENCE North 25 degrees 20 minutes 33 seconds East, continuing over and across said
115.1 acre tract, a distance of 3 5.3 9 feet to a point for corner;
exhibit I -0.17
Page-L-
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THENCE North 02 degrees 25 minutes 03 seconds West, continuing over and across said
115.1 acre tract, a distance of 85.74 feet to a point for corner;
THENCE North 33 degrees 45 minutes 17 seconds East, continuing over and across said
115.1 acre tract, a distance of 129.53 feet to a point for corner;
THENCE North 63 degrees 54 minutes 22 seconds East, continuing over and across said
115.1 acre tract, a distance of 192.95 feet to a point for corner;
THENCE North 39 degrees 50 minutes 14 seconds East, continuing over and across said
115.1 acre tract, a distance of 52.05 feet to a point for corner;
THENCE North 22 degrees 41 minutes 19 seconds East, continuing over and across said
115.1 acre tract, a distance of 42.38 feet to a point for corner;
THENCE North 00 degrees 00 minutes 00 seconds East, continuing over and across said
115.1 acre tract, a distance of 114.09 feet to a point for corner;
THENCE North 15 degrees 37 minutes 55 seconds West, continuing over and across said
115.1 acre tract, a distance of 92.60 feet to a point for corner;
THENCE North 02 degrees 29 minutes 10 seconds West, continuing over and across said
115.1 acre tract, a distance of 99.25 feet to a point for corner;
THENCE North 00 degrees 27 minutes 01 second East, continuing over and across said
115.1 acre tract, a distance of 57.36 feet to a point for corner;
THENCE North 29 degrees 37 minutes 12 seconds West, continuing over and across said
115.1 acre tract, a distance of 68.49 feet to a point for corner;
THENCE North 01 degree 07 minutes 29 seconds West, continuing over and across said
115.1 acre tract, a distance of 182.22 feet to a point for corner;
THENCE North 22 degrees 25 minutes 33 seconds West, continuing over and across said
115.1 acre tract, a distance of 34.02 feet to a point for corner;
THENCE North 35 degrees 03 minutes 31 seconds West, continuing over and across said
115.1 acre tract, a distance of 177.98 feet to a point on the north line of said 115.1 acre
tract;
THENCE North 89 degrees 00 minutes 02 seconds East, along said north line, a distance
of 121.52 feet to a point for corner;
V��7 ' ��1 �,��V cam'1.'.J
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Exhibit
Page__z_ of �-
THENCE South 34 degrees 34 minutes 59 seconds East, departing said north line and
continuing over and across said 115.1 acre tract, a distance of 118.40 feet to a point for
corner;
THENCE South 22 degrees 23 minutes 45 seconds East, continuing over and across said
115.1 acre tract, a distance of 65.50 feet to a point for corner;
THENCE South 01 degree 07 minutes 53 seconds East, continuing over and across said
115.1 acre tract, a distance of 179.05 feet to a point for corner;
THENCE South 29 degrees 13 minutes 21 seconds East, continuing over and across said
115.1 acre tract, a distance of 63.39 feet to a point for corner;
THENCE South 01 degree 44 minutes 50 seconds East, continuing over and across said
115.1 acre tract, a distance of 170.44 feet to a point for corner;
THENCE South 16 degrees 02 minutes 35 seconds East, continuing over and across said
115.1 acre tract, a distance of 97.03 feet to a point for corner;
THENCE South 00 degrees 00 minutes 00 seconds East, continuing over and across said
115.1 acre tract, a distance of 147.90 feet to a point for corner;
THENCE South 22 degrees 41 minutes 19 seconds East, continuing over and across said
115.1 acre tract, a distance of 74.18 feet to a point for corner;
THENCE South 45 degrees 31 minutes 54 seconds West, continuing over and across said
115.1 acre tract, a distance of 98.91 feet to a point for corner;
THENCE South 57 degrees 58 minutes 47 seconds West, continuing over and across said
115.1 acre tract, a distance of 202.96 feet to a point for corner;
THENCE South 23 degrees 04 minutes 55 seconds West, continuing over and across said
115.1 acre tract, a distance of 52.04 feet to a point for corner;
THENCE South 00 degrees 30 minutes 55 seconds West, continuing over and across said
115.1 acre tract, a distance of 94.70 feet to a point for corner;
THENCE South 25 degrees 20 minutes 33 seconds West, continuing over and across said
115.1 acre tract, passing at a distance of 6.10 feet, the common line between the north
line of said 194.34 acre tract and the south line of said 115.1 acre tract, over and across
said 194.34 acre tract, in all, a distance of 45.72 feet to a point for corner;
THENCE South 44 degrees 28 minutes 51 seconds West, continuing over and across said
194.34 acre tract, a distance of 41.04 feet to a point for corner;
Exhibit /t
Page 3 of
THENCE South 64 degrees 54 minutes 33 seconds West, continuing over and across said
194.34 acre tract, a distance of 125.50 feet to a point for corner;
THENCE South 35 degrees 49 minutes 01 second West, continuing over and across said
194.34 acre tract, a distance of 11.44 feet to a point for corner;
THENCE South 05 degrees 44 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 63.22 feet to a point for corner;
THENCE South 33 degrees 21 minutes 45 seconds West, continuing over and across said
194.34 acre tract, a distance of 219.75 feet to a point for corner;
THENCE South 34 degrees 27 minutes 49 seconds East, continuing over and across said
194.34 acre tract, a distance of 172.87 feet to a point for corner;
THENCE South 30 degrees 58 minutes 31 seconds East, continuing over and across said
194.34 acre tract, a distance of 123.24 feet to a point for corner;
THENCE North 65 degrees 00 minutes 21 seconds East, continuing over and across said
194.34 acre tract, a distance of 749.06 feet to a point for the point of curvature of a
circular curve to the right having a radius of 944.00 feet, whose chord bears North 77
degrees 23 minutes 21 seconds East;
THENCE North 89 degrees 46 minutes 20 seconds East, continuing over and across said
194.34 acre tract, a distance of 1,618.89 feet to a point for corner;
THENCE North 09 degrees 27 minutes 29 seconds West, continuing over and across said
194.34 acre tract, a distance of 27.50 feet to point for corner;
THENCE North 14 degrees 28 minutes 11 seconds West, continuing over and across said
194.34 acre tract, a distance of 63.63 feet to a point for corner;
THENCE North 00 degrees 05 minutes 48 seconds East, continuing over and across said
194.34 acre tract, passing at a distance of 161.39 feet, the common line between the north
line of said 194.34 acre tract and the south line of said 115.1 acre tract, over and across
said 115.1 acre tract, in all, a distance of 246.56 feet to a point for corner;
THENCE North 28 degrees 13 minutes 51 seconds West, continuing over and across said
115.1 acre tract, a distance of 142.53 feet to a point for corner;
THENCE North 28 degrees 17 minutes 12 seconds West, continuing over and across said
115.1 acre tract, a distance of 96.49 feet to a point for corner;
THENCE North 47 degrees 38 minutes 52 seconds East, continuing over and across said
115.1 acre tract, a distance of 61.64 feet to a point for corner;
Exhibit 4-1
Page 4 of.11
THENCE North 03 degrees 11 minutes 08 seconds West, continuing over and across said
115.1 acre tract, a distance of 44.86 feet to a point for corner;
THENCE North 09 degrees 42 minutes 01 second East, continuing over and across said
115.1 acre tract, a distance of 42.14 feet to a point for corner;
THENCE South 87 degrees 30 minutes 33 seconds West, continuing over and across said
115.1 acre tract, a distance of 45.19 feet to a point for corner;
THENCE North 59 degrees 43 minutes 53 seconds West, continuing over and across said
115.1 acre tract, a distance of 58.69 feet to a point for corner;
THENCE North 35 degrees 31 minutes 28 seconds West, continuing over and across said
115.1 acre tract, a distance of 41.29 feet to a point for corner;
THENCE North 12 degrees 59 minutes 19 seconds West, continuing over and across said
115.1 acre tract, a distance of 61.01 feet to a point for corner;
THENCE North 28 degrees 47 minutes 56 seconds East, continuing over and across said
115.1 acre tract, a distance of 85.23 feet to a point for corner;
THENCE North 54 degrees 37 minutes 27 seconds East, continuing over and across said
115.1 acre tract, a distance of 45.54 feet to a point for corner;
THENCE North 28 degrees 50 minutes 38 seconds East, continuing over and across said
115.1 acre tract, a distance of 20.47 feet to a point for corner;
THENCE North 31 degrees 12 minutes 16 seconds West, continuing over and across said
115.1 acre tract, a distance of 48.38 feet to a point for corner;
THENCE North 25 degrees 11 minutes 41 seconds West, continuing over and across said
115.1 acre tract, a distance of 34.78 feet to a point for corner;
THENCE North 01 degree 50 minutes 48 seconds East, continuing over and across said
115.1 acre tract, a distance of 87.10 feet to a point for corner;
THENCE North 03 degrees 55 minutes 27 seconds East, continuing over and across said
115.1 acre tract, a distance of 188.67 feet to a point for corner;
THENCE North 05 degrees 36 minutes 53 seconds West, continuing over and across said
115.1 acre tract, a distance of 63.80 feet to a point for corner;
THENCE North 16 degrees 52 minutes 44 seconds West, continuing over and across said
115.1 acre tract, a distance of 55.62 feet to a point for corner;
Exhibit
f� '.1. Page of
THENCE North 37 degrees 42 minutes 12 seconds West, continuing over and across said
115.1 acre tract, a distance of 39.93 feet to a point for corner being on the north line of
said 115.1 acre tract;
THENCE North 88 degrees 59 minutes 59 seconds East, continuing along said north line
of 115 acre tract, a distance of 118.73 feet to a point for corner;
THENCE South 16 degrees 52 minutes 44 seconds East, departing said north line and
continuing over and across said 115.1 acre tract, a distance of 70.31 feet to a point for
corner;
THENCE South 05 degrees 36 minutes 53 seconds East, continuing over and across said
115.1 acre tract, a distance of 83.06 feet to a point for corner;
THENCE South 03 degrees 28 minutes 11 seconds West, continuing over and across said
115.1 acre tract, a distance of 254.69 feet to a point for corner;
THENCE South 25 degrees 55 minutes 53 seconds East, continuing over and across said
115.1 acre tract, a distance of 30.18 feet to a point for corner;
THENCE South 41 degrees 17 minutes 51 seconds East, continuing over and across said
115.1 acre tract, a distance of 71.81 feet to a point for corner;
THENCE South 28 degrees 50 minutes 38 seconds West, continuing over and across said
115.1 acre tract, a distance of 113.56 feet to a point for corner;
THENCE South 54 degrees 37 minutes 28 seconds West, continuing over and across said
115.1 acre tract, a distance of 45.50 feet to a point for corner;
THENCE South 28 degrees 47 minutes 56 seconds West, continuing over and across said
115.1 acre tract, a distance of 24.13 feet to a point for corner;
THENCE South 12 degrees 59 minutes 19 seconds East, continuing over and across said
115.1 acre tract, a distance of 2.87 feet to a point for corner;
THENCE South 59 degrees 43 minutes 53 seconds East, continuing over and across said
115.1 acre tract, a distance of 7.81 feet to a point for corner;
THENCE North 67 degrees 52 minutes 45 seconds East, continuing over and across said
115.1 acre tract, a distance of 29.09 feet to a point for corner;
THENCE South 68 degrees 11 minutes 20 seconds East, continuing over and across said-
115.1
aid115.1 acre tract, a distance of 54.73 feet to a point for corner;
THENCE South 38 degrees 44 minutes 23 seconds East, continuing over and across said
115.1 acre tract, a distance of 73.36 feet to a point for corner;
a �:,1 Exhibit ,
Page of 1�
THENCE South 87 degrees 31 minutes 10 seconds East, continuing over and across said
115.1 acre tract, a distance of 82.53 feet to a point for corner;
THENCE South 25 degrees 16 minutes 47 seconds East, continuing over and across said
115.1 acre tract, a distance of 135.89 feet to a point for corner;
THENCE South 18 degrees 29 minutes 52 seconds West, continuing over and across said
115.1 acre tract, a distance of 199.64 feet to a point for corner;
THENCE South 09 degrees 35 minutes 19 seconds East, continuing over and across said
115.1 acre tract, a distance of 65.05 feet to a point for corner;
THENCE South 01 degree 05 minutes 21 seconds East, continuing over and across said
115.1 acre tract, passing at a distance of 74.28 feet, the common line between the north
line of said 194.34 acre tract and the south line of said 115.1 acre tract, over and across
said 194.34 acre tract, in all, a distance of 247.01 feet to a point for corner;
THENCE South 07 degrees 02 minutes 00 seconds East, continuing over and across said
194.34 acre tract, a distance of 79.68 feet to a point for corner;
THENCE North 89 degrees 45 minutes 19 seconds East, continuing over and across said
194.34 acre tract, a distance of 514.14 feet to a point for corner being on the west right-
of-way line of Interstate Highway 35W (variable width right-of-way) for point of
curvature of a circular curve to the right having a radius of 2,834.79 feet, whose chord
bears South 02 degrees 44 minutes 41 seconds West;
THENCE Southeasterly, continuing along said west right-of-way line and along said
circular curve through a central angle of 02 degrees 40 minutes 00 seconds, an arc length
of 131.94 feet to a point for corner;
THENCE South 04 degrees 08 minutes 30 seconds West, continuing along said west
right-of-way line a distance of 616.23 feet to a 1/2-inch set iron rod with cap for the point
of a circular curve to the right, having a radius of 5,759.58 feet, whose chord bears South
03 degrees 25 minutes 52 seconds West;
THENCE Southwesterly, continuing along said west right-of-way line and along said
circular curve through a central angle of 01 degree 25 minutes 26 seconds, an arc length
of 143.13 feet to a 1/2-inch set iron rod with cap for corner;
THENCE North 87 degrees 16 minutes 51 seconds West, continuing along said west
right-of-way line, a distance of 35.00 feet to a 1/2-inch set iron rod with cap for corner,
said point being the point of curvature of a circular curve to the left, having a radius of
5,794.58 feet, whose chord bears South 01 degree 25 minutes 25 seconds West;
/`,`� ,1�, ll , rl .1 r�n
Exhibit / r %T
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of
THENCE North 89 degrees 59 minutes 42 seconds East, continuing along said west
right-of-way line, a distance of 35.00 feet to a 1/2-inch set iron rod with cap for corner,
said point being the point for curvature of a circular curve to the left, having radius of
5,759.58 feet, whose chord bears South 00 degrees 16 minutes 26 seconds East;
THENCE Southwesterly, continuing along said west right-of-way line and along said
circular curve through a central angle of 00 degrees 32 minutes 15 seconds, an arc length
of 54.03 feet to a 1/2-inch set iron rod with cap for corner;
THENCE South 00 degrees 32 minutes 33 seconds East, continuing along said west
right-of-way line, a distance of 464.87 feet to a 1/2-inch set iron rod with cap for corner;
THENCE South 89 degrees 26 minutes 47 seconds West, continuing along said west
right-of-way line, a distance of 120.00 feet to a 1/2-inch set iron rod with cap for corner
in fence line;
THENCE North 00 degrees 32 minutes 33 seconds West, continuing along said west
right-of-way line, a distance of 48.11 feet to a 1/2-inch set iron rod with cap for corner
being the northeast corner of proposed North Tarrant Parkway right-of-way;
THENCE South 81 degrees 34 minutes 10 seconds West, departing said west right-of-
way line and continuing along said proposed north right-of-way line, a distance of 508.84
feet to a 1/2-inch set iron rod with cap for corner;
THENCE South 89 degrees 27 minutes 05 seconds West, continuing along said proposed
north right-of-way line, a distance of 386.68 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE North 39 degrees 22 minutes 58 seconds West, continuing along said proposed
north right-of-way line, a distance of 36.66 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 89 degrees 14 minutes 23 seconds West, continuing along said proposed
north right-of-way line, a distance of 112.01 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 38 degrees 42 minutes 23 seconds West, continuing along said proposed
north right-of-way line, a distance of 36.35 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 89 degrees 27 minutes 06 seconds West, continuing along said proposed
north right-of-way line, a distance of 1,006.01 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE North 45 degrees 32 minutes 54 seconds West, continuing along said proposed
north right-of-way line, a distance of 28.28 feet to a 1/2-inch set iron rod with cap for
corner;
Exhibit
Page S of 1�
THENCE South 89 degrees 27 minutes 06 seconds West, continuing along said proposed
north right-of-way line, a distance of 118.00 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 31 degrees 27 minutes 25 seconds West, continuing along said proposed
north right-of-way line, a distance of 23.58 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 89 degrees 27 minutes 06 seconds West, continuing along said proposed
north right-of-way line, a distance of 448.83 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE South 84 degrees 26 minutes 10 seconds West, continuing along said proposed
north right-of-way line, a distance of 140.32 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE North 09 degrees 26 minutes 10 seconds East, departing said proposed north
right-of-way line, over and across said 194.34 acre tract, a distance of 67.61 feet to a
point for corner;
THENCE North 44 degrees 20 minutes 59 seconds East, continuing over and across said
194.34 acre tract, a distance of 31.30 feet to a point for corner;
THENCE North 04 degrees 34 minutes 26 seconds East, continuing over and across said
194.34 acre tract, a distance of 50.07 feet to a point for corner;
THENCE North 02 degrees 18 minutes 18 seconds West, continuing over and across said
194.34 acre tract, a distance of 80.66 feet to a point for corner;
THENCE North 15 degrees 49 minutes 26 seconds West, continuing over and across said
194.34 acre tract, a distance of 28.10 feet to a point for corner;
THENCE North 31 degrees 39 minutes 49 seconds West, continuing over and across said
194.34 acre tract, a distance of 14.17 feet to a point for corner;
THENCE North 40 degrees 44 minutes 48 seconds West, continuing over and across said
194.34 acre tract, a distance of 63.35 feet to a point for corner;
THENCE North 09 degrees 58 minutes 24 seconds West, continuing over and across said
194.34 acre tract, a distance of 30.98 feet to a point for corner;
THENCE North 14 degrees 48 minutes 36 seconds West, continuing over and across said
194.34 acre tract, a distance of 71.29 feet to a point for corner;
Exhibit -�
Page—t—of 1.
THENCE North 28 degrees 47 minutes 56 seconds West, continuing over and across said
194.34 acre tract, a distance of 31.17 feet to a point for corner;
THENCE North 05 degrees 01 minute 20 seconds West, continuing over and across said
194.34 acre tract, a distance of 16.21 feet to a point for corner;
THENCE North 17 degrees 18 minutes 45 seconds West, continuing over and across said
194.34 acre tract, a distance of 16.95 feet to a point for corner;
THENCE South 81 degrees 47 minutes 13 seconds West, continuing over and across said
194.34 acre tract, a distance of 16.09 feet to a point for corner;
THENCE South 81 degrees 51 minutes 57 seconds West, continuing over and across said
194.34 acre tract, a distance of 12.91 feet to a point for corner;
THENCE North 62 degrees 38 minutes 19 seconds West, continuing over and across said
194.34 acre tract, a distance of 60.33 feet to a point for corner;
THENCE North 58 degrees 13 minutes 41 seconds West, continuing over and across said
194.34 acre tract, a distance of 43.98 feet to a point for corner;
THENCE North 35 degrees 31 minutes 28 seconds West, continuing over and across said
194.34 acre tract, a distance of 13.70 feet to a point for corner;
THENCE North 27 degrees 43 minutes 57 seconds West, continuing over and across said
194.34 acre tract, a distance of 33.36 feet to a point for corner;
THENCE North 22 degrees 22 minutes 13 seconds West, continuing over and across said
194.34 acre tract, a distance of 19.87 feet to point for corner;
THENCE North 00 degrees 05 minutes 12 seconds West, continuing over and across said
194.34 acre tract, a distance of 51.59 feet to a point for corner;
THENCE North 04 degrees 05 minutes 08 seconds West, continuing over and across said
194.34 acre tract, a distance of 70.06 feet to a point for corner;
THENCE North 11 degrees 18 minutes 36 seconds West, continuing over and across said
194.34 acre tract, a distance of 25.45 feet to a point for corner;
THENCE North 16 degrees 33 minutes 25 seconds West, continuing over and across said
194.34 acre tract, a distance of 38.53 feet to a point for corner;
THENCE North 08 degrees 35 minutes 01 second West, continuing over and across said
194.34 acre tract, a distance of 53.51 feet to a point for corner;
Exhibit -�
� �� . Page 1e of
THENCE North 11 degrees 58 minutes 34 seconds West, continuing over and across said
194.34 acre tract, a distance of 33.68 feet to a point for corner;
THENCE North 12 degrees 56 minutes 17 seconds West, continuing over and across said
194.34 acre tract, a distance of 75.79 feet to a point for corner;
THENCE North 17 degrees 18 minutes 52 seconds West, continuing over and across said
194.34 acre tract, a distance of 39.44 feet to a point for corner;
THENCE North 27 degrees 17 minutes 17 seconds West, continuing over and across said
194.34 acre tract, a distance of 38.39 feet to a point for corner;
THENCE North 31 degrees 52 minutes 02 seconds West, continuing over and across said
194.34 acre tract, a distance of 117.77 feet to a point for corner;
THENCE North 23 degrees 00 minutes 45 seconds West, continuing over and across said
194.34 acre tract, a distance of 65.59 feet to a point for corner;
THENCE North 29 degrees 56 minutes 02 seconds West, continuing over and across said
194.34 acre tract, a distance of 82.45 feet to a point for corner;
THENCE North 30 degrees 57 minutes 40 seconds West, continuing over and across said
194.34 acre tract, a distance of 42.61 feet to a point for corner;
THENCE North 25 degrees 04 minutes 37 seconds West, continuing over and across said
194.34 acre tract, a distance of 147.87 feet to a point for corner;
THENCE North 36 degrees 06 minutes 48 seconds West, continuing over and across said
194.34 acre tract, a distance of 65.05 feet to a point for corner;
THENCE North 28 degrees 34 minutes 00 seconds West, continuing over and across said
194.34 acre tract, a distance of 101.64 feet to a point for corner;
THENCE North 24 degrees 31 minutes 50 seconds West, continuing over and across said
194.34 acre tract, a distance of 32.32 feet to a point for corner;
THENCE North 14 degrees 58 minutes 10 seconds East, continuing over and across said
194.34 acre tract, a distance of 48.63 feet to a point for corner;
THENCE North 36 degrees 14 minutes 37 seconds West, continuing over and across said
194.34 acre tract, a distance of 148.50 feet to a point for corner;
THENCE North 56 degrees 14 minutes 15 seconds West, continuing over and across said
194.34 acre tract, a distance of 94.32 feet to a point for corner;
Exhibit
Page " of
THENCE South 88 degrees 58 minutes 42 seconds West, continuing over and across said
194.34 acre tract, a distance of 177.27 feet to a point for corner;
THENCE North 75 degrees 23 minutes 25 seconds West, continuing over and across said
194.34 acre tract, a distance of 99.44 feet to a point for corner;
THENCE South 89 degrees 08 minutes 47 seconds West, continuing over and across said
194.34 acre tract, a distance of 208.02 feet to a point for corner in the centerline of said
Harmon Road and being the west property line of said 194.34 acre tract;
THENCE North 00 degrees 16 minutes 46 seconds West, along said centerline and said
194.34 acre tract, a distance of 100.00 feet to the POINT OF BEGINNING and
containing 5,719,535 square feet or 131..3 acres of land more or less.
Basis of Bearing is the south property line of Presidio Vista, I, Ltd., as recorded in
Volume 16397, Page 276 of the Deed Records of Tarrant County, Texas, being South 89
degrees 07 minutes 09 seconds West.
Exhibit
Page /2 of_1_�_. �z
LEGAL DESCRIPTION AREA 2
Being a tract of land situated in the William McCowan Survey, Abstract No. 999 in the
City of Fort Worth, Tarrant County, Texas, and being part of a 194.34 acre tract of land
described in special warranty deed to Presidio Vista I, Ltd., as recorded in Volume
16397, Page 276 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.), and being
part of a 115.1 acre tract of land described in special warranty deed with vendor's lien to
Presidio Vista I, Ltd, as recorded in County Clerk Document No.205083355, D.R.T.C.T.,
and being more particularly described as follows:
BEGINNING at a 5/8-inch found iron rod in asphalt in the centerline of Harmon Road
for the westerly southwest corner of said 194.34 acre tract, said point being on the point
being on the northeast right-of-way line of U.S. Highway 287 & 81 (variable width right-
of-way);
THENCE North 00 degrees 16 minutes 46 seconds West, along the west line of said
194.34 acre tract and along the centerline of Harmon Road, a distance of 100.00 feet to a
point for corner;
THENCE North 89 degrees 08 minutes 47 seconds East, departing said centerline and
west property line, over and across said 194.34 acre tract, a distance of 148.02 feet to a
point for corner;
THENCE South 75 degrees 23 minutes 25 seconds East, continuing across said 194.34
acre tract, a distance of 99.44 feet to a point for corner;
THENCE North 88 degrees 58 minutes 42 seconds East, continuing over and across said
194.34 acre tract, a distance of 177.27 feet to a point for corner;
THENCE South 56 degrees 14 minutes 15 seconds East, continuing over and across said
194.34 acre tract, a distance of 94.32 feet to a point for corner;
THENCE South 36 degrees 14 minutes 37 seconds East, continuing over and across said
194.34 acre tract, a distance of 148.50 feet to a point for corner;
THENCE South 14 degrees 58 minutes 10 seconds West, continuing over and across said
194.34 acre tract, a distance of 48.63 feet to a point for corner;
THENCE South 24 degrees 31 minutes 50 seconds East, continuing over and across said
194.34 acre tract, a distance of 32.32 feet to a point for corner;
THENCE South 28 degrees 34 minutes 00 seconds East, continuing over and across said
194.34 acre tract, a distance of 101.64 feet to a point for corner;
� aoa
Exhibit 4-1
'age-_ of L
THENCE South 36 degrees 06 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 65.05 feet to a point for corner;
THENCE South 36 degrees 06 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 65.05 feet to a point for corner;
THENCE South 36 degrees 06 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 65.05 feet to a point for corner;
THENCE South 25 degrees 04 minutes 37 seconds East, continuing over and across said
194.34 acre tract, a distance of 147.87 feet to a point for corner;
THENCE South 30 degrees 57 minutes 40 seconds East, continuing over and across said
194.34 acre tract, a distance of 42.61 feet to a point for corner;
THENCE South 29 degrees 56 minutes 02 seconds East, continuing over and across said
194.34 acre tract, a distance of 82.45 feet to a point for corner;
THENCE South 23 degrees 00 minutes 45 seconds East, continuing over and across said
194.34 acre tract, a distance of 65.59 feet to a point for corner;
THENCE South 31 degrees 52 minutes 02 seconds East, continuing over and across said
194.34 acre tract, a distance of 117.77 feet to a point for corner;
THENCE South 27 degrees 17 minutes 17 seconds East, continuing over and across said
194.34 acre tract, a distance of 38.39 feet to a point for corner;
THENCE South 17 degrees 18 minutes 52 seconds East, continuing over and across said
194.34 acre tract, a distance of 39.44 feet to a point for corner;
THENCE South 12 degrees 56 minutes 17 seconds East, continuing over and across said
194.34 acre tract, a distance of 75.79 feet to a point for corner;
THENCE South 11 degrees 58 minutes 34 seconds East, continuing over and across said
194.34 acre tract, a distance of 33.68 feet to a point for corner;
THENCE South 08 degrees 35 minutes 01 second East, continuing over and across said
194.34 acre tract, a distance of 53.51 feet to a point for corner;
THENCE South 16 degrees 33 minutes 25 seconds East, continuing over and across said
194.34 acre tract, a distance of 38.53 feet to a point for corner;
THENCE South 11 degrees 18 minutes 36 seconds East, continuing over and across said
194.34 acre tract, a distance of 25.45 feet to a point for corner;
Exhibit
Page-A—of�
THENCE South 04 degrees 05 minutes 08 seconds East, continuing over and across said
194.34 acre tract, a distance of 70.06 feet to a point for corner;
THENCE South 00 degrees 05 minutes 12 seconds East, continuing over and across said
194.34 acre tract, a distance of 51.59 feet to a point for corner;
THENCE South 22 degrees 22 minutes 13 seconds East, continuing over and across said
194.34 acre tract, a distance of 19.87 feet to point for corner;
THENCE South 27 degrees 43 minutes 57 seconds East, continuing over and across said
194.34 acre tract, a distance of 33.36 feet to a point for corner;
THENCE South 35 degrees 31 minutes 28 seconds East, continuing over and across said
194.34 acre tract, a distance of 13.70 feet to a point for corner;
THENCE South 58 degrees 13 minutes 41 seconds East, continuing over and across said
194.34 acre tract, a distance of 43.98 feet to a point for corner;
THENCE South 62 degrees 38 minutes 19 seconds East, continuing over and across said
194.34 acre tract, a distance of 30.16 feet to a point for corner;
THENCE North 81 degrees 51 minutes 57 seconds East, continuing over and across said
194.34 acre tract, a distance of 12.91 feet to a point for corner;
THENCE North 81 degrees 47 minutes 13 seconds East, continuing over and across said
194.34 acre tract, a distance of 16.09 feet to a point for corner;
THENCE South 17 degrees 18 minutes 45 seconds East, continuing over and across said
194.34 acre tract, a distance of 16.95 feet to a point for corner;
THENCE South 05 degrees 01 minute 20 seconds East, continuing over and across said
194.34 acre tract, a distance of 16.21 feet to a point for corner;
THENCE South 28 degrees 47 minutes 56 seconds East, continuing over and across said
194.34 acre tract, a distance of 31.17 feet to a point for corner;
THENCE South 14 degrees 48 minutes 36 seconds East, continuing over and across said
194.34 acre tract, a distance of 71.29 feet to a point for corner;
THENCE South 09 degrees 58 minutes 24 seconds East, continuing over and across said
194.34 acre tract, a distance of 30.98 feet to a point for corner;
THENCE South 40 degrees 44 minutes 48 seconds East, continuing over and across said
194.34 acre tract, a distance of 63.35 feet to a point for corner;
Exhibit A`1 _
Page 15- of
THENCE South 31 degrees 39 minutes 49 seconds East, continuing over and across said
194.34 acre tract, a distance of 14.17 feet to a point for corner;
THENCE South 15 degrees 49 minutes 26 seconds East, continuing over and across said
194.34 acre tract, a distance of 28.10 feet to a point for corner;
THENCE South 02 degrees 18 minutes 18 seconds East, continuing over and across said
194.34 acre tract, a distance of 80.66 feet to a point for corner;
THENCE South 04 degrees 34 minutes 26 seconds West, continuing over and across said
194.34 acre tract, a distance of 50.07 feet to a point for corner;
THENCE South 44 degrees 20 minutes 59 seconds West, continuing over and across said
194.34 acre tract, a distance of 46.32 feet to a point for corner;
THENCE South 09 degrees 26 minutes 10 seconds West, continuing over and across said
194.34 acre tract, a distance of 67.29 feet to a point for corner on the proposed north right
of way line of North Tarrant Parkway(a variable width right of way);
THENCE South 84 degrees 26 minutes 10 seconds West, along said proposed north right-
of-way line, a distance of 101.63 feet to a 1/2-inch set iron rod with cap for corner;
THENCE South 74 degrees 43 minutes 50 seconds West, continuing along said proposed
north right-of-way line, a distance of 277.30 feet to a 1/2-inch set iron rod with cap for
corner;
THENCE North 89 degrees 10 minutes 21 seconds West, continuing along said north
right-of-way line, a distance of 275.65 feet to a 1/2-inch set iron rod with cap for corner;
THENCE North 43 degrees 37 minutes 34 seconds West, continuing along said proposed
north right-of-way line, a distance of 257.81 feet to a 1/2-inch set iron rod with cap for
corner on said northeast right-of-way line of U.S. Highway 287 & 81;
THENCE North 33 degrees 08 minutes 35 seconds West, departing said proposed north
right-of-way line and along said northeast right-of-way line, a distance of 470.36 feet to a
to a found TxDOT monument for corner;
THENCE North 23 degrees 28 minutes 38 seconds West, continuing along said northeast
right-of-way line, a distance of 323.34 feet to a found TxDOT monument;
THENCE North 81 degrees 30 minutes 54 seconds East, continuing along northeast
right-of-way line, a distance of 26.57 feet to the POINT OF BEGINNING and containing
1,560,801 square feet or 35.83 acres of land more or less.
ExhibitCITY
Page /0 of J �
LEGAL DESCRIPTION AREA 3
Being a tract of land situated in the William McCowan Survey, Abstract No. 999 in the
City of Fort Worth, Tarrant County, Texas, and being part of a 194.34 acre tract of land
described in special warranty deed to Presidio Vista I, Ltd., as recorded in Volume
16397, Page 276 of the Deed Records of Tarrant County, Texas (D.R.T.C.T.), and being
part of a 115.1 acre tract of land described in special warranty deed with vendor's lien to
Presidio Vista I, Ltd, as recorded in County Clerk Document No.205083355, D.R.T.C.T.,
and being more particularly described as follows:
BEGINNING at a 5/8-inch found iron rod with cap stamped Carter & Burgess at the
northeast corner of said 115.1 acre tract and being on the west right of way line of
Interstate Highway 35W (a variable width right of way);
THENCE South 00 degrees 32 minutes 25 seconds East, along said west right-of-way
line, a distance of 129.95 feet to a found TxDOT monument for corner;
THENCE South 89 degrees 36 minutes 25 seconds West, continuing along said west
right-of-way line, a distance of 8.55 feet to a found fence post for corner;
THENCE South 00 degrees 56 minutes 03 seconds East, continuing along said west
right-of-way line, a distance of 1,028.94 feet to a found TxDOT monument for the
northeast corner of said 194.34 acre tract;
THENCE South 00 degrees 56 minutes 10 seconds East, continuing along said west
right-of-way line, a distance of 143.57 feet to a 1/2-inch found iron rod with yellow
plastic cap stamped HALFF ASSOC. INC for the point of curvature of a circular curve
to the right, having a radius of 2,834.79 feet, whose chord bears South 00 degree 20
minutes 20 seconds West;
THENCE Southeasterly, continuing along said west right-of-way line and along said
circular curve through a central angle of 02 degrees 24 minutes 42 seconds, an arc length
of 119.32 feet to a point for corner;
THENCE South 89 degrees 45 minutes 19 seconds West, over and across said 194.34
acre tract, a distance of 514.14 feet to a point for corner
THENCE North 07 degrees 02 minutes 00 seconds West, continuing over and across said
194.34 acre tract, a distance of 79.68 feet to a point for corner;
THENCE North 01 degree 05 minutes 21 seconds West, continuing over and across said
194.34 acre tract and onto 115.1 acre tract, a distance of 247.01 feet to a point for corner;
THENCE North 09 degrees 35 minutes 19 seconds West, continuing over and across said
115.1 acre tract, a distance of 65.05 feet to a point for corner;
Exhibit—A-1—
Page-0—of-Li-
1
THENCE North 18 degrees 29 minutes 52 seconds East, continuing over and across said
115.1 acre tract, a distance of 199.64 feet to a point for corner;
THENCE North 25 degrees 16 minutes 47 seconds West, continuing over and across said
115.1 acre tract, a distance of 135.89 feet to a point for corner;
THENCE North 87 degrees 31 minutes 10 seconds West, continuing over and across said
115.1 acre tract, a distance of 82.53 feet to a point for corner;
THENCE North 38 degrees 44 minutes 23 seconds West, continuing over and across said
115.1 acre tract, a distance of 73.36 feet to a point for corner;
THENCE North 68 degrees 11 minutes 20 seconds West, continuing over and across said
115.1 acre tract, a distance of 54.73 feet to a point for corner;
THENCE North 67 degrees 52 minutes 45 seconds West, continuing over and across said
115.1 acre tract, a distance of 29.09 feet to a point for corner;
THENCE North 59 degrees 43 minutes 53 seconds West, continuing over and across said
115.1 acre tract, a distance of 7.81 feet to a point for corner;
THENCE North 12 degrees 59 minutes 19 seconds West, continuing over and across said
115.1 acre tract, a distance of 2.87 feet to a point for corner;
THENCE North 28 degrees 47 minutes 56 seconds East, continuing over and across said
115.1 acre tract, a distance of 24.13 feet to a point for corner;
THENCE North 54 degrees 37 minutes 28 seconds East, continuing over and across said
115.1 acre tract, a distance of 45.50 feet to a point for corner;
THENCE North 28 degrees 50 minutes 38 seconds East, continuing over and across said
115.1 acre tract, a distance of 113.56 feet to a point for corner;
THENCE North 41 degrees 17 minutes 51 seconds West, continuing over and across said
115.1 acre tract, a distance of 71.81 feet to a point for corner;
THENCE North 25 degrees 55 minutes 53 seconds West, continuing over and across said
115.1 acre tract, a distance of 30.18 feet to a point for corner;
THENCE North 03 degrees 28 minutes 11 seconds East, continuing over and across said
115.1 acre tract, a distance of 254.69 feet to a point for corner;
THENCE North 05 degrees 36 minutes 53 seconds West, continuing over and across said
115.1 acre tract, a distance of 83.06 feet to a point for corner;
Exhibit
Page 1I of R'0.'2`u`'YKi, Tei"',
THENCE North 16 degrees 52 minutes 44 seconds West, departing said north line and
continuing over and across said 115.1 acre tract, a distance of 70.31 feet to a point for
corner on the north line of said 115.1 acre tract;
THENCE North 88 degrees 59 minutes 59 seconds East, along said north line of 115.1
acre tract; a distance of 706.85 feet to the POINT OF BEGINNING and containing
843,915 square feet or 19.37 acres of land more or less.
Exhibit
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