HomeMy WebLinkAbout(0012) RESOLUTION - PID No. 16 Walsh RanchQuail ValleyA Resolution
NO.
A RESOLUTION OF THE CITY OF FORT WORTH, TEXAS
DETERMINING THE COSTS OF CERTAIN PUBLIC IMPROVEMENTS
TO BE FINANCED BY THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT NO. 16 (WALSH RANCH/QUAIL VALLEY); ACCEPTING A
PRELIMINARY SERVICE AND ASSESSMENT PLAN UPDATE,
INCLUDING PROPOSED UPDATED ASSESSMENT ROLLS;
DIRECTING THE FILING OF THE PROPOSED UPDATED
ASSESSMENT ROLLS WITH THE CITY SECRETARY TO MAKE
AVAILABLE FOR PUBLIC INSPECTION; CALLING A PUBLIC
HEARING ON SEPTEMBER 1, 2020 TO CONSIDER AN ORDINANCE
LEVYING ADDITIONAL ASSESSMENTS ON CERTAIN PROPERTY
WITHIN THE DISTRICT; DIRECTING CITY STAFF TO PUBLISH AND
MAIL NOTICE OF SAID PUBLIC HEARING; AND RESOLVING
OTHER MATTERS INCIDENT AND RELATED THERETO.
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 adopted Resolution No. 4686-09-2016
(the "Authorization Resolution"), authorizing, establishing and creating the District; and
WHEREAS, the City Council previously (1) adopted a Service and Assessment Plan (the
"Service and Assessment Plan") for the District pursuant to Ordinance 22707-05-2017, adopted on May
2, 2017; and (2) levied assessments on Improvement Area #1 of the District (as defined in the Service and
Assessment Plan); and
WHEREAS, the City Council now desires to levy additional special assessments on
Improvement Area #2 of the District (as defined in the Service and Assessment Plan) for the purposes of
financing the costs of certain Authorized Improvements in Improvement Area #2 (the "Improvement
Area #2 Improvements"); and
WHEREAS, the City Council and the City staff have been presented with a proposed update to
the Service and Assessment Plan for the District, including proposed updates to the assessment rolls
attached thereto, including the Improvement Area #2 Assessment Roll (the "Proposed Assessment Roll
Updates") (the proposed update to the Service and Assessment Plan and the Proposed Assessment Roll
Update are referred to collectively as, the "Proposed SAP Update"), a copy of which is attached hereto
as Exhibit A and is incorporated herein for all purposes; and
WHEREAS, the Proposed SAP Update sets forth the estimated total costs of the Improvement
Area #2 Improvements and the Proposed Assessment Roll Updates state the proposed assessments to be
levied against each parcel of land in Improvement Area #2, as determined by the assessment methodology
chosen by the City Council and set forth in the Proposed SAP Update; and
WHEREAS, the Act requires that the Proposed Assessment Roll Update levying the assessments
on Improvement Area #2 be filed with the City Secretary of the City (the "City Secretary") and be
subject to public inspection; and
WHEREAS, the Act requires that a public hearing (the "Assessment Hearing") be called to
consider the proposed assessments on Improvement Area #2 and requires the City Council to hear and
pass on any objections to such proposed assessments at, or on the adjournment of, the Assessment
Hearing; and
WHEREAS, the Act requires that notice of the Assessment Hearing be published in a newspaper
of general circulation in the City before the tenth (loth) day before the date of the Assessment Hearing
and be mailed to property owners liable for assessment; and
WHEREAS, after all objections have been heard and passed on at the Assessment Hearing, the
City Council may levy assessments on Improvement Area #2 to pay for the Improvement Area #2
Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
SECTION 1. THAT the recitals set forth above in this Resolution are true and correct and are
hereby adopted as findings of the City Council and are incorporated into the body of this Resolution as if
fully set forth herein.
SECTION 2. THAT the City Council does hereby accept the Proposed SAP Update for the
District, including the Proposed Assessment Rolls Update, a copy of which is attached hereto as Exhibit
A and is incorporated herein for all purposes. All capitalized terms not otherwise defined herein shall
have the meanings given to such terms in the Proposed SAP Update.
SECTION 3. THAT the City Council hereby determines that estimated total cost of the
Improvement Area #2 Improvements to be funded through the assessments levied at this time in
Improvement Area #2 of the District, including financing costs, is approximately $5,850,000.
SECTION 4. THAT the City Council's final determination and approval of the costs of the
Improvement Area #2 Improvements, or any portion thereof, shall be subject to and contingent upon City
Council approval of a final Service and Assessment Plan update which will include final updates to the
Assessment Rolls, including the Improvement Area #2 Assessment Roll, after the properly noticed and
held Assessment Hearing.
SECTION 5. THAT the City Council hereby authorizes and directs the filing of the Proposed
SAP Update, including the Proposed Assessment Rolls Update, with the City Secretary and the same shall
be available for public inspection on the City's website.
SECTION 6. THAT the City Council hereby authorizes, and calls, a public hearing (the
Assessment Hearing as defined above) to be held on September 1, 2020 at or after 7:00 p.m. at City
Council Chamber, City Hall, 200 Texas Street, Fort Worth, Texas, at which the City Council shall, among
other actions, hear and pass on any objections to the proposed assessments; and, upon the adjournment of
the Assessment Hearing, the City Council will consider an ordinance levying the assessments on the
property within the Improvement Area #2 of the District (which ordinance shall specify the method of
payment of the assessments). In the event City Council will be unable to meet at City Hall on September
1, 2020, the City will post information on its website for attending the meeting by telephone,
teleconference, or other electronic means.
SECTION 7. THAT the City Council hereby authorizes and directs the City Secretary to publish
notice of the Assessment Hearing in substantially the form attached hereto as Exhibit B and incorporated
herein for all purposes, in a newspaper of general circulation in the City, on or before August 21, 2020, as
required by Section 372.016(b) of the Act.
SECTION 8. THAT when the Proposed Assessment Rolls Update are filed with the City
Secretary, the City Council hereby authorizes and directs the City Secretary, on or before August 21,
2020, to mail to owners of property liable for assessment notice of the Assessment Hearing as required by
Section 372.016(c) of the Act.
SECTION 9. THAT City staff is authorized and directed to take such other actions as are required
(including, but not limited to, notice of the public hearing as required by the Texas Open Meetings Act) to
place the Assessment Hearing on the agenda for the September 1, 2020 meeting of the City Council.
SECTION 10. THAT this Resolution shall become effective from and after its date of passage
in accordance with law.
Adopted this _ day of 2020.
ATTEST:
Mary Kayser, City Secretary
EXHIBIT A
PROPOSED SERVICE AND ASSESSMENT PLAN UPDATE
EXHIBIT B
NOTICE OF PUBLIC HEARING
CITY OF FORT WORTH, TEXAS
NOTICE OF PUBLIC HEARING TO CONSIDER
THE LEVY OF ADDITIONAL ASSESSMENTS AGAINST PROPERTY WITHIN
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 16 (WALSH RANCH/QUAIL VALLEY)
Pursuant to Chapter 372, Texas Local Government Code (the "Act"), notice is hereby given that the City Council
of the City of Fort Worth, Texas (the "City") will hold a public hearing (the "Public Hearing") to consider the
levy of assessments against property within Fort Worth Public Improvement District No. 16 (Walsh Ranch/Quail
Valley) (the "District") to pay for certain improvements therein.
Date, Time and Place of Public Hearing. The Public Hearing will take place on September 1, 2020, at or after
7:00 p.m., at the City Council Chamber, City Hall, 200 Texas Street, Fort Worth, Texas.
General Nature of the Improvements. The general nature of the proposed public improvements, including the
improvements to be reimbursed through the levy of special assessments in the District, includes: (i) earthwork and
erosion control improvements, (ii) storm drainage improvements, (iii) water distribution improvements, (iv)
wastewater improvements, (v) road improvements, (vi) landscaping improvements, and (vii) costs related to the
creation and administration of the District.
The property within the District is expected to be developed in multiple phases (each phase being an
"Improvement Area"). Improvements that will benefit and serve only property within Improvement Area #2 are
to be installed and constructed in the second phase of improvements, and special assessments will be levied
within Improvement Area #2 to fund such improvements. For each subsequent phase within the District, special
assessments will be levied within the future Improvement Areas to pay the costs of public improvement projects
that confer a special benefit on the property within such Improvement Areas.
Cost of the Improvements. The estimated total cost of the public improvements in Improvement Area #2 to be
funded through the special assessments levied therein, including financing costs, is $5,850,000.
Proposed Assessment Roll. The proposed updated assessment rolls providing for the costs of said improvements
to be assessed, levied and apportioned against the property within the Improvement Area #2, and the real and true
owner or owners thereof, are on file and are available for public inspection during regular business hours at the
office of the City Secretary at City Hall, 200 Texas Street, Fort Worth, Texas.
Boundaries of the District. The boundaries of the District encompass approximately 1,756 acres, and the
District is generally located along both sides of the Chisolm Trail Parkway south of McPherson Boulevard and
north of FM 1187, in Tarrant County, Texas. The boundaries of the District, including the boundaries of the
Improvement Area #2 of the District, are more particularly described by a metes and bounds description available
at the Fort Worth City Hall and available for public inspection.
Objections Considered. All written or oral objections will be considered at the Public Hearing.
FORT WORTH PUBLIC
IMPROVEMENT DISTRICT NO. 16
(WALSH RANCH/QUAIL VALLEY)
CITY OF FORT WORTH, TEXAS
PRELIMINARY SERVICE AND ASSESSMENT PLAN
May 2, 2017
As updated for Improvement Area #2 on, September 18,
2020
PREPARED BY:
MUNICAP, INC.
PUBLIC FINANCE
FORT WORTH PUBLIC IMPROVEMENT DISTRICT
NO. 16 (WALSH RANCH/QUAIL VALLEY
PRELIMINARY SERVICE AND ASSESSMENT PLAN - UPDATED FOR IMPROVEMENT AREA #2
TABLE OF CONTENTS
I. PLAN DESCRIPTION AND DEFINED TERMS........................................................... 4
A. INTRODUCTION........................................................................................................................... 4
II. PROPERTY INCLUDED IN THE PID...................................................................... 12
A.
PROPERTY INCLUDED IN THE PID..............................................................................................12
B.
PROPERTY LOCATED IN IMPROVEMENT AREA #1 AND IMPROVEMENT AREA #2........................13
C.
PROPERTY INCLUDED IN FUTURE IMPROVEMENT AREAS..........................................................14
III.
DESCRIPTION OF THE AUTHORIZED IMPROVEMENTS ........................................
15
A.
AUTHORIZED IMPROVEMENT OVERVIEW..................................................................................15
B.
DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA #1 FUNDED IMPROVEMENTS .....................15
C.
DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA #2 FUNDED IMPROVEMENTS .....................17
D.
FUTURE IMPROVEMENT AREA IMPROVEMENTS.........................................................................19
IV.
ASSESSMENT PLAN............................................................................................
20
A.
INTRODUCTION..........................................................................................................................20
B.
SPECIAL BENEFIT.......................................................................................................................20
C.
ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA #1 FUNDED IMPROVEMENTS
........... 21
D.
ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA #2 FUNDED IMPROVEMENTS
........... 22
E.
ALLOCATION OF ACTUAL COSTS OF FUTURE IMPROVEMENT AREA IMPROVEMENTS................23
F.
ASSESSMENT METHODOLOGY....................................................................................................23
G.
ASSESSMENT AND ANNUAL INSTALLMENTS................................................................................26
H.
ADMINISTRATIVE EXPENSES......................................................................................................26
I.
ADDITIONAL INTEREST RATE....................................................................................................27
T.
PREPAYMENT RESERVE.............................................................................................................27
K.
DELINQUENCY RESERVE............................................................................................................27
V. SERVICE PLAN.......................................................................................................... 28
A. INTRODUCTION..........................................................................................................................28
VI. TERMS OF THE ASSESSMENTS................................................................................. 33
A. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA #1...........................................................................................................33
B.
AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA #2...........................................................................................................33
C.
AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
FUTURE IMPROVEMENT AREAS.................................................................................................33
D.
REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA #1
AND IMPROVEMENT AREA #2....................................................................................................33
E.
REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN FUTURE IMPROVEMENT
AREAS.......................................................................................................................................35
F.
MANDATORY PREPAYMENT OF ASSESSMENTS...........................................................................35
G.
REDUCTION OF ASSESSMENTS....................................................................................................35
H.
PAYMENT OF ASSESSMENTS.......................................................................................................36
I.
COLLECTION OF ANNUAL INSTALLMENTS.................................................................................37
VII. THE ASSESSMENT ROLL........................................................................................
39
A. IMPROVEMENT AREA #1 ASSESSMENT ROLL.............................................................................39
B. IMPROVEMENT AREA #2 ASSESSMENT ROLL.............................................................................39
C. FUTURE IMPROVEMENT AREA ASSESSMENT ROLL....................................................................40
D. ANNUAL ASSESSMENT ROLL UPDATES.......................................................................................40
VIII. MISCELLANEOUS PROVISIONS...........................................................................
41
A. ADMINISTRATIVE REVIEW.........................................................................................................41
B. TERMINATION OF ASSESSMENTS................................................................................................
41
C. AMENDMENTS............................................................................................................................
41
AMENDMENTS TO THE SERVICE AND ASSESSMENT PLAN MAY BE MADE AS PERMITTED
OR REQUIRED BY THE PID ACT AND TEXAS LAW ..........................................................
41
D. ADMINISTRATION AND INTERPRETATION OF PROVISIONS..........................................................42
E. SEVERABILITY............................................................................................................................42
APPENDIX A-1 - IMPROVEMENT AREA #1 ASSESSMENT ROLL
APPENDIX A-2 - IMPROVEMENT AREA #2 ASSESSMENT ROLL
APPENDIX B - LEGAL DESCRIPTION FOR PARCELS IN THE PID
L PLAN DESCRIPTION AND DEFINED TERMS
A. INTRODUCTION
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.
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.
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 multiple Assessment Ordinances.
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.
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
Capitalized terms used herein shall have the meanings ascribed to them as follows:
"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 landscapers, appraisals, legal, accounting and
similar professional services, taxes (property and franchise) related to the Authorized
Improvements, (v) all labor, bonds and materials, including equipment and fixtures, incurred by
contractors, builders and materialmen in connection with the acquisition, construction or
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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.
For the avoidance of doubt, not all 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.
"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.I.
"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) issuing, making debt service payments on, and redeeming the PID
Bonds, (vi) investing or depositing the Assessments or other monies, (vii) complying with the PID
Act with respect to the PID, (viii) 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 (ix) City costs of administering the construction of that portion of the Authorized
Improvements to be funded through the PID. 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.
"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.
"Annual Installment" means, with respect to the Assessed Property, each annual payment of. (i)
the applicable 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 Installment is
subject to update and adjustment from time to time, including upon the issuance of PID Bonds, if
any.
"Annual Service Plan Update" is defined in Section V.2.
"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.
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"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. The term includes,
as applicable, the Improvement Area #1 Assessment, the Improvement Area #2 Assessment, and
any assessment levied against a Parcel pursuant to an Assessment Ordinance in a Future
Improvement Area.
"Assessment Ordinance" means each ordinance adopted by the City Council approving this SAP
(or amendments or supplements to the SAP) and levying the Assessments, including, as applicable,
the Improvement Area #1 Assessment Ordinance, the Improvement Area #2 Assessment
Ordinance, and any assessment ordinance adopted which levies an Assessment on a Future
Improvement Area.
"Assessment Roll" or "Assessment Rolls" means collectively or separately as applicable, the
Improvement Area #1 Assessment Roll and the Improvement Area #2 Assessment Roll included
in this SAP as Appendix A -I and Appendix A-2, respectively, as each may be updated, modified
or amended from time to time in accordance with the procedures set forth herein and in the PID
Act, including updates prepared in connection with the issuance of PID Bonds or in connection
with any Annual Service Plan Update. The Term also includes an Assessment Roll for any Future
Improvement Area.
"Authorized Improvements" means those improvements, including those listed in Section III.A
and described in Section III.B, authorized by Section 372.003 of the PID Act, regardless of whether
such improvements are 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.
"City" means the City of Fort Worth Texas.
"City Council" means the duly elected governing body of the City.
"County" means either Parker County, Texas or Tarrant County, Texas.
"Delinquency Reserve" has the meaning set forth in Section IV.H.
"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.
"Developer" means QUAIL VALLEY DEVCO I, LLC, a Texas limited liability company, and
WALSH RANCHES LIMITED PARTNERSHIP, a Texas limited partnership, and their respective
successors and assigns.
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"ETJ" means the extraterritorial jurisdiction of the City.
"Future Improvement Areas" means those Future Improvement Areas to be defined and
developed after Improvement Area #land Improvement Area #2 within the boundaries of the PID
on that portion of the Property shown on Table II-D and described in Appendix B.
"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.
"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.
"Future Improvement Area Bonds" means bonds issued to fund Future Improvement Area
Improvements (or a portion thereof) in a Future Improvement Area that are secured by
Assessments levied on Assessed Property within such Future Improvement Area. In connection
with Future Improvement Area Bonds, Assessments related to such Future Improvement Area
Bonds will be levied only on property located within the applicable Future Improvement Area to
finance Public Improvements which will only benefit such Future Improvement Area
"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.
"Improvement Area #1" means that portion of the Property shown on Table II-B, described in
Appendix B.
"Improvement Area #1 Assessed Property" means, for any year, all Parcels within Improvement
Area #1 and listed on the Improvement Area #1 Assessment Roll, other than Non -Benefited
Property.
"Improvement Area #1 Assessment" means the Assessment levied pursuant to the Improvement
Area #1 Assessment Ordinance on the Improvement Area #1 Assessed Property.
"Improvement Area #1 Assessment Ordinance" means Assessment Ordinance
No. , adopted by the City Council on May 2, 2017, which levied the Improvement
Area #1 Assessment.
"Improvement Area #1 Assessment Roll" means the Assessment Roll included as Appendix A-
1.
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"Improvement Area #1 Funded Improvements" means those Authorized Improvements which
confer a special benefit on Improvement Area #1 and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #1 Reimbursement Agreement" means that certain Fort Worth Public
Improvement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement, effective
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 #1 of the District
and the City agrees to reimburse the Developer for the Actual Costs of the Improvement Area #1
Funded Improvements, with interest, as permitted by the PID Act.
"Improvement Area #2" means that portion of the Property shown on Table II-B, described in
Appendix B.
"Improvement Area #2 Assessed Property" means, for any year, all Parcels within Improvement
Area #2 and listed on the Improvement Area #2 Assessment Roll, other than Non -Benefited
Property.
"Improvement Area #2 Assessment" means the Assessment levied pursuant to the Improvement
Area #2 Assessment Ordinance on the Improvement Area #2 Assessed Property.
"Improvement Area #2 Assessment Ordinance" means Assessment Ordinance
No. , adopted by the City Council on , 2020, which levied the Improvement
Area #2 Assessment.
"Improvement Area #2 Assessment Roll" means the Assessment Roll included as Appendix A-
2.
"Improvement Area #2 Funded Improvements" means those Authorized Improvements which
confer a special benefit on Improvement Area #2 and the costs of which are to be PID-Funded
Actual Costs.
"Improvement Area #2 Reimbursement Agreement" means that certain Fort Worth Public
Im rovement District No. 16 (Walsh Ranch/Quail Valley) Reimbursement Agreement, effective
20M, 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
#2 of the District and the City agrees to reimburse the Developer for the Actual Costs of the
Improvement Area #2 Funded Improvements, with interest, as permitted by the PID Act.
"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, any PID Bonds as modified, amended,
and/or supplemented from time to time.
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"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.
"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 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 by the Administrator
and confirmed by the City Council. Improvement Area #1 has lot types classified as 35 ft, 50 ft,
60 ft, 70 ft, and 100 ft front footage lots. Improvement Area #2 will have six lot types classified
as Townhome, Garden Home, and 35 ft, 50 ft, 60 ft, and 70ft front footage lots.
"Mandatory Prepayment" shall have the meaning set forth in Section VI.C.
"Maximum Assessment per Unit" means, for each Lot Type within an Improvement Area, the
Assessment per unit amounts shown in Section IVY (Tables IV-C and IV-D) of the SAP for
Improvement Area #1 and the Assessment per unit amounts shown in Section IVY (Tables IV-E
and Table IV-F) of the SAP for Improvement Area #2.
"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 VI.C.
"Notice of PID Assessment Termination" is defined in Section VI.F.
"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, (3) lot and block number in a final
subdivision plat recorded in the official public records of a County, or (4) any other means
determined by the City Council.
"PID" is defined in Section I.A.2.
"PID Act" means Chapter 372 of the Texas Local Government Code, as amended.
"PID Bonds" mean bonds which may be issued by the City from time to time to finance the
acquisition of a portion of the Authorized Improvements.
MuniCap 19
"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 III.B.2 and as shown on Table
III -A. PID-Funded Actual Costs includes all payments for Administrative Expenses.
"PID Reimbursement Agreement" means collectively or as applicable, the following:
a. the Master Reimbursement Agreement, effective as of July 17, 2017 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;
b. the Improvement Area #1 Reimbursement Agreement;
c. the Improvement Area #2 Reimbursement Agreement;
d. 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 Improvements 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.
"Prepayment Costs" mean interest and Administrative Expenses, to the extent not paid in an
Annual Installment, plus any additional amounts due pursuant to the Indenture related to the PID
Bonds, if any, reasonably expected to be incurred by or imposed upon the City as a result of any
prepayment of an Assessment and the PID Bonds secured by such Assessment, each to the date of
prepayment and to the extent each is allowable by law.
"Prepayment Reserve" has the meaning set forth in Section IV.I of this SAP.
"Property" is defined in Section II.A..
"Public Improvements" mean the Authorized Improvements designed, constructed, and installed
in accordance with this SAP for which Assessments are levied against the Assessed Property that
receives a special benefit from such improvement. The term includes the Improvement Area # 1
Funded Improvements and the Improvement Area #2 Funded Improvements.
"Public Property" means real property, right-of-way and easements located within the boundaries
of the PID owned by or irrevocably offered for dedication to the federal government, the State of
Texas, the 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, prescription, or by plat.
"Service and Assessment Plan" or "SAP" is defined in Section I.A.2, including updates,
modifications, and amendments 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
MuniCap 110
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.
"Trustee" means the trustee as specified in an Indenture, and any successor thereto permitted
under such Indenture.
(remainder of this page is intentionally left blank)
MuniCap Ill
II. PROPERTYINCLUDED 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.
Table II -A
Public Improvement District Boundaries
I
LLD
WEATHERFDTtA
I
PROPERTY AIS
6UNDARY
--�`✓
[aacluded tram PID]
g(D
aI
S�
WALSH RANCH QUA VALLEY
�I
PUBLIC IMPROVEMENT
DISTRICT BOUNDARYIF
i
-lo
INTERSTATE-
+
,•
WALSH RANCH QUAIL VALLEY
PUBLIC IMPROVEMENT
\ ' \��
DISTRICT BOUNDARY
WALSH RANCH
QUAIL VALLEY
VICINITY MAP
N.T.S.
MuniCap 112
B. PROPERTY LOCATED IN IMPROVEMENT AREA #1 AND IMPROVEMENT AREA #2
Improvement Area #1 consists of approximately 251.01 acres consisting of 587 single family
residential lots, developed in one phase and which are specially benefitted by the Authorized
Improvements described in Section III.B.
Improvement Area #2 consists of approximately 185.66 acres and projected to consist of 553 single
family residential lots, to be developed in one phase and which will be specially benefitted by the
Improvement Area #2 Improvements described in Section III.C.
A map of the property within Improvement Area #1 and Improvement Area #2 is shown in Table
II-B below. Legal descriptions for all Parcels within the PID are included in Appendix B.
Table II-B
IA #1 and IA #2 Boundary
li
i
I
AISD PROPERTY
- 1
BOU
(excluded
ded From PI1)}
LD VyEAT11ERFORO ROA_
I
Improvement Area #1 f
9
Improvement
1
�
Area #2jl
Y
L
_ -T--
sryre20
74
1=
I NTERSTATV
30
.
II
�+,
•.\ ip
WALSH RANCH QUAIL VALLEY
PUBLIC IMPROVEMENT
DISTRICT BOUNDARY
\
WALSH RANCH
QUAIL VALLEY
VICINITY MAP
N.T.S.
MuniCap 113
C. PROPERTY INCLUDED IN FUTURE IMPROVEMENT AREAS
The Future Improvement Areas are depicted on Table II-C below and will include approximately
2,177 single family residential lots As Future Improvement Areas are developed and in connection
with the issuance of any Future Improvement Area Bonds, this Service and Assessment Plan will
be amended to revise the table shown in Section II.B above (e.g. Table II-B will be revised to show
the addition of such Future Improvement Area).
A map of the projected property within each Future Improvement Area is shown in Table II-C.
The Future Improvement Area is shown for illustrative purposes only and is subject to adjustment
in the future.
Table II-C
Proposed Future Improvement Areas
�I
AISD PROPERTY - 1
BOUNDARY
(excluded from PID)
LID WEATIJERFORD ROA
� J
5
ill
Future Improvement Area
30
zz
WALSH RANCH QUAIL VALLEY
PUBLIC IMPROVEMENT
DISTRICT BOUNDARY
WALSH RANCH
QUAIL VALLEY
VICINITY MAP
N.T.S.
MuniCap 114
III. DESCRIPTION OF THE A UTHORmED IMPROVEMENTS
A. AUTHORIZED IMPROVEMENT OVERVIEW
Section 372.003 of the PID Act identifies the authorized improvements that a City may choose to
undertake with the establishment of a PID. The Authorized Improvements identified in the PID
Act include:
(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) development, rehabilitation, or expansion of affordable housing.
The City has determined that of the improvements authorized under the PID Act, it will undertake
at this time only those Authorized Improvements more particularly described in Section III.B and
Section III.C. Any change to the list of Authorized Improvements, including any Future
Improvement Area Improvements as described in Section III.D, will require the approval of the
City.
B. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA #1 FUNDED IMPROVEMENTS
The Improvement Area # 1 Funded Improvements are that portion of the Authorized Improvements
that confer a special benefit solely on Improvement Area #1 and the costs of which are PID-Funded
Actual Costs that will be financed from the Improvement Area #1 Assessments and from the
proceeds of PID Bonds, if any, secured by such Assessments. For the avoidance of doubt, not all
MuniCap 115
Authorized Improvements benefitting Improvement Area #1 are Improvement Area #1 Funded
Improvements.
The Improvement Area #1 Funded Improvements are described below. Table III -A shows the
Actual Costs to construct the Improvement Area #1 Funded Improvements are $29,518,594. The
costs shown in Table III -A may be revised in Annual Service Plan Updates. The PID-Funded
Actual Costs of the Improvement Area #1 Funded Improvements are to be funded from: (i) the
principal portion of the Annual Installments collected from the Improvement Area #1 Assessment
in accordance to the Improvement Area #1 Reimbursement Agreement; (ii) the proceeds of PID
Bonds, if any, secured by the Improvement Area #1 Assessment, issued in one or more series; and
(iii) funds from any other lawfully available and unencumbered source.
The Authorized Improvements being constructed in Improvement Area #1 and the Actual Costs
thereof are described below. The Improvement Area #1 Funded Improvements and the PID-
Funded Actual Costs thereof are described below and are also shown on Table III -A below.
Earthwork & Erosion Control Improvements
The Erosion and Sedimentation Control Measures (temporary BMPs) 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.
Storm Drainage Improvements
The storm drainage improvements consist of the construction of the installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary to provide
storm drainage for streets and surrounding development in Improvement Area #1. The storm drain
improvements will be constructed according to City standards, determined in the City's sole
discretion.
Water Improvements
The water improvements consist of the construction of the installation of pipes, valves, blow -off
and air release valves, easements, encasements, and appurtenances necessary to provide a water
distribution system for Improvement Area #1. The water improvements will be constructed
according to City standards, determined in the City's sole discretion.
Wastewater Improvements
The wastewater improvements consist of the construction of the installation of pipes, service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances necessary to
provide sanitary service for Improvement Area #1. The wastewater improvements will be
constructed according to the City standards, determined in the City's sole discretion.
MuniCap 116
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 #1. The road improvements will be constructed
according to City standards, determined in the City's sole discretion.
Open Space and Trail Improvements
The open space and trail improvements consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and hike/bike trails to serve Improvement Area #1.
The open space and trail system improvements will be constructed according to City standards,
determined in the City's sole discretion.
Table III -A
Improvement Area #1 Costs
Actual Costs
Actual Costs
Reimbursed by
Funded by
Authorized Improvements Actual Costs
Assessments'
Developer
Authorized Improvements
Bonds & Mobilization
$233,175
$0
$233,175
Earthwork & Erosion Control Improvements
$3,772,522
$0
$3,772,522
Storm Drainage Improvements
$2,157,384
$0
$2,157,384
Water Improvements
$2,862,099
$0
$2,862,099
Wastewater Improvements
$3,249,108
$0
$3,249,108
Roadway Improvements2
$5,725,852
$5,712,973
$12,879
Open Space & Trail Improvements
$3,301,388
$637,027
$2,664,361
Project Contingency
$0
$0
$0
Engineering
$3,004,337
$0
$3,004,337
City Inspection and Fees
$1,320,095
$0
$1,320,095
Professional Fees
$214,393
$0
$214,393
Construction Fees
$1,636,939
$0
$1,636,939
Total Authorized Improvements
$27,477,293
$6,350,000
$21,127,293
Note: Costs provided by Huitt-Zollars Engineering. The figures shown in Table III -A may be revised in Annual
Service Plan Updates and such revisions shall not increase the principal
amount of the Improvement Area #1
Assessments.
'Represent the PID-Funded Actual Costs of the Improvement
Area 41 Funded Improvements.
2 The Improvement Area #1 Funded Improvements include a
portion of the Roadway Improvements.
C. DESCRIPTIONS AND COSTS OF IMPROVEMENT AREA #2 FUNDED IMPROVEMENTS
The Improvement Area #2 Funded Improvements are that portion of the Authorized Improvements
that confer a special benefit solely on Improvement Area #2 and the costs of which are PID-Funded
Actual Costs that will be financed from the Improvement Area #2 Assessment 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 #2 are Improvement Area #2 Funded
Improvements.
MuniCap 117
The Improvement Area #2 Funded Improvements are described below. Table III-B on the
following page shows the Actual Costs to construct the Improvement Area #2 Funded
Improvements are $27,333,342, including the PID-Funded Actual Costs of the Improvement Area
#2 Funded Improvements. The costs shown in Table III-B may be revised in Annual Service Plan
Updates. The PID-Funded Actual Costs of the Improvement Area #2 Funded Improvements are to
be funded from: (i) the principal portion of the Annual Installments collected from the
Improvement Area #2 Assessments in accordance to the Improvement Area #2 Reimbursement
Agreement; (ii) the proceeds of PID Bonds, if any, secured by Improvement Area #2 Assessment,
issued in one or more series; and (iii) funds from any other lawfully available and unencumbered
source.
The Authorized Improvements being constructed in Improvement Area #2 and the Actual Costs
thereof are described below. The Improvement Area #2 Funded Improvements and the Actual
Costs thereof are described below and are also shown on Table III-B on the following page.
Earthwork & Erosion Control Improvements
The Erosion and Sedimentation Control Measures (temporary BMPs) 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.
Storm Drainage Improvements
The storm drainage improvements consist of the construction of the installation of pipes, inlets,
manholes, detention facilities, easements, encasements, and appurtenances necessary to provide
storm drainage for streets and surrounding development in Improvement Area #2. The storm drain
improvements will be constructed according to City standards, determined in the City's sole
discretion.
Water Improvements
W water improM6nts consist of the construction of the installation of pipes, valves, blow -off
and air release valves, easements, encasements, and appurtenances necessary to provide a water
distribution system for Improvement Area #2. The water improvements will be constructed
according to City standards, determined in the City's sole discretion.
Wastewater Improvements
e wastewater improvements consist of the construction of the installation of pipes, service lines,
manholes, force mains, lift stations, easements encasements, and appurtenances necessary to
provide sanitary service for Improvement Area #2. The wastewater improvements will be
constructed according to the City standards, determined in the City's sole discretion.
MuniCap 118
Roadway Improvements
TIFe 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 #2. The road improvements will be constructed
according to City standards, determined in the City's sole discretion.
Landscaping Improvements
e open space and trai improvements consist of the construction of park facilities, playground
equipment, restrooms, landscape, irrigation, and hike/bike trails to serve Improvement Area #2.
The open space and trail system improvements will be constructed according to City standards,
determined in the City's sole discretion
Table III-B
Improvement Area #2 Costs
Actual Costs
Actual Costs
Estimated
Reimbursed by
Funded by
Authorized Improvements
Costs
Assessments'
Developer
Authorized Improvements
Bonds & Mobilization
$270,616
$0
$270,616
Earthwork & Erosion Control Improvements
$4,020,550
$0
$4,020,550
Storm Drainage Improvements
$2,125,362
$0
$2,125,362
Water Improvements
$2,598,771
$0
$2,598,771
Wastewater Improvements
$2,341,564
$0
$2,341,564
Roadway Improvements2
$5,132,891
$5,132,891
$0
Landscaping Improvements
$5,710,148
$717,110
$4,993,038
Project Contingency
$117,814
$0
$117,814
Engineering
$3,967,735
$0
$3,967,735
Construction Fees
$1,047,891
$0
$1,047,891
Total Authorized Improvements
$27,333,342
$5,850,000
$21,583,342
Note: Costs provided by Huitt-Zollars Engineering. The figures shown in Table III-B may be revised in Annual
Service Plan Updates and such revisions shall not increase the principal of the
Improvement Area #2 Assessments.
' Represent the PID-Funded Actual Costs of the Improvement Area #2 Funded Improvements
2 The Improvement Area #2 funded improvements include a
portion of the Roadway
Improvements.
D. FUTURE IMPROVEMENT AREA IMPROVEMENTS
As Future Improvement Areas are developed and Assessments are levied against the property
within the Future Improvement Areas and/or Future Improvement Area Bonds are issued, 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. a Table III-C will be
added to show the costs for the specific Future Improvement Area Improvements financed within
the specific Future Improvement Area being developed.)
MuniCap 119
IV. ASSESSMENT PLAN
A. INTRODUCTION
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.
Table IV -A details the allocation of PID-Funded Actual Costs of the Improvement Area #1 Funded
Improvements to the Improvement Area #1 Assessed Property. Table IV-B details the allocation
of PID-Funded Actual Costs of the Improvement Area #2 Funded Improvements to the
Improvement Area #2 Assessed Property
This Section IV is intended to: (1) describe the special benefit conferred upon each Parcel within
Improvement Area #1 and Improvement Area #2 as a result of the Improvement Area #1 Funded
Improvements and Improvement Area #2 Funded Improvements; (2) provide the basis and
justification for the determination by the City Council that these special benefits exceed the amount
of the applicable Assessments levied; and (3) explain the methodologies by which the City Council
allocates and reallocates the special benefits of the Improvement Area #1 Funded Improvements
and Improvement Area #2 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
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 #1 Funded Improvements are provided solely for the benefit
of the Improvement Area #1 Assessed Property, and the benefit received from such Improvement
Area #1 Funded Improvements must be equal to or greater than the Improvement Area #1
Assessment. The Improvement Area #2 Funded Improvements are provided solely for the benefit
of the Improvement Area #2 Assessed Property, and the benefit received from such Improvement
Area #2 Funded Improvements must be equal to or greater than the Improvement Area #2
Assessment.
When the City Council approved this SAP for Improvement Area #1, the Developer owned 100%
of the Improvement Area #1 Assessed Property. The Developer: (i) has acknowledged that the
MuniCap 120
Improvement Area #1 Funded Improvements confer a special benefit on the Improvement Area
#1 Assessed Property; and (ii) has consented to the imposition of the Assessments to pay for the
PID-Funded Actual Costs of the Improvement Area #1 Funded Improvements and Improvement
Area #2 Funded Improvements.
When the City Council approved this SAP for Improvement Area #2, the Developer owned 65.4%
of the Improvement Area #2 Assessed Property. The Developer: (i) has acknowledged the
Improvement Area #2 Funded Improvements confer a special benefit on the Improvement Area
#2 Assessed Property; (ii) has consented to the imposition of the Improvement Area #2
Assessments to pay for the PID-Funded Actual Costs of the Improvement Area #2 Funded
Improvements; and (iii) has consented to pay in full the amount of any Improvement Area #2
Assessments on each Lot that have closed with homebuyers as of the date of the levy of the
Improvement Area #2 Assessments.
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.
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 #1 Assessed Property
and Improvement Area #2 Assessed Property. The City Council has also determined that the
special benefit from Improvement Area #1 Funded Improvements and Improvement Area #2
Funded Improvements exceeds the amount of the Improvement Area #1 Assessment and the
Improvement Area #2 Assessment, respectively. 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 #1 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non -Benefited Property, in Improvement Area #1. The PID-Funded
Actual Costs of the Improvement Area #1 Funded Improvements are, therefore, allocated entirely
to the Improvement Area #1 Assessed Property as shown in Table IV -A on the following page.
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.
MuniCap 121
Table IV -A
Cost Allocation of Improvement Area #1
% Share of PID Funded
Authorized Improvements
Total Costs'
Allocation
Costs
Costs
Authorized Improvements
Bonds & Mobilization
$1,054,976
0%
$0
$0
Earthwork & Erosion Control Improvements
$3,514,622
0%
$0
$0
Storm Drainage Improvements
$3,442,755
0%
$0
$0
Water Improvements
$2,448,956
0%
$0
$0
Wastewater Improvements
$2,626,023
0%
$0
$0
Roadway Improvements2
$5,712,973
100.00%
$5,712,973
$5,712,973
Open Space & Trail Improvements
$2,330,585
27.33%
$637,027
$637,027
Project Contingency
$2,773,202
0%
$0
$0
Engineering
$2,719,068
0%
$0
$0
City Inspection and Fees
$1,318,095
0%
$0
$0
Professional Fees
$45,266
0%
$0
$0
Construction Fees
$1,532,073
0%
$0
$0
Total Authorized Improvements
$29,518,594
$6,350,000
S6,350,000
' See Table III -A for details.
D. ALLOCATION OF ACTUAL COSTS OF IMPROVEMENT AREA #2 FUNDED IMPROVEMENTS
The Improvement Area #2 Funded Improvements will provide a special benefit to that portion of
the Property, other than the Non -Benefited Property, in Improvement Area #2. The PID-Funded
Actual Costs of the Improvement Area #2 Funded Improvements are, therefore, allocated entirely
to the Improvement Area #2 Assessed Property as shown in Table IV-B on the following page.
The costs detailed in Table IV-B 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.
Table IV-B
Cost Allocation of Improvement Area #2
%
Share of
PID Funded
Authorized Improvements
Total Costs'
Allocation
Costs
Costs
Authorized Improvements
Bonds & Mobilization
$270,616
0.00%
$0
$270,616
Earthwork & Erosion Control Improvements
$4,020,550
0.00%
$0
$4,020,550
Storm Drainage Improvements
$2,125,362
0.00%
$0
$2,125,362
Water Improvements
$2,598,771
0.00%
$0
$2,598,771
Wastewater Improvements
$2,341,564
0.00%
$0
$2,341,564
Roadway Improvements2
$5,132,891
100.00%
$5,132,891
$0
Open Space & Trail Improvements
$5,710,148
10.81%
$717,110
$4,993,038
Project Contingency
$117,814
0.00%
$0
$117,814
Engineering
$3,967,735
0.00%
$0
$3,967,735
Construction Fees
$1,047,891
0.00%
$0
$1,047,891
Total Authorized Improvements
$27,333,342
$5,850,000
$21,583,342
'See Table III-B for details.
MuniCap 122
E. ALLOCATION OF ACTUAL COSTS OF FUTURE IMPROVEMENT AREA IMPROVEMENTS
As Future Improvement Areas are developed and Assessments are levied against the property
within the Future Improvement Areas and/or Future Improvement Area Bonds are issued, this SAP
will be amended to identify the specific Future Improvement Area Improvements that confer a
special benefit to the property inside such Future Improvement Areas (e.g. Table IV-C will be
created and amended to show the allocation of Actual Costs for Future Improvement Area
Improvements.)
F. ASSESSMENT METHODOLOGY
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.
Assessment Methodology for Improvement Area #1
For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of
the portion of the Improvement Area #1 Funded Improvements shall be allocated to the
Improvement Area #1 Assessed Property by spreading the entire Improvement Area #1
Assessment across all Lots of Assessed Property within Improvement Area #1 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 #1. The assessment methodology described in this section is summarized in
Table IV-C. Table IV-C also summarizes for each Lot Type of Assessed Property within
Improvement Area #1: (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-D also
summarizes for each Lot Type of Assessed Property within Improvement Area #1: (1) the
estimated finished lot to Assessment ratio and (2) the estimated completed home price to
Assessment ratio.
Based on the PID-Funded Actual Costs for the Improvement Area #1 Funded Improvements, the
City Council has determined that the benefit to the Improvement Area #1 Assessed Property from
the Improvement Area #1 Funded Improvements is at least equal to the Improvement Area #1
Assessments.
The Improvement Area #1 Assessments and Annual Installments for each Lot of Assessed
Property located in Improvement Area #1 are shown on the Improvement Area #1 Assessment
Roll attached as Appendix A- 1, and no such Assessment shall be changed except as authorized by
this SAP and the PID Act. Table IV-C and Table IV-D summarizes the initial allocation of the
Improvement Area #1 Assessment at the time the in Improvement Area #1 Assessment Ordinance
was adopted by the City Council. The information in Table IV-C and Table IV-D may be modified
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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
Estimated Estimated
Lot Finished Completed
Size Units Lot Value Home Value
Table IV-C
Improvement Area #1
Assessment Allocation
Total
Initial
Estimated
Improvement
Year
Build Out
Area #1
Annual
Value
Assessment
Installment
Equivalent
Initial
Tax Rate
(Per
Year
$100/AV)
Maximum Annual
Finished
Assessment Installment
Per Unit Per Unit
Lot Value
Equivalent
Tax Rate
(Per
$100/AV)
Completed
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
$114,711,600
$265,117,500
$6,350,000
$477,409
Note: Estimates are based on information available as of the date the original SAP was adopted by the City Council. 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 PID assessments, and an annual administrative
expense of $45,000 increasing by 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 document associated with the PID.
Table IV-D
Improvement Area #1
Estimated Value to Assessment Ratios
Total Initial
Initial
Year Finished Completed
Estimated
Estimated
Estimated
Improvement
Year
Maximum
Annual
Lot to
Home to
Lot
Finished
Completed
Build Out
Area #1
Annual
Assessment
Installment
Assessment
Assessment
Size
Units
Lot Value
Home Value
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
$114,711,600
$265,117,500
$6,350,000
$477,409
Note: Estimates are based on information available as of the date the original SAP was adopted by the City Council. 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 PID assessments, and an annual administrative
expense of $45,000 increasing by 2.0% per year. This information may be modified in an Annual Service Plan Update approved by the City Council, subject to the
terms of this SAP, the PID Act, and any other document associated with the PID.
Assessment Methodology for Improvement Area #2
For purposes of this SAP, the City Council has determined that the PID-Funded Actual Costs of
the portion of the Improvement Area #2 Funded Improvements shall be allocated to the
Improvement Area #2 Assessed Property by spreading the entire Improvement Area #2
Assessment across all Lots of Assessed Property within Improvement Area #2 based on the ratio
of the estimated build out value of each Lot to the total build out value for all Parcels within
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Improvement Area #2. The assessment methodology described in this section is summarized in
Table IV-E. Table IV-E also summarizes for each Lot Type of Assessed Property within
Improvement Area #2: (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-F also
summarizes for each Lot Type of Assessed Property within Improvement Area #2: (1) the
estimated finished lot to Assessment ratio and (2) the estimated completed home price to
Assessment ratio.
Based on the PID-Funded Actual Costs for the Improvement Area #2 Funded Improvements, the
City Council has determined that the benefit to the Improvement Area #2 Assessed Property from
the Improvement Area #2 Funded Improvements is at least equal to the Improvement Area #2
Assessments.
The Improvement Area #2 Assessments and Annual Installments for each Lot of Assessed
Property located in Improvement Area #2 are shown on the Improvement Area #2 Assessment
Roll attached as Appendix A-2, and no such Assessment shall be changed except as authorized by
this SAP and the PID Act. Table IV-E and Table IV-F summarizes the initial allocation of the
Improvement Area #2 Assessment at the time the Improvement Area #2 Assessment Ordinance
was adopted by the City Council. The information in Table IV-E and Table IV-F 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-E
Improvement Area #2
Assessment Allocation
Equivalent
Equivalent
Tax Rate
Initial
Tax Rate
(Per
Estimated
Total
Initial
Year
(Per
$100/AV)
Estimated Completed
Estimated Improvement
Year Maximum
Annual
$100/AV)
Completed
Finished Home
Build Out Area #2
Annual Assessment
Installment
Finished
Home
Lot Size Units Lot Value Value
Value Assessment
Installment Per Unit
Per Unit
Lot Value
Value
35'
61
$55,040
$315,000
$19,215,000
$463,987
$34,587
$7,606
$567
$1.03
$0.18
50'
152
$72,740
$415,000
$63,080,000
$1,523,200
$113,544
$10,021
$747
$1.03
$0.18
60'
165
$88,430
$505,000
$83,325,000
$2,012,058
$149,985
$12,194
$909
$1.03
$0.18
70'
67
$114,530
$655,000
$43,885,000
$1,059,696
$78,993
$15,816
$1,179
$1.03
$0.18
Townhome
96
$52,090
$310,000
$29,760,000
$718,618
$53,568
$7,486
$558
$1.07
$0.18
Garden
Home
12
$40,000
$250,000
$3,000,000
$72,441
$5,400
$6,037
$450
$1.13
$0.18
Total
553
$242,265,000
$5,850,000
$436,077
Note: Estimates are based on information available as of XX/XX/20. The above estimate assumes an average 5.0% interest rate for the initial five years, a 5.0%
interest rate for the remaining 25years, a 30-year term for the collection of PID assessments, and an average annual administrative expense of $55,526 per year.
This information may be modified in an Annual Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID Act, and any other
document associated with the PID.
MuniCap 125
Table IV-F
Improvement Area #2
Estimated Value to Assessment Ratios
Initial
Estimated
Total
Initial
Year
Finished
Completed
Estimated
Completed
Estimated
Improvement
Year
Maximum
Annual
Lot to
Home to
Finished
Home
Build Out
Area #2
Annual
Assessment
Installment
Assessment
Assessment
Lot Size
Units
Lot Value
Value
Value
Assessment
Installment
Per Unit
Per Unit
Leverage
Leverage
35'
61
$55,040
$315,000
$19,215,000
$463,987
$34,587
$7,606
$567
7.24
41.41
50'
152
$72,740
$415,000
$63,080,000
$1,523,200
$113,544
$10,021
$747
7.26
41.41
60'
165
$88,430
$505,000
$83,325,000
$2,012,058
$149,985
$12,194
$909
7.25
41.41
70'
67
$114,530
$655,000
$43,885,000
$1,059,696
$78,993
$15,816
$1,179
7.24
41.41
Townhome
96
$52,090
$310,000
$29,760,000
$718,618
$53,568
$7,486
$558
6.96
41.41
Garden
Home
12
$40,000
$250,000
$3,000,000
$72,441
$5,400
$6,037
$450
6.63
41.41
Total
553
$242,265,000
$5,850,000
$436,077
Note: Estimates are based on information available as of XX/XX/20. The above estimate assumes an average 5.0% interest rate for the initial five years, a 5.0%
interest rate for the remaining 25years, a 30-year term for the collection of PID assessments, and an average annual administrative expense of $55,526 per year.
This information may be modified in an Annual Service Plan Update approved by the City Council, subject to the terms of this SAP, the PID Act, and any other
document associated with the PID.
Assessment Methodology for Future Improvement Areas
When and if the Future Improvement Areas are developed and Assessments are levied against
Property within the Future Improvement Areas and/or the issuance of Future Improvement Area
Bonds are contemplated, this SAP will be amended to determine the assessment methodology
necessary to apply equal shares of the Actual Costs of Future Improvement Area Improvements
on Assessed Property similarly benefited within that Future Improvement Area.
G. ASSESSMENT AND ANNUAL INSTALLMENTS
The Improvement Area #1 Assessments for the Improvement Area #1 Funded Improvements have
been levied on each Lot of Improvement Area #1 Assessed Property according to the Improvement
Area #1 Assessment Roll. The Improvement Area #1 Annual Installments will be due no later than
January 31 of each year beginning in 2019 and will be due in the amounts shown on the
Improvement Area #1 Assessment Roll, subject to any revisions made during an Annual Service
Plan Update. The Improvement Area #2 Assessments for the Improvement Area #2 Funded
Improvements will be levied on each Lot of Improvement Area #2 Assessed Property according
to the Improvement Area #2 Assessment Roll. The Improvement Area #2 Annual Installments
will be due no later than January 31 of each year beginning in 2021 and will be due in the amounts
shown on the Improvement Area #2 Assessment Roll, subject to any revisions made during an
Annual Service Plan Update.
H. 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 based on the amount of outstanding Assessment remaining on such
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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 Improvement Area #1 Assessment Roll and
the Improvement Area #2 Assessment Roll, shown on Appendix A-1 and Appendix A-2,
respectively, which are subject to revision through Annual Service Plan Updates.
I. 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.J 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.K below.
J. 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.
K. 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.
MuniCap 127
V. SERVICE PLAN
A. INTRODUCTION
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. The timetable for Future Improvement Areas Improvements will
be determined and included in future updates to this SAP.
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 shown on Appendix A-1 and Appendix A-2.
Any update to this SAP is herein referred as an "Annual Service Plan Update."
Table V-A summarizes the sources and uses of funds required to construct the Improvement Area
#1 Funded Improvements and establish the PID. The sources and uses of funds shown in Table V-
A shall be updated each year in the Annual Service Plan Update to reflect any revisions to the
Actual Costs and additional PID Bond issues, if any.
Table V-B summarizes the sources and uses of funds required to construct the Improvement Area
#2 Funded Improvements and establish the PID. The sources and uses of funds shown in Table V-
B shall be updated each year in the Annual Service Plan Update to reflect any revisions to the
Actual Costs and additional PID Bond issues, if any.
PID Bonds for Improvement Area #1 will not be issued until a final plat has been recorded for
Improvement Area #2. If no final plat has been recorded with respect to Improvement Area #2
within five (5) years of the date hereof, then no PID Bonds for Improvement Area #1 will be
issued, and the payment of the any amount owed to the Developer under the Improvement Area
#1 Reimbursement Agreement will be limited to quarterly payments by the City to the Developer
from the Assessment Revenues deposited into the District Fund.
PID Bonds for Improvement Area #2 will not be issued until a final plat has been recorded for
Improvement Area #3. If no final plat has been recorded with respect to Improvement Area #3
within five (5) years of the date hereof, then no PID Bonds for Improvement Area #2 will be
issued, and the payment of the any amount owed to the Developer under the Improvement Area
#2 Reimbursement Agreement will be limited to quarterly payments by the City to the Developer
from the Assessment Revenues deposited into the District Fund.
Future Improvement Area PID Bonds for a given improvement area will not be issued until a final
plat has been recorded for the next improvement area in the District ("Subsequent Improvement
Area"). If no final plat has been recorded with respect to the Subsequent Improvement Area within
five (5) years of the date that the Assessments are levied on the prior improvement area, then no
Future Improvement Area PID Bonds for the prior improvement area will be issued, and the
payment of any amount owed to the Developer under a Reimbursement Agreement will be limited
MuniCap 128
to quarterly payments by the City to the Developer from the Assessment Revenues deposited into
the District Fund.
MuniCap 129
Table V-A
Improvement Area #1
Sources and Uses of Funds
Actual Costs Actual Costs
Reimbursed by
Funded by
Description
Costs'
Assessments
Developer
Sources:
PID Reimbursement Agreement Improvement Area #1
$6,350,000
$6,350,000
$0
Developer Cash Contribution
$23,240,023
$0
$23,240,023
Total Sources
$29,590,023
$6,350,000
Uses:
Bonds & Mobilization
$1,054,976
$0
$1,054,976
Earthwork & Erosion Control Improvements
$3,514,622
$0
$3,514,622
Storm Drainage Improvements
$3,442,755
$0
$3,442,755
Water Improvements
$2,448,956
$0
$2,448,956
Wastewater Improvements
$2,626,023
$0
$2,626,023
Roadway Improvements
$5,712,973
$5,712,973
$0
Open Space & Trail Improvements
$2,330,585
$637,027
$1,693,558
Project Contingency
$2,773,202
$0
$2,773,202
Engineering
$2,719,068
$0
$2,719,068
City Inspection and Fees
$1,318,095
$0
$1,318,095
Professional Fees
$45,266
$0
$45,266
Construction Fees
$1,532,073
$0
$1,532,073
Total Authorized Improvements
$29,590,023
$6,350,000
$23,240,023
' See Table III -A and Table IV -A for details
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MuniCap 130
The Improvement Area #2 Assessments are being levied. As a result, the sources and uses are
shown in Table V-B below:
Table V-B
Improvement Area #2
Sources and Uses of Funds
Actual Costs Actual Costs
Reimbursed by
Funded by
Description
Costs'
Assessments
Developer
Sources:
PID Reimbursement Agreement Improvement Area #2
$5,850,000
$5,850,000
$0
Developer Cash Contribution
$21,483,342
$0
$21,483,342
Total Sources
$27,333,342
$5,750,000
$21,583,342
Uses•
Bonds & Mobilization
$270,616
$0
$270,616
Earthwork & Erosion Control Improvements
$4,020,550
$0
$4,020,550
Storm Drainage Improvements
$2,125,362
$0
$2,125,362
Water Improvements
$2,598,771
$0
$2,598,771
Wastewater Improvements
$2,341,564
$0
$2,341,564
Roadway Improvements
$5,132,891
$5,132,891
$0
Landscaping Improvements
$5,710,148
$717,110
$4,993,038
Project Contingency
$117,814
$0
$117,814
Engineering
$3,967,735
$0
$3,967,735
Construction Fees
$1,047,891
$0
$1,047,891
Total Authorized Improvements
$27,333,342
$5,850,000
$21,583,342
' See Table III-B and Table IV-B for details
The projected Annual Installments for the first five years after the approval of this SAP update for
the Improvement Area #1 Funded Improvements are presented in Table V-C on the following
page. 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.
(remainder of this page is intentionally left blank)
MuniCap 131
Table V-C
Improvement Area #1
Projected Annual Installments
Prepayment
Period
&
Ending
Principal
Interest
Administrative
Delinquency
Annual PID
9/30
Payments
Expense
Expenses
Reserves
Installments
2018
$0
$0
$0
$0
$0
2019
$51,409
$381,000
$45,000
$0
$477,409
2020
$53,593
$377,915
$45,900
$0
$477,409
2021
$150,000
$255,516
$46,818
$25,075
$477,409
2022
$160,000
$245,329
$47,754
$24,325
$477,409
2023
$165,000
$240,175
$48,709
$23,525
$477,409
Total
$528,593
$1,118,935
$189,182
$72,925
$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 debt service estimates are based on a 30 year
term for the PID, a 6.0% interest rate for the initial two years, a 5.0% interest rate for the remaining 28
years and a PID Bond issuance beginning in year 3. Administrative expenses are estimated to increase
at a rate of 2.0% per year.
The projected Annual Installments for the first five years after the approval of this SAP for the
Improvement Area #2 Funded Improvements are presented in Table V-D below. 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.
Table V-D
Improvement Area #2
Projected Annual Installments
Prepayment
Period
&
Ending
Principal
Interest
Administrative
Delinquency
Annual PID
9/30
Payments
Expense
Expenses
Reserves
Installments
2021
$88,051
$292,500
$55,526
$0
$436,077
2022
$92,453
$288,097
$55,526
$0
$436,077
2023
$97,076
$283,475
$55,526
$0
$436,077
2024
$101,930
$278,621
$55,526
$0
$436,077
2025
$107,026
$273,524
$55,526
$0
$436,077
2026
$112,378
$268,173
$55,526
$0
$436,077
Total
$598,915
$1,684,391
$333,157
$0
$2,616,462
Note: The projected Annual Installments are the expenditures associated with the formation of the PID,
interest expense, and the administration of the PID. The debt service estimates are based on a 0 year
term for the PID, a ■% interest rate for the initial two years, a M% interest rate for the remaining
years and a PID Bond issuance beginning in year 3. Administrative expenses are estimated to
increase at a rate of.% per year.
MuniCap 132
VI. TERMS OF THE ASSESSMENTS
A. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA #1
The Improvement Area #1 Assessments and Annual Installments for the Improvement Area #1
Assessed Property are shown on the Improvement Area #1 Assessment Roll. Such 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 #1 Annual Installments shall be
collected in an amount sufficient to pay principal and interest on any RID Bonds, any amounts
payable pursuant to any PID Reimbursement Agreement (subject to the terms thereof), to fund the
Prepayment Reserve and the Delinquency Reserve, if PID Bonds are issued, and to pay the
Administrative Expenses.
B. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
IMPROVEMENT AREA #2
The Improvement Area #2 Assessments and Annual Installments for the Improvement Area #2
Assessed Property are shown on the Improvement Area #2 Assessment Roll. Such 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 #2 Annual Installments shall be
collected in an amount sufficient to pay principal and interest on any PID Bonds, any amounts
payable pursuant to any PID Reimbursement Agreement (subject to the terms thereof), to fund the
Prepayment Reserve and the Delinquency Reserve, if PID Bonds are issued, and to pay the
Administrative Expenses.
C. AMOUNT OF ASSESSMENTS AND ANNUAL INSTALLMENTS FOR PARCELS LOCATED WITHIN
FUTURE IMPROVEMENT AREAS
When and if Future Improvement Areas are developed, this SAP will be amended to determine the
Assessment and Annual Installments associated with the costs of Future Improvement Area
Improvements for each Parcel or Lot located within a Future Improvement Area. The Assessment
shall not exceed the benefit received by the Assessed Property.
D. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN IMPROVEMENT AREA
#1 AND IMPROVEMENT AREA #2
Upon Division Prior to Recording of Subdivision Plat
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 IVY.
MuniCap 133
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-C and Table IV-E.
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.
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.
Upon Subdivision by a Recorded Subdivision Plat
Once a Lot has an Assessment applied to it, as shown in Table IV-C and IV-E, and is then
subdivided again, such newly subdivided lots will be the Assessment of the applicable lot size as
set forth in Table IV-C and Table IV-E. 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.
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.
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.
Upon Transfer between Parcels with Different Uses
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.
MuniCap 134
If uses are transferred among Parcels or Lots, the Assessments for each affected Parcel or Lot will
be allocated in an equitable manner.
E. REALLOCATION OF ASSESSMENTS FOR PARCELS LOCATED WITHIN FUTURE
IMPROVEMENT AREAS
As Future Improvement Areas are developed, this SAP will be amended to determine the
assessment reallocation methodology that results in the imposition of equal shares of the Actual
Costs on Assessed Property similarly benefited within each Future Improvement Area.
F. 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.
The Developer has agreed to pay off the Assessments on Lots within Improvement Area #2
that have closed with homebuyers as of the date of levy of the Improvement Area #2
Assessments. Such Parcels are marked as Prepaid in the attached Assessment Roll for
Improvement Area #2.
G. REDUCTION OF ASSESSMENTS
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.
Similarly, if the owner does not undertake some of the Authorized Improvements to be funded
through the PID, as set forth in Table III -A and Table III-B, 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.
MuniCap 135
H. PAYMENT OF ASSESSMENTS
1. Payment in Full
The Assessment for any Parcel or Lot may be paid in full at any time in accordance the PID Act.
The Payment shall include all Prepayment Costs, if any. If prepayment in full will result in
redemption of PID Bonds, the payment amount shall be reduced by the applicable portion of the
proceeds from a debt service reserve fund applied to the redemption pursuant to the Indenture, net
of any other costs applicable to the redemption of PID Bonds.
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.
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 or related Indenture;
whereupon, the Assessment for the Parcel or Lot shall be reduced to zero, and the Parcel or Lot
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."
At the option of a Parcel or Lot owner, the Assessment on any Parcel or Lot 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 or Lot, the Assessment for the
Parcel or Lot 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 or Lot shall be reduced to the extent the partial payment is made.
2. Payment of Annual Installments
If an Assessment is not paid in full, the PID Act authorizes the City to collect interest and collection
costs on the outstanding Assessment. A Assessment for a Parcel or Lot that is not paid in full will
be collected in Annual Installments each year in the amounts shown in the applicable Assessment
Roll and which includes interest on the outstanding Assessment and Administrative Expenses.
The Annual Installments as listed on the Improvement Area #1 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 or 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 4.03% as
provided by The Bond Buyer's Revenue Bond Index dated February 9, 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 will include the interest generated from the Additional Interest Rate once PID
Bonds are issued.
MuniCap 136
The Annual Installments as listed on the Improvement Area #2 Assessment Roll have been
calculated as having a term of 30 years from initial collection, and assuming an interest rate of
■% for the initial two years or collection and ■% for the remaining 28 years of collection.
The interest rate assumptions are in conformance with the PID Act assuming an index rate of ■%
as provided by The Bond Buyer's Revenue Bond Index dated -. 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 will include the interest generated from the Additional Interest Rate once PID Bonds
are issued.
The Annual Installments shall be reduced to equal the actual costs of repaying the related series of
PID Bonds and actual Administrative Expenses (as provided for in the definition of such term),
taking into consideration any other available funds for these costs, such as interest income on
account balances.
The City reserves and shall have the right and option to refund PID Bonds in accordance with
Section 372.027 of the PID Act and the Indenture related to such PID Bonds. In the event of
issuance of refunding bonds, the Administrator shall recalculate the Annual Installments, and if
necessary, shall adjust, or decrease, the amount of the Annual Installment so that total Annual
Installments of Assessments will be produced in annual amounts that are required to pay the debt
service on the refunding bonds when due and payable as required by and established in the
ordinance and/or the indenture authorizing and securing the refunding bonds, and such refunding
bonds shall constitute "PID Bonds" for purposes of this SAP.
I. COLLECTION OF ANNUAL INSTALLMENTS
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 an updated Assessment Roll and a
calculation of the Annual Installment for each Assessed Property. Administrative Expenses shall
be allocated among Assessed Properties in proportion to the amount of the Annual Installments
before Administrative Expenses for the Assessed Property. Each Annual Installment shall be
reduced by any credits applied under the applicable Indenture, if PID Bonds are issued, such as
capitalized interest, interest earnings on any account balances, and any other funds available to the
Trustee for such purpose, and existing deposits for a Prepayment Reserve. 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
Assessments shall have lien priority as specified in the PID Act.
Any sale of Assessed Property for nonpayment of the delinquent Annual Installments shall be
subject to the lien established for the remaining unpaid Assessment 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.
MuniCap 137
Each Annual Installment, including the interest on the unpaid amount of an Assessment, shall be
updated annually. Each Annual Installment together with interest thereon shall be delinquent if
not paid prior to February 1 of the following year. The initial Annual Installments relating to the
Improvement Area #1 were billed in October 2018 and were delinquent if not paid by February 1,
2019.
Collection of the initial Annual Installments relating to the Improvement Area #2 Improvements
that benefit the Improvement Area #2 Assessed Property will be due when billed, and will be
delinquent if not paid prior to the first February 1 following the earlier of (i) the recording of a
final subdivision plat in the official public records of the County for the Improvement Area #2
Assessed Property, (ii) upon issuance of the Improvement Area #2 Bonds, or (iii) the second
anniversary of the date of the levy of Assessments against Improvement Area #2 Assessed
Property.
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MuniCap 138
VII. THE ASSESSMENT ROLL
A. IMPROVEMENT AREA #1 ASSESSMENT ROLL
The City Council has evaluated each Lot in Improvement Area #1 (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 #1.
The Improvement Area #1 Assessed Property will be assessed for the special benefits conferred
upon such property by the Improvement Area #1 Funded Improvements. Table V-A summarizes
the $29,590,023 in special benefit received by such property from the Improvement Area #1
Funded Improvements. The total amount of the PID-Funded Actual Costs is $6,350,000, which is
less than the benefit received by the Assessed Property. Accordingly, the total Improvement Area
#1 Assessment to be applied to the Improvement Area #1 Assessed Property is $6,350,000 plus
annual interest and Administrative Expenses. The Assessment for each Improvement Area #1
Assessed Property is calculated based on the allocation methodologies described in Section IVY.
The Assessment Roll for Improvement Area #1 Assessed Property is attached as Appendix A-1.
Table VII-A
Improvement Area #1
Special Benefit Summary
Special Benefit Total Cost
Improvement Area #1 Projects $6,350,000
Other Funding Sources $23,240,023
Total Authorized Improvements (a) $29,590,023
Total Special Benefit $29,590,023
Special Benefit
Total Special Benefit $29,590,023
Projected Assessment $6,350,000
Excess Benefit $23,240,023
(a) See Table III -A for details.
B. IMPROVEMENT AREA #2 ASSESSMENT ROLL
The City Council has evaluated each Lot in Improvement Area #2 (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 #2.
MuniCap 139
The Improvement Area #2 Assessed Property will be assessed for the special benefits conferred
upon such property by the Improvement Area #2 Funded Improvements. Table V-B summarizes
the $27,333,342 in special benefit received by such property from the Improvement Area #2
Funded Improvements. The total amount of the PID-Funded Actual Costs is $27,333,341, which
is less than to the benefit received by the Assessed Property. Accordingly, the total Improvement
Area #2 Assessment to be applied to the Improvement Area #2 Assessed Property is $5,850,000
plus annual interest and Administrative Expenses. The Assessment for each Improvement Area #2
Assessed Property is calculated based on the allocation methodologies described in Section IVY.
The Assessment Roll for Improvement Area #2 Assessed Property is attached as Appendix A-2.
Table VII-B
Improvement Area #2
Special Benefit Summary
Special Benefit Total Cost
Improvement Area #2 Projects $5,750,000
Other Funding Sources $21,483,342
Total Authorized Improvements (a) $27,333,342
Total Special Benefit $27,333,342
Special Benefit
Total Special Benefit $27,333,342
Projected Assessment $5,850,000
Excess Benefit $21,483,342
(a) See Table III-B for details.
C. 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 Areas (e.g. an
appendix will be added as the Assessment Roll for Future Improvement Areas).
D. ANNUAL ASSESSMENT ROLL UPDATES
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 VI.A.
Annual Service Plan Updates shall reflect the actual interest of the PID Bonds, if any, or as outlined
in the 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 Actual
Costs, Assessments agreed upon in the PID Reimbursement Agreement, and Developer funds.
MuniCap 140
VIII. MISCELLANEOUS PROVISIONS
A. ADMINISTRATIVE REVIEW
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.
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.
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 the Service and Assessment Plan may be made as permitted or required by the
PID Act and Texas law.
MuniCap 141
D. ADMINISTRATION AND INTERPRETATION OF PROVISIONS
The City Council shall administer (or cause the administration of) the PID, this SAP, and all
Annual Service Plan Updates consistent with the PID Act.
E. SEVERABILITY
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.
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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MuniCap 142
APPENDIX A-1
IMPROVEMENT AREA #1 ASSESSMENT ROLL
Appendix A-1
Improvement Area #1 Assessment Roll
Parcel
Units
Assessment
All Parcels
$6,350,000
Total
Net Debt
Administrative
Annual
Year
Principal
Interest
Service
Expenses2
Installment3
9/1/2019
$51,409
$381,000
$432,409
$45,000
$477,409
9/1/2020
$53,593
$377,915
$431,508
$45,900
$477,408
9/l/2021
$118,341
$312,250
$430,591
$46,818
$477,409
9/1/2022
$123,322
$306,333
$429,655
$47,754
$477,409
9/l/2023
$128,533
$300,167
$428,700
$48,709
$477,409
9/1/2024
$133,985
$293,740
$427,725
$49,684
$477,409
9/l/2025
$139,691
$287,041
$426,732
$50,677
$477,409
9/1/2026
$145,662
$280,056
$425,718
$51,691
$477,409
9/l/2027
$151,911
$272,773
$424,684
$52,725
$477,409
9/l/2028
$158,452
$265,178
$423,630
$53,779
$477,409
9/l/2029
$165,299
$257,255
$422,554
$54,855
$477,409
9/1/2030
$172,467
$248,990
$421,457
$55,952
$477,409
9/l/2031
$179,971
$240,367
$420,338
$57,071
$477,409
9/1/2032
$187,828
$231,368
$419,196
$58,212
$477,408
9/l/2033
$196,055
$221,977
$418,032
$59,377
$477,409
9/1/2034
$204,671
$212,174
$416,845
$60,564
$477,409
9/l/2035
$213,693
$201,941
$415,634
$61,775
$477,409
9/l/2036
$223,142
$191,256
$414,398
$63,011
$477,409
9/l/2037
$233,039
$180,099
$413,138
$64,271
$477,409
9/l/2038
$243,405
$168,447
$411,852
$65,557
$477,409
9/l/2039
$254,265
$156,277
$410,542
$66,868
$477,410
9/1/2040
$265,640
$143,563
$409,203
$68,205
$477,408
9/l/2041
$277,558
$130,281
$407,839
$69,569
$477,408
9/1/2042
$290,045
$116,403
$406,448
$70,960
$477,408
9/l/2043
$303,128
$101,901
$405,029
$72,380
$477,409
9/1/2044
$316,837
$86,745
$403,582
$73,827
$477,409
9/l/2045
$331,202
$70,903
$402,105
$75,304
$477,409
9/l/2046
$346,256
$54,343
$400,599
$76,810
$477,409
9/l/2047
$362,033
$37,030
$399,063
$78,346
$477,409
9/l/2048
$378,567
$18,928
$397,495
$79,913
$477,408
Total
$6,350,000
$6,146,701
$129496,701
$1,825,564
$14,322,265
1 - The 9/30/XX dates represent the fiscal year end for the Bonds.
2- Preliminary estimate. Assumes a 2% increase per year. The administrative charges will be revised in Annual Service Plan Updates based
on actual costs.
3- Annual Installments are calculated assuming a 6.0% interest rate for the first 2 years and a 5% interest rate for the next 28 years plus the
Additional Interest plus Administrative Expenses.
APPENDIX A-2
IMPROVEMENT AREA #2 ASSESSMENT ROLL
Appendix A-1
Improvement Area #2 Assessment Roll
Parcel
Units
Assessment
All Parcels
$5,850,000
Total
Net Debt
Administrative
Annual
Year
Principal
Interest
Service
Expenses2
Installment'
9/l/2021
$88,051
$292,500
$380,551
$55,526
$436,077
9/1/2022
$92,453
$288,097
$380,551
$55,526
$436,077
9/l/2023
$97,076
$283,475
$380,551
$55,526
$436,077
9/1/2024
$101,930
$278,621
$380,551
$55,526
$436,077
9/l/2025
$107,026
$273,524
$380,551
$55,526
$436,077
9/1/2026
$112,378
$268,173
$380,551
$55,526
$436,077
9/l/2027
$117,997
$262,554
$380,551
$55,526
$436,077
9/1/2028
$123,896
$256,654
$380,551
$55,526
$436,077
9/l/2029
$130,091
$250,460
$380,551
$55,526
$436,077
9/l/2030
$136,596
$243,955
$380,551
$55,526
$436,077
9/l/2031
$143,426
$237,125
$380,551
$55,526
$436,077
9/1/2032
$150,597
$229,954
$380,551
$55,526
$436,077
9/l/2033
$158,127
$222,424
$380,551
$55,526
$436,077
9/1/2034
$166,033
$214,518
$380,551
$55,526
$436,077
9/l/2035
$174,335
$206,216
$380,551
$55,526
$436,077
9/1/2036
$183,051
$197,499
$380,551
$55,526
$436,077
9/l/2037
$192,204
$188,347
$380,551
$55,526
$436,077
9/l/2038
$201,814
$178,737
$380,551
$55,526
$436,077
9/l/2039
$211,905
$168,646
$380,551
$55,526
$436,077
9/1/2040
$222,500
$158,051
$380,551
$55,526
$436,077
9/l/2041
$233,625
$146,926
$380,551
$55,526
$436,077
9/1/2042
$245,307
$135,244
$380,551
$55,526
$436,077
9/l/2043
$257,572
$122,979
$380,551
$55,526
$436,077
9/1/2044
$270,450
$110,100
$380,551
$55,526
$436,077
9/l/2045
$283,973
$96,578
$380,551
$55,526
$436,077
9/1/2046
$298,172
$82,379
$380,551
$55,526
$436,077
9/l/2047
$313,080
$67,471
$380,551
$55,526
$436,077
9/l/2048
$328,734
$51,817
$380,551
$55,526
$436,077
9/l/2049
$345,171
$35,380
$380,551
$55,526
$436,077
9/l/2050
$362,429
$18,121
$380,551
$55,526
$436,077
Total
$5,850,000
$5,566,527
$119416,527
$1,665,783
$13,082,310
1 - The 9/30/XX dates represent the fiscal year end for the Bonds.
2- Preliminary estimate. Assumes a 0% increase per year. The administrative charges will be revised in Annual Service Plan Updates based
on actual costs.
3- Annual Installments are calculated assuming a "% interest rate for the first 2 years and a 5% interest rate for the next 28 years plus the
Additional Interest plus Administrative Expenses.
APPENDIX B
LEGAL DESCRIPTION FOR PARCELS WITHIN THE PID
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;
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 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 3 9. 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 05 minutes 29 seconds East, a distance of
337.29 feet;
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 05 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 299.81 feet;
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 05 minutes 05 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 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 10 18. 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 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;
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:
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;
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;
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;
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;
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 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 05 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;
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 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 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 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;
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 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;
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 8718'00" 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 5 0.3 8 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 8 1. 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 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 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 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 are 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 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 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 497'47" 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 1751'20", 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 1495'22", 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;
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 are 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 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 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 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 0PI 8'56" 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°2V56", 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 1 P52'31" 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 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;
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 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 149610" 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 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 123.90 feet to a 5/8 inch iron rod with a
yellow plastic cap stamped "DUNAWAY ASSOC. LP" set for the point of tangency;
THENCE 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 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 reverse
curvature of a curve to the left having a radius of 23 3. 00 feet, a central angle of 56°3T31", 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 are 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 are 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", 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;
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 are 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,
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 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 05 minutes 05 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 05 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 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 5/8 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 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
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:
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.