HomeMy WebLinkAboutContract 18200 TRACT #2
STATE OF TEXAS § TAX ABATEMENT AGREEMENT
COUNTY OF DENTON § BETWEEN THE
COUNTY OF TARRANT § CITY OF FORT WORTH AND
CITY OF FORT WORTH § AMERICAN AIRLINES, INC.
CITY SECRETA1R�Y��
This Tax Abatement Agreement (the "Agreements"9NTMCT'n14 ep�=
into by and between the City of Fort Worth, Texas (the "City" ),
a home rule city and municipal corporation, duly acting herein by
and through its City Manager, and American Airlines, Inc. ("AA" ),
a Delaware corporation authorized to do business in the State of
Texas, duly acting by and through its authorized officers.
W I T N E S S E T H:
WHEREAS, on the 22nd day of August, 1989, the City Council
of the City of Fort Worth, Texas (the "City Council" ), passed
Ordinance No. 10365 (the "Ordinance" ) establishing Tax Abatement
Reinvestment Zone No. 2, City of Fort Worth, Texas (the "Zone"),
for commercial/industrial tax abatement, as authorized by the
Property Redevelopment and Tax Abatement Act, V.T.C.A. , Tax Code
§§312.001 et seq. , as amended (the "Code"); and
WHEREAS, on the lst day of August, 1989, the City adopted a
Policy Statement on Tax Abatement to Qualified Commercial/
Industrial Projects (Guidelines and Criteria) (the "Policy
Statement" ), attached hereto as Exhibit "A" and made a part
hereof for all purposes; and
WHEREAS, the Policy Statement constitutes appropriate
guidelines and criteria governing tax abatement agreements to be
entered into by the City as contemplated by the Code; and
WHEREAS, the City has adopted a resolution stating that it
elects to be eligible to participate in tax abatement; and
WHEREAS, in order to maintain and enhance the commercial and
industrial economic and employment base of the Fort Worth area,
it is in the best interests of the taxpayers for the City to
enter into this Agreement in accordance with said Ordinance,
Policy Statement and Code; and
WHEREAS, the City Council finds that the contemplated use of
the Premises (hereinafter defined), the contemplated Improvements
(hereinafter defined) to the Premises in the amount as set forth
in this Agreement and the other terms hereof are consistent with
encouraging development of the Zone in accordance with the
purposes for its creation and are in compliance with the
Ordinance, the Policy Statement and the guidelines and criteria
included therein, the Code and all other applicable laws; and
WHEREAS, a copy of this Agreement has been furnished, in the
manner prescribed by the Code, to the presiding officers of the
governing bodies of each of the taxing units in which the
Premises to be subject to the Agreement is located;
NOW, THEREFORE, the City for good and valuable
consideration, the adequacy and receipt of which is hereby
acknowledged, which consideration includes the expansion of
primary employment and the attraction of major investment in the
Zone, which contributes to the economic development of Fort Worth
and the enhancement of the tax base in the City, and AA for good
and valuable consideration, the adequacy and receipt of which is
hereby acknowledged, which consideration includes the tax
abatement set forth herein below, as authorized by the Code, as
amended, do hereby contract, covenant and agree as follows:
OFFICIAL RECORD 3
CITY, SECRETARY
fT. WORTH, TEX.
I.
GENERAL PROVISIONS
A. AA is the owner of that parcel of land described on
Exhibit "B" attached hereto and made a part hereof for all
purposes (the "Premises"). The Premises are located within the
Zone, and, with the exception of approximately 9.9277 acres (the
"Annexation Tract" ) described on Exhibit "C" attached hereto and
made a part hereof for all purposes, the Premises are located
within the City limits. Pursuant to 5312.204(c) of the Code, the
Annexation Tract shall be subject to all of the terms and
conditions hereof with respect to taxation by the City
immediately upon annexation. The Annexation Tract shall, for
purposes of all other taxing jurisdictions, be subject to the
terms and conditions hereof upon the execution of this Agreement
by the City and AA, except as otherwise provided by law.
B. The Premises are not in an improvement project financed
by tax increment bonds.
C. This Agreement is entered into subject to the rights of
the holders of outstanding bonds of the City.
D. None of the property subject to abatement of taxes
under this Agreement is owned or leased by (i) any member of the
Fort Worth City Council, (ii) any member of the Fort Worth Plan
Commission, (iii) any member of the Fort Worth Zoning Commission,
or (iv) any member of the governing body of any taxing units
joining in or adopting this Agreement.
II.
IMPROVEMENTS AND JOBS
AA agrees to construct or cause to be constructed on and
within the Premises improvements (the "Improvements" ) consisting
of (i) a new commercial building or buildings for aircraft
maintenance and support uses containing a minimum of 250,000
square feet of floor space, (ii) paving, and (iii) facilities and
other improvements related to aviation uses. The cost of the
Improvements shall be, at a minimum, Fifty Million Dollars
($50,000,000). The approximate location of such Improvements is
reflected on a preliminary site plan attached hereto as Exhibit
"D" and made a part hereof for all purposes. AA further agrees
that there shall be created 1, 500 cumulative new jobs in
connection with the operations of AA on, or within the immediate
vicinity of, the Premises.
III.
PROPERTY SUBJECT TO TAX ABATEMENT,
RATE OF TAX ABATEMENT,
TERM OF TAX ABATEMENT AND RELATED PROVISIONS
A. A tax abatement, as described herein, shall be granted
in each year of the abatement period on (i) the Premises, (ii)
all Improvements constructed on the Premises, and (iii) all
tangible personal property located on the Premises, excluding
inventory and supplies (except as otherwise provided in Paragraph
D below), as follows:
(1) The Premises and all Improvements constructed
thereon shall be subject to abatement to the extent the
market value thereof, as reflected on the tax rolls of the
Denton and Tarrant Appraisal Districts (the "Tax Rolls" ) in
each such year, exceeds the market value thereof, as
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reflected on the Tax Rolls, for the year in which this
Agreement is executed.
(2) All tangible personal property located on the
Premises, excluding inventory and supplies (except as
provided for in Paragraph D below), shall be subject to
abatement as provided herein other than tangible personal
property located on the Premises before the execution of
this Agreement. AA represents and warrants that there is no
such tangible personal property on the Premises as of the
date of execution of this Agreement, and the City
acknowledges this representation as true and correct.
B. The tax abatement rate under this Agreement shall be
one hundred percent (100%) of the market value of the property
described herein as said market value is reflected on the Tax
Rolls.
C. The full fifteen (15) year tax abatement period
provided by law is hereby granted (except as otherwise provided
in Paragraph D below). This period of abatement shall commence
on January 1, 1993, unless such commencement date is deferred at
the sole election of AA or its assigns by notice in writing to
the City, such notice to be given on or before December 1, 1992.
AA may in such manner annually defer the commencement date, but
in no event beyond the earlier to occur of the following dates:
(i) January 1 of the year following the year in which a
certificate of occupancy is issued by the City for AA's
principal facility on the Premises, i.e., an aircraft hanger
building, or an extension thereof, or (ii) January 1, 1998.
Notice of each deferral shall be given in writing on or before
December 1 of the year preceding the year in which the abatement
is otherwise to commence.
D. Effective September 1, 1989, all inventory and supplies
located on the Premises shall be subject to tax abatement
pursuant to the provisions of S.B. No. 1312 as passed by the
Legislature of the State of Texas (the "Legislature" ), Acts of
the 71st Legislature, Regular Session, 1989, wherein the Code was
amended to add Subsection (e) to Section 312.204 thereof. As a
consequence of such amendment, all inventory and supplies located
on the Premises and owned or leased by AA, as a certificated air
carrier, shall be subject to an abatement of one hundred percent
(1000 of the value thereof, as shown on the Tax Rolls, for a
period of ten (10) years. The commencement of such abatement
period shall be determined as set forth in Paragraph C above.
E. The parties hereto acknowledge that the Legislature has
passed S.J.R. No. 11 proposing that Article VIII of the Texas
Constitution be amended by adding thereto a new Section 1-j,
providing for the exemption from ad valorem taxation of certain
tangible personal property described in said proposed amendment
(the "Amendment" ). The Amendment is to be submitted to the
voters of the State of Texas at an election to be held November
7, 1989. The parties hereto further recognize that the
Legislature has passed H.B. 2959 amending Chapter 11 of the Code
for the purpose, in part, of serving as enabling legislation for
the Amendment if it is approved by said voters, i.e., Sections 1,
2, 3 and 4 of H.B. 2959 are to be effective January 1, 1990, in
the event of such approval. It is the intent of the parties
hereto that the tax abatement provisions of this Agreement shall
be applicable to the inventory, supplies and other tangible
personal property located on the Premises only to the extent that
ad valorem taxes on such inventory, supplies and other tangible
personal property located on the Premises are not, for the entire
period of tax abatement hereunder, totally exempted as a
consequence of the passage of the Amendment, the implementation
of H.B. 2959, and the concurrence in such exemption by all
affected taxing jurisdictions.
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F. AA shall have the right to protest and contest any or
all appraisals or assessments of the Premises, or of the
Improvements thereon, or on tangible personal property, and the
tax abatement provided for herein for such property shall be
applied to the amount of taxes finally determined, as a result of
such protest or contest, to be due for such property.
G. The City specifically acknowledges that, if the
Premises are otherwise qualified under applicable state law, the
execution of this Agreement shall not prevent the Premises from
qualifying as open-space land under Article VIII, Section 1-d-1
of the Texas constitution, Section 23.52 of the Code, or other
exemptions or special valuations available under the Code and
that, if the Premises are otherwise so qualified, the execution
of this Agreement will not result in any rollback taxes under
Section 23.55 of the Code.
IV.
FILING OF PLANS, CERTIFICATION OF
COSTS AND JOBS, CITY ACCESS TO PREMISES
AND USE OF PREMISES AND IMPROVEMENTS
A. Construction plans for the Improvements constructed on
the Premises will be filed with the City. The plans as filed
shall be deemed to be incorporated herein by reference and made a
part hereof for all purposes.
B. AA shall, from time to time prior to the commencement
of the tax abatement period, as described in Section III above,
certify in writing to the City the costs of construction of the
Improvements. AA shall further certify to the City the creation
of the cumulative new jobs specified in Section II herein. Such
certifications shall be in a form reasonably satisfactory to the
City and shall be deemed to be incorporated herein by reference
and made a part hereof for all purposes.
C. At all times throughout the term of this Agreement, the
City shall, upon giving reasonable notice to AA, have access to
the Premises by City employees for the purpose of inspecting same
to ensure that the Improvements are constructed in accordance
with the conditions of this Agreement; provided, however, that
such inspection shall not interfere with the normal business
operations of AA on the Premises.
D. The Premises and Improvements constructed thereon at
all times shall be used in a manner (i) that is consistent with
the City's Comprehensive Zoning Ordinance, as amended, and (ii)
that during the period taxes are abated hereunder, is consistent
with the general purpose of encouraging development or
redevelopment within the Zone.
V.
BREACH
In the event that the Improvements are not constructed by
December 31, 1999, then, and only then, this Agreement shall
terminate and all taxes which otherwise would have been paid to
the City without the benefit of abatement under this Agreement
will become due to the City, subject to any and all lawful off-
sets, settlements, deductions, or credits to which AA may be
entitled. The recovery of such taxes shall be the sole remedy of
the City in the event of a default hereunder by AA.
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VI.
SALE, ASSIGNMENT OR LEASE OF PROPERTY
The tax abatement provided herein shall vest in AA and shall
be assignable, as provided below, to each new owner or lessee of
all or a portion of the Premises and the Improvements and
tangible personal property located thereon, for the balance of
the term of this Agreement. AA may make such assignment or lease
without City approval to (i) Alliance Airport Authority, Inc., a
Texas non-profit corporation, or (ii) any parent, subsidiary or
other affiliate of AA, or any successor by operation of law of AA
or of any such parent, subsidiary or other affiliate, including,
but not limited to, any successor as a result of any merger,
consolidation, or other reorganization thereof (whether such
successor is a corporation, business trust, or any other type of
entity). Any assignment or lease to any party other than to one
of the foregoing entities shall require the prior written
consent of the City, which consent shall not be unreasonably
withheld.
VII.
NOTICE
All notices called for or required by this Agreement shall
be addressed to the following, or such other party or address as
either party designates in writing, by certified mail postage
prepaid or by hand delivery:
AMERICAN AIRLINES, INC.
4200 American Boulevard, MD 1C06
Fort Worth, Texas 76155
Attention: Managing Director of Taxes
with a copy to:
Johnson & Gibbs, a Professional Corporation
100 Founders Square
900 Jackson Street
Dallas, Texas 75202-4499
Attention: William M. Blackburn
CITY OF FORT WORTH, TEXAS
City Manager
1000 Throckmorton
Fort Worth, Texas 76102
VIII.
CITY COUNCIL AUTHORIZATION
This Agreement was authorized by Resolution of the City
Council approved at its Council meeting on the 22nd day of
August, 1989, authorizing the City Manager to execute this
Agreement on behalf of the City.
IX.
BOARD OF DIRECTORS AUTHORIZATION
This Agreement was entered into by AA pursuant to authority
granted by its Board of Directors on the 19th day of July, 1989,
whereby one or more officers of AA were authorized to execute
this Agreement on behalf of AA.
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X.
SEVERABILITY
In the event any section, subsection, paragraph,
subparagraph, sentence, phrase or word herein is held invalid,
illegal, or unenforceable, the balance of this Agreement shall
stand, shall be enforceable and shall be read as if the parties
intended at all times to delete said invalid section, subsection,
paragraph, subparagraph, sentence, phrase or word. In such event
there shall be substituted for such deleted provision a provision
as similar in terms and in effect to such deleted provision as
may be valid, legal and enforceable.
XI.
ESTOPPEL CERTIFICATE
Any party hereto may request an estoppel certificate from
another party hereto so long as the certificate is requested in
connection with a bona fide business purpose. The certificate,
which if requested will be addressed to a subsequent purchaser or
assignee of AA, shall include, but not necessarily be limited
to, statements that this Agreement is in full force and effect
without default, if such is the case, the remaining term of this
Agreement, the levels of tax abatement in effect, and such other
matters reasonably requested by the party(ies) to receive the
certificate.
XII.
AA STANDING
AA, as a party to this Agreement, shall be deemed a proper
and necessary party in any litigation questioning or challenging
the validity of this Agreement or any of the underlying
ordinances, resolutions, or City Council actions authorizing
same, and AA shall be entitled to intervene in said litigation.
XIII.
APPLICABLE LAW
This Agreement shall be construed under the laws of the
State of Texas.
XIV.
COUNTY BOUNDARY DISPUTE
The parties hereto acknowledge the existence of a dispute
(the "Dispute" ) between Tarrant and Denton Counties over the
precise location of a portion of their common jurisdictional
boundary. It is not certain, as of the date of this Agreement,
whether or not the Premises, or a portion thereof, lie within the
area subject to the Dispute. In order to adequately provide for
the abatement of ad valorem taxes as provided herein, all
appropriate Tarrant County and Denton County taxing jurisdictions
have entered into this Agreement. Provided, however, that the
execution by such parties of this Agreement is without prejudice
to any such party with respect to the ultimate resolution of the
Dispute or their relative positions in such Dispute.
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XV.
RECORDATION OF AGREEMENT
A certified copy of this Agreement in recordable form shall
be recorded in the Deed Records of Denton and Tarrant Counties,
Texas.
EXECUTED this day of August, 1989, by the City.
EXECUTED this oZ 7 day of August, 1989, by AA.
CITY OF FORT WORTH, TEXAS
ATTEST: Zu
Cit Secretary You la Ha -City manager
1 7 man
AP'P OVED AS T FORP�}: )
Wade Adkins, City Attorney
AMERICAN AIRLINES, INC. ,
a Delaware corporation
ATTEST:
By:
Name: I Aim 'i e N
Title:
CORPORAIL REAL ESTATE
Contraact LA/uthoricz�atiou
hate
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CITY MANAGER'S ACKNOWLEDGMENT
THE STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Douglas
Harman, City Manager of the City of Fort Worth, Texas, a
municipal corporation, known to me to be the person and officer
whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said City of
Fort Worth, Texas, a municipal corporation, that he was duly
authorized to perform the same by appropriate resolution of the
City Council of the City of Fort Worth, and that he executed the
same as the act of the said City for the purpose and
consideration therein expressed and in the capacity therein
stated.
r L &
GIVEN UNDER MY HAND AND SEAL OF OFFICE this oCJ/ day of
UG usT 1989.
Notary Public in and for a State
of Texas
My Commission Expires:
02_a 7_ q_3 CAROL ANN RAY,Notary Public
in and for the State of Texas
v� My Commission Expires 2 —9-/—c73
CORPORATE ACKNOWLEDGMENT
THE STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for said State and County, on this day ersonally appeared
,I -OE being theMANp61N6 I r.CT69-CoRP RCALr15rNr4Of
American Airlines, Inc., a Delaware corporation, known to me to
be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the
act of the said American Airlines, Inc., a Delaware corporation,
and that he executed the same as the act of said corporation for
the purpose and consideration therein expressed and in the
capacity therein stated.
Thy
GIVEN UNDER MY HAND AND SEAL OF OFFICE this C,?141 day of
/yyGUST 1989.
Notary Public in and for the ate
of —rEJ'.95
My Commission Expires:
_a 7_93 *,a. P`a CAROL ANN RAY,Notary Public
in and for the State of Texas G
r�c My Commission Expires o2—A 7— /3
�rF 0I tE4'9
-8-
SIGNATORY PAGE
County of Denton, Texas
STATE OF TEXAS §
§
COUNTY OF DENTON §
DENTON COUNTY, the undersigned taxing unit, to the extent of
its jurisdiction over the Premises, joins in the execution of the
Tax Abatement Agreement between the City of Fort Worth and
American Airlines, Inc., for the purpose of granting abatement of
ad valorem taxes in the manner and in accordance with the terms
set forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by the minutes of the
Commissioners Court f Dento County, Texas, at its meeting on
the � day of 1989, whereupon it was duly
determined by appropr' to order that the County Judge would
execute the Agreement n behalf of Denton County, Texas.
COUNT :OF DENTON, TEXAS
�A�test: c Burgess, Co y Judge
� n m
Ginty'�,,Cierk c y�
Approved as t Form:
1�7z� ^ %-
District Attorney
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF DENTON §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Vic
Burgess, County Judge of the County of Denton, Texas, a
subdivision of the State of Texas, known to me to be the person
and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said
County of Denton, Texas, a subdivision of the State of Texas,
that he was duly authorized to perform the same by appropriate
order of the Commissioners Court of the County of Denton, Texas,
and that he executed the same as the act of the said County for
the purpose and consideration therein expressed and in the
capacity therein stated.
G VEN UNDER MY HAND AND SEAL OF OFFI E this day of
1989.
4 �%
Notary Public in and f he—
State of Texas
My Commission Expires:
,nLINDA SUE BAGGETT
o NOTARY PUBLIC
STATE OF TEXAS
.�
My Comm.Exp.5-12-90
-9-
SIGNATORY PAGE
Northwest Independent School District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
NORTHWEST INDEPENDENT SCHOOL DISTRICT, the undersigned
taxing unit, having jurisdiction over the Premises, joins in the
execution of the Tax Abatement Agreement between the City of
Fort Worth and American Airlines, Inc. , for the purpose of
granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by appropriate resolution of
the Northwest Independ, nt Schoo District Board of Trustees at
its meeting on the y=-day of k-6" 1989, whereupon it
was duly determined that the Board President would execute the
Agreement on behalf of the Northwest Independent School
District.
NORTHWEST INDEPENDENT SCHOOL
DISTRICT
Phoebe Dill, President,
Attes Board of Trustees
Sec etary,~Nor -west
Independent School District
Approved s to rm:
Attorney for Nbrthwest
Independent School District
ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in
and for the State of Texas, on this day personally appeared
Phoebe Dill, President of the Northwest Independent School
District Board of Trustees, known to me to be the person and
officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said
Northwest Independent School District, a corporate body politic,
that she was duly authorized to perform the same by appropriate
resolution of the Northwest Independent School District, and
that she executed the same as the act of the said Northwest
Independent School District for the purpose and consideration
therein expressed and in the capacity therein stated.
GIVE UNDER MY HAND AND SEAL OF OFFICE this day of
442 1989.
Notaty Public in and for the
State of Texas
MY Commission Expires:
r
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SIGNATORY PAGE
Tarrant County Water Control and
Improvement District Number One
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NUMBER
ONE, the undersigned taxing unit, to the extent of its jurisdic-
tion over the Premises, joins in the execution of the Tax
Abatement Agreement between the City of Fort Worth and American
Airlines, Inc. , for the purpose of granting abatement of ad
valorem taxes in the manner and in accordance with the terms set
forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by appropriate resolution of
the Tarrant County Water Control and Improvement District Number
One Board of Directors at its meeting on the 211 may of
, ,��.s15 , 1989, whereupon it was duly determined that the
Board President would execute the Agreement on behalf of the
Tarrant County Water Control and Improvement District Number One.
TARRANT COUNTY WATER CONTROL AND
IMPRO ENT DISTRICT NUMBER ONE
Burford I. King, Board President
Attest:
Secretary, Tarrant County ---_
Water Contfcxl and Improvement
District Number One
Appro1,% as to Form:
i _)"'/,r /
Legal Counsel r
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in
and for the State of Texas, on this day personally appeared
Burford I. King, President of the Tarrant County Water Control
and Improvement District Number One Board of Directors, known to
me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the
act of the said Tarrant County Water Control and Improvement
District Number One, that he was duly authorized to perform the
same by appropriate resolution of the said District, and that he
executed the same as the act of the said Tarrant County Water
Control and Improvement District Number One for the purpose and
consideration therein expressed and in the capacity therein
stated. qq
GIVEN UNDER MY HAND AND SEAL OF OFFICE this 2 C day of
,4UGV s fi 1989.
Notary Public in and for the
State of Texas
M issi
BRIAN GORDOr,(
� �' k�tary PubftC S:a;e of Te
Y C
emmfyon r'0"dry 21..1182
-11-
SIGNATORY PAGE
Tarrant County Junior College District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY JUNIOR COLLEGE DISTRICT, the undersigned
taxing unit, to the extent of its jurisdiction over the Premises,
joins in the execution of the Tax Abatement Agreement between the
City of Fort Worth and American Airlines, Inc. , for the purpose
of granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by Board Minutes of the Board
of Trustees of Tarrant County Junior College District at its
Board meeting on the 14th day of September, 1989, whereupon it
was duly determined that the President would execute the
Agreement on behalf of the Tarrant County Junior College
District.
TARRANT COUNTY JUNIOR COLLEGE
DISTRICT
J".",/Ardis Bell, M.D. , Pr ident,
i8ard of Trustees
Attest:
f
Secretary,
Tarrant County Junior College
District Board of Trustees
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared J. Ardis
Bell, M.D., President of the Board of Trustees of Tarrant County
Junior College District, known to me to be the person and officer
whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said Tarrant
County Junior College District, that he was duly authorized to
perform the same by appropriate resolution of the Tarrant County
Junior College District, and that he executed the same as the act
of the said Tarrant County Junior College District for the
purpose and consideration therein expressed and in the capacity
therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this / day of
September, 1989.
Notary blic in and'f e
State of Texas
My Commission Expires:
JEAN " PP
•-�' COMMISSION EXPIRES
MARCH 31,1993
-12-
SIGNATORY PAGE
Tarrant County Hospital District
STATE OF TEXAS §
§
COUNTY OF TARRANT §
TARRANT COUNTY HOSPITAL DISTRICT, the undersigned taxing
unit, to the extent of its jurisdiction over the Premises, joins
in the execution of the Tax Abatement Agreement between the City
of Fort Worth and American Airlines, Inc., for the purpose of
granting abatement of ad valorem taxes in the manner and in
accordance with the terms set forth herein and authorizes this
page to be affixed to this Agreement.
This Agreement was authorized by the resolution of the
Board of Managers of the Tarrant County Hospital District, at its
meeting on the '/—l"ay of 1989, whereupon the
Chairman was duly authorized to execute the Agreement on behalf
of the Tarrant County Hospital District.
TARRA OUNTY HOSP ISTRICT
Chairman,
Attest: Board of Managers
Secretary, T3 ra t County
Hospital D' rict
Approvgd as t9''kF m:
General Counsel
ACKNOWLEDGMENT
STATE OF TEXAS §
§
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared
8aoR(bE 4oiaet,, -D,0, , Chairman of the Board of Managers of the
Tarrant County Hospital District, a political subdivision of the
State of Texas, known to me to be the person and officer whose
name is subscribed to the foregoing instrument and acknowledged
to me that the same was the act of the said Tarrant County
Hospital District, that he was duly authorized to perform the
same by appropriate resolution of the Board of Managers of the
District, and that he executed the same as the act of the said
Tarrant County Hospital District for the purpose and
consideration therein expressed and in the capacity therein
stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this 30��6- day of
A vG SST
1989.
Notary Public in and for e
State of Texas
My Commission Expires:
CAROL ANN RAY,Notary Pubne
-' r, and for the State of Texas
My Commission s Expire a -93
F or sE4 "�—�--�..
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SIGNATORY PAGE
County of Tarrant, Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
TARRANT COUNTY, the undersigned taxing unit, to the extent
of its jurisdiction over the Premises, joins in the execution of
the Tax Abatement Agreement between the City of Fort Worth and
American Airlines, Inc. , for the purpose of granting abatement of
ad valorem taxes in the manner and in accordance with the terms
set forth herein and authorizes this page to be affixed to this
Agreement.
This Agreement was authorized by the minutes of the
Commissioners Court of County, Texas, at its meeting on
the ng l"-'day of /A"4'5C-- 1989, whereupon it was duly
determined by appropriate order that the County Judge would
execute the Agreement on behalf of Tarrant County, Texas.
COUNTY TARR T, T XAS
J_
Roy
En4Aisfh, Coun Judge
Attest:
�GLa�sr►r�J 7ll��1- �vl
Cou Clerk
Approved;as t rm:
j
Di ri Attorney
ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, a Notary Public in and
for the State of Texas, on this day personally appeared Roy
English, County Judge of the County of Tarrant, Texas, a
subdivision of the State of Texas, known to me to be the person
and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said
County of Tarrant, Texas, a subdivision of the State of Texas,
that he was duly authorized to perform the same by appropriate
order of the Commissioners Court of the County of Tarrant, Texas,
and that he executed the same as the act of the said County for
the purpose and consideration therein expressed and in the
capacity therein stated.
IVEN UNDER MY HAND AND SEAL OF OFFICE this day of
1989.
Notary Public in and for the
State of Texas
My Commission Expires:
F:\WMBlackb\06349\0009\Abet-Tc2.9 —14—
EXHIBIT "A"
TO TAX ABATEMENT AGREEMENT
POLICY STATEMENT
c hkOpTXD BY THE FORT WORTH CITY COUNCIL 0 AUGU$T 1- 1989
CITY OF FORT WORTH POLICY STATEMENT
ON TAX ABATEMENT TO
QUALIFIED COMMERCIAL/INDUSTRIAL PROJECTS
(GUIDELINES AND CRITERIA)
I . GENERAL PURPOSE AND OBJECTIVES
The City of Fort Worth is committed to the promotion of high quality
development in all parts of the City, and to an ongoing improvement in
the quality of life for its citizens. Insofar as these objectives are
generally served by the enhancement of the tax base and expansion and
diversification of the local economy, the City of Fort Worth will , on
a case-by-case basis, give consideration to providing tax abatement,
pursuant to the Property Redevelopment and Tax Abatement Act ,
V.T.C.A. , Tax Code, Sections 312.001 through 312.209, as from time
to time amended, as a stimulation for economic growth and
diversification in Fort Worth, Priority consideration will be given
to those projects which result in little or no additional cost to the
city and/or projects which create greater than 1,000 new jobs. It is
the policy of the City of Fort Worth that said consideration will be
provided in accordance with the guidelines, criteria and procedures
outlined in this document. Nothing herein shall imply or suggest that
the City of Fort Worth is under any obligation to provide tax
abatement to any applicant. All applicants shall be considered on a
case-by-case basis.
According to Texas law, Property Redevelopment and Tax Abatement Act,
V.T.C.A. , Tax Code, Chapter 312, the City of Fort Worth may grant tax
abatement on the incremental value of a particular property that is
improved pursuant to a specific development proposal which meets the
economic goals and objectives of the City. The abatement will apply
only to the incremental increase in valuation. The abatement will
also apply to tangible personal property located in the reinvestment
zone after the execution of an abatement agreement, including
inventory and supplies of certificated air carriers (Note: Senate
Bill 1312 and House Bill 2043, Acts of the 71st Legislature, Regular
Session, 1989) . Tax abatement will not be ordinarily considered for
projects which would be developed without such incentives unless it
can be demonstrated that higher development standards or other
development and community goals will be achieved through the use of
the abatement.
Based on the general purpose and objectives and in compliance with the
intent and tenets of the Texas Property Redevelopment and Tax
Abatement Act, the City of Fort Worth will establish reinvestment
zones for economic development purposes. Within the reinvestment zones
-1-
there will be permitted tax abatement of the increase in value of
real and tangible personal property, including inventory and supplies
for certificated air carriers. Tax abatement will be offered only
within designated reinvestment zones and only to those industries
identified in Section III, Definitions, "Eligible Industries".
II. CRITERIA
Any request for tax abatement shall be reviewed by the City staff for
recommendations to the City Council. Its determination shall be
based upon an evaluation of the following criteria and any other
relevant information and material , which each applicant will be
requested to address in narrative format. Any proposed project must
conform to the general guidelines specified below:
• Any request for tax abatement must involve a development project,
excluding land, with either (i) a minimum incremental increase in
value of 25 million dollars or (ii) a minimum cost of 25 million
dollars.
• The project must make a substantial contribution to development
efforts in the City by enhancing either additional development
activity or furthering redevelopment and preservation activities
within special planning areas or be located in a special
development zone of the City such as an Enterprise Zone.
• The project must have high visibility, image impact or be of a
significantly higher level of development quality than that which
currently exists in the City.
• The project must serve as a catalyst and prototype for additional
development of a higher standard or development of an additional
industry which has been identified to be an asset to the community.
• The project must generate a higher concentration of employment
potential than would otherwise be achieved.
• The project must enhance property value and complement other land
uses in the project vicinity.
Applications for tax abatement incentives should provide a written
narrative detailing how the proposed project relates to the criteria
established above and the issues listed below. In addressing the
following issues, the applicant should indicate the appropriate time
frames in which the proposed events and/or resulting impacts will
occur, where applicable.
Additionally, it is understood the information provided will be, out
of necessity, estimates only. The applicant should endeavor to
provide the most accurate estimates possible based upon available
information. The applicant may be requested by the City to describe
the logics/methodologies utilized to supply supporting documentation.
-2-
EMPLOYMENT IMPACT
Number of new jobs created in Fort Worth.
Percentage of new employees which will
(a) come from outside the City of Fort Worth and
(b) from outside the state of Texas
Types of jobs created.
Total projected annual payroll of the newly created jobs.
PROPOSED IHPRQVEMENTS
Identify and describe the kind, number and location of all proposed
improvements to the property, as well as the land area and cost, and
discuss the development schedule of the proposed improvements. In
addition, City staff may request the square footage of the proposed
project.
Identify the infrastructure construction which will be required to
serve the proposed project and the estimated cost of said
construction.
FISCAL IMPACT
Amount of real and tangible personal property value added to the tax
rolls.
Amount of direct sales tax generated.
Proposed project's effect on existing businesses and/or office
facilities.
Cost to the City of Fort Worth to provide municipal services to the
proposed project.
COHN,UNITY, IMPACT
Effect of the proposed project on the local housing market.
Environmental impact, if any, created by the project.
compatibility of the proposed project with the City's comprehensive
plan.
Rezoning and platting/replatting required.
Impact on local school districts.
Impact on the County government.
-3-
Impact on all other taxing entities.
Impact on the City of Fort Worth.
The criteria outlined in this section will be used by the City staff
to determine whether or not to recommend to the City Council that it
is in the best interest of the City of Fort Worth and other affected
taxing entities that tax abatement be offered to a particular appli-
cant. Specific considerations will include the degree to which the
individual project furthers the goals and objectives of the community,
as well as the relative impact of the project on the community.
III. DEFINITIONS
"Eligible Industries": Certain types of business investment show high
promise of creating new jobs, new income and positive economic
spill-over effects beneficial to the City. As a result, tax
abatements will be eligible only to certificated air carriers
and industries in Major Group 45, "Transportation by Air", as
described in the � 5 �.��rlustr al Classifigation Manual , U.S.
Office of Management and Budget, 1987. A copy of Major Group 45 of
the AIC Manual is attached hereto and made a part hereto by reference.
IV. GUIDELINES
After following and complying with all statutory and other require-
ments and after a determination is made that a tax abatement agreement
should be entered into with the applicant, the value and term of the
abatement will be determined by the following guidelines:
MINIMUM ELIGIBILITY REQUIREMENTS
1. The project must be an eligible industry as defined in Section
III. Definitions.
2. The investment in new facility (structural improvements to land)
must result in a structure or structures having either a minimum
added value of twenty-five million dollars (excluding land) or a
minimum cost of twenty-five million dollars (excluding land) .
3. The project must comply with all criteria defined in Section I1 .
above.
TAX ABATEMENT LIMITATIONS
1. The rate of tax abatement for any tax year shall be l00% of the
incremental increase in value of real property and tangible
personal property, including inventory and supplies of the
certificated air carriers.
-4-
1
2. In order to qualify for the (100%) tax abatement, the owner of the
subject property must meet the following minimum threshold
eligibility requirements:
a. Construct and equip within the reinvestment zone a structure
or structures having either a minimum added value of
twenty-five million dollars (excluding land) or a minimum cost
of twenty-five million dollars (excluding land) .
3. To determine if the project meets the minimum eligibility
requirement, the applicant will certify to the City Manager's
office the cost of the new improvements for which the abatement is
requested.
4. The tax abatement period shall not exceed fifteen (15) years.
5. Any tax abatement granted a project will become effective oc,
January 1 of the year following the issuance of a Certificate of
Occupancy (CO) for the new facilities unless otherwise specified
in the tax abatement agreement. The total acreage of the project
shall be assessed at 100 percent market valuation upon execution
of the abatement agreement, unless otherwise addressed in the tax
abatement agreement.
6. If a project is not completed as specified in the tax abatement
agreement, the City has the right to cancel the abatement
agroomont and abated taxes shall become duo to the City and otho.:
affected taxing units as provided by law.
V. PRBCEDUltAf. MIDE'LINES
Any person, partnership, organization, corporation or other enti• ,
desiring that the City of Fort Worth consider providing tax abatement
to encourage location of operations within the city limits of Fort
Worth shall be required to comply with the following proccdurs:
guidelines. Nothing within these guidelines shall imply or suggest
that Fort Worth is under any obligation to provide tax abatement :c
any amount or value to any applicant.
preliminary Application S MA
A. Applicant shall submit an "application for tax abatement".
B. Applicant shall address all criteria questions outlines in Sect: _ .
II above in letter format,
C. Applicant shall prepare a survey map showing the precise locat: -.
of the property, all roadways within five hundred (500) feet ;:
the site, all existing land uses and zoning within five hundzp'
(500) feet of the site and the kind, number and location of a. :
proposed improvements.
-5-
D. City may request applicant to provide substantiation of the
• economic feasibility of the overall project to assist in
determining the long term benefit to the City.
E, A aamplete' legal daxcriptian of the peaperty shall he provided.
F. Applicant shall complete all forms and information detailed in
items A through E above and submit them to the City Manager, City
of Fort Worth, 1000 Throckmorton, Fort Worth, Texas 76102.
ARRUcation Review Steps
0. All information in the application package detailed above will be
reviewed for completeness and accuracy. Additional information
may be requested as needed.
H. The application may be distributed to the appropriate City
departments for internal review and comments. Additional
information may be requested as needed.
I. Copies of the complete application package and staff comments will
be provided to the City Council .
Consideration of the ARR U cation
J. The City Council will consider the application at meetings
conducted pursuant to the Open Meetings Act and the Property
Redevelopment and Tax Abatement Act. Additional information may
be requested as needed.
R. The City Council may consider a resolution calling a public hearing
to consider establishment of a reinvestment zone.
L. The City Council may hold the public hearing and determine whether
the creation of the reinvestment zone would contribute to the
retention or expansion of primary employment or would attract
major investment in the zone and would contribute to the economic
development of the City.
M. The City Council may consider adoption of an ordinance designating
the area described in the legal description of the proposed
project as a commercial/industrial reinvestment zone for tax
abatement.
N. The City Council may consider adoption of a resolution which
approves the terms and conditions of an agreement between the City
and the applicant, and governs the provision of the tax
abatement. At minimum, the agreement shall include the
following:
-6-
1. General description of the project;
2. Amount of the tax abatement
3. Duration of the abatement;
4. Type, number, location and time table of planned
improvements; and
5. Any specific terms and conditions to be met by the applicant.
O. The governing bodies of any affected independent school district,
Tarrant County or Denton County, and all other applicable taxing
units may consider ratification of and participation in the tax
abatement agreement between the City of Fort Worth and the
applicant.
P. Should the terms of the agreement not be satisfied, the tax
abatement shall be subject to cancellation as provided in the tax
abatement agreement, and all abated taxes shall be paid to the
City of Fort Worth and all other taxing jurisdictions
participating in the tax abatement agreement as provided by law.
If a project granted a tax abatement ceases to operate or is no
longer in conformance with this policy statement, the tax
abatement agreement shall not be in effect for the period of time
during which the project is not operating or is not in
conformance. The City of Fort Worth may negotiate with the
recipient of a tax abatement to waive the recapture provisions or
to terminate the agreement.
Q. The City of Fort Worth reserves the right to verify the
applicant's credit worthiness prior to granting a tax abatement
and to review the financial condition of the project during the
term of the abatement. The City of Fort Worth also reserves the
right for a representative to inspect the facilities of the
applicant during the term of the abatement and to verify the
information provided in the tax abatement agreement. Provisions
to this effect shall be incorporated into the agreement.
VI. EFFECT OF SALE, ASSIGNMENT OF LEASE OF PROPERTY
No tax abatement rights may be sold, assigned, or leased unless
otherwise specified in the tax abatement agreement. Any sale, assign-
ment or lease of the property which is not permitted in the tax
abatement agreement results in a forfeiture of all tax abatement
rights as to the property sold, assigned or leased, unless the City
agrees to ratify the transfer.
-7-
277
Ma¢or Group 45.—TRANSPOR.TATION BY AIR
The Major Group w a Whole
Thm M&*grouP IzWudn artablislments engaged in furniwhsg domastk and foreign
transportation by air and aLo those operating airport,and flying fields and huaiahing tarsi.
nal services.Establishments primarily engaged in performing arviow wbich may incidenw
ly use airplaoa(64.,crop dusting and *w pbotcgrapby)are classified m000rding to the
sssv. performed.
o> is NNs
Obi AIR TRANSPORTATION,8C8EDULED,AND AM COURIER SERVICES
4612 Air Trwportatioe,Sobeduled
Fitablishmeats primarily MEaged in fVrrniwing air transportation over rag,
ular routes and an regular mwedules.This industry Wduda Alaskan omrries
operr►tiag over regular or irregular routs.
All OW untrq ab*Ma Air pane aaarl�a rbeuNi
4612 Air Courier Servioss primarily"Mad in%mnbmg air"hwy of
addressed letters Pala and undo loo p mnde pt addressed
by the U.B.Postal Service.While these aablisbmena deliver Tatars,Parcel.,
and Packages by air,the initial pick-up mod the float dellveey are*Ran made
by other modes of trwporeatfoe,,such w by Mick,bbycle,or matorgo1w Bap
&rate astablimhments of air courier companies ngagsd in providing pk k V
and delivery odT"drop-off points oar distribution ante"&re all clanified in
this industry.$atablishments of the U8.Postal 8entoa era classified in Indus.
try 4811:and establishments furnishing delivery of individually ad&,,nd let.
ters'Me"&or P ck&M(geoerallY under 100 Pounds)other than by air an
classified in Industry 4216.Establiahmena primarily engaged in undertaking
the transportation of goods from drlPPM to raceiven for charges oavering the
entire traaspoet ttion,but making un of other transportation establishments
to effect the entire delivery,are classified in Industry 4721.
end w..q.wia.t«safe
462 AIR TRANSPORTATION,NONSCHEDULED
4622 Air Tit mpoeatto 4 NoawkWuM
Fstsblis M=t@ primarily swinged in AWWAbing nonscheduled air traaspor.
tation.Also included in this industry an establishments primarily engaged in
&M"hg Wrplw idgbtsadng smrviau,air tat servioss and heliooptw pea•not MOMW
�UWASPorlatiom sarvim 1%from,or between loud airports,whether or
Air now aarirYW
Air Ld ym.rA.o.�ae.+Y�e
A.bWwwartun k Iwt iyWli.....lw.
278 NTANDARD INDUUMIAL CLAMMCATWNi
>�v
o� a r
446 AIRPORTS,FLYING FMM&AND AIRPORT TERKMAL SERVICi8
4461 Airports,Flyhrg Adds,and Airport TwwAs l gwrices
Tiatablishments primarily engaged in operating and ins mts miog airports
and flying fields;in mmc mg,repairing(esoapt am a hetory bawl,maintm
+tiff.and staring aircraft:and in furniehing coordinated baadling on ioes fa
sirfielght or passengers at airpa:a.This industry clan includes private atsb
belsments primarily engaged in air tra93o wntrw operadon,fiovesament air
trsflle coiled operations ere classified in Public Administration, Imdwtry
9621.Aircraft modification antes and estabWhmena primarily engaged in
factory type overbaul of avorafi are classified in Maayfl ewAig,Major Group
87,and flying fields maintained by avlati n clubs an elaniflad in San,iow
Industry 7987.
Air tai er+r,art
. A4wea dneir W fW�sense Ab�,t�Irin�amt
_ AIaaR nnNrte 1a1 awerrli��
Arad �Misfiv"
A11wwle ■�ePraa�aYr ��aeYrral
Arad1 epyel,�
AraaleYt W�war M M1MY
TRACT 2
EXHI BIT "B"
TO TAX ABATEMENT AGREEMENT
PROPERTY DESCRIPTION
(Entire Tract)
TRACT 2
BEING a tract of land out of the G. Overton Survey, Abstract No. 972, and the A.
McDonald Survey, Abstract No. 786, located in the City of Fort Worth, Denton County,
Texas, and being part of a tract of land conveyed to Alliance Airport, Ltd. as
recorded in Volume 2451, Page 412 of the Deed Records of Denton County, Texas, and
being part of a tract of land conveyed to Hillwood/1358, Ltd. , as recorded in Volume
2512, Page 460 of said deed records, and being part of a tract of land conveyed to
Hillwood/1358, Ltd. as recorded in Volume 2512, Page 471 of said deed records, and
being more particularly described as follows:
COMMENCING at the northerly northwest corner of said Alliance Airport, Ltd. tract,
said corner being on the east right-of-way line of the A.T. & S.F. Railroad (100
feet wide);
THENCE South 24 degrees 16 minutes 15 seconds West, along said east line, a distance
of 228.70 feet to a point for a corner, said corner being the intersection of said
east line with the south right-of-way line of proposed Eagle Parkway (120 feet
wide);
THENCE South 65 degrees 43 minutes 45 seconds East, departing said east line, and
along said south line, a distance of 12.33 feet to the point of curvature of a
circular curve to the left having a radius of 1210.00 feet;
THENCE Easterly, continuing along said south line, and along said curve through a
central angle of 34 degrees 09 minutes 27 seconds, an arc distance of 721.36 feet to
the point of tangency;
THENCE North 80 degrees 06 minutes 47 seconds East, continuing along said
sourtherly line, a distance of 1836.01 feet to the POINT OF BEGINNING:
THENCE North 80 degrees 06 minutes 47 seconds East, continuing along said south
line, a distance of 548.53 feet to a point for a corner;
THENCE South 9 degrees 53 minutes 13 seconds East, departing said south line, a
distance of 1579.40 feet to a point for a corner;
THENCE South 60 degrees 02 minutes 26 seconds East, a distance of 1146.43 feet to a
point for a corner, said corner being on the northerly right-of-way line of proposed
Taxiway 'H' extension (300 feet wide), said corner also being on a circular curve to
the right having a radius of 1050.00 feet and whose back tangent bears South 35
degrees 47 minutes 47 seconds West;
THENCE Southwesterly, along said north line, and along said curve through a central
angle of 43 degrees 19 minutes 00 seconds, an are distance of 793.82 feet to the
point of tangency;
THENCE South 80 degrees 06 minutes 47 seconds West, continuing along said north
line, a distance of 708.39 feet to a point for a corner;
THENCE North 9 degrees 53 minutes 13 seconds West, departing said north line, a
distance of 2600.00 feet to the POINT OF BEGINNING AND CONTAINING 1,936,787 square
feet or 44.4625 acres of land more or less.
Page 1 of 1
,
TRACT 2
EXHIBIT "C',
TO TAX ABATEMENT AGREEMENT
PROPERTY DESCRIPTION
(Annexation Tract)
BEING a tract of land out of the G. Overton Survey, Abstract No. 972, located in the
City of Fort Worth, Denton County, Texas, and being part of a tract of land conveyed
to Hillrood/1358, Ltd., known as 'Parcel 6' as recorded in Volume 2512, Page 471 of
the Deed Records of Denton County, Texas, and being more particularly described as
follows:
COMMENCING at the northerly northwest corner of an Alliance Airport, Ltd. tract as
recorded in Volume 2451, Page 412 of the Deed Records of Denton County, Texas, said
corner also being on the east rigbt-of-ray line of the A.T.S.F. Railroad (100 feet
wide), said point also being the southwest corner of said Parcel 6;
THENCE South 89 degrees 25 minutes 20 seconds East, along the common line between
said Alliance Airport, Ltd. tract and said Parcel 6. a distance of 2229.29 feet to a
point for a corner, said point being on the south right-of-ray line of proposed
Eagle Parkway (120 feet vide);
THENCE North 80 degrees 06 minutes 47 East, departing said common line, and along
said southerly line. a distance of 204.97 feet to the POINT OF BEGINNING:
THENCE North 80 degrees 06 minutes 47 seconds East, continuing along said southerly
line, a distance of 548.53 feet to a point for a corner;
THENCE South 9 degrees 53 minutes 13 seconds East, departing said southerly line, a
distance of 139.17 feet to a point for a corner, said corner being on said common
line;
THENCE North 89 degrees 25 minutes 20 seconds West, along said common line, a
distance of 557.81 feet to the a point for a corner;
THENCE North 9 degrees 53 minutes 13 seconds West, departing said common line, a
distance of 37.86 feet to the POINT OF BEGINNING AND CONTAINING 48,552 square feet
or 1.1146 acres of land more or less.
BEING a tract of land out of the A. McDonald Survey, Abstract No. 786, located in
the City of Fort Worth. Denton County, Texas, and being part of a tract of land
conveyed to Hillwcod/1358 Ltd.. known as 'Parcel 7' as recorded in Volume 2512, Page
460 of the Deed Records of Denton County, Texas. and being more particularly
described as follows:
COMMENCING at the northerly northwest corner of an Alliance Airport, Ltd. tract as
recorded in Volume 2451, Page 412 of said dead records, said corner also being on
the east rigbt-of-way line of the A.T.S.F. Railroad (100 feet vide), said point also
being the southwest corner of a tract of land conveyed to Hi11rood/1358, Ltd., known
as 'Parcel 6' as recorded in Volume 2512, Page 471 of said deed records;
THENCE South 89 degrees 25 minutes 20 seconds East, along the common line between
said Alliance Airport, Ltd. tract and said Parcel 6. a distance of 3006.01 feet to a
Point for a corner. said corner being the most northerly northeast corner of said
Alliance Airport. Ltd. tract;
THENCE South 0 degrees 40 minutes 48 seconds East, along the common line between
said Parcel 7 and said Alliance Airport, Ltd. tract, a distance of 64.37 feet to the
POINT OF BEGIUMS
THENCE South 9 degrees 53 minutes 13 seconds East, departing said common line, a
distance of 1374.79 feet to a point for a corner;
THENCE South 60 degrees 02 minutes 26 seconds East, a distance of 828.86 feet to a
point for a corner, said corner being on the common line between said Parcel 7 and
said Alliance Airport, Ltd. tract;
THENCE North 89 degrees 28 minutes 58 seconds West, along said common line, a
distance of 934.83 feet to a point for a corner, said corner being the southwest
corner of said Parcel 7;
THENCE North 0 degrees 21 minutes 47 seconds West, along said common line, a
distance of 274.34 feet to a point for a corner;
THENCE North 0 degrees 40 minutes 48 seconds West, along said common line, a
distance of 1485.62 feet to the POINT OF BEGINNING AND CONTAINING 383,898 square
feet or 8.8131 acres of land more or less.
Page 1 of 1
EXHIBIT "D"
TO TAX ABATEMENT AGREEMENT
PRELIMINARY SITE PLAN
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