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Ord 790 Designating Commercial Industrial Tax Abatement Reinvestment Zone Number 4 Charles Schwab TOWN OF WESTLAKE ORDINANCE NO. 790 AN ORDINANCE OF THE TOWN OF WESTLAKE, TEXAS, DESIGNATING COMMERCIAL/INDUSTRIAL TAX ABATEMENT REINVESTMENT ZONE NO. 4, IN THE TOWN OF WESTLAKE, TARRANT AND DENTON COUNTIES, TEXAS; PROVIDING AN EFFECTIVE DATE; AND PROVIDING A SEVERABILITY CLAUSE. WHEREAS, the Town Council ("Council") of the Town of Westlake, Texas ("Town"), desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone ("Zone) for commercial/industrial tax abatement, as authorized by Chapter 312, Property Redevelopment and Tax Abatement Act, Texas Tax Code, Subchapter B, Sections 312.201 and 312.202, as amended (the "Code"); and WHEREAS, the Town of Westlake (Town) and CS Kinross Lake Parkway, a Delaware limited liability company, its affiliate Charles Schwab & Co., Inc. (the Owner) desire to enter into a partnership to continue this planned growth through an economic development agreement which sets out responsibilities for the Owner and the Town as it relates to the development in Westlake as established in Resolution 16-26, approved on June 16, 2016: and, WHEREAS, the Town has elected to become eligible to participate in tax abatement; and WHEREAS, a public hearing at a regularly scheduled meeting before the Board was held at 6:30 p.m. on the 22nd day of August, 2016, such date being at least seven (7) days after the date of publication of the notice of such public hearing in a newspaper having general circulation in the Town as required by the Code; and WHEREAS, notice of the public hearing was delivered to the presiding officer of the governing body of each taxing unit located within the proposed reinvestment zone at least seven (7) days before the date of the public hearing; and WHEREAS, the Town at such hearing invited all interested persons, or their representatives, to appear and speak for or against the creation of the proposed reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory described in this ordinance should be included in such proposed reinvestment zone, and the concept of tax abatement; and WHEREAS, all interested persons spoke and the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of the creation of the proposed reinvestment zone and the proponents also submitted evidence as to the proposed Ordinance 790 Page I of 3 improvements; and WHEREAS, the Town Council of the Town of Westlake, Texas, approving the ordinance is of the opinion that it is in the best interests of the town and its citizens. NOW,THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct and are incorporated herein in their entirety. SECTION 2: The Council, after conducting such hearings and having heard such evidence and testimony, has made the following findings and determinations based on the testimony and evidence presented to it: (a) That a public hearing on the designation of the reinvestment zone has been properly called, held and conducted and that notices of such hearings have been published as required by law and delivered to all taxing units located within the proposed reinvestment zone; and (b) That the boundaries of the reinvestment zone should be the area as described in the metes and bounds description attached hereto and identifies as Exhibit "A", which are incorporated herein for all purposes and which area is within the taxing jurisdiction of the Town; and (c) That the creation of the reinvestment zone for commercial/industrial tax abatement, with boundaries as described in Exhibit "A" attached hereto will result in benefits to the Town and to the land included in the Zone and to the Town after the expiration of any Tax Abatement Agreement entered into and the improvements sought within the Zone are feasible and practical; and (d) That the reinvestment zone as defined •in Exhibit "A" attached hereto meets the criteria for the creation of a reinvestment zone as set forth in the Code, as amended, in that it is reasonably likely as a result of the designation to contribute to the retention or expansion of primary employment or to attract major investment in the Zone that would be a- benefit to the property and that would contribute to the economic development of the Town; and (e) That the reinvestment zone as defined in Exhibit "A" attached hereto meets the criteria for the creation of a reinvestment zone as set forth in the Town of Westlake Tax Abatement Policy, which Policy establishes guidelines and criteria governing tax abatement agreements by the Town and provide for the availability of tax abatement for both new facilities and structures and for the expansion or modernization of existing facilities and structures. SECTION 3: That pursuant to the Code, the Town hereby creates a reinvestment zone for commercial/industrial tax abatement encompassing only the area described by the metes and bounds in Exhibit "A" attached hereto and such reinvestment zone is hereby designated and shall hereafter be designated as Reinvestment Zone No. 4, Town of Westlake, Texas. Ordinance 790 Page 2 of 3 SECTION 4: That the Town shall deliver to the Texas Comptroller's Office a general description of the reinvestment zone, including its size, the types of property located in it, its duration, and the guidelines and criteria established for the reinvestment zone under Section 312.002 of the Code, including subsequent amendments and modifications of the guidelines or criteria. SECTION 5: That the Zone shall take effect on the 22"d day of August 2016. SECTION 6: That this Ordinance shall be cumulative of all other Town Ordinances and all other provisions of other Ordinances adopted by the Town which are inconsistent with the terms or provisions of this Ordinance are hereby repealed. SECTION 7: It is hereby declared to be the intention of the Town Council of the Town of Westlake, Texas, that sections, paragraphs, clauses and phrases of this Ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be declared legally invalid or unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such legal invalidity or unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs or sections of this Ordinance since the same would have been enacted by the Town Council of the Town of Westlake without the incorporation in this Ordinance of any such legally invalid or unconstitutional, phrase, sentence, paragraph or section. SECTION 8: This ordinance shall take effect immediately from and after its passage as the law in such case provides. PASSED AND APPROVED ON THIS 22" DAY OF AUGUST 2016. ATTEST: Laufa Wheat, Mayor ;A s Kelly Edwai s, Town Secretary Thomas E'Br , T wn Manager pl✓ WEST APPROVED AS TO FORM: �'o� <q� f 1 m l L. S ton Low4, Town Attorney TE X PS Ordinance 790 Page 3 of 3 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- pFz VILLq�E T RAIL 4 N o v O o MAIN NO. BEARING DISTANCE i w � i W E I 0 170 114 L1 S89027 ' 07 "W 127. 87 ' i � I SIt2 L2 S89027 ' 07 "W 78. 72 ' j w I I g Turner L3 S000 32 ' S3 "E 25. 20' j D i I S Lake /" L4 S890 27 ' 07 "W 194 . 1 1 ' 200'Temporary Lake i I a T j� Construction Easement / , 0 100 200 300 IM tic I L 5 N89027 ' 07 "E 1 6. 72 Vol.4247,Pg.2899 a I I JO.P.R.D.C.T. ! / L6 S89027 07 "W 11 . 14 Oddfellows Cemetery L7 N000 32 ' 53 "W 49. 98 ' ! / L8 S89° 27 ' 07 "W 1 70. 26' j a // I GRAPHIC SCALE IN FEET VICINITY MAP N.T.S. o i L9 N80 32 48 E 304 . 03 -----------------------------I_ / I L 10 N640 51 ' 1 2 "E 213- 57 ' ----------------- --------------- ------------------�-1 /' 2 L,e endaye Retai j // i I N Westl fates, �TD49 -� Ass# g8-R011g6 I S I GN Inst p,R•0.0'T• // I a TP TELEPHONE PEDESTAL _ _ - - - - 42, a �� / 20'Public Utility Easement 1 HW P ar #55583 >+ 0 TELEPHONE MANHOLE �e� cO i� // ! 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C i HW 2421 Land LP 6v N0 ° I Parcel #1 C'co Inst.# 2009-55583 �' Lake Area Vol.4247,Pg.2837 O.P.R.D.C.T. --- 0.P.R.D.C.T. I / W (n - > a cl:� x I Q LL I 1 Un 00 $ ----- --------- ------------- ------------- ---------b - - - - -/------ -- -—-—-—-—-— -—-—-—-—-—-— -—-—---—-—-— --- - - - - - - - - - - - - LL \+ Approximate l00 Year Floodplain O O O � < U digitized from Flood Insurance Rate Map W = \ _� EDGE OF WATER z Map no.48121CO655G,Revised April I8,2011 j > U O `\ T12 V / w \ q�� eiilro -—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—-—�I _ CD \ , �O on Q Cs� \ \alp Hw Par-°e #55583 I D v V z I� +F lost.# 20pgC I � R � O � \ 0P DENTON COUNTY ! I APPROXIMATE COUNTY LINE CD LLJ m 00 LLJ -ARRANT COUNTY - ---- ---- - ------------------------------------------------------------------------------ - = - -------------- ---- ----- ------------------------------------------------------------------- --- --- ---- ---- ---- ---- ---- ---- ---- - + 1 ; ' Q Q -. \ --------------- � Town # *e ()13338 I \ InsD.P• C II V) U II o I z � a cn \ I PIPE FENCE I O x� BARBED WIRE x�x� x x x x x — x ---x------x ---- x x x x x x x — � x:` ASPHALT x BRIDGE I � SII Uee 'I o{ West �oKeCct 00r-90' etD83p806� I Town #p2p62 D. 56g55 \ ZnsP•R?T•C T I insp,p.R NOTES: \ !I x I II 1 . THIS SURVEY WAS PERFORMED WITH THE BENEFIT OF A COMMITMENT \ OF THE INSURANCE ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY UNDER GF NUMBER 1002-171131-RTT, AND HAVING AN EFFECTIVE DATE OF NOVEMBER 15, 2015 AND WAS RELIED ON FOR x EASEMENTS AND OTHER MATTERS OF RECORD. NO. DELTA RADIUS LENGTH BEARING DISTANCE 0 C1 790 36'02" 211.21' 293.43' S 890 27'07" W 270.40' LO m 2. BASIS OF BEARINGS IS THE TEXAS COORDINATE SYSTEM, TEXAS N C? NORTH CENTRAL ZONE, 4202, NAD83. C2 600 21' 43'' 194.92' 205.35' N 600 53' 56'' W 195.99' zz N C3 100 47' 26'' 179.93' 33.89' N 280 08' 22'' W 33.84' 3. ALL CORNERS SET ARE 5/8 INCH IRON RODS WITH PLASTIC CAP O O STAMPED PELOTON UNLESS OTHERWISE NOTED. C4 90000,001, 30.00' 47.12' S 440 27'07" W 42.43' — 00 — 05 43° 51' 24'' 408.29' 312.52' S 21° 22' 48" W 304.95' H A. 100 YEAR FLOOD PLAIN LINE DOES AFFECT SUBJECT TRACT AS DETERMINED FROM DIGITIZED FLOOD INSURANCE RATE MAP NUMBER C 48121CO655 G REVISED DATE OF APRIL 18, 2011 . THE SURVEYOR x a ASSUMES NO LIABILITY FOR THAT MAP. O O O w C: 5. RESTRICTIVE COVENANTS RECORDED IN VOLUME 4247, PAGE 2837 N J w ImmiOF THE COUNTY RECORDS, DENTON COUNTY, TEXAS, AFFECT THE Y N SUBJECT TRACT AS SHOWN. RESTRICTIVE COVENANTS RECORDED IN 0 LO 0 INSTRUMENT NUMBER 95-ROO29595 OF THE COUNTY RECORDS, DENTON Z Ln COUNTY, TEXAS, AFFECT THE SUBJECT TRACT AS SHOWN. ( ITEM 1 ) w Q Q U) 6. AGRICULTURAL LEASE RECORDED IN VOLUME 4247, PAGE 2920 OF J = THE COUNTY RECORDS, DENTON COUNTY, TEXAS, AFFECTS THE SUBJECT o L TRACT. (BLANKET IN NATURE ) ( ITEM 10h) 0-1 w 7. TERMS. PROVISIONS, CONDITIONS, OBLIGATIONS, ASSESSMENTS AND ........ LIENS RECORDED IN VOLUME 4247, PAGE 2837 OF THE COUNTY RECORDS, •••••• •• Y ° DENTON COUNTY, TEXAS, AFFECTS THE SUBJECT TRACT. (BLANKET IN ::�•�:�:� Ln N NATURE ) M i M 8. RESERVATION OF ALL OIL, GAS AND OTHER MINERALS, WITH WAIVER A BOUNDARY SURVEY OF SHEET N OF SURFACE RIGHTS, CONTAINED IN SPECIAL WARRANTY DEEDS RECORDED 0 IN VOLUME 4247, PAGE 2876 AND VOLUME 4247, PAGE 2869 OF THE Ln COUNTY RECORDS, DENTON COUNTY, TEXAS AFFECTS THE SUBJECT PROPERTY. < (BLANKET IN NATURE ) ( ITEM 10j ) 1 . 802 Acres OF LAND SITUATED IN THE RICHARD EADS SURVEY , 0 i Ordinance 790 ABSTRACT NUMBER 393 , DENTON COUNTY , TEXAS of SHEETS DESCRIPTION BEING A CERTAIN TRACT OF LAND SITUATED IN THE RICHARD EADS SURVEY,ABSTRACT NUMBER 393,DENTON COUNTY,TEXAS AND BEING A PORTION OF THAT TRACT OF LAND DESCRIBED BY DEED TO HW 2421 LAND,LP RECORDED IN INSTRUMENT NUMBER 2009-S5S83 OF THE OFFICIAL PUBLIC RECORDS, DENTON COUNTY,TEXAS AND BEING A PORTION OF THAT AREA DEFINED AS THE"LAKE AREA"IN THE DECLARATION OF COVENANTS,RESTRICTIONS AND EASEMENTS RECORDED IN VOLUME 4247,PAGE 2837,SAID PUBLIC RECORDS AND BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: COMMENCING AT A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SETAT THE NORTHEAST CORNER OF SAID LAKE AREA TRACT AND BEING THE SOUTHEAST CORNER OF THAT TRACT OF LAND DESCRIBED BY DEED TO WESTLAKE RETAIL ASSOCIATES,LTD RECORDED IN INSTRUMENT NUMBER 98-RO118649 SAID PUBLIC RECORDS; THENCE S 89°27'07"W,127.87 FEET,WITH THE NORTH LINE OF SAID LAKE ARE AND THE SOUTH LINE OF SAID WESTLAKE RETAILTRACT, TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET FOR THE BEGINNING OF A CURVE TO THE RIGHT; THENCE CONTINUING WITH SAID NORTH LINE AND SAID SOUTH LINE THE FOLLOWING COURSES AND DISTANCES; WITH SAID CURVE TO THE RIGHT,AN ARC DISTANCE OF 293.43 FEET,THROUGH A CENTRAL ANGLE OF 79°36102",HAVING A RADIUS OF 211.21 FEET,THE LONG CHORD WHICH BEARS S 89°27'07"W,270.40 FEET TO A S/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; S 89°27'07"W,78.72 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; S 00°32'53"E,25.20 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; S 89°27'07"W,194.11 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET FOR THE POINT OF BEGINNING AND AT THE BEGINNING OF A CURVE TO THE RIGHT; THENCE CONTINUING WITH SAID SOUTH LINE AND SAID NORTH LINE THE FOLLOWING COURSES AND DISTANCES; WITH SAID CURVE TO THE RIGHT,AN ARC DISTANCE OF 205.35 FEET,THROUGH A CENTRAL ANGLE OF 60°21'43",HAVING A RADIUS OF 194.92 FEET,THE LONG CHORD WHICH BEARS N 60°53'56"W,195.99 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; N 89°27'07"E,16.72 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET FOR THE BEGINNING OF A CURVE TO THE RIGHT; WITH SAID CURVE TO THE RIGHT,AN ARC DISTANCE OF 33.89 FEET,THROUGH A CENTRAL ANGLE OF 10°47'26",HAVING A RADIUS OF 179.93 FEET,THE LONG CHORD WHICH BEARS N 28°08'22"W,33.84 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; S 89°27'07"W,11.14 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; N 00°32'53"W,49.98 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; S 89°27'07"W,170.26 FEET TO A S/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET FOR THE BEGINNING OF A CURVE TO THE LEFT; WITH SAID CURVE TO THE LEFT,AN ARC DISTANCE OF 47.12 FEET,THROUGH A CENTRAL ANGLE OF 90°00'00",HAVING A RADIUS OF 30.00 FEET,THE LONG CHORD WHICH BEARS S 44°27'07"W,42.43 FEET TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET FOR THE BEGINNING OF A CURVE TO THE RIGHT; WITH SAID CURVE TO THE RIGHT,AN ARC DISTANCE OF 312.52 FEET,THROUGH A CENTRAL ANGLE OF 43°51'24",HAVING A RADIUS OF 408.29 FEET,THE LONG CHORD WHICH BEARS 5 21°22'48"W,304.95 FEET TO A S/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; THENCE N 80°32'48"E,304.03 FEET,DEPARTING SAID SOUTH LINE,OVER AND ACROSS AFOREMENTIONED HW 2421 TRACT TO A 5/8 INCH IRON ROD WITH CAP STAMPED"PELOTON"SET; THENCE N 64°51'12"E,213.58 FEETTO THE POINT OF BEGINNING AND CONTAINING 79,499 SQUARE FEET OR 1.802 ACRES OF LAND MORE OR LESS. Ordinance 790