HomeMy WebLinkAboutOrd 912-2021 Designating Tax Increment Reinvestment Zone #3 (TIRZ) Sherley TractCITY OF ANNA, TEXAS
ORDINANCE NO. La-2021
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ANNA,
TEXAS, DESIGNATING A CONTIGUOUS GEOGRAPHIC AREA
WITHIN THE EXTRATERRIRORIAL JURISDICTION OF THE CITY AS
A TAX INCREMENT REINVESTMENT ZONE PURSUANT TO
CHAPTER 311 OF THE TEXAS TAX CODE, TO BE KNOWN AS TAX
INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF
ANNA; DESCRIBING THE BOUNDARIES OF THE ZONE; CREATING A
BOARD OF DIRECTORS FOR THE ZONE; ESTABLISHING A TAX
INCREMENT FUND FOR THE ZONE; CONTAINING FINDINGS
RELATED TO THE CREATION OF THE ZONE; PROVIDING A DATE
FOR THE TERMINATION OF THE ZONE; PROVIDING THAT THE
ZONE TAKE EFFECT IMMEDIATELY UPON PASSAGE OF THE
ORDINANCE; PROVIDING A SEVERABILITY CLAUSE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Anna, Texas (the "City"), pursuant to Chapter 311 of the Texas
Tax Code, as amended (the "Act"), may designate a geographic area within the extraterritorial
jurisdiction of the City as a tax increment reinvestment zone if the area satisfies the requirements
of the Act; and
WHEREAS, the Act provides that the governing body of a municipality by ordinance may
designate a contiguous or noncontiguous geographic area that is in the extraterritorial jurisdiction
of the municipality to be a reinvestment zone if the governing body determines that development
or redevelopment would not occur solely through private investment in the reasonably foreseeable
future; and
WHEREAS, the City Council of the City (the "City Council") desires for the City to
consider the creation of a tax increment reinvestment zone with the boundaries described in the
metes and bounds attached hereto as Exhibit A and more generally depicted in Exhibit B attached
hereto (the "Zone"); and
WHEREAS, pursuant to and as required by the Act, the City has prepared a Reinvestment
Zone Number Three, City of Anna, Texas Preliminary Project and Fina�acing Plan, dated July 13,
attached as Exhibit C (hereinafter referred to as the "Preliminary Project and Finance Plan") for a
proposed tax increment reinvestment zone containing the real property within the Zone; and
WHEREAS, notice of the public hearing on the creation of the proposed zone was
published in the official newspaper ofthe City on or before June 15, 2021, which date is the seventh
(7`h) day before the public hearing held on June 22, 2021; and
WHEREAS, on June 22, 2021, the City Council opened a public hearing in accordance
with Section 311.003(c) of the Act, and interested persons were allowed to speak for or against the
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creation of the Zone, the boundaries of the Zone, and the concept of tax increment financing, and
owners of property in the proposed Zone were given a reasonable opportunity to protest the
inclusion of their property in the Zone, and the City Council continued the hearing until July 13,
2021; and
WHEREAS, after all comments and evidence, both written and oral, were received by the
City Council, the public hearing was closed on July 13, 2021; and
WHEREAS, the public hearing was held in full accordance with Section 311.003(c) of the
Act; and
WHEREAS, the City has taken all actions required to create the Zone including, but not
limited to, all actions required by the home -rule Charter of the City, the Act, the Texas Open
Meetings Act (defined herein), and all other laws applicable to the creation of the Zone; and
WHEREAS, the percentage of the property in the proposed zone, excluding property that
is publicly owned, that is used for residential purposes is less than thirty percent; and
WHEREAS, a Preliminary Project and Finance plan has been prepared for the proposed
reinvestment zone.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF ANNA, TEXAS, THAT:
SECTION 1. RECITALS INCORPORATED.
The facts and recitations contained in the preamble of this Ordinance are hereby found and
declared to be true and correct and are incorporated and adopted as part of this Ordinance for all
purposes.
SECTION 2. FINDINGS.
That the City Council, after conducting the above described hearing and having heard the evidence
and testimony presented at the hearing, has made the following findings and determined based on
the evidence and testimony presented to it:
(a) That the public hearing on the creation of the proposed reinvestment zone has been properly
called, held and conducted and that notice of such hearing has been published as required by
applicable law, including the Act; and
(b) That creation of the proposed reinvestment zone with boundaries as described and depicted in
Exhibits A and B will result in beneftts to the City, its residents and property owners, in
general, and to the property, residents and property owners in the reinvestment zone; and
(c) That the proposed reinvestment zone, as described and depicted in Exhibits A and B, meets
the criteria for the creation of a reinvestment zone set forth in the Act in that:
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1. It is a geographic area located wholly within the extraterritorial jurisdiction of the City;
2. The area is predominately open, undeveloped or underdeveloped, and the lack of necessary
public improvements impairs sound growth of the City; and
(d) That 30 percent or less of the property in the proposed reinvestment zone, excluding property
dedicated to public use, is currently used for residential purposes; and
(e) That the total appraised value of taxable real property in the proposed reinvestment zone
according to the most recent appraisal rolls of the City, together with the total appraised value
of taxable real property in all other existing reinvestment zones within the City, according to
the most recent appraisal rolls of the City, does not exceed 50 percent of the current total
appraised value of taxable real property in the City and in the industrial districts created by the
City, if any; and
(f) That the improvements in the proposed reinvestment zone will significantly enhance the value
of all taxable real property in the proposed reinvestment zone and will be of general benefit to
the City; and
(g) That the development or redevelopment of the Property in the proposed reinvestment zone
will not occur solely through private investment in the reasonably foreseeable future; and
(h) The City Council has prepared the Preliminary Project and Finance Plan prior to the adoption
of this Ordinance; and
(i) The City Council finds that the Preliminary Project and Finance Plan is feasible.
SECTION 3. DESIGNATION AND NAME OF THE ZONE.
Pursuant to the authority of, and in accordance with the requirements of the Act, the City Council
hereby designates the area described and depicted in Exhibits A and B hereto as a tax increment
reinvestment zone. The name assigned to the zone for identification is Reinvestment Zone
Number Three, City of Anna (hereinafter referred to as the "Zone").
SECTION 4. BOARD OF DIRECTORS.
(a) The City Council hereby creates a board of directors for the Zone (hereinafter referred to as
the "Board") consisting of seven (7) members all appointed by the City Council. Council
Members may serve as Board members.
(b) The Board members appointed to the Board shall be eligible to serve on the Board if that
person is at least 18 years of age, and is a resident of the county in which the Zone is located
or a county adjacent to that county.
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(c) The Board shall make recommendations to the City Council concerning the administration,
management, and operation of the Zone. The Board shall prepare or cause to be prepared and
adopt a project plan and a reinvestment zone financing plan for the Zone (hereinafter referred
to as the "Project and Finance Plan") as required by the Act, and shall submit the Project and
Finance Plan to the City Council for approval. The Board shall consider amendments to the
Project and Finance Plan on its own initiative or upon submission by the City Council, but
amendments considered by Board shall not take effect unless and until adopted by City
Council.
(e) Directors shall not receive any salary or other compensation for their services as directors.
(f) Members of the Board shall be appointed for terms of two years. The terms of the Board
members may be staggered. The City Council may remove and replace Board members at any
time during a term.
(g) The initial Board shall be seven members and the following shall be members:
1. Mayor
2. City Councilmember, Place 1
3. City Councilmember, Place 2
4. City Councilmember, Place 3
5. City Councilmember, Place 4
6. City Councilmember, Place 5
7. City Councilmember, Place 6
The City Council hereby appoints Mayor to serve as chairman of the Board during the time the
initial Board is serving. Each year the City shall appoint one member of the Board to serve as
chairman for a term of one year that begins on January 1 of the year. If City Council does not
appoint a chairman during that period, the Mayor is automatically appointed to serve as
chairperson for the term that begins on January 1 of the following year. The Board may elect a
vice-chairman to preside in the absence of the chairman or when there is a vacancy in the office of
chairman. The Board may elect other officers as it considers appropriate.
SECTION 5. DURATION OF THE ZONE.
That the Zone shall take effect immediately upon the passage and approval of this Ordinance,
consistent with Section 311.004(a)(3) of the Act, and termination of the Zone shall occur upon any
of the following: (i) on December 31, 2052; or (ii) the amount of the City's contribution of the
Fax Increment into the Tax Increment Fund since the effective date of the Zone equals an amount
estimated to be $14,751,553, which amount is subject to a TIRZ par amount of $6,638,200.00 plus
six percent (6.00%) interest and TIRZ Administrative Expenses, as set forth in the Project and
Finance Plan ; or (iii) at such time, subsequent to the issuance of tax increment bonds, if any, that
all project costs, tax increment bonds, notes and other obligations of the Zone, and the interest
thereon, have been paid in full, in accordance with Section 311.017 of the Act; or (iv) at a time
designated by subsequent ordinance.
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SECTION 6. TAX INCREMENT BASE AND TAX INCREMENT.
Pursuant to Section 3119012(c) of the Act, the tax increment base of the City, or any other taxing
unit participating in the Zone, is the total taxable value, as of January 1, 2021, of all real property
taxable by the City or other taxing unit participating in the Zone, and located in the Zone for the
year in which the Zone was designated as a reinvestment zone (the "Tax Increment Base"). That
consistent with Section 311.012(a) of the Act, the amount of the tax increment for a year is an
amount no greater than fifty and 00/100 percent (50.00%), of real property taxes levied, assessed,
and collected by the City and all or a portion of property taxes of other taxing units participating
in the Zone and located in the Zone (as set forth in an agreement to participate in the Zone) for that
year on the Captured Appraised Value (defined below) of real property taxable by City or other
taxing unit participating in the Zone and located in the Zone (the "Tax Increment"). Consistent
with Section 311.012(b) of the Texas Tax Code, as amended, the Captured Appraised Value of
real property taxable by the City or other taxing unit participating in the Zone for a year is the total
appraised value of all real property taxable by the City or other taxing unit and located in the Zone
for that year less the Tax Increment Base (the "Captured Appraised Value").
SECTION 7. TAX INCREMENT FUND.
There is hereby created and established a "Tax Increment Fund" for the Zone that maybe divided
into subaccounts as authorized by subsequent ordinances, into which the Tax Increment of the
City, as such increments are described in the Project and Finance Plan and includes administration
costs, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the
Act, are to be deposited. The Tax Increment Fund and any subaccounts shall be maintained at the
affiliated depository bank of the City and shall be secured in the manner prescribed by law for
funds of Texas cities. In addition, all revenues to be dedicated to and used in the Zone shall be
deposited into the Tax Increment Fund from which money will be disbursed to pay project costs,
plus interest, for the Zone, however excess funds may be transferred to the City's general fund as
determined by the City.
SECTION 8. SEVERABILITY CLAUSE.
Should any provision, section, subsection, sentence, clause or phrase of this Ordinance be declared
unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any
and all remaining portions of this Ordinance shall remain in full force and effect. The City of
Anna hereby declares that it would have passed this Ordinance, and each provision, section,
subsection, sentence, clause or phrase thereof irrespective of the fact that any one or more
provisions, sections, subsections, sentences, clauses and phrases be declared unconstitutional or
invalid.
SECTION 9. OPEN MEETINGS.
It is hereby found, determined, and declared that sufficient written notice of the date, hour, place
and subject of the meeting of the City Council at which this Ordinance was adopted was posted at
a place convenient and readily accessible at all times to the general public at the City all of the
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City for the time required by law preceding its meeting, as required by the Texas Open Meetings
Act, Chapter 551 of the Texas Government Code, and that this meeting has been open to the public
as required by law at all times during which this Ordinance and the subject matter hereof has been
discussed, considered and formally acted upon. The City Council further ratifies, approves and
confirms such written notice and the contents and posting thereof.
SECTION 10. EFFECTIVE DATE.
This Ordinance shall take effect immediately upon its adoption in accordance with and as
provided by law and the City Charter.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY "r ANNA,
c;aiYie L. ems, laity aecretaiy
Land
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Exhibit A
Metes and Bounds Description of the Zone
109.402 Acres (Sherley Tract PID Improvement Area #1)
LEGAL DESCRIPTION
TRACT 1 (65.070 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED 1N THE J. KINCADE SURVEY,
ABSTRACT NUMBER 509, THE J. BOYLE SURVEY, ABSTRACT NUMBER 105, THE J.
ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY, ABSTRACT
NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN
COUNTY, TEXAS, BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED
TO MM ANNA 325, LLC TRACT 1 RECORDED IN INSTRUMENT NUMBER
20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND
BOUNDS AS FOLLOWS.
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER OF SAID TRACT OF
LAND TO MM ANNA 325, LLC BEING IN THE NORTH LINE OF THAT TRACT OF LAND
DESCRIBED BY DEED TO CADG HURRICANE CREEK, LLC RECORDED IN
INSTRUMENT NUMBER 201505290000631020 OF SAID O.P.R.C.C.T.;
THENCE N 00° 42' 12" W, 287.34 FEET WITH THE COMMON LINE OF SAID CADG TRACT
AND SAID MM ANNA 325 TRACT;
N 89° 17' 48" E, 110.00 FEET;
N 000 42' 12" W, 31.43 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 302.23 UTMT
THROUGH A CENTRAL ANGLE OF 32° 59' Ol ", HAVING A RADIUS OF 525.00
FEET, AND A LONG CHORD WHICH BEARS N 150 47' 19" E, 298.07 FEET;
N 320 16' 49" E, 45.65 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 7.44 FEET,
THROUGH A CENTRAL ANGLE OF 00° 30' 48", HAVING A RADIUS OF 830.00
FEET, AND A LONG CHORD WHICH BEARS N 570 58' 35" W, 7.44 FEET;
N 570 43' 11" W, 162.85 FEET;
S 320 16' S0" W, 605.17 FEET;
THENCE S 880 18' S0" W, 111.81 FEET TO THE NORTH LINE OF SAID CADG TRACT;
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THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID MM ANNA 325
TRACT THE FOLLOWING BEARINGS AND DISTANCES:
W, 366.07 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 520.46 FEET,
THROUGH A CENTRAL ANGLE OF 22" 45' 50", HAVING A RADIUS OF 1309097
FEET, AND A LONG CHORD WHICH BEARS N 40" 23' 55" E, 517.04 FEET;
W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 923.67 FEET,
THROUGH A CENTRAL ANGLE OF 440 28' 21", HAVING A RADIUS OF 1190.00
FEET, AND A LONG CHORD WHICH BEARS S 510 1511211 W, 900.66 FEET;
S 16° 30' 37" E, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.21 FEET,
THROUGH A CENTRAL ANGLE OF O10 11' 24", HAVING A RADIUS OF 1310.00
FEET, AND A LONG CHORD WHICH BEARS S 740 05' 05" W, 27.21 FEET;
S 31 ° 32' 06" W, 43.31 FEET;
S 12° 15' S2" E, 4.77 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE S 89° OS' 29" W, 95.27 FEET;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID TRACT OF LAND
TO MM ANNA 325, LLC THE FOLLOWING BEARINGS AND DISTANCES:
N 560 03' 28" W, 23.94 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.22 FEET,
THROUGH A CENTRAL ANGLE OF 01 ° 11' 26"5 HAVING A RADIUS OF 1310.00
FEET, AND A LONG CHORD WHICH BEARS S 810 23' 55" W, 27.22 FEET TO A
POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE.
N 080 00' 22" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 147.41 FEET,
THROUGH A CENTRAL ANGLE OF 07° OS' S1 ", HAVING A RADIUS OF 1190.00
FEET, AND A LONG CHORD WHICH BEARS S 850 3213411 W, 147.31 FEET;
S 890 OS' 29" W, 1,229.11 FEET;
N 450 54' 31" W, 42.43 FEET;
Sherley Tract TIRZ 443 Creation
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N 00° 54 31 W, 48.75 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 139.73 FEET,
THROUGH A CENTRAL ANGLE OF 120 0749", HAVING A RADIUS OF 660.00
FEET, AND A LONG CHORD WHICH BEARS N 050 09' 24" E, 139.47 FEET;
N 11 ° 13' 18" E, 45.96 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 101.09 FEET,
THROUGH A CENTRAL ANGLE OF 070 14' 23", HAVING A RADIUS OF 800.00
FEET, AND A LONG CHORD WHICH BEARS N 140 50' 30" E, 101.02 FEET;
N 20° 08' 12" E, 50.00 FEET;
N 21° 08' 00" E, 138.53 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 304.73 FEET,
THROUGH A CENTRAL ANGLE OF 270 42' 51 ", HAVING A RADIUS OF 630.00
FEET, AND A LONG CHORD WHICH BEARS N 070 16' 34" E, 301.77 FEET;
N 83° 25' 09" E, 130.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.75 FEET, THROUGH
A CENTRAL ANGLE OF 02° 28 08, HAVING A RADIUS OF 760.00 FEET, AND A
LONG CHORD WHICH BEARS N 070 4815511 W, 32.75 FEET;
N 800 57' O1" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 20.00 FEET,
THROUGH A CENTRAL ANGLE OF O1° 24' S3"5 HAVING A RADIUS OF 810.00
FEET, AND A LONG CHORD WHICH BEARS S 080 20' 32" E, 20.00 FEET;
N 83° 35' 40" E, 67.70 FEET;
S 870 45' S7" E, 468.26 FEET;
S 870 55' 48" E, 10.60 FEET;
N 010 44' 03" E, 20.00 FEET;
S 880 15' S7" E, 50.00 FEET;
S 01 ° 44' 03" W, 23.48 FEET;
N 89° 15' 16" E, 160.00 FEET;
Sherley Tract TIRZ 413 Creation
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E, 91.31 FEET;
N 81 ° 10' 42" E, 54.72 FEET;
N 75° 20' 06" E, 60.71 FEET;
E, 41.34 FEET;
E, 49.56 FEET;
N 61 ° 16' S0" E, 59.24 FEET;
N 56° 58' 45" E, 50.71 FEET;
N 55° 47' 22" E, 49.81 FEET;
N 58° 06' S2" E, 47.94 FEET;
N 57° 16' 20" E, 66.93 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 32.90 FEET,
THROUGH A CENTRAL ANGLE OF 01 ° 34 15, HAVING A RADIUS OF 1200.00
FEET, AND A LONG CHORD WHICH BEARS N 28° 4728" W, 32.90 FEET TO A
POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE.
N 61° 59' 39" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 45.85 FEET, THROUGH
A CENTRAL ANGLE OF 02° 17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A
LONG CHORD WHICH BEARS S 290 08' S3" E, 45.85 FEET;
N 590 42' 35" E, 120.15 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 434.10 FEET,
THROUGH A CENTRAL ANGLE OF 24° 08' S2", HAVING A RADIUS OF 1,030.00
FEET, AND A LONG CHORD WHICH BEARS S 420 21' 09" E, 430.90 FEET;
S 540 25' 35" E, 89.54 FEET;
N 240 51' 49" E, 70.52 FEET;
S 640 OS' 47" E, 100.01 FEET;
S 650 13' 30" E, 75.00 FEET;
Sherley Tract TIRZ #3 Creation
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N 69° 45 S4" E, 42.43 FEET;
N 24° 45' S4" E, 22.77 FEET;
S 65° 14' 06" E, 120.00 FEET;
W, 23.65 FEET;
S 19° 10' S3" E, 43.20 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 96.46 FEET,
THROUGH A CENTRAL ANGLE OF 05° 31' 37", HAVING A RADIUS OF 1000.00
FEET, AND A LONG CHORD WHICH BEARS S 590 58' 35" E, 96.43 FEET;
N 24° 45' S4" E, 31.64 FEET;
S 58° 13' 31" E, 50.38 FEET;
S 24° 45' S4" W, 33.83 FEET;
S 55° 20' 20" E, 104.47 FEET;
S 57° 43' 11" E, 272.85 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 33° 03' S7", 444.37 FEET HAVING
A RADIUS OF 770.00 FEET, AND A LONG CHORD WHICH BEARS S 74° 15 09 E,
438.23 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 49.91 FEET,
THROUGH A CENTRAL ANGLE OF 07° 37' 35"3 HAVING A RADIUS OF 375.00
FEET, AND A LONG CHORD WHICH BEARS N 070 38' 20" E, 49.88 FEET;
S 780 32' S2" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 06° 37' 24", 37.57 FEET HAVING A
RADIUS OF 325.00 FEET, AND A LONG CHORD WHICH BEARS S 08° 08' 26" W,
37.55 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 71.20 FEET, THROUGH
A CENTRAL ANGLE OF OS° 17' S3", HAVING A RADIUS OF 770.00 FEET, AND A
LONG CHORD WHICH BEARS N 820 48' 59" E, 71.18 FEET;
N 800 10' 03" E, 330.53 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 56.36 FEET,
THROUGH A CENTRAL ANGLE OF 03° 06' 19", HAVING A RADIUS OF 1,040.00
Sherley Tract TIRZ 443 Creation
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FEET, AND ALONG CHORD WHICH BEARS N 04° 30 13 W, 56.36 FEET TO A
POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE,
N 87° 02 S6" E, 80.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 191.58 FEET,
THROUGH A CENTRAL ANGLE OF 11° 26' 03 HAVING A RADIUS OF 960.00
FEET, AND A LONG CHORD WHICH BEARS S 080 40' OS" E, 191.26 FEET;
E, 121.17 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 100.60 FEET,
THROUGH A CENTRAL ANGLE OF 120 23' 42", HAVING A RADIUS OF 465.00
FEET, AND A LONG CHORD WHICH BEARS S 080 11' 16" E, 100.40 FEET;
S 01 ° 59' 25" E, 283.25 FEET;
THENCE S 89° 04' 42" W, 1264.39 FEET TO THE POINT OF BEGINNING AND
CONTAINING 25834,457 SQUARE FEET OR 65.070 ACRES MORE OR LESS;
TRACT 2 (44.332 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY,
ABSTRACT NUMBER 509, THE J. BOYLE SURVEY, ABSTRACT NUMBER 105, THE J.
ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J. ELLET SURVEY, ABSTRACT
NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN
COUNTY, TEXAS, BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED
TO MM ANNA 325, LLC TRACT 1 RECORDED IN INSTRUMENT NUMBER
20190411000386110 OF THE OFFICIAL PUBLIC RECORDS OF COLLIN COUNTY, TEXAS
(O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY METES AND
BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER IN PLAT TO URBAN
CROSSING RECORDED IN INSTRRMENT NUMBER 20131227010003710 OF THE PLAT
RECORDS OF COLLIN COUNTY, TEXAS (P.R.C.C.T.) AND BEING IN THE NORTH LINE
OF SAID MM ANNA 325 TRACT;
THENCE FOLLOWING THE SOUTH LINE OF SAID URBAN CROSSING TRACT AND THE
NORTH LINE OF SAID MM ANNA 325 TRACT THE FOLLOWING BEARINGS AND
DISTANCES:
S 89° 47' 13" E, 602.59 FEET;
N 880 59' 00" E, 461.54 FEET;
THENCE DEPARTING SAID COMMON LINE OVER AND ACROSS SAID MM ANNA 32S
Sherley Tract TIRZ 443 Creation
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TRACT THE FOLLOWING BEARINGS AND DISTANCES:
S O1 ° 10 22 E, 231.65 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 1,023.35 FEET,
THROUGH A CENTRAL ANGLE OF 310 31' 24", HAVING A RADIUS OF 1860400
FEET, AND ALONG CHORD WHICH BEARS S 400 31' 36" W, 1010.49 FEET;
S 24° 45' S4" W, 220.34 FEET;
S 24° 45' S4" W, 22.77 FEET;
S 69° 45' S4" W, 42.43 FEET;
N 65° 13' 30" W, 75.00 FEET;
N 64° OS' 47" W, 100.01 FEET;
S 24° 51' 49" W, 70.52 FEET;
N 54° 25' 35" W , 89.54 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 434.10 FEET,
THROUGH A CENTRAL ANGLE OF 24° 08 S2", HAVING A RADIUS OF 1030.00
FEET, AND A LONG CHORD WHICH BEARS N 420 21' 09" W, 430.90 FEET;
S 59° 42' 35" W, 120.15 FEET TO THE BEGINNING OF A CURVFE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 45.85 FEET,
THROUGH A CENTRAL ANGLE OF 02° 17' 04"5 HAVING A RADIUS OF 1150.00
FEET, AND A LONG CHORD WHICH BEARS N 290 08' 53" W, 45.85 FEET;
S 61° 59' 'I nil W, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.90 FEET, THROUGH
A CENTRAL ANGLE OF 01 ° 34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A
LONG CHORD WHICH BEARS S 280 4712811 E, 32.90 FEET;
S 570 16' 20" W, 66.93 FEET;
S 580 06' S2" W, 47.94 FEET;
S 550 4712211 W, 49.81 FEET;
S 560 58' 45" W, 50.71 FEET;
Sherley Tract TIRZ #3 Creation
Page 14
S 61 ° 16 Oki W, 59.24 FEET;
S 66° 36 18 W, 49.56 FEET;
W, 41.34 FEET;
S 75° 20' 06" W, 60.71 FEET;
W, 54.72 FEET;
S 84° 17' S9" W, 91.31 FEET;
S 89° 15' 16" W, 160.00 FEET;
N O1 ° 44' 03" E, 23.48 FEET;
N 01 ° 44' 03" E, 104.07 FEET;
S 88° 15' S7" E, 10.50 FEET;
N 01 ° 44' 03" E, 50.00 FEET;
N 88° 15' S7" W, 109.33 FEET;
N O1° 44' 03" E, 130.00 FEET;
N 00° 53' 08" E, 401.03 FEET;
N 680 31' 37" E, 311.47 FEET;
N 270 44' 36" E, 271.58 FEET;
N 780 55' 21" E, 359.52 FEET;
N 890 19' 48" E, 60.00 FEET;
N 890 19' 48" E, 369.75 FEET TO THE WEST LINE OF SAID URBAN CROSSING;
THENCE S 00° OS' OS" E, 5.70 FEET TO THE POINT OF BEGINNING AND CONTAINING
1,931,085 SQUARE FEET OR 44.332 ACRES MORE OR LESS.
Sherley Tract TIRZ #3 Creation
Page 15
£I!la»a
9e !alon of Zone
Sh de T!a tT � # C e 60
Pa c!6
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w
Exhibit C
Preliminary Project Plan and Finance all
Sherley Tract TIRZ #3 Creation
Page 17
S
REINVESTMENT ZONE NUMBER THREE,
CITY OF ANNA, TEXAS
PRELIMINARY PROJECT AND FINANCING PLAN
J u Lv 131 2021
TABLE OF CONTENTS
Tableof Contents..........................................................................................................................................1
Section1: Introduction.................................................................................................................................2
Section2: Description and Maps.................................................................................................................. 4
Section 3: Proposed Changes to Ordinances, Plans, Codes, Rules, and Regulations...................................4
Section 4: Relocation of Displaced Persons.................................................................................................. 5
Section 5: Estimated Non -Project Costs. 0 0 a 9 5
Section 6: Proposed Public Improvements...................................................................................................5
Section 7: Estimated Project Costs. 5
Section 8: Economic Feasibility. . 0 a 0 a a 6
Section 9: Estimated Bonded Indebtedness.................................................................................................7
Section10: Appraised Value......................................................................................................................... 7
Section11: Method of Financing..................................................................................................................7
Section 12: Duration of the Zone, Termination............................................................................................ 8
Listof Exhibits...............................................................................................................................................8
Appendix A — Legal Description. 4 0 0 s 4 s a a a s 0 0 a a 0 * a 0 0 0 0 0 9
AppendixB — Map. . 0 0 a a 0 9 0 a 6 6 * a 0 a 0 4 4 4 M M M a a s K a 0 a 0 0 0 an a a a a a @a 4 6 6 a a a 8 4 M M M M 0 a a a a a a 0 0 0 a 0 0 a 6 6 0 a 6 0 a a 6 a 0 0 a 8 0 0 4 0 0 4 s s s a M 0 a 0 a M M a 0 M a 0 0 a 0 a 0 6 b a a 0 0 4 a 4 a 4 s 0 a M s M s M a M M M 16
Appendix C — List of Non -Project Costs................ 0 0 0 0 a a a 6 6 6 6 6 6 a 0 0 0 0 0 a 4 4 6 s 17
Appendix D — List of Project Costs..............................................................................................................18
Appendix E — Estimated Timeline of Incurred Costs...................................................................................19
AppendixF — Feasibility Study.................................................................................................................... 20
- -- ---------- - --- - ---
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS
PRELIMINARY PROJECT AND FINANCE PLAN
1
SECTION 1: INTRODUCTION
1.1 Authority and Purpose
The City of Anna, Texas, a Texas home -rule municipalityauthority under
Chapter 311, Texas Tax Code, Tax Increment Financing Act, as amended (the "Act") to designate
a contiguous or noncontiguous geographic area within the corporate limits or extraterritorial
jurisdiction of the City as a tax increment reinvestment zone to promote development or
redevelopment of the area because the governing body of the City (the "City Council") has
determined that development or redevelopment would not occur solely through private
investment in the reasonably foreseeable future, that the Zone is feasible, and that creation of
the Zone is in the best interest of the City and the property in the Zone. The purpose of the Zone
is to facilitate such development or redevelopment by financing the costs of public works, public
improvements, programs, and other projects benefiting the Zone, plus other costs incidental to
those expenditures, all of which costs are authorized by the Act.
1.2 Eligibility Requirements
An area is eligible under the Act to be designated as a tax increment reinvestment zone if it is
predominantly open or undeveloped and, because of obsolete platting, deterioration of
structures or site improvements, or other factors, substantially impairs or arrests the sound
growth of the City. The City cannot, however, designate a zone if more than thirty percent (30%)
of the property in the proposed zone, excluding property that is publicly owned, is used for
residential purposes, or if the total appraised value of taxable real property in the proposed zone
and in existing reinvestment zones exceeds fifty percent (50%) of the total appraised value of
taxable real property in the City and in industrial districts created by the City.
1.3 Proposed Zone
The City Council intends to create a tax increment reinvestment zone to be known as
"Reinvestment Zone Number Three, City ofAnna, Texas" (the "Zone")that includes approximately
109.402 acres of land as described on by legal description on Appendix A and depicted on
Appendix B (the "Property"). The Property is owned by MM Anna 325, LLC, a Texas limited
liability company (the "Owner"). The Property is currently located within the extraterritorial
jurisdiction of the City, and is therefore not zoned. However, it is anticipated that upon
annexation into the City, the Property will be zoned planned development district for residential
uses. The Property is undeveloped, and due to its size, location, and physical characteristics,
deveIopment will not occur solely through private investment in the foreseeable future. The
Property substantially impairs and arrests the sound growth of the City because it is
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 2
PRELIMINARY PROJECT AND FINANCE PLAN
predominately open and undeveloped due to factors such as the lack of public infrastructure and
the need for economic incentive to attract development to the Zone for the purpose of providing
long-term economic benefits including, but not limited to, increased real property tax base for
all taxing units in the Zone. If the public improvements, and other projects are financed as
contemplated by this Preliminary Plan (hereinafter defined), the City envisions that the Property
will be developed to take full advantage of the opportunity to bring to the City, Collin County,
Texas (the "County"), the initial phase of a quality master planned residential and commercial
development.
1.4 Preliminary Plan and Hearing
Before the City Council adopts the ordinance designating the Zone, the City Council must prepare
a preliminary reinvestment zone financing plan in accordance with the Act and hold a public
hearing on the creation of the proposed Zone and its benefits to the City and to the Property, at
which public hearing interested persons are given the opportunity to speak for and against the
creation of the proposed Zone, the boundaries of the proposed Zone and the concept of tax
increment financing, and at which hearing the owners of the Property will be given a reasonable
opportunity to protest the inclusion of their Property in the proposed Zone. The requirement of
the Act for a preliminary reinvestment zone financing plan is satisfied by this Preliminary Plan
dated July 13th, 2021 (the "Preliminary Plan"), the purpose of which is to describe, in general
terms, the public improvements that will be undertaken and financed by the Zone. A description
of how such public improvements and projects will be undertaken and financed will be
determined by the Final Plan and by the TIRZ Agreement (both hereinafter defined), which
require approval by the Board (hereinafter defined) and by the City Council,
1.5 Creation of the Zone
Upon the closing of the above referenced public hearing, the City Council may adopt an ordinance
in accordance with the Act creating the Zone if (1) the City Council finds that development or
redevelopment of the Property would not occur solely through private investment in the
reasonably foreseeable future, (2) that the Zone is feasible, and (3) that improvements in the
Zone will significantly enhance the value of all the taxable real property in the Zone and will be
of general benefit to the City. Among other provisions required by the Act, the ordinance creating
the Zone will appoint a Board of Directors for the Zone (the "Board").
1.6 Board Recommendations
After the creation of the Zone, the Board will review this Preliminary Plan and approve and
recommend to the City Council a "Reinvestment Zone Number Three, City of Anna, Texas, Final
Project and Finance Plan" (the "Final Plan"), and an agreement between the Owner, Board, and
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 3
PRELIMINARY PROJECT AND FINANCE PLAN
City (the "TIRZ Agreement") pursuant to which the City will contribute a portion of its ad valorem
tax increment attributable to new development in the Zone (the "Tax Increment") into a tax
increment fund created by the City and segregated from all other funds of the City (the "TIRZ
Fund") to pay to the Owner or its assigns, in accordance with the TIRZ Agreement, the costs of
public improvements and other projects benefiting the Zone.
1.7 Council Action
The City Council will take into consideration the recommendations ofthe Board and will consider
approval of the Final Plan and the TIRZ Agreement. If the TIRZ Agreement is approved, the City
Council will authorize and direct its execution.
• • • W WMA I ILI I FA ILYA V A IMM-11MAN"
2.1 Existing Uses and Conditions
The Property is currently located within the extraterritorial jurisdiction of the City and is not
zoned, however is anticipated that the Property will be annexed into the City, and zoned planned
development district, in accordance with the City's zoning ordinance. The Property is
undeveloped, and there is no public infrastructure to support development. Development will
require extensive public infrastructure that: (1) the City cannot provide, and (2) will not be
provided solely through private investment in the foreseeable future. A map of the Property and
the proposed Zone is shown on Appendix B.
2.2 Proposed Uses
The proposed use of the Property is the of a residential master planned community expected to
contain 499 single family residential lots. It is anticipated that the development will be annexed
into the corporate limits of the City.
SECTION 3: PROPOSED CHANGES TO ORDINANCES, PLANS, CODES, RULES, AND
REGULATIONS
The Property is wholly located in the extraterritorial jurisdiction of the City and shall be subject
to the City's zoning regulation upon annexation into the City. The City has exclusive jurisdiction
over the subdivision and platting of the property within the Property and the design,
construction, installation, and inspection of water, sewer, drainage, roadway, and other public
infrastructure. No proposed changes to zoning ordinances, comprehensive plan, building codes,
subdivision rules, or other municipal ordinances are planned.
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 4
PRELIMINARY PROJECT AND FINANCE PLAN
SECTION 4: RELOCATION OF DISPLACED PERSONS
No persons will be displaced and in need of relocation due to the creation of the Zone or
implementation of the Final Plan.
SECTION S: ESTIMATED NON -PROJECT COSTS
Non -project costs are private funds that will be spent to develop in the Zone but will not be
financed by the Zone. The list of non -project costs is shown on Appendix C, and are estimated to
be approximately $105 million.
6.1 Categories of Public Improvements
The proposed public improvements to be financed by the Zone include road, water, sanitary
sewer, storm drainage, and professional services (the "Public Improvements"), as depicted in
Appendix D. All Public Improvements shall be designed and constructed in accordance with all
applicable City standards and shall otherwise be inspected, approved, and accepted by the City.
At the City's option, the Public Improvements may be expanded to include any other category of
improvements authorized by the Act.
6.2 Locations of Public Improvements
The estimated locations of the proposed Public Improvements are described in the Subdivision
Improvement Agreement, between the City, the Owner, and BFB Ana 40 Acres, LLC, approved on
June loth 2020 as amended (the "Development Agreement"). These locations may be revised,
with the approval of the City, from time to time without amending the Final Plan.
SECTION 7: ESTIMATED PROJECT COSTS
7.1 Project Costs
The total costs for projects in the Zone, which includes a portion of the Public Improvements
Costs (hereinafter defined) and the cost of administering the Zone, are estimated to be $12.1
million (the "Project Costs"), as shown on Appendix D.
7.2 Estimated Costs of Public Improvements
The estimated costs of the Public Improvements (the "Public Improvement Costs") within the
Zone are $11.5 million, as shown on Appendix D.
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS 5
PRELIMINARY PROJECT AND FINANCE PLAN
7.3 Estimated Administrative Costs
The estimated costs for administration of the Zone shall be the actual, direct costs paid or
incurred by or on behalf of the City to administer the Zone (the "Administrative Costs"). The
Administrative Costs include the costs of professional services, including those for planning,
engineering, and legal services paid by or on behalf of the City. The Administrative Costs also
include organizational costs, the cost of publicizing the creation of the Zone, and the cost of
implementing the project plan for the Zone paid by or on behalf of the City that are directly
related to the administration of the Zone. The Administrative Costs shall be paid each year from
the TIRZ Fund before any other Project Costs are paid. The Administrative Costs are estimated to
be $15,000 per year beginning 2021 and escalating at two percent (2%) thereafter.
7.4 Estimated Timeline of Incurred Costs
The Administrative Costs will be incurred annually beginning at the time the Zone is created and
through the duration of the Zone. It is estimated the Project Costs will be incurred during calendar
years 2022, 2023, and 2024, as shown on Appendix E.
8.1 Feasibility Study
For purposes of this Preliminary Plan, economic feasibility has been evaluated over the term of
the Zone, as shown on Appendix F (the "Feasibility Study"). This evaluation focuses on only direct
financial benefits (i.e. ad valorem tax revenues from the development of Public Improvements in
the Zone). Based on the Feasibility Study, during the term of the Zone, new development (which
would not have occurred but for the Zone) will generate approximately $27 million in total new
City real property tax revenue. The City, as a participant, will benefit from the new development
within the Zone and will retain approximately $13 million in net additional real property tax
revenue. The remaining additional revenue will be deposited in the TIRZ Fund to pay Project
Costs.
The Feasibility Study shows a portion of the new real property tax revenue generated by the Zone
will be retained by the City. The remainder of the new real property tax revenue generated within
the Zone will be available to pay Project Costs, until the term expires or is otherwise terminated.
One hundred percent (100%) of all taxing revenues generated for other taxing entities by the
new development within the Zone will be retained by the respective taxing entities. Upon
expiration or termination of the Zone, one hundred percent (100%) of all tax revenue generated
within the Zone will be retained by the respective taxing entities. Based on the foregoing, the
feasibility of the Zone has been demonstrated.
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS 6
PRELIMINARY PROJECT AND FINANCE PLAN
SECTION•BONDED INDEBTEDNESS
No bonded indebtedness issued by the City pursuant to the Act is contemplated.
SECTION 10aAPPRAISED
10.1 Current Appraised Value
The current total appraised value of taxable real property in the Zone is $0, which represents the
Tax Increment Base, (the "Tax Increment Base") of the Property and is determined by the Collin
Central Appraisal District in accordance with Section 311.012(c) of the Act.
10.2 Estimated Captured Appraised Value
The amount of the Tax Increment for a year during the term of the Zone is the amount of property
taxes levied and collected by the City for that year on the captured appraised value of the
Property less the Tax Increment Base of the Property, (the "Captured Appraised Value"). The Tax
Increment Base of the Property is the total taxable value of the Property for the year in which
the Zone was designated, as described in Section 10.1 above. It is estimated that upon expiration
of the term of the Zone, the total Captured Appraised Value of taxable real property in the Zone
will be approximately $207 million, as shown on Appendix F. The actual Captured Appraised
Value, as certified by the Collin Central Appraisal District will, for each year, will be used to
calculate annual payment by the City into the TIRZ Fund pursuant to the Final Plan.
SECTION 11: METHOD OF FINANCING
Pursuant to the Development Agreement, the Owner has paid, and will in the future pay, those
Project Costs attributable to the Public Improvements and will construct or cause to be
constructed the Public Improvements. The Final Plan shall obligate the City to deposit into the
TIRZ Fund each year for the duration of the Zone an amount equal to fifty percent (50%) of the
Captured Appraised Value in the Zone levied and collected that constitutes the Tax Increment for
that year. For example, in FY 2021, the City tax rate is $0.5830 per $100 of assessed value,
therefore the City will contribute $0.2915 per $100 of the Captured Appraised Value in the Zone
levied and collected. Funds deposited into the TIRZ Fund shall always first be applied to pay the
Administrative Costs. After the Administrative Costs have been paid, funds in the TIRZ Fund shall
next be used to fund the Public Improvements. All payments of Project Costs shall be made solely
from the TIRZ Fund and from no other funds of the City unless otherwise approved by the
governing body, and the TIRZ Fund shall only be used to pay the Project Costs in accordance with
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS �
PRELIMINARY PROJECT AND FINANCE PLAN
the Final Plan and the TIRZ Agreement. The City may amend the Final Plan in compliance with the
TIRZ Agreement, including but not limited to what is considered a Project Cost,
SECTION 12: DURATION OF THE ZONE, TERMINATION
12.1 Duration
The stated term of the Zone shall commence on the creation of the Zone, and shall continue for
thirty (30) years, with the last payment being received by January 31, 2052 unless otherwise
terminated in accordance with the TIRZ Creation Ordinance.
12.2 Termination
The Zone will terminate prior to the expiration of its stated term if all Project Costs have been
fully funded. If upon expiration of the stated term of the Zone, the Project Costs have not been
fully funded the City shall have no obligation to pay the shortfall and the term shall not be
extended. The provisions of this section shall be included in the TIRZ Agreement. Nothing in this
section is intended to prevent the City from extending the term of the Zone in accordance with
the Act.
Appendix A Legal Description
Appendix B Map
Appendix C List of Non -Project Costs
Appendix D List of Project Costs
Appendix E Estimated Timeline of Incurred Costs
Appendix F Feasibility Study
REINVESTMENT ZONE N0. 3, CITY OF ANNA, TEXAS S
PRELIMINARY PROJECT AND FINANCE PLAN
APPENDIX LEGAL SISSISSDESCRIPTION
TRACT 1 (65.070 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509,
THE J. BOYLE SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J.
ELLET SURVEY, ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN
COUNTY, TEXAS, BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325,
LLC TRACT 1 RECORDED IN INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC
RECORDS OF COLLIN COUNTY, TEXAS (O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY
METES AND BOUNDS AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHWEST CORNER OF SAID TRACT OF LAND TO MM ANNA
325, LLC BEING IN THE NORTH LINE OF THATTRACT OF LAND DESCRIBED BY DEED TO CADG HURRICANE
CREEK, LLC RECORDED IN INSTRUMENT NUMBER 201505290000631020 OF SAID O.P.R.C.C.T.;
THENCE N 00° 42' 12" W, 287.34 FEET WITH THE COMMON LINE OF SAID CADG TRACT AND SAID MM
ANNA 325 TRACT;
N 890 17' 48" E, 110.00 FEET;
N 000 42' 12" W, 31.43 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 302.23 FEET, THROUGH A CENTRAL
ANGLE OF 320 59' 01', HAVING A RADIUS OF 525.00 FEET, AND A LONG CHORD WHICH BEARS N
150 47' 19" E, 298.07 FEET;
N 320 16' 49" E, 45.65 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 7.44 FEET, THROUGH A CENTRAL ANGLE
OF 00° 30' 48", HAVING A RADIUS OF 830.00 FEET, AND A LONG CHORD WHICH BEARS N 57° 58'
35 W, 7.44 FEET;
N 570 43' 11" W, 162.85 FEET;
S 320 1615011 W, 605.17 FEET;
THENCE S 880 18' 50" W, 111.81 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE DEPARTING SAID NORTH LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE FOLLOWING
BEARINGS AND DISTANCES:
N 450 0815811 W, 366.07 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 520.46 FEET, THROUGH A CENTRAL
ANGLE OF 22° 45' S0", HAVING A RADIUS OF 1309.97 FEET, AND A LONG CHORD WHICH BEARS
N 400 23' 55" E, 517.04 FEET;
N 600 5815911 W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
I III IRS
REINVESTMENT ZONE NO. 3, CITY Of ANNA, TEXAS 9
PRELIMINARY PROJECT AND FINANCE PLAN
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 923.67 FEET, THROUGH A CENTRAL
ANGLE OF 440 28' 21", HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS
S 510 1511211 W, 900.66 FEET;
S 16° 30' 37" E, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.21 FEET, THROUGH A CENTRAL
ANGLE OF 010 11' 24", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS
S 740 05' 05" W, 27.21 FEET;
S 31° 32' 06" W, 43.31 FEET;
S 12° 15' S2" E, 4.77 FEET TO THE NORTH LINE OF SAID CADG TRACT;
THENCE S 89° 05' 29" W, 95.27 FEET;
THENCE
DEPARTING
SAID NORTH
LINE OVER AND ACROSS SAID TRACT OF LAND TO MM ANNA 325, LLC
THE
FOLLOWING
BEARINGS AND
DISTANCES:
N 56° 03' 28" W, 23.94 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 27.22 FEET, THROUGH A CENTRAL
ANGLE OF 010 11' 26", HAVING A RADIUS OF 1310.00 FEET, AND A LONG CHORD WHICH BEARS
S 810 23' 55" W, 27.22 FEETTO A POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE.
N 080 00' 22" W, 120.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 147.41 FEET, THROUGH A CENTRAL
ANGLE OF 07° 05 51, HAVING A RADIUS OF 1190.00 FEET, AND A LONG CHORD WHICH BEARS
S 850 32' 34" W, 147.31 FEET;
S 890 05' 29" W, 1,229.11 FEET;
N 450 54' 31" W, 42.43 FEET;
N 000 54' 31" W, 48.75 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 139.73 FEET, THROUGH A CENTRAL
ANGLE OF 12° 07' 49"1 HAVING A RADIUS OF 660.00 FEET, AND A LONG CHORD WHICH BEARS N
050 09' 24" E, 139.47 FEET;
N 110 13' 18" E, 45.96 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 101.09 FEET, THROUGH A CENTRAL
ANGLE OF 07° 14' 23", HAVING A RADIUS OF 800.00 FEET, AND A LONG CHORD WHICH BEARS N
140 50' 30" E, 101.02 FEET;
N 200 08' 12" E, 50.00 FEET;
N 21° 08' 00" E, 138.53 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 10
PRELIMINARY PROJECT ANO FINANCE PLAN
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 304.73 FEET, THROUGH A CENTRAL
ANGLE OF 270 42' 51", HAVING A RADIUS OF 630.00 FEET, AND A LONG CHORD WHICH BEARS N
070 16' 34" E, 301.77 FEET;
E, 130.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.75 FEET, THROUGH A CENTRAL ANGLE
OF 020 28' 08", HAVING A RADIUS OF 760.00 FEET, AND A LONG CHORD WHICH BEARS N 070 48'
55 W, 32.75 FEET;
N 80° 57' 01" E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 20.00 FEET, THROUGH A CENTRAL
ANGLE OF 010 24' 53", HAVING A RADIUS OF 810.00 FEET, AND A LONG CHORD WHICH BEARS S
080 20' 32" E, 20.00 FEET;
N 83° 35' 40" E, 67.70 FEET;
S 87° 45' S7" E, 468.26 FEET;
48" E, 10.60 FEET;
N 010 44' 03" E, 20.00 FEET;
S 880 15' S7" E, 50.00 FEET;
S 010 44' 03" W, 23.48 FEET;
N 890 15' 16" E, 160.00 FEET;
N 840 17' S9" E, 91.31 FEET;
N 810 10' 42" E, 54.72 FEET;
N 750 20' 06" E, 60.71 FEET;
N 700 47' 30" E, 41.34 FEET;
N 660 36' 18" E, 49.56 FEET;
N61016'50" E,59.24FEET;
N 560 58' 45" E, 50.71 FEET;
N 550 47' 22" E, 49.81 FEET;
N 58° 06' 52" E, 47.94 FEET;
N 57° 16' 20" E, 66.93 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL
ANGLE OF 01° 34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS
N 280 4712811 W, 32.90 FEET TO A POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE.
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS
PRELIMINARY PROJECT AND FINANCE PLAN 11
N 61° 59 39 E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL ANGLE
OF 020 17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS S 290
08' 53" E, 45.85 FEET;
E, 120.15 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL
ANGLE OF 240 08' 52", HAVING A RADIUS OF 1,030.00 FEET, AND A LONG CHORD WHICH BEARS
S 420 21' 09" E, 430.90 FEET;
S 54° 25' 35" E, 89.54 FEET;
N 24° 51' 49" E, 70.52 FEET;
S 64° 05' 47" E, 100.01 FEET;
S 65° 13' 30" E, 75.00 FEET;
N 69° 45' S4" E, 42.43 FEET;
N 24° 45' S4" E, 22.77 FEET;
S 650 14' 06" E, 120.00 FEET;
S 240 45' S4" W, 23.65 FEET;
S 19° 10' S3" E, 43.20 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 96.46 FEET, THROUGH A CENTRAL
ANGLE OF 05° 31 37, HAVING A RADIUS OF 1000.00 FEET, AND A LONG CHORD WHICH BEARS
S 590 58' 35" E, 96.43 FEET;
N 240 45' 54" E, 31.64 FEET;
S 580 13' 31" E, 50.38 FEET;
S 240 4515411 W, 33.83 FEET;
S 550 20' 20" E, 104.47 FEET;
S 570 43' 11" E, 272.85 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 33° 03' 57"1 444.37 FEET HAVING A RADIUS OF
770.00 FEET, AND A LONG CHORD WHICH BEARS S 74° 15' 09" E, 438.23 FEET TO THE
BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 49.91 FEET, THROUGH A CENTRAL
ANGLE OF 07° 37' 35", HAVING A RADIUS OF 375.00 FEET, AND A LONG CHORD WHICH BEARS N
070 38' 20" E, 49.88 FEET;
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 12
PRELIMINARY PROJECT AND FINANCE PLAN
S 78° 32 52 E, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, THROUGH 06° 37 24, 37.57 FEET HAVING A RADIUS OF 325.00
FEET, AND ALONG CHORD WHICH BEARS S 080 08' 26" W, 37.55 FEET TO THE BEGINNING OF A
CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 71.20 FEET, THROUGH A CENTRAL ANGLE
OF 050 17' 53", HAVING A RADIUS OF 770.00 FEET, AND A LONG CHORD WHICH BEARS N 820 48'
59" E, 71.18 FEET;
N 80° 10' 03" E, 330.53 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 56.36 FEET, THROUGH A CENTRAL
ANGLE OF 030 06' 19", HAVING A RADIUS OF 1,040.00 FEET, AND A LONG CHORD WHICH BEARS
N 040 3011311 W, 56.36 FEET TO A POINT OF INTERSECTION WITH A NON -TANGENTIAL LINE,
N 87° 02' S6" E, 80.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 191.58 FEET, THROUGH A CENTRAL
ANGLE OF 110 26' 03", HAVING A RADIUS OF 960.00 FEET, AND A LONG CHORD WHICH BEARS S
080 40' 05" E, 191.26 FEET;
S 140 23' 07" E, 121.17 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 100.60 FEET, THROUGH A CENTRAL
ANGLE OF 120 23' 42", HAVING A RADIUS OF 465.00 FEET, AND A LONG CHORD WHICH BEARS S
080 11' 16" E, 100.40 FEET;
S 01° 59' 25" E, 283.25 FEET;
THENCE S 890 04' 42" W, 1264.39 FEET TO THE POINT OF BEGINNING AND CONTAINING 2,834,457
SQUARE FEET OR 65.070 ACRES MORE OR LESS;
TRACT 2 (44.332 ACRES)
BEING THAT CERTAIN TRACT OF LAND SITUATED IN THE J. KINCADE SURVEY, ABSTRACT NUMBER 509,
THE J. BOYLE SURVEY, ABSTRACT NUMBER 105, THE J. ROBERTS SURVEY, ABSTRACT NUMBER 760, THE J.
ELLET SURVEY, ABSTRACT NUMBER 296, AND THE W. RATTAN SURVEY, ABSTRACT NUMBER 752, COLLIN
COUNTY, TEXAS, BEING A PORTION OF THAT TRACT OF LAND DESCRIBED IN DEED TO MM ANNA 325,
LLC TRACT 1 RECORDED IN INSTRUMENT NUMBER 20190411000386110 OF THE OFFICIAL PUBLIC
RECORDS OF COLLIN COUNTY, TEXAS (O.P.R.C.C.T.) AND BEING MORE PARTICULARLY DESCRIBED BY
METES AND BOUNDS AS FOLLOWS:
BEGINNING ATTHE MOST SOUTHERLY SOUTHWEST CORNER IN PLAT TO URBAN CROSSING RECORDED
IN INSTURMENT NUMBER 20131227010003710 OFTHE PLAT RECORDS OF COLLIN COUNTY, TEXAS
(P.R.C.C.T.) AND BEING IN THE NORTH LINE OF SAID MM ANNA 325 TRACT;
THENCE FOLLOWING THE SOUTH LINE OF SAID URBAN CROSSING TRACT AND THE NORTH LINE OF SAID
MM ANNA 325 TRACT THE FOLLOWING BEARINGS AND DISTANCES:
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS 13
PRELIMINARY PROJECT ANO FINANCE PLAN
S 89° 47 13 E, 602.59 FEET;
E, 461.54 FEET;
THENCE DEPARTING SAID COMMON LINE OVER AND ACROSS SAID MM ANNA 325 TRACT THE
FOLLOWING BEARINGS AND DISTANCES:
E, 231.65 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 1,023.35 FEET, THROUGH A CENTRAL
ANGLE OF 310 31' 24", HAVING A RADIUS OF 1860.00 FEET, AND A LONG CHORD WHICH BEARS
S 400 3113611 W, 1010.49 FEET;
S 24° 45' S4" W, 220.34 FEET;
S 24° 45' S4" W, 22.77 FEET;
S 69° 45' 54" W, 42.43 FEET;
N 65° 13' 30" W, 75.00 FEET;
N 64° 05' 47" W, 100.01 FEET;
S 240 51' 49" W, 70.52 FEET;
N 540 25' 35" W , 89.54 FEET TO THE BEGINNING OF A CURVE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 434.10 FEET, THROUGH A CENTRAL
ANGLE OF 24° 08 52, HAVING A RADIUS OF 1030.00 FEET, AND A LONG CHORD WHICH BEARS
N 420 21' 09" W, 430.90 FEET;
S 590 42' 35" W, 120.15 FEET TO THE BEGINNING OF A CURVFE TO THE RIGHT;
WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 45.85 FEET, THROUGH A CENTRAL
ANGLE OF 02° 17' 04", HAVING A RADIUS OF 1150.00 FEET, AND A LONG CHORD WHICH BEARS
N 290 08' 53" W, 45.85 FEET;
S 610 59' 39" W, 50.00 FEET TO THE BEGINNING OF A CURVE TO THE LEFT;
WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 32.90 FEET, THROUGH A CENTRAL ANGLE
OF 01° 34' 15", HAVING A RADIUS OF 1200.00 FEET, AND A LONG CHORD WHICH BEARS S 28°
47' 28" E, 32.90 FEET;
S 570 16' 20" W, 66.93 FEET;
S 58° 06' S2" W, 47.94 FEET;
S 55° 47' 22" W, 49.81 FEET;
S 56° 58' 45" W, 50.71 FEET;
W, 59.24 FEET;
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS 14
PRELIMINARY PROJECT AND FINANCE PLAN
S 66° 36 18 W, 49.56 FEET;
S 70° 47' 30" W, 41.34 FEET;
S 75° 20' 06" W, 60.71 FEET;
S 81° 10' 42" W, 54.72 FEET;
W, 91.31 FEET;
W, 160.00 FEET;
N 01° 44' 03" E, 23.48 FEET;
N 01° 44' 03" E, 104.07 FEET;
S 88° 15' S7" E, 10.50 FEET;
N 01° 44' 03" E, 50.00 FEET;
N 88° 15' S7" W, 109.33 FEET;
N 01° 44' 03" E, 130.00 FEET;
N 000 53' 08" E, 401.03 FEET;
N 680 31' 37" E, 311.47 FEET;
N 270 44' 36" E, 271.58 FEET;
N 780 55' 21" E, 359.52 FEET;
N 890 19' 48" E, 60.00 FEET;
N 890 19' 48" E, 369.75 FEET TO THE WEST LINE OF SAID URBAN CROSSING;
THENCE S 000 05' 05" E, 5.70 FEET TO THE POINT OF BEGINNING AND CONTAINING 1,931,085 SQUARE
FEET OR 44.332 ACRES MORE OR LESS.
REINVESTMENT ZONE NO. 3, CITY OF ANNA, TEXAS
PRELIMINARY PROJECT AND FINANCE PLAN 15
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APPENDIX D LIST OF " PROJECT COSTS
Public Improvements
Water $ 1,426,530
Sanitary Sewer 1,649,471
Storm Drainage 11239,188
Street 41916,401
Soft Costs 2,032,389
Contingency 2421692
Subtotal $ 11,506,673
Administrative Costs $ 635,692
Total Project Costs $ 12,142,364
Footnotes:
Project Costs include the principal and
interest of the PID Bonds used to finance
the Public Improvements.
APPENDIX` OF INCURRED COSTS
REINVESTMENT ZONE N0.3, CITY OF ANNA, TEXAS 19
PRELIMINARY PROJECT AND FINANCE PLAN
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