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Home My WebLink AboutEDCRes2016.11.04ANNA ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. '� 06' %/ 11 00 A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION AUTHORIZING AN EXTENSION TO THE LAND PURCHASE CONTRACT WHEREAS, the Anna Economic Development Corporation (the "EDC") intends to purchase property; and WHEREAS, the EDC has determined that purchasing property is in the financial interests of the EDC; WHEREAS, the EDC has determined that extension to the purchase contract until the end of calendar year is in the best interests of the EDC; NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC DEVELOPMENT CORPORATION, THAT: Section 1. Recitals Incorporated The recitals set forth above are incorporated herein for all purposes as if set forth in full. Section 2. Authority to Execute Financing Agreement The EDC hereby authorizes the attached Exhibit A purchase agreement amendment along with any associated documents (collectively, the "Purchase Documents") necessary to set forth an arrangement between the EDC and the Seller. Authority to execute the Closing Documents is subject to the EDC's legal counsel and any necessary approval by the City of Anna City Council. d Ga� PASSED TD APPROVED by the Anna Economic Development Corporation this day of it,i}G�-ebJ4'Cr- , 2016. APPROVED: i RDC Presiderit, Obnstance Stum EDC OF ANNA, TEXAS RESOLUTION NO.�� y E�(J PAGE 1 OF 1 Exhibit A Amendment to Real Estate Sales Contract Real Estate Sales Contract (this This Amendment to R "Amendment") amends that certain � "Seiler" and Anna Contract(the "Contract') between Harlan Properties, Inc. ( ) .Real Estate Sates or Assigns Economic Development Corporation and Anna Community Development Corporation ! Econo is p the real property identified below and is effective on the (collectively, Buyer } to buy and sell P perk . ' , last of the signatures by Seller and Buyer as parties to this Amendment. date of the � • Approximately 85.571 gross acres of real property out of #hat Property: PP , y e northeast comer of the certain 246.815-acre tract located at th intersection of the Collin County tauter Loop and S.H. 5 in the City of Anna, Collin County, Texas, more particularly described in ExhiA which is incorporated here as if set forth in full bit («Property") r good and valuable consideration paid to Seller by Buyer, the 1. Far $10 and other $ agree receipt and sufficiency of which is hereby acknowledged, the parties $r'e to amend the Contract as follows: a. The C$ losin Date set forth in Section A.5. of the Contract is extended to be on or before December 31, 2016. Review Period set forth in Section F.3, of the Contract is b. The Feasibility Effective Date of the extended by 30 days for a total of 150 days after the Contract. remainder of the Contract shall remain in full force and effect, except that any The re 2. - ion of the Closing Date and the Feasibility provision that conflicts with the erns g Review Period shall be deemed to have been amended by this Amendment to the extent required to allow, without penalty: (I ) the Seller and Buyer to close on or before December 31, 2016; and (2) the Buyer to have a 30-day extension of the Feasibility Review Period as set forth herein. 3. Cap phrases hrases in this Amendment shall have the same meanings as in the Contract unless expressly stated otherwise herein. AGREED AND EXECUTED BY SELLER AND BUYER: SELLER: E[arlan Properties, Inc. By: Suresh Shridharani, its President Date: I t-" - t 6 Amendment to steal Estate Sales Contract Page 1 of 5 BUYER: Anna Economic Development Corporation 0 ra,,�. a" A Printed Name:( 'I .4-SnIMID �CM Title: %0 -S-30�1 1 C��,ve Anna Community Development Corporation or Assigns By: Prin d Namg:, o a Title: f Date: No v Amendment to Real Estate Sales Contract Page 2 of 5 T'YATRTT A Description of the Property BEING a portion of a tract of land located in the D.E.W. Babb Survey, Abstract Number 33, situated in Collin County, Texas and being a portion of a 361.545 acre tract of land described by deed to Harlan Properties, Inc. recorded in Instrument No. 20121228001650300 of the Official Public Records of Collin County, Texas, and being more particularly described by metes and bounds as follows; BEGINNING at a 1/2 inch iron rod found for the northwest corner of said 361.545 acre tract lying on the northerly edge of County Road No. 421 a gravel road, also lying on the easterly line of a tract of land described by deed to Dallas Area Rapid Transit, recorded in Collin County Clerks Document No. 2001-0078323 of the Official Public Records of Collin County, Texas, the southwest corner of tract of land described by deed to 40 PGE, Ltd . , recorded in Volume 5387, Page 468 of the Deed Records of Collin County, Texas, also lying on the common line of said D.E.W. Babb Survey and the Grandison Stark Survey, Abstract No. 798; THENCE South 89 degrees 11 minutes 36 seconds East, along the common line of said Babb and Stark Survey, also along the common line of said 361.545 acre tract and said 40 PGE tract, a distance of 1743.74 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for corner lying in the center of a 30 feet wide Sanitary Sewer easement, recorded in Instrument No. 20150422000453060 of the Official Public Records of Collin County, Texas; THENCE through the interior of said 361,545 acre tract along the center of said 30 feet wide easement the following courses and distances: South 11 degrees 33 minutes 57 seconds East, a distance of 61.78 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for corner; South 00 degree 48 minutes 25 seconds West, a distance of 1346,23 feet to a 5/8 inch iron -rod with cap stamped "R.P.L.S. 5430" set for corner; Amendment to Real Estate Sales Contract Page 3 of 1 South 55 degrees 24 minutes 07 seconds East, a distance of 316.51 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for corner; South 00 degrees 55 minutes 19 seconds West, a distance of 224.46 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set lying on the north line of Collin County Toll Road Authority tract recorded in Instrument No. 20110222000194360 of the Official Public Records of Collin County, Texas; THENCE North 89 degrees 04 minutes 41 seconds West, along the north line of said Collin County Toll Road tract, a distance of 2530,22 feet to a 1/2 inch iron rod with cap stamped "R.P.L.S. 3700" found for the southwest corner of said 361.545 acre tract, also lying on the east line of Collin County Toll Road Authority tract recorded in Instrument No. 20090317000307070 of the Official Public Records of Collin County, Texas; THENCE North 00 degrees 44 minutes 35 seconds West, along the east line of last mentioned Toll Road tract, a distance of 207.51 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set lying on the easterly line of the aforementioned Dallas Area Rapid Transit tract; THENCE North 18 degrees 44 minutes 49 seconds East, along the easterly line of said Dallas Area Rapid Transit tract, a distance of 38.85 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for the southwest corner of a tract of land described by deed to the City of Anna recorded in Instrument No. 20071004001376120 of the Official Public Records of Collin County, Texas; THENCE South 77 degrees 31 minutes 27 seconds East, along the south line of said City of Anna tract, a distance of 67.89 feet to a 1/2 inch iron rod with cap stamped "R.P.L.S. 3700" found for corner; THENCE South 89 degrees 25 minutes 19 seconds East, continuing along the south line of said City of Anna tract, a distance of 224.62 feet to a 1/2 inch iron rod with cap stamped "R.P.L.S. 3700" found for the southeast corner of same; THENCE North 18 degrees 43 minutes 54 seconds East, along the east line of said City of Anna tract, a distance of 156.81 feet to a 1/2 inch iron rod found for the northeast corner of same; Amendment to Real Estate Sales Contract Page 4 of 5 THENCE North 89 degrees 24 minutes 49 seconds West, along the north line of said City of Anna tract, a distance of 295.59 feet to a 5/8 inch iron rod with cap stamped "R.P.L.S. 5430" set for the northwest corner of same, also lying on the easterly line of said Dallas Area Rapid Transit tract; THENCE North 18 degrees 44 minutes 49 seconds East, along the easterly line of said Dallas Area Rapid Transit tract, a distance of 1495,06 feet to the POINT OF BEGINNING containing 3,727,460 square Feet, or 85.571 acres of land. Amendment to Real Estate Sales Contract Page 5 of 5