HomeMy WebLinkAboutCDCRes2016.11.01ANNA COMMUNITY DEVELOPMENT CORPORATION
RESOLUTION NO.90/6 -ll'G' l (6-0 c )
A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION
AUTHORIZING AN EXTENSION TO THE LAND PURCHASE CONTRACT
WHEREAS, the Anna Community Development Corporation (the "CDC") intends to
purchase property; and
WHEREAS, the CDC has determined that purchasing property is in the financial
interests of the CDC;
WHEREAS, the CDC has determined that extension to the purchase contract until
the end of calendar year is in the best interests of the CDC;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
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 CDC 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 CDC and the Seller.
Authority to execute the Closing Documents is subject to the CDC's legal counsel and
any necessary approval by the City of Anna City Council.
PASSED AND APPROVED by the Anna Community Development Corporation this
-L2— day of %I%��r,Gr , 2016.
APPROVED:
q,4." d .
C President, John Houcek
CDC OF ANNA, TEXAS RESOLUTION NO.-`-��"TJ� �CDCJ PAGE 1 OF 1
Exhibit A
Amendment to Real Estate Sales Contract
This Amendment to Real Estate Sales Contract (this "Amendment") amends that certain
Real Estate Sales Contract (the "Contract") between Harlan Properties, Inc. ("Seller") and Anna
Economic Development Corporation and Anna Community Development Corporation or Assigns
(collectively, "Buyer") to buy and sell the real property identified below and is effective on the
date of the last of the signatures by Seller and Buyer as parties to this Amendment.
Property: Approximately 85.571 gross acres of real property out of that
certain 246.815-acre tract located at the northeast comer of the
intersection of the Collin County Outer Loop and S.H. 5 in the
City of Anna, Collin County, Texas, more particularly described
in Exhibit A, which is incorporated here as if set forth in full
("Property").
1. For $10 and other good and valuable consideration paid to Seller by Buyer, the
receipt and sufficiency of which is hereby acknowledged, the parties agree to amend
the Contract as follows:
a. The Closing Date set forth in Section A.S. of the Contract is extended to be on or
before December 31, 2016,
iod
is
b extended by ll 0 days for ty Review Pars total of 150 days after the Effectet forth in Section F.3. of ive Date
he oContract of the
Contract.
Z. The remainder of the Contract shall remain in full force and effect, except that any
provision that conflicts with the extension of the Closing Date and the Feasibility
Review Period shall be deemed to have been amended by this Amendment to the
extent required to allow, without penalty: (1) 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. Capitalized phrases 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:
Harlan Properties, Inc.
By:
Suresh Shridharani, its President
Date: Ik- l n - 16
Page t of 5
Amendment to Real Estate Sales Contract
1WIRM
Anna Economic Development Corporation
:
Anna Community Development Corporation
or Assigns
By:
Prin d Name: .,
Title: pcle&i Coru �e �Je o��og�(ri`hp�
Date: No V 1
Amendment to Real Estate Sales Contract Page 2 of 5
EXHIBIT 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;
1
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 5
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 67.891feet
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