HomeMy WebLinkAboutEDCRes2009.07.01ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. Q 0 0 9- 0 `I- 01 C E 0 cL
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING EXECUTION OF AN AGREEMENT FOR FINANCING A PORTION OF
THE PURCHASE PRICE OF PARK PROPERTY
WHEREAS, the Anna Economic Development Corporation (the "EDC") intends to
refinance an existing loan agreement for the EDC-owned property described in further
detail below; and
WHEREAS, the EDC has determined that refinancing of said loan is in the financial
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 President of the EDC is hereby authorized to execute, on the EDC's behalf, a
finance agreement —along with any associated documents —(collectively, the "Finance
Documents") necessary to set forth an arrangement between the EDC and an FDIC
member lending institution (the "Lender"), requiring the Lender to refinance and
requiring the EDC to repay with no penalty for early repayment amounts necessary to
finance the EDC property, which is approximately 48 acres and is described in more
detail in the attached EXHIBIT A, incorporated herein for all purposes. Said authority to
execute the Finance Documents is subject to approval of the form of same by the
EDC's legal counsel, approval of the content of same by the City Manager, and any
necessary approval by the City of Anna City Council.
PASSED AND APPROVED by the Anna Community Development Corporation this
day of v ' 2009.
APPROVED: ATT T:
l
Con tance Stump, EDC Presid n Rob Sim ons, EDC Secretary
ANNA EDC RESOLUTION NO.2PAI- p PAGE 1 OF 1
Exhibit A
BEING all of that certain 48.004 acre tract of land situated in Collin Counity,
Texas, in the J.C. Brantley Survey, Abstract No. 114, and being a re -survey of
a called 47.98 acre tract of land described in a. Special Warranty Died recorded
at County Clerk File No. 96 - 0062799 in the Collin County Deed Records, and
being more particularly described by Metes and bounds as follows
BEGINNING at a 1/2 inch iron rod found at a bend in County Road 427 at the most
Northerly corner of said 47.98 acre tract, being the Southeast corner of a
called 65.543 acre tract of land described as Tract 7 in a Quitclaim Deed
recorded at County Clerk File . No . 96-0110244, said point also being the
Southwest corner of a called 25.02i4 acre tract of land described in a General
Warranty Deed recorded in Volume 4942, rage 511 of said Deed Records, from
which a PK nail set at the • centerline intersection of County Road 427 and
County Road 376 bears north .00 *degrees 00 minutes 37 seconds West, 874.54 feet,
said found 1/2 inch iron rod being the most Northerly corner hereof;
THENCE South 59 degrees 24 minutes 09 seconds East- generally along the center
of County Road 427, the Northeasterly line of said 47.98 acre tract and the
Southwesterly line of said 25.024 acre tract a distance of 577.27 feet to a 1./2
inch iron raid found in the center of County Road 4.27 at the common: East corner
thereof, from which a 1/2 inch iron rod found iu concrete on the North side of
County Road 427 bears North 33 degrees 06 minutes 00 seconds East, 1.9.67 feet,
said found 1/2 inch iron rod in the center of County Road 427 being the most
Easterly corner hereof;
THENCE South 33 degrees 59 minutes 07 seconds West along a Southeasterly line
of said 41t.98 acre tract, at 24.66 feet pass over a 1/2 inch iron rod found at
a fence corner post and continuing generally along or near a fence on a
Southeasterly lime of said 47.98 acre tract and a Northwesterly line of a
called 24.722 acre tract of land described in a Warranty Deed recorded at
County Clerk File No. 95-0083721 a distance of 892.84 feet to a 1/2 inch iron
rod found at a fence corner posti at a common corner thereof;
THENCE South 61 degrees 56 minutes 2
fence on a Southeasterly line of sai.
of said 24.722 acre tract a distance
found at a fence corner post at the
being in the • East line of the Dallas
feet from ceziterl ine) said found 1/2
corner hereof ;
8 seconds West. generally along or near a .
d 47.98 acre tract and a Northwesterly Line
of 1558.68 feet to a 1/2 inch iron rod
common Nest corner thereof, said point
Area Transit (DART) rail right-of-way {50
inch iron rod being the most Southerly
THENCE North 24 degrees 00 minutes. 42 seconds West generally along or near a
fence on the East line of said DART' rail right-of-way (50 feet from centerline)
a distance of 1278.03 feet to a 1/2 inch iron rod found therein at the
Southwest corner of said 65.543 acre tract,, said found 1/2 inch iron rod be =' g
the Northwest cornea hereof;
Exhibit A (Continued)
THENCE North 76 degrees 53 minutes 40 seconds Bast along the South line of said
65.543 acre tract, at 1.30 feet pass over a 1/ 21nch iron rod found at the
Northwest corner of said 47.98 acre tract, and continuing along the South line
of said 65:543 acre bract and the North line of said 47.98 acre tract a
distance of 1822.79 feet to a 1/2 inch iron rod found at a common Easterly
corner thereof, said found 1/2 inch iron rod being• a Northerly corner hereof;
TFIR CE North 33 degrees 16 minutes 07• seconds East along the northwest line of
said 47.98 acre tract and the Southeast line of said 65.543-acre tract a
distance of 223.15 feet to the Place of Beginning and tieing calculated to
Contain 48.004 acres of lied, more or less. ,
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