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HomeMy WebLinkAboutRes 2022-05-1183 Serenity at the Square Development AgreementCITY OF ANNA, TEXAS RESOLUTION NO, 07M-Q5-//� A RESOLUTION OF THE CITY OF ANNA, TEXAS APPROVING A DEVELOPMENT AGREEMENT WITH ANNA TOWN SQUARE PARTNERS I, LLC, RELATING TO DEVELOPMENT AND DESIGN REGULATIONS FOR COMMERCIAL AND MULTIPLE - FAMILY RESIDENCE DEVELOPMENT GENERALLY LOCATED AT THE NORTHEAST CORNER OF FINLEY BOULEVARD AND SHARP STREET. WHEREAS, Anna Town Square Partners I, LLC is the Property Owner of real estate generally located at the northeast corner of Finley Boulevard and Sharp Street; and WHEREAS, Property Owners desire to amend the zoning for the subject property to allow a commercial and multiple -family residence development; and WHEREAS, Property Owner has agreed to development and design regulations should the City approve rezoning the property. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS THAT: Section 1. Recitals Incorporated. The recitals above are incorporated herein as if set forth in full for all purposes. Section 2. Approval The City Council hereby approves the Development Agreement with Anna Town Square Partners I, LLC attached hereto as Exhibit A, and ratifies and approves the City Manager's execution of the same. The City Manager is hereby authorized to execute all documents and take all other actions necessary to finalize, act under and enforce the Agreement. PASSED by the City Council of the City of Anna, Texas, on this 24th day of May 2022. ATTESTED: APPRO • OF A . o i e o Carrie L. Land, City Secretary oQeq Miller, Mayor Pro Tern 0 • see go fs r • � �• R /f/lllitlt11311111 DEVELOPMENT AGREEMENT This Development Agreement (this "Agreement") is entered effective as of May 24, 2022 ("Effective Date") between and among the City of Anna, Texas, a Texas home -rule municipality ("City") and Anna Town Square Partners I, LLC ("Owner") as follows: RECITALS WHEREAS, the Owner is the sole owner of 11.0± acres of real property depicted on Exhibit 1 (the "Property"); and, WHEREAS, the Property is subject to City Regulations, including without limitation the City's zoning regulations; and, WHEREAS, the current zoning classification of the Property is Planned Development (Ord. No. 129-2004 & Ord. No. 691-2015) (the "Original Zoning Classification"); and, WHEREAS, the Owner has applied to rezone the Property and modify the Planned Development zoning district to allow for commercial and multiple -family residences with modified development standards (the "Zoning Change"); and, WHEREAS, the City's Planning &Zoning Commission and City Council have given the requisite notices by publication and otherwise and have scheduled public hearings with respect to the rezoning of the Property as required by law; and, WHEREAS, in the event that the Property is rezoned, the City and Owner desire to enter into a development agreement to establish development and design regulations to ensure that future commercial and multi -family residence development is appropriate for the area and fits in well with adjacent properties; and, WHEREAS, it is the Parties' mutual intent that this agreement shall govern only the subject matter specifically set forth herein and shall supersede City Regulations only to the extent that any such City Regulations directly conflict with the terms of this development agreement; and, NOW, THEREFORE, in consideration of the above recitals and the mutual consideration as reflected in the covenants, duties and obligations contained herein, the sufficiency of which is hereby acknowledged, the Parties hereto agree as follows, effective as of the Effective Date: 1�Page SECTION 1. RECITALS INCORPORATED. The recitals set forth above are incorporated herein as if set forth in full to further describe the Parties' intent under this development agreement and said recitals constitute representations by Owner and the City. SECTION 2. DEVELOPMENT STANDARDS !BUILDING MATERIALS. A. Development and use of the Property, including, without limitation, the construction, installation, maintenance, repair, and replacement of all buildings and all other improvements and facilities of any kind whatsoever on and within the Property, shall be in compliance with City Regulations unless expressly stated to the contrary in this Agreement or shown in Exhibit 1. City Regulations shall apply to the development and use of the Property unless expressly set forth to the contrary in this Agreement. It is expressly understood and the Parties agree that City Regulations applicable to the Property and its use and development include but are not limited to City Code provisions, ordinances, design standards, uniform codes, zoning regulations not affected by this Agreement, and other policies duly adopted by the City including without limitation any such regulations or requirements that were affected by the passage of Texas H.B. 24395 86(R), codified as Chapter 3000 of the Texas Government Code ("Materials and Methods Regulations"), which are collectively incorporated herein as if set forth in full for all purposes; provided, however, to the extent of any conflict between the requirements of Materials and Methods Regulations and the requirements of this Agreement, this Agreement shall control. For purposes of this Agreement, "City Regulations" mean the City's applicable development regulations in effect on the Effective Date, including without limitation City Code provisions, ordinances (including, without limitation, all development fees), design standards, and other policies duly adopted by the City; provided, however, that as it relates to public infrastructure for any given phase of the Project, the applicable construction standards (including, without limitation, uniform building codes) shall be those that the City has duly adopted at the time of the filing of an application for a preliminary plat for that phase unless construction has not commenced within four years of approval of such preliminary plat in which case the construction standards shall be those that the City has duly adopted at the time that construction commences. B. With respect to all structures/development within the PD Zoning District, Owner agrees to comply and/or to cause all other persons or entities to comply and any other successors or assigns to comply with all City Regulations and with the masonry material requirements and all other requirements of the Anna City Code of Ordinances, Article 9,04 Zoning Ordinance, Section 9.04.034 Supplementary District Regulations, Subsection (e) Architectural Design Standards, which are incorporated herein as if set forth in full for all purposes, and with the following standards (in the event of any conflict, the following listed standards shall govern). Notwithstanding the foregoing, a Subsequent Owner upon a Closing (as hereinafter defined) must agree in writing to assume Owner's responsibilities set forth herein; provided, however, that if for any reason a Subsequent owner does not agree in writing to assume Owner's responsibilities set forth herein, said Subsequent Owner shall be deemed to have assumed Owner's said responsibilities as relates to the 2�Paye interest acquired by the Subsequent Owner. For purposes of this Agreement the term 'Subsequent Owner" means any person or entity that acquires all or any part of the Property from Owner or Owner's successor in title to the Property or any part thereof. Multiple -Family Residence Buildings A. All three and four story multi family residence buildings and structures shall have at least fifty percent (50%), for the first three (3) stories of the total exterior walls that are externally facing within the project (i.e., facing any public Right -of -Ways) above grade level, excluding doors and windows, and recessed balcony areas (should be allowed as plane break), constructed of masonry (brick, stone, pre -cast stone, and other similar veneer material) or Stucco materials with no more than fifty (50%) consisting of cementitious siding (Hardie products). B. Two-story urban flat buildings shall have at least fifty percent (50%) of the total exterior wall above grade level, excluding doors and windows, and recessed balcony areas (should be allowed as plane break), constructed of masonry (brick, stone, pre -cast stone, and other similar veneer material) or Stucco materials with no more than fifty percent (50%) consisting of cementitious siding (Hardie products). This only applies to the exterior walls that are directly facing single family residential lots and only the exterior wall facing Finely Road and Sharp Street, C. Roofing materials for buildings and structures must be architectural roof shingles or other types of roofing material that are customarily used for similar type of multi -family buildings by way of an example (i.e., asphalt, slate, metal, concrete, clay, terra cotta, wood, etc.), said roofing materials shall be accompanied with a minimum 20-year warranty. Under no circumstances shalt three -tab shingles be used as roofing material. D. Accessory buildings shall use similar building and roofing materials as those used on the primary buildings. E. A covered entry area shall be designed at only one entry within each building, at Owner's sole discretion. F. A minimum of 50% of all units must have one of the following design features: 1) faux balcony on second and third floors and shall only be applicable for interior facing units or patio on first floor of the building to create outdoor living space. G. Four architectural design features are required on facades facing public streets, parking and common areas. Acceptable architectural design features may include but are not limited to: 1) Articulation of building facade, 2) Extensions to the building through bay or box windows, and other similar features projecting out from the facade, 3�Page 3) A horizontal change in building materials between stories of a building, 4) Variation in building materials between vertical intervals, 5) Variations in window placement, 6) Architectural features such as shutters, awnings, dormers, chimneys, decorative moldings or ornamental details, and 7) Roof height, pitch, ridgelines and materials shall be varied to create visual interest and avoid repetition. SECTION 3. NOTICES. Any and all notices required to be given by either of the parties hereto must be in writing and will be deemed delivered upon personal service, if hand -delivered, or when mailed in the United States mail, certified, return receipt requested, addressed as follows: To City: City Manager City of Anna 111 North Powell Parkway PO Box 776 Anna, Texas 75409 To Owner: Anna Town Square Partners I, LLC c/o Farus Farmanali 13861 Adare Manor Lane Frisco, TX 75035 With a copy via email and facsimile to: The Bazleh Law Firm, P.C. Attn: Zheila Bazleh Holloway Three Galleria Tower 13155 Noel Road, Suite 900 Dallas, Texas 75240 Facsimile: 972-360-3974 Email: zbazleh(o)bazlehlaw.com SECTION 4. DEADLINES, MODIFICATIONS OR TERMINATION. A. This Agreement may only be modified and/or terminated as follows: (a) by mutual 4iPage written agreement of the City and Owner or, after a Closing (as hereinafter defined), by a Subsequent Owner instead of Owner; and/or (b) unilaterally by City upon default of the Owner or Subsequent Owner that continues beyond all written notice and cure periods provided in Section 5. Notwithstanding the foregoing or any other provision of this Agreement, this Agreement shall terminate and be null and void if the City does not approve the Zoning Change on or before the 24th day of May 2022, The parties acknowledge and agree that the rezoning of the Property is a legislative act and that this Agreement does not bind the City Council to approve any proposed rezoning of the Property. B. Owner or any Subsequent Owner shall be obligated under this Agreement to timely meet the following deadlines: 1. Within 180 days after City Council approval of the Zoning Change, Owner will have submitted a preliminary plat (showing proposed easements, fire lanes and utilities for the multi -family development), and preliminary civil plans of the Property. 2. Within 180 days after the City has approved the Preliminary Plat, Owner shall have submitted a site plan, landscaping plan, lighting plan, final plat (showing easements, fire lanes and utilities for the multi -family development), and civil plans. 3. A preconstruction meeting between Owner and City staff shall occur within twenty-four calendar months of final approval of the civil plans. 4. Site construction pursuant to final approved civil plans must commence within 60 days after the preconstruction meeting. 5. Owner must submit plans and specifications for the buildings and other improvements not part of the civil plans (the "Building Plans") no later than twenty-four calendar months after civil plans are approved by the City. After the last to occur of (a) approval of the Building Plans by the City of Anna, (b) completion of all construction pursuant to civil plans, (c) acceptance of all civil construction and public improvements by the City of Anna, and (d) recordation of the multi -family development final replat, Owner must submit an application for a building permit within 60 days thereafter (including without limitation the payment of all fees due to the City as required to develop the Property). 6. Recordation in the Official Records of Collin County, Texas of multifamily development final plat must occur within 420 days of commencement of site 5�Page construction. 7. Vertical construction pursuant to the Building Plans for approved structures must commence within 120 days after the later to occur of the recordation of final multi -family development plat and obtaining a building permit. C. Not by way of limitation as to other material terms and conditions, the deadlines stated above are material terms and conditions of this Agreement and any failure to meet any of the deadlines above (each, a "Deadline Default") is a material default under this Agreement and shall be subject to the remedies provided in Section 5 below. In addition, a Deadline Default shall not be deemed to have occurred if such delays are due to the City or due to Force Majeure events, D. Lender Delays. The City acknowledges that the Owner will be undergoing a financing application process with various Lenders in relation to the development the Property and its improvements. The City represents that it shall work in good faith to adjust this Agreement as needed to comply with reasonable terms required by the Lender. In addition, the City acknowledges that there may be delays in the construction timeline due to the Lender application process. Accordingly, in the event of any delays by the Owner in the timelines set forth in Section 4(B) (or any other timelines set forth in this Agreement), if such delays are due to the Lender or the Lender application process, the City shall provide Owner with an additional grace period of up to two (2) years before any Deadline Default or other form of default shall be triggered. SECTION 5. DEFAULT. If Owner, its heirs, successors or assigns or any Subsequent Owner of the Property or any part thereof fails to comply with any of the material terms and conditions included in this Agreement (such defaulting owner referenced herein as "Defaulting Owner"), the City will have the following non-exclusive and cumulative remedies. A. Withholding of utilities or withholding or revocation of permits and other approvals required for development and use of the portion of the Property that is the subject of the default (but no other portions of the Property) including without limitation building permits and certificates of occupancy until all defaults have been reasonably cured. B. The non -defaulting party will additionally have any and all remedies, including without limitation injunctive and specific performance, available to it at equity or in law (but expressly excluding (i) special, consequential, or punitive damages, or (ii) lost profit or lost revenue damages. Notwithstanding the foregoing, a Defaulting Owner shall not be liable for the remedies under 6 jPage this section unless there is a breach of any material term or condition of this Agreement and such breach remains uncured after forty-five (45) calendar days following receipt of written notice from the City provided in accordance with this Agreement describing said breach in reasonable detail (or, if the cure of the breach has diligently and continuously been undertaken but reasonably requires more than forty-five (45) calendar days to cure, then such additional amount of time as is reasonably necessary to effect the cure, as determined by both Parties mutually and in good faith but in no event shall such additional period exceed 120 days unless agreed to in writing by the parties to this Agreement). SECTION 6. BINDING ON SUCCESSORS, AGREEMENT RUNS WITH THE LAND. This Agreement will be binding upon and inure to the benefit of the parties' respective successors, assigns and personal representatives. This Agreement runs with the land and is binding on all subsequent owners of the Property or any portions thereof. This section shall be construed liberally to ensure the Parties' intent that this Agreement shall be enforceable regardless of any change of ownership of or interest in the Property. Notwithstanding anything to the contrary in this Section 6 or elsewhere in this Agreement, if the Owner or a Subsequent Owner (the "Transferor") conveys, assigns, or transfers its entire interest in the Property or a part thereof (the "transferred Property") to a Subsequent Owner (the "Transferee") who assumes Transferor's obligations under this Agreement with respect to the transferred Property, the Transferor shall be automatically released from its obligations under this Agreement relating to the transferred Property subsequent to the date of transfer. SECTION 7. INDEMNIFICATION AND HOLD HARMLESS. THE OWNER OR ANY SUBSEQUENT OWNER OF THE PROPERTY IN THE EVENT OF A CLOSING (THE "INDEMNIFYING PARTY") HEREBY COVENANTS AND AGREES TO RELEASE DEFEND HOLD HARMLESS AND INDEMNIFY THE CITY AND ITS OFFICIALS OFFICERS AGENTS SERVANTS AND EMPLOYEES FROM AND AGAINST ALL THIRD -PARTY CLAIMS SUITS JUDGMENTS DAMAGES AND DEMANDS AGAINST THE CITY WHETHER REAL OR ASSERTED INCLUDING WITHOUT LIMITATION REASONABLE ATTORNEY'S FEES RELATED EXPENSES EXPERT WITNESS FEES CONSULTANT FEES, AND OTHER COSTS (TOGETHER "CLAIMS") ARISING OUT OF THE NEGLIGENCE OR OTHER WILLFUL MISCONDUCT OF THE INDEMNIFYING PARTY INCLUDING WITHOUT LIMITATION THE NEGLIGENCE OR OTHER WILLFUL MISCONDUCT OF ANY OF ITS EMPLOYEES CONTRACTORS SUBCONTRACTORS MATERIAL MEN AND AGENTS IN CONNECTION WITH THE DESIGN OR CONSTRUCTION OF ANY PUBLIC INFRASTRUCTURE STRUCTURES OR OTHER FACILITIES OR IMPROVEMENTS THAT ARE REQUIRED OR PERMITTED UNDER THIS AGREEMENT AND/OR CITY REGULATIONS AND/OR ANY APPLICABLE DEVELOPMENT 7�Page STANDARDS AND/OR ANY OTHER GOVERNING REGULATIONS; AND IT IS EXPRESSLY UNDERSTOOD THAT SUCH CLAIMS SHALL EXCEPT AS MODIFIED BELOW INCLUDE CLAIMS EVEN IF CAUSED BY THE CITY'S OWN CONCURRENT NEGLIGENCE SUBJECT TO THE TERMS OF THIS SECTION THE INDEMNIFYING PARTY SHALL NOT HOWEVER BE REQUIRED TO INDEMNIFY THE CITY AGAINST CLAIMS CAUSED BY THE CITY'S SOLE NEGLIGENCE OR BY THE CITY'S WILLFUL MISCONDUCT OR GROSS NEGLIGENCE, IF THE CITY INCURS CLAIMS THAT ARE CAUSED BY THE CONCURRENT NEGLIGENCE OF THE INDEMNIFYING PARTY AND THE CITY THE INDEMNIFYING PARTY'S INDEMNITY OBLIGATION WILL BE LIMITED TO A FRACTION OF THE TOTAL CLAIMS EQUIVALENT TO THE INDEMNIFYING PARTY'S OWN PERCENTAGE OF RESPONSIBILITY, THE INDEMNIFYING PARTY FURTHER COVENANTS AND AGREES TO RELEASE DEFEND HOLD HARMLESS AND INDEMNIFY THE CITY AGAINST ANY AND ALL CLAIMS BY ANY PERSON CLAIMING AN OWNERSHIP INTEREST IN THE PROPERTY AS OF THE EFFECTIVE DATE WHO HAS NOT SIGNED THIS AGREEMENT IF SUCH CLAIMS RELATE IN ANY MANNER OR ARISE IN CONNECTION WITH: (1) THE CITY'S RELIANCE UPON ANY OF THE INDEMNIFYING PARTIES' REPRESENTATIONS IN THIS AGREEMENT; (2) THIS AGREEMENT OR OWNERSHIP OF THE PROPERTY: OR (3) THE CITY'S APPROVAL OF ANY TYPE OF DEVELOPMENT APPLICATION OR SUBMISSION WITH RESPECT TO THE PROPERTY. At no time shall the City have any control over or charge of the design, construction or installation of any of the improvements to the Property or related work or undertakings, nor the means, methods, techniques, sequences or procedures utilized for the design, construction or installation related to same. This Agreement does not create a joint enterprise or venture between the City and any of the Indemnified Parties. This section shall survive the termination of this Agreement. SECTION 8. RECORDATION. This document, including all Exhibits, may be recorded in the Official Records of Collin County, Texas. SECTION 9. ENTIRE AGREEMENT. This Agreement is the entire agreement of the parties regarding the subject matter hereto. SECTION 10. RECITALS AND EXHIBITS. The recitals herein and exhibits attached hereto are hereby incorporated by reference. SECTION 11. AUTHORITY. 81Page Owner represents and warrants to the City that the Owner owns the Property and that this Agreement is binding and enforceable on the Property. Owner may sell the Property or a part thereof to a person or entity (the "Closing") prior to commencement of site construction on the property sold, and in such event the Subsequent Owner shall be required to acknowledge and assume all obligations, liabilities and indemnifications under this Agreement. SECTION 12. INVALID PROVISIONS. If any provision of this Agreement is held not valid, such provision will be deemed to be excised there from and the invalidity thereof will not affect any of the other provisions contained herein. SECTION 13. ESTOPPEL. On or before 15 days after receipt of a written request from an owner of the Property that desires to transfer its interest in the Property or borrow money secured by a mortgage or deed of trust against the Property or a prospective transferee of an owner's interest or an existing or prospective mortgagee, the City will execute and deliver an estoppel certificate stating that, to the best of the City's knowledge: (i) the transferring or borrowing owner is not in default under this Agreement; and (ii) this Agreement is in full force and effect and whether there are any amendments thereto. SECTION 14. FORCE MAJEURE. Whenever a period of time is prescribed in this Agreement for a Party (the "Acting Party°) to take an action (other than a payment obligation), the Acting Party will not be liable or responsible for, and there will be excluded from the computation of any such time period, the period of time (the "Force Majeure Period") of delays caused by strikes, riots, acts of God, pandemic, enemy action, shortages of labor or materials, war, acts of terrorism, flood, fire, explosion, unavoidable casualty, or any other causes that are beyond the reasonable control of the Acting Party or any of its employees, agents, or contractors, but not any economic hardship, changes in market conditions, and insufficiency of funds ("Force•Maieure"). However, a date will only be extended by a Force Majeure Period if the Acting Party gives notice to the other Party of the occurrence or commencement of the event that constitutes Force Majeure within ten days after the Acting Party knows of the existence or commencement of such event, and claims (in such notice) that such event constitutes Force Majeure, A Party that has claimed the right to temporarily suspend its performance under this section shall provide written reports to the other Party at least once every week detailing: (i) the extent to which the force majeure event or circumstance continue to prevent the Party Is performance; (ii) all of the measures being employed to regain the ability to perform; and (iii) the projected date upon which the Party will be able to resume performance, which projected date the Parties agree and acknowledge is only an estimate and not a binding commitment by the Party claiming force majeure. 9�Page SECTION 15. EFFECTIVE DATE. This Agreement will be effective upon the Effective Date first stated herein. [signature page follows] 10�Page CITY OF ANNA By: roce, City Manager ESS WHEREOF: S'�(TE OF TEXAS COUNTY OF COLLIN Before me, the undersigned notary public, on the . W day of May 2022, appeared Jim Proce, known to me (or proved to me) to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same in his capacity as City Manager of the City of Anna, Texas, .;i•"• • ti ; CARRIE L, LAND My Notary ID Of 11419404 Notary Public, State of Texas ftto`�+` EresFebruary 4,2o23 expi Anna Town Square Partners I, LLC By: 1t\ Farus Farmanali IN WITNESS WHEREOF: STATE OF TEXAS COUNTY OF COLLIN Before me, the undersi ned nota � g ry public, on the 2`^(t day of May 2022, appeared Faros Farmanali known to me (or proved to me) to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me and verified under oath that he/she executed the same in his/her capacity as Manager, Notary Pu 111Page EXHIBIT " I DEPICTION OF THE PROPERTY TRACT It BEING 9.919 acres (432,049 square feet) of land in the Granderson Stark Survey, Abstract Number 798, City of Anna, Collin County, Texas; said 9.919 acres (432,049 square feet) of land being a portion of that certain tract of land described in a Special Warranty Deed with Vendor's Lien to Anna Town Center Mixed Use LLC (hereinafter referred to as Anna Town Center Mixed Use tract), as recorded in Instrument Number 20150317000291340, Official Public Records, Collin County, Texas (O.P.R.C.C.T.); said 9.919 acres (432,049 square feet) of land being more particularly described, by metes and bounds, as follows: BEGINNING at afive-eighths inch iron rod with plastic cap stamped "RPLS 4838" found for the intersection of the existing Easterly right-of-way line of Finley Boulevard (80' right-of-way), as recorded in Instrument Number 20180907010004210, O.P.R.C.C.T. with the existing North right-of-way line of Sharp Street (60' right-of-way), as recorded in Instrument Number 20161110010004610, O.P.R.C.C.T., same being the beginning of a curve to the left, whose long chord bears North 38 degrees 29 minutes 46 seconds East, a distance of 227.16 feet; THENCE Northeasterly with the common line between the remainder of said Anna Town Center Mixed Use tract and the existing Easterly right-of-way line of said Finley Boulevard and with said curve to the left having a radius of 900.00 feet, through a central angle of 14 degrees 30 minutes 01 second, for an arc distance of 227.77 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" found for corner; THENCE North 31 degrees 18 minutes 05 seconds East, continue with the common line between the remainder of said Anna Town Center Mixed Use tract and the existing Easterly right-of-way line of said Finley Boulevard, a distance of 413.64 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" found for corner; THENCE crossing said Anna Town Center Mixed Use tract for the following 3 courses; 1. South 47 degrees 41 minutes 56 seconds East, departing the existing Easterly right - of way line of said Finley Boulevard, a distance of 415.17 feet to a five eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner, same being the beginning of a curve to the left, whose long chord bears South 64 degrees 55 minutes 07 seconds East, a distance of 381.89 feet; 2. Southeasterly with said curve to the left having a radius of 645.00 feet, through a central angle of 34 degrees 26 minutes 22 seconds, for an arc distance of 387.70 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner; 3. South 82 degrees 08 minutes 18 seconds East, a distance of 69.20 feet to a five- eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner, same being the East line of said Anna Town Center Mixed Use tract; THENCE South 00 degrees 34 minutes 03 seconds West with the common line between said Anna Town Center Mixed Use tract and the remainder of that certain tract of land described in a deed to Anna Town Center No. 4 / SHRP, Ltd. (hereinafter referred to as Anna Town Center No. 4 / SHRP tract), as recorded in Volume 5631, Page 2600, O.P.R.C.C.T., a distance of 260.19 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner in the existing North right-of-way line of said Sharp Street; THENCE North 89 degrees 26 minutes 52 seconds West with the common line between the remainder of said Anna Town Center Mixed Use tract and the existing North right-of-way line of said Sharp Street, a distance of 671.70 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner, the beginning of a curve to the right, whose long chord bears North 67 degrees 16 minutes 32 seconds West, a distance of 429.95 feet; THENCE Westerly, continue with the common line between the remainder of said Anna Town Center Mixed Use tract and the existing North right-of-way line of said Sharp Street and with said curve to the right having a radius of 570.00 feet, through a central angle of 44 degrees 18 minutes 51 seconds, for an arc distance of 440.85 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner; THENCE North 44 degrees 15 minutes 13 seconds West, continue with the common line between the remainder of said Anna Town Center Mixed Use tract and the existing North right-of-way line of said Sharp Street, a distance of 10.00 feet to the PLACE OF BEGINNING, and containing a calculated area of 9.919 acres (432,049 square feet) of land. TRACT #2 BEING 1.096 acres (47,734 square feet) of land in the Granderson Stark Survey, Abstract Number 798, City of Anna, Collin County, Texas; said 1.096 acres (47,734 square feet) of land being a portion of that certain tract of land described in a deed to Anna Town Center No. 4 / SHRP, Ltd. (hereinafter referred to as Anna Town Center No. 4 / SHRP tract), as recorded in Volume 5631, Page 2600, Official Public Records, Collin County, Texas (O.P.R.C.C.T.); said 1.096 acres (47,734 square feet) of land being more particularly described, by metes and bounds, as follows: BEGINNING at afive-eighths inch iron rod with plastic can stamped "RPLS 4838" found for the Southwest corner of that certain tract of land described in a deed to Pacesetter Homes, LLC (herein after referred to as Pacesetter Homes tract), as recorded Instrument Number 20180525000644710, O.P.R.C.C.T., same being the existing Northerly right-of-way line of Sharp Street (80' right-of-way), as recorded in Instrument Number 20161110010004610, O.P.R.C.C.T., same also being the beginning of a curve to the right, whose long chord bears South 88 degrees 21 minutes 48 seconds West, a distance of 36.15 feet; THENCE Westerly with the common line between the remainder of said Anna Town Center No. 4 / SHRP tract and the existing Northerly right-of-way line of said Sharp Street and with said curve to the right having a radius of 470.00 feet, through a central angle of 4 degrees 24 minutes 29 seconds, for an arc distance of 36.16 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" for corner; THENCE North 89 degrees 25 minutes 58 seconds West, continue with the common line between the remainder of said Anna Town Center No. 4 / SHRP tract and the existing Northerly right-of-way line of said Sharp Street, a distance of 156.53 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner, same being the Southerly Southeast corner of that certain tract of land described in a Special Warranty Deed with Vendor's Lien to Anna Town Center Mixed Use LLC (hereinafter referred to as Anna Town Center Mixed Use tract), as recorded in Instrument Number 20150317000291340, O.P.R.C.C.T.; THENCE North 00 degrees 34 minutes 03 second East, departing the existing Northerly right- of-way line of said Sharp Street and with the common line between the remainder of said Anna Town Center No. 4 / SHRP tract and said Anna Town Center Mixed Use tract, a distance of 260.19 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner; THENCE South 82 degrees 08 minutes 18 seconds East, departing the Easterly line of said Anna Town Center Mixed Use tract and crossing said Anna Town Center No. 4 / SHRP tract, a distance of 194.22 feet to a five -eighths inch iron rod with plastic cap stamped "RPLS 4838" set for corner in the West line of the aforesaid Pacesetter Homes tract; THENCE South 00 degrees 34 minutes 03 seconds West with the common line between the remainder of said Anna Town Center No. 4 / SHRP tract and said Pacesetter Homes tract, a distance of 234.14 feet to the PLACE OF BEGINNING, and containing a calculated area of 1.096 acres (47,734 square feet) of land.