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R-04-08-26-13E1 - 8/26/2004 RESOLUTION NO. R-04-08-26-13E1 WHEREAS, the City of Round Rock desires to construct Forest Creek Drive running through property owned by Round Rock Ranch, Ltd. ( "Developer" ) , and WHEREAS, the City desires to expeditiously design, engineer and construct Forest Creek Drive, conditioned upon Developer paying the City for a portion of the cost of Forest Creek Drive attributable to its development, and WHEREAS, Developer and the City desire to create a Public Improvement District, pursuant to Article 372 of the Texas Local Government Code, to provide a financing vehicle to partially reimburse the City for costs expended in the construction of Forest Creek Drive through the property, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Mayor is hereby authorized and directed to execute on behalf of the City a Development Agreement with Round Rock Ranch, Ltd. regarding Forest Creek Drive, a copy of same being attached hereto as Exhibit "A" and incorporated herein for all purposes . The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. @PFDesktOp\::ODMA/WORLDOX/O:/WDOX/RESOLUTI/R40826E1.WPD/sc RESOLVED this 26th day of August, 2004 . MKXWEfL, Mayor ity of Round Rock, Texas AT T: CHRISTINE R. MARTINEZ, City Secretar 2 STATE OF TEXAS § DEVELOPMENT AGREEMENT WITH ROUND ROCK RANCH,LTD., A TEXAS LIMITED PARTNERSHIP COUNTY OF WILLIAMSON REGARDING FOREST CREEK DRIVE This is a DEVELOPMENT AGREEMENT by and between THE CITY OF ROUND ROCK, TEXAS ("City") and ROUND ROCK RANCH, LTD., a Texas limited partnership ("Developer"). WHEREAS, Developer is owner of that certain tract of land being 3.469 acres, more or less, described in Exhibit "A" , attached hereto and incorporated herein (the "Property"), and WHEREAS, City desires to construct Forest Creek Drive, a four-lane, curbed and guttered major arterial road, ("Forest Creek")running through the Property, and WHEREAS, the City desires to expeditiously design, engineer and construct Forest Creek conditioned upon Developer paying City for a portion of the cost of Forest Creek. attributable to its development, and WHEREAS, the Developer and City desire to create a Public Improvement District ("PID"), pursuant to Article 372 of the Texas Local Government Code to provide a financing vehicle to partially reimburse the City for costs expended in the construction of Forest Creek through the Property, NOW THEREFORE, for and in consideration of the promises and the mutual agreements set forth herein, the City and Developer hereby agree as follows: A. PURPOSE 1. The purpose of this Agreement is to provide for the reimbursement to the City for a portion of the cost of construction of Forest Creek running through the Property. The reimbursement shall include all cost of materials and labor for two lanes of Forest Creek, the median, sidewalks on each side of Forest Creek, drainage and lighting, but not including engineering and design costs, which will be borne solely by the City. The parties hereto agree that the portion of the cost of Forest Creek paid by the Developer is attributable to the needs of Developer's development. EXHIBIT 1 B. GENERAL TERMS AND CONDITIONS 1. The Developer will submit a petition to the City requesting the creation of a public improvement district pursuant to Article 372 of the Texas Local Government Code within 14 days after the approval of this Agreement by the City. 2. After receipt of said petition, the City will consider the creation of a public improvement district, after conducting a public hearing regarding the same, pursuant to Article 372, of the Texas Local Government Code. 3. City and Developer agree that an assessment of SIX HUNDRED AND SEVENTY-SEVEN THOUSAND EIGHTY-ONE AND 55/100 DOLLARS ($677,081.55) shall be levied on real property described in Exhibit "B", attached hereto and incorporated herein, save and except the 3.468 acres described in Exhibit "A", and shall be paid on a per-acre, pro-rated basis, due seven (7) years after Substantial Completion of Forest Creek Blvd. through the Property, or at time of plat recordation, whichever first occurs. Substantial Completion shall mean the date of which the Director of Public Works notifies the contractor that the portion of Forest Creek through the Property has been finally accepted. Any cost over-runs shall be shared by the Developer and the City based on the following ratio: 50%- Developer, 50%- City. Any cost over-runs shall be paid by Developer within ten (10) working days after Developer receives written notification that said payment is due. 4. Developer further agrees that simple interest at a rate of five and one half(5.5%) percent shall be paid on the outstanding balance. 5. Developers shall dedicate all necessary right-of-way and related easements for Forest Creek Boulevard upon request of City. 6. By signing this Development Agreement, Developer acknowledges that ($677,081.55) is owed to the City by Developer, his successors and assigns, as consideration for the costs of the project described herein, and that this Agreement and the PID assessment shall be filed of record with Williamson County Official Records. C. MISCELLANEOUS PROVISIONS 1. Actions Performable. The City and the Developer agree that all actions to be performed under this Agreement are performable in Williamson County, Texas. 2. Governing Law. The City and Developer agree that this Agreement has been made under the laws of the State of Texas in effect on this date, and that any interpretation of this Agreement at a future date shall be made under the laws of the State of Texas. 2 3. Severability. If a provision hereof shall be finally declared void or illegal by any court or administrative agency having jurisdiction, the entire Agreement shall not be void; but the remaining provisions shall continue in effect as nearly as possible in accordance with the original intent of the parties. 4. Complete Agreement. This Agreement represents a complete agreement of the parties and supersedes all prior written and oral matters related to this agreement. Any amendment to this Agreement must be in writing and signed by all parties. 5. Exhibits. All exhibits attached to this Agreement are incorporated by reference and expressly made part of this Agreement as if copied verbatim. 6. Notice. All notices, requests or other communications required or permitted by this Agreement shall be in writing and shall be sent by (i) telecopy, with the original delivered by hand or overnight carrier, (ii) by overnight courier or and delivery, or (iii) certified mail, postage prepaid, return receipt requested, and addressed to the parties at the following addresses: City City of Round Rock 221 East Main Round Rock, Texas 78664 Attn: Director of Planning Phone: (512)218-5420 With copies to: Sheets &Crossfield, P.C. 309 East Main Round Rock, Texas 78664 Phone: (512)255-8877 Developer: ROUND ROCK RANCH, LTD. c/o Tim Timmerman P.O. Box 163061 Austin, Texas 78716 7. Force Majeure. Developer and the City agree that the obligations of each party shall be subject to force majeure events such as natural calamity, fire or strike. 8. Assignment. This Agreement may be assigned by the Developer only with the prior written approval of the City. 9. Signature Warranty Clause. The signatories to this Agreement represent and warrant that they have the authority to execute this Agreement on behalf of the City and Developer, respectively. 3 SIGNED as of this day of ✓ 2004 ROUND ROCK RANCH, LTD., a Texas limited partnership By: COMMERC OPER S, INC., general p er By- TIM yTIM TIM E N, President CITY OF ROUND ROCK By: NYLE MAXWELL, Mayor ATTEST: Christine R. Martinez, City Secretary STATE OF TEXAS § § ACKNOWLEDGMENT COUNTY OF WILLIAMSON § This instrument was acknowledged before me on this the day ofJJ , 2004, by TIM TIMMERMAN, President of COMMERCE PROPERTIES, INC., general er of ROUND ROCK RANCH, LTD., a Texas limited partnership. —�)'W 4 41 Notary Publ State of Texas 3�,;t• °!, MEGAN RYAN O'NEAL N� � Notary public,State of Texas MY Commission Expires Aprll 20,2008 4 STATE OF TEXAS § § ACKNOWLEDGMENT COUNTY OF WILLIAMSON § This instrument was acknowledged before me on this the day of , 2004, by NYLE MAXWELL, a person know to me, in his capacity as Mayor of the City of Round Rock, Texas, a Texas home rule municipal corporation, on behalf of said municipality. Notary Public, State of Texas After recording, return to: Charles Crossfield Sheets & Crossfield 309 East Main Round Rock, Texas 78664 5 AUSTIN SURVEYORS P:O.BOX 1.80243 AUSTIN,TEXAS 78718 2105 JUSTIN LANE#103 (512)454-6605 Acoompanimed for plat 1043-rrmchP FIELD NOTES FOR 3.469 ACRES All that certain tract or parcel of land situated in the P. A. Holder Survey, A-297,Williamson County, Texas and being a part of a 147.076 acre tract of land, designated as Tract 3, in a deed to Round Rock Ranch Ltd. recorded in Volume 2418, Page 51of the Deed Records of Williamson County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at an iron pin found in an angle point of the above mentioned Tract 3 for the South corner of a 8.856 acre tract of land conveyed to Wilshire Homes Inc. by deed recorded as Document No. 2000006061 and the West corner of a 9.550 acre tract of land conveyed to C.F. Ertz by deed recorded as Document No. 9621999 of the Official Records of Williamson County, Texas, and the East corner of this tract.. i THENCE S 89029'37"W 4.26 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 14°54'37". .� THENCE with the arc of the said curve 351.32 feet the long chord of which bears S 80020'57"W 350.32 to an iron pin set for the PT of the said curve. 9 t THENCE S 27009'37"W 28.13 feet to an iron pin set in the PC of a curve to the left said > curve having a radius of 1330.00 feet and a central angle of 16°09'13". 4 THENCE with the arc of the said curve 374.97 feet the long chord of which bears S 63°58'l 7"W 373.73 to an iron pin set for the PT of the said curve. THENCE S 77°27'51"W 52.04 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 01020'15". THENCE with the arc of the said curve 31.52 feet the long chord of which bears S 53°10'17"W 31.51 to an iron-pin set for the PT of the said curve. THENCE S 52030'09" W 565.80 feet to an iron pin set on the Northeast line of a 41.153 acre tract of land conveyed to the State of Texas by deed recorded in Volume 1970, Page 515 of the Deed Records of Williamson County,Texas for the South comer of this tract. THENCE N 51044'46"W with the Northeast line of the above mentioned 41.153 acre tract 103.17 feet to an iron pin set for the West comer of this tract. THENCE N 52030'09" E 591.20 feet to an iron pin set in the PC of a curve to the right said curve having a radius of 1450.00 feet and a central angle of 34°32'39". THENCE with the arc of the said curve 874.22 feet the sub-chord of which bears N 69046'29" E 861.04 feet to an iron pin set on the Northeast line of the said Tract 3 and the South comer of the above mentioned 8.856 acre tract for the North comer of this tract. 3.469 ACRES PAGE 2 OF 2 THENCE S 04029'45"E with the Northeast line of the said Tract 3 52.66 feet to an iron pin found for an angle point of this tract. THENCE S 26024'58" E 51.96 feet to the POINT OF BEGINNING containing 3.469 acres of land, more or less. I, Claude F. Hinkle, Jr. , a Registered Professional Land Surveyor, do hereby certify that these field notes were prepared from an on-the-ground survey made under my supervision during May of 2001 and are correct to the best of my knowledge and belief. These field notes were prepared for a transfer of title from Round Rock Ranch, Ltd. to The City of Round Rock. Any use of this description by any person for any other purpose is expressly prohibited. QP��E OF rF�� S T ERF-f Claude F. Hinkle, Jr. °9J' R.P.L.S. No. 4629 Q CLAUDE F.HINKLE JR.. r P 4629 P-o- 9�oFFfs�\�ay0 Q ID �Ci� �� O .' CG S U R`I�'p0 Date 1043.doc D yp� �S Z a EXHIBIT`B" Being 147.076 acres of land, more or less, out of and a part of the Prior A. Holder Survey, Abstract No. 297, situated in Williamson County, Texas, being more fully described as being all of that certain Tract 3, described in a deed to Round Rock Ranch, Ltd., as recorded in Volume 2418, Page 51 of the Deed Records of Williamson County, Texas. 6 �y; . I►�� Ill� ■ ',.,Q,.;11111111� � - '`•�- �%► -•�•:: �p�l��\111111110 �, �::Q � �'� . ♦ ♦♦ ♦ � OO:C.1111�� ►��J �, / // / ��-- .►tet.1�� C..�\fI1��I �� ,� �� ►C►�,�� 1�, ��,•�� Bigarms Ilum. .�►I�` � �� ,.�.��►� �ii tr1 p ♦♦ QO '' ■■� '/tom i � ill ln�I��Cp -■111\�� s -�1� : � �� • � 1. �-- �/`. ul_�1' ./I► '''�t��i ■� C:� : ��1111111111►��ti1111► �� •�,,,��i i i ff1111111■►� ��I� �� i , i/ �,��IIIIIIIIIt SE�� • ,I • ►�■,�111��♦ 1��t �� ►�� .- • �� /Its �� a�Itt11 �� ,�♦�� t►►�� /Illlllllir�� a:■ �,��/�/�� •■OIUIIII■11',,,,�,. 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Consider a resolution authorizing the Mayor to execute a Development Agreement with Round Rock Ranch, Ltd. for the construction of Forest Creek Drive. Department: Transportation Services Staff Person: Tom Martin, Director Justification: This Development Agreement between the City and Round Rock Ranch, Ltd. is for 50% cost reimbursement to the City for a portion of the cost of construction of Forest Creek Drive. The Developer's cost sharing is initially estimated at $677,081.55. Funding: Cost: No cost to the city Source of funds: N/A Outside Resources: Round Rock Ranch, Ltd. Sheets & Crossfield, P.C. Background Information• Development Agreement is for reimbursement to the City of a portion of the cost for construction of Forest Creek. Public Comment: N/A RECORDED DOCUMENT ]FOLLOWS II!�I I II II I I!II f I I I'II II 111�� - PAR 2004016302 7 PGS PARTIAL RELEASE OF LIEN Date: 2004 Note: Date: August 10, 1999 Original Amount: $400, 000 . 00 Maker: ROUND ROCK RANCH, LTD. a Texas limited partnership, represented in this transaction by COMMERCE PROPERTIES, Inc. , a Texas Corporation, its General Partner, and TIM TIMMERMAN Payee: FIRST TEXAS BANK Date of Maturity: as therein provided Holder of Note and Lien: FIRST TEXAS BANK Holder' s Mailing Address (including county) : FIRST TEXAS BANK P. 0. Box 5 Round Rock, Texas 78680 Williamson, County, Texas Note and Lien are Described in the Following Documents, Recorded in: Deed of Trust executed by Round Rock Ranch, Ltd. , a Texas limited partnership to Jon E. Sloan, Trustee, dated August 10, 1999, recorded in/under 199956276 of the Real Property Records of Williamson County, Texas, securing First State Bank in the payment of one note in the principal sum of Four Hundred Thousand and 00/100 ($400, 000. 00) , due and payable and bearing interest as therein provided; and all the terms, conditions and stipulations contained therein, including, but not limited to, any additional indebtedness, if any, secured by said instrument. Said Note and Deed of Trust being extended by instrument dated August 1, 2001, recorded in/under 2001061704 of the Real Property Records of Williamson County, Texas . Said Note and Deed of Trust being extended by instrument dated August 1, 2002, recorded in/under 2002060108 of the Real Property Records of Williamson County, Texas . Said Note and Deed of Trust being extended by instrument dated August 1, 2003, recorded in/under 2003083991 of the Real Property Records of Williamson County, Texas . CADocuments and Settings\Timothy Timmerman\Local Settings\Temporary Internet Files\OLK I D4\PRL Forest Creek-Round Rock Ranch (00064151).DOC n Property (including any improvements) Subject to Lien: BEING a 3. 469-acre tract of land situated in the P. A. HOLDER SURVEY, ABSTRACT NO. A-297, and being a part of a 147 . 076 are tract of land, designated as Tract 3, in a Deed to ROUND ROCK RANCH, LTD. recorded in Volume 2418, Page 51 of the Deed Records of Williamson County, Texas, being more particularly described by metes and bounds in Exhibit "A" attached hereto and made a part hereof. Holder of the note and lien acknowledges its partial payment and releases only the property described above from the lien and from all liens held by Holder of the note and lien without regard to how they were created or evidenced. Holder of the note and lien expressly releases all present and future rights to establish or enforce the lien against the above described property as security for the payment of any future or other advances . When the context requires, singular nouns and pronouns include the plural . FIRST TEXAS BANK By: G in ed Nam " Titl r ACKNOWLEDGMENT STATE OF ��, as COUNTY OF n This instrument was acknowledged before me on thisthe day of ��Y�tU/1 2004 by � f� V iu of First Texas nk. sT' PY P~1, ��P.........�aNotary Public, S ate of s REBECCA M.SOLIZ Printed Name: CCC( `S r - 5 NomrY Wbl�c,Stele of Teras n�ycomm reS�eo.2s2om My Commission Expires : �hgyp, 2-407 1',t MNTE*r ny 2 PREPARED IN THE OFFICE OF: Sheets & Crossfield, P. C. 309 E. Main St . Round Rock, Texas 78664 AFTER RECORDING RETURN TO: Sheets & Crossfield, P. C. 309 E. Main St . Round Rock, Texas 78664 3 AUSTIN SURVEYORS EXHIBIT P.O.BOX 180243 AUSTIN,TEXAS 78719 .0� "All 2105 JUSTIN DANE#103 (512)4544605 Acwmpanimart for plat 1043-mandhP FIELD NOTES FOR 3.469 ACRES All that certain tract or parcel a e o£land situated in the P. p A.Holder Survey,A-297,Williamson County, Texas and being a part of a 147.076 acre tract of land, designated as Tract 3, in a deed to Round Rock Ranch Ltd. recorded in Volume 2418, Page 51of the Deed Records of Williamson County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at an iron pin found in an angle point of the above mentioned Tract 3 for the South comer of a 8.856 acre tract of land conveyed to Wilshire Homes Inc. by deed recorded as Document No. 2000006061 and the West comer of a 9.550 acre tract of land conveyed to C.F. Ertz by deed recorded as Document No. 9621999 of the Official Records of Williamson County,Texas, and the East corner of this tract.. THENCE S 89029'37"W 426 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 14°54'37". THENCE with the arc of the said curve 351.32 feet the long chord of which bears S 80020'57"W 350.32 to an iron pica set for the PT of the said curve. THENCE S 27009'37"W 28.13 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1330.00 feet and a central angle of 16'09'13)". THENCE with the arc of the said curve 374.97 feet the long chord of which bears S 63°58'17"W 373.73 to an iron pin set for the PT of the said curve. THENCE S 77°27'51"W 52.04 feet to an iron pin set in:the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 01'20'15". THENCE with the arc of the said curve 31.52 feet the long chord of which bears S 53°10'17"W 31.51 to an iron-pin set for the PT of the said curve. THENCE S 52030'09" W 565.80 feet to an iron pin set on the Northeast line of a 4I.153 acre tract of land conveyed to the State of Texas by deed recorded in Volume 1970, Page 515 of the Deed Records of Williamson County,Texas for the South comer of this tract. THENCE N 51044'46"W with the Northeast line of the above mentioned 41.153 acre tract 103.17 feet to an iron pin set for the West corner of this tract. THENCE N 52030'09"E 591.20 feet to an iron pin set in the PC of a curve to the right said curve having a radius of 1450.00 feet and a central angle of 34°32'39". THENCE with the arc of the said curve 874.22 feet the sub-chord of which bears N 69046'29" E 861.04 feet to an iron pin set on the Northeast line of the said Tract 3 and the South comer ofthe above mentioned 8.856 acre tract for the North comer of this tract. 3.469 ACRES PAGE 2 OF 2 THENCE S 04029'45"E with the Northeast line of the said Tract 3 52.66 feet to an iron pin found for an angle point of this tract. THENCE S 26024'5$" E 51.96 feet to the POINT OF BEGINNING containing 3.469 acres of land,more or less. 1, Claude F. Hinkle, Jr. , a Registered Professional Land Surveyor, do hereby certify that these field notes were prepared from an on-the-ground survey made under my supervision during May of 2001 and are correct to the best of my knowledge and belief These field notes were prepared for a transfer of title from Round Rock Manch, Ltd. to The City of Round Rock- Any use of this description by any person for any other purpose is expressly prohibited. i r i,�� Q F' P 5T£R, f Claude F. Hinkle Jr. R.P.L.S. No.4629 �CLAUDE F.HINKLE JR. 4629 o-o c� �CURv��e Date 1043.doc Survey plat -showing a 3.469 -c Survey 71and in the acre tract P.A. Holder Survey, A-297 Williamson- County, Texas npS, inc. Scale 1 200' LEGEND 0 Iron Pin Set — 0 Iron Pin Found NOTE: Bearings shown hereon are grid bearings determined by _44j GPS RTK methods for a 11 local plane centered near dt the Southeast corner of the Q 'o Round Rock Ranch, Ltd. P.A. Holder Survey Abstract No. 297. Tract 3 147.076 AC. Vol. 2418, Pg. 51 ry Q ry ,mai LINE SEARING DISTANCE HTl S26*25'08 51.82' oz yh T2 58748 15 4.21 T3 N51'44 46 103-17 T4 SO4'29'45 E 52-66 3 Cl T5 S27*09'37 28.13* T6 57727'51 52.04' T3 are S CIS Proposed ROWcon p4 �20 Ct1RVE RADIUS ARC LENGTH DEELTA :iC�R "4 t) C11 1350. 351.32 350. WG-.--T-H- CHORD BEARING ic� ;§ C2 1450. 1 T54'37" 302-L' �20'�57'W W 874,22' 3432'39' 4�= SN69*4�6 29E M. , 1 §6 7 Q 13-30.00 374.97 16,09'1 a" .7 C4 476-317:3 S 'OE 1-M-00 31.52' 01'20 15 17 WE 1. Claude F. Hinkle, Jr., a Registered Professional Lond Surveyor. do hereby certify that this Plot accurately represents the results of an on-the-ground survey made under my supervision during Field notes prepared June Of 2001 and is correct to the best of my knowledge and belief. Cq) Austin Surveyors 2001 1� OF - hP jstj4P bn MW + 1043-100 D"mn . dnw -&- '�;-V 201011 Chocked W, WlP Scale. 1--200' 1 Revised:9 OCT 3 C1!XU*D'E'F. ' ," HINKLE4 629 UO AUSTIN SURVEYORS 2105 JusUix Lane #t03 Austin, Teras 78757 512454-6605 - • * IIIIIIIIilllllllllllllllllllllllllllllllllllllllllllllllllll AGR 2@04068872 9 PGS STATE OF TEXAS § DEVELOPMENT AGREEMENT § WITH ROUND ROCK RANCH,LTD., § A TEXAS LIMITED PARTNERSHIP COUNTY OF WILLIAMSON § REGARDING FOREST CREEK DRIVE This is a DEVELOPMENT AGREEMENT by and between THE CITY OF ROUND ROCK, TEXAS ("City") and ROUND ROCK RANCH, LTD., a Texas limited partnership ("Developer"). WHEREAS, Developer is owner of that certain tract of land being 3.469 acres, more or less, described in Exhibit "A" , attached hereto and incorporated herein (the"Property"), and WHEREAS, City desires to construct Forest Creek Drive, a four-lane, curbed and guttered major arterial road, ("Forest Creek")running through the Property, and WHEREAS, the City desires to expeditiously design, engineer and construct Forest Creek conditioned upon Developer paying City for a portion of the cost of Forest Creek. attributable to its development, and WHEREAS, the Developer and City desire to create a Public Improvement District ("PID"), pursuant to Article 372 of the Texas Local Government Code to provide a financing vehicle to partially reimburse the City for costs expended in the construction of Forest Creek through the Property, NOW THEREFORE, for and in consideration of the promises and the mutual agreements set forth herein, the City and Developer hereby agree as follows: A. PURPOSE 1. The purpose of this Agreement is to provide for the reimbursement to the City for a portion of the cost of construction of Forest Creek running through the Property. The reimbursement shall include all cost of materials and labor for two lanes of Forest Creek, the median, sidewalks on each side of Forest Creek, drainage and lighting, but not including engineering and design costs, which will be borne solely by the City. The parties hereto agree that the portion of the cost of Forest Creek paid by the Developer is attributable to the needs of Developer's development. R-04-08-at - 13E1 1 B. GENERAL TERMS AND CONDITIONS 1. The Developer will submit a petition to the City requesting the creation of a public improvement district pursuant to Article 372 of the Texas Local Government Code within 14 days after the approval of this Agreement by the City. 2. After receipt of said petition, the City will consider the creation of a public improvement district, after conducting a public hearing regarding the same, pursuant to Article 372, of the Texas Local Government Code. 3. City and Developer agree that an assessment of SIX HUNDRED AND SEVENTY-SEVEN THOUSAND EIGHTY-ONE AND 551100 DOLLARS ($677,081.55) shall be levied on real property described in Exhibit "B", attached hereto and incorporated herein, save and except the 3.468 acres described in Exhibit "A", and shall be paid on a per-acre, pro-rated basis, due seven (7) years after Substantial Completion of Forest Creek Blvd. through the Property, or at time of plat recordation, whichever first occurs. Substantial Completion shall mean the date of which the Director of Public Works notifies the contractor that the portion of Forest Creek through the Property has been finally accepted. Any cost over-runs shall be shared by the Developer and the City based on the following ratio: 50%- Developer, 50%- City. Any cost over-runs shall be paid by Developer within ten (10) working days after Developer receives written notification that said payment is due. 4. Developer further agrees that simple interest at a rate of five and one half(5:5%) percent shall be paid on the outstanding balance. 5. Developers shall dedicate all necessary right-of-way and related easements for Forest Creek Boulevard upon request of City. 6. By signing this Development Agreement, Developer acknowledges that ($677,081.55) is owed to the City by Developer, his successors and assigns, as consideration for the costs of the project described herein, and that this Agreement and the PID assessment shall be filed of record with Williamson County Official Records. C. MISCELLANEOUS PROVISIONS 1. Actions Performable. The City and the Developer agree that all actions to be performed under this Agreement are performable in Williamson County, Texas. 2. Governing Law. The City and Developer agree that this Agreement has been made under the laws of the State of Texas in effect on this date, and that any interpretation of this Agreement at a future date shall be made under the laws of the State of Texas. 2 3. Severability. If a provision hereof shall be finally declared void or illegal by any court or administrative agency having jurisdiction, the entire Agreement shall not be void; but the remaining provisions shall continue in effect as nearly as possible in accordance with the original intent of the parties. 4. Complete Agreement. This Agreement represents a complete agreement of the parties and supersedes all prior written and oral matters related to this agreement. Any amendment to this Agreement must be in writing and signed by all parties. 5. Exhibits. All exhibits attached to this Agreement are incorporated by reference and expressly made part of this Agreement as if copied verbatim. 6. Notice. All notices, requests or other communications required or permitted by this Agreement shall be in writing and shall be sent by (i) telecopy, with the original delivered by hand or overnight carrier, (ii) by overnight courier or and delivery, or (iii) certified mail, postage prepaid, return receipt requested, and addressed to the parties at the following addresses: City: City of Round Rock 221 East Main Round Rock, Texas 78664 Attn: Director of Planning Phone: (512) 218-5420 With copies to: Sheets & Crossfield, P.C. 309 East Main Round Rock, Texas 78664 Phone: (512)255-8877 Developer: ROUND ROCK RANCH, LTD. c/o Tim Timmerman P.O. Box 163061 Austin, Texas 78716 7. Force Majeure. Developer and the City agree that the obligations of each party shall be subject to force majeure events such as natural calamity, fire or strike. 8. Assignment. This Agreement may be assigned by the Developer only with the prior written approval of the City. 9. Signature Warranty Clause. The signatories to this Agreement represent and warrant that they have the authority to execute this Agreement on behalf of the City and Developer, respectively. 3 SIGNED as of this day of IJ , 2004 ROUND ROCK RANCH, LTD., a Texas limited partnership By: COMMERC4Ker OPER S, INC., general p ByTIM TIRM N, President CITY OF ROUND ROCK By: NYLE ELL, Mayor ATTEST: Christine R. Martinez, City Secretary STATE OF TEXAS § § ACKNOWLEDGMENT COUNTY OF WILLIAMSON § This instrument was acknowledged before me on this the day of , 2004, by TIM TIMMERMAN, President of COMMERCE PROPERTIES, INC., general rtner of ROUND ROCK RANCH, LTD., a Texas limited partnership. ` L Notary Publ c State of Texas `��"•'P9s MEGAN RYAN O'NEAL +?: :�% Notary Public,state of Texas My commission Expires Aprll 20,2008 4 STATE OF TEXAS ACKNOWLEDGMENT COUNTY OF WILLIAMSON This instrument was acknowledged before me on this the 'day of u U , 2004, by NYLE MAXWELL, a person know to me, in his capacity as Mayor of the CAy of Round Rock, Texas, a Texas home rule municipal corporation, on behalf of said municipality. z.l_n / , ry i,unc,state of Texas <s .y Ccmmiss,on Expires Notary Public, State of Texas After recording, return to: Charles Crossfield Sheets & Crossfield 309 East Main Round Rock, Texas 78664 5 AUSTIN SURVEYORS P.O.BOX 180243 AUSTIN,TEXAS 78718 2105 JUSTIN LANE#103 (512)454.6605 Accompaniment for plat 1043-rtranchP FIELD NOTES FOR 3.469 ACRES All that certain tract or parcel of land situated in the P. A. Holder Survey, A-297, Williamson County, Texas and being a part of a 147.076 acre tract of land, designated as Tract 3, in a deed to Round Rock Ranch Ltd. recorded in Volume 2418, Page 51of the Deed Records of Williamson County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at an iron pin found in an angle point of the above mentioned Tract 3 for the South corner of a 8.856 acre tract of land conveyed to Wilshire Homes Inc. by deed recorded as Document No. 2000006061 and the West comer of a 9.550 acre tract of land conveyed to C.F. Ertz by deed recorded as Document No. 9621999 of the Official Records of Williamson County, Texas, and the East corner of this tract.. i THENCE S 89029'37"W 4.26 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 14°54'37". ••� THENCE with the arc of the said curve 351.32 feet the long chord of which bears 1 S 80020'57"W 350.32 to an iron pin set for the PT of the said curve. 7i THENCE S 27009'37"W 28.13 feet to an iron pin set in the PC of a curve to the left said curve having a radius of 1330.00 feet and a central angle of 16009'13". r, THENCE with the arc of the said curve 374.97 feet the long chord of which bears S 63°58'17"W 373.73 to an iron pin set for the PT of the said curve. THENCE S 77°27'51"W 52.04 feet to an iron pin set in'the PC of a curve to the left said curve having a radius of 1350.00 feet and a central angle of 01'20'15". THENCE with the arc of the said curve 31.52 feet the long chord of which bears S 53010'17"W 31.51 to an iron-pin set for the PT of the said curve. THENCE S 52030'09" W 565.80 feet to an iron pin set on the Northeast line of a 41.153 acre tract of land conveyed to the State of Texas by deed recorded in Volume 1970, Page 515 of the Deed Records of Williamson County, Texas for the South corner of this tract. THENCE N 51044'46"W with the Northeast line of the above mentioned 41.153 acre tract 103.17 feet to an iron pin set for the West comer of this tract. THENCE N 52030'09" E 591.20 feet to an iron pin set in the PC of a curve to the right said curve having a radius of 1450.00 feet and a central angle of 34032'39". THENCE with the arc of the said curve 874.22 feet the sub-chord of which bears N 69046'29" E 861.04 feet to an iron pin set on the Northeast line of the said Tract 3 and the South corner of the above mentioned 8.856 acre tract for the North corner of this tract. �x E•]10' 1; 'A , 3.469 ACRES PAGE 2 OF 2 THENCE S 04029'45" E with the Northeast line of the said Tract 3 52.66 feet to an iron pin found for an angle point of this tract. THENCE S 26024'58" E 51.96 feet to the POINT OF BEGINNING containing 3.469 acres of land, more or less. I, Claude F. Hinkle, Jr. , a Registered Professional Land Surveyor, do hereby certify that these field notes were prepared from an on-the-ground survey made under my supervision during May of 2001 and are correct to the best of my knowledge and belief. These field notes were prepared for a transfer of title from Round Rock Ranch, Ltd. to The City of Round Rock. Any use of this description by any person for any other purpose is expressly prohibited. G 0 F L 5 7 E R f Q Claude F. Hinkle, Jr. v� R.P.L.S. No. 4629 �CLAUDE F.HINKLEJR. r '0 4629 P c� / 9� oFFEs�\eap 0 le D�f C-3 �C S U IR �'p0 Date 1043.doc 1 ?i --i M a EXHIBIT`B" Being 147.076 acres of land, more or less, out of and a part of the Prior A. Holder Survey, Abstract No. 297, situated in Williamson County, Texas, being more fully described as being all of that certain Tract 3, described in a deed to Round Rock Ranch, Ltd., as recorded in Volume 2418, Page 51 of the Deed Records of Williamson County, Texas. 6 FILED AND RECORDED OFFICIAL PUBLIC RECORDS 2004068872 08/31/2004 02:34 PM CARRILLO $30.00 NANCY E. RISTER, COUNTY CLERK WILLIAMSON COUNTY, TEXAS CITY OF ROUND ROCK ADMINISTRATION 22" EAST MAIN STREET ROUND ROCK, TEXAS 78664 STATE OF TEXAS § COUNTY OF WILLIAMSON § PETITION FOR ESTABLISHMENT OF FOREST CREEK DRIVE PUBLIC IMPROVEMENT ASSESSMENT DISTRICT TO THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, AND THE MAYOR OF THE CITY OF ROUND ROCK, TEXAS : The undersigned property owner, pursuant to the Public Improvement Assessment Act, Chapter 372 . 001 et seq. , Local Government Code, Vernon' s Annot . Civil Statutes, respectfully petition the Mayor and the City Council for the establishment of the Forest Creek Drive Public Improvement Assessment District, and The undersigned property owner is the sole property owner within the area to be included within the proposed district, In support of said petition, Petitioner would show unto the City Council the following: 1 . General Nature of Proposed Improvements . The Proposed Improvements shall consist of the construction of proposed Forest Creek Drive running through the real property described in Section 3, below (the "Property") . The reimbursement shall include all cost of materials and labor for two lanes of Forest Creek Drive, the median, sidewalks on each side of Forest Creek Drive, drainage and lighting, but not including engineering and design costs, which will be borne solely by the City. The parties hereto agree that the portion of the cost of Forest Creek Drive paid by the Developer is attributable to the needs of Developer' s development . 2 . Estimated Costs of Improvements . The estimated costs of the Proposed Improvements are SIX HUNDRED SEVENTY-SEVEN THOUSAND EIGHTY-ONE AND 55/100 DOLLARS ($677, 081 . 55) , plus 5 . 5% simple interest, which includes expenses incurred in the establishment and administration of the C:\Documents and Settings\cmartinez\Local Settings\Temporary Internet Files\OLK8\Petition TIMM(00073122).DOC proposed Improvements . In no event shall the total PID assessment be more than $677, 081 . 55, plus simple interest of S . 5%, except pursuant to the terms and conditions stated in the Development Agreement by and between owner and the City of Round Rock as approved in Resolution No. 3 . Boundaries of the Proposed Assessment District . The boundaries of the proposed assessment district are described in Exhibit "A", attached hereto and incorporated herein. 4 . Proposed Method of Assessment . An assessment of at least SIX HUNDRED SEVENTY-SEVEN THOUSAND EIGHTY-ONE AND 55/100 DOLLARS ($677, 081 . 55) shall be levied on the Property and shall be paid on a per-acre, pro- rated basis, due seven (7) years after Substantial Completion of Forest Creek Drive through the Property, or at time of plat recordation, whichever first occurs . Substantial Completion shall mean the date on which the Director of Public Works notifies the contractor that the portion of Forest Creek Drive through the Property has been finally accepted. S . Management of District . The Proposed District shall be managed solely by the City of Round Rock, Texas . 6. Concurrence of the Establishment of the District . The undersigned request and/or concur with the establishment of the Forest Creek Drive Public Improvement Assessment District . 7 . Apportionment of Costs The costs of the Proposed Improvements (which may be increased pursuant to the terms and conditions stated in the Development Agreement by and between Round Rock Ranch, Ltd. and the City of Round Rock on the _. a&�hday of r , 2004 ) , shall be borne by the land within the boundari s of the District and the City of Round Rock, Texas . 2. SIGNED this the day of 2004 . Respectfully submitted: ROUND ROCK RANCH, LTD. , a Texas limited partnership By: COMMERCE PROPERTIES, INC. , general partner By: TIM TIMMERMAN, President STATE OF TEXAS § § ACKNOWLEDGMENT COUNTY OF WILLIAMSON § This instrument was acknowledged before me on this the day of , 2004, by TIM TIMMERMAN, President of COMMERCE PROPERTIES, INC. , general partner of ROUND ROCK RANCH, LTD. , a Texas limited partnership. Notary Public, State of Texas 3. EXECUTED DOCUMENT FOLLOWS