HomeMy WebLinkAbout15-1471 08-25-2015 RESOLUTION NO. 15-1471
A RESOLUTION OF THE CITY OF EULESS, TEXAS AUTHORIZING
AND CREATING THE EULESS MIDTOWN PUBLIC IMPROVEMENT
DISTRICT IN ACCORDANCE WITH CHAPTER 372 OF THE TEXAS
LOCAL GOVERNMENT CODE; PROVIDING FOR RELATED MATTERS;
AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Euless, Texas (the "City"), is authorized under Chapter
372 of the Texas Local Government Code (the "Act"), to create a public improvement
district within its corporate limits or its extraterritorial jurisdiction; and
WHEREAS, on July 30, 2015, CADG 901 Airport Freeway, LLC. a Texas limited
liability company, and Shridharani Suresh, (collectively, the "Petitioners"), the owners of
approximately 56.884 acres within the city limits of the City, more particularly described
by metes and bounds in Exhibit A attached hereto and incorporated herein for all
purposes (the "Property"), submitted and filed with the City Secretary of the City a
petition (the "Petition") requesting the establishment of a public improvement district for
the Property to be known as the Euless Midtown Public Improvement District (the
"District"); and
WHEREAS, the City Council of the City (the "City Council") has reviewed the
Petition and determined that the facts contained in the Petition are true and correct and
that the minimum requirements of the Act have been met in order to authorize the
creation of the District; and
WHEREAS, after publishing notice in a newspaper of general circulation in the
City, and mailing notice of the hearing, all as required by and in conformity with the Act,
the City Council conducted a public hearing on the advisability of the improvements and
services on August 25, 2015; and
WHEREAS, the City Council closed the public hearing on the advisability of the
improvements and services on August 25, 2015.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS, THAT:
Section 1.
The findings set forth in the recitals of this Resolution are found to be true and
correct.
Section 2.
The Petition submitted to the City by the Petitioners was filed with the City
Secretary and complies with Section 372.005 0f the Act.
Section 3.
Pursuant to the requirements of the Act, including, without limitation, Sections
372.006 and 372.009, the City Council, after considering the Petition and the evidence
and testimony presented at the public hearing on August 25, 2015, hereby finds and
declares:
a) Advisability of the Proposed Improvements. It is advisable to create the
District to provide the Authorized Improvements (as described below). The
Authorized Improvements are feasible and desirable and will promote the
interests of Euless and will confer a special benefit on the Property.
b) General Nature of the Authorized Improvements. The general nature of the
proposed public improvements (collectively, the "Authorized Improvements") are:
(i) street and roadway improvements, including related sidewalks, drainage, utility
relocation, signalization, landscaping, lighting, signage, off-street parking and
right-of-way; (ii) establishment or improvement of parks and open space,
together with the design, construction and maintenance of any ancillary
structures, features or amenities such as trails, playgrounds, walkways, lighting
and any similar items located therein; (iii) sidewalks and landscaping, including
entry monuments and features, fountains, lighting and signage; (iv) acquisition,
construction, and improvement of water, wastewater and drainage improvements
and facilities; (v) projects similar to those listed in subsections (i) - (iv) above
authorized by the Act, including similar off-site projects that provide a benefit to
the property within the District; (vi) payment of costs associated with operating
and maintaining the public improvements listed in subparagraphs (i) - (v) above;
and (vii) payment of costs associated with developing and financing the public
improvements listed in subparagraphs (i) - (v) above, and costs of establishing,
administering and operating the District. These Authorized Improvements shall
promote the interests of the City and confer a special benefit upon the Property.
c) Estimated Costs of the Authorized Improvements and Apportionment of
Costs. The estimated cost to design, acquire and construct the Authorized
Improvements, eligible legal and financial fees, eligible credit enhancement costs
and eligible costs incurred in the establishment, administration, and operation of
the District is $16,582,160, which may be modified to conform to actual
expenses. All of the costs of the Authorized Improvements will be paid from the
assessments on the Property or available incremental tax revenue generated
from the City's proposed tax increment reinvestment zone and from other
sources of funds, if any, available to the owner. The City will at no time be
responsible to fund the costs of the Authorized Improvements with any revenue
other than paid from the assessments or that which is available in the City's
proposed tax increment reinvestment zone. The remaining costs of the proposed
improvements will be paid from sources other than the City or assessments of
property owners.
Resolution No. 15-1471, Page 2 of 8
d) Boundaries of the District. The District is proposed to include approximately
56.884 acres of land generally located south of Highway 183, east of Industrial
Boulevard and north of West Euless Boulevard and as more properly described
in Exhibit A.
e) Proposed Method of Assessment. The City shall levy an assessment on each
parcel of the Property within the District in a manner that results in imposing
equal shares of the costs on property similarly benefited. All assessments,
including interest, may be paid in full at any time, and certain assessments may
be paid in periodic installments, with interest. If an assessment is allowed to be
paid in installments, then the installments must be paid in amounts necessary to
meet annual costs for those Authorized Improvements financed by the
assessments, and must continue for a period necessary to retire the
indebtedness for those Authorized Improvements (including interest).
f) Management of the District. The District shall be managed by the City, with the
assistance of a consultant, who shall, from time to time, advise the City regarding
certain operations of the District.
g) Advisory Body. The District shall be managed without the creation of an
advisory body.
Section 4.
The Euless Midtown Public Improvement District is hereby authorized and
created as a public improvement district under the Act in accordance with the findings of
the City Council as to the advisability of the Authorized Improvements contained in this
Resolution, the nature and the estimated costs of the Authorized Improvements, the
boundaries of the District, the method of assessment, and the apportionment of costs as
described herein; and the conclusion that the District is needed to fund such Authorized
Improvements.
Section 5.
The City Secretary is hereby authorized and directed to give notice of this
Resolution authorizing the District by publishing such notice once in a newspaper of
general circulation in the City. Upon the publication of such notice, such authorization
shall take effect and the District shall be established.
Section 6.
This Resolution shall take effect immediately from and after its passage and
publication as required by law.
Resolution No. 15-1471, Page 3 of 8
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on August
25, 2015, by a vote of 7 ayes, 0 nays, and 0 abstention.
APPROVED:
iiVA-
Lina Martin, ayor
ATTEST:
"Ze
Kim utter, TRMC, City Secretary
Resolution No. 15-1471, Page 4 of 8
EXHIBIT A
PROPERTY METES AND BOUNDS DESCRIPTION
FIELD NOTES FOR 56.884 ACRES
BEING a tract or parcel of land out of the A. J. Huitt Survey, Abstract 684, situated in the
City of Euless, Tarrant, County, Texas; that those tracts of land conveyed to CADG 901
Airport Freeway, LLC, County Clerk Instrument, Numbers 214219704, 214154503,
214140253, to Shridharni Suresh, County Clerk Instrument, Number 214280676,
Enconserv, LLC., County Clerk Instrument Number 213222021, and G8 Opportunity
Fund I, LCC., County Clerk Instruments Numbers 210155644 and 210155645, Deed
Records, Tarrant County Texas: and being more particularly described as follows:
BEGINNING at a 5/8" iron rod found for corner in the east line of F. M. 157 (S. Industrial
Boulevard a 100 foot public right-of-way), being the Northwest corner of Tract-A, of the
first National Addition, an addition to the city of Euless, Tarrant County, Texas, according
to the plat recorded in Volume 388-109, Page 22, Plat records, Tarrant County, Texas,
and also being the most westerly southwest corner of said CADG 901 Airport Freeway,
LLC, Instrument, No. 214219704;
THENCE North 01°29'37" West along said right-of-way a distance of 300.02 feet to a
point for corner, bringing the southwest corner of the, Lot 1 Block A of Plaza on the
Lake, as recorded in Volume 388-204, Page 74, of said Deed Records;
THENCE leaving said right-of-way and along the boundary line of said Plaza on the
Lake the following calls:
North 88°23'07" East a distance of 162.14 feet to a point for corner;
North 01°02'40" West a distance of 90.39 feet to a point for corner, being in the south
line of said Enconsery tract;
South 88°56'37" West a distance of 162.84 feet to a point for corner, being in the east
line of said right-of-way and being the southwest corner of said Enconsery tract;
THENCE North 01°25'43" West along said right-of-way a distance of 311 .85 feet to a
point for corner, being the northwest corner of said Enconsery tract and the southwest
corner of said CADG 901 Airport Freeway, LLC, tract Instrument, No. 214154503;
THENCE North 01°26'17" West continuing along said right-of-way a distance of 345.95
feet to a point for corner being the northwest corner of said CADG 901 Airport Freeway,
LLC, Instrument, No. 214154503 and in the south right-of-way line of Villa Drive;
THENCE North 89°05'30" East along the said south right-of-way line of Villa Drive a
distance of 479.59 feet to a point for corner;
Resolution No. 15-1471, Page 5 of 8
THENCE North 00°54'54" West crossing said Villa drive a distance of 209.95 feet to a
point for corner, being a corner of said CADG 901 Airport Freeway, LLC, Instrument, No.
14140253, being the northwest corner of Lot 3, Villa West Second Inst., as recorded by
plat in the Plat Records, Tarrant County, Texas, and being in the south line of a tract
conveyed to Home Depot USA, Inc. as recorded by deed, Deed Records, Tarrant
County, Texas;
THENCE along the property line of said CADG 901 Airport Freeway, LLC, Instrument,
No. 214140253 the following calls: North 89°06'17" East a distance of 344.11 feet to a
point for corner, being the southeast corner of said Home Depot tract:
North 00°56'45" West a distance of 648.77 feet to a point for corner, being the northeast
corner of said Home Depot tract and being in the south line of a tract conveyed by deed
to Euless Ventures, Inc., as recorded by deed, County Clerk Instrument No. 214262201,
Deed Records, Tarrant County, Texas;
North 89°01'45" East a distance of 171 .28 feet to a point for corner, being the southeast
corner of said Euless venture tract;
North 00°46'59" West a distance of 389.78 feet to a point for corner, in the east line of a
tract of land conveyed by deed to Akashamy Investments, LLC., Volume 12848, Page
121, Deed Records, Tarrant County, Texas, and being in the south line of Highway 183
(a variable width right-of-way);
North 89°27'10" East a distance of 109.50 feet to a point for corner, being the northwest
corner of a tract of land conveyed by deed to Euless Animal Emergency, LLC., County
Clerk Instrument No. 41584791, Deed Records, Tarrant County, Texas;
South 02°08'01" East a distance of 600.15 feet to a point for corner, being the
southwest corner of said Euless Animal tract;
North 89°19'41" East a distance of 108.65 feet to a point for corner, being the southeast
corner of said Euless Animal tract, and being in the west line of a tract of land conveyed
by deed to Shridharani Suresh, County Clerk No. 214280676, Deed Records, Tarrant
County, Texas;
THENCE along the property line of said Suresh tract the following calls:
North 02°16'55" West a distance of 161.52 feet to a point for corner, being the
southwest corner of a tract of land conveyed by deed to Acme Brick Company, County
Clerk No. 204162933, Deed Records, Tarrant County, Texas;
North 89°34'46" East a distance of 251.97 feet to a point for corner, being the southeast
corner of said Acme Brick tract;
Resolution No. 15-1471, Page 6 of 8
North 02°19'14" West a distance of 438.00 feet to a point for corner, being the northeast
corner of said Acme Brick, being in the south line of said Highway 183;
North 89°34'45" East a distance of 181.25 feet to a point for corner;
South 02°39'14" East along said highway 183 a distance of 200.04 feet to a point for
corner, being the northwest corner of Park Crestmoor Addition, an addition to the City of
Euless a recorded in Volume 388-7, Page 46, Plat Records, Tarrant County, Texas;
South 02°34'05" East along the west line of said Park Crestwood Addition a distance of
1135.77 feet to a point for corner:
South 03°17'57" East continuing along the west line of said Park Crestwood Addition a
distance of 332.29 feet to a point for corner, being the southeast corner of said Suresh
tract and the northeast corner of a tract of land conveyed to G8 Opportunity, Fund I,
LLC., as recorded by deed, County Clerk Instrument No. 210155644, Deed Records,
Tarrant County, Texas;
THENCE South 87°07'20" West a distance of 284.24 feet to a point for corner, being in
the west right-of-way line of Park Drive (a 50 foot right-of-way);
THENCE South 22°16'30" West along said Park Drive a distance of 150.74 feet to a
point for corner, at the beginning of a curve to the left whose chord bears South
00°12'26" East, 93.79 feet;
THENCE continuing along said Park Drive in a Southerly direction along said curve to
the left having a central angle of 44°57'52", a radius of 122.64 feet, and an arc length of
96.25 feet to a point for corner;
THENCE South 21°08'47" East continuing along said Park Drive a distance of 33.43
feet to a point for corner, said corner being the northeast corner of a tract of land
conveyed to Pride'n Texas Land, LTD. As recorded by deed, County Clerk Instrument
No. 23042381, Deed Records Tarrant County, Texas;
THENCE South 87°46'09" West a distance of 102.05 feet to a point for corner, being in
the east line of said CADG 901 Airport Freeway, LLC, Instrument, No. 214219704;
THENCE South 02°19'22" East a distance of 185.00 feet to a point for corner, in the
north right- of-way line of West Euless Boulevard (a variable width right-of-way);
THENCE South 53°54'05" West along the north right-of-way line of said West Euless
Boulevard a distance of 717.03 feet to a point tor corner, at the beginning of a curve to
the right whose chord bears South 55°12'52" West, 110.19 feet;
THENCE continuing along the north right-of-way line of said West Euless Boulevard in a
Southwesterly direction along said curve to the right having a central angle of 2°16'00",
Resolution No. 15-1471, Page 7 of 8
a radius of 2785.45 feet, and an arc length of 110.19 feet to a point for corner;
THENCE North 33°59'37" West a distance of 110.87 feet to a point for corner, being in
the west right-of-way of Del Paso Street at the beginning of a curve to the left whose
chord bears North 38°16'48"West, 100.29 feet;
THENCE in a Northwesterly direction along said Del Paso Street right-of way and along
said curve to the left having a central angle of 8°34'22", a radius of 670.92 feet, and an
arc length of 100.39 feet to a point for corner;
THENCE in a Northwesterly direction along said curve to the right having a central
angle of 15°29'52", a radius of 365.55 feet, and an arc length of 98.88 feet to a point for
corner;
THENCE North 27°04'07" West continuing along said Del Paso Street right-of-way a
distance of 64.11 feet to a point for corner;
THENCE South 88°45'53" West a distance of 375.15 feet to the POINT OF BEGINNING
and containing 56.884 acres of land, more or less.
Resolution No. 15-1471, Page 8 of 8
AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared the person
whose name is subscribed below, who, being by me first duly sworn, upon oath deposed and
said:
1. That this affiant is a duly authorized officer or employee of the Fort Worth Star
Telegram, which is a newspaper of general circulation in Euless, Texas, and in Tarrant County,
Texas.
2. That said newspaper is a "newspaper" as defined by Section 2051.044, Texas
Government Code, and as such:
(1) devotes not less than 25 percent of its total column lineage to general
interest items;
(2) is published at least once each week;
(3) is entered as second-class postal matter in the county where published; and
(4) has been published regularly and continuously for at least 12 months prior
to publishing the notice referenced below.
3. That attached hereto is a true, full and correct copy of a Notice of Public Hearing
for the Creation of the Eu} s Midtown Public Improvement District, which was published in
said newspaper on , 2015.
Aut orized bfficelts mployee
SWORN TO AND SUBSCRIBED BEFORE ME, this mN o�
RESOLUTION N0. 15-1471
A RESOLUTION OF THE CITY OF
EULESS, TEXAS AUTHORIZING
AND CREATING THE EULESS
MIDTOWN PUBLIC IMPROVEMENT r
DISTRICT IN ACCORDANCE WITH 1
CHAPTER 372 OF THE TEXAS a��=°om DEBRA W MORRIS _
LOCAL GOVERNMENT CODE; of" A, otary Pub Texas.. . :f.
PROVIDING FOR RELATED MAT- +� �*� Notary Public ti"'•�' _ �': -�
TERS; AND PROVIDING AN EF ,`
FECTIVE DATE �.*r— +�y STATE OF TEXAS
i EOf�
Section 5. �"' �M COmm.In.March 7,2016
The City Secretary is hereby au-
thorized and directed to give notice
of this Resolution authorizing the r d F x107 �n� i
District by publishing such notice
sloe I I ('
once in a newspaper of general I`
circulation in the City. Upon the I '
publication of such notice, such ( U !
authorization shall take effect and
the District shall be established.
APPROVED AND ADOPTED at a \ 3t
regular meeting of the Euless City
Council on August 25, 2015, by a
vote of 7 ayes, 0 nays, and 0
abstention.
INVOICE
Star-Telegram Customer ID: CIT09
808 Throckmorton St. Invoice Number: 334964801
FORT WORTH,TX 76102
(817)390-7761 Invoice Date: 8/7/2015
Federal Tax ID 26-2674582 Terms: Net due in 21 days
Due Date: 8/31/2015
Bill To: PO Number:
CITY OF EULESS ACCOUNTS PAYABL
201 N ECTOR DR Order Number: 33496480
EULESS, TX 76039-3543 Sales Rep: 073
Description: CITY OF EULESS,
Attn:Attn: ACCOUNTS . PAYABLE Publication Date: 8/7/2015
Description Location Col Depth Linage MU Rate Amount
CITY OF EULESS,TEXAS NOTICE O I3580 1 116 116 LINE $0.34 $39.44
Misc Fee $5.00
Net Amount: $44.44
REQUI N'5ff_ 10
' �
A},a 3 17 23�I� V
AUG 17 2015
ME�TND CTTY OF EULESS
FINANCE DEPT
�,,,R;►oao, CHRISTY LYNNE HOLLAND
N
otar Y Public,state of Texas
My Commission Expires
July 31, 2016
THE STATE OF TEXAS
County of Tarrant
Before me,a Notary Public in and for said County and State,this day personally appeared Deborah Baylor, Bid and Legal Coordinator for the Star-
Telegram,published by the Star-Telegram, Inc.at Fort Worth,in Tarrant County,Texas;and who,after being duly sworn,did depose and say that the
attached clipping of an advertisement was published in the bove named paper on the listed dates:BIDS&LEGAL DEPT. STAR TELEGRAM
(817)390-7039
Signed k
SUBSCRIBED AND SWORN TO BEFORE ME,THIS Tuesday,Au st 1 5.
Notary Public 44
Thank You For Your Payment
-------- --------------------------- ----------
Remit To: Star-Telegram Customer ID: CIT09
P.O. BOX 901051 Customer Name: CITY OF EULESS ACCOUN
FORT WORTH, TX 76101-2051 Invoice Number: 334964801
Invoice Amount: $44.44
PO Number:
Amount Enclosed: $
CITY OF EULESS, TEXAS
NOTICE OF PUBLIC HEARING RE-
GARDING THE CREATION OF A
PUBLIC IMPROVEMENT DISTRICT
Pursuant to Section 372.009(c) and
(d)of the Texas Local Government
Code, as amended (the "Act"),
notice is hereby given that the City
Council of the City of Euless,Texas
("Euless"), will hold a public
hearing to accept public comments
and discuss the petition (the
"Petition"), filed by CADG 901
Airport Freeway, LLC and
Shridharani Suresh (the
"Petitioners"), requesting that
Euless create a public improvement
district (the "District") to include
property owned by the Petitioners.
Time and Place of the Hearing. The
public hearing will start at 7:00
p.m.
all Counc I Chambe st 201sNorth
Ector, Euless,Texas 76039.
General Nature of the Proposed
Authorized Improvements. The
purposes of the District include the
design, acquisition, construction,
and improvement of public im-
provement projects authorized by
the Act that are necessary for the
development of the Property,which
public improvements may include:
landscaping; erection of fountains,
distinctive lighting: and signs; ac-
quiring, constructing, improving,
widening, narrowing, closing, or
rerouting of sidewalks or of streets,
any other roadways,or their rights-
of-way;acquisition and installation
of pieces of art; acquisition, con-
struction, or improvement of off-
street facilities;entryway features,
acquisition, construction or im-
provement of water, wastewater,
off-street parking, or drainage
system facilities or improvements;
the establishment or improvement
of parks, open space, trails, and a
community center; special supple-
mental services for the improve-
ment and promotion of the District;
and payment of expenses incurred
in the establishment, administra-
tion, and operation of the District
(the "Authorized Improvements").
Estimated Cost of the Authorized
Improvements. Petitioners esti-
mate that the cost to design,
acquire, and construct the Autho-
rized Improvements,together with
legal and financial fees, credit
enhancement costs and costs in-
curred in the establishment, ad-
ministration, and operation of the
District is $16,750,000.00.
Proposed District Boundaries. The
District is proposed to include
approximately 56.884 acres of land
generally located approximately
south of Highway 183 and east of
industrial Boulevard,and within the
City of Euless as more particularly
described by a metes and bounds
description available at Euless City
Hall and available for public in-
i spection.
Proposed Method of Assessment.
Euless shall levy assessments on
each parcel within the District in
a manner that results in imposing
equal shares of the costs on
property similarly benefited. All
assessments may be paid in full at
any time (including interest and
principal) without penalty, and
certain assessments may be paid
in annual installments (including
interest and principal). If an as-
sessment is allowed to be paid in
installments,then the installments
must be paid in amounts necessary
to meet annual costs for those
Authorized Improvements financed
by the assessment, and must
continue for a period necessary to
retire the indebtedness of those
Authorized Improvements
(including interest).
Proposed Apportionment of Cost
between the District and the City.
Euless will not be obligated to
provide any funds to finance the
Authorized Improvements, other
than from assessments levied on
the public improvement district
property, and possible tax incre-
ment reinvestment zone revenue.
No municipal property in the public
improvement district shall be as-
sessed.Petitioners or any developer
of the Property may also pay certain
costs of the improvements from
other funds available to the Peti-
tioners or any developer of the
Property.
PETITION FOR THE CREATION OF A PUBLIC IMPROVEMENT DISTRICT
WITHIN THE CITY OF EULESS,TEXAS,FOR THE EULESS MIDTOWN PUBLIC
IMPROVEMENT DISTRICT
This petition ("Petition") is submitted and filed with the City Secretary of the City of
Euless, Texas ("C "), by the owners (the"Petitioners")of a majority of the real property within
the Property (as defined below). Acting pursuant to the provisions of Chapter 372, Texas Local
Government Code, as amended (the "Act"), the Petitioners request that the City create a public
improvement district ("District'), to include property located within the city limits of the City
(the "Property'), more particularly described by a metes and bounds description in Exhibit A.
In support of this Petition,the Petitioners would present the following:
Section 1. General Nature of the Authorized Improvements. The general nature of the
proposed public improvements (collectively, the "Authorized Improvements") are: (i) street and
roadway improvements, including related sidewalks, drainage, utility relocation, signalization,
landscaping, lighting, signage, off-street parking and right-of-way; (ii) establishment or
improvement of parks and open space,together with the design, construction and maintenance of
any ancillary structures, features or amenities such as trails, playgrounds,walkways, lighting and
any similar items located therein; (iii) sidewalks and landscaping, including entry monuments
and features, fountains, lighting and signage; (iv) acquisition, construction, and improvement of
water,wastewater and drainage improvements and facilities; (v)projects similar to those listed in
subsections (i) - (iv) above authorized by the Act, including similar off-site projects that provide
a benefit to the property within the District; (vi) payment of costs associated with operating and
maintaining the public improvements listed in subparagraphs (i) - (v) above; and (vii)payment of
costs associated with developing and financing the public improvements listed in subparagraphs
(i) - (v) above, and costs of establishing, administering and operating the District. These
Authorized Improvements shall promote the interests of the City and confer a special benefit
upon the Property.
The purposes of the District include the design, acquisition, construction, and
improvement of public improvement projects authorized by the Act that are necessary for the
development of the Property, which public improvements may include: landscaping; erection of
fountains, distinctive lighting, and signs; acquiring, constructing, improving, widening,
narrowing, closing, or rerouting of sidewalks or of streets, any other roadways, or their rights-of-
way; acquisition and installation of pieces of art; acquisition, construction, or improvement of
off-street facilities and or off-street parking; entryway features, acquisition, construction or
improvement of water, wastewater, drainage system facilities or improvements; the
Euless Midtown PID Petition
JUL 3 0 2015 0
CITY OF EULESS
establishment or improvement of parks, open space, trails, and a community center; special
supplemental services for the improvement and promotion of the district; payment of costs
associated with operating and maintaining the public improvements listed above; payment of
expenses incurred in the establishment, administration, and operation of the district; and projects
similar to those listed above(the"Authorized Improvements").
Section 2. Estimated Cost of the Authorized Improvements. The estimated cost to
design, acquire, and construct the Authorized Improvements, together with bond issuance costs,
eligible legal and financial fees, eligible credit enhancement costs and eligible costs incurred in
the establishment, administration and operation of the District is $16,750,000.00. The City will
pay none of the costs of the proposed improvements from funds other than such assessments
and/or amounts received by the City pursuant to a tax increment reinvestment zone applicable to
the Property. The remaining costs of the proposed improvements will be paid from sources other
than the City or assessments of the property owners.
Section 3. Boundaries of the Proposed District. The District is proposed to include the
Property.
Section 4. Proposed Method of Assessment.
The City shall levy assessments on each parcel within the District in a manner that results
in imposing equal shares of the costs on property similarly benefited. All assessments may be
paid in full at any time (including interest), and certain assessments may be paid in annual
installments (including interest). If an assessment is allowed to be paid in installments, then the
installments must be paid in amounts necessary to meet annual costs for those Authorized
Improvements financed by the assessment, and must continue for a period necessary to retire the
indebtedness of those Authorized Improvements(including interest).
Section 5.Proposed Apportionment of Costs between the District and the City.
The City will not be obligated to provide any funds to finance the Authorized
Improvements, other than from assessments levied on real property within the District, and
possible tax increment reinvestment zone revenue. All of the costs of the Authorized
Improvements will be paid from assessments and from other sources of funds, if any, available to
the Petitioners.
Euless Midtown PID Petition
Section 6. Management of the District.
The Petitioners propose that the District be managed by the City, with the assistance of a
consultant, who shall, from time to time, advise the City regarding certain operations of the
District.
Section 7. The Petitioners Request Establishment of the District. The person(s) signing
this Petition request the establishment of the District, is duly authorized, and has the corporate
authority to execute and deliver the Petition.
Section 8. Advisory Board.
The Petitioners propose that the District be established and managed without the creation
of an advisory board. If an advisory board is created,the Petitioners request that a representative
of the Petitioner be appointed to the advisory board.
Section 9. Landowner(s).
This Petition has been signed by (1) the owners of taxable real property representing
more than 50 percent of the appraised value of taxable real property liable for assessment under
the proposal, as determined by the current roll of the appraisal district in which the property is
located; and(2)record owners of real property liable for assessment under the proposal who: (A)
constitute more than 50 percent of all record owners of property that is liable for assessment
under the proposal; or(B) own taxable real property that constitutes more than 50 percent of the
area of all taxable real property that is liable for assessment under the proposal.
This Petition is hereby filed with the City Secretary of the City, or other officer
performing the functions of the municipal secretary, in support of the creation of the District by
the City Council of the City as herein provided. The undersigned request that the City Council
of the City call a public hearing on the advisability of the Authorized Improvements, give notice
thereof as provided by law and grant all matters requested in this Petition and grant such other
relief, in law or in equity,to which Petitioners may show themselves to be entitled.
Euless Midtown PID Petition
RESPECTFULLY SUBMITTED,
OWNERS:
CADG 901 Airport Freeway, LLC,
a Texas limited liability company
By: CADG Holdings, LLC,
a Texas limited liability company,
Its Sole Member
By: MMM Ventures, LLC,
a Texas limited liability company,
Its Manager
By: 2M Ventures, LLC,
a Delaware limited liability company,
Its Manager
By:
Name: Mehrdad Moayedi
Its: Manager
STATE OF TEXAS §
COUNTY OF DALLAS §
This instrument was acknowledged before me on the a-- day of , 2015 by
Mehrdad Moayedi, Manager of 2M Ventures, LLC, as Manager of MMM VeIntures, LLC, as
Manager of CADG Holdings, LLC, as Sole Member of CADG 901 Airport Freeway, LLC, a
Texas limited liability company on behalf of said company.
Notary Public, State of Texas
LAURA,L.V+lAYL.AN')
y Commission Expires
et-le Ss fh;A46 WW% i i-v 14, 2016
PID Petition
Shridharani Suresh, Individual property owner
STATE OF TEXAS §
COUNTY OF `J�-���5 §
This instrument was acknowledged before me on the 2 3" day of k , 2015 by
SURESH SHRIDHARANI
LARRY INEREN Notary Public, State of Texas
My COWNIN&W E70"
Math 14.2018
PID Petition
EXHIBIT A
Metes and Bounds
FIELD NOTES FOR 56.884 ACRES
BEING a tract or parcel of land out of the A. J. Huitt Survey, Abstract 684, situated in the City of
Euless, Tarrant, County, Texas; that those tracts of land conveyed to CADG 901 Airport
Freeway, LLC, County Clerk Instrument, Numbers 214219704, 214154503, 214140253, to
Shridharni Suresh, County Clerk Instrument, Number 214280676, Enconserv, LLC., County
Clerk Instrument Number 213222021, and G8 Opportunity Fund I, LCC., County Clerk
Instruments Numbers 210155644 and 210155645, Deed Records, Tarrant County Texas; and
being more particularly described as follows:
BEGINNING at a 5/8" iron rod found for corner in the east line of F. M. 157 (S. Industrial
Boulevard a 100 foot public right-of-way), being the Northwest corner of Tract-A, of the first
National Addition, an addition to the city of Euless, Tarrant County, Texas, according to the plat
recorded in Volume 388-109, Page 22, Plat records, Tarrant County, Texas, and also being the
most westerly southwest corner of said CADG 901 Airport Freeway, LLC, Instrument, No.
214219704;
THENCE North 01 029'37" West along said right-of-way a distance of 300.02 feet to a point for
corner, bringing the southwest corner of the, Lot 1 Block A of Plaza on the Lake, as recorded in
Volume 388-204, Page 74, of said Deed Records;
THENCE leaving said right-of-way and along the boundary line of said Plaza on the Lake the
following calls:
North 88°23'07" East a distance of 162.14 feet to a point for corner;
North 01'02'40" West a distance of 90.39 feet to a point for corner, being in the south line of
said Enconsery tract;
South 88°56'37" West a distance of 162.84 feet to a point for corner, being in the east line of
said right-of-way and being the southwest corner of said Enconsery tract;
Thence North 01 025'43" West along said right-of-way a distance of 311.85 feet to a point for
corner, being the northwest corner of said Enconsery tract and the southwest corner of said
CADG 901 Airport Freeway, LLC, tract Instrument, No. 214154503;
THENCE North 01 026'17" West continuing along said right-of-way a distance of 345.95 feet to a
point for corner being the northwest corner of said CADG 901 Airport Freeway, LLC, Instrument,
Euless Midtown PID Petition
No. 214154503 and in the south right-of-way line of Villa Drive;
THENCE North 89°05'30" East along the said south right-of-way line of villa drive a distance of
479.59 feet to a point for corner;
THENCE North 00°54'54" West crossing said villa drive a distance of 209.95 feet to a point for
corner, being a corner of said CADG 901 Airport Freeway, LLC, Instrument, No. 214140253,
being the northwest corner of Lot 3, Villa West Second Inst., as recorded by plat in the Plat
Records, Tarrant County, Texas, and being in the south line of a tract conveyed to Home Depot
USA, Inc. as recorded by deed, Deed Records, Tarrant County, Texas;
THENCE along the property line of said CADG 901 Airport Freeway, LLC, Instrument, No.
214140253 the following calls:
North 89°06'17" East a distance of 344.11 feet to a point for corner, being the southeast corner
of said Home Depot tract;
North 00 056'45" West a distance of 648.77 feet to a point for corner, being the northeast corner
of said Home Depot tract and being in the south line of a tract conveyed by deed to Euless
Ventures, Inc., as recorded by deed, County Clerk Instrument No. 214262201, Deed Records,
Tarrant County, Texas;
North 89 001'45" East a distance of 171.28 feet to a point for corner, being the southeast corner
of said Euless venture tract;
North 00°46'59" West a distance of 389.78 feet to a point for corner, in the east line of a tract of
land conveyed by deed to Akashamy Investments, LLC., Volume 12848, Pagel 21, Deed
Records, Tarrant County, Texas, and being in the south line of Highway 183 (a variable width
right-of-way;
North 89°27'10" East a distance of 109.50 feet to a point for corner, being the northwest corner
of a tract of land conveyed by deed to Euless Animal Emergency, LLC., County Clerk
Instrument No. 41584791, Deed Records, Tarrant County, Texas;
South 02°08'01" East a distance of 600.15 feet to a point for corner, being the southwest corner
of said Euless Animal tract;
North 89°19'41" East a distance of 108.65 feet to a point for corner, being the southeast corner
of said Euless Animal tract, and being in the west line of a tract of land conveyed by deed to
Shridharani Suresh, County Clerk No. 214280676, Deed Records, Tarrant County, Texas;
THENCE along the property line of said Suresh tract the following calls:
North 02°16'55" West a distance of 161.52 feet to a point for corner, being the southwest corner
of a tract of land conveyed by deed to Acme Brick Company, County Clerk No. 204162933,
Deed Records, Tarrant County, Texas;
Euless Midtown PID Petition
North 89 034'46" East a distance of 251.97 feet to a point for corner, being the southeast corner
of said Acme Brick tract;
North 02 019'14" West a distance of 438.00 feet to a point for corner, being the northeast corner
of said Acme Brick, being in the south line of said Highway 183;
North 89°34'45" East a distance of 181.25 feet to a point for corner;
South 02°39'14" East along said highway 183 a distance of 200.04 feet to a point for corner,
being the northwest corner of Park Crestmoor Addition, an addition to the City of Euless a
recorded in Volume 388-7, Page 46, Plat Records, Tarrant County, Texas;
South 02°34'05" East along the west line of said Park Crestwood Addition a distance of 1135.77
feet to a point for corner;
South 03°17'57" East continuing along the west line of said Park Crestwood Addition a distance
of 332.29 feet to a point for corner, being the southeast corner of said Suresh tract and the
northeast corner of a tract of land conveyed to G8 Opportunity, Fund I, LLC., as recorded by
deed, County Clerk Instrument No. 210155644, Deed Records, Tarrant County, Texas;
THENCE South 87°07'20" West a distance of 284.24 feet to a point for corner, being in the west
right-of-way line of Park Drive (a 50 foot right-of-way);
THENCE South 22°16'30" West along said Park Drive a distance of 150.74 feet to a point for
corner, at the beginning of a curve to the left whose chord bears South 00°1226" East, 93.79
feet;
THENCE continuing along said Park Drive in a Southerly direction along said curve to the left
having a central angle of 44°57'52", a radius of 122.64 feet, and an arc length of 96.25 feet to a
point for corner;
THENCE South 21'08'47" East continuing along said Park Drive a distance of 33.43 feet to a
point for corner, said corner being the northeast corner of a tract of land conveyed to Pride'n
Texas Land, LTD. As recorded by deed, County Clerk Instrument No. 23042381, Deed Records
Tarrant County, Texas;
THENCE South 87°46'09" West a distance of 102.05 feet to a point for corner, being in the east
line of said CADG 901 Airport Freeway, LLC, Instrument, No. 214219704;
THENCE South 02°19'22" East a distance of 185.00 feet to a point for corner, in the north right-
of-way line of West Euless Boulevard (a variable width right-of-way);
Euless Midtown PID Petition
THENCE South 53 054'05" West along the north right-of-way line of said West Euless Boulevard
a distance of 717.03 feet to a point for corner, at the beginning of a curve to the right whose
chord bears South 55°12'52" West, 110.19 feet;
THENCE continuing along the north right-of-way line of said West Euless Boulevard in a
Southwesterly direction along said curve to the right having a central angle of 2°16'00", a radius
of 2785.45 feet, and an arc length of 110.19 feet to a point for corner;
THENCE North 33°59'37" West a distance of 110.87 feet to a point for corner, being in the west
right-of-way of Del Paso Street at the beginning of a curve to the left whose chord bears North
38°16'48"West, 100.29 feet,;
THENCE in a Northwesterly direction along said Del Paso Street right-of way and along said
curve to the left having a central angle of 8°34'22", a radius of 670.92 feet, and an arc length of
100.39 feet to a point for corner;
THENCE in a Northwesterly direction along said curve to the right having a central angle of
15°29'52", a radius of 365.55 feet, and an arc length of 98.88 feet to a point for corner;
THENCE North 27 004'07" West continuing along said Del Paso Street right-of-way a distance of
64.11 feet to a point for corner;
THENCE South 88°45'53" West a distance of 375.15 feet to the POINT OF BEGINNING and
containing 56.884 acres of land, more or less.
Euless Midtown PID Petition