06-024 O - Reinvestment Zone Tax Abatement CTX TOWN OF PROSPER ORDINANCE NO.06-24
AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS, DESIGNATING TAX ABATEMENT
REINVESTMENT ZONE NO. 1 (CTX); PROVIDING ELIGIBILITY OF THE ZONE FOR
COMMERCIAL-INDUSTRIAL TAX ABATEMENT; CONTAINING FINDINGS THAT THE AREA
QUALIFIES TO BE DESIGNATED AS A REINVESTMENT ZONE AND THAT THE
IMPROVEMENTS SOUGHT ARE FEASIBLE AND PRACTICABLE AND OF BENEFIT TO THE
LAND AND THE TOWN; PROVIDING FOR THE APPROVAL OF THE TAX ABATEMENT
AGREEMENT; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A REPEALING CLAUSE;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council of the Town of Prosper, Texas, has caused notice to be published in a
newspaper having general circulation in the Town and has delivered such notice to the presiding officer of the governing
body of each taxing unit that includes in its boundaries the real property described herein;and
WHEREAS, the Town Council of the Town of Prosper, Texas, has conducted a public hearing on the
designation of the area described herein as a reinvestment zone;
NOW,THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,TEXAS:
SECTION 1: FINDINGS. That the Town Council of the Town of Prosper, Texas finds that the area described
herein will, if designated as a Tax Abatement Reinvestment Zone, be reasonably likely to contribute to the retention or
expansion of primary employment, or to attract major investment in the zone that will be of benefit to the property and
contribute to the economic development of the Town. The Town Council further finds that the improvements sought are
feasible and practicable and would be of benefit to the land to be included in the zone and to the Town after the expiration
of a tax abatement agreement. The Town Council further finds that the area described and the tax abatement agreement
approved herein meet the Guidelines for Tax Abatement approved by the Town Council.
SECTION 2: ZONE DESIGNATION. That pursuant to the provisions of Section 312.201 of the Texas Tax
Code, the real property described in Exhibit "A" attached hereto and made a part hereof for all purposes is hereby
designated as a Tax Abatement Reinvestment Zone and for identification shall be known as`Reinvestment Zone No. 1.
(CTX)".
SECTION 3: ZONE ELIGIBILITY. That the property within Reinvestment Zone No. 1 is eligible for
commercial-industrial tax abatement effective on January 1,2006.
SECTION 4: TAX ABATEMENT AGREEMENT. The Tax Abatement Agreement attached hereto as Exhibit
"B" having been reviewed by the Town Council and found to be acceptable and in the best interests of the Town and
its citizens, is hereby approved, and the Mayor is hereby authorized to execute the Agreement on behalf of the Town
of Prosper,Texas.
SECTION 5: SEVERABILITY. If any article, paragraph or subdivision, clause or provision of this
ordinance shall be adjudged invalid or held unconstitutional, the same shall not affect the validity of this ordinance as a
whole or any part or provision thereof,other than the part so decided to be invalid or unconstitutional.
SECTION 6: REPEALING CLAUSE. That all provisions of ordinances of the Town of Prosper, Texas, in
conflict with the provisions of this ordinance shall be, and the same are hereby, repealed, and all other provisions not in
conflict with the provisions of this ordinance shall remain in full force and effect.
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SECTION 7: EFFECTIVE DATE. This ordinance shall take effect immediately from and after its passage.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, ON
THIS THE 14TH DAY OF MARCH,2006.
NIS NGER, or
ATTESTED AND CORRECTLY
RECO DED:
NAE JENNIN ,
Town Secretary
Exhibit"A"
Legal Description Zone 1
Description of a 50.8646 acre tract of land out of the Collin County School Survey,Abstract Number 147, in the Town
of Prosper, Collin County, Texas; said tract being a portion of a 102.246 acre tract conveyed to Prosper Industrial
102 Joint Venture by General Warranty Deed recorded in Volume 5593, Page 2451, Deed Records, Collin County,
Texas;said tract being more particularly described by metes and bounds as follows:
COMMENCING, at a 1/2-inch rod found for the intersection of the centerline of County Road No. 4 and the west
right-of-way line of the Burlington Northern Santa Fe Railroad (a 100 foot right-of-way); said point being also the
northeast corner of a 19.648 acre tract of land conveyed to Hope Lumber & Supply Company, L.P. by General
Warranty Deed recorded in Volume 5220, Page 3569, Deed Records, Collin County,Texas;
THENCE, South 11 degrees 57 minutes 00 seconds West, with the west right-of-way line of said railroad and the
east line of said 19.648 acre tract, a distance of 1250.00 feet to a 5/8-inch iron rod with yellow plastic cap stamped
"GSES INC RPLS 4804" set for the southeast corner of said 19.648 acre tract; said point being also the POINT OF
BEGINNING;
THENCE, South 11 degrees 57 minutes 00 seconds West, with the west right-of-way line of said railroad, a distance
of 1449.50 feet to a 5/8-inch iron rod with yellow plastic cap stamped "GSES INC RPLS 4804" set for the southeast
corner of said 102.246 acre tract; said point being also a corner of the west right-of-way line of said railroad;
THENCE, North 89 degrees 31 minutes 22 seconds West, with said right-of-way line, at a distance of 153.05 feet
pass the northeast corner of a 59.33 acre tract conveyed to The Mahard 2003 Partnership, L.P. by Special Warranty
Deed recorded in Volume 5670, Page 1918, Deed Records, Collin County, Texas; continuing with the north line of
said 59.33 acre tract, in all, a distance of 1427.68 feet to a 3/4-inch iron rod found for the southwest corner of said
102.246 acre tract and the northwest corner of said 59.33 acre tract; said point being the northeast corner of a
79.221 acre tract conveyed to 183 Land Corporation, Inc. by Special Warranty Deed recorded in County Clerk File
No. 97-0005168, Deed Records, Collin County, Texas; said point being also the southeast corner of a 127.854 acre
tract conveyed to Prosper Church Land, L.P. by Special Warranty Deed with Vendor's Lien recorded in Volume 5823,
Page 6264, Deed Records, Collin County, Texas;
THENCE, North 00 degrees 47 minutes 13 seconds East, with the east line of said 127.854 acre tract, a distance of
1406.83 feet to a 5/8-inch iron rod with yellow plastic cap stamped "GSES INC RPLS 4804"set for corner;
THENCE, South 89 degrees 59 minutes 00 seconds East, at a distance of 608.55 feet pass the southwest corner of
an 11.23 acre tract conveyed to Bruce Miller Nursery, Inc. by Special Warranty Deed recorded in Volume 4862, Page
2099, Deed Records, Collin County, Texas; continuing, with the south line of said 11.23 acre tract, at an additional
distance of 400.00 feet pass the southeast corner of said 11.23 acre tract and the southwest corner of said 19.648
acre tract; continuing with the south line of said 19.648 acre tract, in all, a distance of 1708.43 feet to the POINT OF
BEGINNING;
CONTAINING, 2,215,662 square feet or 50.8646 acres of land, more or less.
Exhibit B
Tax Abatement Agreement
(Tax Abatement Agreement immediately follows this page)