HomeMy WebLinkAboutResolution - 2010-R0170 - Tax Abatement Agreement_ Raider Park, L.P. - 04_08_2010Resolution No. 2010—RO170
April 8, 2010
Item No. 5.18
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Tax Abatement Agreement
with Raider Park, L.P. and all related documents. Said Agreement is attached hereto and
incorporated in this Resolution as if fully set forth herein and shall be included in the
minutes of the Council.
Passed by the City Council on April 8 , 2010.
TOM MARTIN, MAYOR
ATTEST:
Rebec , Garza, City Secretary
APPROVED-AS�T`O CONTENT:
Rob Alj. vp , ssistai
Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
LC: cityatt/ Linda/ Res -Tax Abatement- Raider Park, L.P,
March 4), 2010
AGREEMENT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
Resolution No. 2010-RO170
This Agreement is between the City of Lubbock, Texas, a home rule municipality
of the State of Texas (hereinafter called "City"), and Raider Park, L.P. (hereinafter called
"Company");
WITNESSETH:
WHEREAS, City received an application for tax abatement from Company on the
15"' day of January 2010, for improvements to real property located at 2522 Marsha
Sharp Freeway, Tract A, R&N Isom Addition which is further described in "Exhibit A";
and
WHEREAS, upon review of' the above application it was detennined that the
facility and real property is located in Enterprise Zone 3.01-3 designated by the City for
commercial and industrial tax abatement in Ordinance No. 2007-00116 covering the
above described property; and
WHEREAS, the Guidelines and Criteria Governing Tax Abatement For
Commercial Projects in Designated Enterprise Zones in the City of Lubbock were
adopted October 20, 2009 by Resolution No. 2009-RO444 of the City Council of the City
of Lubbock. A copy of the Guidelines and Criteria Governing Tax Abatement for -
Commercial Projects in Designated Enterprise Zones in the City of Lubbock is attached
as Exhibit "B" and incorporated herein as if fully set forth; and
WHEREAS, the City complied with all the requirements set forth in V.T.C.A.,
Tax Code, Section 312.201; and
WHEREAS, the City complied with all the criteria and guidelines as set forth in
the Guidelines and Criteria Governing Tax Abatement for Commercial Projects in
Designated Enterprise Zones in the City of Lubbock; and
WHEREAS, the property described in "Exhibit A" is located in Enterprise Zone
3.01-3 and V.A.T.C., Tax Code, and Sec. 312.2011 provides that designation as an
enterprise zone constitutes designation as a reinvestment zone without further action; and
WHEREAS, the Company's application is for the construction of a new facility;
and
WHEREAS, V.T.C.A. Tax Code Sec. 312.002 and Section IV of the Guidelines
and Criteria governing Tax Abatement for Commercial Projects in Designated Enterprise
Zones in the City of Lubbock recognize construction of a new facility as being eligible
for tax abatement status; and
WHEREAS, the City Council hereby finds that all of the Guidelines and Criteria
Governing Commercial Tax Abatement, as adopted by Resolution No. 2009-RO444 have
been met by Company; and
WHEREAS, the location of the facility and surrounding real property, which are
to be the subject matter of this Agreement, are attached hereto as Exhibit "C" and made a
part of this Agreement for all purposes; and
NOW THEREFORE, for and in consideration of the premises and of the mutual
terms, covenants and conditions herein contained the City and Company do hereby agree
as follows:
SECTION 1. Term. This Agreement shall commence January 1 of the tax year
after the required improvements are substantially completed and shall expire live (5)
years after said date.
SECTION 2. Base Year. The base year applicable to real property, which is the
subject of this Agreement, shall be 2010, and the assessed value of the real property shall
be the assessed value applicable to such property for said year.
SECTION 3. Base Year Taxes. The taxes upon the real property shall be paid in
accordance with the assessed value of such property for the base year. Base year taxes
upon the real property are thus not abated.
TALC ABATEMENT AGREEMENT - RAIDER PARK, L.P. PAGE 2
SECTION 4. Abatement of Increase in Base Year Tax. In accordance with
V.T.C.A., Tax Code, Section 312.204, real property taxes applicable to the real property
subject to this Agreement shall be abated only to the extent said value for any given year
within the term of this Agreement exceeds the base year taxes set forth above.
SECTION 5. Property Ineligible for Tax Abatement. The property described and
set forth in Section IV(5) of the Guidelines and Criteria Governing Tax Abatement for
Commercial Projects in Designated Enterprise Zones in the City of Lubbock is
incorporated by reference herein as if fully set out in this Agreement and filly describes
the property ineligible for tax abatement.
SECTION 6. Exemption from Tax. The City covenants and agrees to exempt
from taxation, in accordance with Section 4 above, the following properties:
(a) All proposed new improvements to be placed upon the property at 2522
Marsha Sharp Freeway, Tract A, R&N Isom Addition, which is further
described in Exhibit "A".
SECTION 7. Economic Qualifications. Company agrees to expend funds
necessary to qualify for tax abatement by constructing a new facility, as set forth in
Section IV(9)(a) of the Guidelines and Criteria Governing Tax Abatement for
Commercial Projects in Designated Enterprise Zones in the City of Lubbock (Exhibit
"B") on the property described in Exhibit "A". A description of the kind, number and
location of all proposed improvements is attached in Company's application, Exhibit "C"
and incorporated herein as if fully set forth.
SECTION 8. Value of Improvements. In accordance with V.T.C.A., Tax Code,
Section 312.204(a), which requires the Owner of the property to make specific
improvements or repairs to the property in order to be eligible for tax abatement,
Company will expend seventeen million six hundred thousand dollars ($17,600,000) for
the construction of a new facility to be located within the enterprise zone created by
Ordinance No. 2007-00116.
SECTION 9. City Access to Property. Company covenants and agrees that City
shall have access to the property, NAhich is the subject matter of this Agreement, upon
reasonable notice and during normal business hours, and that municipal employees or
their agents shall be able to inspect the property to insure compliance with the terms and
conditions of Company's application for tax abatement, attached as Exhibit "C", and this
Agreement.
TAX ABATEMENT AGREEMENT- RAIDER PARK, L.P. PAGE 3
SECTION 10. Portion of Tax Abated. City agrees, during the term of this
Agreement, to abate taxes on eligible property according to the following schedule.
Year 1:
100%
Year 2:
80%
Year 3:
60%
Year 4:
40%
Year 5:
20%
SECTION 11. Type of Improvements. Company proposes to construct a new
facility as described in Exhibit "C". Company further states that the proposed
improvements to the property above mentioned will commence on the 5th day of
February, 2010, and shall be completed within approximately nine (9) months from said
date. Company may request an extension of the above date from City in the event
circumstances beyond the control of Company necessitate additional time for completion
of such improvements and such consent shall not unreasonably be withheld. Company
shall provide a copy of the certificate of occupancy or other proof of completion within
ten days of completion of improvements.
SECTION 12. Limitation on Use. Company agrees to limit the use of the
property set forth in Exhibit "A" to commercial and/or industrial uses as those terms are
defined in the zoning ordinances of the City of Lubbock and to limit the uses of the
property to uses consistent with the general purpose of encouraging development of the
enterprise zone during the term of this agreement.
SECTION 13. Recapture. Company agrees to be bound by and comply with all
the terms and provisions for recapture of abated taxes in the event of default by Company
pursuant to law and as set forth in Guidelines and Criteria for Tax Abatement adopted by
Resolution No. 2009-RO444 of the City Council of the City of Lubbock.
SECTION 14. Certification. Company agrees to certify annually in writing to the
governing body of each taxing unit that the owner is in compliance with the terms of the
Agreement.
SECTION 15. Transfer of Property. Company acknowledges that the purpose of
tax abatement is to increase the City of Lubbock tax base, and Company therefore agrees
that if the property described in Exhibit "A" is sold or transferred during the term of the
tax abatement agreement to any entity that is not required to pay property taxes for this
property, Company agrees to reimburse the taxing jurisdictions for any tax abatement
that was received on the property during the term of the agreement and to make a
payment in lieu of taxes in an amount equal to the taxes that would have been due to the
jurisdictions for each year remaining in this Agreement.
It is understood that Company may lease or license the use of all or some portion of the
property described in Exhibit "A" to a tax exempt entity or entities, and such lease or
TAX ABATEMENT AGREEMENT - RAIDER PARK, L.P. PAGE 4
leases shall not be considered a sale or transfer for purposes of this tax abatement
agreement; however, if Company conveys by deed the fee simple title of the property to a
tax exempt entity during the term of this agreement, then the reimbursement and payment
required by this Section 15 will be required.
SECTION 16. Compliance. The City may cancel or modify this Agreement if
Company fails to comply with the Agreement.
SECTION 17. Notices. Notices required to be given by this Agreement shall be
mailed, certified mail return receipt requested, to the following addresses:
CITY OF LUBBOCK
Assistant City Manager
Development Services
P.O. Box 2000
Lubbock, Texas 79457
Raider Park, L.P.
Clayton Isom
905 Ave K
Lubbock, Texas 79401
Phone: 806-722-0660
SECTION 18. Effective Date. Notwithstanding anything contained herein to the
contrary, this Agreement shall not be effective until such time as it has been finally
passed and approved by the City Council of the City of Lubbock.
EXECUTED on
RAIDER PARK, L.P.
CLA TON ISOM
ATTEST:
4Z,5-
BLAKE CARPENTER
April 8 , 2010.
CITY OF LUBBOCK
A Municipal Corporation
dnr�
TOM MARTIN, MAYOR
ATTEST:
Rebecc Garza
City Secretary
TAX ABATEMENT AGREEMENT - RAIDER PARK, L.P. PAGE 5
APPRG' 'ED AS TO CONTENT:
Rob Allis n, Assistant City Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales
Economic Development Attorney
Lc- cityatt: Linda ray Abaicmcmit A�;mt Ratdco Park, LP
March 31, 2010
TAX ABATEMENT AGREEMENT RAIDER PARK, L.P. PAGE 6
Exhibit A
Resolution No. 2010-RO170
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Resolution No. 2009-RO444
October 20, 2009
Itea No. 5.13
Exhibit Resolution No. 2010-RO170
RESOLUTION
WHEREAS, in November of 2007, the City of Lubbock approved uniform guidelines
and criteria for the application of incentives within the designated enterprise zones; and
WHEREAS, state law requires that the guidelines and criteria approved must be re-
adopted every two years, and the City of Lubbock desires to approve new guidelines for
commercial tax abatement; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock hereby approves and adopts "Guidelines
and Criteria Governing Tax Abatement for Commercial Projects in Designated Enterprise
Zones in the City of Lubbock", which guidelines and criteria are attached as Exhibit "A" and
are made a part hereof for all intents and purposes. These guidelines shall become effective
upon expiration of the previously approved guidelines.
THAT this Resolution in no manner effects additional local incentives which may be
added or deleted by the City during the life of the enterprise zones as required to obtain the best
possible mix of incentives to insure the success of the enterprise zone program.
Passed by the City Council this 20th day of October, 2009.
TOM MARTIN, MAYOR
ATTEST:
Rebe ca Garza, City Secretary
APPR VED S TO CONTENT:
Rob Allison ss Manager
Development Services
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
Lc. cay ati/Lmda(Resolunons/Res= fax AbatementCommercmlGuideltno-2009
September 30, 2009
Resolution No. 2010—RO170
Exhibit B
Exhibit A Resolution No. 2009—RO444
Guidelines And Criteria Governing Tax Abatement For
Commercial Projects In Designated Enterprise Zones
In The City Of Lubbock
SECTION I. General Purgo
The City of Lubbock is committed to the promotion of high quality commercial development in
designated Enterprise Zones within the City; and to an ongoing improvement in the quality of life
for citizens residing in designated Enterprise Zones. The Affected Jurisdictions recognize that
these objectives are generally served by enhancement and expansion of the local economy. The
Affected Jurisdictions will, on a case -by -case basis, give consideration to providing tax abatement,
as authorized by V.T.C.A., Tax Code, Chapter 312, as stimulation for economic development
within the designated Enterprise Zones in the City of Lubbock. It is the policy of the Affected
Jurisdictions that said consideration will be provided in accordance with the guidelines and criteria
herein set forth and in conformity with the Tax Code.
Nothing contained herein shall imply, suggest or be understood to mean that the Affected
Jurisdictions are under any obligation to provide tax abatement to any specific applicant (V.T.C.A.
Tax Code, Section 312.002(d)). With the above rights reserved, all applicants for tax abatement
will be considered on a case -by -case basis.
SECTION 11. Definitions:
As used within these guidelines and criteria, the following words or phrases shall have the
following meaning:
1. Abatement of Taxes: To exempt from ad valorem taxation all or part of the value of
certain Improvements placed on land located in a designated Enterprise Zone for
commercial development purposes for a period of time not to exceed five (5) years.
2. Affected Jurisdiction: The City of Lubbock
3. Abatement Agreement: A contract between a property owner and the Affected Jurisdiction
for the abatement of taxes on qualified property located within a designated Enterprise Zone
as authorized by V.T.C.A., Tax Code, Section 312.204(a),
4. Base Year Value: The assessed value of property eligible for tax abatement as of January
I preceding the execution of an Abatement Agreement as herein defined.
5. Commercial: Retail, service, or office
6. Designated Enterprise Zones: Enterprise zones in which the Affected Jurisdictions will,
on a case -by -case basis, give consideration to providing commercial tax abatement, as
authorized by V.T.C.A., Tax Code, Chapter 312, as stimulation for economic development.
The eligible designated enterprise zones are:
EZ Block Groups:
Census Tract 1.0 Block Group I
Census Tract 1.0 Block Group 4
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20, 2009
Census Tract 2.01 Block Group I
Census Tract 2.02 Block Groups I and 2
Census Tract 3.01 Block Groups 1, 2 and 3
Census Tract 3.02 Block Groups I, 2, 5, 7, and 9
Census Tract 6.07 Block Groups I and 2
Census Tract 9.00 Block Groups 1, 4 and 5
Census Tract 10.00 Block Groups 1. 2, and 4
Census Tract 12.00 Block Group I and 7
Census Tract 13.00 Block Groups I
Census Tract 14.00 Block Groups 1,2
Census Tract 24.00 Block Groups 1, 2, and 3
Census Tract 25.00 Block Group I
7. Expansion of Existing Facilities or Structures: The addition of buildings, structures,
machinery or equipment to a Facility.
8. Existing Facility or Structure: A Facility as of the date of execution of the Tax
Abatement Agreement, located in or on Real Property eligible for tax abatement.
9. Facility: The improvements made to Real Property eligible for tax abatement and including
the building or structure erected on such Real Property and/or any Tangible Personal
Property to be located in or on such property.
10. Improvements to Real Property or Improvements: Shall mean the construction, addition
to, structural upgrading of, replacement of, or completion of any facility located upon, or to
be located upon, Real Property, as herein defined, or any Tangible Personal Property placed
in or on said Real Property.
l 1. Modernization/Renovation of Existing facilities: The replacement or upgrading of
existing facilities.
12. New Facility: The construction of a Facility, that has not previously existed within the
affected jurisdiction on previously undeveloped real property eligible for tax abatement.
13. New Permanent Job: A new employment position created by a business that has -provided
employment to an employee of at least 1,820 hours annually and intended to be an
employment position that exists during the life of the abatement.
14. Owner: The record title owner of Real Property or the legal owner of Tangible Personal
Property. In the case of land leased from an Affected Jurisdiction or buildings leased from a
private party or tax exempt property, the lessee shall be deemed the owner of such leased
property together with all improvements and Tangible Personal Property located thereon.
15. Productive Life: The number of years a Facility is expected to be in service.
16. Real Property: Land on which Improvements are to be made or fixtures placed.
17, Tangible Personal Property: Any Personal Property, not otherwise defined herein, and
which is necessary for the proper operation of any type of Facility.
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20.2009
SECTION Ill. Intent of Criteria and Guidelines:
The intent of the criteria and guidelines, as herein set forth, is to establish the minimum standards
which an applicant for tax abatement must meet in order to be considered for such status by the
Affected Jurisdictions.
SECTION IV. Criteria and Guidelines for Tax Abatement:
Any type of Facility will be eligible for tax abatement consideration provided such Facility meets
the following guidelines and criteria:
I. A business must clearly add to the Lubbock economic base. Compliance with this criterion
must show that if the company is qualifying on the jobs requirement that the jobs being
proposed will not simply displace other similar jobs in the community.
2. Creation of new value: Abatement may only be granted for the additional value resulting from
any of the following:
(a) modem ization/renovation of existing facilities of any type as herein defined;
(b) construction of a new facility of any type as herein defined;
(c) expansion of existing facilities of any type as herein defined.
3. New or existing facilities, of any type herein defined, located in a designated Enterprise Zone,
(Designated Enterprise Zones are automatic reinvestment zones) or upon Real Property
eligible for such status will be eligible for consideration for tax abatement status provided all
other criteria or guidelines are satisfied.
4. Improvements to Real Property are eligible for tax abatement status.
5. The following types of property shall be ineligible for tax abatement status and shall be fully
taxed:
(a) Real Property;
(b) inventories or supplies;
(c) tools;
(d) furnishings and other forms of movable personal property;
(e) vehicles;
(f) aircraft,
(g) housing;
(h) boats;
3
Exhibit B
2009 Commercial Tar Abatement Guidelines
October 20.2009
(i) property owned by the State of Texas or any state agency; and,
(j) property owned or leased by a member of the affected Jurisdiction that did not have an
active tax abatement in place before they became a member of the governing body or
commission.
6. In order for a Facility to qualify for abatement, the following conditions must apply:
(a) The owner or leaseholder of real property must make eligible improvements to the real
property; and,
(b) In the case of lessees, the leaseholder must have a lease commitment of at least five (5)
years.
(c) Property must be properly zoned for the use stated by the owner in the application.
(d) It is recommended that facilities located within the certificated territory of the City's
municipally owned electric utility, Lubbock Power and Light (LP&L), utilize LP&L for
electrical services during the term of the abatement.
7. The amount and term of abatement shall be determined on a case -by -case basis, however, in
no event shall taxes be abated for a term in excess of five (5) years. The amount of the taxable
value of Improvements to be abated and the term of the abatement shall be determined by the
Affected Jurisdiction in all cases. The authority of all other taxing units shall be as set forth in
V.T.C.A., Tax Code, Section 312.206.
8. No commercial property shall be eligible for tax abatement under these guidelines and criteria
unless such property is located in a designated Enterprise Zone in accordance with
Government Code, Chapter 2303.101, and as defined in Section 11(6), and the tax abatement
application is filed with the taxing jurisdiction before construction begins.
9. The minimum economic qualification for tax abatement shall be as follows:
(a) $100,000 investment, or
(b) Ten (10) new permanent jobs and at least 30% of the business' new employees in the
zone are residents of any zone within the governing body's or bodies' jurisdiction.
10. Notwithstanding any of the requirements set forth in Subsection 9 above, the governing body
of an Affected Jurisdiction upon the affirmative vote of three -fourths (3/4) of its members may
vary any of the above requirements when variation is demonstrated by the applicant for Tax
Abatement that variation is in the best interest of the Affected Jurisdiction to do so, and will
enhance the economic development of the Affected Jurisdiction. By way of example only,
and not by limitation, the governing body of an Affected Jurisdiction may consider the
following or similar terms in determining whether a variance shall be granted:
(a) That the increase in productivity of the Facility will be substantial and hence directly
benefit the economy.
4
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20, 2009
(b) That the increase of goods or services produced by the Facility will be substantial, and
directly benefit the economy.
(c) That the employment maintained at the Facility will be increased.
(d) That the waiver of the requirement will contribute, and provide for the retention of
existing jobs within the Affected Jurisdiction,
(e) Any other evidence tending to show a direct economic benefit to the Affected
Jurisdiction.
11. Taxability:
(a) The portion of the value of Improvements to be abated shall be abated in accordance with
the terms and provisions of a Tax Abatement Agreement executed between the Affected
Jurisdiction and the owner of the Real Property and/or Tangible Personal Property,
(which agreement shall be) in accord with the provisions of V.T.C.A., Tax Code, Section
312.205.
(b) All ineligible property, if otherwise taxable as herein described, shall be fully taxed.
12. The governing body of each Affected Jurisdiction shall have total discretion as to whether tax
abatement is to be granted. Such discretion, as herein retained, shall be exercised on a case -
by -case basis. The adoption of these guidelines and criteria by the governing body of an
Affected Jurisdiction does not:
(a) Limit the discretion of the governing body to decide whether to enter into a specific tax
abatement agreement;
(b) Limit the discretion of the governing body to delegate to its employees the authority to
determine whether or not the governing body should consider a particular application or
request for tax abatement; or,
(c) Create any property, contract, or other legal right in any person to have the governing
body consider or grant a specific application or request for tax abatement.
13. The burden to demonstrate that an application for tax abatement should be granted shall be
upon the applicant. Each Affected Jurisdiction to which the application has been directed
shall have full authority to request any additional information from the applicant that the
governing body of such Affected Jurisdiction deems necessary to assist it in considering such
application.
SECTION V. Tax Abatement Aereement:
I. The Tax Abatement Agreement may be executed between the owner and the municipality. A
Tax Abatement Agreement shall:
(a) Establish and set forth the Base Year assessed value of the property for which tax
abatement is sought.
5
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20.2009
(b) Provide that the taxes paid on the Base Year assessed value shall not be abated as a result
of the execution of said Tax Abatement Agreement.
(c) Provide that ineligible property as subscribed in Section IV, Subsection 5,
hereinabove shall be fully taxed.
(d) Provide for the exemption of Improvements in each year covered by the agreement, only
to the extent the value of such Improvements for each such year exceeds the value for the
year in which the agreement is executed.
(e) Fully describe and list the kind, number and location of all of the improvements to
be made in or on the Real Property.
(f) Set forth the estimated value of all improvements to be made in or on the Real Property.
(g) Clearly provide that tax abatement shall be granted only to the extent:
(1) The improvements to Real Property increase the value of the Real Property for the
year in which the Tax Abatement Agreement is executed; and,
(2) That the Tangible Personal Property improvements to Real Property were not located
on the Real Property prior to the execution of the Tax Abatement Agreement.
(h) Provide for the portion of the value of the improvements to Real Property or
improvements to be abated. This determination is to be made consistent with the
provisions of Section IV, Subsection 5, of these guidelines and criteria as hereinabove set
forth.
(i) Provide for the commencement date and the termination date. In no event shall said dates
exceed a period of five (5) years.
0) Describe the type and proposed use of the improvements to Real Property or
improvements including:
(1) The type of facility.
(2) Whether the improvements are for a new facility or renovation of a facility.
(3) The nature of the construction, proposed time table of completion, a map or drawings
of the improvements above mentioned.
(4) The amount of investment and the commitment for the creation of new jobs.
(5) A list containing the kind, number and location of all proposed improvements.
(6) Any other information required by the Affected Jurisdiction.
(k) Provide a legal description of the Real Property upon which improvements are to be
made.
51
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20, 2009
(1) Provide access to and authorize inspection of the Real Property or improvements by
employees of the Affected Jurisdiction, who have executed a Tax Abatement Agreement
with owner to insure improvements are made according to the specifications and
conditions of the Tax Abatement Agreement.
(m) Provide for the limitation of the uses of the Real Property or improvements consistent
with the general purpose of encouraging development or re -development of the zone
during the period covered by the Tax Abatement Agreement.
(n) Provide for contractual obligations in the event of default by owner, violation of the terms
or conditions by owner, recapturing property tax revenue in the event the owner defaults
or otherwise fails to make improvements as provided in said Tax Abatement Agreement,
and any other provision as may be required or authorized by State law.
(o) Contain each term agreed to by the owner of the property;
(p) Require the owner of the property to certify annually to the governing body of
each taxing unit that the owner is in compliance with each applicable term of
the agreement; and
(q) Provide that the governing body of the municipality may cancel or modify the
agreement if the property owner fails to comply with the agreement.
2. Not later than the seventh day before the City of Lubbock (as required by V.T.C.A., Tax
Code, Section 312.2041 or Section 312.402) enters into an agreement for tax abatement under
V.T.C.A., Tax Code, Section 312.204, the governing body or a designated officer or employee
thereof shall deliver to the presiding officer of the governing body of each of the taxing units
in which the property to be subject to the agreement is located, a written notice that the City
intends to enter into the agreement. The notice must include a copy of the proposed Tax
Abatement Agreement.
3. A notice, as above described in Subparagraph 2, is presumed delivered when placed in the
mail, postage paid and properly addressed to the appropriate presiding officer. A notice
properly addressed and sent by registered or certified mail for which a return receipt is
received by the sender is considered to have been delivered to the addressee.
4. Failure to deliver the notice does not affect the validity of the agreement,
SECTION VI. Application:
I. Any present owner of taxable commercial property located within the designated Enterprise
Zone of the City of Lubbock may apply for tax abatement by filing an application with the
City of Lubbock.
2. The application shall consist of a completed application form accompanied by:
(a) A general description of the improvements to be undertaken.
(b) A descriptive list of the improvements for which tax abatement is requested.
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20.2009
(c) A list of the kind, number and location of all proposed improvements of the Real Property
Facility of Existing Facility.
(d) A map indicating the approximate location of improvements on the Real Property Facility
or Existing Facility together with the location of any or all Existing Facilities located on
the Real Property or Facility.
(e) A list of any and all Tangible Personal Property presently existing on the Real Property or
located in an existing facility.
(f) A legal description of property.
(g) Address of property.
(h) A proposed time schedule for undertaking and completing the proposed improvements.
(i) A general description stating whether the proposed improvements are in connection with:
(1) the renovation of facility; or,
(2) construction of a new facility.
(j) A statement of the additional value to the Real Property or Facility as a result of the
proposed improvements.
(k) A statement of the assessed value of the Real Property, Facility or Existing Facility for the
Base Year.
(1) Information concerning the number of new jobs that will be created or information
concerning the number of existing jobs to be retained as result of the improvements
undertaken.
(m) Any other information which the City of Lubbock deems appropriate for evaluating the
financial capacity of the applicant and compatibility of the proposed improvements with
these guidelines and criteria.
(n) Information that is provided to an Affected Jurisdiction in connection with an application
or request for tax abatement, and which describes the specific processes or business
activity to be conducted or the equipment or other property to be located on the property
for which tax abatement is sought is confidential and not subject to public disclosure until
the Tax Abatement Agreement is executed. Information in the custody of an Affected
Jurisdiction after the agreement is executed is not confidential. (V.T.C.A., Tax Code,
Section 312.003).
(o) The City of Lubbock shall determine if the property described in said application is
within a designated Enterprise Zone. If the City determines that the property described is
not within a current Enterprise Zone, then they shall so notify the applicant and said
application shall then be returned to the applicant.
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20, 2009
SECTION VII. Default Options
In the event that the applicant, owner or lessee has entered into a tax abatement agreement to
make improvements as defined in Section 1V.2 above, but fails to undertake or complete such
improvements; fails to create all or a portion of the new jobs provided by the Tax Abatement
Agreement; or is in default of any of the terms or conditions contained in the Tax Abatement
Agreement; then in such event the Affected Jurisdiction to whom the application for tax
abatements was directed shall give the applicant or owner sixty (60) days notice of such
failure. The applicant or owner shall demonstrate to the satisfaction of the Affected
Jurisdiction above mentioned that the applicant or owner has commenced to cure such failure
within the sixty (60) days above mentioned. In the event the applicant owner, or lessee fails to
demonstrate that he is taking affirmative action to cure his failure, the Affected Jurisdiction
shall have three options:
(a) The Affected Jurisdiction may renegotiate the Agreement with the applicant, owner or
lessee, in which case the current Guidelines and Criteria Governing Tax Abatement for
Commercial Projects in Designated Enterprise Zones shall apply to the new Agreement;
or
(b) The Affected Jurisdiction may determine that good cause exists to cancel the Agreement
and all abatement of taxes shall terminate immediately; or
(c) The Affected Jurisdiction may terminate the Agreement and recapture taxes abated under
Section Vill. Recapture.
2. In any of the three options in subparagraph I above, the Affected Jurisdiction to which the
application for tax abatement was directed shall determine whether default has occurred by the
applicant, owner or lessee in the terms and conditions of the Tax Abatement Agreement and
shall so notify all other Affected Jurisdictions. Cancellation or termination of the Tax
Abatement Agreement by the Affected Jurisdiction to which the application for tax abatement
was directed shall constitute simultaneous action to all Tax Abatement Agreements of all other
Affected Jurisdictions.
SECTION Vlll. Recapture
In the event that any type of facility, (as defined in Section 11, Subparagraphs 5, 6, 7, 8, 9) is
completed and begins producing goods or services, but subsequently discontinues producing
goods or services for any reason, excepting fire, explosion or other casualty or accident or
natural disaster or other event beyond the reasonable control of applicant or owner for a
period of 180 days during the tern of a tax abatement agreement, then in such event the Tax
Abatement Agreement shall terminate and all abatement of taxes shall likewise terminate.
Taxes abated during the calendar year in which termination takes place shall be payable to
each Affected Jurisdiction by no later than January 31 st of the following year. Taxes abated in
years prior to the year of termination shall be payable to each Affected Jurisdiction within
sixty (60) days of the date of termination. The burden shall be upon the applicant or owner to
prove to the satisfaction of the Affected Jurisdiction to whom the application for tax
abatement was directed that the discontinuance of producing goods or services was as a result
of fire, explosion, or other casualty or accident or natural disaster or other even beyond the
control of applicant or owner. In the event the applicant or owner meets this burden, and the
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20.2009
Affected Jurisdiction is satisfied that the discontinuance of the production of goods or services
was the result of events beyond the control of the applicant or owner, then such applicant or
owner shall have a period of one y X in which to resume the production of goods and
services. In the event that the applicant or owner fails to resume the production of goods or
services within one year, then the Tax Abatement Agreement shall terminate and the
Abatement of all tares shall likewise terminate. Taxes abated during the calendar year in
which termination takes place shall be payable to each Affected Jurisdiction by no later than
January 31 st of the following year. Taxes abated in years prior to the year of termination shall
be payable to each Affected Jurisdiction within sixty (60) days of the date of termination. The
one year time period, hereinabove mentioned, shall commence upon written notification from
the Affected Jurisdiction to the applicant or owner.
2. In the event that the applicant, owner or Lessee has entered into a tax abatement agreement to
make improvements to a facility of any type described in Section I above, but fails to
undertake or complete such improvements or fails to create all or a portion of the number of
new jobs provided by the Tax Abatement Agreement, then in such event the Affected
Jurisdiction to whom the application for tax abatement was directed shall give the applicant or
owner sixty (60) days notice of such failure. The applicant or owner shall demonstrate to the
satisfaction of the Affected Jurisdiction, above mentioned, that the applicant or owner has
commenced to cure such failure within the sixty (60) days above mentioned. In the event that
the applicant or owner fails to demonstrate that he is taking affirmative action to cure his
failure, then in such event the Tax Abatement Agreement shall terminate and all abatement of
taxes shall likewise terminate. Taxes abated during the calendar year in which termination
takes place shall be payable to each Affected Jurisdiction by no later than January 31 st of the
following year. Taxes abated in years prior to the year of termination shall be payable to each
Affected Jurisdiction within sixty (60) days of the date of termination.
In the event that the Affected Jurisdiction to whom application for tax abatement was directed
determines that the applicant or owner is in default of any of the terms or conditions contained
in the Tax Abatement Agreement, then in such event the Affected Jurisdiction shall give the
applicant or owner sixty (60) days written notice to cure such default. In the event such
default is not cured to the satisfaction of the Affected Jurisdiction within the sixty (60) days
notice period, then the Tax Abatement Agreement shall terminate and all abatement of taxes
shall likewise terminate. Taxes abated during the calendar year in which termination takes
place shall be payable to each Affected Jurisdiction by no later than January 31st of the
following year. Taxes abated in years prior to the year of termination shall be payable to each
Affected Jurisdiction within sixty (60) days of the date of termination.
4. In the event that the applicant or owner allows ad valorem taxes on property ineligible for tax
abatement owed to any Affected Jurisdiction, to become delinquent and fails to timely and
properly follow the legal procedures for their protest or contest, then in such event the Tax
Abatement Agreement shall terminate and all abatement of taxes shall likewise terminate.
Taxes abated during the calendar year in which termination, under this subparagraph, takes
place shall be payable to each Affected Jurisdiction by no later than January 31st of the
following year. Taxes abated in years prior to the year of termination shall be payable to each
Affected Jurisdiction within sixty (60) days of the date of termination.
5. In the event that the applicant or owner, who has executed a tax abatement agreement with any
Affected Jurisdiction, relocates the business, for which tax abatement has been granted, to a
�U11
Exhibit B
2009 Commercial Tax Abatement Guidelines
October 20. 2009
location outside of the designated reinvestment zone, then in such event, the Tax Abatement
Agreement shall terminate after sixty (60) days written notice by the Affected Jurisdiction to
the Owner/Applicant. Taxes abated during the calendar year in which termination, under this
subparagraph takes place shall be payable to each Affected Jurisdiction by no later than
January 31 st of the following year. Taxes abated in years prior to the year of termination shall
be payable to each Affected Jurisdiction within sixty (60) days of the date of termination.
6. The date of termination as that term is used in this Subsection Vlll shall, in every instance, be
the 60th day after the day the Affected Jurisdiction sends notice of default, in the mail to the
address shown in the Tax Abatement Agreement to the Applicant or Owner. Should the
default be cured by the Owner or Applicant within the sixty (60) day notice period, the
Owner/Applicant shall be responsible for so advising the Affected Jurisdiction and obtaining a
release from the notice of default from the Affected Jurisdiction, failing in which, the
abatement remains terminated and the abated taxes must be paid.
7. In every case of termination set forth in Subparagraphs 1, 2, 3, 4 and 5 above, the Affected
Jurisdiction to which the application for tax abatement was directed shall determine whether
default has occurred by Owner (Applicant) in the terms and conditions of the Tax Abatement
Agreement and shall so notify all other Affected Jurisdictions. Termination of the Tax
Abatement Agreement by the Affected Jurisdiction to which the application for tax abatement
was directed shall constitute simultaneous termination of all Tax Abatement Agreements of all
other Affected Jurisdictions.
S. In the event that a tax abatement agreement is terminated for any reason whatsoever, and taxes
are not paid within the time period herein specified, then in such event, the provisions of
V.T.C.A., Tax Code, Section 33.01 will apply.
SECTION IX. Miscellaneous:
I. Any notice required to be given by these criteria or guidelines shall be given in the following
manner:
(a) To the Owner or Applicant: written notice shall be sent to the address appearing on the
Tax Abatement Agreement.
(b) To an Affected Jurisdiction: written notice shall be sent to the address appearing on the
Tax Abatement Agreement,
2. The Chief Appraiser of the Lubbock Central Appraisal District shall annually assess the Real
and Personal Property comprising the reinvestment zone. Each year, the Applicant or Owner
receiving tax abatement shall furnish the Chief Appraiser with such information as may be
necessary for the abatement. Once value has been established, the Chief Appraiser shall notify
the Affected Jurisdictions which levy taxes of the amount of assessment.
3. Upon the completion of improvements made to Facility as set forth in Section VII,
Subparagraph I of these criteria and guidelines, a designated employee or employees of any
I
Exhibit B
2009 Commercial Tar Abatement Guidelines
October 20, 2009
Affected Jurisdiction having executed a tax abatement agreement with Applicant or Owner
shall have access to the Facility to ensure compliance with the Tax Abatement Agreement.
4. A Tax Abatement Agreement may be assigned to a new owner, but only after written consent
has been obtained from all Affected Jurisdictions which have executed such an agreement with
the Applicant or Owner.
5. These guidelines and criteria are effective upon the date of their adoption by an Affected
Jurisdiction and shall remain in force for two years. At the end of the two-year period, these
guidelines and criteria may be re -adopted, modified, amended or re -written as the conditions
may warrant.
6. Each Affected Jurisdiction shall determine whether or not said Affected Jurisdiction elects to
become eligible to participate in tax abatement. In the event the Affected Jurisdiction elects
by resolution to become eligible to participate in tax abatement, then such Affected
Jurisdiction shall adopt these guidelines and criteria by separate resolution forwarding a copy
of both resolutions to all other Affected Jurisdictions.
7. In the event of a conflict between these guidelines and criteria and V.T.C.A., Tax Code,
Chapter 312, then in such event, the Tax Code shall prevail, and these guidelines and criteria
interpreted accordingly.
8. The guidelines and criteria, once adopted by an Affected Jurisdiction, may be amended or
repealed by a vote of three -fourths of the members of the governing body of an Affected
Jurisdiction during the two-year term in which these guidelines and criteria are effective.
12
Exhibit C
APPLICATION FOR COMMERCIAL TAX ABATEMENT IN LUBBOCK, TEXAS
FILING INSTRUCTIONS:
This application must be filed prior to the anticipated commencement of construction of Improvements or the
Installation of equipment. This filing acknowledges familiarity and assumed conformance with "GUIDELINES
AND CRITERIA GOVERNING COMMERCIAL TAX ABATEMENT' (Copy attached). This application will become a
part of any later agreement or contract, and knowingly false representations thereon will be grounds for the
voldina of anv later agreement or contract.
ORIGINAL COPY OF THIS APPLICATION AND ATTACHMENTS SHOULD BE SUBMITTED TO:
City of Lubbock
Business Development Department
P.O. Box 2000
1625 13' Street
Lubbock,TX 79457
(806) 775-2019
!Date of Application: 1 / 7 / 2010
Applicant Name: Clayton Isom
Company Name: Raider Park, LP
Address: 905 Ave. K ._ Lubbock, TX 79401
Phone: 806.722.0660 Fax: 806.796.1920
Applicants Representative on this project: Blake Carpenter
Name:
Address: 905 Ave. K Lubbock, TX 79401
Phone: 806.722.0660 )MAIL: bcarpenter@isinvestments.com
Type of Ownership: [ j Corporation M Partnership [ j Proprietorship
Total Current Number Employees:
A
Corporate Annual Sales Per Year: start up company
Section II - FACILITY INFORMATION
COMAPP2060
��� t Jls%/o
Exhibit C
Commercial Tax Abatement Application
Page 2
(a) This application is for a: [X] New Facility [ ] Expansion [ J Modernization
(b) Type of Commercial Facility for which abatement is requested: Multi —use Parking Garage Facility
(c) Minimum economic qualification for tax abatement - place a check beside the statements that apply to your project:
[XJ Minimum investment at least $250,000
[X] Creation of at least 10 new permanent jobs
[ J At least 30% of the new employees to be hired by the business will be residents of any enterprise zone within
the governing body's jurisdiction
(d) [ J The existing facility to be modernized or expanded or the property where the new facility is to be built is
located in a designated Enterprise Zone.
(e) Address of proposed facility: 2522 Marsha Sharp Freeway
II(f) Legal description of proposed facility: Final reading of plat scheduled for January 15, 201d1
Il (g) Describe product or service to be provided: Parking garage facility for TTU student parking
20,000+ sq ft of retail space
Soctlon III -
Please attach the following:
Attachment 1
(a) A general description of the improvements to be undertaken (example: build new retail store at 4501 Peach Street
and install new furniture and fixtures).
(b) A descriptive list of the improvements for which tax abatement is requested, including:
(1) cost and description of construction and location of all proposed Improvements of the Real
Property or Existing Facility, and:
(2) list of new equipment and cost of the equipment.
(c) A list of any and all Tangible Personal Property presently existing on the Real Property or located in an existing
facility.
(d) A proposed time schedule for undertaking and completing the proposed improvements.
II Attachment 2
(a) A site map indicating the approximate location of improvements on the Real Property Facility or Existing Facility
together with the location of any or all Existing Facilities located on the Real Property or Facility.
Exhibit C
Commercial Tax Abatement Application
Page 3
II Attachment 3
(a) A statement of the additional value to the Real Property or Facility as a result of the proposed improvements.
(b) A statement of the assessed value of the Real Property, Facility or Existing Facility for the base year (attach tax
assessment for property from the Lubbock Central Appraisal District).
(c) Information concerning the number of new jobs that will be created or the number of existing jobs to be retained
as a result of the improvements undertaken.
Part A - Current Investment In Existing Improvements: $1, 600, 000 Land Only
Part B - Permanent Employment Estimates:
(1) If existing facility, what is the current plant employment:
(2) Estimated number of new jobs to be created and time frame for creation of jobs:
New Jobs 10 Time Frame In place 9-30-2010
(3) Estimated number of retained jobs: 10
(4) Opening of improvements: (Month) Sept. of (Year) 2010
Part C - Permanent Payroll Estimates:
(1)
(2)
(3)
If existing facility, what is the current plant payroll:
Estimated amount of new payroll : $ 75 , 000 - Parking Garage
Estimated amount of retained payroll:
Part D - Construction and Employment Estimates:
(1) Construction start: Month Jan, Year 2010
(2) Number of construction jobs: At Start 25 Peak 110 Finish 10
(3) Number of man-years: 9 months
Exhibit C
Commercial Tax Abatement Application
Page 4
Part E — School District Impact Estimates:
Give Estimated number of Children added to ISD's S
Part F — City Impact Estimates:
(1) Volume of treated water required from City gallons per day.
(2) Volume of effluent to be treated by City gallons per day.
—To be determined due to retail tenants
—There will be 2 water cisterns that will provide all landscape water
Part G — Estimated Appraised Value on Site:
LAND PERSONAL IMPROVEMENTS
PROPERTY
Value of Existing Facility
Before New Construction
(From Central Appraisal District) Appraise $1,370,000
Value of New Improvements $ 230 , 000 $17 , 600 , 000
Estimated Total Value After
Improvements $1, 600, 000 $17 , 600 , 000
II Part H — Variance:
(a) Is a variance being sought under Section IV 9(d) of the 'Guidelines"? [ j Yes K No
(b) If "Yes", attach any supplementary information required.
V-
To the best of my knowledge, the above information is an accurate descripti of project details.
mpany Official Signature
Clayton Bruce Isom
Printed Name of Company Official
CEO
Title of Company Official
Exhibit C
Attachment 1
(a) Raider Park, LP will be a multi -use parking garage facility that will consist of
1495 parking spaces as well as 20,000+ square feet of retail space.
(b)
(1) The construction cost per our contract with Construction Enterprises Inc
(CEI) is $17,621,410. This includes the entire building construction of
563,584 sq feet and related fees associated with the construction. The
garage will be 11 stories tall and consist of 1495 parking spaces (See
Exhibit A).
The retail tenants will be determined in the 2nd quarter of 2010 and will be
responsible for finish out of their respective space. We are not asking for
an abatement of the personal property included in each tenant space.
We have 6,000+ sq ft of restaurant space dedicated to the southeast corner
of the property. The restaurant will also lease space on the 1 l u, floor
dedicated to an outdoor roof -top bar. The remaining space will consist of
retail tenants similar to the Overton area just east of Jones AT&T Stadium.
(2) Included in the overall construction contract with CEI, we will have the
following equipment: 4 automatic gates and operators, 2 ticket dispensers
by Guardian, 2 detection loops by Door King, 4 gate arms by Door King.
All of the equipment is related to the operation of the parking garage. The
total amount associated with this is roughly $250,000.
(c) The property is currently raw land, due to the expansion of Marsha Sharp
Freeway and the demolition of the Town and Country shopping center. The
entire 8.653 acre tract was purchased by R&N Investments II, LLC. Raider
Park will purchase 2.148 acres after the final plat is recorded with the City of
Lubbock on January 151h, 2010.
(d) See Attached Construction Schedule. We are currently 20 days behind
schedule due to changes in project scope as well as the platting of the site.
Phase l was dedicated for site clearing and preparation.
Phase 2 will begin once the building permit is pulled. This will commence
no earlier than January 15'h, 2010.
Exhibit C
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No Subobw6d 0W." 'fd- b.1- GRO SHOMtt AS SURVEYED ON THE
Record Damiawde mW cbrtdtlerw to GUND
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Exhibit C
Attachment 3
(a) The construction of the parking garage facility will add value of $17.6 million
in improvements to the real property as well as S230,000 in land value
currently associated with the site. In addition to adding dollar value to the
area, the parking garage will bring needed parking to the Texas Tech
University area. With the expansion of student enrollment and a push for Tier
1 status, waiting lists for parking will exceed what they are today.
(b) The entire 8.653 acre tract was purchased by R&N Investments II, LLC in late
2009. The land was appraised by Blosser Appraisal for a total of $5,525,000
or $14.66 per ft (See Exhibit B). This purchase came in 4 separate parcels
(See Exhibit Q. Raider Park, LP will purchase 2.148 acres for approximately
$17 per ft. This will in turn be a value of roughly $1.6 million in base land
value for Raider Park, LP.
(c) The Raider Park parking garage will be bringing many new jobs to the area.
Along with the 10-12 maintenance staff and managers associated with parking
aspect of the garage, there will also be a mix of retail, restaurant and office
space that will provide new job opportunities. The restaurant will be
approximately 6,000 sq ft and require close to 30-35 employees including
managers, wait and kitchen staff. There will be close to 15,000 square feet of
retail/office space and it has been estimated that this will bring approximately
another 40 jobs to Raider Park.
MN
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kX%1tbt�" & Exhibit Resolution No. 2010-RO170
Self Contained Appraisal Report
Of
9.653 Acres of Effectively Vacant Land
NW/C of Marsha Sharp Frwy (4i° St) and University Avenue
Lubbock, Lubbock County, Texas
Prepared for
American State Bank
1401 Avenue Q
Lubbock, Texas 79408
File No. B09084
Exhibit C
blosser appraisal
BA A Division of the Gerald A. Teel Company, Inc.
October 5, 2009
Mr. Mike Jackson
American State Bank
1401 Avenue Q
Lubbock, Texas 79409
RE: Appraisal of 9.653 acres of effectively vacant land situated at the northwest comer of the Marsha
Sharp Freeway (4'a Street) and University Avenue, Lubbock, Lubbock County, Texas.
Dear Mr. Jackson:
In Fulfillment of the agreement outlined in the letter of engagement dated September 17, 2009, this letter is to
transmit the attached report of our appraisal of the property rights identified within the report concerning the
referenced above, as of September 24, 2009 (date of inspection). The report sets forth supporting data and
reasoning which form the basis of our opinion of the market value.
The value opinion reported is qualified by certain definitions, limiting conditions, and certifications which arc
set Forth within this report. The reader is directed to review all assignment conditions set forth in the
introduction section of this report. Those included are the General Assumptions, General Limiting Conditions,
Extraordinary Assumptions, and any Hypothetical Conditions which may affect the final opinion of value.
This report was prepared for and invoiced to American State Bank. It is intended only for use by American
State Bank. It may not be distributed to or relied upon by other persons or entities without our written
permission,
The property was inspected by Michael G. Divin, and the appraisal was developed by Michael G. Divur and
Timothy N. Treadway, MAI, CCIM. If you have any questions concerning the report, please contact our
office.
Blosser Appraisal appreciates the opportunity to provide these real estate valuation and consultation services.
We look forward to working with you in the future.
Sincerely,
BLOSSER APPRAISAL,
A Division of Tire Gerald A. Teel Company, lire.
BY: �, X? �---,
Tim N. Treadway, MAI, CCIM
TX-1323331-G
1001 Main Street atiuite 505 -Court Place .Lubbock, TX 79401 *Tel (806) 744-11R8 •Fat (806) 744.11 R9
974 Cwnpbell [toad a Suite 204 a t loumon. Texus 77034 a Tel. (713) 467-5858 a Viv% (713) 467.0704 a i*-"m y ATLc=
Exhibit C
EXECUTIVE SUMMARY
Property Name:
Location:
Existing Improvements
Vacant Retail Building (to be denw/ished)
Total Land Area:
Road Frontage (approximate)
Reckoning Investments, Inc.
N WJC N. University & Marsha Sharp Frwy
Lubbock, Texas
50,000 Sq.Ft
9.6530 Acres 376,925 Sq.Ft.
W/L of N. University Drive 300 FF
N/L of westbound access rd. (Marsha Sharp) 4th St. 1,096 FF
S/S of 3rd Street 1,213 FF Not all Accessible
E/L of Boston Avenue 312 FF
Demolition Cost (provided by buyer)
P70al Value Conclusions (As -is)
(adjusted for demolition)
Property Rights Appraised:
Date of Inspection
Date of Value (as -is)
Date of Report:
BLOSSER APPRAISAL
A vtvlslon of The Cerold A. Teel Company. Inc.
$130,000
$5,525,000 $14.66 PSF
Fee Simple Estate
September 23, 2009
September 23, 2009
October 5, 2009
Plat of Survey
on a portion of A.W. Blankenship No. 1 to the City of
Lubbock, Lubbock County, Texas, According io the Map, Plat
and/or Dedication Deed thereof Recorded in Volume 477, Page
216. Deed Records of Lubbock County, Texas and Lot C,
Blankenship Addition No. 2 to the City of Lubbock, Lubbock
County, Texas, According to the Map, Plat and/or Dedication
Deed thereof Retarded in Volume 1367, Page 579 and in
Volume 1359, Page 763, Deed Records of Lubbock County,
Texas and a 0.203 Acre Tract and a 0.650 Acre Tract out of
Section 20, Block A, Lubbock County, Texas
L.ot C, Blankenship Addition No. 2
V. 1367. P. 579 At V. 1369, P 763 0.203 Acres
See Detail 0.025 Acres
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Surveyor's Report Q'
This Plat is based on a survey made on the ground August
13 and 14. 2033.
Monuments spawn as found an this survey ware accepted ay
this surveyor as controlling evidence due to substantial
agreement with placard Documents and Its not considased as
Manurmnts of Record D4nity unless so noted.
No Substantial Discrepancies tretween Record Documents and
conditions as found on the ground wme uncovered on this
survey unless noted.
Easement locations and ad alning Properly lines are based an
the Racardsd Plat ale noted in the Survey Title unless noted
otherwise.
s:xbaasovumsvwvMLrotm'1ew.�m+we*•�a.6+%813frow vase rn K"n
O Fd, 1/2' Rod VAth Orange Cup
Scale. 1 100' Marked RPLS 4460
® Set Steel Noll vnth Washer Marked
Surveyed For. Abacus Eng. RPLS 4460
TAO Development ® Set 1/2" Rod With Orange Cap
Group Marked RPLS 4460
Fd. 1/2" kon Rod
® Fd. Railroad Spike
® Fd. Rod With Yellow Cop
lid Cut "%" In Concrete
Variable Width Public Right of Way
Adjacent 30' Right of Way Dedic3flon
by Plat V. 477, Page 216
3rd Streef
as
8.653 TOTAL ACRES
Includes 0.650 Acre Tract
& 0.203 Acre Tract Ae
0.025 Acre Tract
Improvements Not Shawn
N67.43'39*W /009.BY —
Access Road — Oneway Wesf Bound
Variable Width Public Right of Way
Adjacent Right of Way Dedication V. 5559. P. 21S
Marsha Sharp Freeway
No pxixl of INs property Is strewn Is M Mt Hn We Lkrile of
aw 100•Yew Flood on ConaMH* Pww s 4U&WX %.
elfecsso dab M, 2aa7.
R-15'
CH-21.2W
A=89'56'S5e S87-40.33-E
CH BRG— 6 44m
e7 Lot C, Blankenship
N t,Addition No. 2
Hb Scale: 1" m 20'
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R®15'
CH-26.75
A-12612'25" Shy
CH BRG+
N60'47'19'W
Temporary Easeman! shown on
T tKy]T Rktl+t of Way Map 57
(No Dacument Found) z
J.M. CI£SVNSKI, RPLS f 446D
PLAT SHOWN AS "vEYED ON THE
GROLMD
August 17, 2(kM
R-15'
CH=28.52'
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