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Home My WebLink AboutResolution - 2007-R0315 - Give Notice Of Intent To Termininate Tax Abatement Agreement - X-Fab Texas - 07/12/2007Resolution No, 2007-RO31 S July 12, 2007 Item No. 6,1 RESOLUTION WHEREAS, the City Council has determined to give notice of its intent to terminate a tax abatement agreement approved February 24, 2000 and amended April 27, 2000 between the City of Lubbock and X -FAB Texas; and WHEREAS, V.T.C.A. Tax Code Section 312.2041 requires notice of intent of the City Council to be given to the presiding officer of the governing body of each taxing unit in which the property to be subject to the Tax Abatement Agreement is located; NOW BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Secretary give notice as set forth in Exhibit "A" of the intention of the City Council to terminate an existing Tax Abatement Agreement with X -FAB Texas, approved February 24, 2000, and amended April 27, 2000. Said notice shall be given to the presiding officers of each governing body of each taxing unit having jurisdiction in assessing taxes on 2301 North University, which is further described in Exhibit "A-1". Passed by the City Council this 12th day of ATTEST: Rebecca Garza, City Secretary APP A O CONTENT: Rob All' n, A ' Manager Development Services APPROVED AS TO FORM: Linda L. Chamales, Senior Attorney Office Practice Section July ?007 DAVID A ILLER, MAYOR Resolution No. 2007-RO315 EXHIBIT µA" NOTICE OF INTENT OF THE CITY COUNCIL OF THE CITY OF LUBBOCK TO TERMINATE AN AGREEMENT TO ABATE TAXES ON REAL AND PERSONAL PROPERTY LOCATED AT 2301 NORTH UNIVERSITY AVENUE WHICH IS FURTHER DESCRIBED IN EXHIBIT "A-1" Notice is hereby given that the City Council of the City of Lubbock intends to terminate an existing tax abatement agreement approved February 24, 2000 and amended April 27, 2000, with X -FAB Texas on property located within the Lubbock 2000 North Enterprise Zone created by Ordinance No. 2000-00032 and covering all of the subject property. Notice is further given that the City Council of the City of Lubbock will consider authorizing the Mayor of the City to execute a Termination Agreement between the City and X -FAB Texas cancelling the existing tax abatement agreement, a draft copy of said Termination Agreement is attached to this notice as Exhibit "A-2" and made a part hereof for all purposes. Notice is further given that the City Council will consider this matter at its meeting held in the City Council Chamber, City Hall, 1625 13th Street, City of Lubbock, on the 26th day of July, 2007, at approximately 9:30 o'clock a.m. Resolution No. 2007-RO315 Exhibit "A-1" SITUATED in the City of Lubbock and being all of Tract A, Texas Instruments Addition, an addition to the City of Lubbock according to the map, plat and/or dedication deed thereof, recorded in Volume 1363, Page 977, Deed Records of Lubbock County, Texas (D.R.L.C.T.) and all of that abandoned Drake Street as described by Correction Quit Claim Deed from the City of Lubbock to Texas Instruments Incorporated, a Delaware corporation, recorded in Volume 1541, Page 32, D.R.L.C.T. and being more particularly described by metes and bounds as follows. BEGINNING at an aluminum disk monument found at the Northeast corner of said Drake Street on the South line of Block 1, Lubbock State School Addition, an addition to the City of Lubbock, according to the map, plat and/or dedication deed thereof, recorded in Volume 1143,Page 677, D.R.L.C.T. and also being North 0 deg. 01 min. 09 sec. East - 10.00 feet from the Northwest corner of Lot 1, Lawson Addition, an addition to the City of Lubbock, according to the map, plat and/or dedication deed thereof, recorded in Volume 838, Page 211, D.R.L.C.T. THENCE South 0 deg. 01 min. 09 sec. West, along the East line of said abandoned Drake Street, at 10.00 feet, passing the Northwest corner of said Lawson Addition, continuing along the West line of said Lawson Addition, at 60.00 feet, passing the Southeast corner of said abandoned Drake Street and the most Northerly Northeast corner of said Texas Instruments Addition, continuing on for a total distance of 139.91 feet to an aluminum disk monument found for the Southwest corner of said Lawson Addition; THENCE South 89 deg. 58 min. 01 sec. East, along the North line of said Texas Instruments Addition and the South line of said Lawson Addition, a distance of 143.27 feet to an aluminum disk monument found for the most Easterly Northeast corner of said Texas Instruments Addition and the Southeast corner of said Lawson Addition on the West Right-of-way of University Avenue (F.M. 1264, variable width R.O.W.); THENCE South 0 deg. 32 min. 04 see. East, along the East line of said Texas Instruments Addition and the West Right-of-way of said University Avenue, a distance of 2422.31 feet to a 1/2 inch iron rod set for corner; THENCE North 89 deg. 27 min. 56 see. East, along the East line of said Texas Instruments Addition and the West Right-of-way of said University Avenue, a distance of 10.00 feet to a '/2 inch iron rod set for corner in the North Right-of-way of Loop 289 at the beginning of a curve to the right having a radius that bears North 89 deg. 50 min. 33 sec. West, a distance of 215.00 feet; THENCE Along the North Right-of-way of said Loop 289 and along said curve to the right, with a chord that bears South 42 deg. 01 min. 23 sec. West - 286.98 feet, through a central angle of 83 deg. 43 min. 52 sec. and an arc length of 314.20 feet to a concrete Right-of-way marker found for corner at the end of said curve; THENCE South 84 deg. 14 min. 24 sec. West, along the North Right-of-way of said Loop 289, a distance of 833.14 feet to an aluminum disk monument found for corner at the beginning of a curve to the left having a radius that bears South 05 deg. 45 min. 28 sec. East, a distance of 5879.65 feet; THENCE Along the North Right-of-way of said Loop 289 and along said curve to the left, with a chord that bears South 82 deg. 04 min. 50 sec. West - 443.52 feet, through a central angle of 04 deg. 19 min. 23 sec. and an arc length of 443.63 feet to an aluminum disk monument found for corner at the end of said curve; THENCE South 83 deg. 47 min. 51 sec. West, along the North Right-of-way of said Loop 289, a distance of 766.83 feet to a concrete Right-of-way marker found for corner; THENCE South 73 deg. 26 min. 45 sec. West, along the North Right-of-way of said Loop 289, a distance of 266.20 feet to an aluminum disk monument found for corner, THENCE South 89 deg. 52 min. 26 sec. West, along the North Right-of-way of said Loop 289, a distance of 599.04 feet to an aluminum disk monument found for the Southwest corner of said Texas Instruments Addition and the Southeast corner of a called 286.15 acre tract of land conveyed to the City of Lubbock as described in a deed recorded in Volume 370, Page 55, D.R.L.C.T.; THENCE North 0 deg. 00 min. 37 sec. East, along the West line of said Texas Instruments Addition and the East line of said 286.15 acre tract, a distance of 2318.79 feet to an aluminum disk monument found for the most Westerly Northwest corner of said Texas Instruments Addition; THENCE South 89 deg. 56 min. 05 sec. East, a distance of 100.19 feet to an aluminum disk monument found for an inside ell corner of said Texas Instruments Addition; THENCE North 0 deg. 00 min. 05 sec. West, along the West line of said Texas Instruments Addition and the East line of said 286.15 acre tract, at 706.65 feet, passing the Southwest corner of the above mentioned abandoned Drake Street and continuing for a total distance of 766.65 feet to an aluminum disk monument found for the most Northerly Northwest corner of said Texas Instruments Addition and the Northwest corner of said abandoned Drake Street, on the South line of the above mentioned Block 1, Lubbock State School Addition; THENCE South 89 deg. 53 min. 30 sec. East, along the North line of said Drake Street and the South line of Block 1, Lubbock State School Addition, a distance of 2800.50 feet to the POINT OF BEGINNING and containing 203.377 acres of land. DRAFF EXHIBIT A-2 Resolution No. 2007-80315 STATE OF TEXAS § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LUBBOCK § TERMINATION AGREEMENT This Agreement is entered into by the CITY OF LUBBOCK (referred to herein as "City"), a Horne Rule Municipality of Lubbock County, Texas, and X -FAB Texas (referred to herein as "Company"). WITNESSETH: WHEREAS, City executed a Tax Abatement Agreement with Company on February 24, 2000, which was amended on April 27, 2000, granting a ten year declining scale tax abatement on the property described in Exhibit A; and WHEREAS, Section 312.208(b) of the Texas Tax Code allows for termination of the Tax Abatement Agreement by the mutual consent of the parties; and WHEREAS, City and Company each desire to terminate this Agreement; NOW THEREFORE, City and Company agree as follows: The Tax Abatement Agreement between the City of Lubbock and X -FAB Texas approved February 24, 2000 by Resolution No. 2000-R0058, which was amended April 27, 2000, by Resolution No. 2000-RO115, is hereby terminated. A description of the property which was the subject of the tax abatement is attached as Exhibit A and is incorporated herein as if fully set forth. Termination Agreement — X -FAB Taut Abatement Executed this day of , 2007. 1w I W910K"10-101021- DAVID A. MILLER, MAYOR ATTEST: Rebecca Garza, City Secretary APPROVED AS TO CONTENT: Rob Allison, Assistant City Manager Business Services APPROVED AS TO FORM: Linda Chamales, Senior Attorney—Office Practice LC: cityatt/LindafX-Fab Termination Agreement April 16, 2007 X -FAB Texas DONALD C. MEINKOTH, PRESIDENT ATTEST: Secretary Termination Agreement — X -FAB Tax Abatement Page 2