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Item 4CItem 4C ICITY OF SOUTHLAKE MEMORANDUM April 12, 2022 To: Shana Yelverton, City Manager From: Alison Ortowski, Assistant City Manager Subject: Item 4C: Consider approval of an economic development agreement between the City of Southlake, the Board of Directors of the Reinvestment Zone Number One, City of Southlake, Texas, and GPI Southlake 11, L.P., a Delaware Limited Partnership. Action Requested: Approval of the agreement as presented. Background Information: Granite Place Phase II is a five -story, Class -A office building of at least 151,077 gross square feet and an approximately 257 space, five -level parking garage addition located just to the south of the existing Granite Place Phase I building in Southlake Town Square. In October 2021, Granite Properties submitted a request for public investment to the City, seeking funding through Tax Increment Reinvestment Zone Number One to reimburse Granite for a portion of the costs associated with the project's public infrastructure, specifically the parking garage addition as well as roadway, on -street parking, street lighting, sidewalks and crosswalks, landscaping and irrigation in adjacent street rights -of -way, and public utilities. As established in the City's Procedure for Investment Consideration, the Community Enhancement and Development Corporation reviewed the request at their October 26, 2021, meeting and comments from that review were provided to the City Council for their review on November 16, 2021. Following their review of the request at that meeting, the City Council directed City Manager Shana Yelverton to enter into a Memorandum of Understanding (MOU) whose purpose was to establish the mutually agreed upon terms of a future incentive agreement. The MOU was executed on January 20, 2022, and established public infrastructure cost participation on the garage addition as well as roadway, on -street parking, street lighting, sidewalks and crosswalks, landscaping and irrigation in adjacent street rights -of -way, and public utilities, noting that the total incentive package would not exceed $3,970,000. The proposed agreement is set to expire four years after the completion of the Parking Garage and includes provisions that are in alignment with the MOU. It also includes a number of performance requirements related to minimum capital investment, taxable value, and employment targets. Strategic Link: C4 Attract & keep top -tier businesses to drive a dynamic & sustainable economic environment There are also a number of elements of the City's Comprehensive Plans that support approval of this agreement. Citizen Input/ Board Review: October 26, 2021: Community Enhancement and Development Corporation review and comment, per the City's Procedure for Investment Consideration April 19, 2022: The Board of Directors of the Reinvestment Zone Number One is scheduled to review and consider approval of the agreement. Financial Considerations: Following are financial aspects of the development and associated agreement: Public Infrastructure Per the agreement, GPI Southlake II, L.P. (GPI) has agreed to construct infrastructure improvements as follows: • Parking Garage Addition — 257 spaces, 5-levels: o The City will reimburse GPI in an amount not to exceed the lesser of 50% of actual construction costs or $2,850,000, structured over three separate reimbursement payments. o The agreement also notes that the three established garage reimbursement payments are tied to specific capital investment and leasing thresholds that must be met by GPI in order to qualify for full reimbursement. • Public Improvements: o Public improvements associated with the project include addition of parking stalls along Division and State Streets, as shown on Exhibit C of the agreement, and all required water, sewer, drainage and related public improvements, sidewalks, lighting, and streetscape. o The City will reimburse GPI in an amount not to exceed the lesser of 40% of actual construction costs or $602,000. This reimbursement is payable following Substantial Completion and acceptance by the City. TIF Fund Reimbursement and Chapter 380 Program Grant Payments: The agreement establishes the following revenue sources to eligible for reimbursement payment obligations, noting that under no circumstance will total reimbursements exceed $3,970,000: • Tax Increment Reinvestment Zone Number One: The TIF Fund established to capture revenue related to Tax Increment Reinvestment Zone Number One (TIRZ) will be the funding source for parking garage and infrastructure reimbursement payments, described previously in this memo. The maximum amount available for reimbursement from the TIF Fund is $3,452,000. The Project and Financing Plan for the TIRZ was amended in 2018 and includes parking facilities and infrastructure as eligible expenditure projects. • General Fund Sales and Use Taxes: Construction Materials and FF&E: The City will pay GPI 100% of the general fund sales and use taxes received by the City that are attributable to the purchase of construction materials and FF&E materials used on the project. • Development and Engineering Fees: o Plan Review Fees: Plan review fee in an amount not to exceed $78,732 and plan review fee for the Parking Garage in an amount not to exceed $11,412; and o Permit Fees: Permit fee in an amount not to exceed $118,098 and permit fee for the Parking Garage in an amount not to exceed $21,078-1 and o Public Works Fees: Administrative fee equal to 3% of the cost to construct the Public Improvements; and an inspection fee equal to 3% of the cost to construct the Public Improvements. Final Reimbursement amounts will be determined based on calculations made by the City of Southlake Public Works Department and will not exceed actual amounts paid to City by Developer. Performance Requirements The agreement includes provisions establishing the following performance requirements: If as of the time of final payment of the Parking Garage Reimbursement, the Taxable Value of the Business Personal Property and Real Property is below $46,500,000, the City will reduce the final Parking Garage Reimbursement payment according to the following schedule: Taxable Value Parking Garage Reimbursement $45,499,999 - $40,000,000 80% $39,999-999 - $35,000,000 70% $34,999,999 - $30,000,000 60% $29,999,999 - $25,000,000 50% The agreement also includes a provision requiring that the project meet certain employment goals as follows: Required FTEs. Developer agrees that a minimum of 450 FTEs will be working in the Office Building by the end of the Term of this Agreement according to the following schedule: No later than Number of Total FTEs 12-31-2023 100 12-31-2024 250 12-31-2025 350 12-31-2026 400 12-31-2027 450 If employment targets are not met, GPI must pay the City $500 for each FTE not created or maintained. Average Salary. The average salary for all FTEs working at the Office Building may not be less than $70,000 throughout the Term of this Agreement. Capital Investment / Taxable Value: The agreement requires a minimum capital investment of $54,500,000 with a corresponding taxable value minimum of $46,500,000 in order to qualify for the maximum incentive. Chief Financial Officer Sharen Jackson has reviewed all terms, including the capital investment and taxable value provisions, and has concluded that these amounts should generate a return sufficient to warrant public investment. The current annual benefit from the site is approximately $4,400. CFO Jackson estimates that the annual benefit during the investment period will average approximately $86,000 with the annual benefit after the investment averaging about $380,000. Legal Review: The proposed agreement was reviewed and approved by the City Attorney. Alternatives: Approve agreement with amendments or direct staff to revise the agreement and return for City Council consideration at a future meeting Supporting Documents: Economic Development Agreement ECONOMIC DEVELOPMENT AGREEMENT THIS ECONOMIC DEVELOPMENT AGREEMENT ("Agreement") is entered into by and between the City of Southlake, a Texas municipal corporation of Tarrant County and Denton County, Texas (hereinafter called "City"), the Board of Directors of the Reinvestment Zone Number One, City of Southlake, Texas (hereinafter called "Board"), and GPI Southlake II, L.P., a Delaware Limited Partnership ("Developer"). City, Board, and Developer are sometimes hereafter referred to individually as a "party" and collectively as the "parties." WITNESSETH: WHEREAS, the City adopted Ordinance No. 1197 designating a certain contiguous geographical area as Reinvestment Zone Number One, City of Southlake, Texas (the "Zone") in accordance with the Tax Increment Financing Act, Texas Tax Code, Chapter 311 (the "Act") to promote development within the Zone through the use of tax increment financing; and WHEREAS, the Act authorizes the expenditure of funds derived within a tax increment financing reinvestment zone for the payment of expenditures made or estimated to be made and monetary obligations incurred or estimated to be incurred by the municipality establishing a reinvestment zone that are listed in the project plan of the Zone, which expenditures and monetary obligations constitute project costs as defined by the Act; and WHEREAS, the contemplated project to be developed and constructed within the Zone as set forth herein is consistent with encouraging development of the Zone in accordance with the purposes for its creation and applicable laws; and WHEREAS, the Developer owns the real property located within the Zone, and being further described in Exhibit "A" attached hereto (the "Land"), on which the Developer will construct (i) a 5-story office building, comprised of no less than 151,077 gross square feet (the "Office Building"); (ii) a 5-level parking garage addition with no less than 257 parking spaces (the "Parking Garage"); and (iii) other site improvements, including, but not limited to, on -street parking, street lighting, sidewalks and crosswalks, landscaping and irrigation in adjacent street rights -of -way, and public utilities (the "Public Improvements" as described further in the definitions below) (the Office Building, the Parking Garage, and the Public Improvements sometimes collectively referred to hereafter as the "Development"), all as shown on the Development Plan/Site Plan (ZA21- 0087 and ZA21-0088) attached hereto as Exhibit "B"; and WHEREAS, the Developer has agreed to advance funding for the costs of certain public improvements necessary for the project consistent with the project plan for the Zone; and 1 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 WHEREAS, the reimbursement of funds advanced and to be paid from the tax increment fund of the Zone for the costs of the public improvements is a reimbursement of project costs consistent with the financing plan for the Zone; and WHEREAS, the reimbursement of funds advanced for the costs of the public improvements to be paid from the tax increment fund of the Zone are project costs consistent with the Act; WHEREAS, the City Council of the City of Southlake (the "City Council") finds and determines that this Agreement will effectuate the purpose of bringing the Development to the City, and that Developer's performance of its obligations herein will promote local economic development and stimulate business and commercial activity in the City; and WHEREAS, the City has determined that the public benefit to be derived for the City, the region, and the State of Texas from the Development in the City could outweigh the cost to the City to provide the incentives; and WHEREAS, the City further finds that were it to provide the incentives, doing so may be in furtherance of City -identified goals, including: (a) supporting comprehensive plan implementation; (b) adding to target industry inventory by attracting desired businesses to ensure economic growth; (c) supporting identified workforce goals related to daytime population; and (d) encouraging development in desired zones such as State Highway 114; and WHEREAS, the City further finds that that were it to provide the incentives, doing so may be in alignment with the City's comprehensive plan, including: (a) 2035 Vision, Goals, and Objectives; (b) the 2035 SH 114 Sector Plan; and (c) the 2035 Economic Development Master Plan; and WHEREAS, the City further finds that were it to provide the incentives, doing so would serve the public purpose of assisting in the development and diversification of the economy of the City and the State of Texas, eliminating unemployment or underemployment of the State, and developing and expanding commerce in the State of Texas, and would be for all purposes a governmental function of the City for the benefit of the citizens of the City and the State of Texas; and NOW, THEREFORE, in consideration of the mutual benefits and premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 2 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 ARTICLE I DEFINITIONS Wherever used in this Agreement, the following terms shall have the meanings ascribed to them: "Area Report" means reports as provided in Section 321.3022 of the Texas Tax Code with respect to City Sales and Use Tax allocations to the City attributable to sales and purchases of Taxable Items (as this term is defined in the Texas Tax Code) at the Development. "Bankruptcy or Insolvency" shall mean the dissolution or termination of a party's existence as a going business, insolvency, appointment of receiver for any part of such party's property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such party and such proceeding is not dismissed within ninety (90) days after the filing thereof. "Business Personal Property" means tangible personal property of Developer or third -party tenants including but not limited to furniture, fixtures, vehicles and equipment located on the Land which, at the time of execution of this Agreement, is not on the tax rolls of the City. "Capital Investment" means the actual cost incurred related to the design and construction of the Development, including all labor and materials for construction of the total development, architectural fees, engineering costs, surveying costs, fees of other consultants, permit and inspection fees, development fees, financing fees and cost, tenant finish cost for suites, and Business Personal Property located on the Real Property after the date of this Agreement that are subject to ad valorem taxes. The term does not include acquisition costs of land. "Captured Appraised Value" means the total appraised value of all real property taxable by the City and a Taxing Unit and located in the Zone for the calendar year less the Tax Increment Base. "Certificate of Occupancy" means a certificate issued by the City building official reflecting that construction of the Development has been completed in conformance with appropriate City codes such that the Developer is authorized to secure full utility service and is permitted to occupy the structures for commercial occupancy. "Chapter 380 Payments" means the payments described in Article V. "Code" has the meaning described in Section 3.9. 3 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 "Commencement of Construction" shall mean that (i) the plans have been prepared and all approvals thereof required by applicable governmental authorities have been obtained for construction of the Development on the Land; (ii) all necessary permits for the construction of the Development on the Land pursuant to the respective plans, therefore having been issued by all applicable governmental authorities; and (iii) grading of the Land for the construction of the Development or the Public Improvements, and/or construction of the vertical elements of the Development or Public Improvements, as the case may be, has commenced. "Completion of Construction" shall mean that the City has issued a final letter of acceptance for the respective Public Improvements and the final inspection for the core and shell of the Office Building and the Parking Garage has been completed and approved by the City. Completion of Construction does not include or require completion of tenant build -out space within the Office Building or issuance of certificates of occupancy for any single tenant of the Office Building. "Effective Date" shall mean the last date of execution hereof. "Expiration Date" shall mean the earlier of: (i) the date of termination of the Zone; and (ii) four years after the Parking Garage Completion Date. "FF&E" means movable furniture, fixtures, or other equipment that have no permanent connection to the structure of a building purchased by the Developer or a tenant of the Office Building, and which are purchased after the Effective Date and prior to a tenant's occupancy of space within the Office Building. "Force Majeure" shall mean any contingency or cause beyond the reasonable control of a party, as applicable, including, without limitations, acts of God or the public enemy, war, riot, civil commotion, insurrection, adverse weather, government or de facto governmental action or inaction (unless caused by negligence or omissions of such party), fires, explosions, floods, strikes, slowdowns or work stoppages, shortage of materials and labor. "Impositions" shall mean all taxes, assessments, use and occupancy taxes, charges, excises, license and permit fees, and other charges by public or governmental authority, general and special, ordinary and extraordinary, foreseen and unforeseen, which are or may be assessed, charged, levied, or imposed by any public or governmental authority with respect to the Land or improvements or any property or any business owned by Developer within the City. "Lease Hurdle" means that Developer has entered into binding lease agreements with third -party tenants doing business in a Target Industry, who were not previously operating their businesses within the City prior to entering into such leases, for at least 40% of the rentable square feet of the Office Building. 4 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 "Maximum Reimbursement Amount" shall mean the sum of the Development Reimbursement, Public Improvements Reimbursement, and Chapter 380 Payments paid to Developer, which in aggregate equals $3,970,000. "Maximum TIF Reimbursement" means $3,452,000. "Parking Garage Completion Date" means the date the Parking Garage is completed and accepted by the City. "Parking Garage Easement" shall have the meaning set forth in Section 3.4. "Parking Garage Reimbursement" means the payment to be made by the City to Developer pursuant to section 4.1(b) of this Agreement as a reimbursement for a portion of the cost of the Parking Garage upon the terms, conditions and provisions set forth herein, such payment to a sum calculated as follows: the lesser of: (i) 50% of the actual Public Project Costs of the Parking Garage, or (ii) $2,850,000. "Participation Agreement" shall mean an Agreement between the City and a Taxing Unit for the Taxing Unit to contribute Tax Increment to the TIF Fund. "Payment Request" shall mean a written request from the Developer to the City for a Reimbursement Payment accompanied by: (i) copies of invoices, bills, receipts and such other information as may be reasonably requested by City to document Public Project Costs; and (ii) satisfactory written proof that all amounts owing to contractors and subcontractors for the Public Improvements have been paid in full evidenced by the customary affidavits executed by Developer and/or its contractors. Once the Developer has submitted copies of invoices, bills, and receipts for eligible Public Project Costs equal to the Maximum TIF Reimbursement, the Developer is not required to include such materials in any subsequent Payment Request. "Phase I Building" means the existing office building located at 550 Reserve St, Southlake, TX 76092. "Phase I Garage" means the existing parking garage located at 550 Reserve St, Southlake, TX 76092. "Plans and Specifications" shall mean the plans and specifications for the Development which have been approved by the City. "Public Project Costs" shall mean the following costs attributable to the construction of the Parking Garage and the Public Improvements: all development cost, including, without limitation, all hard cost of construction; the costs of construction materials, building systems installation, and repairs; contractor fees; architectural, engineering, design, and planning costs; development fees; insurance; financing costs; electric and gas utilities; demolition of existing improvements that require relocation; 5 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 permit fees; testing fees; and other project costs authorized under the Act. The term does not include acquisition costs of land. "Public Improvements" means the improvements necessary for the development of the Development, including the addition of parking stalls along Division and State Streets, as shown on the attached Exhibit C, and all required water, sewer, drainage and related public improvements, sidewalks, lighting, streetscape, all as approved by the City. "Public Improvements Reimbursement" means the payment to be made by the City to Developer pursuant to section 4.1(a) of this Agreement as a reimbursement for a portion of the cost of the Public Improvements upon the terms, conditions and provisions set forth herein, such payment to a sum calculated as follows: the lesser of: (i) 40% of the actual costs of the Public Improvements, or (ii) $602,000. "Regulations" has the meaning described in Section 3.9. "Reimbursement Payment" shall mean the payments to the Developer of the Parking Garage Reimbursement or Public Improvements Reimbursement as set forth herein. Reimbursement Payments to Developer are limited to eligible Public Project Costs. "Related Agreement" shall mean any agreement (other than this Agreement) by and between the City and any Developer, or any of its affiliated or related entities. "Sales and Use Tax" means the City's municipal sales and use tax, currently at the rate of one percent (1.0%) attributable to the general fund, pursuant to Chapter 321 of the Texas Tax Code, as amended; provided, however, should the electors of the City reallocate the Sales and use Tax or should the Texas Legislature amend the applicable tax code provision to increase or decrease the amount of allowed municipal sales and use tax, then in the event of a decrease, Sales and Use Tax shall mean the actual amount of sales and use tax received by the City, and in the event of an increase, the Sales and Use Tax shall mean one percent (1.0%). "Sales and Use Tax" specifically excludes sales taxes collected for the Southlake Park Development Corporation, the Crime Control and Prevention District, the Community Enhancement and Development Corporation, or any other economic development tax collected now or in the future. "Sales Tax Reports" has the meaning described in Section 3.8. "Substantial Completion Deadline" means September 30, 2023. "Target Industry" means the following business industries and uses, further described in the Southlake 2035 Economic Development Master Plan (adopted as Ordinance No. 1161 by the Southlake City Council on October 4, 2016): (a) office, including corporate headquarters and regional offices (large scale, build -to -suit campus office), and multi -tenant (professional services: accountants, engineers/planners/architects, information technology, lawyers, advertising and media, 6 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 management consulting, actuary's); (b) medical and healthcare, including health, beauty and wellness (specialized facilities for cosmetic procedures, healthy living, etc.), specialized pediatric and senior clinic / outpatient facilities, specialized medical facilities for surgical procedures (implanted medical devices, bariatric, etc.), medical/wellness hub along SH 114, research and development center; (c) finance, insurance, and wealth management, including corporate headquarters and regional offices; and professional services; (d) information technology and media, including corporate headquarters and regional offices, professional services, and telecommunications; and (e) biotechnology and pharmaceuticals, including corporate headquarters and regional offices and research and development. "Tax Increment" means the total amount of property taxes assessed by the City and a Taxing Unit for a calendar year on the Captured Appraised Value of real property taxable by the City and a Taxing Unit and located in the Zone. The amount of Tax Increment contributed by the City or any other Taxing Unit shall be limited to any maximum amount or other terms set forth in the respective Participation Agreement of such Taxing Unit or the ordinance creating the Zone, in the case of the City. "Tax Increment Base" means the total appraised value of all real property taxable by the City and a Taxing Unit and located in the Zone for the calendar year 1997, which is the year in which the Zone was designated by the City. "TIF Fund" shall mean the funds deposited by the City and any Taxing Unit in the Tax Increment fund for the Zone. "Taxing Unit" shall mean Tarrant County, Texas and Carroll Independent School District. "Zone" shall have the meaning set forth in the recitals. ARTICLE II TERM The term of this Agreement shall begin on the Effective Date and shall continue until the Expiration Date, unless sooner terminated as provided herein. ARTICLE III DEVELOPMENT AND OPERATION OF PROJECT 3.1 Design and Construction of Public Improvements and Development. (a) Developer shall construct the Public Improvements and Development in accordance with the Plans and Specifications and any licenses, permits, or approvals issued by the City for the Development and Public Improvements. 7 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 (b) Developer shall obtain all necessary permits and approvals required by the City and any applicable governmental authorities for the construction of the Development and the Public Improvements. The Developer shall be responsible for the design, inspection and supervision of the construction of the Development and the Public Improvements. (c) Prior to Commencement of Construction of the Development and the Public Improvements, Developer shall submit final Plans and Specifications for the Development and the Public Improvements, as the case may be, for approval by the City, which approval shall follow the City processes for approval of such Plans and Specifications as outlined in the City's regulations, policies, and Code of Ordinances. (d) The Developer shall comply with all applicable local, state, and federal laws and regulations regarding the design and construction of the Development and the Public Improvements, including, but not limited to, any requirement relating to payment, performance and maintenance bonds for the Public Improvements. Upon Completion of Construction of the Public Improvements and the Development, the Developer shall provide the City with a final cost summary of all costs incurred and paid associated with the construction of the Development and the Public Improvements, and provide proof that all amounts owing to contractors and subcontractors for the Public Improvements have been paid in full evidenced by the customary affidavits executed by the Developer and/or its contractors. 3.2 Inspection of Public Improvements. Construction of the Public Improvements shall be subject to periodic inspections by the City to confirm compliance with the City -approved Plans and Specifications. The Developer shall be responsible for completing and/or correcting any work not constructed in accordance with the City - approved Plans and Specifications. Any material change in the design of the Public Improvements during the construction stage shall be approved by the City. The Developer shall be responsible for the payment of all inspection fees associated with the Public Improvements as required by the Code of Ordinances for the City. 3.3 Dedication or Conveyance of Public Improvements. The Developer shall dedicate or convey the Public Improvements to the City as required by the Code of Ordinances of the City, including, where so required, by special warranty deed conveying good and indefeasible title in fee simple to the Public Improvements, free and clear of any and all liens, encumbrances, conditions, assessments, and restrictions other than as provided in this Agreement and those encumbrances existing of record as of the date hereof; provided, however, that no encumbrances can interfere with the City's ability to use the Public Improvements. At the time of such dedications or conveyances, the Developer shall deliver to the City: (i) releases from the contractors, subcontractors and suppliers of materials who have provided labor and materials for the Public Improvements showing that they have been paid for such labor and materials; and (ii) an assignment of all warranties and payment and performance bonds applicable to the Public Improvements. s City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 3.4 Parking Garage Easement. Within thirty (30) days of the Parking Garage Completion Date, GPI -MT, LP, a Texas limited partnership, and Developer shall execute a parking easement in the form attached hereto as Exhibit "D" (the "Parking Garage Easement") to permit the public parking in the Parking Garage in accordance with the terms and conditions contained in the Parking Garage Easement. 3.5 CaaitalInvestment. (a) On or before the Substantial Completion Deadline, Developer must make a Capital Investment in the Development in an amount of no less than $37,000,000 Within 60 days of Substantial Completion Deadline, Owner must provide sufficient evidence to the City for the Capital Investment in a manner acceptable to the City. (b) At the time Developer has reached the Lease Hurdle, it must have made a Capital Investment in the amount of $41,000,000. (c) At the time Developer has leased 100% of the Office Building to third party tenants, it must have made a Capital Investment in the amount of $54,500,000. 3.6 Taxable Value. Developer agrees that on or before the Substantial Completion Date and continuing thereafter throughout the Term, the total Taxable Value of the Business Personal Property and Real Property (as improved by the Development, but excluding land value) will be at least $46,500,000. Developer acknowledges that if as of January 1 of any given Tax Year, the Taxable Value of the Business Personal Property and Real Property is below $46,500,000, the City will reduce Reimbursement Payments according to the schedule established in Section 4.1(c). 3.7 FTEs. (a) Required FTEs. Developer agrees that a minimum of 450 FTEs will be working in the Office Building by the end of the Term of this Agreement according to the following schedule: No later than Number of Total FTEs 12-31-2023 100 12-31-2024 250 12-31-2025 350 12-31-2026 400 12-31-2027 450 (b) Average Salary. The average salary for all FTEs working at the Office Building may not be less than $70,000 throughout the Term of this Agreement. (c) Payment in lieu of FTEs. The parties acknowledge that the City's adopted Comprehensive Plan anticipates that City's public -private partnerships will help retain and enhance the City's economic base, and that the FTE levels in Section 3.7(a) are necessary in achieving such goals. Developer will annually certify on 9 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 January 1 of each year (by providing exact total FTE numbers) that FTE levels have been met. Developer will meet its obligations in Section 3.7(a) as long as the required FTE levels were reached at any time during the calendar year prior to the annual certification date. If the FTE levels are not met in any given year, Developer will pay City an amount of $500 for each FTE not created or maintained in accordance with Section 3.7, with payment due no later than 30 days after City's receipt of the certification. Provided Developer makes the payment in this Section when applicable, Developer's failure to comply with 3.7(a) shall not be an event of default subject to termination and repayment pursuant to Article 7 of this Agreement. The parties agree that Developer's failure to meet its FTE obligations in section 3.7 would cause financial harm that is incapable or difficult of estimation and Developer's payment obligations in this section 3.7(c) are a reasonable forecast of just compensation to City. 3.8 Reporting of Sales and Use Taxes. Developer will provide to the City, on a quarterly basis, a copy of Texas sales and use tax returns submitted to the Comptroller establishing the remittance of the Sales and Use Tax collected or paid as a result of the construction of the Development or sales attributable to FF&E ("Sales Tax Reports"). Developer may redact the Sales Tax Reports to remove information not relevant to the determination of the Chapter 380 Payment. Developer will provide any release or releases to the City necessary to allow the State of Texas to provide Area Reports. Developer will provide to the City copies of any final Comptroller audit adjustments or amended returns that affect the Sales and Use Tax received or the Chapter 380 Payments. Developer must provide other documentation in a form acceptable to City that establishes and proves amounts of Sales and Use Tax City has received attributable to purchases in Sections 5.1(a) and (b) of this Agreement. 3.9 Regulations Regarding Building Products, Materials, or Methods. The parties find that the Land and the Development constitute an area of architectural important and significance and the City Council hereby designates it as an area of architectural important and significance for purposes of Chapter 3000 of the Texas Gov't Code (the "Code"). In consideration for the mutual covenants and conditions contained herein and pursuant to §3000.002(d) of the Code, Developer voluntarily consents to the application of all City rules, charter provisions, ordinances, orders, building codes, and other regulations existing as of the Effective Date hereof (the "Regulations") that govern the use or installation of a building product or material in the construction, renovation, maintenance, or other alteration of the commercial building on the Land, regardless of whether a different building product or material is approved for use by a national model code published within the last three code cycles that applies to the construction, renovation, maintenance, or other alteration of the building. In addition, Developer voluntarily consents to the application of the Regulations that establish a standard for a building product, material, or aesthetic method in construction, renovation, maintenance, or other alteration of a residential or commercial building, regardless of whether the standard is more stringent than a standard for the product, material, or aesthetic method under a national model code published within the last three code cycles that applies to the construction, renovation, maintenance, or other alteration of the building. The parties agree that: 1) the City will not issue any permits for the Property in violation of this section; 10 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 2) the covenants contained within this section constitute a material term of this Agreement; 3) Developer's voluntary consent to the application of the Regulations to the Land and Development, as described in this Section, constitutes a material inducement for the City to authorize the City payments described in this Agreement; 4) the covenants contained herein shall run with the land and shall bind the Developer and all successors and assigns; and 5) this section shall survive termination or expiration of this Agreement. Developer further agrees that the Office Building will be built in accordance with the Regulations, including the Site Plan attached as Exhibit "B", and will utilize the same level of exterior finishes and materials as the Phase I Building. City agrees that the building plans and specifications as annotated which are in compliance with the Regulations and reviewed by the City and for which a permit will be issued will signify the City's acknowledgement that the Developer has met the requirements this Section 3.9. ARTICLE IV TIF FUND REIMBURSEMENT 4.1 Reimbursement Payments. Subject to the continued satisfaction of all the terms and conditions of this Agreement by the Developer, the City agrees, as consideration for the design and construction of the Public Improvements and Development, to make the Reimbursement Payments to Developer as follows, subject to satisfaction of the conditions contain in this Agreement. (a) Public Improvements Reimbursement. Any time after the 60th day after the Substantial Completion Date, Developer shall be entitled to receive the Public Improvements Reimbursement. (b) Parking Garage Reimbursement. (i) After Parking Garage Construction Completion, Developer's execution of the Parking Garage Easement, and Developer's achievement of a Capital Investment of $37,000,000, Developer shall be entitled to receive an amount equal to $500,000 of the Parking Garage Reimbursement. (ii) After Developer has achieved the Lease Hurdle and made a Capital Investment of $41,000,000 Developer shall be entitled to receive an amount equal to $700,000 of the Parking Garage Reimbursement. If Developer has entered into binding lease agreements with third -party tenants for at least 40% of the rentable square feet of the Office Building, but not all of those tenants were not previously operating their businesses within the City prior to entering into such leases, Developer may still submit a Payment Request for the payment described in this section upon submittal of evidence to the City Manager of the expansion or retention benefits to the City, and final determination for payment eligibility will then be made by the City Manager or her designee, in their sole discretion; provided however that the City Manager may elect to submit such determination to the City Council for consideration. 11 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 (iii) Developer shall be entitled to the remainder of the Parking Garage Reimbursement (no more than $1,650,000) to be paid at the end of the fourth year following the Parking Garage Completion Date if minimum Taxable Value is met and Developer has made a Capital Investment of $54,500,000. (iv) Notwithstanding any other term in this Agreement to the contrary, the parties acknowledge and agree that the aggregate of the Parking Garage Reimbursement payments will not exceed the lesser of: (i) 50% of the total actual Public Project Cost of the Parking Garage, or (ii) $2,850,000. (c) If as of the time of final payment of the Parking Garage Reimbursement as described in Section 4.1(b)(iii), the Taxable Value of the Business Personal Property and Real Property is below $46,500,000, the City will reduce the final Parking Garage Reimbursement payment according to the following schedule: Taxable Value Payment Amount $45,499,999 - $40,000,000 80% $39,999-999 - $35,000,000 70% $34,999,999 - $30,000,000 60% $29,999,999 - $25,000,000 50% The failure of the value of the Business Personal Property and Real Property to have a Taxable Value of at least $25,000,000 as of the time of final payment of the Parking Garage Reimbursement shall not be an event of default subject to termination and repayment pursuant to Article 7 of this Agreement, but shall result in the forfeiture of the final Parking Garage Reimbursement payment. (d) The amount of each Reimbursement Payment shall be the lesser of: (i) the amounts set forth in paragraphs (a) and (b) above that have not been paid to the Developer; and (ii) the amount of available TIF Funds, below. (e) City shall make Reimbursement Payments to Developer within thirty (30) days after receipt of a Payment Request. Developer may submit as many Payment Requests as are necessary to receive the Maximum TIF Reimbursement in accordance with the conditions set forth in this Agreement. (f) Notwithstanding any other provision to the contrary, under no circumstances will Parking Garage Reimbursement payments be made later than the fourth year following the Parking Garage Completion Date. (g) The parties agree that Reimbursement Payments shall be made solely from funds from the TIF Fund, and only to the extent that funds are available in the TIF Fund. Notwithstanding any other provision to the contrary, in no event shall the monies on deposit in the TIF Fund be used to reimburse the Developer for the Public Project Costs under this Agreement in excess of the Maximum TIF Reimbursement or Maximum 12 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 Reimbursement Amount. The Developer acknowledges and agrees that the City is only obligated to reimburse the Developer to the extent that there are available funds from the TIF Fund, not to exceed the Maximum TIF Reimbursement or Maximum Reimbursement Amount, during the term of this Agreement. The obligation of the City to pay the Developer the Public Project Costs is limited to the extent that there are funds in the TIF Fund available during the term of this Agreement in an amount not to exceed the Maximum TIF Reimbursement or Maximum Reimbursement Amount. (h) The Developer agrees to look solely to the TIF Fund, not the City general or other funds, for payment of the Public Project Costs. Nothing in this Agreement shall be construed to obligate the City to provide Reimbursement Payments from any other source of funds or to otherwise require the City to pay the Developer for Public Project Costs in the event there are insufficient funds in the TIF Fund to pay the Maximum TIF Reimbursement, or in the event the Zone terminates prior to payment in full of the Maximum TIF Reimbursement (provided the City shall not adopt an ordinance providing for termination of the Zone on a date earlier than provided in the ordinance that established the Zone, unless this Agreement has been terminated). Upon expiration of the term of this Agreement and/or the expiration of the Zone, any Public Project Costs under this Agreement that remain un-reimbursed due to lack or availability of TIF Funds, or due to the failure of the Developer to satisfy any precondition of reimbursement under this Agreement, shall no longer be considered Public Project Costs of the Zone, and any obligation of the City to reimburse the Developer for Public Project Costs shall automatically expire and terminate on such date. 4.2 TIF Fund Priorities. The funds deposited in the TIF Fund shall be applied in the following order of priority: (i) amounts pledged or required for payment of outstanding bonds or debt issued for Zone projects, if any (and provided that bond proceeds are used or reserved to pay City and Board obligations pursuant to this Agreement); (ii) allocation of the maintenance of a minimum balance of $600,000.00 in the TIF Fund; and (iii) Reimbursement Payments to the Developer as set forth in Section 4.1. 4.3 Reimbursement Limitations. The City shall not be required to make any Reimbursement Payments to the Developer until: (i) such time as there is at least $600,000.00 on deposit in the TIF Fund; (ii) after Completion of Construction of the Development and the Public Improvements; (iii) the Office Building has received a Certificate of Occupancy; (iv) the Developer shall have made a Capital Investment of at least $54,500,000-1 and (v) the Developer has executed the Parking Garage Easement, and such form has been recorded in the Real Property Records of Tarrant County, Texas. 4.4 Current Revenue. The Reimbursement Payments to be provided herein shall be paid solely from lawful available funds in the TIF Fund. Under no circumstances shall City's obligations hereunder be deemed to create any debt within the meaning of any constitutional or statutory provision. ARTICLE V 13 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 CHAPTER 380 PAYMENTS 5.1 Sales and Use Tax Reimbursement. (a) Construction Materials. The City agrees that it shall pay to Developer an amount equal to one hundred percent (100%) of the Sales and Use Tax received by the City attributable to the purchase of construction materials by Developer or contractors retained by Developer in connection with the construction of the Development prior to the Substantial Completion Deadline. (b) FF&E. The City agrees to pay Developer an amount equal to one hundred percent (100%) of the Sales and Use Tax received by the City attributable to purchase of FF&E to equip the Development prior to achievement of the Lease Hurdle. (c) Timing of Payments. The City shall make the Chapter 380 Payments in Sections 5.1(a) and (b) quarterly after receipt and review of the Sales Tax Reports and Area Reports for each month of the applicable calendar year. The City covenants and agrees to make a Chapter 380 Payment to Developer within forty-five (45) days following the receipt of all of the following: (1) the Sales Tax Reports specified in Section 3.8 of this Agreement for each month of the applicable calendar quarter; (2) the Area Reports or other information establishing the amounts of received Sales and Use Tax from the Comptroller's office for each month in the applicable calendar quarter; (3) the City's receipt of the Sales and Use Tax from the Comptroller's office for each month of the applicable calendar quarter; and (4) in the case of FF&E reimbursements under Section 5.1(b), evidence satisfactory to City to demonstrate that the Sales and Use Tax received by City is attributable to FF&E at the Development. The City will request the State Comptroller to provide Area Reports. 5.2 Fee Reimbursement. Within 30 days of Certificate of Occupancy issuance for the Development, City will reimburse Developer in an amount equal to up to 100% of the following development and engineering fees paid to the City: La) Plan Review Fees: Plan review fee in an amount not to exceed $78,732and plan review fee for the Parking Garage in an amount not to exceed $11,412; and Permit Fees: Permit fee in an amount not to exceed $118,098 and permit fee for the Parking Garage in an amount not to exceed $21,078; and (c) Public Works Fees: Administrative fee equal to 3% of the cost to construct the Public Improvements; and an inspection fee equal to 3% of the cost to construct the Public Improvements. Final Reimbursement amounts will be determined based on calculations made by the City of Southlake Public Works Department and will not exceed actual amounts paid to City by Developer. If at any time the assessed fees specifically referenced herein are associated with the review or engagement of a third party contracted by the City, reimbursement will be reduced to an amount equal to or up to 90% of 14 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 fees paid to the City. (e) Any fees not specifically referenced herein are not subject to reimbursement. 5.3 Erroneously Paid Sales Tax. In the event the Comptroller determines, for any reason, that any Sales and Use Taxes were erroneously paid to City from the sales provided for herein and City is required to rebate or repay any portion of such taxes, the amount of such rebate or repayment shall be deducted from the calculation of the Sales and Use Taxes received by City under this Agreement, and in the event the calculation of Sales and Use Taxes paid for a Chapter 380 Payment shall reflect an overpayment by City to Developer, Developer agrees to reimburse City the amount of such overpayment within 30 days of notification by City. Notification of any such required adjustment will be provided to Developer at the earliest practical date. This section will survive termination of this Agreement. ARTICLE VI CONDITIONS TO PAYMENTS The obligation of the City and the Board to provide any Reimbursement Payments or Chapter 380 Payments to the Developer shall be conditioned upon the continuing compliance and satisfaction of the terms and conditions of this Agreement by the Developer and each of the following conditions: 6.1 Payment Request. Developer shall, as a condition precedent to each Reimbursement Payment, provide the City with a Payment Request for the applicable reimbursement period and such documentation as may reasonably be required by the City. Once the Developer has submitted copies of invoices, bills, and receipts for eligible Public Project Costs equal to the Maximum TIF Reimbursement the Developer is not required to include such materials in any subsequent Payment Request. All requests for Reimbursement Payments must be made no later than four years after the Parking Garage Completion Date. 6.2 Maximum Reimbursement Amount. Under no circumstances will the City be obligated to make any payments under this Agreement beyond the Maximum Reimbursement Amount. ARTICLE VII TERMINATION 7.1 Unless terminated earlier as provided herein, this Agreement shall terminate on the Expiration Date. However, this Agreement may be terminated prior to the Expiration Date upon any one of the following: (a) by written agreement of all parties; 15 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 (b) by any party in the event another party breaches any of the terms or conditions of this Agreement and such breach is not cured within thirty (30) days after written notice thereof; (c) by the City, if Developer suffers an event of Bankruptcy or Insolvency; (d) by the City, if any Impositions owed to the City or any Taxing Unit by Developer shall become delinquent and such delinquency is not cured within thirty (30) days after written notice thereof; (e) by the City, if any subsequent Federal or State legislation or any final decision of a court of competent jurisdiction declares or renders this Agreement invalid, illegal or unenforceable; and 7.2 No Further Obligation. In the event the Agreement is terminated by the City pursuant to Section 7.1(b), (c), (d) or (e), the City shall be relieved of any further obligation to make Chapter 380 Payments or Reimbursement Payments to the Developer. 7.3 Repayment. In the event this Agreement is terminated by City pursuant to Section 7.1(b), (c), or (d), Developer shall immediately refund to City an amount equal to the amount of all of the Chapter 380 Payments and Reimbursement Payments that have been provided by City to Developer prior to the date of such termination, plus interest at the rate of interest periodically announced by the Wall Street Journal as the prime or base commercial lending rate, or if the Wall Street Journal shall ever cease to exist or cease to announce a prime or base lending rate, then at the annual rate of interest from time to time announced by Citibank, N.A. (or by any other New York money center bank selected by City) as its prime or base commercial lending rate, accruing from the Effective Date until paid. The repayment obligation of Developer set forth in this Section 7.3 shall survive termination of this Agreement. 7.4 Right of Offset. The City may, at its option, offset any amounts due and payable under this Agreement against any debt (including taxes) lawfully due to the City from the Developer, regardless of whether the amount due arises pursuant to the terms of this Agreement or otherwise and regardless of whether or not the debt due the City has been reduced to judgment by a court. ARTICLE VIII MISCELLANEOUS 8.1 Binding Agreement. The terms and conditions of this Agreement are binding upon the successors and assigns of all parties hereto. This Agreement may not be assigned without the prior written consent of the other parties. 8.2 Limitation on Liability. It is acknowledged and agreed by the parties that the terms hereof are not intended to and shall not be deemed to create a partnership or joint venture among the parties. It is understood and agreed between the parties that 16 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 Developer, in satisfying the conditions of this Agreement, has acted independently, and City assumes no responsibilities or liabilities to third parties in connection with these actions. 8.3 Authorization. Each party represents that it has full capacity and authority to grant all rights and assume all obligations that is granted and assumed under this Agreement. Developer represents and warrants to the City that each is a duly formed, validly existing corporation in good standing and is authorized to transact business in the State of Texas. 8.4 Notice. Any notice required or permitted to be delivered hereunder shall be deemed received three (3) days thereafter sent by United States Mail, postage prepaid, certified mail, return receipt requested, addressed to the party at the address set forth below or on the day actually received when sent by courier or otherwise hand delivered. If intended for City or Board, to Attn: City Secretary City of Southlake 1400 Main St. Suite 300 Southlake, Texas 76092 With a copy to: Taylor, Olson, Adkins, Sralla & Elam, L.L.P. 6000 Western Place, Suite 200 Fort Worth, Texas 76107 Attn: Southlake City Attorney If intended for Developer Parties, to Granite Properties, Inc. 5601 Granite Parkway, Suite 1200 Plano, Texas 75204 Attn: David R. Cunningham With a copy to: Granite Properties, Inc. 5601 Granite Parkway, Suite 1200 Plano, Texas 75204 Attn: Sheryl Troiani 8.5 Entire Agreement. This Agreement is the entire agreement between the parties with respect to the subject matter covered in this Agreement. There is no other collateral oral or written Agreement between the parties that in any manner relates to the 17 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 subject matter of this Agreement, except as provided in the Related Agreements and any Exhibits attached hereto. 8.6 Governing Law. This Agreement shall be governed by the laws of the State of Texas; and exclusive venue for any action concerning this Agreement shall be in a State District Court of Tarrant County, Texas. The parties agree to submit to the personal and subject matter jurisdiction of said Court. 8.7 Amendment. This Agreement may only be amended by the mutual written agreement of the parties. 8.8 Severability. In the event any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect other provisions, and it is the intention of the parties to this Agreement that in lieu of each provision that is found to be illegal, invalid, or unenforceable, a provision be added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or unenforceable. 8.9 Recitals. The recitals to this Agreement are incorporated herein. 8.10 Counterparts. This Agreement may be executed in counterparts. Each of the counterparts shall be deemed an original instrument, but all of the counterparts shall constitute one and the same instrument. 8.11 Exhibits. Any exhibits to this Agreement are incorporated herein by reference for all purposes wherever reference is made to the same. 8.12 Survival of Covenants. Any of the representations, warranties, covenants, and obligations of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the termination of this Agreement shall survive termination. E:169m:0C TiIENT4 4i'iTiliiC n01i111111111111111 d:I =961 I W/_101 N RZ+9: /_WM' [el i 1 :1 LIABLE FOR ANY LOSS, DAMAGE, OR INJURY OF ANY KIND OR CHARACTER TO ANY PERSON OR PROPERTY ARISING FROM THE ACTS OR OMISSIONS OF THE DEVELOPER PURSUANT TO THIS AGREEMENT. THE DEVELOPER HEREBY WAIVES ALL CLAIMS AGAINST THE CITY, THE BOARD, THEIR OFFICERS, AGENTS AND EMPLOYEES (COLLECTIVELY REFERRED TO IN THIS SECTION AS "CITY") FOR DAMAGE TO ANY PROPERTY OR INJURY TO, OR DEATH OF, ANY PERSON ARISING AT ANY TIME AND FROM ANY CAUSE OTHER THAN THE SOLE NEGLIGENCE OR WILLFUL MISCONDUCT OF THE CITY. THE DEVELOPER DOES HEREBY INDEMNIFY AND SAVE HARMLESS THE CITY AND BOARD FROM AND AGAINST ANY AND ALL LIABILITIES, DAMAGES, CLAIMS, SUITS, COSTS (INCLUDING COURT COSTS, ATTORNEYS' FEES AND COSTS OF INVESTIGATION) AND ACTIONS OF ANY KIND BY REASON OF INJURY TO OR DEATH OF ANY PERSON OR DAMAGE TO OR LOSS OF PROPERTY ARISING 18 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 FROM THE DEVELOPER'S BREACH OF ANY OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, OR BY REASON OF ANY ACT OR OMISSION ON THE PART OF THE DEVELOPER, ITS RESPECTIVE OFFICERS, DIRECTORS, SERVANTS, AGENTS, EMPLOYEES, REPRESENTATIVES, SUBCONTRACTORS, LICENSEES, SUCCESSORS OR PERMITTED ASSIGNS IN THE PERFORMANCE OF THIS AGREEMENT (EXCEPT WHEN SUCH LIABILITY, CLAIMS, SUITS, COSTS, INJURIES, DEATHS OR DAMAGES ARISE FROM OR ARE ATTRIBUTED TO THE SOLE NEGLIGENCE OF THE CITY). IN THE EVENT OF JOINT OR CONCURRENT NEGLIGENCE OF BOTH THE CITY AND THE DEVELOPER, THE RESPONSIBILITY, IF ANY, SHALL BE APPORTIONED COMPARATIVELY IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT, HOWEVER, WAIVING ANY GOVERNMENTAL IMMUNITY AVAILABLE TO THE CITY AND WITHOUT WAIVING ANY DEFENSES OF THE PARTIES UNDER TEXAS LAW. IF ANY ACTION OR PROCEEDING SHALL BE BROUGHT BY OR AGAINST THE CITY IN CONNECTION WITH ANY SUCH LIABILITY OR CLAIM, DEVELOPER SHALL BE REQUIRED, ON NOTICE FROM THE CITY, TO DEFEND SUCH ACTION OR PROCEEDINGS AT THE DEVELOPER'S EXPENSE, BY OR THROUGH ATTORNEYS REASONABLY SATISFACTORY TO THE CITY. THE PROVISIONS OF THIS SECTION ARE SOLELY FOR THE BENEFIT OF THE PARTIES HERETO AND NOT INTENDED TO CREATE OR GRANT ANY RIGHTS, CONTRACTUAL OR OTHERWISE, TO ANY OTHER PERSON OR ENTITY. DEVELOPER'S OBLIGATIONS IN THIS SECTION WILL SURVIVE THE TERMINATION OF THIS AGREEMENT. 8.14 Covenants and Representations. Developer represent, warrant and covenant that: (i) it has the authority to enter into this Agreement and has the authority to execute and deliver this Agreement; and (ii) it has the authority to perform and comply with all of the terms, covenants and conditions to be performed and complied with by the Developer hereunder. 8.15 Employment of Undocumented Workers. During the term of this Agreement, the Developer agrees not to knowingly employ any undocumented workers, and if convicted of a violation under 8 U.S.C. Section 1324a (f), the Developer shall repay the Reimbursement Payments provided herein and any other funds received by the Developer from the City as of the date of such violation within 120 business days after the date the Developer is notified by the City of such violation, plus interest at the rate of 6% compounded annually from the date of violation until paid. The Developer is not liable for a violation of this Section by a subsidiary, affiliate, or franchisees of the Developer or by a person with whom the Developer contracts. 8.16 Rough Proportionality. As additional consideration for the reimbursements received by the Developer under this Agreement, the Developer agrees that all dedications, construction costs and other payments made by the Developer related to the Public Improvements are roughly proportional to the need for such Public Improvements created by the development of the Land and the Developer hereby waives any claim therefore that it may have. The Developer further acknowledges and agrees that all prerequisites to such a determination of rough proportionality have been met, and that 19 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 any costs incurred relative to the dedication, construction costs and other payments for the Public Improvements are related both in nature and extent to the impact of the Development. The Developer waives and releases all claims against the City related to any and all rough proportionality and individual determination requirements mandated by Section 212.904, Texas Local Government Code, or the Texas or U.S. constitutions, as well as other requirements of a nexus between development conditions and the projected impact of the Development. 8.17 Attorney's Fees. In the event any party initiates or defends any legal action or proceeding to enforce or interpret any of the terms of this Agreement, the prevailing party in any such action or proceeding shall be entitled to recover its reasonable costs and attorney's fees (including its reasonable costs and attorney's fees on any appeal). [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 20 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 CITY OF SOUTHLAKE, TEXAS John Huffman, Mayor Date: ATTEST: Amy Shelley, City Secretary BOARD OF DIRECTORS OF THE REINVESTMENT ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS Randy Williamson, Chairman Date: DEVELOPER: GPI Southlake II, L.P.., a Delaware limited partnership By: Granite Properties, Inc. A Delaware corporation Its General Partner IN David R. Cunningham Sr. Director, Development & Construction Date: 21 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 LEGAL DESCRIPTION OF THE LAND BEING, a 1.789 acre (77,919 square foot) tract of land situated in the Richard Eads Survey, Abstract No. 481, City of Southlake, Tarrant County, Texas; said tract being all of Lot 3R1, Block 16, Southlake Town Square, Phase IV an addition to the City of Southlake according to the plat recorded in Instrument No. D222058726 of the Official Public Records of Tarrant County, Texas; 22 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place 11 I*A,:I■■i1 SITE PLAN �� ) .�, f!|-■ a ■ �|�k} ■. ,!q \[■�| , §� ) � )�■ | - § \ j I. • A� § | �E ||•®; �� ® •� | �|�} � \\ B -B ,) � \� , , 23 City ofSoumaGZGPI Sou»ake $LP Economic Development Agreement - Granite Plaml 23 City ofSoumaGZGPI Sou»ake $LP Economic Development Agreement - Granite Plaml EXHIBIT C PUBLIC IMPROVEMENTS big yak€'r& Ink0o�� YY i9FB ro ffi�j ;: L m c MN O N m H y a U +6Y ,G. m b 1' a.[ drlS gsi m u •mq m ��353� � m n j r W .aWr z ' � I/I �� �3r • . -r STATE STREET § _ 24 City of Southlake / GPI Southlake ll, LP Economic Development Agreement — Granite Place 11 I:VA:11:lkil7 FORM OF PARKING GARAGE EASEMENT PARKING EASEMENT AGREEMENT THE STATE OF TEXAS § COUNTY OF TARRANT § This Parking Easement Agreement (this "Agreement") is entered into effective as of the day of , 2022, by GPI -MT, LP, a Texas limited partnership ("GPI -MT") and GPI Southlake II, LP, a Delaware limited partnership ("GPI Southlake") (GPI -MT and GPI Southlake are sometimes collectively referred to hereafter as "Grantor"), and the City of Southlake, Texas, a Texas municipal corporation ("Grantee"). BACKGROUND WHEREAS, GPI -MT is the owner of Lot 1 R, Block 16 of Southlake Town Square, an addition to the City of Southlake, Tarrant County, Texas, according to the plat thereof recorded in the Deed Records of Tarrant County, Texas, located in the DT Downtown District Zoning District, being more particularly described on Exhibit "A" annexed hereto ("Tract 1"). Tract 1 contains an office building containing 165,063 GSF and a parking garage containing 478 parking spaces ("Phase 1 Parking Garage"); and WHEREAS, GPI Southlake is the owner of Lot 3R1, Block 16 of Southlake Town Square, an addition to the City of Southlake, Tarrant County, Texas, according to the plat thereof recorded in the Deed Records of Tarrant County, Texas, located in the DT Downtown District Zoning District, being more particularly described on Exhibit "B" annexed hereto ("Tract 2"). Tract 2 will contain an office building containing +/- 150,000 GSF and an expansion of the Phase 1 Parking Garage that will add 248 parking spaces thereto (the "Phase 2 Parking Garage" and collectively with the Phase 1 Parking Garage, the "Parking Garage")). WHEREAS, Tract 1 and Tract 2 are hereafter collectively referred to as the "Grantor Tract"; and WHEREAS, GPI Southlake and Grantee entered into that Economic Development Agreement dated April 19, 2022 (the "Development Agreement"), pursuant to which Grantee has committed to provide certain public incentives (the "Incentives") to offset a portion of the cost of the Phase 1 Parking Garage upon the terms and conditions set forth therein; and WHEREAS, in connection with Grantee's entering into the Development Agreement and payment of the Incentives to Grantor, Grantor agrees to grant the public limited access to the Parking Garage; and WHEREAS, Grantor desires to grant to Grantee an easement right affecting the Grantor Tract for the purpose of granting limited, non-exclusive use of the Parking Garage upon the terms and conditions set forth herein. 25 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT NOW, THEREFORE, for and in consideration of the foregoing recitals, as well as the sum of $10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and confessed, the parties hereby agree as follows: AGREEMENT 1. Grant of Easement. a) Upon completion of construction of the Parking Garage by Grantor and subject to the terms of Section 1(b) below, Grantor hereby grants unto Grantee, and its successors and assigns, for the benefit of the general public (collectively the "Grantee Parties") a perpetual, non-exclusive right and easement to enter upon and use the Grantor Tract for the sole purpose of automobile parking during the specified time periods, and in the designated portions of the Parking Garage, set forth below (such parking easement rights, the "Easement"): Day of Week Applicable Hours Easement Area Monday — Friday Entire 24 hour period, maximum Ground level of Parking two hours per visit Garage Monday — Friday 6:OOPM - 6:OOAM Entire Parking Garage Saturdays, Entire 24 hour period Entire Parking Garage Sundays and Federal Holidays b. Restrictions on Grantee Parties' use of the Easement: (i) the Grantee Parties shall use and occupy the Easement only for the use, and during the times, specified in Section 1(a) above and for no other purpose; (ii) the use of the Easement by the Grantee Parties shall be on a first -come, first -serve basis along with Grantor's employees, tenants, agents, guests and/or invitees; (iii) Grantee Parties' use is subject to compliance with such reasonable rules and regulations as Grantor from time to time may prescribe; (iv) no Grantee Party may (i) solicit business or distribute leaflets or other material in the Easement area, (ii) store any hazardous substance or (iii) create a nuisance thereon; (v) Grantor may utilize ticketing, parking meters or other similar access control means of enforcing the permitted parking time periods set forth in Section 1(a) above; 26 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT (vi) Grantor reserves the right to remove any vehicles or other personal property in violation of this Agreement from the Easement at the sole cost of the owner thereof; and (vii) Grantor may temporarily close any part of the Easement for repairs or alterations to the Grantor Tract (including, the Parking Garage) or to prevent the public from obtaining prescriptive rights in the Grantor Tract (including, the Parking Garage); provided, however, Grantor must give Grantee at least twenty -four-hour prior notice of any anticipated repairs which would cause closure of the garage. c. Neither Grantor nor its successors or assigns will (i) erect or maintain any improvements over the Easement that will materially impair the use of the Parking Garage, except as may be permitted under the terms and conditions of any agreements entered into by the parties hereto or except as may be required by any applicable laws, or (ii) except as expressly provided herein, take any action which would adversely affect the non-exclusive use and enjoyment by the Grantee Parties of the Easement or Parking Garage. d. Nothing in this paragraph shall prohibit Grantor and its successors and assigns from otherwise using the Parking Garage or Grantor Tract in any manner not inconsistent with the rights granted herein. e. Grantor, at its sole expense, shall construct and install the Parking Garage upon the Grantor Tract. The Parking Garage shall be constructed by Grantor in a good and workmanlike manner in compliance with all applicable laws and the Development Agreement. Grantor bears the cost and responsibility for the repair and maintenance of the Grantor Tract and the Parking Garage. The Grantor Tract and Parking Garage shall be maintained by Grantor in a good, neat and clean condition and in compliance with all applicable laws. f. Notwithstanding anything in this Agreement to the contrary, Grantee Parties' use of the Easement will at all times be at no cost and free of charge. 2.) Compliance with Laws and Rules. a. Grantee shall at all times comply with all applicable ordinances, rules, regulations, codes, statutes and requirements of all federal, state, county and municipal governmental bodies or their subdivisions respecting the Easement and the Parking Garage. b. Grantor shall at all times comply with all applicable ordinances, rules, regulations, codes, statutes and requirements of all federal, state, county and municipal governmental bodies or their subdivisions respecting the Grantor Tract. 3.) Notice All notices, approvals, requests, consents, and other communications given, required or permitted in accordance with the terms of this Agreement must be in writing and must be hand -delivered or sent by Federal Express or other nationally recognized overnight service or United States certified or registered mail. The parties will consider notices given or delivered when received, except that if either party intentionally acts to refuse delivery of a notice sent by any nationally recognized overnight courier service or United States certified or registered mail, then the effective date shall be the date of delivery to the 27 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT nationally recognized overnight courier service or the U.S. mail on a business day during normal business hours. The parties will address notices as follows: If to Grantor: c/o Granite Properties, Inc. 5601 Granite Parkway Suite 800 Plano, Texas 75093 Attn: Director, Development/Construction If to Grantee: City Clerk City of Southlake 1400 Main St. Suite 270 Southlake, Texas 76092 Any party shall have the right to change its address for purposes of notice by written notice served as provided herein for giving notices. 4.) Property Condition. GRANTEE PARTIES ARE ACCEPTING THE EASEMENT AND ALL PORTIONS OF THE PROPERTY AND IMPROVEMENTS WHICH ARE RELATED TO THE SAME IN THEIR "AS IS" "WHERE IS" CONDITION AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES OR COVENANTS OF GRANTOR WITH RESPECT THERETO AND, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, (1) THE GRANTEE PARTIES AGREE THAT THEY ACCEPT ALL PORTIONS OF THE PROPERTY WHICH ARE SUBJECT TO THIS AGREEMENT IN THEIR PRESENT STATE AND CONDITION AND "AS -IS WITH ALL FAULTS"; AND (11) GRANTOR SHALL NOT BE RESPONSIBLE FOR ANY WORK ON THE PROPERTY OR THE IMPROVEMENTS LOCATED THEREON NECESSARY TO SECURE OR PROVIDE SECURITY FROM THEFT, VANDALISM, DESTRUCTION, ASSAULT, BATTERY, BODILY HARM AND/OR ANY OTHER DAMAGES WHICH MAY BE INCURRED BY ANY AND ALL ENTITIES, PERSONS, PERSONAL PROPERTY, REAL PROPERTY OR ANY OTHER PERSONS OR ITEMS OF ANY KIND OR NATURE WHICH MAY BE LOCATED ON OR WHICH MAY BE USING ANY PORTION OF THE PROPERTY AS A RESULT OF THE EASEMENT GRANTED HEREUNDER OR THE EXECUTION OF THIS AGREEMENT, IT BEING UNDERSTOOD THAT ALL VEHICLES ARE PARKED AT GRANTEE PARTIES' SOLE RISK. 5.) Rights Reserved to Grantor. Grantor reserves the following rights, each of which Grantor may exercise or refrain from exercising without notice to or the consent of Grantee and without being deemed to have evicted Grantee: (1) Grantor may change the name or street address of the Parking Garage; (2) Grantor may install and maintain signs in or on the exterior of the Parking Garage; (3) Grantor may change the arrangement of entrances, doors, corridors, elevators, or stairs in the Parking Garage common areas in any way that does not impede access to or the use of the Easement; (4) Grantor may make other additions, subtractions, or changes to common areas and to other areas in the Parking Garage, so long as those 28 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT additions, subtractions, or changes do not impede access to or the use of the Easement; (5) Grantor may install, operate, and maintain systems that monitor, by closed circuit television or otherwise, all persons entering or leaving the Parking Garage; (6) Grantor may install and maintain ducts, conduits, wires, pipes, and structural elements anywhere in the Parking Garage (including in and above the Easement) to serve other parts of the Parking Garage or other grantees, so long as those installations do not impede access to or the use of the Easement; and (7) Grantor may grant easement space anywhere in the Parking Garage other than on the ground level to any number of other grantees. Grantee agrees that during construction of the Phase 2 Parking Garage, Grantor may from time to time temporarily close (or impose restrictions upon the use of) all or parts of the Phase 1 Parking Garage to reinforce structural elements of the Phase 1 Parking Garage or to make other changes or uses of the Phase 1 Parking Garage that are reasonably required to accommodate the construction of the Phase 2 Parking Garage. 6.) Rights of Third Parties. The agreements of Grantor in this Easement and other operative documents are intended solely for the benefit of Grantee and Grantee Parties. All conditions to the obligations of Grantor under this Easement or other operative documents are imposed solely for the benefit of Grantor, and no other Person may require satisfaction of those conditions or assume that Grantor will enforce any or all of those conditions. 7.) No Personal Liability. The liability of Grantor to Grantee for any default by Grantor under this Easement is limited to the interest of Grantor in the Parking Garage, as such interest may exist from time to time, and Grantee agrees to look solely to Grantor's interest in the Parking Garage for recovery of anyjudgment from Grantor, it being intended that Grantor will not be personally liable for any judgment or deficiency. Nothing in this section or this Agreement shall limit Grantee's ability to seek specific performance if Grantor is in default of this Agreement. 8.) No Liability for Exemplary, Special, or Remote Damages. Grantor will not be liable to Grantee for exemplary damages, for damages that are characterized in law as "special" or "remote" (in contrast to damages that are characterized as "general" and "direct"), for damages to Grantee's reputation, or for any resulting loss of future revenues of Grantee. 9.) Run With the Land. This Agreement shall run with the land (the Grantor Tract), and shall be binding on, and inure to the benefit of, the owner of the Grantor Tract, and its respective successors and assigns, and on all parties having or acquiring any right, title, interest, or estate in the Grantor Tract, or any portions thereof, and any such owner shall be released from any additional obligations under this Agreement upon, and to the extent, such owner has conveyed all of its right, title, interest and estate in the Grantor Tract. 29 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT 10.) Miscellaneous. (a) By execution of this Agreement, each party represents that (i) it has full right, power and authority to enter into this Agreement, and carry out its commitments made hereunder, and all requisite action to authorize such party to enter into this Agreement and convey or cause the conveyance of the property to the other party has been taken; (ii) the individuals executing this Agreement have been duly authorized to bind such party to the terms and conditions hereof and thereof; and (iii) the execution, delivery and performance by such party of this Agreement shall not constitute or cause a default or breach of any agreement or undertaking of such party or concerning the real property owned by such party (including but not limited to any lease of the Grantor Tract). (b) This Agreement shall be construed under the laws of the State of Texas, and all obligations of the Parties are performable in Tarrant County, Texas. Exclusive venue for any action to enforce or construe this Agreement shall be in Tarrant County, Texas. (c) In the event of a lawsuit in connection with this Agreement, the prevailing party shall be entitled to recover from the non -prevailing party all costs of court and reasonable attorneys' fees incurred by the prevailing party in connection with such lawsuit. (d) If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent and for any reason cannot be reformed, the remainder thereof and the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. (e) This Agreement contains the complete agreement of the parties and cannot be varied except by written agreement of the parties. The parties agree that there are no oral agreements, representations, or warranties that are not expressly set forth in this Agreement. (f) Whenever context requires, the singular will include the plural, and neuter will include the masculine or feminine gender, and vice versa. Article and section and paragraph headings in this Agreement are for reference only and are not intended to restrict or define the text of any such article, section, and paragraph. This Agreement will not be construed more or less favorably between the parties by reason of authorship or origin of language. [Signature pages follow.] 30 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT IN WITNESS WHEREOF, Grantor and Grantee have executed this Agreement as of the day and year first above written. GRANTOR: GPI -MT, L.P., a Texas limited partnership By: Granite Properties, Inc. a Delaware corporation, its General Partner By: Name: Title: THE STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on , 2022, by of Granite Properties, Inc., a Delaware corporation, as the general partner of GPI -MT, L.P., a Texas limited partnership, on behalf of said limited liability company and limited partnership. Notary Public, State of Texas 31 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT GPI SOUTHLAKE II, L.P., a Delaware limited partnership By: Granite Properties, Inc. a Delaware corporation, its General Partner By: Name: Title: THE STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on , 2022, by of Granite Properties, Inc., a Delaware corporation, as the general partner of GPI Southlake 11, L.P., a Texas limited partnership, on behalf of said limited liability company and limited partnership. Notary Public, State of Texas 32 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT Grantee: CITY OF SOUTHLAKE, TEXAS M John Huffman, Mayor THE STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared the of known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same as duly authorized officer of such corporation, for the purposes and consideration therein expressed, and in the capacity therein stated as the act and deed of said corporation. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of [ SEAL OF NOTARY PUBLIC ] Notary Public in and for the State of Texas , 2022. 33 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT [DELETE IF N/A] CONSENT OF GRANTOR TRACT MORTGAGEE The undersigned is the holder of a first mortgage lien on the Grantor Tract as evidenced by that [NAME OF MORTGAGE] dated and recorded in of the Real Property Records of , County, , and hereby consents to and subordinates its interest in the Grantor Tract to the rights granted to Grantee and Grantee Parties under this Parking Easement Agreement. [NAME OF MORTGAGEE], a By: _ Name: Title: THE STATE OF COUNTY OF BEFORE ME, the undersigned authority, on this day personally appeared the of [Name of Mortgagee], a , known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same as duly authorized officer of such corporation, for the purposes and consideration therein expressed, and in the capacity therein stated as the act and deed of said limited liability company. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of [ SEAL OF NOTARY PUBLIC ] Notary Public in and for the State of ,20 34 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT EXHIBIT A TRACT 1 TRACT 1 BEING, a 2.4096 acre (104,963 square foot) tract of land situated in the Richard Eads Survey, Abstract No. 481, City of Southlake, Tarrant County, Texas; said tract being all of Lot 1 R, Block 16, Southlake Town Square, Phase IV an addition to the City of Southlake according to the plat recorded in Instrument No. D217030248 of the Official Public Records of Tarrant County, Texas; }/o-Rp� wigf ROD wl9DD' CM AAW FDIMO ICY.) .Ho" an xunurr AN{ ExYLENT IWST. ND. Dr99Eseaxl 5/5-INYI lTN'V p00 %990' GP ` w/9oD• crn ` RMEI IC.Y.1 � 5/B-WCN Ntll R00 w/'ECD' W 0.) � — � �� — SO DDiLgxD DK — — ..` — �8r'C95W11MCEj I �' � � ••— _ _ — — � � -- � I YVERYEAS[YENi (W_NO-0I010Kxt8) E --------------- I; I RIB I I I I I �an i I IN LOT 1R. BLOCK 16 I SOUTHLAKE TOWN SQUARE, I PHASE IV (INST. NO. 0217030248) I I.�----uvpiaRu umitt I I I I I (�NSi HD. O�B091N9QIl I I I R D�s 3 � I I INUN,Cpu �d D,E„Y {FF{ nND 9Ruun�e+sExaxr ' g DxSI_ x0. 033509W99) i I � I YN' CCMYON ACCESS EA�il1E111 ZN�T. �. oxisxE]u1 ]ieaanl I —� I 1 � ylm I Wl91EA 'aooNrouNo I 35 City of Southlake / GPI Southlake 11, LP Economic Development Agreement — Granite Place 11 EXHIBIT D — FORM OF PARKING GARAGE EASEMENT EXHIBIT B TRACT 2 TRACT 2 BEING, a 1.789 acre (77,919 square foot) tract of land situated in the Richard Eads Survey, Abstract No. 481, City of Southlake, Tarrant County, Texas; said tract being all of Lot 3R1, Block 16, Southlake Town Square, Phase IV an addition to the City of Southlake according to the plat recorded in Instrument No. D222058726 of the Official Public Records of Tarrant County, Texas; S 49'26'47' E S 41'28'56" W IRS _ _ _ _ _ 5 48'30'00_ E 299.95_ _ _ _ 11'.00' I IRS 15.fi6' N 41'28'56' E PORTION OF - 38 p0 F" 15.68, 26' COMMON ACCESS EASEMENT 0 9 T'Syl g0. 9 6 IRS (ABANDONED BY THIS PLAT) �427'25.. ',od J �1L5 iD}"5864 ACCESS 26'EASEMENT COMMON la.o' 3 R-279.40' S ��, L=21.73' SIDEWALK EASEMENT ONsr_ NO 021703C248] o m T=10.87• IRS �Aryg (BY THIS PLAT) N 4O'02'07" £ p CB=N 1'3fi'13" E 28.45 g L CD=21.73' \ A=53'06'10" v. R-25.00' 25' PARKING EASEMENT L-23A8' II-- bom 9'47 , (BY THTS PLAT) T-12.50' h R=279.40CB-N 1327'42' E 1 L-161.72' a28'a2'22" CD=22.35' T=83.19' R=279.40' LOT 3R1, BLOCK 18 26' COMMON ACCESS EASEMENT CB=N 15'57"24" E=139.96' (INST, NO. 1115111126) CD=159.47' T=71.49' LOT aft, BLOCK 16 (MST. NO D21606092) CB=N 18'11'07" E SCUTHLAKE TOWN SQUARE, CEeq CD=138.52' PH,,SL IV 1 (INS?. N0, D21703v248) N V 125 GPI SOUTHLAKE H. LP 1 (INST. NO. D222036952) MAC NAIL W/ # 1 111 WASHER 'BDO• FOUND ZONED_ DOWt�70VM DISTRICT N 8439'08' W = a3-83, s � WATER EASEMENT ` 5/8-INCH IRON ROOT (BY THIS PLAT) U3 W/•BDD- CAP FOUND (C.M.) U A-32'33'00" R=234.65' , 5/8—INCH IRON Roo �MAc NgIL w/ L=133.31' w e00 cAP 180' WASHER BUD' FOUND T=187 • ` 5+�• W CB=N 16*15461 " E f ` Sy 60' CD-131.52' SIDEWALK EASEMENT 5/6-INCH IRON ROD (BY THIS PLAT) FOU DD' CAP \ �,¢. F,0' - - - - IEEE FOUND (GM.) ;. _ � � , y 's' -- N oo '45" w •� gVISION �9 � Dr 5/6-INCH IRON ROD \ FOUND W/•BDD' CAP l \ / (C.M.) 36 City of Southlake / GPI Southlake II, LP Economic Development Agreement — Granite Place II EXHIBIT D — FORM OF PARKING GARAGE EASEMENT