HomeMy WebLinkAbout1997-01-04 TIF Commission ResolutionRESOLUTION NO. 97-O1-04
RESOLUTION OF THE TAX INCREMENT FINANCING COMMISSION OF
RIVERSIDE, MISSOURI ("COMMISSION") APPROVING THE INCLUSION OF THE
REDEVELOPMENT PROJECT I-PHASE D WITHIN THE L-385 LEVEE
REDEVELOPMENT PLAN ("PLAN"); APPROVING THE DESIGNATION OF THE
REDEVELOPMENT PROJECT I-PHASE D AREA; APPROVING THE ADOPTION OF
TAX INCREMENT FINANCING FOR THE REDEVELOPMENT PROJECT I-PHASE D
AREA; AND EXPRESSING ITS RECOMMENDATIONS TO THE CITY COUNCIL OF
RIVERSIDE, MISSOURI WITH RESPECT TO THE SAME
WHEREAS, the Commission was created pursuant to Ordinance No. 95-64, adopted by
the Board of Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12,
1995;
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), requires
the Commission to: (a) hold hearings with respect to proposed redevelopment areas,
redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c)
make its recommendations on the same to the Board of Aldermen;
WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996,
classified the Redevelopment Area (as defined in the Plan) as a "blighted area" and designated
it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and
the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment
Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the
same; and
WHEREAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996,
classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area
under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project
I Area; and adopted tax increment financing for the Redevelopment Project I Area; which
designation provides for the approval of individual projects on aproject-by-project basis; and
WHEREAS, the Commission has received and reviewed a Tax Increment Financing
Application from Riverside Development Company, L.L.C. regarding the construction of two
(2) commercial building (the "Redevelopment Project I-Phase D") within the Redevelopment
Area, and on a tract of property more particularly described on attached Exhibit A (the
"Redevelopment Project I-Phase D Area"). (A copy of the Application is attached as Exhibit
B.)
NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing
Commission of Riverside, Missouri;
1. The Commission has previously found that:
a. the existing conditions of the Redevelopment Project I-Phase D Area, as
described in Exhibit A, are a fair depiction of the Redevelopment Project
I-Phase D Area and cause the Redevelopment Project I-Phase D Area to
be a "blighted area" as defined in the Act;
b. the Redevelopment Project I-Phase D Area has not been subject to growth
and development through investment by private enterprise and would not
reasonably be anticipated to be developed without the adoption of the
Plan;
c. the Plan, as amended, conforms to the comprehensive plan for
development of the City of Riverside, Missouri as a whole;
d. the estimated dates, which shall not be more than 23 years from the
adoption of the respective ordinances approving the Redevelopment
Projects, of completion of the Redevelopment Projects and retirement of
obligations incurred to finance redevelopment project costs have been
stated in the Plan; and
e. there are currently no businesses or residences within the Redevelopment
Project I-Phase D Area.
2. The Commission approves the designation of the Redevelopment Project I-Phase
D Area as a redevelopment project area under the Act.
3. The Commission has previously approved the Plan.
4. The Commission approves the inclusion of the Redevelopment Project I-Phase D
within the Plan and expects to adopt additional specific redevelopment project(s)
and redevelopment project area(s) within the Redevelopment Area on a project-
by-project basis.
5. The Commission recommends to the Board of Aldermen that the Board of
Aldermen pass one or more ordinances:
a. Finding the Redevelopment Project I-Phase D Area to be blighted and
designating the Redevelopment Project I-Phase D Area as a redevelopment
project area under the Acto
b. Approving the inclusion of the Redevelopment Project I-Phase D within
the Plan.
c. Approving tax increment financing for the Redevelopment Project I-Phase
D Area and providing that:
(i) after the total equalized assessed valuation of the taxable real
property in the Redevelopment Project I-Phase D Area exceeds the
certified total initial equalized assessed valuation of the taxable real
-2-
property in such Redevelopment Project I-Phase D Area, the ad
valorem taxes and payments in lieu of taxes, if any, arising from
the levies upon taxable real property in such Redevelopment
Project I-Phase D Area by taxing districts and tax rates determined
in the manner provided in subsection 2 of the Section 99,855 of
the Act each year after the effective date of this ordinance until the
Redevelopment Project Costs pursuant to the Plan have been paid,
shall be divided as followso
(a) That portion of taxes levied upon each taxable lot, block,
tract, or parcel of real property which is attributable to the
initial equalized assessed value of each such taxable lot,
block, tract, or parcel of real property in the
Redevelopment Project I-Phase D Area shall be allocated
to, and when collected shall be paid by the county collector
to, the respective affected taxing districts in the manner
required by law in the absence of the adoption of tax
increment allocation financing;
(b) Payments in lieu of taxes attributable to the increase in the
current equalized assessed valuation of each taxable lot,
block, tract, or parcel of real property in the
Redevelopment Project I-Phase D Area over and above the
initial equalized assessed value of each such unit of
property in the Redevelopment Project I-Phase D Area
shall be allocated to, and when collected shall be paid to,
the municipal treasurer who shall deposit such payment in
lieu of taxes into a special fund called the "Special
Allocation Fund" of the municipality for the purpose of
paying redevelopment costs and obligations incurred in the
payment thereof. Payments in lieu of taxes which are due
and owing shall constitute a lien against the real estate of
the redevelopment project from which they are derived.
The municipality may, in the ordinance, pledge the funds
in the special allocation fund for the payment of such costs
and obligations and provide for the collection of payments
in lieu of taxes, the lien of which may be foreclosed in the
same manner as a special assessment lien as provided in
Section 88.861 RSMo. No part of the current equalized
assessed valuation of each lot, block, tract, or parcel of
property in the Redevelopment Project I-Phase D Area
attributable to any increase above the total initial equalized
assessed value of such properties shall be used in
calculating the general state school aid formula provided
for in Section 163.031 RSMO., until such time as all
-3-
redevelopment costs have been paid as provided for in this
section and Secrion 99.850.
(ii) in addition to the payments in lieu of taxes described in Section
99.845.1(2) of the Act, the total additional revenues from taxes
generated by economic activities in a Redevelopment Project Area,
as described in Section 99.845.3 of the Act, shall be allocated as
set forth in Section 99,845.3 of the Act.
Passed this 15th day of January, 1997.
Name: c ? ~,f,
Title: CT/~~ri~n~r~i~~
ATTEST:
Secretary
-4-
E]CHIBIT A
TRACT I:
A11 that part of Lots 2, 3, 4, 17, 18, Tra t A, Tract D and
Vacated Plaza Road, RED X PI..AZA, a subdivi ion of Land in the
City of Riverside, Platte County, Missouri described as
follows: Beginning at the Southeast cor:.~r. of said Tract "A";
- thence North 6? Degrees O1 Minutes 03 Saco~^ds West alt::;; the
Northerly line a the Chicaco Burlin;*_on mad Quincy Railroad
Right-of-Way, a distance of ':725.41 fee; thence North 0_ -
Degrees 37 Minutes 35 Seconds East, a dist nce of 278.80 feet;
thence South 89 Degrees 20 Minutes 07 Seco ds East, a distance
of 319.49 feet to the Westerly Right-of- ay of Plaza Road;
thence South 0 Degrees 33 Minutes 32 Secon s West along said
Right-of-Way, a distance of 198.47 feet; thence continuing
along said Right-of-Way-along a curve to the right, boring
tangent to the Last described course and ha ing a radius of
60,00 feel an arc distance of 40.32 feet; thence continuing
along said Right-of-Way along a curve t the left being
tangent to the last described course and haling a radius oL
55.00 feet and arc distance of 256.70 feet;l. thence contir_u~ng
along said Right-of-Way along a curve toy the right beinc
tangent to the last described course and ha~-ing a radius of
60.00 feet an arc distance of 40,32 feet; thence continuing
along said Right-of-way North 0 Degrees 33 I~Sinutes 32 Seconds
East, a distance of 478.36 feet to the SoutY~terly Right-of-Way
of Missouri State Highway Number 9; thence Gouth 89 Degrees 20
t4inutes 07 Seconds East along said Right-of Way, a distance of
300.00 feet to the Easterly line of said RE X PLAZA; .:hence
South 0 Degrees 33 Minutes 32 Seconds west along the Ez.st.erly
line of said RED i'Lr!~A, a distance of 810.68 -`eet ~~: ':he
poi__z":-of beginning.
A11 that part of Lots 5 and Lot 17, RED X PL,~ZA, a subdivision
of land in the City of Riverside, Platte ~ounty, Missouri.,
described as follows: Coa~nencinq at the Northwest corner of
the East one-half of the West one-half of frractional Section
9, Township S0, Range 33; thence South 89 Degrees 10 M.irutes
19 Seconds East along the North line ofI said fractional
Section 9, a distance of 610.11 feet tto the Southerly
Right-of-Way of Missouri State Highway ~9; tY~ence along said
Right-of-Way South 43 Degrees 35 i~~.nutes 15 Seconds East, a
distance of 482.65 feet; thence continuing along said
Right-of-Way,, South 70 Degrees 08 Minutes 09 Seconds East, a
distance of 377.23 feet; thence.-continui g along said
Right-of-Way North 80 Degrees I3 Minutes 49 econds East, a
distance of 675.30 feet to the point of begin ing of the ^tract
of land herein to be described; thence continuing North 30
Degrees 13 Minutes 49 Seconds East, a distant of 13.66 feet;
thence South 89 Degrees 20 Minutes 07 Seconds East, a distance
of 305-72 feet to the westerly line of P1aYa Road; thence
South 0 Degrees 33 Minutes 32. Seconds 4~est along said
Right-of-Way, a distance of 280.00 feet; hence North 89
Degrees ZO Minutes 07 Seconds West, a distant of 319.48 feet;
thence North 0 Degrees 37 Minutes 35 Seconds amt, a distance
of 277.52 feet to the point of `':~3inninq, subject to that part
in road.
Ja\. -;~' 9'IIVED) 1?~~4" JOHV BROW'V & CO~~~1P.aVY
- ERHIBIT B
TEL 816 i41 0614 JRN is '9z iz~saFM
~.PPLIC.~,TION FOR T_~Y LvCR~I~T FL~IAltiCLtiG ("TIF")
~PPLIC.~`1'T:
.~DDRFSS:
PHOvE ~:
F_~Y .;.
CGti~?.CT PE4SON:
Riverside Development Company. L.L_C.
210 N.W. Platte Valle Drive Riverside, MO
816-741-0452
816-741-0674
Matt Brown
P?tOJFCT N 3tifE: RDC # 1 & ~2
:application Format: Oa a separate shut of paper please aIISwer the fGllowing questions. Pleue
type oath question prior to the applicable response..
f l) In no more than three pages provide irlevant insormarion on ri^e Apolicaut's background
anal development :sperieace. Include rnsumes of key individuals assigned to the project.
(''1 Identify die Applicwt's consultants im~olvcd or proposed m be ia~olved in the project
noon; rClevaDt a on similar projects (ie-, civil en~ineez, ]and use planner,
,apptii:anc'; legal counsel, Applicant's financial advisor).
Cs) Describe the proposed project, including.the-size and scope and phz-sin; of the`gropos:d -
prvjecc. Specifscally outline residential deveInpmenc, if any, w be included, in the
project.
(•i) Dense the boundaries of the proposed,,'I]F area by addtes~ sad locator number(s).
InUude a map of the proposed T~ area.
!51 Identify the property which is currently in ttie control of dig applicant via oa+ne:s~p or
option. If under option note the option zxpiration dale.
(6j Ts the property ctizrently zoned for the proposed use? If not, what zonin; cha.~;e will
be requized":
(7) Will ripe pzvposed project result in the relocation of residential, commercial or indusnial
facilities" If so, discuss tht nature of nay anticipated relocations-
(8) State the nerd and justification for TIF assistance. E~tplain ho~+ the applicant intends w
demonstrACe compliance with the "but for° test. Substandare chat other alternative
methods or fin~n~;no have been thoroughly' etplored.
(91 Discuss din condition(s) that would qualify the proposed TIF District as a "blighted area"
or "conservation area," as defined under Mo. Rev. Scat. 99.805.
J~V, -1~' 9' l~ti~EDI 1? X48 JOHV BROWV & CO!1P.a~!lY
TE(,:$15 ~~l ~6 ~ JAN 15 '97 1Z 59Ph1
(101 Identify souress. amounts, and status of all debt rinanci.ng andior equity funding available
to complete the project. Does the applicant anric~ate the debt to be privarely fnznced
by the consrruction lendzr or developer or publicly sold? Please prepare information in
the folloa~in~ table format.
Contact Contaa
Source Amount Ter Stains Pearson Telephone
C.I :) Provide an outline of the costs associated with the development of tk~e proposed project(sj
and related parcel orsparcels located within the TIF area Identify' in the outline those
costs you a+ould propose to fund with TIF financing and the proposed payoacl: time
frame.
C121 Ia one page or less, discuss and document information used to describe the marisez
; easi"oility of each element of the proposed project. Lf a formal feasibility or comparable
studies have been prepared, attach such reports as an appendix to this applicatifln.
1131 Oa the atrached TIF Revenue Worl~heec estimate the incremental property taxes and
economic aetiviry taxes co be generated by the project.
(1~1 Pro• ide an estimate oi" ~~e, mask2z value::of all.fixturrs anct.e~uipment to.be w~.by.,all.
oamers or tenants of the Y~raposed proje: t which will be :taxed as• personal Pres~eny•
(15i Identify any proposed tenants of the project- Have leases been negotiated or signed`'
What type of lease is contemplated" •
i Io7 Who will own the dcvel4ped propczty°.
0171 Bziefly descnbe the "economic and quality of life" benefits of the prcposed project [o the
Citv.
(181 Attach a least from a financial itcsrinttioa indicative that the applicant has suriicienc
financial resources to obtain the private financing for the project.
J.a~~. -! ~' 9" (IYED) 13 ~ d9 JOHN BROIVV & COMP.aNY
TEL 816 rdl Qbr~ JAN ?S '97 1Z 59PM
- i .
i
(I) In no more than thrcc pages provide relevant information on the AppplicanYs background
and development experience. Include resumes of key individuals assigned to the project.
See Attached - Exhibit A
(2) Identify the Applicant's consultants involved or proposed to l~e involved in the p; aject
noting relevant experience c :similar projects (i.e., civil cnginFer, land use plann.r,
Ay,plicant's legal wuncil, Applicant's financial advisor).
Aylett Survey Company
WRS, Inc. -Architects
Bliss & Associates -Appraisers
(3) Describe the proposed project, including the size and scope at~d phasing of the proposed
project. Specifically outline residential development, if any, t~ be included in the project.
The project encompasses the construction of two olI•tceJware ouse buildings totaling
132,500 square feet ~
(4) Define the boundaries oFthe proposed TJF area by address and locator number(s).
Include a map of the proposed TIF area ~
See attached Icgal description - Exhibit B
(5) Identify the property which is currently in the control of the A~plicant via ownership or
- option, ffunder option note the option expiration date-
N/A ~
i
(6) Is the property currently zoned for the proposed use? If not, v~rhat zoning change will be
required?
YES
i
I
(7) Will the proposed project result in the relocation of residential commercial or industrial
facilities? If so, discuss the nature of any anticipated rclocattons.
NO ;
(8) State the need and justification for T]F assistance. Explain ho the applicant intends to
demonstrate. compliance with the "but for" test. Substantiate tat other alternative
methods of financing have been thoroughly explored
No Nccd.
(9) Discuss the wndition(s) that would qualify the proposed TIF strict as a "blighted area"
or "conservation area," as defined under Mo. Rev. Stat. 99.80
N/A
J.a.\'. -l~' 9-(IYEDI 1? ~9 JOHV BROWV ~ C0y1PaVY
TEL 816 '~1 D5'i JRN 15 '97 01'BBPM
(10) Identify sources, amounts, nail status of all debt financing an or equity funding available
to complete the project. Does the applicant anticipate the d t to be privately financed by
the construction.lender or developer or publicly sold? Pl prepare information in the
following table format '
Private financing has bcen secured for the entire project.
i
(11) Provide an outline of the costs associated with.the deveIopm°nt.ofthe proposed project(s)
and related parcel or parcels located within' the Tff area Ide 'fy in the outline those
costs you would propose to fund with TIF financing and the roposed payback time
frame.
N/A
(12) In one page or less, discuss and document information used t' describe the market
feasibility of each element of the proposed project. If a form feasibility or comparable
studies have been prepared, attach such reports as an appendi~,x to this application.
N/A
(I3) On the attached TIF Revenuc Worksheet estimate the incremental property taxes and
economic activity taxes to be generated by the project.
See TIF Revenue Worksheet.
(14) Provide an estimate of the market value of all fixtures and eq ~pment to be used by all
owners or tenants of the proposed project which will be as personal property.
Unknown.
(15) i;dtntify any proposed tenants ofthc project. Have leases
What type of lease is conteetplated?. .
These are speculative buildings.
(16) Who will own the developed property?
Riverside Development Company, L.Y,.C.
(17) Briefly describe the "economic and quality of life" benefits
City.
N/A
(I8) Attach a letter tiom financial institution indicating that the
resources to obtain the private Snancing for the project.
N/A
negotiated or signed?.
proposed project to the
has sufficient financial
TIF REVENUE wORxSHEET
PROJECT SCHEDULE:
Preliminary Construction Start Date: November 1996
Preliminary Construction Completion Date: April 1997
Phasing Anticipated: No
Date Occupied or Opened: April-May 1997
SALES TAX REVENUE:
Estimated Annual Sales $ -0-
Total Annual Sales from New Development ... $
PROPERTY TAX REVENUE:
Market Value of New Constnlction
Commercial
Residential
Mazket Value of Land (Based on Optional Prices)
Total Market Value of New Development
Commercial Assessed Value -Rate of Mazket Value
Assessed Value of Land and New Constnuction (a)
Assessed Value of Existing Property (b)
Net Assessed Value for TIF Capture (a-b)
Tax Rate Basis Per $ of Assessed Valuation
Tax Basis (Assessed Value =Tax Rate Basis)
Property Tax Rate Per $100 of Assessed Valuation
Annual Property Tax Captured by TIF from New Development
(Tax Basis x Property Tax Rate/$100)
$ 2,597,046
$ -0-
$ 643,110
$ 3,240,156
.32
$ 1,036,850
$ 134,510
$ 902,340
$ 100
$ 902,340
$ 6.05
$ 54,592
7: \61492\00001 \ WRKS HEET. BRO
J.aV -'S 9"(tiI'EG) 1?~~0 JOHV BRO~~~ & CO:~iPaN't TEL.816 ?~1 06'd JaN is ~9a ei~eePM
~~,~~t,
John Brown & Company
C,smmertial and TnduYGrial RtsItorr and Developer.:...
Corporate Background:
John Brown & Company began operations in 1978 to serve as the brokerage, development,
construction management and property management arm of a family owned real estate operation
That family operation became a group of entities that owned and managed properties totaling
over one million square feet of o&ce/warehovse space in Riverside, Missouri, the Kansas City,
Missouri Metro area and Phoenix Arizona.
- The principals and associates of John Brown & Company bring a variety of experien~:e into the
business. We pride ourselves in participation is local and state ewnomic development
associations, chamber of commerce organizations, member of the Developer Advisory Board far
the Missouri Highway and Transportation Department, on the board of directors for various
banks and other agencies and as consultants for several municipal projects.
In February 1993, off cials of the City of Kansas City, Missouri im+ited john Brown d'c Company
to consider and partiapate in a 60-acre development Along with our not-for-profit partner, we
designed an industrial park and conducted a feasibility study identifying a very promising project,
parts of which could get underway in the near fuwre.
As the "umbrella" company for three limited partnerships, Lwo corporations including ELCA
Properties, Inc. and one limited liability corporation, the company has been involved in site
selection for all of its own industrial parks and many buildings in the Riverside/Kansas City area.
J.a~. -1S 9"(IYED) 1?~~~0 JOHV BROWS & CONP,~VY
Qualifications:
TEL 816 ill 06-~ JaN is •97 a~-ai~M
1. We have been actively involved in the following projects:
• Development of the Platte Valley Industrial Park, Riverside Industrial Park, Riverside
:3usiness Park, Chouteau landing, Oakcliff Professional Building, and Riverside Ldustrial
Center.
• The site selection for the new high school and grade school in the Park I-fill School District.
• John Brown & Company served as construction manager for the Finlay-Wakefield Science
Hall Addition at Park College.
• Involved in site selections for the following companies: lldercantile Bank of Kansas City,
Tri-County Mental Health, Chevy Duty, Carter Companies, Pat Kelly, Kawneer Company,
Inc., and the Kansas City Area Hospital Association.
• Consultants and leasing agents for the new medical building at Saint Luke's Northland
Hospital.
2. John Brown & Company has eight employees. We have four Ivfissouri and Kansas
licensed real estate ~rokers.or salespersoo`t whaaremembers~of:theMetropolitan_'~:ansas_ ...
City Board of REALTC)RS.
John C. Brown, Chief Executive Officer:
• Lifelong area resident.
• Managed the well drilling operations of Cullum & Brown, Inc. from 1962-1978.
• In 1978, sold his interest is CuIIum & Brown to his brother and formed his own
company, John Brown & Compaq,
• Currently serves on the following Boards of Directors:
Mercantile Bank of Kansas City
Mdwest Research Institute
Mayor's Corps of Progress
• Developer advisory board member for the Missouri Highway and Transportation
Department.
• Vice President and director of the Union Station Assistance Corporation
• Actively involved in the Clay and Platte County econonric development councils.
\,
rt. ~~ ~.~
~~_~~~ n~
.-~
a ~,1
TRACT I'
All that part of Lots 2, 3, 4, 17, 18, Tra t A, Tract D and
vacated Plaza Road, RED X PLAZA, a subdivi ion of land in the
City of Riverside, Platte County, Mis ouri described as
follows: Beginning at the Southeast cor-.e~- of said Tract "A"; -
thence North 6? Degrees O1 Minutes 03 S~co:TM_ds West alc~:~ the
Northerly line u: the Chicaco Burlin;*_on a:id Quincy Railroad
Right-of-Way, a distance of 725.41 fee thence North 0
Degrees 37 Minutes 35 Seconds East, a dist nce of 278.80 feet;
thence South 89 Degrees 20 Minutes 07 Seco ds East, a distance
of 319.49 feet to the Westerly Right-of- ay of Plaza Road;
thence South 0 Degrees 33 Minutes 32 Secon s West along said
Right-of-Way, a distance of 198.47 feet; thence continuing
along said Right-o£-Way-along a curve to the right, being
tangent to the last described course and having a radius of
60.00 feet an arc distance of 40.32 feet; thence continuing
along said Right-of-Way along a curve t~ the left being
tangent to the last described course and ha-inq a radius of
55.00 feet and arc distance of 246.70 feet; thence continuing
along said Right-of-Way along a curve toy the right being
tangent to the last described course and ha~7ing a radi::s of
60.00 feet an arc distance of 40.32 feet; thence continuing
along said Right-of-Way North O Degrees 33 t~.inutes 32 Seconds
East, a distance of 478.36 feet to the Southerly Right-of-Way
of Missouri State Highway Number 9; thence- outh 89 Degrees 20
24inutes 07 Seconds East along said Right-of Way, a distance of
300.00 feet to the Easterly line of said RE X PLAZA; -:hence
South 0 Degrees 33 Minutes 32 Seconds Nest along the E~.sterly
line of said AED ti. =Lr~'lA, a distance of 810.68 ~`eet tr; `he
po_~~:.-of beginning.
TRACE II-
A11 that part of Lots 5 and .Lot 17, RED X PLAZA, a subdivision
of land in the City of Riverside, Platte ~ounty, Missouri.,
described as follows: Co:zmencing at the Noz hwest corner of
the East one-half of the West one-half of factional Section
9, Township 50, Range 33; thence South 89 Degrees IO M.irutes
' 19 Seconds East along the North line of said fractional
Section 9, a distance of 610.11 feet o the Southerly
Right-of-Way of Missouri State Highway ~9; t ence along said
Right-of-Way South 43 Degrees 35 Minutes 15 Seconds East, a
distance of 482.65 feet; thence continuing along said
Right-of-Way,. South 70 Degrees 08 Minutes 09 Seconds --East, a
distance of 377.23 feet; thence. continui g along said
Right-of-Way North BO Degrees 13 Minutes 49 econds East, a
distance of 675.30 feet to the point of begin ing of the tract
of land herein to be described; thence cont nuing North 80
Degrees 13 Minutes 49 Seconds East, a distant of 13.66 feet;
thence South 89 Degrees 20 ?Minutes 07 Seconds~East, a distance
of 305.72 feet to the westerly line of Playa Road; thence
South 0 Degrees 33 Minutes 32. Seconds West along said
Right-of-Way, a distance of 280.00 feet; £.hence North 89
Degrees 20 Minutes 07 Seconds West, a distanc~ of 319.48 feet;
thence North 0 Degrees 37 Minutes 35 Seconds ast, a distance
of 277.52 feet to the point of `:d ginning, subjiect to that part
in road. ~