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HomeMy WebLinkAboutD-1759-05 Parking Fac.$30mTIF ORDINANCE D- 1759 -05 Sponsor: Councilors Carter and Sharp AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AUTHORIZING THE ISSUANCE OF THE CITY OF CARMEL, INDIANA TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2005 A AND SERIES 2005 B (CARMEL CITY CENTER, LLC PROJECT), AND THE LENDING OF THE PROCEEDS THEREOF TO CARMEL CITY CENTER, LLC, AND AUTHORIZING AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the City of Carmel, Indiana (the "City is a municipal corporation and political subdivision of the State of Indiana and by virtue of I.C. 36 -7 -11.9 and I.C. 36 -7 -12 (collectively, the "Act is authorized and empowered to adopt this ordinance (this "Bond Ordinance and to carry out its provisions; WHEREAS, Carmel City Center, LLC (the "Borrower desires to finance the construction of certain parking facilities and related improvements in the Carmel Downtown Economic Development Area (collectively, the "Projects WHEREAS, the Borrower has completed or will complete the Projects for use in connection with its mixed use commercial and residential City Center project in or directly serving and benefiting the Carmel Downtown Allocation Area No. 1 and the Carmel Downtown Allocation Area No. 2 (the "Facilities"); WHEREAS, the Borrower has advised the City of Carmel Economic Development Commission (the "Commission and the City that it proposes that the City issue taxable revenue bonds in two series, the Series A Bonds in an amount not to exceed Thirty Million Dollars ($30,000,000) and the Series B Bonds in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) (the Series A Bonds and the Series B Bonds, collectively, the `Bonds under the Act and loan the proceeds of such Bonds to the Borrower for the purpose of financing the Projects; WHEREAS, the completion of the Projects results in the diversification of industry, the creation of approximately six hundred thirty -five (635) jobs and the creation of business opportunities in the City; WHEREAS, pursuant to I.C. 36- 7- 12 -24, the Commission published notice of a public hearing (the "Public Hearing on the proposed issuance of the Bonds to finance the Projects; WHEREAS, on the date specified in the notice of the Public Hearing, the Commission held the Public Hearing on the Projects and received uncontroverted evidence that there are no facilities which are similar to the Projects and have already been constructed or operating in or near the City; and WHEREAS, the Commission has performed all actions required of it by the Act preliminary to the adoption of this Bond Ordinance and has approved and forwarded to the Common Council the forms of: (1) a Loan Agreement for both series of the Bonds, between the City and the Borrower (including a form of Note) (the "Loan Agreement (2) a Trust Indenture, with respect to each series of the Bonds, between the City a trustee to be selected by the Clerk Treasurer of the City (the "Trustee (the "Indenture (3) the Bonds; and (4) this Bond Ordinance (the Loan Agreement, the Indenture, the Bonds, and this Bond Ordinance, collectively, the "Financing Agreements NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, THAT: Section 1. Findings; Public Benefits. The Common Council hereby finds and determines that the Projects involve the acquisition, construction and equipping of an "economic development facility" as that phrase is used in the Act; that the Projects will increase employment opportunities and increase diversification of economic development in the City, will improve and promote the economic stability, development and welfare in the City, will encourage and promote the expansion of industry, trade and commerce in the City and the location of other new industries in the City; that the public benefits to be accomplished by this Bond Ordinance, in tending to overcome insufficient employment opportunities and insufficient diversification of industry, are greater than the cost of public services (as that phrase is used in the Act) which will be required by the Project; and, therefore, that the financing of the Projects by the issue of the Bonds under the Act: (i) will be of benefit to the health and general welfare of the City; and (ii) complies with the Act. Section 2. Approval of Financing. The proposed financing of the Projects by the issuance of the Bonds under the Act, in the form that such financing was approved by the City of Carmel Economic Development Commission, is hereby approved. Section 3. Authorization of the Bonds. The issuance of the Bonds, payable solely from revenues and receipts derived from the Financing Agreements, is hereby authorized. Section 4. Terms of the Bonds (a) The Bonds, in the aggregate principal amount not to exceed Thirty Million Dollars ($30,000,000) with respect to Series A and One Million Five Hundred Thousand Dollars ($1,500,000) with•respect to Series B, shall (i) be executed at or prior to the closing date by the manual or facsimile signatures of the Mayor and the Clerk- Treasurer of the City; (ii) be dated as of the date of their delivery; (iii) mature on a date not later than thirty years after the date of issuance; (iv) bear interest at such rates as determined with the purchaser thereof (the "Purchaser (v) be issuable in such denominations as set forth in the Financing Agreements; (vi) be issuable only in fully registered form; (vii) be subject to registration on the bond register as provided in the Indenture; (viii) be payable in lawful money of the United States of America; (ix) be payable at an office of the Trustee as provided in the Indenture; (x) be subject to optional redemption prior to maturity and subject to redemption as otherwise provided in the Financing Agreements; (xi) be issued in one or more series; and (xii) 2 contain such other terms and provisions as may be provided in the Financing Agreements. (b) The Bonds and the interest thereon do not and shall never constitute an indebtedness of, or a charge against the general credit or taxing power of, the City, but shall be special and limited obligations of the City, payable solely from revenues and other amounts derived from the Financing Agreements. Forms of the Financing Agreements are before this meeting and are by this reference incorporated in this Bond Ordinance, and the Clerk- Treasurer of the City is hereby directed, in the name and on behalf of the City, to insert them into the minutes of the Common Council and to keep them on file. Section 5. Sale of the Bonds. The Mayor and the Clerk Treasurer of the City are hereby authorized and directed, in the name and on behalf of the City, to sell the Bonds to the Purchaser at such prices as are determined on the date of sale and approved by the Mayor and the Clerk Treasurer of the City. Section 6. Execution and Delivery of Financing Agreements. With respect to each series of the Bonds, the Mayor and the Clerk- Treasurer of the City are hereby authorized and directed, in the name and on behalf of the City, to execute or endorse and deliver the Loan Agreement, the Note from the Borrower to the City, the Indenture, and the Bonds, submitted to the Common Council, which are hereby approved in all respects. Section 7. Changes in Financing Agreements. The Mayor and the Clerk Treasurer of the City are hereby authorized, in the name and on behalf of the City, without further approval of the Common Council or the Commission, to approve such changes in the Financing Agreements as may be permitted by Act, such approval to be conclusively evidenced by their execution thereof. Section 8. General. The Mayor and the Clerk Treasurer of the City, and each of them, are hereby authorized and directed, in the name and on behalf of the City, to execute or endorse any and all agreements, documents and instruments, perform any and all acts, approve any and all matters, and do any and all other things deemed by them, or either of them, to be necessary or desirable in order to carry out and comply with the intent, conditions and purposes of this Bond Ordinance (including the preambles hereto and the documents mentioned herein), the Projects, the issuance and sale of the Bonds, and the securing of the Bonds under the Financing Agreements, and any such execution, endorsement, performance or doing of other things heretofore effected be, and hereby is, ratified and approved. Section 9. Binding Effect. The provisions of this Bond Ordinance and the Financing Agreements shall constitute a binding contract between the City and the holders of the Bonds, and after issuance of the Bonds this Bond Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the holders of the Bonds as long as the Bonds or interest thereon remains unpaid. 3 Section 10. Repeal. All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 11. Effective Date. This Bond Ordinance shall be in full force and effect immediately upon adoption and compliance with I.C. 36- 4 -6 -14. Section 12. Copies of Financing Agreements on File. Two copies of the Financing Agreements incorporated into this Bond Ordinance were duly filed in the office of the Clerk- Treasurer of the City, and are available for public inspection in accordance with I.C. 36- 1 -5 -4. PASSED by the Common Council of the City of Carmel, this I9 day of 2005, by a vote of Le ayes and nays. ATTEST: COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA Presidi. Offic Kevin •i Presi edrick J. G onald E. Carter sent o Temp. re Brian D. Mayo I ,,,..n. _Amor a a ef D PPOSEI Mark Rattermann Richard L. Sharp l el---- Griffiths Diana L. Cordray, IAMC, Clerk- Trea�hire 4 1 re Presented by me to the Mayor of the City of Carmel this 1$ day of 2005 at (0_ 't.3 Q.M. Approved by me, Mayor of the City of Carmel, Indiana, this day of 2005, atb;43 {2 .M. ATTEST: Diana L. Cordray, IAMC, Clerk -Tr the City of Carmel, Indiana Prepared by: Bruce D. Donaldson Barnes Thornburg LLP I 1 South Meridian Street Indianapolis, IN 46204 INDS01 BDD 759765v2 er of 5 Diana L. Cordray, IAMC, Clerk jreasurer RESOLUTION NO. EDC 1 -2005 A RESOLUTION APPROVING AND AUTHORIZING CERTAIN ACTIONS AND PROCEEDINGS WITH RESPECT TO CERTAIN PROPOSED TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS WHEREAS, the City of Carmel, Indiana (the "City is authorized by I.C. 36 -7 -11.9 and I.C. 36 -7 -12 (collectively, the "Act to issue revenue bonds for the financing of economic development facilities, and loan the proceeds of the revenue bond issue to another entity to finance or refinance the acquisition, construction, renovation, installation and equipping of said facilities; WHEREAS, Carmel City Center, LLC (the "Borrower") desires to finance the construction certain parking facilities and related improvements in the Carmel Downtown Economic Development Area (the "Projects WHEREAS, the Borrower will complete the Projects for use in connection with its mixed use commercial and residential City Center development in or directly serving and benefiting the Carmel Downtown Allocation Area No. 1 and the Carmel Downtown Allocation Area No. 2; WHEREAS, the Borrower .has advised the City of Carmel Economic Development Commission (the "Commission and the City that it proposes that the City issue taxable revenue bonds in two series, the Series A Bonds in an amount not to exceed Thirty Million Dollars ($30,000,000) and the Series B Bonds in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) (the Series A Bonds and the Series B Bonds, collectively, the "Bonds under the Act and loan the proceeds of such Bonds to the Borrower for the purpose of financing the Projects; WHEREAS, the Commission has studied the Projects and the proposed financing of the Projects and their effect on the health and general welfare of the City and its citizens; WHEREAS, the completion of the Projects results in the diversification of industry, the creation of approximately six hundred thirty -five (635) new jobs and the creation and retention of business opportunities in the City; WHEREAS, pursuant to I.C. 36- 7- 12 -24, the Commission published notice of a public hearing (the "Public Hearing on the proposed issuance of the Bonds to finance the Projects; and WHEREAS, on the date hereof the Commission held the public hearing on the Projects and received uncontroverted evidence that there are no facilities which are similar to the Projects and have already been constructed or operating in or near the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL ECONOMIC DEVELOPMENT COMMISSION AS FOLLOWS: SECTION 1. The Commission hereby finds, determines, ratifies and confirms that the diversification of industry, the retention of business opportunities and the retention of opportunities for gainful employment within the jurisdiction of the City is desirable, serves a public purpose, and is of benefit to the health and general welfare of the City; and that it is in the public interest that the City take such action as it lawfully may to encourage the diversification of industry, the retention of business opportunities, and the retention of opportunities for gainful employment within the jurisdiction of the City. SECTION 2. The Commission hereby makes a finding of fact, based upon the uncontroverted evidence presented at the Public Hearing, that there are no facilities which are similar to the Projects and already constructed or operating in or near the City and, based upon such finding of fact, hereby determines that the Projects will not have, and have not had, an adverse competitive effect on any similar facilities already constructed or operating in or near the City. SECTION 3. The Commission hereby approves the report with respect to the Projects presented at this meeting. The Secretary of this Commission shall submit such report to the executive director or chairman of the plan commission of the City. SECTION 4. The Commission finds, determines, ratifies and confirms that the issuance and sale of the Bonds in an amount not to exceed Thirty Million Dollars ($30,000,000) with respect to Series A and One Million Five Hundred Thousand Dollars (51,500,000) with respect to Series 8, and the loan of the proceeds of the Bonds to the Borrower for the financing of the Projects will be of benefit to the health and general welfare of the City, will serve the public purposes referred to above in accordance with the Act, and fully comply with the Act. SECTION 5. The financing of the Projects through the issuance of the Bonds, in an amount not to exceed Thirty Million Dollars (530,000,000) with respect to Series A and One Million Five Hundred Thousand Dollars (51,500,000) with respect to Series B, is hereby approved. SECTION 6. The Commission hereby approves the terms of the following documents in the form presented at this meeting: (i) a Loan Agreement for both series of Bonds (including a fonn of Note), between the City and the Borrower; (ii) a Trust Indenture, between the City and a trustee to be selected by the Clerk- Treasurer of the City (the "Trustee (iii) the Bonds; and (iv) an Ordinance of the Common Council of the City. SECTION 7. Any officer of the Commission is hereby authorized and directed, in the name and on behalf of the Commission, to execute any and all other agreements, documents and instruments, perform any and all acts, approve any and all matters, and do any and all other things deemed by him to be necessary or desirable in order to carry out and comply with the intent, conditions and purposes of this resolution (including the preambles hereto and the documents mentioned herein), the Projects and the issuance and sale of the Bonds, and any such execution, performance, approval or doing of other things heretofore effected be, and hereby is, ratified and approved. SECTION 8. The Secretary-of this Commission shall transmit this resolution, together with the forms of the documents approved by this resolution, to the Common Council of the City. 2 INDSO1 BDD ?59784v2 SECTION 9. This resolution shall be in full force and effect upon adoption. L Adopted this 'lay of July, 2005. 3 CITY OF CARMEL ECONOMIC DEVELOPMENT C MISSION Lu nyder Mich. J. Rusnak Ersal Ozdemir G�' INDS01 BDD 7597B7v2 The City of Carmel Economic Development Commission (the "Commission proposes to recommend to the Common Council of the City of Carmel, Indiana (the "City"), that it loan the proceeds of certain taxable economic development revenue bonds to Carmel City Center, LLC (the "Applicant for the financing of certain economic development facilities in the City. In connection therewith, the Commission hereby reports as follows: A. The proposed economic development facilities consist of the construction of parking facilities and related facilities to support the Applicant's mixed use commercial and residential City Center project in the Carmel Downtown Economic Development Area (the "Projects B, The Commission estimates that no public works or services, including public ways, schools, water, sewer, street lights and fire protection, will be made necessary or desirable by the Projects, because any such works or services already exist or will be provided by the Applicant or other parties. C. The Commission estimates that the total costs of financing the Projects will be approximately $31,500,000. D. The Commission estimates that the Projects will create approximately 635 jobs with an annual payroll of approximately $32,600,000. E. There are no facilities similar to the Projects that are already constructed or operating in the City, and consequently, the Projects will have no adverse competitive effect on similar facilities already constructed or operating in the City of Carmel, Indiana. Attest: REPORT OF THE CITY OF CARMEL ECONOMIC DEVELOPMENT COMMISSION CONCERNING THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT FACILITIES FOR CARMEL CITY CENTER, LLC Adopted this day of July, 2005. President, City of Carmel Economic Development Commission Secretary, City of Carmel Economic Development Commission REPORT OF THE CITY OF CARMEL ECONOMIC DEVELOPMENT COMMISSION CONCERNING THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT FACILITIES FOR CARMEL CITY CENTER, LLC The City of Carmel Economic Development Commission (the "Commission proposes to recommend to the Common Council of the City of Carmel, Indiana (the "City that it loan the proceeds of certain taxable economic development revenue bonds to Carmel City Center, LLC (the "Applicant for the financing of certain economic development facilities in the City. Attest: INDSO! BDD 759787v2 In connection therewith, the Commission hereby reports as follows: A. The proposed economic development facilities consist of the construction of parking facilities and related facilities to support the Applicant's mixed use commercial and residential City Center project in the Carmel Downtown Economic Development Area (the "Projects B. The Commission estimates that no public works or services, including public ways, schools, water, sewer, street lights and fire protection, will be made necessary or desirable by the Projects, because any such works or services already exist or will be provided by the Applicant or other parties. C. The Commission estimates that the total costs of financing the Projects will be approximately $31,500,000. D. The Commission estimates that the Projects will create approximately 635 jobs with an annual payroll of approximately $32,600,000. E. There are no facilities similar to the Projects that are already constructed or operating in the City, and consequently, the Projects will have no adverse competitive effect on similar facilities already constructed or operating in the City of Carmel, Indiana. Adopted this 1 7 /14) day of July, 2005. President, City of Carmel Economic Development Co fission ry, City o arme conomic Development Commission Carmel Redevelopment Commission Legal Description: Area to be Deleted from the City Center Redevelopment Area The Carmel Redevelopment Commission (CRC) hereby deletes the parcels described below from the City Center Redevelopment Area for the purpose of re- designating the same area as the Carmel. Downtown Economic Development Area. The parcels to be deleted from the City Center Redevelopment Area are described as follows: Parcel #4, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 39,300 square feet, located north of and contiguous to the right of way of City Center Drive, and contiguous with the right of way of Rangeline Road (the northwest quadrant of the intersection of Rangeline Road and City Center Drive); and, Parcel #11, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 21,650 square feet, located immediately west of Parcel #4 (described above), also contiguous with the right of way of City Center Drive, with its eastern boundary being the Monon Trail right of way; and, Parcel #5, as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, and containing approximately 703,730 square feet, whose boundaries are generally described as Rangeline Road on the east, the Monon Trail on the west, City Center Drive on the north and the future Monon Green Boulevard on the south; and, The right of way of City Center Drive contiguous with parcels #4, #5, and #11, as described above; and A portion of Parcel #7 as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, including the portion of Parcel #7 which is bounded by the future Monon Green. Boulevard on the south, 3 Avenue SW on the west, the Mono Trail on the east, and on the north by the parcel identified by the CRC as the future "Village Green" parcel; and, Including the full width of right of way of 3 Avenue SW, from the intersection with the future Monon Green Boulevard as designated on the "Proposed Master Plan" (attached hereto) and as approved by the Carmel Redevelopment Commission as of May 1, 2005, northward to the point of intersection with the south right of way line of City Center, and Then commencing westward along City Center Drive, and including the full right of way of City Center Drive to the point of intersection with the northeast corner of the parcels which will serve as the sites for "Buildings #4 and #5, as described below, and The site for Pedcor Building #4 (Phase Ilia), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 197.13 feet along the south line of said Phase II to the southwest corner of said Phase II and the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 124.83 feet along the north line of the land described in the deeds to Pedcor Office, LLC, for Carmel City Center Phase I, recorded as Instrument numbers 2003 59244, 2003 -59245 and 2003 -59246 in said Recorder's office; thence North 00 degrees 00 minutes 00 seconds East 139.77 feet to the southern right -of -way line of City Center Drive described in Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence South 89 degrees 54 minutes 04 seconds East 124.83 feet along said southern right -of -way line to the west line of said Phase II -East Parcel; thence South 00 degrees 00 minutes 00 seconds West 139.49 feet along said west line to the point of beginning and containing 0.400 acres, more or less, and The site for Pedcor Building #5 (Phase 2 west and Phase 3b), described by Pedcor as part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West (assumed bearing) along the North line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the. western right -of -way line of Third Avenue; thence North 00 degrees 46 minutes 33 seconds West along said western right -of way line 162.24 feet; thence South 89 degrees 58 minutes 22 seconds West 404.83 feet to the Point of Beginning of this description; thence South 89 degrees 58 minutes 22 seconds West 82.00 feet; thence North 00 degrees 01 minute 38 seconds West 153.88 feet to the southerly right -of -way line of 126 Street; thence North 89 degrees 45 minutes 36 seconds East along said southerly right -of -way line 82.00 feet; thence carmel dntn ed area legal South 00 degrees 01 minute 38 seconds East 154.18 feet to the Point of Beginning and containing 0.290 acres, more or less, as well as Part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East, in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said quarter section; thence South 89 degrees 12 minutes 13 seconds West along the north line of said quarter section 1,177.71 feet; thence South 00 degrees 12 minutes 13 seconds West 26.53 feet; thence South 00 degrees 46 minutes 33 seconds East 554.73 feet; thence South 89 degrees 48 minutes 03 seconds West 60.05 feet to the western right -of -way line of Third Avenue as described in the deed to the City of Carmel Board of Public Works, recorded as Instrument number 99- 9923663 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 46 minutes 33 seconds West along said western right -of -way line 162.24 feet to the southeast corner of Carmel City Center Phase II -East Parcel, described in the deed to Pedcor Office, LLC, recorded as Instrument number 2004 -22999 in said Recorder's office, said corner being on the north line of the land described in the deeds to Pedcor Office, LLC for Carmel City Center Phase I, recorded as Instrument numbers 2003 59244, 2003 -59245 and 2003 -59246 In said Recorder's office; thence South 89 degrees 58 minutes 22 seconds West 321.96 feet along said north line to the POINT OF BEGINNING of this description; thence South 89 degrees 58 minutes 22 seconds West 82.87 feet along said north line to the southeast corner of Carmel City Center Phase II -West Parcel (Instrument number 2004 22999); thence North 00 degrees 01 minute 38 seconds West 154.18 feet along the East line of said Parcel to the southern right of -way line of City Center Drive; thence North 89 degrees 45 minutes 36 seconds East 13.55 feet along said right -of -way line to the northwest corner of the land described as Transfer Parcel 2 to the City of Carmel Board of Public Works, recorded as Instrument number 2004 -22998 in said Recorder's office; thence the following two (2) courses along the southwest and south lines of said Transfer Parcel 2: 1) South 60 degrees 55 minutes 48 seconds East 29.55 feet; 2) South 89 degrees 54 minutes 04 seconds East 43.56 feet; thence South 00 degrees 00 minutes 00 seconds West 139.77 feet to the POINT OF BEGINNING and containing 0.275 acres, more or less. The bearings In this description are based upon the north line of the Northeast Quarter of said Section 36 having a bearing of South 89 degrees 12 minutes 13 seconds West.