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time of purchase, the Property contained an old, quarter horse
racetrack with dilapidated improvements, and the Property could
not be used for parimutuel racing. Among other things, the
Property was located in a floodplain, and the racetrack was
partially situated in a floodway. A floodway generally is the
riverbed of a stream that is designated by the Government as an
area of land susceptible to flooding, and that is limited by the
Government as to the types of improvements that may be built
thereon. Land within a floodway cannot be reclaimed, but
building may occur on the land if the water level is not raised
by 1 foot or more, and no hazardous velocities of water are
created. A floodplain generally is an area of land that is
adjacent to a floodway. Land in a floodplain may be reclaimed,
in whole or in part, and used for certain designated purposes as
long as an engineering plan and design for the land meet Federal
standards and are approved by the appropriate governmental
agencies. Land in a floodplain is reclaimed by strengthening the
land to lift it out of the floodplain.
Trinity needed a special permit to develop the Property
because it was located in a floodplain. On February 15, 1989,
Trinity applied to Willow Park for such a permit, and this permit
was later granted. On June 19, 1989, the Texas Racing Commission
(TRC) granted Trinity a class 2 horse racing license, and,
shortly thereafter, Trinity began substantial development
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