HomeMy WebLinkAboutResolution No. 2015-091CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2015-.09
A RESOLUTION
OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, CONSENTING TO THE ASSIGNMENT OF RIGHTS
TO TMGN 121,
LLC, A TEXAS LIMITED LIABILITY COMPANY,
CONCERNING
THE DEVELOPMENT AGREEMENT BY AND
BETWEEN THE
CITY OF THE COLONY, TEXAS, AND TRIANGLE
PROPERTY 01,
LTD. AND TRIANGLE PROPERTY 04, LTD;
AUTHORIZING
THE CITY MANAGER TO EXECUTE THE
ASSIGNMENT
OF RIGHTS UNDER THE DEVELOPMENT
AGREEMENT
CONCERNING THE TRIANGLE PROPERTIES;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of The Colony, Texas ("City") and Triangle Property 01, Ltd., a
Texas limited liability partnership, and Triangle Property 04, Ltd., a Texas limited liability
partnership (collectively referred to as the "Developer") have entered into a Development
Agreement and Amended and Restated Development Agreement concerning the development of
certain properties generally located at S.H. 121 and South Colony Boulevard; and
WHEREAS, Section 4.6 of the Amended and Restated Development Agreement
provides that the Developer may not assign said agreement without the prior written consent of
the City; and
WHEREAS, the City Manager is authorized to execute the Assignment of Rights under
the Development Agreement concerning the Triangle Properties, a copy of which is attached
hereto as Exhibit A, and is incorporated herein for all purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS, THAT:
Section 1. The Assignment of Rights under Development Agreement, which is attached
hereto and incorporated herein as Exhibit A, having been reviewed by the City Council of the City
of The Colony, Texas, and found to be acceptable and in the best interest of the City and its citizens,
be, and the same is hereby, in all things approved, and the City Manager is hereby authorized to
execute the Agreement on behalf of the City of The Colony, Texas.
Section 2. That this Resolution shall take effect immediately from and after its adoption
and it is so resolved.
PASSED, APPROVED and EFFECTIVE this 1sT day of DECEMBER, 2015.
JcCourty, Mayor
of The Colony, T
AnIT:.
O r
Christie Wilson, City Secretary SEAL
AS TO
City Attorney
Exhibit A
Assignment of Rights under Development Agreement
ASSIGNMENT OF RIGHTS UNDER
DEVELOPMENT AGREEMENT
STATE OF TEXAS
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF DENTON
This ASSIGNMENT OF RIGHTS UNDER DEVELOPMENT AGREEMENT (this
"Assignment") is executed and delivered effective as of December 31, 2014, by TRIANGLE
PROPERTY 01, LTD., a Texas limited partnership and TRIANGLE PROPERTY 04,
LTD., a Texas limited partnership (collectively, "Assignor"), and TMGN 121, LLC, a Texas
limited liability company ("Assignee").
RECITALS
A. Assignor entered into that one certain Amended and Restated Development
Agreement with the City of The Colony, Texas, dated February 17, 2015, filed March 9, 2015,
recorded under cc# 2015-23070, Real Property Records of Denton County, Texas (the
"Development Agreement").
B. Assignor later conveyed all right, title and interest in and to the real property
owned by Assignor, which was the subject of the Development Agreement, to Assignee, by deed
dated December 31, 2014, filed January 30, 2015, recorded under cc# 2015-10036, Real Property
Records of Denton County, Texas.
C. In connection with such conveyance, Assignor desires to transfer and convey to
Assignee, and Assignee desires to accept from Assignor, all of Assignor's right, title and interest
in and to the Development Agreement, including all benefits and privileges that accrue to
Assignor from the same.
NOW, THEREFORE, for and in consideration of the mutual agreements and covenants set forth
in the Purchase Agreement and in this Assignment, Assignor and Assignee do hereby agree as
follows:
AGREEMENTS
1. Assignor does hereby ASSIGN, TRANSFER, SET -OVER, and DELIVER unto
Assignee all of Assignor's right, title and interest in and to the Development Agreement,
including but not limited to all rights, privileges, benefits, payments that are derived from said
Development Agreement, and Assignee hereby accepts the same.
2. This Assignment is signed by the City of The Colony, Texas, solely for the
purpose recognizing, approving and honoring such assignment of rights contained herein.
Assignment of Rights under Development Agre Page 1
After, Recording, Mail Documents) to:
City of The Colony - City Secretary
6800 Main Street
t Thp (-nlnnv TX 7SDSf,
, .,
APPROVED:
THE CITY OF THE COLONY, TEXAS
A Texas home -rule municipality
By ^�
T owell, City Manager
Attriv-dA-i
1
Christie Wilson, City Secretary
City of The Colony, Texas
as to form:
Jeff Moork, City Attorney
Assignment of Rights under Development Agreement
ASSIGNOR:
TRIANGLE PROPERTY O1, LTD. and
TRIANGLE PROPERTY 04, LTD.
each a Texas limited partnership
by: TRIANGLE PROPERTY MANAGEMENT, INC.
a Texas corporation
Its General Partner
By:
Yoram Avneri, President
ASSIGNEE:
TMGN 121, LLC
a Texas limited liability company
By:
ram Avneri, Manager
Page 2
ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF
Before me, the undersigned authority, on this day personally appeared YORAM
AVNERI, known to me to be the person whose name is subscribed to the foregoing instrument,
and acknowledged to me that said person executed the same for the purposes and consideration
therein expressed, his capacity as President of TRIANGLE. PROPERTY MANAGEMENT,
INC., a Texas corporation, which is acting as General Partner of TRIANGLE PROPERTIES 01,
LTD., and TRIANGLE PROPERTIES 04, LTD., each a Texas limited partnership.
Given under my hand and seal of office this day of NOvenf..ber-, 2012.
, V TINASTEWAAT (C
tR
MY COMMISSION EXPIRES
Feb,,,,rytq,ply Notary Public, State of Texas
Printed name:
Commission expires:
ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF §
Before me, the undersigned authority, on this day personally appeared YORAM
AVNF,RI, known to me to be the person whose name is subscribed to the foregoing instrument,
and acknowledged to me that said person executed the same for the purposes and consideration
therein expressed, his capacity as Manager of TMGN 121, LLC, a Texas limited liability
company.
Given under my hand and seal of office this #� lday of NO V r^n e r 120\S.
AJ: TM StEWNff Notary Public, State of Texas
MY COMMISSION EXPIRES Printed name:
FSWM 14, 2019
s Commission expires:
Assignment of Rights under Development Agreement Page 3