HomeMy WebLinkAboutResolution No. 2022-037CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2022 - 031
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, AUTHORIZING AND APPROVING THE
EXECUTION OF A PRIVATE TRANSFER AGREEMENT (GRANT BY
SPECIAL WARRANTY DEED) BY AND BETWEEN THE COLONY
LOCAL DEVELOPMENT CORPORATION AND 121 ACQUISITION
COMPANY, LLC, A TEXAS LIMITED LIABILITY COMPANY,
CONCERNING THE CONVEYANCE OF LOT 4R1, BLOCK H,
GRANDSCAPE ADDITION, PHASE II, PURSUANT TO THAT CERTAIN
REPLAT OF LOTS 4R1 & 4R2, BLOCK H, GRANDSCAPE ADDITION,
PHASE II, AN ADDITION TO THE CITY OF THE COLONY, DENTON
COUNTY, TEXAS; PROVIDING A SEVERABILITY CLAUSE; AND
PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE.
WHEREAS, The Colony Local Development Corporation (hereinafter referred to as the
"LDC") has been created and organized as a public, nonprofit local government corporation
incorporated pursuant to Subchapter D of Chapter 431, Texas Transportation Code; as amended to
aid, assist and act on behalf of the City of The Colony, Texas (hereinafter referred to as the "City")
in the performance of the City's governmental functions; and
WHEREAS, LDC is the sole owner of Lot 4R1, Block H, Grandscape Addition, Phase II,
pursuant to that certain Replat of Lots 4R1 & 4R2, Block H, Grandscape Addition, Phase II, subject
to the Private Transfer Agreement (Grant by Special Warranty Deed), a copy of which is attached
hereto as Exhibit A, pursuant to Instrument Numbers 2014-30675, 2014-30676, and 2014-30677
filed and recorded in the Real Property Records of Denton County, Texas; and
WHEREAS, on or about June 7, 2022, the Board of Directors of the LDC approved the
Private Transfer Agreement (Grant by Special Warranty Deed) a copy of which is attached hereto
as ExhibitA, conveying Lot 4R1, Block H, Grandscape Addition, Phase II, pursuant to that certain
Replat of Lots 4R1 & 4R2, Block H, Grandscape Addition, Phase II, an addition to the City of The
Colony, Denton County, Texas, to 121 Acquisition Company, LLC; and
WHEREAS, the form of the Private Transfer Agreement (Grant by Special Warranty
Deed) was approved as part of the bond validation suit styled Ex parte The Colony, in the 53`d
Judicial District Court, Travis County, Texas, Cause No. 0 -1 -GV -11-001995, decided January 18,
2012, Trial Exhibit No. 38; and
WHEREAS, the City Council for the City of The Colony, Texas, finds and determines it
is in the best interest of the City of The Colony, Texas, to approve the Private Transfer Agreement
(Grant by Special Warranty Deed) by and between the LDC and 121 Acquisition Company, LLC,
a copy of which is attached hereto as Exhibit A.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, THAT:
SECTION 1. The findings set forth above are hereby found to be true and correct findings
of the City and are incorporated into the body of this Resolution as if frilly set forth herein.
SECTION 2. The City Council of the City of The Colony, Texas, does hereby approve
and authorize the President of the LDC to execute the Private Transfer Agreement (Grant by
Special Warranty Deed) by and between the LDC and 121 Acquisition Company, LLC, a copy of
which is attached hereto as Exhibit A, and is incorporated herein for all purposes.
SECTION 3. If any section, article paragraph, sentence, clause, phrase or word in this
Resolution, or application thereto to any persons or circumstances, is held invalid or unconstitutional
by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining
portions of this Resolution; and the City Council hereby declares it would have passed such remaining
portions of this Resolution despite such invalidity, which remaining portions shall remain in full force
and effect.
SECTION 4. This Resolution shall become effective immediately upon passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS THE 7TH DAY OF JUNE 2022.
AT'rF
Tina Stewart, TRMC, CMC, City Secretary
APPROVED AS TO FORM:
ff Moore. f:ity Attorney
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A
Boyer, Mayor
yhe Colony, Texa
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