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HomeMy WebLinkAboutOrdinance No. 04-1530 CITY OF THE COLONY, TEXAS AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT WITH THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGARDING FUNDING FOR CONSTRUCTION OF THE SOUTH TWO LANES OF MEMORIAL DRIVE FROM BEHIND HOME DEPOT EAST TO WORLEY DRIVE; ATTACHING THE APPROVED FORM OF CONTRACT AS EXHIBIT "A"; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: SECTION 1. That the Mayor of the City of The Colony, Texas is hereby authorized to execute on behalf of the City a contract with The Colony Economic Development Corporation regarding funding for construction of the south two lanes of Memorial Drive from behind Home Depot east to Worley Drive. The approved form of contract is attached hereto as Exhibit "A", and made a part hereof for such purposes. SECTION 2. This Ordinance shall take effect immediately from and aRer its passage by the City Council of the City of The Colony, Texas. DULY PASSED AND APPROVED by the City Council of the City of The Colony, Texas this 19th day of January, 2004. APPROVED: ATTEST: JohffD~'llar~, Mayor Patti Hicks, City Secretary AP~~~?AS TO FORM: ORI$1NAI. STATE OF TEXAS § § ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT COUNTY OF DENTON § This Economic Development Incentive Agreement ("Agreement") is made by and between The Colony Economic Development Corporation ("TCEDC") and City of The Colony, Texas ("City"), acting by and through their respective authorized officers. WITNESSETIt: WHEREAS, the City desires to improve Memorial Drive for the purposes of improving roadway infrastructure for future retail economic development; and WHEREAS, the City has advised the TCEDC that a contribution from them would induce the City to irmnediately begin the improvement of Memorial Drive for the benefit of the City through economic development; and WHEREAS, the TCEDC and the City have adopted programs for promoting economic development; and WHEREAS, the TCEDC has determined that making an economic development grant to the City in accordance with this Agreement will further the objectives of the TCEDC; NOW THEREFORE, in consideration of the foregoing, and on the terms and conditions hereinafter set forth, the parties agree as follows: Term 1. The term of this Agreement shall begin on the last date of execution hereof (the "Effective Date") and continue until the TCEDC portion of the City's debt is satisfied, for the construction of the south two lanes of Memorial Drive, as depicted on Exhibit "A", which is attached hereto and incorporated herein. Payment shall be made to the City from TCEDC during October of each fiscal year. Economic Development Grant 2. TCEDC agrees to provide an economic development grant (the "Grant") to City from lawful available funds in an amount not to exceed four-hundred seventy-six thousand five hundred dollars ($476,500.00) plus applicable interest to be used for constructing the south two lanes of Memorial Drive, from The Home Depot site to Worley Drive, as highlighted and depicted in Exhibit "A", which is attached hereto and incorporated herein, for the purpose of improving infrastructure for future retail economic development. The Grant made hereunder shall be paid solely from lawful available funds which have been appropriated by the TCEDC. INCENTIVE AGREEMENT - Page 1 Conditions to Economic Development Grant 3. As a condition precedent to thc commencement of payments of the Grants hereunder the City shall commit to thc construction of Memorial Drive by entering into a contract for construction of said roadway. Termination 4. Either party may terminate this Agreement if thc other party breaches any of the conditions of this Agreement, and such breach is not cured within thirty (30) days after written notice thereof. Miscellaneous 5. Roadway and Drainage Impact Fees. TCEDC has thc right to waive thc roadway and drainage impact fees for the section of Memorial Drive covered by this agreement. 6. Bindin£ A~reement. Thc terms and conditions of this Agreement are binding upon thc successors and assigns of all parties hereto. This Agreement may not be assigned without the express written consent of thc pm-tics. 7. Limitation on Liability. It is acknowledged and agreed by the parties that the terms hereof are not intended to and shall not be deemed to create a partnership or joint venture among the parties. It is understood and agreed between the parties that City, in satisfying the conditions of this Agreement, has acted independently, and TCEDC assumes no responsibilities or liabilities to third parties in connection with these actions. 8. Authorization. Each party represents that it has full capacity and authority to grant all rights and assume all obligations that is granted and assumed under this Agreement. 9. Notice. Any notice required or permitted to be delivered hereunder shall be deemed received three (3) days thereafter sent by United States Mail, postage prepaid, certified mail, return receipt requested, addressed to the party at the address set forth below or on the day actually received as set by courier or otherwise hand delivered. If intended for TCEDC, to: Attn: Thomas A. Ten'all, Jr., Director The Colony Economic Development Corporation 6800 Main Street The Colony, Texas 75056 INCENTIVE AGREEMENT - Page 2 If intended for City: Attn: John Dillard, Mayor City of The Colony, Texas 6800 Main Street The Colony, Texas 75056 10. Entire Agreement. This Agreement is the entire Agreement between the parties with respect to the subject matter covered in this Agreement. There is no other collateral oral or written Agreement between the parties that in any manner relates to the subject matter of this Agreement, except as provided in any Exhibits attached hereto. 11. Governing Law. The Agreement shall be governed by the laws of the State of Texas; and venue for any action concerning this Agreement shall be in the State District Court of Denton County, Texas. 12. Amendment. This Agreement may be amended by the mutual written agreement of the parties. 13. Legal Construction. In the event any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect other provisions, and it is the intention of the parties to this Agreement that in lieu of each provision that is found to be illegal, invalid, or unenforceable, a provision be added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or unenforceable. 14. Recitals. The recitals to this Agreement are incorporated herein. 15. Counterparts. This Agreement may be executed in counterparts. Each of the counterparts shall be deemed an original instrument, but all of the counterparts shall constitute one and the same instrument. 16. Exhibits. Any exhibits to this Agreement are incorporated herein by reference for all purposes wherever reference is made to the same. 17. Survival of Covenants. Any of the representations, warranties, covenants, and obligations of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the termination of this Agreement shall survive termination. INCENTIVE AGREEMENT - Page 3 EXECUTED on this 6~ ., ~.~3' day of ~JO~¥~'- THE COLONY ECONOMIC DEVELOPMENT CORPORATION By: ~" Robert E. Norris, President EXECUTED on this//~(~ day o f(/~ ~//~a:t..~",",2004. ~Y OF THE COLO/NY, TEXAS JOhn D~'~d, M~yoi' Patti Hicks, City Secretary '~ i~.ttomey (REH/c4 15/04)(61154) INCENTWE AGREEMENT- Page 4