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HomeMy WebLinkAboutOrdinance No. 04-1529 CITY OF THE COLONY, TEXAS O nINANCE NO. AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT WITH THE COLONY COMMUNITY DEVELOPMENT CORPORATION REGARDING FUNDING FOR HORIZON WATER PARK INFRASTRUCTURE AND PARKING LOT IMPROVEMENTS; 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 Community Development Corporation regarding funding for Horizon Water Park infrastructure and parking lot improvements. 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 after 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: Jot Dillard, Mayor ATTEST: Patti Hicks, City Secretary kS TO FORM: Ci'~y ~_tt~rn~e, - STATE OF TEXAS § § INCENTIVE AGREEMENT COUNTY OF DENTON § This Incentive Agreement ("Agreement") is made by and between The Colony Community Development Corporation ("CDC") and City of The Colony, Texas ("City"), acting by and through their respective authorized officers. WITNESSETH: WHEREAS, the City has determined that certain infrastructure and improvements need to be constructed a 7.6+ acre tract of land (the "Property") owned by the City; and WHEREAS, Horizon Amusement Southwest desires to develop, construct, operate and maintain a recreational water park on said Property; and WHEREAS, the City and CDC desire to provide the water park as an economic and recreational development; and WHEREAS, the CDC desires to contribute funds toward the construction of a shared parking lot adjacent to City parkland; and WHEREAS, the City and CDC have determined that the contribution of funds by the CDC, as provided herein, will further the public purposes and economic development goals of the City; 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 completion of construction, as depicted in Exhibit "A", which is attached hereto and incorporated herein, unless sooner terminated as provided herein. (the "Expiration Date"). Economic Development Grant 2. CDC agrees to provide a development grant (the "Grant") to City from lawfully available funds from the Sales Tax Receipts in an amount not to exceed eight hundred forty six thousand dollars ($846,000) to be used for construction and development of said joint use parking lot or other related improvements or infrastructure for Five Star Complex, as depicted in Exhibit "A", which is attached hereto and incorporated herein, for the purpose of improving infrastructure for future development. INCENTIVE AGREEMENT - Page 1 The Grant made hereunder shall be paid solely from lawful available sales tax funds which have been appropriated by the CDC. Conditions to Economic Development Grant 3. As a condition precedent to the payment of the Grants hereunder the City shall commit to the construction of the shared parking lot by entering into a contract for construction of the same. Termination 4. Either party may terminate this Agreement if the 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. Bindin A reement. The terms and conditions of this Agreement are binding upon the successors and assigns of all parties hereto. This Agreement may not be assigned without the express written consent of the parties. 6. 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 CDC assumes no responsibilities or liabilities to third parties in connection with these actions. 7. ..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. 8. 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 CDC, to: Attn: President The Colony Community Development Corporation 6800 Main Street The Colony, Texas 75056 INCENTIVE AGREEMENT - Page 2 If intended for City: Attn: Mayor City of The Colony, Texas 6800 Main Street The Colony, Texas 75056 9. Entire A reement. 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. 10. Governin~ 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. 11. Amendment. This Agreement may be amended by the mutual written agreement of the parties. 12. Leeal Construction. In the event any one or more of the previsions 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 patties 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. 13. .Recitals The recitals to this Agreement are incorporated herein. 14. .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. 15. Exhibits. Any exhibits to this Agreement are incorporated herein by reference for all purposes wherever reference is made to the same. 16. 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 day of ,2004. THE COLONY COMMUNITY DEVELOPMENT CORPORATION By: , President EXECUTED on this day of ,2004. CITY OF THE COLONY, TEXAS By: John Dillard, Mayor Attest: Patti Hicks, City Secretary Approved astoform: Robert E. Hager, City Attorney (REH/cdb 1/14/04X61214) INCENTWE AGREEMENT- Page 4