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Home My WebLink AboutResolution No. 07-026 CITY OF THE COLONY, TEXAS RESOLUTION NO. 07- ()ZLp A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, AUTHORIZING THE CITY MANAGER TO ENTER INTO AN ECONOMIC DEVELOPMENT FUNDING AGREEMENT WITH THE COLONY ECONOMIC DEVELOPMENT CORPORATION FOR PARTIAL FUNDING FOR CONSTRUCTION COSTS RELATED TO A TWO LANE ROAD WEST OF WAL-MART WHICH CONNECTS MEMORIAL DRIVE TO THE WAL-MART PARKING LOT; ATTACHING THE APPROVED FORM OF CONTRACT AS EXHIBIT A; AND PROVIDING AN EFFECTIVE DATE NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS: Section 1. That the City Council of the City of The Colony, Texas hereby approves the ECONOMIC DEVELOPMENT FUNDING AGREEMENT with the City of The Colony Economic Development Corporation for the purpose of providing partial funding for construction cost related to a two-lane road west ofWal-Mart which connects Memorial Drive to the Wal-Mart parking lot. Section 2. That a true and correct copy of the Agreement is attached hereto and incorporated herein, as exhibit A. Section 3. That the city manager is authorized to execute the Agreement on behalf of the city. Section 4. That this resolution shall take effect immediately from and after its passage. PASSED AND APPROVED by the City Council of the City of The Colony, Texas, this 19th day of March, 2007. ~hj LJ~j~~h istie Wilson, TRMC, City Secretary ./') . /. C'/2 L0/.//./ ",. / ~b.H ~cud, 1vIayul~ pe~ ~,d.1j CIty 0 The Colony, Texas . J fJ J /Yl<<;r-r ro - re:?~ ORIGINAL COUNTY OF DENTON ~ ~ ~ ~ ECONOMIC DEVELOPMENT FUNDING AGREEMENT ST ATE OF TEXAS This Economic Development Funding Agreement ("Agreement") is made by and between the City of The Colony, Texas ("City") and The Colony Economic Development Corporation ("TCEDC"), acting by and through their respective authorized officers. WITNESSETH: WHEREAS, the City promotes economic development opportunities including retention of economic development partners within the City of The Colony; and WHEREAS, the TCEDC supports the economic development opportunities within the jurisdiction of the City through the Economic Development Act of 1979, Section 4A; and WHEREAS, the City desires to build and construct infrastructure consisting of a two lane road into the Wal-Mart driveway from Memorial Drive as depicted on Exhibit "A", which is attached hereto and incorporated herein (hereinafter, the "Project") which will promote economic development by providing traffic access to import retail business; and WHEREAS, Wal-Mart feels that the construction of the Project will be to their benefit and desires to assist in paying for the Project in an amount not to exceed one hundred and thirty thousand dollars ($130,000.00); and WHEREAS, the TCEDC agrees to assist the City in constructing the Project with any cost in excess of the $130,000.00 in an amount not to exceed forty-five thousand dollars ($45,000.00) of the actual verified total cost of the road construction and storm water drainage as provided herein upon completion of construction, acceptance of the Project by the City, and receipt of funds from Wal-Mart; and WHEREAS, the City has determined that entering into this Agreement with the TCEDC will further the objectives of the City and will benefit economic development within the City; NOW THEREFORE, in consideration of the foregoing, and other valuable consideration the receipt and sufficiency of which are hereby acknowledged on the terms and conditions hereinafter set forth, the parties agree as follows: Fundina Aareement - Paae 1 TM 13168 ARTICLE I Term This Agreement shall be effective on the date of execution hereof by the City and the TCEDC and shall continue until the parties have satisfied all of their respective obligations, unless sooner terminated as provided herein. ART I CLE II Agreement 2.1 Procurement. A. The City shall, in conformity with pending a public works project and state law, obtain a change order from Camino Construction to include construction of the Project, which include performance and maintenance bonds. B. The CITY shall approve appropriate agreements and documents necessary to construct the Project. 2.2 Construction. A. The City has obtained the appropriate right-of-way and shall provide construction oversight and manage construction of the Project. B. Wal-Mart shall pay the cost of construction of the Project up to an amount not to exceed one hundred and thirty thousand dollars ($130,000.00). C. The City shall remit to the TCEDC verification of construction costs of the Project as provided herein. D. Subject to the availability of funds, the TCEDC agrees to pay to the City based on actual construction cost an amount not to exceed forty-five thousand dollars ($45,000.00) based upon written verification from the City to TCEDC of the following: (1) acceptance of the Project by the City; (2) the actual cost of construction of the Project exceeds the $130,000.00; and (3) Wal-Mart at the time of acceptance of the Project has remitted the payment recited herein to the City. TCEDC has up to sixty (60) days after receipt of the aforementioned documents to pay the City it's share of the cost. 2.3 Maintenance. The City shall upon substantial completion accept and maintain the Project including appurtenances thereto. Fundina Aareement - Paae 2 TM 13168 ARTICLE III Termination and Recapture 3.1 following: Termination Events. This Agreement shall terminate upon anyone of the (a) by written agreement of the parties; (b) by either party in the event the other party breaches any of the terms or conditions of this Agreement and such breach is not cured within thirty (30) days after written notice thereof; (c) by City, if any subsequent Federal or State legislation or any decision of a court of competent jurisdiction declares or renders this Agreement invalid, illegal or unenforceable; (d) by TCEDC, if the City fails to commit to use all of the funds for the purposes recited herein; ARTICLE IV Miscellaneous 4.1 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 hereto. 4.2 Notice. Any notice required or permitted to be delivered hereunder shall be deemed received when sent by United States mail, postage pre-paid, certified mail, return receipt requested, addressed to the party at the address set forth with the signature of the party. 4.3 Bindine: Ae:reement. The terms and conditions of this Agreement are binding upon the successors and permitted assigns of the parties hereto. This Agreement may not be assigned without the express written consent of the City Manager. 4.4 Entire Ae: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. 4.5 Governine: 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. The parties agree to submit to the personal and subject matter jurisdiction of said court. 4.6 Amendment. This Agreement may only be amended by the mutual written agreement of the parties. Fundina Aareement - Paae 3 TM 13168 4.7 Le2al Construction. In the event anyone 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 shall 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. EXECUTED this 30 day of //11~ ,2007. THE COLONY ECONOMIC DEVELOPMENT CORPO TION By: /// / c' /J \ ! ~'tv L / V (2/l/z..0 Robert E. Norris, PRESIDENT 6800 Main Street The Colony, Texas 75056 EXECUTED this -L~ of ~ C{)V7"/h, ,2007. CITY OF THE COLONY, TEXAS By: 9~ci.J~ Dale Cheatham, City Manager 6800 Main Street The Colony, Texas 75056 ATTEST: By:(}L~ I~~ CHRISTIE WILSON, CITY SECRETARY Fundina Aareement - Paae 4 TM 13168 CITY'S ACKNOWLEDGMENT ST ATE OF TEXAS ~ ~ COUNTY OF DENTON ~ This instrument was acknowledged before me on then ~y od11?~c::h , 2007, by Dale Cheatham, City Manager of the City of The Colony, Texas, a Texas municipality, on behalf of said municipality. My ~i..q,q,~x.Rires: i ~~;~~t~ ' """""""~ ~ ~d'~\''''I,-;f.-:~ : : ;-:r;li::~\ ANGELA KEllY J ~:: - . =. = ~ . ">./" \.:0 ~~ "ota., F__blle: Slate of lhas ~ ~":/Of';t~~ I'Iy C ' . J ",,,,,,,,,,\\ OIIImlssloa flpira09.0a.l 0 ~ ~~~""""""""""'~; TCEDC'S ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF DENTON ~ ~ ~ This instrument was acknowledged before me on the )CJ day of mCVt.- L 2007, by Robert E. Norris being the President of The Colony Economic Development Corporation, on behalf of said corporation. \~ ~ A \. U--Cf^- Notary' Public, State of Texas My Commission expires: ~ -d'--\ - ~O' () Fundina Aareement - Paae 5 TM 13168