HomeMy WebLinkAboutResolution No. 07-033
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 07- 0 '3?:r
A RESOLUTION OF THE CITY OF THE COLONY, TEXAS,
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN ECONOMIC
DEVELOPMENT FUNDING AGREEMENT BETWEEN THE CITY OF THE
COLONY AND THE COLONY COMMUNITY DEVELOPMENT
CORPORA TION REGARDING FUNDING FOR THE HAWAIIAN FALLS
WATER PARK PARKING LOT EXPANSION; 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
contract with The Colony Community Development Corporation regarding funding for the
Hawaiian Falls Water Park parking lot expansion.
Section 2. That a true and correct copy ofthe 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 of The Colony, Texas.
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 16th
day of April. 2007.
Ar!::L
~ iJ~iY--
Christie Wilson, TRMC, City Secretary
n Dillard, Mayor
of The Colony, Texas
ST ATE OF TEXAS
COUNTY OF DENTON
~
~
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ECONOMIC DEVELOPMENT
FUNDING AGREEMENT
This Economic Development Funding Agreement ("Agreement") is made by and
between the City of The Colony, Texas ("City") and The Colony Community Development
Corporation ("CDC"), acting by and through their respective authorized officers.
WITNESSETH:
WHEREAS, the City promotes community development opportumtIes including
retention of economic development partners within the City of The Colony; and
WHEREAS, the CDC supports the community development opportunities within the
jurisdiction of the City through the Economic Development Act of 1979, Section 4B; and
WHEREAS, the City desires to build and construct an expansion to the parking lot for
the Hawaiian Falls Water Park as depicted on Exhibit "A", which is attached hereto and
incorporated herein (hereinafter, the "Project") which will promote community development;
and
WHEREAS, the City agrees to permit CNL Income Partners, LP d/b/a Hawaiian Falls
("CNL") to design and construct the parking lot expansion; and
WHEREAS, the CDC agrees to assist the City in constructing the Project in an amount
not to exceed three hundred seventy-five thousand dollars ($375,000.00) of the actual verified
total cost of the Project as provided herein upon completion of construction, acceptance of the
Project by the City, and receipt of funds from Hawaiian Falls; and
WHEREAS, the City has determined that entering into this Agreement with the CDC
will further the objectives of the City and will benefit community development and recreational
opportunities through improved infrastructure 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:
ARTICLE I
Term
This Agreement shall be effective on the date of execution hereof by the City and the
CDC and shall continue until the parties have satisfied all of their respective obligations, unless
sooner terminated as provided herein.
Fundinq Aqreement - Paqe I
TM 13890.76.003
ARTICLE II
Agreement
2.1 Procurement.
A. The City shall approve appropriate agreements and documents necessary to
construct the Project.
2.2 Construction.
A. CNL shall design and construction the Project in accordance with all applicable
ordinances of the City. In addition, subject to the availability of funds, CNL agrees to use its
best efforts to construct or cause to be constructed an additional slide for the water park prior to
the 2008 season opening upon receiving additional funds or funding.
B.
Project.
The City shall provide construction oversight and manage construction of the
c. Within thirty (30) days upon completion of construction and acceptance of the
Project by City, City shall purchase the public improvements of the Project in an amount not to
exceed three hundred seventy-five thousand dollars ($375,000.00).
D. The City shall remit to the CDC verification of construction costs of the Project
as provided herein.
E. Subject to the availability of funds, the CDC agrees to pay the cost of construction
of the Project in three (3) annual payments in an amount not to exceed one-hundred thirty-eight
thousand, one-hundred forty-eight dollars ($138,148.00) per year with an interest rate of 5.1721
percent and with the first payment being due and owing in FY 2007-08.
2.3 Maintenance.
The City shall upon substantial completion accept and maintain the Project including
appurtenances thereto.
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;
Fundinq Aqreement - Paqe 2
TM 13890.76.003
(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)
recited herein;
by CDC, if the City fails to commit to use all of the funds for the purposes
(e) In the event that the Project is not constructed or partially constructed,
then City shall reimburse the CDC for any actual expenditures associated to this Project.
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 Binding Agreement. 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 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.
4.5 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. 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.
4.7 Legal 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.
Fundinq Aqreement - Paqe 3
TM 13890.76.003
EXECUTED thi~~ay of ~~
,2007.
THE COMMUNITY DEVELOPMENT
CORPORATION
By:D~~ ~~t
/ , PRESIDENT
The Colony, Texas 75056
I .
EXECUTED this ~ day of
,.t ILl- l
, r
CITY OF THE COLONY, TEXAS
,2007.
By:
\) ~ rkL
Dale Cheatham, City Manager
6800 Main Street
The Colony, Texas 75056
ATTEST:
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By:
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\ \ \;'\\)'-j~r/~\ Iv. \.../ A- t .J, ) ~
CHRISTIE WILSON, CITY SECRETARY
Fundinq Aqreement - Paqe 4
TM 13890.76.003
CITY'S ACKNOWLEDGMENT
ST ATE OF TEXAS ~
~
COUNTY OF DENTON ~
This instrument was acknowledged before me on the 1-.1- day of ~)j u...:/ ,
2007, by Dale Cheatham, City Manager of the City of The Colony, Texas, a Texas municipality, on
behalf of said municipality.
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Notary Public, State of Texas
My Commission Expires:
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~~"..~~~ CHRISTIE NEU WilSON i
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'S;f...,~~~~ My CommIssion Explles 11-22-01 I
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CDC'S ACKNOWLEDGMENT
ST ATE OF TEXAS ~
~
COUNTY OF DENTON ~
This instrument was acknowledged before me on the ~y offl II/I."} ,
2007, by Dt) N~\~ Be..d~ d, being the President of Community Developme~,
on behalf of said association.
cl? /IA.~~A; 7'l42A ~~"
Notary Public, State of Texas
My Commission expires:
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l(:,~~~II:t:;;:\ CHRISTIE NEU WilSON I
I ~ -: % "iCi. ~ Notary Public, Slale 01 Tens i
\~I""\~"'lMY Commission Expires 11-22-01 i
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Fundinq Aqreement - Paqe 5
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