HomeMy WebLinkAboutResolution No. 08-046
CITY OF THE COLONY, TEXAS
RESOLUTION NO. o8--O-Ltlo
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING THE TERMS AND CONDITIONS OF
THE ECONOMIC DEVELOPMENT FUNDING AGREEMENT BY AND
BETWEEN THE COLONY ECONOMIC DEVELOPMENT
CORPORATION AND THE CITY OF THE COLONY, WHICH IS
ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT 1;
AUTHORIZING THE CITY MANAGER TO EXECUTE SAID
AGREEMENT; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of The Colony ("City") desires to build and construct
infrastructure consisting of water and wastewater lines and appurtenances into the Austin Ranch
Development (the "Project") to promote economic development in the City; and
WHEREAS, the development of the Austin Ranch Development benefits the City; and
WHEREAS, The Colony Economic Development Corporation has agreed to assist the
City in constructing a portion of the Project in an amount not to exceed $1.67 million dollars,
which is a portion of the verifiable cost of the project; and
WHEREAS, the City Council has determined it is in the best interest of the City to enter
into the Economic Development Funding Agreement with The Colony Economic Development
Corporation, which is attached hereto and incorporated herein as Exhibit "1," to further the
objectives of the City and The Colony Economic Development Corporation by furthering
economic development by constructing water and wastewater infrastructure.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS THAT:
Section 1. That the terms and conditions of the Economic Development Funding
Agreement by and between The Colony Economic Development Corporation and the City of
The Colony, which is attached hereto and incorporated herein as Exhibit "1," for funding of a
portion of the construction of water and wastewater lines and appurtenances in the Austin Ranch
Development is hereby approved, and the City Manager is authorized to execute the same on
behalf of the City.
Section 2. This Resolution shall become effective immediately from and after its
passage, as the law and charter in such cases provides.
Page 1 of 2
PASSED, APPROVED and EFFECTIVE this 21st day of April. 2008.
ATTESTr
~~lvWJ;.L [J 4"
Christie Wilson, City Secretary,
Page 2 of 2
ORIGINAL
ST ATE OF TEXAS
~
~
~
~
ECONOMIC DEVELOPMENT
FUNDING AGREEMENT
COUNTY OF DENTON
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
wastewater lines, water lines and appurtenances into the Austin Ranch Development (hereinafter
"Developers"), south of State Highway 121 as depicted on Exhibit "A", which is attached hereto
and incorporated herein (hereinafter, the "Project") which will promote economic development
by providing basic infrastructure to Austin Ranch; and
WHEREAS, Developers have requested that City participates in the construction of a
portion of the Project to promote immediate development; and
WHEREAS, construction of the Project will be to the benefit of the City, and the City
desires to assist in paying for the Project in order to promote economic development of Austin
Ranch; and
WHEREAS, the TCEDC agrees to assist the City in constructing a portion of the
Project in an amount not to exceed $1.67 million dollars, which is a portion of the actual
verifiable cost of the Project; and
WHEREAS, the City has determined that entering into this Agreement with the
TCEDC will further the objectives of the City and TCEDC, 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:
Fundinq Aqreement - Paqe 1
TM 25821.76.000
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.
ARTICLE II
Agreement
2.1 Procurement.
A. The City shall, in conformity with a Development Agreement with the Billingsley
Corporation, cause the construction of the Project, which include performance and maintenance
bonds.
B. The CITY has entered into and approved such appropriate agreements 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. The City and Developers shall pay the total cost of construction of the total
Project with the City's portion of such costs being in the amount of approximately three million
dollars ($3,000,000.00).
C. The City shall remit to the TCEDC verification of construction costs and reports
on the progress of the Project as construction and development occur.
D. Subject to the availability of funds, the TCEDC agrees to pay to the City an
amount not to exceed one million six hundred seventy thousand dollars ($1,670,000.00), subject
to the recapture provisions of Section 3, upon written notice from the City of deposit in escrow
by the Developer of its cash contribution of Project Funds, as defined by Section 4.2 of the
Development Agreement between the City of The Colony and the Billingsley Corporation, dated
November 5,2007.
2.3 Maintenance.
The City shall upon substantial completion accept and maintain the Project including
appurtenances thereto.
Fundinq Aqreement - Paqe 2
TM 25821.76.000
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 as follows:
(1) acceptance of the Project by the City;
(2) the Developer fails or the City fails to construct the 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 Bindin2 A2reement. 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 A2reement. 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 Governin2 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.
Fundina Aareement - Paae 3
TM 25821.76.000
4.6 Amendment. This Agreement may only be amended by the mutual written
agreement of the parties.
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 &a,. day of /L......A. L
,2008.
THE COLONY ECONOMIC DEVELOPMENT
CORPORATION
By:
~~~_/U~
I" .
Robert E. Norris, PRESIDENT
6800 Main Street
The Colony, Texas 75056
EXECUTED this ~1ay of
~ ,2008.
CITY OF THE COLONY, TEXAS
By:
Q1e~
Dale Cheatham, City Manager
6800 Main Street
The Colony, Texas 75056
ATTEST:
By:
Fundinq Aareement - Paae 4
TM 25821.76.000
CITY'S ACKNOWLEDGMENT
STATE OF TEXAS ~
~
COUNTY OF DENTON ~
This instrument was acknowledged before me on the ~ of ~ '
2008, by Dale Cheatham, City Manager of the City of The Colony, Texas, a Texas unlclpahty, on
behalf of said municipality.
Q4~ vJ~
Notary Public, State of Texas
My Commission Expires:
H-- d 'd-- O~
.
,....~,....,.....".................,'...."'......................'''1
r >'!I""'"''
".<~~~,,~~#~'''' CHR'STIE NEU WilSON I
.. ::ic:,.:-,iS" 0<- Ie I
I f~g .~. ~ Nilll'yPuhtlC Stateot las
i \.. ~ ,,",~';~l My Comm I,Slon Expires 11-22.09
l ~,. rtOf'~ ~
""HtI"'\\~ _,_,.....,"',....,'~
.........,......~..............."...............
TCEDC'S ACKNOWLEDGMENT
STATE OF TEXAS
~
~
~
COUNTY OF DENTON
This instrument was acknowledged before me on the ~ day of f\ ~ f \ \
2008, by Robert E. Norris being the President of The Colony Economic Development
Corporation, on behalf of said corporation.
L--
My Commission expires:
~ - '&'1- 'd-O\O
Fundinq Aqreement - Paae 5
TM 25821.76.000
OW'W IJ ,lJ,Q
---,;;;.;';;.;, !f!
@ ~!~
Cl
<.:l
::;
<0
<0
08888g<'1
~:::E::!!::!!:::E::!! I ~
~
~~~~~~~
N";,...)";'t"V::!
I I I I I I ~
0-0<(0 ~
WUUClClO~
~~8~~~~
mUUaal=
<.:l f'"
~ en
en t
~ ::i
o
a
: .~ .,,- .E4f..... \o!-
a -_.."
r ~ I
\.. i
\ @
~
Exhibit A
Page 1
~ .i)~J'
~ ....f ..i'> Iii
i fJ a.t~
II:" %1 *1
H~ ~ ~ ~ ILL
l! 1 fD
~ 3 .1 e
~..... . ,
~ 1~1 ~ i'l
~ ilf;~f' I
- ~ ) -N~ III
..
..
"
..
.. "'~
:. ar 00
. ~ QI:
.... .. ...,'C
- 6d 11:-
'I .. lIIe
- 01-
::z: )D 0....
JC .. ... Crt
III "C C,I:)
: e'"
.
'"
OJ
~jf ~I
.~..dl~1
!111 s ~
L" ~
s~
~. u~_~lfff
1;'
["'1 fit
VI.
~:
::-j
'-.
o
~
::lE
tL
-..-
,.:
~
'"
:::J
III
~o
Fz
~~5
i Q~P5
",...",
~~~
~~z
~ fl:"'o
oi1l:i
::1& ':Jen....
tL -:::Jz
q a.o~
(i\;!",
'" ~ ~ ~tIi ~ ~~ u~lf
I >- '" ~ I ~ II ~I ~~~
~ 3 3 Ill....
~ tJj :J ~:io
0 - ~W z z
0 ~ z ~ ~ W ~i' loW ~ t ;;:0 III
g < ~:i~
... z en U ; -,; Iq f~
..OVlO
~ ~d ql ~ !l to'~8o
g~~:i
~!
i
.
au
.1
..
....
)
lIT
4)
~4
r,
~f
o
~
.
.... '"'
~1
~~
.,]
1 !
I -...- .
~-rJ.
." .,
...... ."'":: Q,.
.~ 8'V
~
Exhibit A
Page 2
~
o
(j
fii
@lJ
--
~