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Home My WebLink AboutResolution No. 09-046 CITY OF THE COLONY, TEXAS RESOLUTION NO. 09-(?~& A RESOLUTION OF THE CITY OF THE COLONY, TEXAS, APPROVING THE FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE COLONY AND WYNNWOOD PENINSULA PARTNERS; AUTHORIZING THE MAYOR TO EXECUTE THE AMENDMENT; PROVIDING AN EFFECTIVE DATE WHEREAS, on March 17, 2008 the City entered into a Developer's Agreement with Wynnwood Peninsula Partners; and WHEREAS, the City and Wynnwood Peninsula Partners desire to amend the original Developer's Agreement by extending the time for this portion of property in calculating the fifty percent (50%) of ad valorem taxes to no later than January, 2014, and adjusting the three year payback of funds until the property is fully annexed into the city. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, THAT: Section 1. The First Amendment to the Developer's Agreement, which is attached hereto and incorporated herein as Exhibit "A", having been reviewed by the City Council of the City of The Colony, Texas, and found to be acceptable and in the best interest of the City and its citizens, be, and the same is hereby, in all things approved, and the Mayor is hereby authorized to execute the Amendment on behalf of the City of The Colony, Texas. Section 2. This Resolution shall take effect immediately from and after its adoption and it is so resolved. PASSED, APPROVED and EFFECTIVE this 6th day of July, 2009. d G T T: e McC urry, Mayor Q City of he Colony, Tex ristie Wilson, City Secretary ` APP V AS /TO RM: 'r t it Robert E. Hager, Ci Attorney FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE COLONY AND WYNNWOOD PENINSULA PARTNERS, L.P. THIS FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT between the City of the Colony and Wynnwood Peninsula Partners, L.P. (this "Amendment") is made and entered into by and between the City of The Colony, Texas (the "City") and Wynnwood Peninsula Partners, L.P. (the "Developer"). RECITALS: WHEREAS, the City and the Developer entered into that certain "Developer's Agreement Between the City of the Colony and Wynnwood Peninsula Partners, L.P.," dated on or about the 17'~' day of March, 2008 (the "Agreement"), concerning the future development of Wynnwood Peninsula within the corporate limits and the extraterritorial jurisdiction of the City; and WHEREAS, the City and the Developer desire to amend the Agreement by extending the commencement date of the tax reimbursement for a portion of the Property and by revising the schedule for the payment of the Lift Station and Force Main Contribution; NOW, THEREFORE, for and in consideration and ten dollars ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, the City and the Developer hereby agree as follows: Section 1. Revised Commencement Date. The Agreement is hereby amended by deleting entirely Section 2.7(ii) and substituting in lieu thereof the following: "23(ii). The City shall annually (on March 1 of each year) grant, pursuant to Section 380.001 of the Local Government Code, to the Developer an amount of money equal to fifty percent (50%) of the real property ad valorem taxes collected by the City as ad valorem taxes on real estate within the Property during the period commencing on January 1, 2011 and ending on December 31, 2020, the last payment being due and payable on March 1, 2021; provided, however, that with respect to that portion of the Property identified on Exhibit A attached to this Amendment and incorporated herein by this reference for all purposes, and comprising approximately 114.99 acres ("Parcel 1" containing approximately 66.22 acres and "Parcel 2" containing approximately 48.77 acres, collectively hereinafter referred to as "The Parcels"), the grant provided in this Section 2.7(ii) shall commence on January 1 of the year next following the year in which all of Parcel 2 is annexed by, and is within the corporate limits of (in an uncontested and undisputed manner, with no pending or existing legal action challenging said annexation), the City, but not earlier than January 1, 2011 and not later than FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE COLONY AND WYNNWOOD PENINSULA PARTNERS, L.P. - Page 1 70526.000108 EMF_US 27106468x2 January 1, 2014, and end ten (10) years after commencement; the last payment being due and payable on March 1 of the year next following the end of said 10- year term." Section 2. Revised Payment Schedule. The Agreement is hereby amended by deleting entirely Section 2.8(i) and substituting in lieu thereof the following: "2.8(i). That the Developer shall pay to the City pursuant to a schedule as described below, $1,000,000 as a reimbursement for monies the City has expended in the construction of the lift station and force main servicing the Property (the "Lift Station and Force Main Contribution"). The Lift Station and Force Main Contribution shall be paid by the Developer to the City pursuant to a reimbursement schedule which shall provide that, upon receiving the respective invoice, the Developer shall pay to the City $350,000 in December, 2008, $350,000 in December, 2009 and $300,000 in December, 2010. Notwithstanding the foregoing, until such time as all of Parcel 2 has been annexed by, and is within the corporate limits of (in an uncontested and undisputed manner, with no pending or existing legal action challenging said annexation), the City, such periodic payments shall be reduced by $42,000 in 2008, $42,000 in 2009 and $36,000 in 2010; and at such time as annexation of all of Parcel 2 into the City has occurred, the Developer shall pay all deferred amounts. As of the date of this Amendment, the Developer, having previously paid $350,000 with respect to December, 2008, it shall be entitled to a $42,000 reduction in the next-due payment." Section 3. Defined Terms. Capitalized terms used and not defined in this Amendment shall have the meanings given them in the Agreement. Section 4. Entire Agreement. Except as amended by this Amendment, the terms and conditions of the Agreement shall remain in full force and effect as the agreement of the City and the Developer. SIGNED AND EFFECTIVE as of the date last set forth below. WYNNWOOD PENINSULA PARTNERS, L.P. A Texas limited partnership By: Its Sole General Partner Matthews Investments Southwest, Inc. XV A Texas corporation By: / ez_ Kristian Teleki, Senior Vice President Date: 0?. 0 6 .v 5 FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE COLONY AND WYNNWOOD PENINSULA PARTNERS, L.P. - Page 2 70526.000108 EMF_US 27106468v2 CITY OF THE COLONY, TEXAS By: oe Mc urry Mayor Date/ ATTEST: Christie Wilson, TRMC, City Secretary APPROVE TO FORM: By Robert Hage , ity Attorney FIRST AMENDMENT TO THE DEVELOPER'S AGREEMENT BETWEEN THE CITY OF THE COLONY AND WYNNWOOD PENINSULA PARTNERS, L.P. - Page 4 70526.000108 EMF_US 27106468v2 EXHIBIT 1:14699 ACRES PARCEL 1 _ 66a22 ACRES PARCEL 2 = 48077 ACRES L11 - CURVE TABLE NO. DELTA RADIUS LENGTH TANGENT CHORD: BEARINO CHORb s.. , ~ Cl 24'501'37' 1885:00" 730 62" 3"A 4' f3 3'5saw 72A 9 ' ~F C2 55.98' : 103.03` 1.;66 S 8616'46W '46"1N 102 98.' LINE i`ABLI* LINE BEARING DISTANCE . rig % Li S53*2 :937E 99.1-0, L2 k5W4 WYNNWOPENIFlStiLA t ~ vv L3_ ;g PARTNERS, L .P... N09.4 I DOC, NO. 200.7-T46787. o 14 S68 3 "45" i 11,431 L5 T, NOW45!~%- I A 11 4-'O2'. "W 3 04~ _ oar- 1 inch. ~ 600 ft 17 - " ~i LB: S56 34'06"E 9 a N ! L9 N57" 44' "I- i62. . 09, Ir l L10 S41 "fi "SC?" 8 .85' t} L I1 . g 4 't1 " L1 8$ 3543"W LITTLE . ELF{ I.S.D. VOL. 5077 PG. 7135 M.w GARTA-LITTLE.: ELM.. DAM S AND RC-SCRVOIR. . (LAg LEWISVILLE) e. ' r ffi CIS "9 NCI PARCEL .1 PARCEL I c3`ti'• WYNNWOOD PENINSULA 66: 2 ACRES ~ _ACR DOC, NO.E20QS7G 39fi9 0 L9 C6 LOT 1. GK 1 I GAR2A_ i 1~7LE ELi DAM AND RESERVDIR WYNNWOOD PUMP ( (LAKE.'LEWISVIU.E) a STATION ADDITION n CAB. W,', PG. 400 I ~ue/~, } Ni. .'7 4 C3 t7 tt C:R N Off: . 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