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2014-043 RESOLUTION NO. No. 14 -043 A RESOLUTION OF THE CITY OF SOUTHLAKE, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A PROGRAM TO PROMOTE ECONOMIC DEVELOPMENT AND STIMULATE BUSINESS AND COMMERCIAL ACTIVITY IN THE CITY; AUTHORIZING THE MAYOR TO EXECUTE AN AMENDED AGREEMENT WITH 925 SOUTH KIMBALL, LLC, A TEXAS LIMITED LIABILITY CORPORATION, FOR SUCH PURPOSES; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 380 of the Texas Local Government Code authorizes municipalities to establish and provide for the administration of programs that promote economic development and stimulate business and commercial activity in the City; and WHEREAS, On October, 21, 2014 the City Council approved a Chapter 380 Agreement (the "Agreement ") by and between the City of Southlake and 925 South Kimball, LLC, a Texas Limited Liability Corporation, to promote economic development and stimulate business and commercial activity in the City; and WHEREAS, the City Council has been presented with a proposed Agreement — by and between the City of Southlake and 925 South Kimball, LLC, a copy of which is attached hereto as Exhibit "A" and incorporated herein by reference (hereinafter called the Agreement); and WHEREAS, upon full review and consideration of the Agreement and all matters attendant and related thereto, the City Council is of the opinion that the Agreement will assist in implementing a program whereby economic development will be promoted and business and commercial activity will be stimulated in the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, THAT: SECTION 1. The City Council finds that the terms of the Agreement will promote economic development and stimulate business and commercial activity in the City and otherwise meet the criteria of Section 380.001 of the Texas Local Government Code. SECTION 2. The City Council hereby adopts amendments to the economic development program whereby the City of Southlake will make economic development program payments to 925 South Kimball, LLC, and take other specified actions, in accordance with the terms outlined in the Agreement. Resolution 14-043 - 925 South Kimball, LLC - 380 Agreement - October 21, 2014 SECTION 3. The terms and conditions of the Agreement having been reviewed by the City Council of the City of Southlake and found to be acceptable and in the best interest of the City and its citizens, are hereby approved. SECTION 4. The Mayor is hereby authorized to execute the Agreement and all other documents in connection therewith on behalf of the City substantially according to the terms and conditions set forth in the Agreement. SECTION 5. This Resolution shall become effective from and after its passage. PASSED AND APPROVED this the 7 / 0 day of ___: � 2014 John C. Terrell, Mayor ,,, „, u ATTEST: ,,, F j 04../L p /64:1•8 •�'�. Lor %Payne, TRM = v ; : ' •` City Secretary '••••••••••••f ���„*,* it ...... Resolution 14-043 - 925 South Kimball, LLC - 380 Agreement - October 21, 2014