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2015-015 RESOLUTION NO. No. 15 -015 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 EXCEL SOUTHLAKE I LP, A TEXAS LIMITED PARTNERSHIP, 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 March 4, 2014 the City Council approved a Chapter 380 Agreement (the "Agreement ") by and between the City and Excel Southlake I LP, a Texas Limited Partnership, to promote economic development and stimulate business and commercial activity in the City; and WHEREAS, On March 3, 2015 the City Council has been presented with a proposed Agreement — Amendment One by and between the City of Southlake and Excel Southlake 1 LP, a copy of which is attached hereto as Exhibit "A" and incorporated herein by reference (hereinafter called the "Amendment One "); and WHEREAS, upon full review and consideration of the Amendment and all matters attendant and related thereto, the City Council is of the opinion that the Amendment 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 Amendment One 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 an amendment to the economic development program whereby the City of Southlake will make economic development program payments to Excel Southlake I LP and take other specified actions, in accordance with the terms outlined in the Amendment and Amendment One. SECTION 3. The terms and conditions of the Amendment One 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 Amendment One 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 3rd day of March, 2015 / Off ,0 John Terrell, Mayor ATTEST: `t,tttttttn O vTH L ,4,, � ,, : 0 _ ° /0 P Lori Payne, TRM s V • • ° • co ° ° City Secretary ° ° °.• AMENDMENT ONE TO ECONOMIC DEVELOPMENT AGREEMENT PARK VILLAGE THIS FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT ( "Amendment One ") is executed between the City of Southlake, Texas (the "City ") and Excel Southlake I L.P., a Delaware limited partnership ( "Excel "). City and Excel are sometimes hereinafter referred to collectively as the "parties" or individually as a "party." RECITALS WHEREAS, on March 4, 2014, the City adopted Resolution No. 14 -003 (the "Resolution ") establishing an Economic Development Program pursuant to Chapter 380 of the Texas Local Government Code ( "Program ") and authorizing the Economic Development Agreement between the parties (the "Agreement "); and WHEREAS, Excel and the City wish to amend the Agreement to extend Excel's substantial completion deadline for the Minimum Construction Requirements; and WHEREAS, the City Council finds that Excel has made has made substantial progress towards the completion of the Minimum Construction Requirements; and WHEREAS, the City Council finds and determines that this Amendment One will effectuate the purposes set forth in the Program and Excel's performance of its obligations in the Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual benefits and premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Unless otherwise defined herein, the terms used in this Amendment One shall have the same meaning as given to such terms in the Agreement. 2. Section 4.B.ii of the Agreement is hereby amended by extending the Substantial Completion date of November 1, 2014 to May 1, 2015. 3. All other terms and conditions of the Agreement, with the exception of the terms modified by this Amendment One, shall remain in full force and effect. IN WITNESS WHEREOF, the City and Excel have executed this Amendment One as of the 3 e--P- day of /144 ran , 2015. CITY: THE CITY OF SOUTHLAKE, TEXAS O By: . ` L 1L..! John Terrell, Mayor ATTEST: ,�` ,,,,,,,,u n,. ' o`' vTHL.q ',. jou:p zt." k I algt-- %: '`‘‘..„-- Lori Payne, TRMC "" :cnc City Secretary '. '', •••.....•y , �. ,''1, `` ,,',,, EXCEL: EXCEL SOUTHLAKE I L.P., a Delaware limited partnership By: Excel Southlake LLC, a Delaware limited liability company, its general partner By: 4.0-.......i_..0 I Name: Da. n e 0 p a.S (o_.w. Title: VP- Pi ss. -4- M0.„.0.ti t,....Q,,..--