HomeMy WebLinkAbout24-2273ORDINANCE NO. 24-2273
AN ORD[NANCE OF THE CITY OF DENTON, TEXAS, A HOME-RULE MUNICIPAL
CORPORATION, AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT
FOR VALUE LOSS CONSIDERATION WITH CORE SCIENTIFIC, INC., A DELAWARE
CORPORATION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton, Texas, a home-rule municipal corporation, and Core
Scientific, Inc., a Deiaware Corporation, desire to memorialize a change in deal structure and
subsequent lost transaction value to the City; and
WHEREAS, Core Scientific, Inc., agrees to pay the City of Denton a sum of $5,056,480 to
reflect the value differential that would have been realized if said land swap would have been
consummated and transferred to the City, and such payment is unrestricted and may be used for any
general government purpose; and
WHEREAS, Core Scientific, Inc., also agrees to pay the City of Denton an additional sum
of $60,000 to reimburse the City for costs it incurred for engineering services related to the Solid
Waste Transfer Station, and said payment is unrestricted and may be used for any solid waste
purpose; and
WHEREAS, the City Council of Denton, after due consideration, agrees to accept a sum
total of $5,116,480 in consideration of said value loss and reimbursement of engineering costs;
NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTiON 1. The recitations contained in the preamble of this ordinance are incorporated
by reference as findings of the City Council.
SECTION 2. Core Scientific, Inc., will remit said amounts within ten (10) days of
execution of this letter agreement upon confirming payment instruction with the City.
SECTION 3. Payments related to this agreement are unrestricted.
SECTiON 4. This ordinance shall become effective immediately upon its passage and
approval.
SECTION 5. The City Manager, or their designee, is hereby authorized to enter into an
agreement with Core Scientific, Inc., a copy of which is attached hereto and incorporated by
reference herein.
SECTION 6. The City Council of the City of Denton hereby expressly delegates the
authority to take any actions that may be required or permitted to be performed by the City of
Denton under this ordinance to the City Manager of the City of Denton, or their designee.
The motion to adopt this ordinance was made by Gerard Hudspeth and seconded by
Brandon Chase McGee. The ordinance was passed and approved by the following vote [7 - 0]:
Aye
X
X
X
X
X
X
X
Nay Abstain Absent
Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck. District 2 :
Paul Meltzer. District 3 :
Joe Holland. District 4:
Brandon Chase McGee, At Large Place 5 :
Jill Jester, At Large Place 6:
PASSED AND ADOPTED this the 19th day of November, 2024.
EGERARD
ATTEST:
LAUREN THODEN, CITY SECRETARY
-*#aMA&h JI„,M ,
APPROVED AS TO LEGAL FORM:
MACK RE[NWAND. CITY ATTORNEY
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