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Home My WebLink About2008-016— sAour documcntsbrdinanecOMelk river grant.doe ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, APPROVING A GRANT APPLICATION FROM ELK RIVER INVESTMENTS FROM THE DOWNTOWN INCENTIVE REIMBURSEMENT GRANT PROGRAM NOT TO EXCEED $10,000; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on April 3, 2007, the City Council approved a Downtown Incentive Reimbursement Program by Ordinance No. 2007-072; and WHEREAS, Elk River Investments has applied for a $10,000 grant; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. The City Council of the City of Denton hereby approves the request from Elk River Investments for $10,000 from the Downtown Incentive Reimbursement Grant Program. SECTION 2. The Mayor, or his designee, is hereby authorized to execute the Agreement and to carry out the duties and responsibilities of the City, including the expenditure of funds as provided in the Agreement. SECTION 3. This Ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the X�/( day of 2008. PERRY R. McNEILL, MAYOR ATTEST: JENNNIFER WALTEER , CITY SECRETARY APPROVED AS TO LEGAL FORM: EDWIN M. SNYDER, CITY ATTORNEY BY: /Cj cAdo ma-I\mdamVa Is- I\t=p\xpgpwm\elk maage mtdm DOWNTOWN REIMBURSEMENT GRANT INCENTIVE AGREEMENT This Downtown Reinvestment Grant Incentive Agreement (the "Agreement') is entered into by and between the City of Denton, Texas (the "City"), duly acting herein by and through its Mayor, and Elk River Investments Inc. a Subchapter S corporation (the "Owner"), duly autho- rized to do business and in good standing in the State of Texas, duly acting herein by and through its authorized officer. WHEREAS, the City has adopted a resolution which provides that it elects to be eligible to participate in downtown reinvestment grant incentives and has adopted guidelines and criteria governing downtown reinvestment grant incentive agreements known as the Denton Downtown Reinvestment Grant Incentive Program; and WHEREAS, on the 3rd day of April, 2007, the City Council of Denton, Texas (the "City Council') adopted the Denton (the "Program"), a copy of which is on file in the City of Denton Economic Development Office and which is incorporated herein by reference; and WHEREAS, the Policy constitutes appropriate "guidelines and criteria" governing down- town reinvestment grant incentive agreements to be entered into by the City; and WHEREAS, Owner will be the owner, as of the Effective Date (as hereinafter defined), which ownership is a condition precedent, of certain real property, more particularly described in Exhibit "A" attached hereto and incorporated herein by reference and made a part of this Agree- ment for all purposes (the "Premises") as of the Effective Date; and WHEREAS, on the Ist day of October, 2007, Owner submitted an application for rein- vestment with various attachments to the City concerning the contemplated use of the Premises (the "Application'), which is attached hereto and incorporated herein by reference as Exhibit "B"; and WHEREAS, the City Council finds that the contemplated use of the Premises, the Con- templated Improvements (as hereinafter defined) to the Premises as set forth in this Agreement, and the other terms hereof are consistent with encouraging development in accordance with the purposes and are in compliance with the Ordinance and Program and similar guidelines and cri- teria adopted by the City and all applicable law; NOW, THEREFORE, the City and Owner for and in consideration of the premises and the promises contained herein do hereby contract, covenant, and agree as follows: 1. TERMS AND CONDITIONS OF REIMBURSEMENT A. In consideration of and subject to the Owner meeting all the terms and conditions of reimbursement set forth herein, the City hereby grants the following reimbursement: cAdo me I\mdavis\] c ] I\tempVpgrpwiw\elk river agreemem.dm 1. A reimbursement in an amount not to exceed $10,000 attributable to new capital investments, as hereinafter described, being constructed on the Premises. B. A condition of the Reimbursement is that, by January 9, 2009 (subject to force majeure delays not to exceed 180 days), a capital investment in the form of awnings, facade and railings as described in Exhibit "B" be constructed on the Premises. For the purposes of this pa- ragraph, the term "force majeure" shall mean any circumstance or any condition beyond the con- trol of Owner, as set forth in Section XXI "Force Majeure" which makes it impossible to meet the above -mentioned thresholds. C. The term "capital investment" is defined as the construction, renovation and equipping of awnings, railings and facade as described in Exhibit "C" (the "Improvements on the Premises", the "Contemplated Improvements" or "Improvements") to include costs related to the construction of the Improvements on the Premises. D. A condition of the Reimbursement is that the Contemplated Improvements be constructed and the Premises be used substantially in accordance with the description of the project set forth in Exhibit `B". ment. E. Owner agrees to comply with all the terms and conditions set forth in this Agree- II. CONDITION OF REIMBURSEMENT A. At the time of the award of the Reimbursement, Owner shall be current on all ad valorem real property taxes with respect to any properties owned within the City. B. Prior to the award of the Reimbursement, Owner shall have constructed the Capi- tal Improvements as specified in Exhibit `B". III. RECORDS AND EVALUATION OF PROJECT A. The Owner shall provide access and authorize inspection of the Premises by City employees and allow sufficient inspection of financial information related to construction of the Improvements to insure that the Improvements are made and the thresholds are met according to the specifications and conditions of this Agreement. Such inspections shall be done in a way that will not interfere with Owner's business operations. Page 2 c:\do me l\mdavis\l c is l\tempVpgrpwiw\clk river agrc mtdm IV. GENERAL PROVISIONS A. The City has determined that it has adopted guidelines and criteria Downtown Reimbursement Grant Incentive Program agreements for the City to allow it to enter into this Agreement containing the terms set forth herein. B. The City has determined that procedures followed by the City conform to the re- quirements of the Code and the Policy, and have been and will be undertaken in coordination with Owner's corporate, public employee, and business relations requirements. C. Neither the Premises nor any of the Improvements covered by this Agreement are owned or leased by any member of the City Council, any member of the City Planning and Zon- ing Commission of the City, or any member of the governing body of any taxing units joining in or adopting this Agreement. D. In the event of any conflict between the City zoning ordinances, or other City or- dinances or regulations, and this Agreement, such ordinances or regulations shall control. V. NOTICE All notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party designated in writing, by certified mail postage pre- pare, by hand delivery or via facsimile: OWNER: CITY: Ralph Ramsey, Vice President George C. Campbell, City Manager Elk River Investments City of Denton 3311 N. I-35, Suite 140 215 East McKinney Denton, TX 76207 Denton, Texas 76201 Fax No. 940.349.8596 VI. CITY COUNCIL AUTHORIZATION This Agreement was authorized by the City Council by passage of an enabling ordinance at its meeting on the 8th day of January, 2008, authorizing the Mayor to execute this Agreement on behalf of the City, a copy of which is attached hereto and incorporated herein by reference as Exhibit "C". Page 3 cAdowme-I\wdavis\]owls-I\temp\xp@pwmNc1k ma' age mtdoc VII. SEVERABIILTY In the event any section, subsection, paragraph, sentence, phrase or word is held invalid, illegal or unconstitutional, the balance of this Agreement shall stand, shall be enforceable and shall be read as if the parties intended at all times to delete said invalid section, subsection, para- graph, sentence, phrase, or word. In the event that (i) the term of the Reimbursement with re- spect to any property is longer than allowed by law, or (ii) the Reimbursement applies to a broader classification of property than is allowed by law, then the Reimbursement shall be valid with respect to the classification of property abated hereunder, and the portion of the term, that is allowed by law. Vill. OWNER STANDING Owner, as a party to this Agreement, shall be deemed a proper and necessary party in any litigation questioning or challenging the validity of this Agreement or any of the underlying or- dinances, resolutions, or City Council actions authorizing same and Owner shall be entitled to intervene in said litigation. IX. APPLICABLE LAW This Agreement shall be construed under the laws of the State of Texas and is fully per- formable in Denton County, Texas. Venue for any action under this Agreement shall be in Den- ton County, I X. ENTIRE AGREEMENT This instrument with the attached exhibits contains the entire agreement between the par- ties with respect to the transaction contemplated in this Agreement. XI. BINDING This Agreement shall be binding on the parties and the respective successors, assigns, heirs, and legal representatives. Mi. COUNTERPARTS jThis Agreement may be executed in counterparts, each of which shall be deemed an orig- inal, but all of which together shall constitute one and the same instrument. Page 4 cAdo mr I \mdavis\]c Is— 1\temp\zpgrywise\elk river agre mtdm XIII. SECTION AND OTHER HEADINGS Section or other headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. XIV. NO JOINT VENTURE Nothing contained in this Agreement is intended by the parties to create a partnership or joint venture between the parties, and any implication to the contrary is hereby disavowed. ' XX. AMENDMENT This Agreement may be modified by the parties hereto to include other provisions which could have originally been included in this Agreement or to delete provisions that were not orig- inally necessary to this Agreement. XXI. FORCE MAJEURE If, because of flood, fire, explosions, civil disturbances, strikes, war, acts of God, or other causes beyond the control of either Party, either Party is not able to perform any or all of its obli- gations under this Agreement, then the respective Parry's obligations hereunder shall be sus- pended during such period but for no longer than such period of time when the party is unable to perform. Thi Agreement is executed to be effective 30 days after the executed date of the Ak day of 2008, (the "Effective Date") by duly authorized officials of the City and Owne . PASSED AND APPROVED this the Y4 day of Owg=of, 2008. CITY OF DENTONN PERRY R. McNEILL, MAYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY fiBY: WAI Page 5 Odo ma I\mdavis\l mis-I\t=p\xpgpwis \elk rives age mtdm APPROVED AS TO LEGAL FORM: EDWIN M. SNYDER, CITY ATTORNEY i BY� ELK RIVER INVESTMENTS ATTEST: B RAMSEY, E PRESIDENT Page 6 c:\dmume-I!eadavis\locals- Rtemplxpgrpwiserelk river agreement.doc STATE OF TEXAS COUNTY OFDENTON Before me, the undersigned authority, a Notary Public in and for said State of Texas, on this day personally appeared Perry R. McNeill, Mayor for the City of Denton, known to me to be the person who signed and executed the foregoing instrument, and acknowledged to me that this instrument was executed for the purposes and consideration therein expressed. Given under my hand and seal of office this the ed day of January, 2008. •;q::q'�•,,, JANE E. RICHARDSON Notary Public, State of Texas E �s My Commission Expires June 27, 2009 N tary Public in and for the State of Texas azv My Commission Expires: Page 7 c:tdo me-1\mdavisVa ls-I\temp\xpgrywise\elk rivuasre mLdm STATE OF TEXAS COUNTY OF DENTON Before me, the under ' ne auth ity, a Notary Public in and for said State of Texas, on this day personally appeared an officer of) Elk River investments, a Texas own to me to be the person o signed and executed the foregoing instru- men , and acknowledged to me that this instrument was executed for the purposes and considera- tion therein expressed. Given under my hand and seal of office this the l `day of January, 2008. Notary Pubhc in and for State of My Commission Expire Page 8 EXHIBIT A � Mu��a� io NB�py°- 1°8 z 0 H qH Z$3w'ip '�� L��< gul� O � £ 8 ° V 3 LL €6EW =tiff ` ; ° pb°p oo'r .$ "a 2Saw Ho, 'j vU g�y G w u �wSa xg»a 4� wigoa bg �g� p3; $ wz oY p �W/ ma m zo ~ c W- wa ifi °� S wo o ex°�'z <i$ o ° z g `: °6 rgY�o�� - _w'� 4'xo$ 4Y� y,°�m ¢3z R ? aro wic,n. W C x 4811 'ON 1OVN1S8V )3A8ns OOSIO ,00.6ZL Hinos »a w -Z rnLU j OffQ g slit uiij yy ttn 0 m i F E' F' m E' 133a1s Nllsntl rw x lie o Q y a xL z Q s s w £ a c lV aisnGNI o u ne ` u W m W13 rn a 3 o w a Z N b ,yyb o a i it Q ra R b�8 a w a H ¢ V � lOiJiJV7 � 3 w _ o EXHIBIT B DOWNTOWN INCENTIVE REIMBURSEMENT GRANT PROGRAM APPLICATION Please return completed with necessary attachments and signature to Downtown Development office, 215 E. McKinney no later than 5 p.m. on the Monday prior to the I° Wednesday of each month. If you have any application questions, please contact the Downtown Project Coordinator at 940-349-7731. If you have any building or sign permiUbistoric preservation questions, please contact the Historic Preservation Officer at 940-349-7732. ♦ Applicant Name EI k f� IV cr I `t i Date h—S—Oi ♦ Business I ♦ Mailing Address -,j_s_I �_. NV t't- I • Contact Phone Zl4 q0t - hC52 ♦ Building Owner (if diJjerent ♦ Historical/Current Building ♦ Physical Building Address 5 O NWt ♦ Type of Work: (check all that apply) x_ Fapade Rehabilitation _ Fagade - Paint -only _Signage Impact Fee kAwnings Utility Upgrade ♦ Details of Planned Improvements for.. Downtown Incentive Reimbursement Grant: List ComractixtPrpject architect Proposals and Total Amounts (please attach original proposals): 2. ♦ TOTAL COST OF PROPOSED PROJECT: 12�`. 91 ♦ AMotrrcP tiF GtiAYiIuiVf>Eisreu (5044 r>r' ToraL Cusi auovtij: � .5 � ��' ♦ Complete budget detail form attached on page 13 Attach with all required color samples ojpaint, awning/canopy, sign design, etc., as well as phptdgraphs of, hujh4ng's,evteriorfacade, roof and foundation. 's Signature V Date HOW WILL THIS PROJECT BENEFIT DOWNTOWN DENTON? BUDGET DETAIL PROJECT EXPENDn VRES CITY FUNDS REQUESTED APPLICANT'S FUNDS TOTAL FACADE REHAB✓ S, g35 k p AWNINGS/SIGNS IMPACT FEES UTILITY UPGRADES TOTALS Attach enact color samples, model numbers (for windows, doors, awnings, etc.), photos and/or sketches of work to be completed. Please include as much detail as possible. DOWNTOWN INCENTIVE REIMBURSEMENT GRANT AGREEMENT FORM Pleue ratan ompieted with tncanary attsebateab and signstwo M Downtown Developmat 616ce, Ili F- Mewury so later than S p.a an the Monday prior to the la Wednesday of each aeagL V you hm say application 9aartloa4 ple as contact the Dovntowa ProJaet Coordinator at 94"9-7731. If you have any halli ag or dp pereak/hirtarie preservation goesdms, please contact the NMorle'Pteservation Oliver at 94"9-T732 I 1 have met with the Downtown Project Coordinator, and I fully understand the Downtown Incentive Reimbursement Gram Procedures and Details established by the Denton City Council. 1 intend to use this gam program for the aforementioned renovation projects to forward the efforts of revitalization and historic preservation of Denton's historic downtown. I have not received, nor will 1 receive insurance monies for this revitalization project. I have read the Downtown Incentive Reimbursement Gram Application Procedures including the Downtown Incentive Reimbursement Gram Details. 1 understand that if I am awarded a Downtown Incentive Reimbursement Grain by the Demon City Council, any deviation from the approved project may result in the partial or total withdrawal of the Downtown Incentive Reimbursement Gram. If 1 am awarded a reimbursement grant for fad awning or sign work and the incndC,., sign. or awning is altered for any reason within one (1) year from construction, I may be required to reimburse the'City-of Demon immediately for the full amount of the Downtown ive Reimbursement Grant. EIk ar /� 7Y.1 Ill �nr�` ,. n f� r. LL _0 (if&ffemwfmw (IW c-n# p v------------------------------------------------------------------------------------- im Aio,em6 ! /)./V-off signature al 11 of11 ev a.�wvvaw�mrwe.a...or rso.. A w� _ _p �_.-z.'. �, a dL 15 L 1 t 1, i II >F r{. { Jr 1 x L . a �t 1• 1 Lea rL✓r,.�� t#��. [i�t � � �f-�t$}" 1 1 � �}! i Ca I � x i1S y Ifi N � 0 k S," ebY�.l •1 . 1 Y4# #'6 t oY� rygg t " t I , e �_ �"' tom_ �_-� ,�, In the image above, we are showing a continuous low metal fence along McKinney, horizontal canopies above the entries and display windows, revealed/restored transom windows above the canopies, signage proportion and placement, paint suggestions, and a possible treatment for the south side of the building that uses the same flat canopy that is shown on the front. Notice how the masonry surfaces have been left unpainted and the the parapet cap has been left intact. Cropped view, left side of block Notice the consistent canopy design on the south side of the building. The paint color for the doors and window can match each other with an additional (darker) color for trim details and window sills. The concrete base (shown dark gray) presents a concern for handicapped accessibility and needs to be addressed with local code officials. The canopy can be designed/detailcd any number of ways. If the building owner is interested in pursuing a horizontal canopy approach, please contact our office and we can provide further suggestions. We suggest thaf tlic paintVolors'l'or the window.frantes and trim be'the'samcIbr both stores in this section of the block. Differentiation can occur through:signagc and window displays. The brick should: once aglin, retnain unpainted. Tim BFATY October 12, 2007 Ralph Ramsey Elk River Investments 3311 N IH-35, Suite 140 Denton, TX 76207 Re: 118 E. McKinney Cost Breakdown Dear Ralph: Below is the breakdown you requested for the captioned project. Roofing and roof -related sheet metal Parking lot repair and re -stripe Ornamental guard rail along McKinney Street Refurbish storefronts (includes new storefront and new wood trim on West and East sides of building, along with refurbishment along McKinney St) Awnings (Fabric and standing -seam) Soffit & fascia repairs Miscellaneous• Includes: • Removal of vegetation on South side • Patch stucco on South side • Paint South side • Caulk expansion joints in vertical faces • Tuck -point brick at perimeter $ 43,126.00 5,362.00 3,025.00 30.606.00 16,522.00 15,704.00 6,600.00 TOTAL BASE'BIDv��J� - '� � 5120.844:00 Alternate 1: Paint Brick on East space perimeter $ 6,948.00 Alternate 2: Roofing insulation (2.5' polyisocyanurate R-19) $ 6,808.00 I have attempted to provide enough information for presentation, without getting too detailed. Please call if you have questions. Please note that the "total base bid' includes the total of our bid, plus the railing bid you requested be presented as part of our proposal. If you have a specific format requirement for presentation to the City of Denton, please pass that along, and we will format it into compliance. Regards, 'tt BE5, David M. Morton DMlm V.O. BOX 68 1)13J1'UN; 77?XAS WOW (940)'387-3215 FAX (940) 382-5461 I r, Tim BEATY fa4444 0 September21, 2007 Mr. Ralph Ramsey Elk River Investments 3311 N. 1-35, Suite 140 Denton, TX 76207 Re: Elk River— 118 E. McKinney St. Exterior Renovations Dear Mr. Ramsey: We are pleased to provide this proposal for the exterior renovations at 118 E. McKinney Street located in Denton, Texas. The scope of work is described below. BUILDING SYSTEMS Roofing: Remove the existing roofing system to the wood deck, install a nail base, a black -diamond base, two (2) plies of Type -IV felt, followed by a modified bitumen cap -sheet. Replace through - wall scupper flashings, encapsulate parapet walls with modified bitumen membrane, and replace coping and coping flashing at parapet walls. This price includes an allowance for roofing -related carpentry (parapet and roof -deck repairs.) (ALLOWANCE: $3,000.00) Roofing Warranty: Labor and/or materials for 10-years. Parking lot repairs: Repair an area (18' x 24) on the east side of the parking lot directly north of the dumpster. Saw cut, demolish and remove debris from site; prepare compacted base, install reinforcing bar (#3 @ 18" o.c.e.w.), pour and finish (broom finish) concrete (5-sack, 3,000 psi mix) Re -stripe parking lot: Install new striping using durable paint to include 19 regular diagonal spaces, one handicap space with passenger loading zone (hatched space) and one (1) parallel space. Install nine (9) concrete wheel stops at north edge to protect building Remove vegetation from South wall and remove from site i Patch stucco on South wall: Remove one area at base of wall (1' x 12) and replace Paint South wall Caulk expansion joint on east wall near south end Paint brick on East end and East third of front elevation (See akemate, below) Replace gutter and fascia on South (East end) Tuck -point brick at perimeter (only where mortar is missing) (ALLOWANCE: $2,500.00) EAST SIDE Remove siding and door at entry Fabricate and install new brick and wood fagade matching front, to include one (1) 3040 window and one (1) 3070 door with haBglass insert Paint new wood in fagade (d Aftemate I is not selected, matching brick as closely as possible.) —Remove wood casing around hollow metal door and replace with brick Paint HM door and frame (rear of English Paints) — "Paint steel window Install new black fabric awning (using frames salvaged from front center) P-O. BOX 68 DENPON, T1:XM 76202 (940)387-3275 FAX (940) 382-5461 DENTON MUSIC STORE Replace 1/4-round at glazing Repair wood fascia at base of glazing /Paint all exterior wood --Replace threshold _,,Replace fabric awning using existing frames (one continuous awning) /Welding on awning frames :Repair soffit/mansard .Paint soffit & mansard CENTER SPACE (Empty) Remove existing awning frames Remove plywood from transoms --Repair transom frames and paint ,—Replace transom glazing with General Aluminum windows, same dimension and install wood trim* --Remove planters and repair wood at base of wall --.Repair door and wood frame i Replace threshold iRe-build astragal --�Pairit all wood surfaces __ -fabricate and install new flat canopy w/ tumbucldes and standing seam steel roof sheets epair soffit/mansard --GPaint soffit & mansard BOLES GENERAL STORE --'Remove planters and repair wood at base of wall Repair door below glazing � Replace threshold �Re-build astragal --Paint all wood surfaces install new awnings over existing frames --install new awning over West window using existing frame --Repair soffil/mansard ,Paint soffit & mansard WEST JAUSTIN STREET) ENGLISH'PAINT Remove windows .* Install storefront systems Install wood trim around storefront* Repair downspout 0 Install new awning using salvaged frame from front, center space's ---vPaint all wood surfaces Repair soffiUmansard faint soffit & mansard BASE PRICE: $117,819.00 This price does not include any Interior work. II c:•��..- [; 'y4R �JJJ� [_� 50...,7 � h�.� J I -� v � l tn:I:TI LtN..i�i JIOVV LOiL RI1J'I2r-i. E,r-I <Ir:Oc I:P2I F_.Ie!Vr °21 dllal ° r:al r'� ALTERNATE I:'Paintyellow tirick on east and eastend`of North sides Paint brick, .color as selected by owner ADD TO BASE PRICE: 1116,948.00 If interior lay -in ceilings are removed with insi between the roof deck and the tin ceiling ADD TO BASE PRICE: S 6,808.00 bans, there may no insulation, unless it exists This price does not include sales tax. Any alteration from the above specifications, which involves extra cost; will be executed only upon a written order and will become an extra charge to the original bid price. All agreements, oral and written, are contingent upon strikes, accidents or delays beyond our control. Tim Beaty Builders carries a $5,000,000 General Liability policy and Worker's Compensation Insurance. It is a pleasure doing business with you. If you have any questions about this bid, please give me a call. Sincerely, David M. Morton DMlm By signature below, I hereby acknowledge and accept Base bid, as described above for a total additional amount of $ 117,819.00 Date Signature -------------------------------------------------------------------------------------- By signature below, I hereby acknowledge and accept the Altemate I, as described above for a total deductive amount of $ 6,948.00. Signature -------------------------------------------------------------------------------------- By signature below, I hereby acknowledge and accept the Altemate II, as described above for a total deductive amount of $ 6,808.00. Date Signature Et Rarer—tiFE..lci:mne. E.!rua Par.oratiuns-Perova! Sentembet _t.7n[�' s:\ourdocuments\ordinances\08\elk river gmnt.doc EXHIBIT C ORDINANCENO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, APPROVING A GRANT APPLICATION FROM ELK RIVER INVESTMENTS FROM THE DOWNTOWN INCENTIVE REIMBURSEMENT GRANT PROGRAM NOT TO EXCEED $10,000; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on April 3, 2007, the City Council approved a Downtown Incentive Reimbursement Program by Ordinance No. 2007-072; and WHEREAS, Elk River Investments has applied for a $10,000 grant; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. The City Council of the City of Denton hereby approves the request from Elk River Investments for $10,000 from the Downtown Incentive Reimbursement Grant Program. SECTION 2. The Mayor, or his designee, is hereby authorized to execute the Agreement and to carry out the duties and responsibilities of the City, including the expenditure of funds as provided in the Agreement. SECTION 3. This Ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the �/Z day of / 2008. PERRY R. McNEILL, MAYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY APPROVED AS TO LEGAL FORM: EDWIN M. SNYDER, CITY ATTORNEY BY:%� ��