HomeMy WebLinkAbout2007-044SAOur Documents\Ordinances\07\SFT Industrial.doc
ORDINANCE NO. %W' (%
AN ORDINANCE OF THE CITY OF DENTON AUTHORIZING A SECOND AMENDMENT
TO THE ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT BETWEEN
SFT INDUSTRIAL, LTD. AND THE CITY OF DENTON; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on March 1, 2005 the City and SFT Industrial, Ltd. ("Granite") entered into
an Economic Development Program Grant Agreement ("Agreement') authorized by Ordinance
No. 2005-084; and
WHEREAS, on August 1, 2006 an Amendment to the Agreement was approved.
WHEREAS, the City Council of the City of Denton hereby finds that a Second
Amendment to the Agreement between the City and Granite, attached hereto and made a part
hereof by reference (the "Second Amendment) serves a municipal and public purpose and is in
the public interest; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The findings set forth in the preamble of this Ordinance are incorporated
by reference into the body of this Ordinance as if fully set forth herein.
SECTION 2. The City Manager, or his designee, is hereby authorized to execute the
Second Amendment to the Agreement, a copy of which is attached, and to exercise all rights and
carry out the duties and responsibilities of the City of Denton under the Second Amendment to
the Agreement, including the expenditure of funds as provided in the Amendment.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the day of 12007.
PERRP. McNEILL, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
i , / � O MIER
• .. S:\Our Documents\Ordinances\07\SFT Industrial.doc
APPROVED AS TO LEGAL FORM:
EDW
MI
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SECOND AMENDMENT TO ECONOMIC DEVELOPMENT I �? e�X�
PROGRAM GRANT AGREEMENT WITH
SFT INDUSTRIAL, LTD.
This Second Amendment to Economic Development Program Grant Ag
"Amendment") is made and entered into as of the effective date provided for bt
between SFT INDUSTRIAL, LTD., a Texas Limited Partnership ("Granite"), and the CITY OF
DENTON, a Texas municipal corporation (the "City"), for the purposes and considerations
stated below:
WHEREAS, the City and Granite entered into that certain Economic Development
Program Grant Agreement authorized by City Ordinance No. 2005-084 and dated March 1, 2005
under Chapter 380 of the Local Government Code, which was amended by that certain
amendment dated August 1, 2006 authorized by Ordinance No. 2006-220 (the "Agreement") to
stimulate economic development in the City; and
WHEREAS, at the time the Agreement was entered into, the parties believed that the
Texas Department of Transportation ("TxDot") would construct improvements to the I-35 access
road adjacent to Granite's property (the "Access Road Improvements"); and
WHEREAS, subsequent to the Agreement, TxDot made the decision not to make the
Access Road Improvements; and
WHEREAS, had the parties known that the Access Road Improvements would not be
made by TxDot the Agreement would have provided for them;
NOW, THEREFORE, the City and Granite covenant and agree as follows:
1. Paragraph V.O. of the Agreement is hereby amended to add the following: Granite shall
cause the construction of the Access Road Improvements. City shall reimburse Granite
from the Economic Development Street fund in an amount not to exceed $110,000 for the
actual construction costs upon completion of the Access Road Improvements. The City
may authorize progress payments.
2. All other terms and conditions of the Existing Agreement shall remain in full force and
effect.
3. This Amendment shall be effective as of the last date of signature of a party as indicated
below (the "Effective Date").
Signed as of the Effective Date.
CITY OF DENTON, TEXAS
PERRY R. MCNEILL, MAYOR
Date:
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ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPI
EDV6
BY:
?T INDUSTRIAL, LTD.
Texas Limited Partnership
BY: GRANITE PROPERTIES, INC.
A Delaware Corporation its general partner
IM
Greg P. Fuller
Its Managing Director
Date:
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