19-328I I WSJ I WAIKK4100L41 1JK4J 0320
WHEREAS, the owners and developers of all or a portion of Cole Ranch and Hunter
Ranch (collectively, the "Development Area"), which comprise approximately 6,000 acres of
land in the City, have asked the City Council to consider the establishment of two or more
municipal management districts or other improvement districts ("MMI)s") to develop the
Development Area; and
WHEREAS, in order to induce the City to consider the establishment of the MMI)s and
the execution of an operating agreement, developer project agreement, and consent ordinance
with respect to the Development Area, the owners and developers have agreed to reimburse the
City for the time, costs and exi)enses of its staff and for its professional consultin fees, costs and
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execution of any documents, to establish the MMI)s and for the potential issuance of bonds,
including consultation with affected parties, and any other matter related thereto; NOW
THEREFORE,
SECTION 1. The recitals in the preamble are true and correct and are incorporated
herewith by reference.
SECTION 2. The Mayor is hereby authorized to execute and deliver the Escrow
Agreement in substantial conformance with the Escrow Agreement attached hereto as Exhibit
and incorporated herewith by reference; provided however, that the owners and develou-
r ree Escrow Agreement and an escrow agent have each approved said Escrow
Agreement.
SECTION 3. The City Manager is hereby authorized to execute and deliver any other
and further documents related to the said Escrow Agreement as are necessary to effectuate,
finalize, deliver, and administer said Escrow Agreement.
SECTION 4. This ordinance shall be and become effective immediately upon and after
its adoption and approval.
"I'lie IT10fi(A] to app��ovvttiis or(fiiutrice was made by
...... .. .. ....................
and seconded by the ordinance was passed acid approved
by the following vote
-,Pj:
11
Aye Nay Abstain Absent
Chris Watts, Mayor:
Gerard Hudspeth, District 1:
Keely G. Briggs, District 2: ._
Don Duff, District 3:
John Ryan, District 4:
Deb Armintor, At Large Place 5:
Paul Meltzer, At Large Place 6:
PASSED AND APPROVED this the day
of _......._IT:.... 2019.
CHRIS WATTS, MAYOR
ATTEST:
alb Fi-� ]-S (11, . SECRETARY
BY: _!.......
APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
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