19-2971S:\Legal\Our pocumenls\Ordinances\19\GTM Assignmenl Ordinance.doc
ORDINANCE NO. 19-2971
AN ORDINANCE OF THE CITY OF DENTON APPROVING A SECOND AMENDMENT
TO AN ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT WITH GTM
DEVELOPMENT, LTD ("GTM DEVELOPMENT"), DATED AUGUST 16, 2011,
AUTHORIZING THE ASSIGNMENT OF THE AGREEMENT TO GTM DENTON, LTD.;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City and GTM Development entered into an Economic Development
Program Grant Agreement dated August 16, 2011, which was amended under a first
Amendment, adopted on June 17, 2014; and
WHEREAS, the ownership of the Golden Triangle Mall ("the Property") is currently
contemplated to be transferred from GTM Development to GTM Denton, LTD., a Texas limited
partnership; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS:
^ 1�n�� 1 i(�l"� „�; �. The City Council hereby approves and authorizes the Amendment to
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EconoM��a� 1�a�^���ac���i»ent Program Grant Agreement (the "Second Amendment") in substantially
the form of the Second Amendment which is attached hereto and made part of the ordinance for
all purposes.
S� ���;" �_l�).�1.._2.
Second Amendment.
SECTION 3
approval.
The City Manager, or his designee, is hereby authorized to execute the
This ordinance shall become effective immediately upon its passage and
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Nion to approve this ordinance was made by _,�� ��=m �`m "� �'����"��,",��� �"� ...� ..: and
The mot
seconded by ,�' � H����' ,,� ,����".m,,,... the ordinance was passed and approved by
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the followin� ���,�t�� I f�;� �.µ�
Mayor Chris Watts:
Gerard Hudspeth, District 1;
Keely G. Briggs, District 2:
Jesse Davis, District 3:
John Ryan, District 4:
Deb Armintor, At Large Place 5:
Paul Meltzer, At Large Place 6:
Aye Nay
Abstain Absent
....;�� _
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PASSED AND APPROVED thi�,�l��� of ��� ,��� ��°��.����.: --- 2019.
ATTEST:
RO5A RIOS, CITY SECRETARY
BY: "`",��'`�p � - �"�wWq ° p�
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
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CHIRS WA°�""I"S, MAYOR"
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Page 2
AMENDMENT TO ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT
WITH GTM DEVELOPMENT, LTD.
This Amendment relates to that certain Economic Development Program Grant
Agreement with GTM Development, Ltd., dated August 16, 2011 (the "AgreemenY'), executed
by and between GTM DEVELOPMENT, LTD. ("GTM Development"), a Texas limited
partnership, as "Grantee", and the CI'TY OF DENTON, TEXAS, a Texas municipal corporation
("City"), which Agreement relates to real property described in the Agreement (the "Property")
and commonly referred to as the "Golden Triangle Mall" and located in the Golden Triangle
Addition of the City of Denton, Texas.
WHEREAS, the ownership of the Property is currently contemplated to be transferred
from GTM Development to a Texas limited partnership named GTM DENTON, LTD., with
essential management services for the Property continuing to be provided by the same parties as
have provided such services for GTM Development.
NOW, THEREFORE, the City hereby agrees that if the contemplated transfer is
consummated, the City will recognize GTM DENTON, LTD. ("GTM Denton") as the duly
authorized assignee of the interest of the Grantee under the Agreement.
EXECUTED and effective as of the ��°�°��� day of December, 2019, by the City, signing
by and through its Mayor, duly authorized to execute same by action of the City Council, and by
both GTM Development and GTM Denton, acting through their respective duly authorized
officials.
ATTEST:
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ROSA RIOS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
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AARON LEAL, CITY ATTORNEY
CITY OF DENTON, TEXAS
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CHRIS WATT
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S, MA OR
[execution by GTM Development and GTM Denton on the next page]
Page 1of 2 Pages
AMENDMENT TO ECONOMIC DEVELOPMENT PROGRAM
GRANT AGREEMENT WITH GTM DEVELOPMENT, LTD.
GTM DEVELOPMENT, LTD.,
a Texas limited partnership
By: CHV Management One, LLC,
a Texas limited liability company,
its sole General Partner
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By: ��' � ��� ��.-,�` ��
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�m Herbert D. Wei�;�����
GTM DENTON, LTD.,
a Texas limited partnership
By: GP GTM Denton One, LLC,
a Texas limited liability company,
its sole General Partner
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���` ������°�;���.� ��� „_�.
Herbert D. Wei
THE STATE OF TEXAS §
§
COUNTY OF DALLAS §
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This instrument was acknowledged before me on the ��� �iay of December, 2019, by
Herbert D. Weitzman, Manager of both CHV Management One, LLC, a Texas limited liability
company acting as the sole General Partner of GTM DEVELOPMENT, LTD.,, and GP GTM
Denton One, LLC, a Texas limited liability company acting as the sole General Partner of GTM
DENTON, LTD., on behalf of said limited partnerships.
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�'"� r�ti< <�A,.�`' Page 2of 2 Pages
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�N1��I�CV��N� 1mC) N�.�t�N�i'�i�V� �C�"��_C��C�'ENT PROGRAM
GRANT AGREEMENT WITH GTM DEVELOPMENT, LTD.