20-1441ORDINANCE NO.20- 1441
AN ORDINANCE OF THE CITY OF DENTON, TEXAS APPROVING A SECOND
AMENDMENT TO AN ECONOMIC DEVELOPMENT AGREEMENT WITH BUC-EE’S,
LTD., TO CLARIFY THE TERM OF THE AGREEMENT; AND PROVIDING AN EFFECTIVE
DATE
WHEREAS, the City of Denton (the “City”) and Buc-ee’s, Ltd. (“Grantee”) entered into
an Economic Development Agreement dated December 1, 2015; and
WHEREAS, the Economic Development Agreement was amended by adoption of the First
Amendment to Economic Development Agreement dated March 1, 2016 (collectively, the
Economic Development Agreement and the First Amendment to Economic Development
Agreement are the “Agreement”); and
WHEREAS, the City and Grantee wish to clarify the termination date of the Agreement by
modifying Section III(g) of the Agreement to state “300“ months from the effective date to
coincide with the term of the incentive grants outlined in the Agreement; NOW THEREFORE;
THE COUNCIL OF THE CITY OF DENTON, TEXAS HERBY ORDA INS:
SECTION 1. The City Council hereby approves and authorizes the Second Amendment
to Economic Development Agreement (“Second Amendment”) in substantially the form of the
Second Amendment which is attached hereto and made a part hereof by reference.
SECTION 2. The City Manager, or his designee, is hereby authorized to execute the City
Second Amendment.
SECTION 3. This ordinance shall become effective immediately upon its passage and
approval.
Th, m,ti,„ t, ,pp„,, thi, „di„,„„ w„ m,d, by Ge<Q,d Hub?d k\ and seconded
by Soy\{\ }\\\aa , the ordinance was passed' and approved by thefollowing vote A - Z] :
Aye
V‘
IC
xC
,/‘
Nay Abstain Absent
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:
J’
a
V/
PASSED AND APPROVED thisth, ZStDd,y ,f n
ATTEST:
ROSA RIOS, CITY SECRETARY
MAYOR
APPROVED AS TO LEGAL FORM:
AARON LEAL. CITY ATTORNEY
STATE OF TEXAS §
COUNTY OF DENTON §
SECOND AMENDMENT TO
ECONOMIC DEVELOPMENT AGREEMENT WITH
BUC-EE’S, LTD.
THIS SECOND AMENDMENT (this “Second Amendment”) to an ECONOMIC
DEVELOPMENT AGREEMENT made and entered into on the tenth day of December, 2015 (the
“Original Agreement”), as amended by the FIRST AMENDMENT TO ECONOMIC
DEVELOPMENT AGREEMENT made and entered into on the first day of March, 2016 (the
“First Amendment”), by and between BUC-EE’s, LTD. (“Grantee”), a Texas limited partnership,
located at 327 FM 2004. Lake Jackson, Texas. 77566. and the CITY OF DENTON. TEXAS
(“City“), a Texas municipal corporation, located at 215 E. McKinney St., Denton, Texas, 76201,
for the purposes and considerations stated below. Grantee and the City may be individually
referred to as a “Party” and collectively as the “Parties.”
WITNESSETH
WHEREAS, since the adoption of the Original Agreement and the First Amendment
(collectively, the “Agreement”), the Parties have discovered that Section III(g) of the Agreement
which states “[t]his Agreement will terminate 276 months after the Program Effective Date” is
incorrect and conflicts with the terms of the Agreement because the total number of months of the
Reimbursement Grant and the Infrastructure Grant (as defined in the Agreement) is 300 months;
and
WHEREAS, the Parties intended for the Agreement to terminate 300 months after the
Program Effective Date (as defined in the Agreement), which includes 60 months of the
Reimbursement Grant (as defined in the Agreement) and 240 months of the Infrastructure Grant
(as defined in the Agreement);
NOW, THEREFORE, the City and Grantee agree to amend the Agreement as follows:
SECTION 1. Section III(g) of the Agreement is amended to state in its entirety “This
Agreement will terminate 300 months after the Program Effective Date.”
SECTION 2. Save and except as amended hereby, all the remaining sections, paragraphs,
sentences, clauses, and phrases of the Agreement shall remain in full force and effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, SIGNATURE PAGE FOLLOWS]
Second Amendment to Economic Development Agreement – Bm-ee’s, Ltd.
IN WITNESS WHEREOF, the City of Denton has caused this Second Amendment to be q,xecuted
by its duly aujhorized City Manager; and Grantee has executed on this the \ X day
o%pkfA W/, 2020.
TODD HILEMAN
CITY MANAGER
ATTEST:
ROSA RIOS, CITY SECRETARY N\\\\}\\Ullll
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
BUC-EE’S, LTD.,
a Texas limited partnership
By: BIIc-ee’s Management, LLC
A Texas limited liability company
its General Partner
By:
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Second Amendment to Economic Development Agreement – Buc-ee’s, Ltd.