2007-289s:Aour documents\ordinancesV04Vfastenal reinvestment ord.doc
ORDINANCE NO. BOO / `y/
AN ORDINANCE AMENDING THE TAX ABATEMENT AGREEMENT WITH FASTENAL
COMPANY TO EXTEND THE CONSTRUCTION DEADLINE; AND PROVIDING AN EF- `
FECTIVE DATE.
WHEREAS, on March 2, 2004, the City Council approved a Tax Abatement Agreement
with Fastenal Company; and
WHEREAS, the Agreement required that Fastenal complete their facility by December
31, 2006; and
WHEREAS, the Economic Development Partnership Board recommends extending the
deadline to December 31, 2009; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The findings and recitations contained in the preamble of this ordinance are
incorporated herein by reference.
SECTION 2. The City Council hereby approves the Amendment to the Fastenal Compa-
ny Agreement by extending the construction deadline to December 31, 2009.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the 14day of 1 12007.
6"N' C 01fe
PER . McNE L, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: \ A " Utu 4--.11
APPR ED AS k LEGAL FORM:
EDWIN M.SSNNYDER, CITY ATTORNEY
BY
sAon docum ts\cmncm\07\fw=a1 a dmentd=
AMENDMENT TO A TAX ABATEMENT AGREEMENT
BETWEEN THE CITY OF DENTON, TEXAS
AND FASTENAL COMPANY
This Amendment to Tax Abatement Agreement (the "Amendment') is made and entered
into as of the effective date provided for below, by and between Fastenal Company, a Minnesota
Corporation ("Fastenal"), and the CITY OF DENTON, a Texas municipal corporation (the
"City"), for the purposes and considerations stated below:
WHEREAS, the City and Fastenal entered into that certain Tax Abatement Agreement
(the "Existing Agreement') authorized by City Ordinance No. 2004066 and dated March 2,
2004 under Chapter 312 of the Tax Code to stimulate economic development in the City; and
WHEREAS, under paragraph I.B of the Existing Agreement Fastenal is required to
complete the construction of the contemplated improvements by December 31, 2006; and
WHEREAS, Fastenal has requested that the required completion date be amended to
December 31, 2009, due to unforeseen delays of the project;
NOW, THEREFORE, the City and Fastenal covenant and agree as follows:
Paragraph LB of the Existing Agreement is hereby amended to as follows: "A condition
of the Abatement is that, by December 31, 2009, a capital investment which results in an
increase in the assessed values contemplated by section I.A.1 be made to the premises."
2. All other terms and conditions of the Existing Agreement shall remain in full force and
effect.
This Amendment shall be effective as of the last date of signature of a party as indicated
below (the "Effective Date").
CITY OF DENTON, TEXAS
BY:
P Y . cNEILL, MAYOR
DATE: /X' //-d~ 7
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY W 4 2
Page 1
=i
sAour documentecontmct07Uastenal amendment.dm
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY%: ~ f
BY: FASTENAL COMPANY
A MINNESOTA CORPORATION
DANA JOHNSON
DATE: /9-.3'-07
ATTF.CT-
Page 2
LISA BROWN
Notary Public
State of Minnesota
My Commission Expires
January 31, 2010