2007-056
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S:\Our Documents\Ordinanccs\07\Teas1cy Partners Second Amendment.doc
ORDINANCE NO. d.tl07- OFt;;
AN ORDINANCE AUTHORIZING THE MAYOR TO APPROVE A SECOND
AMENDMENT TO THAT CERTAIN ECONOMIC DEVELOPMENT PROGRAM GRANT
AGREEMENT WITH TEASLEY PARTNERS, LTD. TO EXTEND THE DATES OF
SUBSTANTIAL COMPLETION OF THE IMPROVEMENTS COVERED BY THE GRANT
AGREEMENT FROM DECEMBER 31, 2006 TO JUNE 30, 2007; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, through the passage of Ordinance No. 2004-013 on January 6, 2004, the
City Council approved a Economic Development Program under chapter 380 of the Texas Local
Government Code ("Chapter 380") to stimulate development of commercial property within the
City by the developer, Teasley Partners, Ltd., ("Developer"); and
WHEREAS, to effectuate the program for Economic Development under Chapter 380
("Program"), the Developer and the City entered into an Economic Development Program Grant
Agreement ("Agreement"); and
WHEREAS, that Agreement required the Developer, as a condition of receiving the
grant, to substantially complete all the improvements covered by that Agreement by December
31, 2005; and
WHEREAS, on January 3, 2006, the City Council approved an Amendment to extend the
date of substantial completion of the improvements covered by the grant Agreement to
December 31, 2006; and
WHEREAS, the Developer has made significant progress on the improvements and
expects substantial completion to take place within six months and has requested a second
extension of that amount of time on their substantial completion date; and
WHEREAS, City Council deems it in the public interest to grant the Developer's request
and to amend the Agreement to extend the completion date; 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 Mayor, or in case of her absence, the Mayor Pro Tem, is herby
authorized to execute a Second Amendment to the Agreement on behalf of the City of Denton
substantially in the form of the Second Amendment, which is attached to and made a part of this
Ordinance for all purposes.
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
. "
S:\Our Documents\Ordinances\07\Teasley Partners Second Amendment.doc
PASSED AND APPROVED this the (j; d day of ;1);lf(!/!z
,2007.
~~L~
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
d
APP ,VED TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
~A
BY:
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S:\Our Documents\Contracts\07\Teas]ey Partners Second Amendment.doc
SECOND AMENDMENT TO THAT CERTAIN
ECONOMIC DEVELOPMENT PROGRAM GRANT AGREEMENT
WITH TEASLEY PARTNERS, LTD.
THIS SECOND AMENDMENT to the Economic Development Program Grant
Agreement ("Agreement") by and between Teasley Partners, Ltd. ("Developer") a Texas limited
partnership, the City of Denton ("City"), a Texas municipal corporation, executed on the 6th day
of January 2004, as amended by First Amendment hereinafter referred to as Agreement.
WHEREAS, through the passage of Ordinance No. 2004-013 on January 6, 2004, the
City Council approved a Economic Development Program under chapter 380 of the Texas Local
Government Code ("Chapter 380") to stimulate development of commercial property within the
City by the developer, Teasley Partners, Ltd., ("Developer"); and
WHEREAS, to effectuate the program for Economic Development under Chapter 380
("Program"), the Developer and the City entered into an Agreement; and
WHEREAS, that Agreement required the Developer, as a condition of receiving the
grant, to substantially complete all the improvements covered by that Agreement by December
31,2005; and
WHEREAS, on January 3, 2006, the City Council approved a First Amendment to extend
the date of substantial completion of the improvements covered by the grant Agreement to
December 31, 2006; and
WHEREAS, the Developer has made significant progress on the improvements and
expects substantial completion to take place within six months and has requested a second
extension of that amount of time on their substantial completion date; and
NOW, THEREFORE, in consideration of the mutual conditions and obligations set forth
below, the parties agree to amend the Agreement as follows:
SECTION I. Section 4 "Program Grant" of the Agreement is hereby amended to read as
follows:
Section 4. Program Grant.
For each month of the Program Grant term, City agrees, subject to the conditions
contained in this Agreement, to make a Program Grant installment payment to Grantee on
or before thirty days following the City's receipt from the State Comptroller of the
Monthly Sales Tax Report indicating sales tax revenue from businesses located on the
Property. Monthly Program Grant installment payments shall be calculated as provided
in Section 5 below. Tenant Occupancy shall be a condition precedent to the initiation of
Program Grant payments. Program Grant payments may be withheld at any time if there
S:\Our Documents\Contracts\07\Teasley Partners Second Amendment.doe
are delinquent property taxes on the Property and will not be resumed until such
delinquency is cured. Notwithstanding anything contained herein to the contrary, the
Program Grant installment payments will cease, this Agreement will automatically
terminate, and Grantee will refund to the City all Program Grant payments previously
made if there is not Substantial Completion of the Improvements by June 30, 2007.
SECTION 2. Save and except as amended hereby, all the remaining clauses, sentences,
paragraphs, sections and subsections of Agreement shall remain in full force and effect.
EXECUTED and effective as of the ~{~ day of 11?t1.reli ,2007, by City, signing by
and through its Mayor, or in case of her absence, the Mayor Pro Tern, duly authorized to execute
same by action of the City Council and by Grantee, acting through its duly authorized officials.
CITY OF DENTON, TEXAS
.m~~
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPR ED TO LEGAL FORM:
EDW~'CJTYAT ORNEY
BY:
TEASLEY PARTNER TD.
Glenn Gunte of Teasley Street, LLC,
GP of Teasley Partners, Ltd.
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