R-2017-4683 - 8/10/2017 RESOLUTION NO. R-2017-4683
WHEREAS, EastGroup Properties, L.P., a Delaware limited partnership ("EGP") has
expressed to the City of Round Rock ("City") its desire to construct two buildings for industrial
use in the City which will provide jobs and additional tax base to the City, and
WHEREAS, §380.001 Local Government Code provides that a municipality may
establish an economic development program ("Program") to promote local economic
development and to stimulate business and commercial activity in the municipality, and
WHEREAS, the City Council has determined that the Program described in Exhibit "A"
will meet the goals set forth in said §380.001 and will be of mutual benefit to both parties, Now
Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
That the City offers to EGP a §380.001 Program in exchange for EGP constructing two
industrial use buildings in the City, and
BE IT FURTHER RESOLVED
That the offer of the Program shall be as generally outlined in Exhibit "A" attached
hereto and incorporated herein for all purposes.
The City Council hereby finds and declares that written notice of the date, hour, place
and subject of the meeting at which this Resolution was adopted was posted and that such
meeting was open to the public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted upon, all as required by
the Open Meetings Act, Chapter 551, Texas Government Code, as amended.
0112.1704;00383048
RESOLVED this 10th day of August, 2017.
CRAJun�GOR , Mayor
City k, Texas
ATTEST:
SARA L. WHITE, City Clerk
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to EastGroup
Properties, L.P., ("EGP") in exchange for EGP's constructing two new industrial use buildings in
the City of Round Rock are as generally outlined below:
1. EGP's obligations:
1.1. EGP agrees to construct two new buildings in the City that are suitable to lease
industrial zoned purposes.
2. City's obligations:
2.1 City shall, subject to EGP's satisfaction of its obligation to construct two new
buildings in the City make Economic Incentive Payments to EGP as follows:
City subject to EGP's satisfaction of its obligations to construct two new
buildings, make EIPs to EGP as set forth herein. The EIP's shall be made in
annual payments on or before March 1 of each year and shall be a percentage of
Property Tax paid for the previous year. "Year 1" shall be the calendar year
following the issuance of a Certificate of Occupancy for one of the buildings that
make up the Facility. EIP's shall be calculated as paid as follows:
Year Percentage of Property Tax Paid by March 1 of:
Year 1 75% Year 2
Year 2 75% Year 3
Year 3 50% Year 4
Year 4 50% Year 5
Year 5 50% Year 6
3. The terms and provisions of this Program will be set out in more detail in the Economic
Development Program Agreement of even date herewith.
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