R-2014-1804 - 9/25/2014 RESOLUTION NO. R-2014-1804
WHEREAS, Odyssey Technical Solutions, LLC ("Odyssey") is a leading RF and DC power
equipment repair and refurbished sales company, and
WHEREAS, Odyssey has expressed to the City of Round Rock ("City") its desire to relocate
its existing facility to 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 Odyssey a §380.001 Program in exchange for Odyssey relocating its
existing DC power equipment repair and refurbished sales business facility to 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
0112.1404;00311210
hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
RESOLVED this 25th day of September, 2014.
gm /z, '
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SIPI/14/L - Ka/7U—
SARA L. WHITE, City Clerk
2
EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Odyssey in
exchange for Odyssey 's relocating its existing RF and DC power equipment repair and refurbished
sales business facility to the City of Round Rock are as generally outlined below:
1. Odyssey's obligations:
1.1. Odyssey agrees to purchase the property containing 4 acres located at 2701 E. Old
Settlers Boulevard, Round Rock, Texas on or before December 15, 2014.
1.2 Odyssey agrees to invest at least $3,500,000 dollars in Facility improvements and
personal property.
1.3 Odyssey agrees to transfer 48 or more full-time equivalent employees, including
contract workers, to the Facility no later than 30 days following the issuance of a Certificate of
Occupancy for the Facility.
1.4 Odyssey agrees to retain said 48 full-time equivalent employees and hire an additional 7
full-time equivalent employees, including contract workers, no later than December 31, 2015.
2. City's obligations:
2.1 City agrees to make an initial program payment to Odyssey of$55,000 upon Odyssey's
obtaining the Certificate of Occupancy for the Facility.
2.4 City agrees to make additional program payments of $1,000 per job to Odyssey for a
maximum of$55,000.
3. The terms and provisions of this Program will be set out in more detail in the Economic
Development Program Agreement to be negotiated by the parties.
3