R-2017-4965 - 11/9/2017 RESOLUTION NO. R-2017-4965
WHEREAS, M4 Greenlawn, LLC a California limited liability company ("M4") is a developer
of large mixed-use commercial and residential developments; and
WHEREAS, M4 is the owner of 65.492 acres of land (the "Property") located south of SH 45
and north of Greenlawn Boulevard as described in Exhibit"A"; and
WHEREAS, M4 is considering the construction of a master-planned mixed-use project (the
"Project") on the Property; and
WHEREAS, it is currently envisioned that the Project will include approximately one million
(1,000,000) square feet of commercial and residential construction; and
WHEREAS, M4 intends to invest approximately two hundred million dollars ($200,000,000)
in the purchase of the Property and the construction of the improvements thereon at full buildout; and
WHEREAS, the Project is expected to add millions of dollars in property tax base, generate
millions of dollars in new sales tax and property tax revenues in the City; and
WHEREAS, the City desires development such as M4's Project to locate in the City; and
WHEREAS, the City is willing to consider granting certain incentives to M4 if it develops the
Project in the City; and
WHEREAS, the City and M4 wish to enter into a Memorandum of Understanding to work
cooperatively and in good faith to draft and approve future agreements, and to develop the Project,
Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the Mayor is hereby authorized and directed to execute on behalf of the City a
Memorandum of Understanding with M4 Greenlawn, LLC, a copy of same being attached hereto as
Exhibit"A" and incorporated herein.
0112.1704;00389251
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.
RESOLVED this 9th day of November, 2017.
M z
CRAIG OReock,
, Mayor
City of Round Texas
ATTEST:
SARA L. WHITE, City Clerk
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EXHIBIT
114.
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding("MOU") is made by and between the City of Round Rock,
Texas (the "City") and M4 Greenlawn, LLC a California limited liability company ("M4"). As
used herein, M4 also includes its affiliates, partners, assignees and transferees.
RECITALS
WHEREAS, M4 is a developer of large mixed-use commercial and residential
developments; and
WHEREAS,M4 is the owner of 65.492 acres of land(the"Property")located south of SH
45 and north of Green Lawn Blvd. as described in Exhibit"A"; and
WHEREAS, M4 is considering the construction of a master-planned mixed-use project
(the"Project") on the Property; and
WHEREAS, it is currently envisioned that the Project will include approximately one
million(1,000,000) square feet of commercial and residential construction; and
WHEREAS, M4 intends to invest approximately two hundred million dollars
($200,000,000) in the purchase of the Property and the construction of the improvements thereon
at full buildout; and
WHEREAS, the Project is expected to add millions of dollars in property tax base,
generate millions of dollars in new sales tax and property tax revenues in the City; and
WHEREAS,the City desires development such as M4's Project to locate in the City; and
WHEREAS,the City is willing to consider granting certain incentives to M4 if it develops
the Project in the City; and
WHEREAS, the parties acknowledge that the terms and conditions listed herein are not
legally binding against either party, but merely serve as a memorandum of the current
understanding of the parties.
NOW THEREFORE, the City and M4 agree to work cooperatively and in good faith to
draft and approve future agreements and to develop the Project in the manner set forth herein.
ARTICLE I
GENERAL SCOPE OF FACILITY
1.01 It is currently envisioned that the Project will contain at least one million
(1,000,000) square feet of master-planned mixed-use commercial and residential development.
ARTICLE II
M4 INTENTIONS
2.01 M4 intends to develop the Project on the Property that is described in Exhibit"A".
2.02 M4 intends to begin construction of the Project within twelve(12)months.
2.03 M4's current plans include investment of approximately two hundred million
dollars ($200,000,000) in the Project, related to the acquisition, and construction of the Project at
full buildout.
ARTICLE III
CITY INTENTIONS
3.01 In consideration of M4's development of the Project contemplated in Article II
above, and conditioned upon M4 meeting certain performance requirements mutually acceptable
to M4 and the City, the City intends to enter into one or more economic development incentive
agreements to include provisions as set forth below.
3.02 The City intends to create a Public Improvement District ("PID") on the Property
as a method of providing funding for required public infiastructure improvements for the Project.
The amount of funding provided by the PID and/or the City shall not exceed $10,800,000. The
City does not intend for the proposed PID to issue bonds to raise the funding. Rather the City
intends to encourage the Round Rock Transportation and Economic Development Corporation
("TEDCO") to loan up to $10,800,000 to the PID. The aforesaid loan to the PID will be repaid
from PID assessments on the Property. The City further intends to encourage the TEDCO to
consider forgiving up to $4,000,000 of said loan if the performance requirements in 3.01. are met.
3.03 The City intends to enter into a Texas Local Government Code Chapter 380
Economic Development Program Agreement. Said Agreement will provide for program payments
from ad valorem or sales tax revenue from the Project(or other mutually agreeable sources)to M4
in an arnount necessary to cover the annual PID assessments, if the performance requirements in
3.01 are met.
3.04 The City will expedite the review and approval of required permits.
ARTICLE IV
LEGAL EFFECT OF MOU
4.01 This MOU is intended to provide an outline of the current understanding of the
parties hereto, and is not intended to legally bind the parties to the terms and conditions stated
herein. The patties, however, agree that the terms and conditions stated herein are reasonable and
provide an outline for future actions by the parties.
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Executed and effective this day of , 2017.
CITY OF ROUND ROCK,TEXAS
By:
Craig Morgan, Mayor
M4 GREENLAWN,LLC,
a California limited liability company
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Name: ...w ' r te— . `/X--
Title:
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EXHIBIT "A"
PROPERTY DESCRIPTION
Office:512-44391724
Professional Land Surveying, Inc. Fax.,612-441-6987
Surveying and Mapping 2807 Manchaca Road
' euildIng Ono
Austin,Taxa.78704
65.492 ACRES
TRAVIS AND WILL„IAMSON COUNTIES,TEXAS
A DESCRIPTION OF 65.492 ACRES OF LAND (APPROX. 2,852,822 S.F.) IN THE
MEMUCAN HUNT SURVEY, ABSTRACT NO. 2713,AND THE SOCRATES DARLING
SURVEY NO. 1.42, ABSTRACT NO. 232 IN BOTH TRAVIS AND WILLIAMSON
COUNTIES, TEXAS, BEING A PORTION 4F A 120,658 ACRE TRACT DESCRIBED
IN A GENERAL WARRANTY DEED TO DELL COMPUTER HOLDINGS, L.P., DATED
MAY 14, 1993, AND RECORDED IN BOTH VOLUME 2306, PAGE 863 OF THE
OFFICIAL RECORDS,WILLIAMSON COUNTY,AND VOLUME 11938, PAGE 1764 OF
THE REAL PROPERTY RECORDS OF TRAVIS COUNTY, TEXAS; SAID 65.492
ACRES BEING MORE PARTICULARLY O;ESCRIBED BY METES ANIS BOUNDS AS
FOLLOWS:
BEGINNING at a 1/2" rehar with cap set in the south right-of-way line of Texas State
Highway 45 (right-of-way width varies), and the east line of Leat 2; Block 1, Socrates
Addition, Phase 2, a subdivision of rocord in Volume 96, Page 151 of the Plat Records
of Travis County, and in Document No. 9505575 of the Official Records of Williamson
County, Texas, for the southwest corner of a 5.990 acre tract described as Tx00T
Parcel 104 Part 1 In Document No, 20132099984 of the Official Records of Williamson
County, Texas, from which a TxDOT Type 11 monument found hears South 76"03'14"
West, a distance of 763.49 feet;
WHENCE with the south right-of-way line of State highway 45 and the south line of
Tx00T Parcel 104 Part 1 and over and across the 120.558 acre tract, the following six
(6)courses:
1. North 76"08'14"East, a distance of 105.32 feet to a 112"rebar with cap set;
2: With a curve to the left, having ars arc length of 133.61 feet, a radius of 5788.00
feet, arta a chard which bears North 751130'58" Gist, a distance of 133,61 feet to
a 112"rehar With cap set;
3. North 7451'06" East, a distance of 280.07 feet to a TxDOT Type 11 monument
found;
4. With a curvy to the left, having an are length of 372.49 feet, a radius of 5788.00
feet, and a chord which ears North 72"57"45" East, a distance of 372.43 feet to
a TxDOT Type 11 monument found-,
S. With a curve to the right, having an arc length of 365.84 feet,a radius of 6710,00
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foot, and a chord which bears North 72455'50"East, a distance of 365.78 feet to
a MOT Type 11 monument found;
6. North 74054101" East,a distance of 90.39 feet to a 112"rebar with cap set In the
northerly line of the 120,658 acre tract for an angle point In the south right-of-way
line of State Highway 46 and the southeast comer of TxOOT Parcel 104 Part 1;
THENCE South 15*17'03" East,with the northerly line of the 120,058 acre tract and the
south right-of-way line of State Highway 46, passing at a distance of 0.98 feet a 1/2"
rebar with alumfnum TxDOT cap found for the northwest corner of Lot 2. Block "A"t
Amending Plat of Ramtron Subdivision, a subdivision of record in Document No,
199900349 of the Official Public Records,Travis County,and In Cabinet R, Slide 384 of
the Plat Records, Miamson County, Texas, also being an angle point in the south
right-of-way line of State Highway 46, and continuing with the west line of Lot 2 for a
total distance of 288.66 feet to a I'm Iron pipe found for an angle point In the northerly
line of the 120.668 acre tract and the southwest comer of said Lot 2;
THENCE North 7404447" East, With the northerly line of the 120.658 acre tract and the
south line of Lots 2 and 3, Block"A', of the said Amending Plat of Pamitron Subdivision,
a distance of 466.30 feet to a 314"Iron pipe found for an angle point of the 120,658 acre
tract and the r>outheast corner of said Lot 3,Block"A";
THENCE North 16417'07"West,with the northerly line of the 120.658 acre tract and the
east line of Lots 3 and 4, Block "A*, of the said Amending Plat of Ramtron Subdivision,
passing at a distance of 287 65 feet a 1/2" rebar with aluminum TxDOT cap found for
the northeast comer of said Lot 4, Block 'V, and an angle point In the south right-of
way line or state Highway 45,for a total distance of 288.32 feet to a 112"rebar with cap
set for an angle point In the south right-of-way line of State Highway 45 and the
southwest comer of a 0.081 acre tract described as TxI)OT Parcel 104 Part 2 In said
Document No.2002099984;
THENCE North 74*45'33"Mist,with the south right-of-way line of State Highway 45 and
the south line of TxDOT Parcel 104 Part 2, and over and across the 120.658 acre tract,
a distance of 19.85 feet to a 1/2" rebar with cap set In the south right-of-way line of
State Highway 45 and the west line of a 3.7603 acre tract described in Volume 13028,
Page 1774 of the Real Property Records of Travis County, and in Document No.
9742150 of the Official Reoords of Williamson County,Texas,also being the east line of
the 120,658 acre tract,for the southeast corner of TOOT Parcel 104 Part 2,from which
a TxI)OT Type 11 monument found bears North 74445'33"East,a distance of 74,09 feet;
THENCE with the west line of the 3,7603 acre tract and the east line of the 120,658
acre tract,the following two tracts:
1. South 15020'31'East,a distance of 307.12 feet to a 1/2"rebar found;
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Page
2. South 62°41'26' East, a distance sof 285.73 feat to a 8/4" iron pipe found in the
northwest lige of a 43 acre tract described in Document No. 9850638 of the
Official Records of Williamson County, Texas, for the northeast corner of the
120.658 acre tract,also being the south corner of the 3.7803 acre tract;
THENCE South 27009'09 West, with the east line of the 120.6158 acre tract and the
west line of the 43 acre tract, a distance of 392.92 feet to a 1'22" rebar found in the
northeast right-of-way line of Greenlawn Bouleyard (thtrof-way width varies), from
which a ill" rebar found bears north 59'29'38"East,a chard distance of 28.62 feet;
THENCE with the northeast right-of-way tine of Greenlawn Boulevard and over and
across the 120,668 acre tact,the following two(2)courses:
1- With a curve to the left, having an aro lengths of 485.73 feet, a radius of 897.53
feet,and a chard which bears South 43°19'28"Nest,a distance of 479,83 feet to
a 112"rebar with cap.sett'
2. South 27048'19" West, a distance of 1519.16 feet to a 112" rebar found In the
northeast lino of a 12.742 acre tract described in Volume 12806, Page 274 of the
Real Property Records of Travis County, Texas, for the southeast coater of the
remainder of the 128.658 acre tract,from which a 112'iron pipe found in the east
right-of-wey line of Greenlawn Boulevard gears South 61"17'54m East, a distance
of 132.03 feet;
THENCE with the south line of the 120.658 acre tract and the northeast line of the
12,742 acre tract and the hearth line of a 36.611 acre tract described In Volume 12434,
Page 1810 of the Real Property Records of Travis County,Texas, the following two (2)
courses:
1. North 61°20'61"West:,a distance of 201.47 feet to a 1/2"rebar found;
2. South 86'69'38"West, passing at a distance of 226.95 feet,a 112" rebar found, a
total distance of 605.07 feet to a 112"rebar found for the southeast corner of Lot
3, Final Plat of Round Rock Gateway Section Three, a subdivision of record to
Document No.200400091 of the Official Public records of Travis County,Texas;
THENCE forth 03'00'02" West, with the east line of said Lot 3 and the remainder of a
12.150 acre tract described Irl Document No.200$169460 of the Official Publio Records
of Travis County, Texas, and over and across the 120.668 acre tract, a distance of
1442.16 feet to a 112"rebar found for the northeast comer of the 12.160 acre tract,also
being the southeast corner of said Lot 2,Block 1,Socrates Addition,Phase 2
THENCE North 15014'52" West, with the east line of said Lot 2, Black 1, Socrates
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Dago 4
Addillon, phase 2, and oontinulng across tho 120.668 acre tract, a distance of 476.75
feet to the POINT OF BEGIN NJ N G,containing 65.492 acres of land, more or less.
Surveyed on the ground on April $0, 2007. Searing Basis., Gad Azimuth for Texas
Central Zone, 1983193 HARK values from LCRA control network,Attachments: Survey
Drawing 659-001-1301. Caps placed on set robars are plastic., stamped 'Chaparral
4995"
S- -7
Steven ")
Register d ro.. lonal Lend Surveyor
State of e s o.5940
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