Contract - M4 Greenlawn LLC - 11/9/2017 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.
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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 infrastructure 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 $4,000,000 of said loan if the performance requirements in 3.01 are met.
3.03 The City intends to enter into a Texas Local Government Code Chapter 380
Economic Development Program Agreement. Said Agreement will provide for program payments
from ad valorem or sales tax revenue from the Project(or other mutually agreeable sources)to M4
in an amount necessary to cover the annual PID assessments, if the performance requirements in
3.01 are met.
3.04 The City will expedite the review and approval of required permits.
ARTICLE IV
LEGAL EFFECT OF MOU
4.01 This MOU is intended to provide an outline of the current understanding of the
parties hereto, and is not intended to legally bind the parties to the terms and conditions stated
herein. The parties, however, agree that the terms and conditions stated herein are reasonable and
provide an outline for future actions by the parties.
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Executed and effective this 9-1$— day of NegMI;M , 2017.
CITY OF ROUND ROCK, TEXAS
By:
Craig M rgan, I V/ yor
M4 GREENLAWN, LLC,
a California limited liability company
By:
Name:
Title: e:�P-6;p
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EXHIBIT "A"
PROPERTY DESCRIPTION
Office,512-443-1724
Fax,512-441-6987
erl
Professional Land Surveying, Inc.
2807 Manchac-a Road
Surve Ing and Mapping
Buildling One
Austin,Texas 78704
65.492 ACRES
TRAVIS AND VOLLIAMSON COUNTIES,TEXAS
A DESCRIP11ON OF 65.492 ACRES OF LAND (APPROX. 2,852,822 S.F.) IN THE
MEIN UCAN HUNT SURVEY, ABSTRACT NO. 2713, AND THE SOCRATES DARLING
SURVEY NO. 102, ABSTRACT NO. 232 IN BOTH TRAVIS AND WILLIAMSON
COUNTIES, TEXAS, BEING A PORTION OF 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,W I LLIAMSON COU NTY, AND VOLUME 11938, PAGE 1764 OF
THE REAL PROPERTY RECORDS OF TRAVIS COUNTY, TEXAS, SAID 65.492
ACRES BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS
FOLLOWS:
BEGIN NI NG at a 112" rehab With cap set in the south right-o-f-way line of Texas State
Highway 45 (right-of-way width varies), and the east line of Lot 2, Block 1, Socrates
Addition, Phase 2, a subdivision of record in Volume 6, Page 161 of the Plat Records
of Travis County, and in Document No. 960-5575 of the Official Records of Williamson
County, Texas, for the southwest corner of a 5.990 acre tract described as TOOT
Parcel 104 Part 1 In Document No. 2 209998 of the Official Records of Williamson
County, Texas, from which a TxDOT Type 11 monument found bears South 76'08'14'
West,a distance of 763.49 feet;
THENCE with the south right-of-way line of State Highway 45 and the south line of
TxDOT Parcel 104 Part 1 and over and across the 120.658 acre tract, the Pollg six
(6)courses;
1. North 76'08'14"East a distance of 105.32 feet to a 1/2*rebar with cap set;
2. With a curve to the left, having an aro length of 133.61 feet, a radlius of 5788.00
feet. and a chord which bears North 75430'58m East, a distance of 133.61 feet to
a 112"rehear writh cap set;
3. North 74*61'OW East, a distance of 280.07 feet to a TxD0T Type 11 monument
fou ted:
4. With a curve to the IMI,, having an arc length of 372.49 feet, a radius of 5788.00
feet, and a chord which bears North 72"5745" East, a distance of 372.43 feet to
a TxDOT Type 11 monument found;
5. With a curve to th a right, havtng an are length of 366.84 feet,a radius of 5710,00
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feet, and a chord which bears North 72"5F50" East, a distance of 365.78 feet to
a MOT Type 11 monument found;
6. North 74054'01" East, a distance of 90.39 feat to a 112� rebar with cap set In the
northerly line of the 120.658 a�e tract for an angle:point in the south right-of-way
line of State Highway 45 aM the southeast corner of TxDOT Parcel 104 Part 1;
THENCE South 15"IrO3® East,with the northerly line of the 120.658 acre tract and the
south right-0-way line of State Highway 45, passing at a distance of 0.98 feet a 1/2"
rebar with aluminum MOT cap found for the northwest corner of Lot 2, Block "W,
Amending Plat of Rarntron Subdivislion, 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, Williamson County, Texas, also being an angle point in the south
dight-of-way line of State Highway 45, and continuing with the west line of Lot 2 for a
total distance of 2813;66 feet to a I'm Iron pipe found for an angle point In the northerly
rine of the 120.658 acre tract and the southwest comer of said Lot 2;
THENCE North 74'04447" 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 Rarntron, 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 southeast corner of said Lot 3, Block'Alf.
THENCE North 15°17'07'" 'Jet,With the northerly line of the 120.658 acre tract and the
east line of Lots 3 and 4; Block 'V, of the said Amending Plat of Ramtron Subdivision,
passing at a distance of 267.65 feet a 112* rebar with aluminum TxD0T cap found for
the northeast comer of said Lot 4, Mock 'V, and an angle point in the south right-of-
way line of State Highway 45,for a total distance of 288.32 feet to a 1/2"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 TxDOT Parcel 104 Part 2 In said
Document No.2002099984;
THENCE North 744633'East.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 Records of Williamson County-,Texas, also being the east line of
the 120.658 acre tract,for the southeast comer of TxDOT Parcel 104 Part 2,from which
a TxDOT Type 11 monument found bears North 74'45'33"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 1592031"East, a distance-of307.12 feet to a 112m rebar found:
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. South 62'41`6' East, a distance of 288.78 feet to a 814" iron pipe found in the
northwest line of a 48 acre tract described In Doctiment leo. 985-0638 of the
Official Records of Williamson County, Texas, for the northeast corner of the
1201.658 acre tract,also bung the south corner of the 8.7683 acre tract,
THENCE Bouts. 27°0 '89" West, with the east line of the 120.658 aae tract and the
west tine of the 43 acre tract, a distance of 392.82 fee* to a 1Wrebar found In the
northeast right-of-way fine of Greenlawn Boulevard (right-of-way YAM varies), from
which a 1/2" rebar found bears North 59029-38"East,a chord distance of 28.62 feet!
THENCE with the northeast right-of-way Cine of Greeniawn Boulevard and over and
across the 120.558 acre tract; the following t (2)courses:
1. With a curve to the left, having an aro length of 485;73 feet, a radius of 897.53
feet,and a chord which bears South 43019'28"Meat, a distance of 479.83 feat to
a 112, rebar with cap set,
2. South 27448'19" West, a distance of 1519.15 feet to a 1/2'" rebar found in the
northeast line of a 12.742 acre tract described in Volume 12806, Page 274 of the
Real Property records of Travis County, Texas, for the .southeast corner of the
remainder of tate 120.888 acre tract.,from which a 'IIT iron pipe found in the east
right-of-way cine of Greenlawn Boulevard bears South 81"17'W East, a distance
of 132.03 feet;
THENCE with the south line of the 120.658 acre trait and the northeast line of tete
12.742 acre tract and the north line of a 38,611 acre tract described In Volume 12434,
Page 1610 of the heal Property Records of Travis County, 'Texas, the following two (2)
courses:
1. North 61°20'51"West,a distance of 201.47 feet to a 11T rebar found;
2. South 80459'38"West, passing at a distance of 226.96 feet a 112* rebar fore, a
total distance of 505.07 feet to a 112" rebar found for tete southeast comer of Lot
3, Final Plat of Round Flock Gateway Section Three, a subdivision of record to
Document No.2004110091 of the Official Public Records of Travis County,Texas,
THENCE North 03000'02' `'meat, With the east line of said Lot 3 and the remainder of a
12.150 acre tract described in Document No. 2003169480 of the Official Public Records
of Travis County, Texas, and over and across the 1211.688 acre tract, a distance of
1442.16 feet to a 112" rebar found for the northeast coater of the 12..150 acre tract, also
being the southeast corner of said Lot 2, Block 1,Socrates Addltfon, Phase 2s
THENCE North 15°14'52'" West, with the east line of said Lot 2, Block 1, gates
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Pago 4
Addition, Phase 2. and continuing across the 120.658 acre tract, a distance of 476.75
feet to the POINT OF BEGINNING,containing 65.492 acres of land,more or less.
Surveyed on the ground on April 30, 2007. Bearing Baels-, ON Azimuth for Texas
Central Zone, 1983193 HARN values from LCRA control network, Attachments: Survey
Drawing 569-001-1301. Caps placed on set rebars are plastic, stamped 'Chaparral
499T
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Stevei)nD
Rig is.tc o
e9 rot lonal Land Surveyor
f
State of s, o.k5940L
-0-F
C.UINATE1.
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