R-11-06-09-10B1 - 6/9/2011RESOLUTION NO. R -11-06-09-10B1
WHEREAS, by Ordinance No. G -02-02-28-11D3, the Round Rock City Council created the
Grimes Blvd. Public Improvement District #3 (the "PID") and approved and adopted the Grimes Blvd.
Public Improvement District #3 Assessment/Service Plan, (the "Service Plan"); and
WHEREAS, Hickerson Round Rock Land, LP, the owner of the property located within the
PID have requested the City of Round Rock (the "City") to amend the Service Plan to modify and
extend the terms for payment of the PID assessments; and
WHEREAS, the City desires to approve the request, 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 Amendment
No. 1 to the Grimes Blvd. Public Improvement District #3 Assessment/Service Plan, a copy of same
being attached hereto as Exhibit "A" 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.
RESOLVED this 9th day of June, 2011.
rn
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Secretary
O:\wdox\SCClnts\0112\ 1104\MUNICIPAL\00223659.DOChmc
1 EXHIBIT
„A»
AMENDMENT NO. 1
TO THE
GRIMES BLVD. PUBLIC IMPROVEMENT DISTRICT #3
ASSESSMENT/SERVICE PLAN
WHEREAS, by Ordinance No. G -02-02-28-11D3, the Round Rock City Council created the
Grimes Blvd. Public Improvement District #3 (the "PID") and approved and adopted the Grimes Blvd.
Public Improvement District #3 Assessment/Service Plan, (the "Service Plan"); and
WHEREAS, Hickerson Round Rock Land, LP, the owner of the property located within the PID
(the "Property Owner") have requested the City of Round Rock (the "City") to amend the Service Plan
to modify and extend the terms for payment of the PID assessments; and
WHEREAS, the City Council is agreeable with approving such request;
NOW, THEREFORE, THE SERVICE PLAN IS AMENDED AS FOLLOWS:
Article 1
Section 2. Assessment Plan is hereby amended to read as follows:
Section 2. Assessment Plan.
The original amount assessed against the Property was $579,904, plus 6 %s% simple interest. The
Property Owner has made assessment payments of principal and interest so that the principal amount
outstanding on June 1, 2011 is $148,958.90. Accrued interest is also due, and the amount of interest due
as of June 1, 2011 is $68,863.90. Interest continues to accrue on a daily basis from said date.
Property Owner agrees to continue to pay PID assessment payments as the Property is platted on a per -
acre, pro -rated basis, plus accrued interest.
Property Owner currently has a contract (the "Contract") pending for the sale of Lot 1, Block A,
Randall's Town Centre, Section 6. In addition to the payment of the PID per -acre, pro -rated assessment
for the property described in the Contract referenced above, Property Owner agrees to bring the accrued
interest current as of the closing date, and to pay same within ten (10) business days of closing. If for
any reason the Contract is terminated by either party, Property Owner agrees to bring the accrued
interest current within ten (10) business days of said termination. Regardless of the foregoing, if the
Contract does not close, or is not terminated prior to August 1, 2011, Property Owner agrees to bring the
then total of accrued interest current by paying same to the City no later than August 1, 2011.
Regardless of whether the remaining Property is platted or not, all principal and accrued interest
of the PID assessment shall be due and payable in full to the City on or before January 28, 2012.
00223999.DOC 1
Any amount remaining unpaid after that date shall incur interest at the rate of ten percent (10%)
per annum.
Article II
Except as specifically amended herein, all other terms of the Assessment Plan are hereby ratified and
confirmed.
Executed on the dates set forth below the signatures, to be effective on the date approved by the City
Council of the City of Round Rock.
CITY k1F ROUND ROCK, TEXAS
Alan McGraw, Mayor
City of Round Rock, Texas
Dated: June , 2011
PROPERTY OWNER
Hickerson Round Rock Land, LP
Kim Wise, its Managing Partner
ACKNOWLEDGMENT
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on this the day of the month
of , 2011, by Alan McGraw, Mayor of the CITY OF ROUND ROCK, TEXAS, in
the capacity and for the consideration and purposes recited herein.
00223999.DOC
Notary Public, State of Texas
2
ACKNOWLEDGMENT
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on this the day of the month
of , 2011, by Kim Wise, Managing Partner of Hickerson Round Rock Land, LP,
in the capacity and for the consideration and purposes recited herein.
00223999.DOC
Notary Public, State of Texas
3
ROUND ROCK, TEXAS
PURPOSE. PASSION. PROSPERITY
Agenda Item No.
Agenda Caption:
Meeting Date:
Department:
City Council Agenda Summary Sheet
1061.
Consider a resolution approving Amendment No. 1 to the Grimes Blvd. Public
Improvement District #3 Assessment/Service Plan.
June 9, 2011
Finance
Staff Person making presentation: Cheryl Delaney
Finance Director
Item Summary:
In February 2002, the Grimes Blvd. Public Improvement District (PID) #3 was created by council. This PID partially
reimburses the City the costs of the construction of AW Grimes Boulevard. The original assessment was $579,914
plus 6 Y2% simple interest. An assessment was levied on the property and paid on a per -acre, pro -rated basis, due
seven years after substantial completion of AW Grimes Boulevard or at the time of plat recordation (whichever
occurred first). The original PID payment was due in January 2010. A one year extension was granted for payment to
be made in February 2011.
This resolution extends the payment for the AW Grimes Business Park PID) until January 2012. Due to economic
conditions, the developer (Hickerson Round Rock Land, LP) requested for an extension of time to pay the
assessment. The outstanding principal amount as of June 1, 2011 is $148,958.90. The accrued interest is also due,
in the amount of $68,683.90 and is to be paid on when a real estate transaction closes or August 1, 2011, whichever
occurs first. In this agreement, the developer agrees to pay all remaining principal and accrued interest on or
before January 28, 2012.
Chapter 372 of the Local Government code of the State of Texas authorizes the creation of Public Improvement
District's by Cities. A Public Improvement District (PID) is a special tax assessment agreement between the City and
property owners within a specified district to fund public improvements beyond existing municipal services. A PID
may be formed to address any type of public improvement or service; it has the authority to issue debt and to
impose a levy against real and personal property within the district.
Strategic Plan Relevance:
8.0 Maintain and enhance public confidence, satisfaction and trust in City Government.
13. Continue and enhance sound business and financial practices and tools.
Cost: N/A
Source of Funds: AW Grimes PID Assessments
Date of Public Hearing (if required): N/A
Recommended Action: Approval
RECORDED
DOCUMENTS
FOLLOW
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII A
3 PGME"
S
AMENDMENT NO. 1
TO THE
GRIMES BLVD. PUBLIC IMPROVEMENT DISTRICT #3
ASSESSMENT/SERVICE PLAN
2011038961
WHEREAS, by Ordinance No. G -02-02-28-11D3, the Round Rock City Council created the
Grimes Blvd. Public Improvement District #3 (the "PID") and approved and adopted the Grimes Blvd.
Public Improvement District #3 Assessment/Service Plan, (the "Service Plan"); and
WHEREAS, Hickerson Round Rock Land, LP, the owner of the property located within the PID
(the "Property Owner") have requested the City of Round Rock (the "City") to amend the Service Plan
to modify and extend the terms for payment of the PID assessments; and
WHEREAS, the City Council is agreeable with approving such request;
NOW, THEREFORE, THE SERVICE PLAN IS AMENDED AS FOLLOWS:
Article 1
Section 2. Assessment Plan is hereby amended to read as follows:
Section 2. Assessment Plan.
The original amount assessed against the Property was $579,904, plus 6 Y2% simple interest. The
Property Owner has made assessment payments of principal and interest so that the principal amount
outstanding on June 1, 2011 is $148,958.90. Accrued interest is also due, and the amount of interest due
as of June 1, 2011 is $68,863.90. Interest continues to accrue on a daily basis from said date.
Property Owner agrees to continue to pay PID assessment payments as the Property is platted on a per -
acre, pro -rated basis, plus accrued interest.
Property Owner currently has a contract (the "Contract") pending for the sale of Lot 1, Block A,
Randall's Town Centre, Section 6. In addition to the payment of the PID per -acre, pro -rated assessment
for the property described in the Contract referenced above, Property Owner agrees to bring the accrued
interest current as of the closing date, and to pay same within ten (10) business days of closing. If for
any reason the Contract is terminated by either party, Property Owner agrees to bring the accrued
interest current within ten (10) business days of said termination. Regardless of the foregoing, if the
Contract does not close, or is not terminated prior to August 1, 2011, Property Owner agrees to bring the
then total of accrued interest current by paying same to the City no later than August 1, 2011.
Regardless of whether the remaining Property is platted or not, all principal and accrued interest
of the PID assessment shall be due and payable in full to the City on or before January 28, 2012.
PID assessment plan amendment- final clean rsvd-6-1-11 (c10223999).DOC
g-11- Ob -C 1--!bB 1
Any amount remaining unpaid after that date shall incur interest at the rate of ten percent (10%)
per annum.
Article II
Except as specifically amended herein, all other terms of the Assessment Plan are hereby ratified and
confirmed.
Executed on the dates set forth below the signatures, to be effective on the date approved by the City
Council of the City of Round Rock.
CITY OF ROUND ROCK, TEXAS
Alan McGraw, Mayor
City of Round Rock, Texas
Dated: June ! , 2011
PROPERTY OWNER
Hick ' : d Rock Land, LP
Kim 'se, its
ACKNOWLEDGMENT
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
a ori 3'ectr tiepres - .-t--1-( pp
This instrument was acknowledged before me on this the alk
day of the month
of 2011, by Alan McGraw, Mayor of the CITY OF ROUND ROCK, TEXAS, in
the capacity and for the consideration and purposes recited herein.
oto/wil- d'ott-
Notary Public, State of Texas
PID assessment plan amendment- final clean rsvd-6-1-11 0:223999).DOC
ACKNOWLEDGMENT
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on this the / day of the month
ofc)& , 2011, by Kim Wise, :, - - of ickerTn9uvnPd Rock Land, LP,
in the capacity and for the consideration andurp . -°" ere
Notary Public, State of Texas
r PID assessment plan amendment- final clean rsvd-6-1-11 (05)223999).DOC
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FILED AND RECORDED
OFFICIAL PUBLIC RECORDS 2011038961
06/16/2011 10:26 AM
KFOSTER $24.00
NANCY E. RISTER, COUNTY CLERK
WILLIAMSON COUNTY, TEXAS