R-11-08-11-8D2 - 8/11/2011RESOLUTION NO. R -11-08-11-8D2
WHEREAS, Fisher Rosemount Systems, Inc. ("Fisher") is a leading process management
company, and
WHEREAS, Fisher 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 Fisher a §380.001 Program in exchange for Fisher relocating its process
management 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
hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
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RESOLVED this 11th day of August, 2011.
m
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Secretary
EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Fisher in
exchange for Fisher 's relocating its existing process management facility to the City of Round Rock
are as generally outlined below:
1. Fisher's obligations:
1.1. Fisher will purchase and occupy the two Class A office buildings located at 1100 West
Louis Henna Boulevard, Round Rock, Texas containing approximately 278,860 square feet of
office space, with an accompanying parking garage known locally as Frontera Vista (the
"Facility") on or before July 30, 2011.
1.2 Fisher intends to invest approximately $25 million in Facility improvements and
personal property.
1.3 Fisher intends to transfer 750 or more full-time equivalent employees, including
contract workers, to the Facility no later than April 1, 2012.
1.4 Fisher intends to retain said 750 full-time equivalent employees and hire 125 full-time
equivalent employees, including contract workers, over a three year period beginning January
1, 2012.
1.5 Fisher intends to generate at least 10, 000 hotel/motel nights per year in the City.
2. City's obligations:
2.1 In consideration of Fisher performing as set forth above, the City intends to enter into
one or more economic development incentive agreements containing the following provisions:
(a) Waiver of City permit fees associated with the building finish out and other applicable
new construction permit fees;
(b) Expedited City approval of required permits;
(c) A payment by City to Fisher of $250,000 upon Fisher obtaining the certificate of
occupancy from City for the Facility;
(d) Equal annual program payments by City to Fisher over a seven year period totaling
$750,000; and
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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ROUND ROCK, TEXAS
PURPOSE. PASSION. PROSPERITY.
City Council Agenda Summary Sheet
Agenda Item No. 8D2.
Consider a resolution approving an Economic Development Program for Fisher
Agenda Caption: Rosemount Systems, Inc.
Meeting Date: August 11, 2011
Department: Administration
Staff Person making presentation: Steve Norwood
City manager
Item Summary:
The local government code requires an economic development program be established prior to an economic
development (380) agreement being entered in to.
This item establishes the required program for Fisher Rosemount Systems, Inc.
Strategic Plan Relevance:
Cost: N/A
Source of Funds: N/A
Date of Public Hearing (if required): N/A
Recommended Action: Approval