R-2018-5145 - 1/25/2018 RESOLUTION NO. R-2018-5145
WHEREAS, the City Council has determined that one of its priority goals is to
encourage economic development within the City of Round Rock; and
WHEREAS, Singulex Inc. d/b/a Veridia Diagnostics ("Veridia") has expressed an
interest in leasing a building located at 106 E. Old Settlers Blvd., Round Rock (the "Facility");
and
WHEREAS, the Council wishes to promote economic development as contemplated by
Chapter 380 of the Texas Local Government Code whereby Veridia will lease and improve the
Facility; and
WHEREAS, Veridia intends to add at least 100 employees within five years of the
occupancy of the Facility; 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 encourage economic development within the City and will also meet the goals set forth in
said §380.001,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
That the City offers to Veridia a §380.001 Program whereby the City will grant certain
Economic Incentive Payments ("EIP's"), and
0112.1804;00393519
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.
RESOLVED this 25th day of January, 2018.
CRRAIGRGA ayor
City of Round Roek, Texas
ATTEST:
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(A
SARA L. WHITE, City Clerk
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Veridia in
exchange for Veridia's lease of a building located at 106 East Old Settlers Blvd, Round Rock,
Texas, 78664 are as generally outlined below:
1. Veridia's intentions and obligations:
1.1. Lease. Veridia intends to lease and occupy the building located at 106 East Old
Settlers Blvd, Round Rock, Texas.
1.2. Investment. Veridia intends to invest at least $250,000.00 in the improvement of
the Facility.
1.3. Jobs. Veridia intends to create at least 100 new jobs within five years of its
occupancy of the Facility.
1.4. Compliance with regulations. Veridia agrees that it will comply with the City's
development approval processes and shall construct and install the improvements
and lease and operate the Facility consistent with City ordinances, development
regulations and requirements.
2. City's obligations:
2.1. Economic Incentive Pam. In consideration of Veridia's compliance with the
aforesaid intentions, the City agrees to grant Economic Incentive Payments to
Veridia in the amount of$250,000.
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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