R-2018-5239 - 3/8/2018 RESOLUTION NO. R-2018-5239
WHEREAS, RRTX Lake Creek Hotel, LP, ("LCH") has expressed to the City of Round
Rock ("City") its desire to locate an upscale boutique hotel ("Hotel") 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 LCH a §380.001 Program in exchange for LCH locating the
"Ruby Hotel" in 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.
0112.1804;00396429
RESOLVED this 8th day of March, 2018.
X // I z
CRAIG 0R' GA Mayor
City of ound R ck, Texas
ATTEST:
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 RRTX
Lake Creek Hotel, LP ("LCH") in exchange for LCH's locating an upscale boutique hotel
("Hotel") in the City of Round Rock are as generally outlined below:
1. LCH's obligations:
1.1. LCH agrees to purchase a tract of land containing approximately 3.0 acres (the
"Property"), as described in Exhibit 1.
1.2 LCH agrees to construct the Hotel and convention center with 39 hotel rooms (the
"Project").
1.3 LCH agrees to invest at least $4,500,000 in Project improvements.
1.4 LCH agrees to employ at least 35 full-time equivalent employees in the Hotel.
2. City's obligations:
2.1 City shall, pursuant to Chapter 380 of the Texas Local Government Code, but
subject to the conditions set out herein, make annual EIPs to LCH within thirty
(30) days after LCH submits to the City the Job Compliance Affidavit, the
Certificate of Compliance, and HOT Tax returns reflecting the tax generated by
the Project and actually paid to the City. The EIPs will be a percentage of the
HOT tax collected by LCH and actually paid to the City as set forth below:
Year Percentage of HOT Tax Paid
2019 75%
2020 75%
2021 50%
2022 50%
2.2 City shall, pursuant to Chapter 380 of the Texas Local Government Code, but
subject to the conditions set out herein, make annual EIPs to LCH within thirty
(30) days after LCH submits to the City the Job Compliance Affidavit, the
Certificate of Compliance, and Ad Valorem Tax returns reflecting the tax
generated by the Project and actually paid to the City. The EIPs will be a
percentage of the Ad Valorem Tax actually paid to the City as set forth below:
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Year Percentage of Property Tax Paid
2019 75%
2020 50%
2021 50%
2022 50%
2.3 City shall waive up to $13,000.00 in development application fees.
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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