R-2018-5350 - 4/12/2018 RESOLUTION NO. R-2018-5350
WHEREAS, TOTKN, LLC ("TOTKN"), a Texas Limited Liability Company has
expressed to the City of Round Rock ("City") its desire to construct a restaurant, bar, music
venue and amphitheater in the City which will provide jobs and additional tax base to the City,
and
WHEREAS, TOTKN intends to add at least 40 employees within two 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 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 TOTKN a §380.001 Program in exchange for TOTKN
constructing a restaurant, bar, music venue and amphitheater 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
0112.1804;00398387
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 12th day of April, 2018.
CRAIG ORGAMayor
City of Round Ro , 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 TOTKN,
LLC ("TOTKN"), in exchange for TOTKN's constructing a restaurant, bar, music venue and
amphitheater in the City of Round Rock are as generally outlined below:
1. TOTKN's obligations:
1.1. TOTKN agrees to construct a restaurant, bar, music venue and amphitheater in the
City that is similar to its existing business known as the Nutty Brown Cafe and
Amphitheater located in Dripping Springs, Texas (the "Facility").
1.2 TOTKN agrees to create at least 40 jobs within two years of its occupancy of the
Facility.
2. City's obligations:
2.1 City shall, subject to TOTKN's satisfaction of its obligation to construct the
Facility make Economic Incentive Payments to TOTKN as follows:
City subject to TOTKN's satisfaction of its obligations to construct two new
buildings, make EIPs to TOTKN as set forth herein. The EIP's shall be made in
annual payments on or before March 1 of each year and shall be a percentage of
Property Tax paid for the previous year. "Year 1" shall be the calendar year
immediately following the issuance of the last Certificate of Occupancy for the
Facility; provided, however, if the Williamson Central Appraisal District
appraisal of taxable value does not reflect the completion of the Facility and
installation of all equipment, then "Year 1" shall be the second calendar year
following the issuance of the last Certificate of Occupancy for the Facility. EIP's
shall be calculated as paid as follows:
Year Percentage of Property Tax Paid by March 1 of.
Year 1 100% Year 2
Year 2 100% Year 3
Year 3 75% Year 4
Year 4 50% Year 5
Year 5 25% Year 6
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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