R-2018-5413 - 5/10/2018 RESOLUTION NO. R-2018-5413
WHEREAS, the City of Round Rock ("City") has previously entered into a Development
Agreement ("Agreement") with NNP-Teravista, LLC ("Developer") regarding the Teravista Project
("Proj ect"); and
WHEREAS, the term of the Agreement, as stated in Section 11.01, may be extended, at
Developer's request and the City's approval, for up to three successive five-year periods; and
WHEREAS, the City and the Developer now desire to extend the term of the Agreement for an
additional five-year period, ending on September 10, 2023,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 the Seventh
Amendment to Development Agreement with NNP-Teravista, LLC, 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 10th day of May, 2018.
Z 0/"
CRAI MORG , Mayor
City o Round ock, Texas
ATTEST:
SARA L. WHITE, City Clerk
0112.1804;00400149
[.EXHIBIT
„A„
SEVENTH AMENDMENT TO DEVELOPMENT AGREEMENT
This Seventh Amendment to Development Agreement (this "Seventh Amendment") is
made to be effective the date set forth below by and between the CITY OF ROUND ROCK, a
home-rule city in Williamson County, Texas (the "City") and NNP-TERAVISTA, LLC, a Texas
limited liability company("Developer").
RECITALS:
A. The City and Developer (then known as Newland-Round Rock Associates, L.P., its
name having been changed to NNP-Teravista, LP as evidenced by change of name recorded under
Document No. 199982273 in the Official Public Records of Williamson County, Texas) entered
into a Development Agreement (the "Development Agreement") effective September 10, 1998,
setting forth various agreements and understandings with respect to the development of
approximately 1,181 acres of land located within the extraterritorial jurisdiction of the City as a
master-planned, mixed use community to be known as "Stonewater" as more particularly described
in the Development Agreement.
B. Developer changed the name of the project to "Teravista," and has developed
substantial portions of the residential areas of the project, including completion of the golf course,
club house and related facilities.
C. Section 11.01 of the Development Agreement states that the 15 year term of the
Agreement may be extended, at Developer's request and the City's approval, for up to three
successive five-year periods.
D. The Development Agreement was previously extended, at Developer's request and
with the City's approval, for one of the three aforementioned five-year periods, such that the current
expiration date of the term of the Development Agreement is September 10, 2018.
E. Developer and the City now desire to execute this Seventh Amendment for the
purpose of extending the Development Agreement for a second five-year period, constituting the
second of three potential five-year extensions of the term of the Development Agreement.
NOW, THEREFORE, in consideration of the premises set forth in the Recitals above, the
mutual covenants and agreements of the parties as hereinafter set forth, the mutual benefits to be
derived by the present and future residents of the City and the Developer, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and
the Developer hereby agree that effective only upon the satisfaction of all of the Conditions to
Effectiveness, as defined below, the Development Agreement shall be amended as follows:
1. The Term of the Development Agreement, as stated in Section 11.01, is hereby
extended for an additional five-year period, ending on September 10, 2023.
1
Executed by the City and the Developer on the dates of their respective acknowledgements
below.
CITY:
CITY OF ROUND ROCK
By:
Craig Morgan, Mayor
Attest:
Sara White, City Secretary
Approved as to form:
Stephan L. Sheets, City Attorney
DEVELOPER:
NNP-TERAVISTA, LLC
A Texas limited liability company
By: _
Name: Rainer Ficken
Title: Vice President,NNP-Teravista, LLC
2
STATE OF TEXAS §
COUNTY OF WILLIAMSON §
This instrument was acknowledged before me on the day of , 2018, by
Craig Morgan, as Mayor of CITY OF ROUND ROCK, a home-rule city located in Williamson
County, Texas, on behalf of said city.
Notary Public, State of Texas
Print Name:
STATE OF TEXAS §
COUNTY OF WILLIAMSON §
This instrument was acknowledged before me on the day of 12018, by
Rainer Ficken, Vice President of NNP-Teravista, LLC, a Texas limited liability company, on behalf
of said company.
Notary Public, State of Texas
Print Name:
3