R-12-10-25-H1 - 10/25/2012 RESOLUTION NO. R-12-10-25-111
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WHEREAS, SPG Round Rock NS, L.P. ("Simon") is a leading retail shopping center
development company, and
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WHEREAS, Simon has expressed to the City of Round Rock ("City") its desire to develop
approximately 5.08 acres of land near the intersection of IH-35 and Terra Vista Boulevard
("Property"), 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,
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That the City offers to Simon a §380.001 Program in exchange for Simon's construction of a
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commercial/retail building having at least 15,536 square feet located near the intersection of IH-35 and
Terra Vista Boulevard, 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.
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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
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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 25th day of October, 2012.
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ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Clerk i
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Simon in
exchange for Simon 's development of approximately 5.08 acres of land near the intersection of IH-35
and Terra Vista Boulevard in the City of Round Rock are as generally outlined below: 3
1. Simon's obligations:
1.1. Simon will construct a commercial/retail building having at least 15,536 square feet to
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be located near the intersection of IH-35 and Terra Vista Boulevard. t
2. City's obligations:
2.1 In consideration of Simon 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; and
(c) Reimburse the actual costs associated with relocation of electric transformer not
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to exceed $195,750.
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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'f ROUND ROCK,TEXAS City Council Agenda Summary Sheet
ROUND 7ROCK,TEXAS
PURPOSE.PASSION.PROSPERITY. t
Agenda Item No. H1.
Consider a resolution adopting an Economic Development Program for SPG Round Rock
Agenda Caption: NS, L.P.
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Meeting Date: October 25, 2012
Department: Administration
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Staff Person making presentation: Steve Norwood
City Manager
Item Summary: I
Prior to approving an economic development agreement pursuant to Chapter 380 of the Texas Local Government
Code, the City must adopt a program to promote local economic development and stimulate business and
commercial activity in the City. This program includes the reimbursement of 25% of sales tax proceeds to SPG
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Round Rock NS, L.P. ("Simon")for the location of an electric transformer.This program is an inducement to Simon to
develop 5.08 acres as a retail center.
Cost: $195,750.00
Source of Funds:
Recommended Action: Approval
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