R-13-08-08-G13 - 8/8/2013RESOLUTION NO. R -13-08-08-G13
WHEREAS, NIR Investments, Ltd. ("NIR") currently owns the property located at 115
Bagdad, ("Bagdad Tract") which it leases to BGS Acquisitions Corp., ("BGS") which is operating the
Builders Gypsum Supply Company at such location; and
WHEREAS, City would like to acquire the Bagdad Tract from NIR to promote economic
development in the downtown area, and
WHEREAS, NIR would like to sell the Bagdad Tract to the City in lieu of acquisition by
eminent domain and acquire a tract of land located at 1302 Chisholm Trail, ("Chisholm Trail Tract"),
which tract is a suitable location BGS to relocate its business; and
WHEREAS, BGS would like to move its business from the Bagdad Tract to the Chisholm
Trail Tract; and
WHEREAS, the purpose of this Resolution is to approve an economic development program
(the "Program") as contemplated by Chapter 380 of the Texas Local Government Code whereby NIR
will sell the Bagdad Tract and purchase the Chisholm Trail Tract and BGS will relocate its business to
the Chisholm Trail Tract; and
WHEREAS, the City has agreed to provide performance based economic development grants
to NIR to help defray a portion of the costs of acquiring the Chisholm Trail Tract and upgrading
existing buildings and/or constructing new buildings required by BGS ("Improvements"); 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 NIR a §380.001 Program in exchange for NIR selling the Bagdad Tract
to the City, acquiring the Chisholm Trail Tract, and relocating BGS from the Bagdad Tract to the
Chisholm Trail Tract, and
0112.1304; 00279249/sls
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 8th day of August, 2013.
ATTEST:
SARA L. WHITE, City Clerk
ni
AIJ"AN MCGRAW, Mayor
City of Round Rock, Texas
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to NIR Investments,
Ltd. ("NIR") in exchange for (1) NIR selling its property located at 115 Bagdad (the "Bagdad Tract")
to the City, (2) acquiring the tract of land located at 1302 Chisholm Trail (the "Chisholm Trail Tract");
and relocating its tenant, Builders Gypsum Supply Company,("BGS") to the Chisholm Trail Tract, are
as generally outlined below:
1. NIR's obligations:
1.1. NIR agrees to sell the Bagdad Tract to the City.
1.2. NIR agrees to acquire the Chisholm Trail Tract.
1.3. NIR agrees to relocate its tenant, BGS, from the Bagdad Tract to the Chisholm Trail
Tract.
2. City's obligations:
2.1. City agrees to provide performance based economic development grants to NIR to help
defray a portion of the costs of acquiring the Chisholm Trail Tract and upgrading
existing buildings and/or construction new buildings (the "Improvements").
2.2. City agrees to expedite City approval of required permits.
2.4. City agrees to make a payment to NIR of $450,000 on or before 45 days after the date
that NIR acquires title to the Chisholm Trail Tract.
2.5. City agrees to make an additional payment of $ $550,000 on or before 30 days after
NIR receives a Certificate of Occupancy for the Improvements.
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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ROUND ROCK. TEXAS
PURPOSE MAORI PROSPERITY
City of Round Rock
Agenda Item Summary
Agenda Number: G.13
Title: Consider a resolution establishing an Economic Development Program to
encourage NIR Investments, Ltd. to relocate its tenant, BGS Acquisitions
Corp., from property located at 115 Bagdad to 1302 Chisholm Trail Road.
Type: Resolution
Governing Body: City Council
Agenda Date: 8/8/2013
Dept Director: Steve Norwood, City Manager
Cost:
Indexes:
Attachments: Resolution
Text of Legislative File 13-616
City of Round Rock Page 1 Printed on 8/5/2013