R-2018-5674 - 7/26/2018 RESOLUTION NO. R-2018-5674
WHEREAS, Crow Group Series, LLC, ("Crow") has expressed to the City of Round
Rock ("City") its desire to construct a project in the City containing three Class A Office
Buildings, with related parking, amenities, and public park areas which will provide additional
tax base to the City and will promote local economic development and stimulate business and
commercial activity in 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 Crow a §380.001 Program in exchange for Crow constructing the
Class A Office Building project 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;00405390
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 26th day of July, 2018.
CRAIG RG , Mayor
City of Round ocl Texas
ATTEST:
*4 L.
txw,
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 Crow Group
Series, LLC, ("Crow") in exchange for Crow's constructing a project containing three Class A
Office Buildings in the City of Round Rock are as generally outlined below:
1. Crow's obligations:
1.1. Crow agrees to purchase three tracts of land containing approximately 5 acres
described as Lots 1, 4, and 5, Block A of the City Centre Business Park, the
("Property").
1.2 Crow agrees to construct three Class A Office Buildings containing at least
125,000 square feet, along with parking and related improvements on the Property
(the "Project").
1.3 Crow agrees to invest at least $24,000,000 in the three Class A Office Buildings
and related improvements.
2. City's obligations:
2.1 City shall, subject to Crow's satisfaction of its obligations set out above, make an
Economic Development Loan to Crow in the amount of $2,200,000 with
provisions for credits towards the principal amount and forgiveness of interest if
Crow complies with its development obligations.
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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