R-2019-0331 - 8/8/2019 RESOLUTION NO. R-2019-0331
WHEREAS,.the City of Round Rock ("City") has previously entered into an Economic
Development Agreement ("Agreement") with Stonemill Hospitality, LLC ("SHLLC") effective
January 26, 2017; and
WHEREAS, the Agreement set forth various agreements and understandings with respect to
the City's agreement to provide SHLLC certain incentives in consideration for SHLLC's agreement to
construct an Embassy Suites Hotel and convention center in the City; and
WHEREAS, City and SHLLC now desire to amend the Agreement,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, First
Amendment to Economic Development Agreement with Stonemill Hospitality, LLC, a copy 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 8th day of August, 2019.
CRAIG MOR AN, or
City of Round Rock, exas
ATTEST:
SARA L. WHITE, City Clerk
0112.1902;0428624
FIRST AMENDMENT
TO
ECONOMIC DEVELOPMENT AGREEMENT
This FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT "First
Amendment") by and between the City of Round Rock ("City")S --andStonemill Hospitality, LLC,
("SHLLC") is made and entered into this day of A�!) ' 2019, by and between the
City, and SHLLC.
RECITALS
WHEREAS, the City and SHLLC entered into that one certain Economic Development
Agreement (the "Agreement") effective January 26, 2017, setting forth various agreements and
understandings with respect to the City's agreement to provide SHLLC certain incentives in
consideration for SHLLC's agreement to construct an Embassy Suites Hotel and convention center
in the City; and
WHEREAS, the City and SHLLC now desire to amend the Agreement as described
herein;
NOW, THEREFORE, in consideration of the mutual covenants and conditions herein
contained,the parties agree as follows:
I.
Section 4.2 of the Agreement is hereby amended to read as follows:
4.2 Improvements and Additions to Real and Personal Property. SHLLC agrees to spend
a cumulative total of at least $20,000,000.00 in improvements to real property and additions to
personal property within the City no later than July 1, 2021, and maintain real property,
improvements, and business personal property within the City with a historic cost of
$20,000,000.00 during the Term of this Agreement.
H.
To the extent necessary to effect the terms and provisions of this First Amendment, the
Agreement is hereby amended and modified. In all other respects, the aforesaid Agreement is
hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties have executed and attested this First Amendment
by their officers thereunto duly authorized.
00427842.DOCX
CITY OF ROU ROCK,TEXAS
By: m- /
Craig Morgan,Mayory
STONEMILL HOSPITALITY, LLC
By:
Printed Name: h F
Title:
2.