R-2019-0387 - 9/26/2019 RESOLUTION NO. R-2019-0387
WHEREAS, the City of Round Rock ("City") has previously entered into that one certain
Economic Development Program Agreement ("Agreement") with the Round Rock Transportation and
Economic Development Corporation ("TEDCO") and EastGroup Properties, L.P. ("EGP") effective
August 10, 2017; and
WHEREAS, the Agreement set forth various agreements and understandings with respect to
the City's and TECDO's agreement to provide EGP certain incentives in consideration for EGP's
agreement to construct two buildings; and
WHEREAS, City, TEDCO, and EGP 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 Program Agreement between the City of Round Rock, Texas,
the Round Rock Transportation and Economic Development Corporation, and EastGroup Properties,
L.P., 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 26th day of September, 2019.
C RAI GIM 0Rayor
City of Round ck, Texas
ATTEST:
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0112.1902;0043152 \/' _ k
EXHIBIT
„A„
FIRST AMENDMENT
TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This FIRST AMENDMENT TO ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT "First Amendment") by and between the City of Round Rock, Texas ("City"),
the Round Rock Transportation and Economic Development Corporation, ("TEDCO" and
EastGroup Properties, L.P., ("EGP") is made and entered into this day of August, 2019.
RECITALS
WHEREAS, the City, TEDCO, and EGP entered into that one certain Economic
Development Program Agreement (the "2017 Agreement") effective August 10, 2017, setting
forth various agreements and understandings with respect to the City's and TEDCO's agreement
to provide EGP certain incentives in consideration for EGP's agreement to construct two buildings
on the Property; and
WHEREAS,the City,TEDCO,and EGP 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 5.1.1 of the Agreement is hereby amended to read as follows:
5.1 Economic Incentive Payment "EIP").
5.1.1 EIP. City and/or TEDCO shall, subject to EGP's satisfaction of its
obligations set forth herein, make EIPs to EGP as set forth herein. The EIP's shall
be made in annual payments on or before March 1 of each year as follows:
Year Amount of EIP
2020 $23,000
2021 $23,000
2022 $15,000
2023 $15,000
2024 $15,000
II.
To the extent necessary to effect the terms and provisions of this First Amendment, the
2017 Agreement is hereby amended and modified. In all other respects, the aforesaid 2017
Agreement is hereby ratified and confirmed.
00428399
IN WITNESS WHEREOF, the parties have executed.and attested this First Amendment
by their officers thereunto duly authorized.
EXECUTED to be effective as of the day of ,2019(the"Effective Date").
CITY OF ROUND ROCK,TEXAS
By:
Craig Morgan, Mayor
APPROVED as to form:
Stephan L. Sheets, City Attorney
ROUND ROCK TRANSPORTATION AND
ECONOMIC DEVELOPMENT CORPORATION
By
Craig Morgan,President
EASTGROUP PROPERTIES,L.P.,
a Delaware limited partnership
By: EastGroup Properties General Partners, Inc.,a
Delaware corporation, its general partner
By.
Its: A
By:
Its: �.;A- e
2.