Contract - EastGroup Properties - 9/26/2019 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.4ugmt-, 2019.
Sepke-tVlber
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: 4 A
Craig Mo an, M or
APP ED as toJA
Stephan . Sheets, City Attorney
ROUND ROCK TRANSPORTATION AND
ECONOMIC DEVELOPMENT CORPORATION
By:
. '14 V Al
Craig dorganfesident
EASTGROUP PROPERTIES,L.P.,
a Delaware limited partnership
By: EastGroup Properties General Partners, Inc., a
Delaware corporation, its general partner
By: ) ...�
Its: I cavi l y,
By:
Its:
2.