R-2019-0394 - 9/26/2019 RESOLUTION NO. R-2019-0394
WHEREAS, EastGroup Properties, L.P., ("EGP") has expressed to the City of Round Rock
("City") its desire to construct two buildings for industrial and warehousing use in the City which will
provide primary jobs and additional tax base to 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 EGP a §380.001 Program in exchange for EGP constructing two
industrial use buildings 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 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.
0112.1902;00431689
4mz/
CRAIG NJORGO, Mayor
City of Roundck, Texas
ATTEST:
"/VLt I.%lal-,
'404-
smt A--h. wt m41pt,:�ei
et y 119 clxk
2
EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to EastGroup
Properties, ., ("EGP") in exchange for EGP's constructing two new industrial and
warehousing use buildings in the City of Round Rock are as generally outlined below:
1. EGP's obligations:
1.1. EGP agrees to construct two new buildings in the City that are suitable for industrial
and warehousing purposes.
2. City's obligations:
2.1. City shall, subject to EGP's satisfaction of its obligation to construct two new buildings
in the City make Economic Incentive Payments to EGP as follows:
City subject to EGP's satisfaction of its obligations to construct two new buildings,
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. EIP's shall be paid as follows:
Year EIP Amount
2022 $24,000
2023 $24,000
2024 $16,000
2025 $16,000
2026 $16,000
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.
3