R-2019-0474 - 12/5/2019 RESOLUTION NO. R-2019-0474
WHEREAS, the City of Round Rock ("City") has previously entered into that one certain
Economic Development Program Agreement ("Agreement") with TOTKN, LLC on the 14th day of
March, 2018; and
WHEREAS, the City and TOTKN, LLC wish to amend the Agreement to extend the deadline
for completion of the Facility, 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 with TOTKN, 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 tunes 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 5th day of December, 2019.
CRAI MOR AN, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Clerk
0112.1902;00435822
EXHIBIT
FIRST AMENDMENT
TO E ONQN,11C DEVETOPWN"11—---
THIS FIRST AMENDMENT TO ECONOMIC DEVELOPMENT PROGRAIM
AGREEMENT (the ".First Amendment") is dated and entered into as of the day of
November,
2019, by and between the City of Round Rock, Texas (the "City"), and TOTKN,
LLC('701-KIMI).
th R Ll CITA_L S
WHEREAS,on the 14 day of March,2018,the Parties entered into that one certain Economic
Development Program Agreement(the"Agreement");and
WHERE,AS,the Parties wish to amend the Agreement to extend the deadline for completion of
the Facility;
NOW TUEREFORE, in consideration of the mutual. covenants and agreements herein
contained, the sufficiency of which are hereby conclusively acknowledged, and.subject to the
terms and conditions hereinafter set forth,the Parties mutually agree as foik)ws:
ARTICLE I
DEFINITIONS
1.01 All terms used herein shall have the meanings assigned to them in the Agreement unless
the context clearly requires otherwise.
ARTICLE 11
,el ENDMEATTO SE
!C110 4J
2.01 Section 4.1 of the Agreement is hereby amended to read as follows:
4.1 Facility. TOTKN agrees to spend at least$10,000,000.00 to construct and complete
the Facility on or before the I st day of December 31,2021.TOT.K.Nagrees to provide the
City with documentation that shows proof that this obligation has been satisfied,and the
City shall have the right, following reasonable advance nee notice to TOTKN, to audit
TOTKN's records relating to the construction.of the Facility to verify same.
ARTICLE III
11–ISCULANEOITS
3.01 '10 the extent necessary to of 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.
4.02 This First Amendment inay be executed. in counterparts, each of which shall be an.
original and all.of which together shall constitute but one and the same instrument.
CITY OF ROUND ROCK,TEXAS,
a home rule city and municipal corporation
By:
Craig Morgan.Mayor
APPROVED as to form:
Stephan L.Sheets,City Attorney
TOTKN,LLC'
a Texas limited liability company
By:
.lar, es Michael Farr,Manager
Date:
00434232sls
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