R-2020-0369 - 12/17/2020 RESOLUTION NO. R-2020-0369
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 City and SHLLC wish to amend the Agreement to extend the deadline for
completion of improvements,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, Second
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 17th day of December, 2020.
X 141
CRAIG ORPock,
, Mayor
City of Round Texas
ATTEST:
AA ftA I i AAi i a Nnr-.
MEAGAN INKS, neputy City Clerk
0112.20202;0461103
EXHIBIT
„A»
SECOND AMENDMENT
TO
ECONOMIC DEVELOPMENT AGREEMENT
This SECOND AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT
"Second Amendment") by and between the City of Round Rock ("City") and Stonemill
Hospitality, LLC, ("SHLLC") is made and entered into this day of 20_, 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 entered into that one certain First Amendment to
Economic Development Agreement (the "First Amendment") effective the 81h day of August,
2019, extending the date for completion of the improvements to July 1, 2021; 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 and to complete such improvements no later than
January 1, 2022, 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.
II.
To the extent necessary to effect the terms and provisions of this Second Amendment, the
Agreement is hereby amended and modified. In all other respects, the aforesaid Agreement is
hereby ratified and confirmed.
0046044&DOD(
I
IN WITNESS WHEREOF, the parties have executed and attested this Second
Amendment by their officers thereunto duly authorized.
CITY OF ROUND ROCK, TEXAS
By:
Craig Morgan, Mayor
STONEMILL HOSPITALITY,LLC
Printed Name: a , 410
Title: d ,4r.-'-
2.