Contract - LSBD Round Rock 118, LLC - 7/14/2022 DEVELOPMENT AGREEMENT
This Development Agreement ("the Agreement") is made by and between the CITY OF
ROUND ROCK,TEXAS,(the"City")and LSBD ROUND ROCK 118,LLC,a Minnesota limited
liability company(the"Developer") on thisday ofPFT 2022.
RECITALS
WHEREAS, Developer is proposing to build an affordable multifamily development(the
"Project") at 1425 CR 118, located within the City's exterritorial jurisdiction ("ETF'), as shown
in Exhibit"A"(Property"), attached hereto; and
WHEREAS, the Developer proposes to apply for financing for the Project, specifically
Low Income Housing Tax Credits ("Tax Credits") from the Texas Department of Housing and
Community Affairs ("TDHCA"); and
WHEREAS, the Developer has, pursuant to Section 2306.67071 of the Texas
Government Code, provided notice to the City of its intent to file for Tax Credits with TDHCA;
and
WHEREAS, the City has held a public hearing regarding the Project as required by
Section 2306.67071; and
WHEREAS, pursuant to Section 2306.67071, after due consideration of the information
provided by the Developer, the City must decide whether to accept or object to the Developers
application for Tax Credits to the TDHCA.
NOW THEREFORE, the parties hereto agree as follows:
ARTICLE I
1. Recitals. The City hereby finds that the Recitals stated above are true and correct.
4874-2630.1970/ss2 ��, a(34 Q - 3)- 39—
2. No Objections. Subject to the conditions stated herein, the City hereby approves
Developer's application for Tax Credits with the TDHCA.
3. Developer's Obligations. The Developer,in consideration for the City's approval as stated
above, agrees to the following:
(a) The Developer, its successors and assigns, hereby agree to forego any vesting
claims that could be made pursuant to Chapter 245 of the Texas Local Government Code
and agree to develop the Project pursuant to current MF-2(Multifamily—medium density)
District zoning regulations, including: (i) the ground floor of all buildings shall be a
minimum of seventy-five percent (75%) natural stone, simulated stone, or brick; (ii) a
minimum of two (2) different materials shall be used on each structure, and each material
used shall comprise no less than twenty percent (20%) of the exterior finish wall; (iii) no
more than thirty three percent (33%) of the building fagade may be fiber cement siding or
architecturally finished steel or metal; (iv) roofing materials shall consist of twenty-five
(25)-year architectural dimensional shingles,tile(clay,cement,natural or simulated stone),
non-reflective prefinished metal, or reflective metal such as copper or other similar metals
as approved by the zoning administrator.
(b) The Developer agrees to provide the City with a site plan and building elevations
prior to construction.
(c) The Developer, its successors and assigns, agree to not pursue any tax exemptions
or abatements for the project.
(c) The Developer agrees to pay any required impact fees,as provided for in the Round
Rock Code of Ordinances.
(d) The Developer agrees to pay any required parkland dedication fees, as provided for
in the Round Rock Code of Ordinances.
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ARTICLE II
1. No Joint Venture. It is acknowledged and agreed by the parties that the terms of this
Agreement are not intended to and shall not be deemed to create a partnership of joint venture
among parties. Neither party shall have any authority to act on behalf of the other party under any
circumstances.
2. Notice of Bankruptcy. In the event Developer files for bankruptcy, whether involuntarily
or voluntary, Developer shall provide written notice to the City within three (3) business days of
such event.
3. Authorization. Each party represents that it has full capacity and authority to grant all
rights and assume all obligations that is granted and assumed under this Agreement
4. Notice. Any notice required or permitted to be delivered hereunder shall be deemed
received three(3)days thereafter sent by United States Mail,postage prepaid,certified mail,return
receipt requested, addressed to the party at the address set forth below (or such other address as
such party may subsequently designate in writing)or on the day actually received if sent by courier
or otherwise hand delivered.
If Intended for the City:
City of Round Rock, Texas
Attention: Laurie Hadley
City Manager
221 E. Main Street
Round Rock,Texas 78664
With a copy to:
City of Round Rock, Texas
Attention: Stephan L. Sheets
City Attorney
309 E. Main Street
Round Rock, Texas 78664
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If intended for the Developer:
LSBD Round Rock 118, LLC
c/o LS Black Development, LLC
Attention: Willy Boulay
Vice President
1959 Sloan Place, Suite 100
Saint Paul, MN 55117
5. Entire Agreement. This Agreement is the entire Agreement between the parties with
respect to the subject matter covered in this agreement. There is no collateral oral or written
agreement between parties that in any matter relates to the subject matter of this Agreement.
6. Governing Law. This Agreement shall be governed and construed in accordance with the
laws of the State of Texas,without giving effect to any conflicts of law rule or principle that might
result in the application of the laws of another jurisdiction. Venue for any action concerning the
Agreement shall be in Williamson County, Texas.
7. Amendment. This Agreement may only be amended by the mutual written agreement of
the parties.
8. Severability. In the event one or more of the provisions contained in this Agreement shall
for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality,
or unenforceability shall not affect other provisions, and it is the intention of the parties to this
Agreement that in lieu of each provision that is found to be illegal invalid or unenforceable a
provision shall be added to this Agreement which is legal, valid and enforceable and is as similar
in terms as possible to the provision found to be illegal, invalid or unenforceable.
9. Assignment. This Agreement may not be assigned without the written consent of the City.
10. Authorized to Bind. The persons who execute their signatures to this Agreement and any
certifications related to this Agreement represent and agree that they are authorized to sign and
bind their respective parties to all of the terms and conditions contained herein.
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11. Counterparts. This Agreement may execute in counterparts. Each of the counterparts shall
be deemed an original instrument, but all of the counterparts shall constitute one and the same
instrument.
[Signatures on the following page.]
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Executed on this jeday of 1�1
022.
DEVELOPER:
LSBD ROUND ROCK 118, LLC
By: A&�
Its: VkA-���
CITY:
ROUND ROCK, TEXAS
By:
m /-
Craig Ao'rganyAayor
Attest:
& 11% 1 1 1
Megan Spink ity Clerk
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ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on , 2022,
by Craig Morgan, Mayor of the City of Round Rock, Texas, on belUf of said city.
DAVETTAEDWARDS Notary Public, State of Texas
=•: My Notary ID#126768336
res February 25,202a My Commission expires: O� �� U
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ACKNOWLEDGMENT
STATE OF
COUNTY OF
This instrument was acknowledged before me on 2022
by William Boulay, Vice President of LSBD ROUND ROCK 118, LLC, a Minnesota limited
liability company, on behalf of said limited liability company.
JOEDWARD F. GROSS
Notary Pub"kvrwoRa Notary Public, State of � —
wy cam*"Elow Jan 31.2=
My Commission expires: /A/,Z,-)
After recording, return to:
Sheets & Crossfield, PLLC
309 East Main Street
Round Rock, Texas 78664
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