R-2022-377 - 11/17/2022 RESOLUTION NO. R-2022-377
WHEREAS, on December 5, 2019, the Round Rock Transportation and Economic
Development Corporation ("TEDCO") and Sovos Brands Intermediate, Inc. ("Sovos") entered into an
Economic Development Program Agreement("Agreement"); and
WHEREAS, on November 17, 2022, TEDCO terminated the Agreement with Sovos; and
WHEREAS, the City Council desires to approve the action of TEDCO in terminating said
Agreement with Sovos,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the City Council hereby approves the action of the Round Rock Transportation and
Economic Development Corporation in terminating the Economic Development Program Agreement
with Sovos Brands Intermediate, Inc., a copy of the termination agreement 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 November, 2022.
CRAIG M RGA ayor
City of Round R , Texas
ATTEST:
qM AGAN S KS, ty Clerk
0112.20222;4876-7028-2557
EXHIBIT
AGREEMENT TO TERMINATE "A//
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This Agreement to Terminate Economic Development Agreement("this Agreement") is entered into this
day of , 2022, by and between the ROUND ROCK TRANSPORTATION AND
ECONOMIC DEVELOPMENT CORPORATION, a Type B Corporation pursuant to Chapter 505 of the Texas
Local Government Code ("TEDCO"), and SOVOS BRANDS INTERMEDIATE, INC. ("SOVOS"), a Delaware
corporation.The foregoing are referred to collectively as the"Parties."
WHEREAS, on the St' day of December, 2019, the Parties entered into that one certain Economic
Development Agreement(the "Development Agreement");and
WHEREAS,the Parties now wish to terminate the Development Agreement;
NOW THEREFORE, 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 follows;
ARTICLE I
TERMINATION OF PROGRAM AGREEMENT
1.01 The Parties agree that the Program Agreement is hereby terminated.
ARTICLE II
MUTUAL RELEASE
2.01 The Parties release and forever discharge the other party to the Development Agreement from
all claims,demands, damages,actions,causes of action, or suits in equity,of any kind or nature,accruing
before or after the date of this Agreement and whether known or unknown on this date, for or because
of any matter or thing done, omitted or suffered to be done or omitted in any way directly or indirectly
arising out of the Development Agreement.
ROUND ROCK TRANSPORTATION AND ECONOMIC
DEVELOPMENT CORPORATION
By:
Craig Morgan,President
APPROVED AS TO FORM:
Stephan L.Sheets,City Attorney
SOVOS BRANDS INTERMEDIATE,INC.
By:
its nS
P(aA4 1(e,/ vvCE�
Termination agreement;09.21.22 4876-4752-9521 v.l_SOVOS