R-2022-387 - 11/17/2022 RESOLUTION NO. R-2022-387
WHEREAS, the City of Round Rock ("City") and RRTX Lake Creek Hotel, L.P. entered into
that one certain Economic Development Program Agreement ("Agreement") effective the 81h of
March, 2018; and
WHEREAS, the City and RRTX Lake Creek Hotel, L.P. wish to amend the Agreement, 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 RRTX Lake Creek Hotel, L.P., 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 November, 2022.
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CRAIG M RGAN ayor
City of Round Roc , Texas
ATTEST:
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MEAGAN S KS, Ch Clerk
01 12.20222;4864-6534-2014
EXHIBIT
FIRST AMENDMENT
TO
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This FIRST AMENDMENT TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
("First Amendment")by and between the City of Round Rock,Texas("City") and RRTX Lake Creek
Hotel,L.P.("LCIP).
RECITALS
WHEREAS, the City and LCH entered into that one certain Economic Development Program
Agreement (the "2018 Agreement") effective the 8th day of March, 2018, setting forth various
agreements and understandings with respect to the City's agreement to provide LCH certain incentives in
consideration for LCH's agreement to invest$4,500,000 in improvements to real property in the City; and
WHEREAS,the City and LCH now desire to amend the 2018 Agreement as described herein;
NOW,THEREFORE,in consideration of the mutual covenants and conditions herein contained,
the parties agree as follows:
I.
§3.Term is amended to read as follows:
3. Term. This Agreement shall become enforceable upon its Effective Date. This
Agreement shall terminate on the 3Is' day of December 2023. Regardless of the foregoing, some EIP's
may become due and payable after the term of this Agreement.
II.
§ 5,subsection 5.1.1 (b) is amended to read as follows:
(b) The EIP's will be an amount equal to the percentage of the HOT Tax paid each
calendar year as set forth below:
Year Percentage of HOT Tax Paid
2019 75%
2020 75%
2021 50%
2022 50%
2023 50%
III.
§ 5,subsection 5.1.2(b)is amended to read as follows:
(b) The EIP's will be an amount equal to the percentage of the Property Tax paid
each calendar year as set forth below:
1st Amendment to Ruby Hotel incentive agreement; 2022 4877-6220-6011 v.1
Year Percentage of Property Tax Paid
2019 75%
2020 75%
2021 50%
2022 50%
2023 50%
IV.
To the extent necessary to effectuate the terms and conditions of this First Amendment,the 2018
Agreement is hereby amended and modified. In all other respects, the aforesaid 2018 Agreement is
hereby ratified and confirmed.
Executed to be effective on the 4th date of November ,2022
CITY OF ROUND ROCK TEXAS
By: Craig Morgan,Mayor
Approved as to form:
Stephanie Sandre, City Attorney
RRTX LAKE CREEK HOTEL,LP
By: Bree Carrico, Manager