Contract - RRTX Lake Creek Hotel (Ruby Hotel) - 11/17/2022 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.("LCH').
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$4,500,000 in improvements to real property in the City;and
WHEREAS,the City and LCH now desire to amend the 2018 Agreement as described herein;
NOW,THEREFORE,in consideration of the mutual covenants and conditions herein contained,
the parties agree as follows:
I.
§3.Term is amended to read as follows:
3. Term. This Agreement shall become enforceable upon its Effective Date. This
Agreement shall terminate on the 3 1" day of December 2023. Regardless of the foregoing, some EIP's
may become due and payable after the term of this Agreement.
II.
§5,subsection 5.1.1 (b) is amended to read as follows:
(b) The EIP's will be an amount equal to the percentage of the HOT Tax paid each
calendar year as set forth below:
Year Percentage of HOT Tax Paid
2019 75%
2020 75%
2021 50%
2022 50%
2023 50%
III.
§5,subsection 5.1.2(b)is amended to read as follows:
(b) The EIP's will be an amount equal to the percentage of the Property Tax paid
each calendar year as set forth below:
1st Amendment to Ruby Hotel incentive agreement; 2022 4877-6220-6011 v.1
R-202z-3$?
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 date of November ,2022
CITY OF ROUND ROCK TEXAS
A Y� z
By: Craig organ, ayor
Approved as to form:
S epha fie Sandre,City Attorney
RRTX LAKE CREEK HOTEL,LP
1� ra4-�
By: Bree Carrico, Manager