R-2023-257 - 8/24/2023 RESOLUTION NO. R-2023-257
WHEREAS, the City of Round Rock ("City") and Crow Group Series, LLC ("Crow") entered
into that one certain Economic Development Program Agreement ("Development Agreement") on July
26, 2018; and
WHEREAS, the City and Crow now wish to terminate the Development Agreement; and
WHEREAS, the City and Crow agree that Crow will convey the property described in Sec.
2.01 for the consideration described in Sec. 2.02 of Exhibit"A,"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 an
Agreement to Terminate Economic Development Program Agreement and all related documents, a
copy of said contract 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 24th day of August, 2023.
1, 411
CRAIdORGAff,Mayor
City of ound R46k, Texas
ATTEST:
4AIGA7 City Clerk
0112.20232:4880-5082-9944
EXHIBIT
„A»
AGREEMENT TO TERMINATE
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This Agreement to Terminate Economic Development Agreement ("this Agreement") is entered
into this day of , 2023, by and between the CITY OF ROUND
ROCK, TEXAS, ("City"), and CROW GROUP SERIES, LLC ("Crow"). The foregoing are
referred to collectively as the "Parties."
WHEREAS, on the 26th day of July, 2018, the Parties entered into that one certain Economic
Development Program Agreement(the "Development Agreement"); and
WHEREAS,the Parties now wish to terminate the Development Agreement; and
WHEREAS, the Parties agree that Crow will convey the property described in Sec. 2.01 for the
consideration described in Sec. 2.02 below;
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 DEVELOPMENT AGREEMENT
1.01 The Parties agree that the Development Agreement is hereby terminated.
ARTICLE II
CONVEYANCE OF PROPERTY
2.01 Crow agrees to convey to the City the property described as follows:
Lot 5, Block A, CITY CENTRE BUSINESS PARK SECTION 3, an addition
to Williamson County, Texas according to the Map or Plat recorded in
Cabinet R, Slide 365, Map/Plat Records, Williamson County, Texas, also
being the same as tract of land owned by The Crow Group Series LLC, as
shown in Special Warranty Deed with Vendor's Lien recorded in Instrument
No. 2018077021, Official Public Records, Williamson County, Texas.
2.02 In consideration of the conveyance described above, the City agrees to cancel
and extinguish the note and debt described in the following Deed of Trust:
Deed of Trush dated August 14, 2018, filed August 28, 2018, recorded in
Instrument No. 2018077022, Official Public Records of Williamson County,
Texas, executed by Crow Group Series, LLC to Stephan L. Sheets, Trustee,
securing the payment of one note in the sum of$2,200,000.00, payable to City
of Round Rock, Texas.
Termination Agreement; draft;7.11.23 4886-5522-0847 v.1
ARTICLE III
MUTUAL RELEASE
3.01 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.
CITY OF ROUND ROCK
By:
Craig Morgan, President
APPROVED AS TO FORM:
Stephanie L. Sandre, City Attorney
CROW GROUP SERIES, LLC
By:
its
Termination Agreement; draft;7.11.23 4886-5522-0847 v.1