R-97-02-27-10C - 2/27/1997RESOLUTION NO. R- 97- 02- 27 -10C
WHEREAS, the City Council approved a Tax Abatement Agreement
( "Agreement ") with Encino Plaza Partners, L.L.C. on December 19,
1996, and
WHEREAS, both parties to the Agreement now wish to terminate
and rescind said 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 an Agreement for the Termination and Rescission
of a Tax Abatement Agreement Between the City of Round Rock and
Encino Plaza Partners, L.L.C., a copy of said agreement being
attached hereto as an exhibit.
RESOLVED this day of 27th day of February, 1997.
ATTEST:
[Aw ,oOcs \RGSQGrrr \RYloaa,c.wpn /.1.
LAND, City Secretary
CHARLES CUL E•" ER, Mayor
City of Round ock, Texas
AGREEMENT FOR THE TERMINATION AND
RESCISSION OF A TAR ABATEMENT AGREEMENT BETWEEN THE
CITY OF ROUND ROCK AND ENCINO PLAZA PARTNERS, L.L.C.
The City of Round Rock, Texas, and Encino Plaza Partners,
L.L.C., the parties to a Tax Abatement Agreement ( "Agreement ")
which was approved by the City Council on December 19, 1996, agree
to terminate and rescind said Agreement entirely and without
reservation. It is expressly agreed that this agreement for the
termination and rescission of the Agreement described above is to
be construed as a mutual release of each party to the other of any
rights and remedies that they may have had under that Agreement.
Dated: February 27, 1997.
\XP0009\ACITYWATIXEMI ICING \TCWQIgT.MPD /ele
The City of Round Rock, Texas
bv:
arles Culp
- p•fr Mayor
Encino Plaza Partners, L.L.C.
by: I -
David Sh on, President
DATE: February 25,1997
SUBJECT: City Council Meeting - February 27,1997
ITEM: 10.C. Consider a resolution rescinding the tax abatement agreement with
Encino Plaza Partners, L.L.C. (R- 96- 12- 19 -10A).
STAFF RESOURCE PERSON: Bob Bennett
STAFF RECOMMENDATION:
The attached resolution mutually rescinds the tax abatement agreement between the
City of Round Rock and Encino Plaza Partners, L.L.C.
Mayor
Charles Culpepper
Mayor Protem
Earl Palmer
Council Members
Robert Stlaka
Rod Morgan
Rkk Stewart
Martha C.hma
Jimmy Joseph
City Manager
Robert L Bennett, Jr.
City Attorney
Stephan L Sheets
CITY OF ROUND ROCK
January 3, 1997
Mr. Forrest Child, Tax Assessor /Collector
Round Rock Tax Office
P.O. Box 1750
Round Rock, Texas 78680
Dear Mr. Child: .
The Round Rock City Council approved, at their regularly scheduled
meeting on December 19, 1996, Ordinance No. G- 96- 12 -19 -9B and
Resolution No. R- 96- 12- 19 -10A for the Encino Plaza Reinvestment Zone
and Tax Abatement Agreement.
Enclosed is a copy of the ordinance and resolution for your files. If you
have any questions, please do not hesitate to contact me.
S erely,
J.. nne Land,
Assistant City Manager/
City Secretary
enclosure
Fax: 512-218-7097
1-800-735-2989 TDD 1-800-735-2988 Voice
221 Past Main Street
Round Rock Texas 78664
512-218-5400
Mayor
Charles Culpepper
Mayor Pro-tem
Earl Palmer
Council Members
Robert Sduka
Rod Morgan
Rick Stewart
Martha Chavez
Jimmy Joseph
City Manager
Robert L Bennett Jr.
GtyAttorney
Stephan L Sheets
CITY OF ROUND ROCK
January 3, 1997
Mr. Mike Jolly
Chief Financial Officer
RRISD
1311 Round Rock Avenue
Round Rock, Texas 78681
221 East Main Street
Round Rock Texas 78664
512- 218 -5400
Dear Mr. Jolly:
The Round Rock City Council approved, at their regularly scheduled
meeting on December 19, 1996, Ordinance No. G- 96- 12 -19 -9B and
Resolution No. R- 96- 12- 19 -10A for the Encino Plaza Reinvestment Zone
and Tax Abatement Agreement.
Enclosed is a copy of the ordinance and resolution for your files. If you
have any questions, please do not hesitate to contact me.
Aiii cerely,
4!91
nne Land,
Assistant City Manager/
City Secretary
enclosure
Fax: 512-218.7097
1- 800 - 735 -2989 TDD 1-800-735-2988 Voice
WHEREAS,the City Council, on the 19th day of December, 1996,
in Ordinance No. G- 96- 12- 19 -9B, created Reinvestment Zone No.
Twenty in the City of Round Rock, Texas, and
WHEREAS, in accordance with Chapter 312, Tax Code, V.A.T.S.
as amended, the City desires to enter into a tax abatement
agreement with Encino Plaza Partners, L.L.C., regarding property
located in said Reinvestment Zone No. Twenty, and
WHEREAS, the Council has determined that all requirements of
the guidelines and criteria adopted by Ordinance No. G- 95- 09 -14 -9P
have been complied with, 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 a Tax Abatement Agreement with Encino Plaza
Partners, L.L.C.
RESOLVED this 19th day of December, 1996.
ATTEST:
l IIJIJI! lA L_/:
E LAND, Cit Secretary
K \WPDOCS \RESOLVII \RS61219A WPD /ecg
RESOLUTION NO. R- 96- 12- 19 -10A
CHARLES CU PER, Mayor
City of Round Rock, Texas
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
TAX ABATEMENT AGREEMENT
This Tax Abatement Agreement ( "Agreement ") is entered into by
and between the City of Round Rock, Texas, a home rule city and
municipal corporation of Williamson County, Texas, duly acting herein
by and through its Mayor, and Encino Plaza Partners, L. L. C., a
Texas Limited Liability Company, hereinafter referred to as "Owner ".
Z \ TE% T\ ROONDROC \ENCINO\TAXABATE.NPD /cdc
RECITALS
WHEREAS, on the 19th day of December, 1996, the City Council of
the City of Round Rock, Texas, adopted Ordinance No. G- 96- 12 -19 -9B
establishing Reinvestment Zone No. 20, City of Round Rock, Texas for
commercial /industrial tax abatement, hereinafter referred to as
"Ordinance No. G- 96- 12- 19 -9B ", as authorized by Chapter 312, Tax
Code, V.A.T.S. as amended, hereinafter referred to as the "Code "; and
WHEREAS, the City has adopted Ordinance No. G- 95- 09- 14 -9P, which
Ordinance adopted appropriate guidelines and criteria governing
reinvestment zones and tax abatement agreements to be entered into
by the City as contemplated by the Code; and
WHEREAS, the contemplated use of the Premises (as hereinafter
defined) and Improvements (as hereinafter defined) as well as the
terms of this Agreement are consistent with encouraging development
in said Reinvestment Zone No. 20 in accordance with the purposes for
its creation and are in compliance with Ordinance No. G- 95- 09 -14 -9P
and the guidelines and criteria adopted by the City and all
applicable laws; and
WHEREAS, the Improvements constitute a major investment within
Reinvestment Zone No. 20 that will substantially increase the
appraised value of property within the zone and will contribute to
the retention or expansion of primary and secondary employment within
the City; and
WHEREAS, the City finds that there will be no substantial
adverse effects on the provision of governmental services or on their
tax bases and that the planned use of the Premises will not
constitute a hazard to public safety, health, or welfare, NOW
THEREFORE, the parties hereto do mutually agree as follows:
1. Property subject to Agreement. The property to be the
subject of this Agreement shall be that property included within
Reinvestment Zone No. 20 which is more fully described in Exhibit "A"
which is made a part hereof and shall be hereinafter referred to as
the "Premises."
2. Construction of Improvements. The Owner shall promptly
commence construction of its facility, a five story, 170 room Holiday
Inn Hotel, with an 85 seat restaurant, an 85 seat lounge and a 350
seat ballroom, said facility hereinafter referred to as the
"Improvements ". The total construction cost of the Improvements is
approximately Eleven Million, Six Hundred and Forty -Three Thousand,
Three Hundred and Thirty -Eight and no /100 Dollars ($11,643,338.00),
which Improvements are to be substantially complete on or about
February 1, 1998; provided that Owner shall have such additional time
to complete the Improvements as may be required in the event of
"force majeure" if Owner is diligently and faithfully pursuing
completion of the Improvements. For this purpose, "force majeure"
shall mean any contingency or cause beyond the reasonable control of
Owner including, without limitation, acts of God or the public enemy,
war, riot, civil commotion, insurrection, governmental or de facto
governmental action (unless caused by acts or omissions of Owner),
fires, explosions or floods, and strikes. The date of completion of
the Improvements shall be defined as the date a Certificate of
Occupancy is issued by the City.
3. Completion of Improvements. The Owner agrees and covenants
that it will diligently and faithfully in a good and workmanlike
manner pursue the completion of the Improvements as a good and
valuable consideration of this Agreement. Owner further covenants and
agrees that all construction of the Improvements will be in
accordance with all applicable state and local laws and regulations
or valid waiver thereof. In further consideration, Owner shall
thereafter, from the date a Certificate of Occupancy is issued until
the expiration of this Agreement, continuously operate and maintain
the Premises as a hotel facility.
4. Provision of lobs. The Owner agrees and covenants that it
will provide and /or retain at least the number of jobs on the
Premises from the completion date of the Improvements throughout the
term of this Agreement according to the following schedule:
Date Total
On February 28, 1998 80
On December 31, 1998 87
On December 31, 1999 99
On December 31, 2000 99
On December 31, 2001 99
2.
The Owner shall provide to the City annual manpower reports
within sixty (60) days following the end of each calendar year.
Regardless of anything contained herein to the contrary, the
failure by Owner to provide the number of jobs set out in the above
schedule shall not be considered an event of default as defined in
paragraph 10 below unless the number of jobs actually provided is
less than seventy -five percent (75 %) of the number set out in the
schedule. If the actual number of jobs provided at the end of any
year is less than the scheduled number but is seventy -five percent
(75 %) or more, then the percentage of tax abatement for the following
year as provided in paragraph 7 below shall be reduced. The
percentage of tax abatement shall be reduced by the same percentage
that the actual number of jobs bears to the scheduled number of jobs.
By way of illustration, if on December 31, 1997, Owner has provided
ten percent (10 %) fewer jobs than is required, then its abatement
shall be reduced by ten percentage points (i.e. the 90% abatement
shall be reduced ten percentage points to an 90% abatement.) Failure
of the Owner to provide at least seventy -five percent (75 %) of the
number of jobs required by this Agreement shall be considered an
event of default.
6. Application for tax abatement. The Owner agrees and
covenants that the attached application for tax abatement (Exhibit
"B ") is a part of this Agreement, and Owner further warrants that the
information provided in that application is true and correct. If any
materially false or misleading information is provided in said
application, City shall have the discretion to declare this Agreement
to be in default and City shall be entitled to the remedies provided
for in paragraph 10.
7. Portion of taxes abated. Subject to the terms and
conditions of this Agreement, and subject to the rights of the
holders of any outstanding bonds of the City, a portion of ad valorem
real property taxes from the Premises otherwise owed to the City
shall be abated. City hereby acknowledges that they are not aware of
any terms or conditions of any outstanding bonds which would
invalidate this Agreement. Said abatement shall be an amount equal
to the below- stated percentages assessed upon the increased value of
the Premises and Improvements over the value in the year in which
this Agreement is executed, in accordance with the terms of this
Agreement and all applicable state and local regulations. The
percentage of abatements are as follows:
Tax Year 1997
Tax Year 1998
Tax Year 1999
Tax Year 2000
Tax Year 2001
3.
100% abatement
100% abatement
75% abatement
50% abatement
25% abatement
These abatements shall be for five (5) tax years beginning 1997.
8. Right of inspection. The Owner further agrees that the
City, its agents and employees shall have the right to enter upon the
Premises at any reasonable time to inspect the Improvements in order
to determine whether the construction of the Improvements is in
accordance with this Agreement and all applicable Federal, state, and
local laws, ordinances, and regulations or valid waiver thereof.
After completion of the Improvements, the City shall have the
continuing right to enter upon and inspect the Premises at any
reasonable time to determine whether the Premises are thereafter
maintained and operated in accordance with this Agreement and all
applicable Federal, state, and local laws, ordinances, and
regulations. If the City determines that a violation of a Federal,
state or local law, ordinance or regulation exists on the Premises,
the City may, in addition to any other authorized enforcement action,
provide to the Owner written notice of such violation. For the
purposes of this Agreement, the Owner shall have ten (10) days from
the date of the notice to cure or remedy such violation. If the Owner
fails or refuses to cure or remedy the violation within the ten (10)
day period, the Owner is subject to the forfeiture, at the discretion
of the City, of any right to any tax abatement for a portion of the
period or the entire period covered by this Agreement. In addition,
the failure or refusal to cure or remedy the aforesaid violation
shall be considered a default of this Agreement under paragraph 10.
9. Additional assessed value of property added to the
Premises. The Owner agrees and covenants that upon completion of the
Improvements and during the term of this Agreement that the
Improvements and added personal property shall provide additional
assessed value over and above the value of the existing taxable
property of not less than Ten Million and no /100 Dollars
($10,000,000.00).
within sixty (60) days following completion of the Improvements
and by March 1, of each year thereafter, Owner shall provide to the
City documentation showing to the satisfaction of the City that the
cost of taxable real property, personal property and equipment within
sixty (60) days following completion of the Improvements is in
compliance with the foregoing requirement.
10. Events of default. In the event that (1) the Improvements
for which an abatement has been granted are not completed in
accordance with this Agreement or (2) Owner allows its ad valorem
taxes owed the City to become delinquent and fails to timely and
properly follow the legal procedures for protest and /or contest of
any such ad valorem taxes; or (3) Owner breaches any of the terms or
conditions of this Agreement, then this Agreement shall be in
default. In the event that the Owner defaults in its performance of
(1), (2), or (3) above, then the City shall give the Owner written
4.
notice of such default and if the Owner has not cured such default
within thirty (30) days of said written notice, this Agreement may
be terminated by the City by written notice to Owner. Such notice
shall be in writing and shall be delivered by personal delivery or
certified mail to:
12. Authorizations.
David Shelton, Manager
Encino Plaza Property, L. L. C.
P. O. Box 2445
Round Rock, Texas 78680
As liquidated damages in the event of default and in accordance
with Section 312.205, Tax Code, V.A.T.S., as amended, all taxes which
otherwise would have been paid to the City without the benefit of
abatement (without the addition of penalty, but interest will be
charged at the statutory rate for delinquent taxes as determined by
Section 33.01 of the Tax Code) shall become a debt owed by Owner to
the City and shall be due, owing and paid to the City within sixty
(60) days of the expiration of the above mentioned applicable cure
period. The City shall have all remedies for the collection of the
recaptured tax revenue as provided generally in the Tax Code for the
collection of delinquent property taxes.
11. Agricultural land. It is understood and agreed by the City
and the Owner that if the Premises have been designated and taxed as
agricultural land pursuant to Chapter 23, Subchapter C, Tax Code,
V.A.T.S., this Agreement shall not be effective and no abatement will
be granted until Owner has removed the agricultural use designation
and all taxes due pursuant to Section 23.55, Tax Code, V.A.T.S., as
amended, (roll back taxes) have been paid.
a) City. This Agreement was authorized by Resolution of
the City Council at its council meeting on the 12th day of
December, 1996, authorizing the Mayor to execute the Agreement
on behalf of the City.
b) Encino Plaza Partners, L.L.C.. This Agreement was
authorized by Encino Plaza Partners, L.L.C.. pursuant to
authority granted by its Board of Directors on the 16th day of
May, 1996, whereby David Skelton was authorized to execute this
Agreement on the 16th day of May, 1996, a copy of which
authorization is attached hereto as Exhibit "C ".
5.
a) City representations. The City represents and warrants
that the Premises do not include any property that is owned by
a member of their respective councils or boards, agencies,
commissions, or other governmental bodies approving, or having
responsibility for the approval of, this Agreement.
b) Agreement binds successors. The terms and conditions of
this Agreement are binding upon the successors and assigns of
all parties hereto.
c) Assignment. This Agreement cannot be assigned by Owner
unless written permission is first granted by the City, which
permission shall not be unreasonably withheld; provided however,
Owner may assign its rights under this Agreement to an entity
which is wholly owned by Owner. No assignment shall be approved
if the assignor or assignee are indebted to the City for ad
valorem taxes, sales taxes or other obligations.
d) Owner acting independently. It is understood and agreed
between the parties that the Owner, in performing its
obligations hereunder, is acting independently, and the City
assumes no responsibilities or liabilities in connection
therewith to third parties.
e) Owner's Indemnity. During the term of this Agreement,
Owner agrees to indemnify and hold City harmless from any and
all kinds of claims, losses, damages, injuries, suits, or
judgments which may accrue to Owner, City, or third parties
arising out of this Agreement.
f) Venue. This Agreement is performable in Williamson
County, Texas, and venue for any suit arising hereunder shall
be in Williamson County, Texas.
ST:
13. Miscellaneous provisions.
411101 AiJI AKA •
•
J NNE LAND, City Secretary
CIS'/ OF • ROCK, TEXAS
6.
1
HARLES CU 'E " R, Mayor
ENCINO PLAZA PARTNERS, L.L.C.
7.
EXHIBIT "A"
Page 1 of 1
Property Description
8.
OCT -11 -1996 11:36. FROM
4.999 ACRES
HOPPE TRACT
PAGE 1
FIELD NOTES DESCRIPTION
OF 4.999 ACRES
TO • •21E7097 P.02
FIELD NOTE DESCRIPTION FOR 4.999 ACRE TRACT (217,756
SQ. FT.) OUT OF THE DAVID CURRY SURVEY, ABSTRACT NO.
130 SITUATED IN WILLIAMSON COUNTY, TEXAS, SAID 4.999
ACRE TRACT BEING ALL OF THAT CERTAIN 3.634 ACRE
TRACT AS CONVEYED TO ENCINO PLAZA PROPERTY AS
DESCRIBED IN DOCUMENT NO. 9623780 AND A 1.365 ACRE
TRACT BEING A PORTION OF THAT CERTAIN 16.451 ACRE
TRACT AS CONVEYED TO OAK TREE DEVELOPMENT
CORPORATION AS DESCRIBED IN DOCUMENT NO. 9623183
OF THE WILLIAMSON COUNTY DEED RECORDS (W.C.D.R.),
WILLIAMSON COUNTY, TEXAS, SAID 4.999 ACRE TRACT
(217,766 SQ. FT.) BEING MORE PARTICULARLY DESCRIBED
BY METES AND BOUNDS AS FOLLOWS:
D. CURRY SURVEY
JOB NO. 96-143
SEPTEMBER 25, 1996
COMMENCING AT AN 112" IRON ROD FOUND IN THE NORTHERLY RIGHT -OF-
WAY (R.O.W.), UNE OF F.M. 3406 (120' R.O.W.) AND WITH THE EASTERLY R.O.W. LINE
OF CHISHOLM TRAIL (R.O.W. VARIES) SAID POINT BEING THE POINT OF REFERENCE
OF THE HEREIN DESCRIBED TRACT.
THENCE N 01° 20' 26" E, A DISTANCE OF 560.07 FEET ALONG THE EASTERLY
R.O.W. OF CHISHOLM TRAIL AND THE WEST LINE OF THAT 4.651 ACRE TRACT
CONVEYED TO HOPPE PROPERTIES LTD. IN DOCUMENT NO. 9623779, TO A
CALCULATED POINT.
THENCE S 88° 39' 34" E A DISTANCE OF 20.00 FEET DEPARTING SAID
EASTERLY R.O.W. LINE OF CHISHOLM TRAIL TO AN IRON ROD SET FOR THE POINT OF
BEGINNING SAID POINT BEING THE SOUTHWEST CORNER OF THE HEREIN
DESCRIBED TRACT. • •
THENCE N 01' 20' 26" E A DISTANCE OF 634.56 FEET ALONG THE WEST UNE OF
SAID 3.834 ACRES AND SAID 1.365 ACRE TRACT TO AN 1/2" IRON ROD
THENCE S 88° 39' 34" E A DISTANCE OF 350.00 FEET ALONG THE NORTH LINE
OF SAID 1.365 ACRES TO AN 1/2" IRON ROD SET
THENCE ALONG THE EAST LINE OF SAID 1.365 ACRE TRACT AND SAID 3.634
ACRE TRACT THE FOLLOWING SIX (6) COURSES AND DISTANCES:
1. S 01 20' 26" W A DISTANCE OF 347.82 FEET TO AN 1/2"
IRON ROD SET, SAID POINT BEING A POINT OF CURVATURE FOR A
CURVE TO THE RIGHT;
2. CONTINUING ALONG SAID CURVE TO THE RIGHT HAVING A
RADIUS OF 190.00 FEET, A CENTRAL ANGLE OF 15° 00' 00" AN ARC
OCT -11 -1996 1137 FROM
TO • 2107097 P.03
LENGTH OF 49.74 FEET AND A CHORD WHICH BEARS S 08 26" W,
A DISTANCE OF 49.60 FEET TO AN 1/2" IRON ROD SET;
3. 5 16° 20' 26" W A DISTANCE OF 155.98 FEET TO AN 1/2"
IRON ROD SET FOR THE POINT OF CURVATURE FOR A CURVE TO
THE LEFT;
4. CONTINUING ALONG SAID CURVE TO THE LEFT HAVING A
RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 16° 00' 00" AN ARC
LENGTH OF 54.98 FEET AND A CHORD WHICH BEARS S 08° 50 26" W
A DISTANCE OF 54.82 FEET TO AN 112" IRON ROD SET;
5. S 01° 20' 26" W A DISTANCE OF 32.55 FEET TO AN 1/2" IRON
ROD SET FOR THE POINT OF CURVATURE FOR A CURVE TO THE
RIGHT;
6. CONTINUING ALONG SAID CURVE TO THE RIGHT HAVING A
RADIUS OF 15.00 FEET, A CENTRAL ANGLE OF 90° 00' 00" AN ARC
LENGTH OF 23.56 FEET AND A CHORD WHICH BEARS S 46° 20' 26" W
A DISTANCE OF 21.21 FEET TO AN 1/2" JRON ROD SET SAID POINT
BEING THE SOUTHEAST CORNER OT THE HEREIN DESCRIBED
TRACT;
THENCE ALONG THE SOUTH LINE OF SAID 3.634 ACRE TRACT THE FOLLOWING
TWO (2) COURSES AND DISTANCES:
1. N 88° 39' 34" W A DISTANCE OF 266.00 FEET TO AN 1/2"
IRON ROD SET FOR THE POINT OF CURVATURE FOR A CURVE TO
THE RIGHT;
2. CONTINUING ALONG SAID CURVE TO THE RIGHT HAVING A RADIUS
OF 15.00 FEET, A CENTRAL ANGLE OF 90° 00' 00" AN ARC LENGTH OF 23.56 FEET AND
A CHORD WHICH BEARS N 43° 39' 34" W A DISTANCE OF 21.21 FEET TO THE POINT OF
BEGINNING AND CONTAINING 4.999 ACRES (217,756 SQ. FT) OF LAND MORE OR LESS.
J
I, TIMOTHY HAYNIE, HEREBY CERTIFY THAT THIS DESCRIPTION WAS PREPARED
FROM AN ACTUAL SURVEY MADE ON THE GROUND UNDER MY SUPERVISION AND
THAT ALL CORNERS ARE MARKED AS DESCRIBED.
TIMOTHY E. HAYNIE DATE
REGISTERED PUBLIC SURVEYOR NO.2380
FILE: 96143FLD.NTS
Reinvestment Zone # 20
Q
0
N
Nt
This is to certify that the statements contained herein are true and correct. The
signers hereof are authorized to make these statements on behalf of the applicant.
The filing of this document acknowledges familiarity and conformance with
guidelines and criteria for granting tax abatement. This application will become part
of the agreement which shall be enforceable and binding on the applicant. False
representations will be grounds for terminating the agreement. Any such false
statements shall be considered a default which renders the agreement void. This
application should be filed with the City Manager of the City of Round Rock, 221
East Main Street, Round Rock, Texas 78664.
I. APPLICANT INFORMATION: DATE: ME 5, 1996
IL PROTECT INFORMATION:
txabmt.3.14.95
Address: P.O. BOX 2445
EXHIBIT "B"
APPLICATION FOR TAX ABATEMENT
Company Name: ENCINO PLAZA PARTNERS L.L.C.
ROUND ROCK, TEXAS 70600
A. Description of area to be designated as reinvestment zone: (attach map)
SEE EXFI ?IT "A"
B. Description of eligible improvements (real property) to be constructed:
A FIVE STORY 170 ROOM HOLIDAY INTT HOTEL FACILITY WITH 85 SRAT RESTAUPANT
75 SEAT LOUNGE AND 350 SEAT BALLROOM
SEE EXHIBIT "B"
I C. Current assessed value:
APPRAISED VALUE OF 4.999 ACRES AS OF 1/1/96 - $327,510.00;
VALUE - `$14,472:00
D. Estimated value of eligible improvements:
building: SEE EXHIBIT "C"
equipment:
AG ASSESSED
Page 1
txabmt.3.14.95
E. Description of ineligible (taxable) property to be included in project•.
NONE
F. Estimated value of ineligible property:
NONE
G. Estimated value of site as of January 1 preceding abatement agreement:
Land:
Improvements:
Personal Property:
APPFAISED VALUE. OF 4.99_9 ACRES AS OF 1/1/96 - $327,51b.00)
A0 ASSESSED VALUE - $14',472
H. This project is:
(XX)) A New Plant ( ) An Expansion ( ) A Modernization
If Modernization:
Estimated economic life of existing plant:
Added economic life from modernization:
Tax abatement requested:
100 % of eligible property for year 1.
100 % of eligible property for year 2.
75 % of eligible property for year 3.
50 % of eligible property for year 4.
25 % of eligible property for year 5.
III. ECONOMIC INFORMATION:
A. Construction Estimates:
Commencement Date:
2/97
Completion Date:
2"/,987,
# of Construction Jobs
130
B. Estimated number of jobs to be created:
SEE EXFIBIT "D"
1. December 31,199
2. December 31,199
3. December 31,199
4. December 31,199
5. December 31,199
years
years
Local
Transfer
Total
Est. Salaries
Page 2
C. Other estimated taxes generated by project:
D. The proposed reinvestment zone is located in:
Sales Tax: SEE ExFIBIT "F"
Other (Identify):
Round Rock
Williamson
City:
County:
School District:
Other Taxing Jurisdiction: Brtahy Creek WCID
Round Rock Independent School District (RRISD)
S toe of Kuthoriz d Company Officia
� K 5■Act_lAcniN
Printed Name and Title of Authorized d
Company Official
Company Representative to be contacted:
Name: v, << S \f1Q \ OV\
Address: B 5 Ro
txabmt.3.14.95
L -3—L-
1dNl%
Title: pt:- i Uel1k
1. R. C omic
Telephone No.: ( 3 O - 15s lFc - (51,) '6 -0 .)(000
e -Ct(.LC-c• c ��
Upon receipt of the application, the City of Round Rock may also require copies of the
latest annual stockholders report, audited financial statements, bank references, and any
other information required to evaluate the application.
Page 3
STATE OF TEXAS
COUNTY OF WILLIAMSON .
VERIFICATION
BEFORE ME, the undersigned Notary Public, on this day personally
appeared Shel (title) of Sce,.t.i c. L L'be d.
(Owner), being by me duly sworn on his oath deposed and said that he is duly
qualified and authorized in all respects to make this affidavit; that he has read the
above and foregoing Application For Tax Abatement; and that every statement
contained in the Application is within his knowledge and true and correct.
SUBSCRIBED AND SWORN TO BEFORE ME on the 22- day of
19 96 , to certify which witness my hand and official seal. 0
c
SHARON
YPUBLIC
STATE OF TEXAS
Commission Expires 12.12.99
bcabmt.3.14.95
CAROLE ALSUP
NOTARY PUBLIC
STATE OF TEXAS
Commission Expires 414.98
E 177 Qh�-,c. Oi • pj J r�
Notary Public, State of TeX '-
Printed Name: 5hc -ro-r. L. Lo pez.
My Commission Expires: 12-12... 99
SUBSCRIBED AND SWORN TO BEFORE ME on the 64: day of December, 1996,
to certify which witness my hand and official seal.
ev Qea„� >
Notary Public, State of Tex
Page 4
0'
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1 H
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td
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SCALE 1'= 100'
SKETCH To ACCOMPANY FOELD NOTES
OF 3.6 ACRES OUT OF THE DAM CURRY SURVEY ABST 130
OLLLLOAMSO COUNTY , TEXAS
POINT OF REFERENCE
FCR FIELD NOTE DE5C.
I katicAth /- 14
F
•ITHY E. 1: •'HIE '
LEGEND
• PIN FOUND
O PIN SET
( ) 1001050E5 0410000 INFO
588'39'34 "E
20.00'
:'388
*i'111 _ `8 -°1L
T v.? HAYN16 s ASSOCIATES S0 e - T.
i a .el4471 JANE. slit
CIILSFIOLM TRAIL
_N01'20 26iE 560.07
EDGAR E. NOPPE
172.48 ACRES (THIRD TRACT)
VOL. 429. PG. 488
(II. C.D.R.)
EDGAR B. ROPP6
38.78 ACRES (..00nd TRACT)
VOL. 429, PO. 485
0
0
N
r R.o.W Y.LRIdS) COUNTY ROAD 173
N01'20'26 "E 634. 6 _
-5
•32 55 / � 1 51 520
155
S01'2026 W
317.82
CURVE
C -3
RADIUS
15.00'
PRESENTLY CALCASIEU LUMBER COMPANY
AUSTIN INDUSTRIES
42.98 ACRES
VOL. 748, PG. 470
(1I. C.D.R.)
0
0
0
�' 3
CURVE DATA
DELTA TANGENT LENGTH CHORD BEARING
90 '00;00_ 1500' 23.55' 21.21' N41'}q'T
FIELD NOTES DESCRIPTION
OF 4.999 ACRES
FIELD NOTE DESCRIPTION FOR 4.999 (217,756 SQUARE
FEET), ACRE TRACT OUT OF THE DAVID CURRY SURVEY,
ABSTRACT NO. 130 SITUATED IN WILLIAMSON COUNTY,
TEXAS, SAID 4.999 ACRE TRACT BEING A PORTION OUT
OF THAT CERTAIN 38.78 ACRE TRACT( SECOND TRACT )
AS DESCRIBED IN A DEED CONVEYED TO EDGAR E.
HOPPE IN VOLUME 429, PAGE 485 OF THE WILLIAMSON
COUNTY DEED RECORDS (W.C.D.R.), WILLIAMSON
COUNTY, TEXAS, SAID 4.999 ACRE TRACT BEING MORE
PARTICULARLY DESCRIBED BY METES AND BOUNDS AS
FOLLOWS:
COMMENCING AT AN 1/2" IRON ROD FOUND IN THE NORTHERLY RIGHT -
OF -WAY (R.O.W.), LINE OF F.M. 3406 (120' R.O.W.) AND WITH THE EASTERLY
R.O.W. LINE OF CHISHOLM TRAIL ( R.O.W. VARIES ) SAID POINT BEING THE
POINT OF REFERENCE OF THE HEREIN DESCRIBED TRACT.
THENCE N 01° 20' 26" E, A DISTANCE OF 560.07 FEET ALONG THE
EASTERLY R.O.W. OF CHISHOLM TRAIL AND THE WEST LIME OF SAID 38.78
ACRE TRACT, TO AN IRON ROD SET FOR THE POINT OF BEGINNING AND
BEING THE SOUTH EAST CORNER OF THE HEREIN DESCRIBED TRACT.
THENCE N 01° 20' 26" E, A DISTANCE OF 634.56 FEET CONTINUING ALONG
THE EASTERLY R.O.W. OF CHISHOLM TRAIL AND THE WEST LIME OF SAID
38.78 ACRE TRACT, TO AN IRON ROD SET FOR THE NORTH WEST CORNER OF
THE HEREIN DESCRIBED TRACT
THENCE S 88° 39' 34" E, A DISTANCE OF 350.00 FEET DEPARTING SAID
EASTERLY R.O.W. OF CHISHOLM TRAIL AND THROUGH THE INTERIOR OF
SAID 38.78 ACRE TRACT, TO AN IRON ROD SET FOR THE NORTH EAST
CORNER OF THE HEREIN DESCRIBED TRACT
THENCE S 01 20' 26" W, A DISTANCE OF 347.82 FEET, TO AN IRON ROD
SET, FOR THE SOUTH EAST CORNER OF THE HEREIN DESCRIBED TRACT
THENCE N 88° 39' 34" W, A DISTANCE OF 370.00 FEET, TO THE POINT OF
BEGINNING AND CONTAINING 4.999 ACRES ( 217,756 SQUARE FEET) OF LAND
MORE OR LESS.
I, TIMOTt A • yflE;- EREBY CERTIFY THAT THIS DESCRIPTION WAS PREPARED
FROM •. YkC UAL'S{IIjVYY MADE ON THE GROUND UNDER MY SUPERVISION AND
THAT • • fiSRNERS AR1='•'aIARKED AS DESCRIBED.
A.'
TIMOTHY E. HAY IE DATE
REGISTERED PUBLIC SURVEYOR NO.2380
EXHIBIT "A"
Page 2 of 2
ie proposed hotel facilities include:
EXFIBIT "B"
Hotel Facilities
* 170 guest rooms, including 3 suites.
*5 story guest tower served by 2 passenger elevators and 1 service elevator
*Top (5th) level designated as the Concierge Club with limited access, upgraded
guest rooms; an exclusive reception/registration area; and lounge for continental
breakfast, small gatherings, and evening cocktails.
*Rooms furnished with work areas including desk and desk chair,
dataport phone, electrical outlets and task lighting for the business traveler.
*85 seat all purpose restaurant
*75 seat lounge
*350 seat (4,000 square feet) ballroom divisible into 3 rooms
*Business center with fax machines, copy machines, personal computer, and
printer for guest use.
*Exercise facility
*Exterior pool and sun deck with gazebo for F &B service
*Ample surface parking
*Design to be barrier free and to accommodate the mobility, hearing, and sight
impaired so as to be in compliance with the Americans with Disabilities Act
(ADA) and the Texas Accessibility Standards (TAS).
EXHIBIT "C"
Development Budget
Project: Holiday Inn Select
Location: Round Rock, Texas
Type: Commercial /Full Service
Keys: 170
Modules: 170
Floors: 5
Site 4 :999 Acres 217,•756 s.f.
Schedule: 12 months construction
Date: 10/10/96
File: 170B1
PROJECT BUDGET SUMMARY
Budget a /Key s /S.F.
Land 1,185,921 6,976
Preliminary Development 82.300 484
Construction 7,100,000 41,785 471.00
Architects, Engineers, & Consultants 321,008 1,888 43.21
Furnishings, Fixtures, & Equipment 1.800.000 10,588
FF &E Design Services 42,225 248
Pre -Opening Expense 306,000 1,800
Working Capital 85,000 500
Accounting /Legal Fees /Closing Costs 104.862 617
Developer Costs:
Developer Fees 422,500 2,485
- TravelfReimbursables 38,500 226
Real Estate Taxes & Other 45,387 267
Contingency 172.325 1,014
Financing Costa 342,639 2,016
Reserve For Operating Losses 0 0
Total Project Cost 12,048.667 70,875
I PRELIMINARY ESTIMATES
FOR DISCUSSION ONLY
Project:
1998
# Guest Room Keys:
175
1999
Round Rock, Texas
# Restaurant Seats:
2000
#
Salary
Total
Payroll
#
Salary
Total
Payroll
#
Salary
Total
Payroll
3.00%
3.00%
1
$ 50,000
$ 50,000
1
$ 51,500
$ 51,500
1
$ 53,045
$ 53,045
0
$ 35,000
$ -
0
$ 36,050
$ -
0
$ 37,132
$ -
1
$ 30,000
$ 30,000
1
8 30,900
$ 30,900
1
$ 31,827
8 31,827
0
$ 21,000
$ -
0
$ 21,630
$ -
0
$ 22,279
8 -
1
$ 18,000
$ 18,000
1
$ 18,540
$ 18,540
1
$ 19,096
$ 19,096
0
$ 24,000
$ -
0
$ 24,720
8 -
0
$ 25,462
$ -
0
$ 18,000
$ -
0
8 18,540
$ -
0
$ 19,096
$ -
1
$ 16,640
$ 16,640
1
$ 17,139
$ 17,139
1
8 17,653
8 17,653
0
$ 18,000
$ -
0
$ 18,540
8 -
1
$ 19,096
$ 19,096
1
$ 35,000
$ 35,000
1
$ 36,050
8 36,050
1
8 37,132
8 37,132
0
$ 24,500
$ -
0
$ 25,235
$ -
0
$ 25,992
$ -
2
$ 20,800
$ 41,600
2
$ 21,424
$ 42,848
2
$ 22,067
$ 44,133
0
$ 24,500
$ -
0
$ 25,235
8 -
0
8 25,992
$ -
0
$ 18,000
$ -
0
$ 18,540
8 -
0
$ 19,096
$ -
0
$ 26,250
$ -
0
$ 27,038
8 -
0
$ 27,849
$ -
0
-$ 18,375
$ -
0
$ 18,926
$ -
0
$ 19,494
$ -
1
$ 22,000
$ 22,000
1
$ 22,660
$ 22,660
1
$ 23,340
$ 23,340
6
8 15,600
$ 93,600
7
$ 16,068
$ 112,476
7
$ 16,550
8 115,850
2
$ 16,640
$ 33,280
2
$ 17,139
$ 34,278
2
$ 17,653
$ 35,307
0
$ 18,375
$ -
0
8 18,926
$ -
0
$ 19,494
$ -
1
$ 15,600
$ 15,600
1
$ 16,068
$ 16,068
2
$ 16,550
8 33,100
2
$ 15,600
8 31,200
2
$ 16,068
8 32,136
3
8 16,550
$ 49,650
2
$ 13,520
$ 27,040
2
$ 13,926
$ 27,851
3
8 14,343
8 43,030
2
8 10,920
$ 21,840
2
8 11,248
$ 22,495
3
$ 11,585
$ 34,755
1
8 23,625
$ 23,625
1
8 24,334
$ 24,334
1
8 25,064
$ 25,064
0
$ 14,175
$ -
0
$ 14,600
8 -
0
8 15,038
$ -
3
8 12,480
$ 37,440
3
$ 12,854
8 38,563
4
$ 13,240
$ 52,960
11
$ 10,920
$ 120,120
12
$ 11,248
$ 134,971
13
$ 11,585
$ 150,605
0
$ 16,538
$ -
0
8 17,034
$ -
0
8 17,545
$ -
3
$ 10,920
$ 32,760
4
$ 11,248
8 44,990
4
$ 11,585
$ 46,340
0
8 16,640
$ -
0
$ 17,139
8 -
0
$ 17,653
$ -
Project:
Holiday Inn Select
# Guest Room Keys:
175
Location:
Round Rock, Texas
# Restaurant Seats:
85
- Date:
05/22/96
# Lounge /Bar Seats:
75
File:
RndRckN
# Meeting Rm Seats:
350
PAYROLL
General Admin.
General Manager
Assistant /Resident G.M.
Controller
Assistant Controller
Accounting Clerk
Personnel Director
Assist. Personnel Director
Reception /Secretary
Secretary/Clerical
Sales & Marketing
Director of Sales
Sales Manager
Sales Account Exec
Dir. Convention Services
Secretary/Clerical
Rooms Department
Rooms Division Mgr.
Assist. Rooms Div. Mgr.
Front Desk Manager
Front Desk Clerk
Night Auditor
Reservations Manager
Reservation Clerk
Telephone Operator
Be l lm a n /Drive r /Doo rm a n
Houseman
Exec. Housekeeper
Assist. Exec. Hskpr.
Rooms Inspector
Rooms Attendant
Laundry Manager
Laundry Worker
Director of Security
EMPLOYMENT PROJECTIONS
Page 1
EXHIBIT "D"
PAGE 1 of 3
Holiday Inn Select EMPLOYMENT PROJECTIONS
PAYROLL
Security Person
Chief Engineer
Assist. Chief Engineer
Eng. /Maint. Workers
Other
Other
Food & Beverage
F &B Director
Assist. F &B Director
Secretay /Clerical
Restaurant Manager
Beverage Manager
Club Manager
Maitre d'
Hostess /Cashier
Waitperson
Bus Person
Bartender
Barback
Cocktail Waitperson
Banquet Manager
Banquet Waitperson
Banquet Setup
Room Service Waitperson
Chef
Sous Chef
Executive Steward
Cook
Banquet /Salad Prep
Dishwasher
Other
SUB -TOTAL
Payroll Taxes /Benefits
TOTAL PAYROLL
TOTAL EMPLOYEES
1998
Total
Salary Payroll
1999 2000
Total Total
Salary Payroll # Salary Payroll
2 $ 15,600 $ 31,200 2 $ 16,068 $ 32,136 2 $ 16,550 $ 33,100
1 $ 23,625 $ 23,625 1 $ 24,334 $ 24,334 1 $ 25,064 $ 25,064
O $ 11,813 $ 0 $ 12,167 $ 0 $ 12,532 $
1 $ 16,640 $ 16,640 1 $ 17,139 $ 17,139 2 $ 17,653 $ 35,307
O $ - $ 0 $ - $ 0 8 - $ -
O $ - $ 0 $ - $ 0 $ - $
1 $ 26,250 $ 26,250 1 $ 27,038 $ 27,038 1 $ 27,849 $ 27,849
O $ 21,000 $ 0 $ 21,630 S 0 $ 22,279 $ -
O $ 18,000 $ 0 $ 18,540 $ 0 $ 19,096 $
O $ 17,850 $ 0 $ 18,386 $ 0 $ 18,937 $
O S 15,173 $ 0$ 15,628 8 0$ 16,097 S
O $ 15,173 $ 0 8 15,628 $ 0 $ 16,097 $
O $ 15,173 $ 0 $ 15,628 8 - 0 $ 16,097 $
3 $ 14,560 $ 43,680 3 $ 14,997 $ 44,990 3 $ 15,447 $ 46,340
6 $ 10,920 $ 65,520 7 $ 11,248 8 78,733 8 $ 11,585 $ 92,680
2 $ 10,920 $ 21,840 2 $ 11,248 8 22,495 2 $ 11,585 $ 23,170
3 $ 15,600 $ 46,800 3 $ 16,068 $ 48,204 3 $ 16,550 $ 49,650
2 $ 10,920 $ 21,840 2 $ 11,248 8 22,495 2 $ 11,585 $ 23,170
4 $ 10,920 $ 43,680 5 $ 11,248 $ 56,238 6 $ 11,585 $ 69,510
O $ 17,850 $ 0 $ 18,386 $ 0 $ 18,937 $ -
2 $ 10,920 $ 21,840 2 $ 11,248 $ 22,495 2 $ 11,585 $ 23,170
2 $ 10,920 $ 21,840 2 $ 11,248 $ 22,495 2 $ 11,585 $ 23,170
2 $ 10,920 $ 21,840 2 $ 11,248 $ 22,495 2 $ 11,585 $ 23,170
1 $ 22,313 $ 22,313 1 $ 22,982 $ 22,982 1 $ 23,671 $ 23,671
O $ 15,619 $ 0 $ 16,087 $ 0 $ 16,570 $ -
O $ 15,619 $ 0 $ 16,087 $ 0 $ 16,570 $ -
2 $ 14,560 $ 29,120 3 $ 14,997 $ 44,990 4 S 15,447 $ 61,787
2 $ 10,920 $ 21,840 2 $ 11,248 $ 22,495 3 $ 11,585 $ 34,755
3 $ 10,920 $ 32,760 4 8 11,248 $ 44,990 4 $ 11,585 $ 46,340
O $ - $ 0 $ - $ 0
$ 1,162,373
32.50% $ 377,771
$ 1,540,144
$ 1,284,547 $ 1,493,888
33.00% $ 423,900 33.50% $ 500,452
$ 1,708,447 1 $ 1,994,340
87 i 99
Page 2
EXHIBIT "D" -
PAGE 2 of 3
Local
Transfer
Total
Estimated
Salaries
78
N O J O I N N
80
$ 1,540,144
85
87
8 1,708,447
97
99
8 1,994,340
97
99
8 2,054,171
97
99
$2,115,796
III.B. Estimated number of jobs to be created:
1 Pebt:uar7, 28 , ,1998
2. December 31, 1998
3. December 31, 1999
4. December 31, 2000
5. December 31, 2001
Page 3
EXHIBIT "D"
PAGE 3 of 3
Year
Feb. 1.998
1998
1999
2000
2001
# Keys
Occupancy Percent
Avg. Daily Rate
175
63.00%
980.40
175
68.70%
885.30
175
71.30%
987.90
175
73.70%
990.50
176
75.50%
993.30
Revenues:
Rooms Dept.
3,235,397
71.21%
3,743,145
71.43%
4,003,219
71.04%
4,260,367
70.64%
4,499,451
70.25%
Food Dept.
804,825
17.71%
921,525
17.58%
1,004,220
17.82%
1,089,924
18.07%
1,172,371
18.31%
Beverage Dept.
321,930
7.09%
368,610
7.03%
401,688
7.13%
435,970
7.23%
468,948
7.32%
Telephone Dept.
100,603
2.21%
115,191
2.20%
125,528
2.23%
136,241
2.26%
146,546
2.29%
Other Operations
80,483
1.77%
92,162
1.76%
100,422
1.78%
108,992
1.81%
117,237
1.83%
Other Revenue (net):
0
0.00%
0
0.00%
0
0.00%
0
0.00%
0
0.00%
Total Revenues
4,543,237
100%
5,240,623
100%
5,635,077
100%
6,031,494
100%
6,404,554
100%
Occupancy Tax: 11
State 6.00%
194,124
224,589
240,193
255,622
269,967
City 7.00%
226,478
262,020
280,225
298,226
314,962
Sales Tax: (2)
State 6.00%
53,118
60,821
66,279
71,935
77,376
City 1.50%
13,280
13,455
13,579
13,707
13,831
Liquor Tax: 131
State 13.00%
37,036
42,406
46,212
50,156
53,950
City 1.00%
3,187
3,650
3,977
4,317
4,643
Total Taxes:
State
284,278
327,816
352,684
377,713
401,293
City
242,945
279,124
297,781
316,249
333,436
Project: Holiday Inn Select
Location: Round Rock, Texas
Date: 5/22/96
File: RndrekTX
DePalma Hotel Corporation
Projected Operating Results
In-House Restaurant Scenario
Projected Revenue Based Taxes
(1) Calculated an gross Rooms Revenues only.
(2) Calculated on gross Food and Other Department Revenues Only.
(3) Calculated on gross Beverage Department Revenues Only. (Assumed included in projected revenues.)
The information contained herein is prepared by DePalma Hotel Corporation based upon various internally generated
assumptions and hypotheses for its own use. No representation, warranty, or guarantee of any kind is made with
respect to its accuracy or completeness or any level of performance, return on Investment, or any results.
EXHIBIT 1IEII
Ex41e aL"
Date: May 16, 1996
Company: Encino Plaza Property, L.L.C.
Manager: David Shelton
CERTIFICATE OF RESOLUTION
I, David Shelton, Manager of the Company, certify the following facts:
1. The Company is organized and operating under the laws of Texas, is qualified to do
business here, and is in good standing.
2. No proceedings for forfeiture of the certificate of organization or for voluntary
dissolution of the Company are pending.
3. Neither the Articles of Organization nor the Regulations of the Company limit the
power of the Company to pass the resolution below.
4. The Manager is authorized to make and sign this resolution.
BE IT HEREBY RESOLVED THAT THE COMPANY SHALL REQUEST
A TAX ABATEMENT FROM THE CITY OF ROUND ROCK FOR THE
CREATION OF A REINVESTMENT ZONE OF THE PROPERTY DESCRIBED
ON EXHIBIT "A" ATTACHED HERETO.
BE IT FURTHER RESOLVED THAT THE COMPANY SHALL TAKE
SUCH ACTIONS AS ARE REQUIRED TO CREATE A PUBLIC
IMPROVEMENT DISTRICT.
BE IT FURTHER RESOLVED THAT DAVID SHELTON, MANAGER OF
THE COMPANY, ACTING ALONE, IS AUTHORIZED AND EMPOWERED TO
EXECUTE AND DELIVER SUCH DOCUMENTS AND INSTRUMENTS AS
MAY BE NECESSARY AND SUFFICIENT TO EF'FbCT THE PURPOSES
STATED IN THIS RESOLUTION.
'tom -
helton, ager
CERTIFICATE OF RESOLUTION PAGE 1
THE STATE OF TEXAS §
COUNTY OF WILLIAMSON §
This instrument was acknowledged before me on this the P/ day of May, 1996, by
David Shelton, Manager of Encino Plaza Property, L.L.C., for and on behalf of the Company.
%l ti 9
Notary Public, State of T
CERTIFICATE OF RESOLUTION PAGE 2
Date: December 17, 1996
Subject: City Council Meeting December 19, 1996
Item: 10.A. Consider a resolution authorizing the Mayor to execute a tax
abatement agreement with Encino Plaza Partners, L.L.C.
Staff Resource Person: Joe Vining
Staff Recommendation: Approval
The purpose of this tax abatement agreement is to facilitate the construction of a
Holiday Inn Select hotel. This site is located on the west side of IH -35, north of
FM 3406.
This is a five story 170 room hotel facility with a restaurant, lounge, and
ballroom. The estimated construction cost of the improvements is approximately
$11,643,338.00. Construction on the site has begun and should be completed in
the spring. This hotel will provide a minimum of 99 new jobs over the course of
the agreement.
This is a five year tax abatement agreement with the following economic impact:
Year Abatement % Ad Valorem factor Est. Abatement
1997 100% .39880 $46,433.63
1998 100% .39880 46,433.63
1999 75% .39880 34,825.22
2000 50% .39880 23,216.82
2001 25% .39880 11,608.41
$162,517.71
WHEREAS, the City Council approved a Tax Abatement Agreement
( "Agreement ") with Encino Plaza Partners, L.L.C. on December 19,
1996, and
WHEREAS, both parties to the Agreement now wish to terminate
and rescind said 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 an Agreement for the Termination and Rescission
of a Tax Abatement Agreement Between the City of Round Rock and
Encino Plaza Partners, L.L.C., a copy of said agreement being
attached hereto as an exhibit.
RESOLVED this day of 27th day of February, 1997.
ATTEST:
e ti, AAA
1
/A. .41_4
E
RA\ WPDOCS \RRSOLUTI \RS70227C.MFO /e1e
LAND, City Secretary
RESOLUTION NO. R 97 02 27 - 10C
AY/..
CHARLES CUL'E °I! Mayor
City of Round ock, Texas
AGREEMENT FOR THE TERMINATION AND
RESCISSION OF A TAX ABATEMENT AGREEMENT BETWEEN THE
CITY OF ROUND ROCK AND ENCINO PLAZA PARTNERS, L.L.C.
The City of Round Rock, Texas, and Encino Plaza Partners,
L.L.C., the parties to a Tax Abatement Agreement ( "Agreement ")
which was approved by the City Council on December 19, 1996, agree
to terminate and rescind said Agreement entirely and without
reservation. It is expressly agreed that this agreement for the
termination and rescission of the Agreement described above is to
be construed as a mutual release of each party to the other of any
rights and remedies that they may have had under that Agreement.
Dated: February 27, 1997.
C. \WPWCSUCITY\AIMITHE \PNCIND \TfloQNAS.NP0/e13
The City of Round Rock, Texas
by:
arles Culp
by: '
Davi
Mayor
Encino Plaza Partners, L.L.C.
on, President
DATE: February 25, 1997
SUBJECT: City Council Meeting - February 27,1997
ITEM: 10.C. Consider a resolution rescinding the tax abatement agreement with
Encino Plaza Partners, L.L.C. (R- 96- 12- 19 -10A).
STAFF RESOURCE PERSON: Bob Bennett
STAFF RECOMMENDATION:
The attached resolution mutually rescinds the tax abatement agreement between the
City of Round Rock and Encino Plaza Partners, L.L.C.
Mayor
Charles Culpepper
Mayor Pro-tem
Earl Palmer
Council Members
Robert Stluka
Rod Morgan
RiekStewart
Martha Chavez
!lawny Joseph
City Manager
Robert L Bennett !r.
City Attorney
Stephan L Sheen
CITY OF ROUND ROCK
221 Fast Main Street
Round Rock Terns 78664
512-218-5400
March 10, 1997
Mike Jolly
RRISD
Chief Financial Officer
1311 Round Rock Avenue
Round Rock, TX 78681
Dear
Enclosed is a copy of Resolution No. R- 97- 02- 27 -10C which was
approved by the Round Rock City Council on February 27, 1997. This
resolution rescinds the Encino Plaza Partners, L.L.C. Tax Abatement
Agreement which was approved by the Round Rock City Council on
December 19, 1996 (R- 96- 12- 19 -10A).
If you have any questions, please do not hesitate to call.
Sincerely, iivmcQ
Joanne Land
Assistant City Manager/
City Secretary
Enclosure
Fax: 512-218-7097
1- 800 - 735 -2989 TDD 1- 800. 7354988 Voice
Mayor
Charles Culpepper
Mayor Pro-tem
Earl Palmer
Council Members
Robert Silaka
Rod Morgan
Rick Stewart
Martha Chavez
Jimmy Joseph
Clty Manager
Robert L. Bennet; Jr.
qty Attorney
Stephan 1. Sleets
CITY OF ROUND ROCK
March 10, 1997
Forrest Child
Tax Assessor /Collector
P.O. Box 1750
Round Rock, TX 78680
Dear Mr. Child:
Enclosed is a copy of Resolution No. R- 97 -02- 27 -10C which was
approved by the Round Rock City Council on February 27, 1997. This
resolution rescinds the Encino Plaza Partners, L.L.C. Tax Abatement
Agreement which was approved by the Round Rock City Council on
December 19, 1996 (R- 96- 12- 19 -10A).
If you have any questions, please do not hesitate to call.
Sincerely,
401
anne Land
Assistant City Manager/
City Secretary
Enclosure
Fax: 512-218-7097
1- 800735 -2989 TDD - 1- 804735 -2988 Voice
221 East Main Street
Round Rock, Texas 78664
512-218-5400