R-2017-4243 - 3/9/2017 RESOLUTION NO. R-2017-4243
WHEREAS, the City of Round Rock ("City") has previously entered into a Development
Agreement ("Agreement") with Pedcor Investments-2016-CLX, L.P. ("Pedcor") regarding the
development of an affordable multifamily housing development of up to 256 units known as the
Shadow Ridge Apartments ("Project"); and
WHEREAS, Pedcor now requests the option of constructing additional number of units to the
Project; and
WHEREAS, the City Council wishes to enter into a First Amendment to Development
Agreement to increase the number of units,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 Development Agreement, 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 9th day of March, 2017.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, ditTClerk
0112.1704;00373381
EXHIBIT
«A»
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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT ("Amended
Agreement") is executed between the City of Round Rock, Texas, a political subdivision
of the State of Texas (the "City") and Pedcor Investments-2016-CLX, L.P., a Texas
limited partnership (the "Developer"), to be effective on this day of ,
2017.
RECITALS:
WHEREAS, the City and the Developer entered into a Development Agreement
(the "Agreement") effective December 13, 2016, and adopted in Resolution No. R-2016-
3994, setting forth various agreements and understandings with respect to an affordable
housing development located at approximately 2250/2500 Old Settlers Boulevard East
within the City (the "Project"), more particularly described in Exhibit "A", attached
hereto (the"Property"); and
WHEREAS, the Project was described in Resolution No. 2016-3994 and within
the Development Agreement as a development for affordable rental housing with up to
256 dwelling units; and
WHEREAS, the Developer now intends to include more than 256 dwelling units in the
Project; and
WHEREAS, the City and Developer now wish to amend the Agreement as
described herein;
NOW THEREFORE, in consideration of the premises set forth above and of the
mutual covenants and agreements of the parties hereto, to be by them respectively kept
and performed as hereinafter set forth, the City and the Developer agree as follows:
I.
The Agreement is hereby amended to read as follows:
RECITALS
WHEREAS, Developer is proposing to build/renovate an affordable housing
development with up to residential units (the "Project") on approximately
2250/2300 E. Old Settlers Blvd., within the City, as shown in Exhibit "A", attached
hereto.
First Amendment to Pedcor Investments Development Agreement-sls redline(00373867xA08178)
II.
This First Amendment to the Development Agreement shall amend the original
Agreement only as set forth herein with no other changes in terms or conditions of the
original Agreement.
Executed on this day of 52017.
DEVELOPER:
Pedcor Investments-2016-CLX, L.P.
By:
Its:
CITY:
ROUND ROCK, TEXAS
By:
Alan McGraw, Mayor
Attest:
Sara White, City Clerk
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ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on
, 2017, by Alan McGraw, Mayor of the City of Round Rock, Texas, on behalf of
said city.
Notary Public, State of Texas
My Commission expires:
ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF WILLIAMSON
This instrument was acknowledged before me on
, 2017, by of Pedcor Investments-2016-CLX, L.P,
on behalf of said limited liability company.
Notary Public, State of Texas
My Commission expires:
After recording, return to:
Sheets&Crossfield, P.C.
309 East Main Street
Round Rock,Texas 78664
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