R-98-05-14-10D2 - 5/14/1998RESOLUTION NO. R -98-05-14-10D2
WHEREAS, pursuant to §380.001 of the Texas Local Government Code,
the City is authorized to establish an Economic Development Program for
making loans and grants of public money to promote local economic
development, and
WHEREAS, Gardner D. Atkinson, Jr. and Henrietta Atkinson, wish
to participate in said Economic Development Program, and
WHEREAS, the City desires to enter into an Economic Development
Program Agreement with Gardner D. Atkinson, Jr. and Henrietta Atkinson
to provide a tax reimbursement for certain real property located at 310
W. Main Street, 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 Economic Development Program Agreement with
Gardner D. Atkinson, Jr. and Henrietta Atkinson.
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, and the Act.
RESOLVED this 14th day of May, 19
4021'1
CHARLESR, Mayor
EST: City of Round Rock, Texas
ANNE LAND, City Secretary
K:\WPDOCS\RESOLWI\R80514D2.WPD/scg
ECONOMIC DEVELOPMENT PROGRAM AGREEMENT
This Economic Development Program Agreement ("Agreement") is made and entered
into by and between THE CITY OF ROUND ROCK, TEXAS (the "City"), a municipal
corporation, and GARDNER D. ATKINSON and HENRIETTA ATKINSON (the
"Applicant"), for the purposes and considerations stated below:
RECITALS:
WHEREAS, pursuant to §380.001 of the Texas Local Government Code, the City is
authorized to establish an Economic Development Program for making loans and grants of
public money to promote local economic development, and
WHEREAS, the Applicant desires to participate in the Economic Development Program
by entering into this Agreement;
NOW, THEREFORE, in consideration of the mutual benefits and promises contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. Authorization.
This Agreement is authorized by §380.001 of the Texas Local Government Code.
2. Definitions.
Base Year means, with respect to the Eligible Tract, the Tax Year 1996.
Base Year Valuation means the valuation on the Williamson County tax roll for an
Eligible Tract for the Base Year.
Eligible Tract means the property more particularly described in Exhibit "A", attached
hereto and incorporated herein.
Eligible Tract Property Tax Revenue means the Property Tax Revenue collected with
regard to the Eligible Tract.
Eligible Value means, with regard to the Eligible Tract for a Program Year, the
difference between the valuation of the Eligible Tract for the Program Year less the Base Year
Valuation of the Eligible Tract.
Program means the Economic Development Program established by this Agreement.
Program Payment means the amount paid by the City to the Applicant under the
Program.
C:\TEXT\ROUNDROC\REIMBATK.WPD/cdc
Program Year means, with respect to the Eligible Tract, any of the first ten (10) full
Tax Years following 1996.
Property means that portion of the real property more particularly described on Exhibit
A.
Property Tax Revenues means the amount of property tax collected by the City on the
Eligible Value of the Property.
Tax Year shall have the same meaning as in Texas Property Tax Code Section
1.04(13), as amended from time to time. As of the date of execution of this Agreement, Tax
Year means a calendar year.
3. Term.
This Agreement shall be effective as of the date of execution by both parties, and shall
remain in effect so long as the Applicant complies with all terms and conditions of this
Agreement.
4. Program Payment.
(a) The Base Year for the Eligible Tract 1996. The Base Year Value for the
Eligible Tract is $70,984.00. Program Years for the Eligible Tract shall begin in 1996 and
shall continue for ten (10) years.
(b) The Program Payment consists of a reimbursement to the Applicant of the
Property Tax Revenues paid by the Applicant.
(c) The Applicant shall provide the City with a written notice each time that
property taxes are paid to the City which will result in Property Tax Revenues to the City. The
notice shall set forth the Eligible Tract, the Program Year to which the payment relates, and
the amount of the Program Payment due to the Applicant. As soon as practicable thereafter,
the City shall pay the corresponding Program Payment to the Applicant. The Applicant shall
forfeit all rights to a Program Payment for a Program Year if tax payments for that year are
delinquent, pursuant to provisions of the Texas Tax Code.
5. Entire Agreement.
This Agreement contains the entire agreement between the parties with respect to the
transaction contemplated herein. This Agreement may only be amended, altered, or revoked by
written instrument signed by the City and the Applicant.
6. Successors and Assigns.
This Agreement shall be binding on and inure to the benefit of the parties, their
respective successors and assigns. The Applicant may assign all or part of its rights and
obligations hereunder only upon prior written approval of the City, which approval shall not be
unreasonably withheld or delayed.
7. Notice.
Any notice and/or statement required and permitted to be delivered shall be deemed
delivered by depositing same in the United States mail, certified with return receipt requested,
postage prepaid, addressed to the appropriate party at the following addresses, or at such other
addresses provided by the parties in writing;
APPLICANT:
CITY:
8. Interpretation.
Gardner Atkinson
1604 Pin Oak
Round Rock, Texas 78664.
Joe Vining
Director of Planning
221 East Main Street
Round Rock, Texas 78664
Regardless of the actual drafter of this Agreement, this Agreement shall in the event of
any dispute over its meaning or application, be interpreted fairly and reasonably, and neither
more strongly for or against any party.
9. Applicable Law.
This Agreement is made, and shall be construed and interpreted under the laws of the
State of Texas and venue shall lie in Williamson County, Texas.
10. Severabilitv.
In the event any provision of this Agreement is illegal, invalid, or unenforceable under
present or future laws, then, and in that event, it is the intention of the parties hereto that the
remainder of this Agreement shall not be affected thereby, and it is also the intention of the
parties to this Agreement that in lieu of each clause or provision that is found to be illegal,
invalid, or unenforceable a provision be added to this Agreement which is legal, valid and
enforceable and is as similar in terms as possible to the provision found to be illegal, invalid
or unenforceable.
ATTEST:
a2mAtv el/nzt-
J ANNE LAND, City Secretary
CIT OF ROUND ROCK, TEXAS
CHARLIE CULPIIVICMAYOR
APPLICANT
GARDNER D. ATKINSON
1
HENRIETTA ATKINSON
J
EXHIBIT "A"
Page 1 of 1
Property Description
Lot 8 & 9, Block 25, Round Rock City of, Williamson County, Texas.
5
Downtown Reinvestment Zone
Abatement
206
W P►VS�N P 108 106
306
306 2
202 106
105 103 7,
ROUND R4C1(gVE 212 210 108 N
CPA
400
405 � PVE
407
410 1 211 209
303 200
309 306-.w 206
212 101
407
409 306 304 302 113 106
310V 105
203
NP' 409 102 ,N 51 209 � 110
N 410 MA NPA 106
307 110
108
IPA (P(P 208
405 403
409 407 N 105 302
N.A 310
109
BPCop
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Date: May 8,1998
Subject: City Council Meeting, May 14, 1998
Item: 10.D.2. Consider a resolution authorizing the Mayor to enter
into a Section 380.001 of the Local Government Code
Economic Development Program agreement with
Gardner D. Atkinson, Jr. and Henrietta Atkinson. This
agreement grants a ten year tax reimbursement,
estimated at $209.70, on the increased value of the
premises and improvements for renovations and
additions to the existing structure(s) over the value set in
1996. The property is located at 310 W. Main Street (Lots
8 and 9, Block 25, City of Round Rock) which is in the
Downtown Reinvestment Zone. Applicant: Gardner D.
Atkinson, Jr. Staff Resource Person: Joe Vining,
Planning Director.
This is a program payment agreement that consists of a reimbursement to the
applicant of the property tax revenues beginning in 1996. The applicant will
provide the City with a yearly written notice each time property taxes are paid to
the City that identifies the eligible tract, the program year to which the payment
relates, and the amount of the payment due to the applicant. As soon as
practicable thereafter, the City will pay the corresponding program payment to
the applicant. However, the applicant will forfeit all rights to a program
payment for a program year if tax payments for that year are delinquent.
The appraised value of this property in 1996 was $70,984.. The applicant pays
taxes on this base value for ten years. The appraised value of this property in
1997 was $76,546. Using the current ad valorem rate of .37707/$100, the amount
to be reimbursed is estimated at $20.97 per year for ten years, or approximately
$209.70.
$76,546 increased value (1997)
-70,984 fixed taxable base (1996)
$5,562 value eligible for tax reimbursement
$5,562/ 100=$55.62
55.62 X .37707= $20.97
10 yrs estimatedprogram payment $209.70