4B-R-06-03 - 2/9/2006 RESOLUTION NO. 06-03
WHEREAS, the Round Rock Transportation System Development
Corporation ("RRTSDC") has previously entered into an Economic
Development Agreement ("Agreement") with Simon Property Group, L.P.
("Simon") , CPG Round Rock, L.P. , and the City of Round Rock regarding
Simon' s development of a retail outlet mall in the City of Round Rock,
and
WHEREAS, pursuant to the Agreement, the RRTSDC has the option to
make a reimbursement for Public Road Improvements to Simon, and
WHEREAS, the RRTSDC wishes to exercise said option to reimburse
Simon for Public Road Improvements for the extension of Oakmont Drive
and Teravista Parkway, Now Therefore
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ROUND ROCK
TRANSPORTATION SYSTEM DEVELOPMENT CORPORATION,
That the President of the Round Rock Transportation System
Development Corporation is hereby authorized to exercise the option to
reimburse Simon Property Group for Public Road Improvements .
The Board of Directors 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 23rd day of March, 2006 .
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ROUND ROCK TRANSPORTA O► •TEM
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2
DATE: March 17, 2006
SUBJECT: Transportation System Development Corporation - March 23, 2006
ITEM: 7.B. Consider a resolution authorizing the Round Rock Transportation
System Development Corporation to exercise the option to reimburse
Simon Property Group for public road improvements as stated in the
economic development agreement with Simon Property Group L.P. and
CPG Round Rock. L.P.
David Kautz, Assistant City Manager/Chief Financial Officer will make the staff
presentation.
In May 2005, the City executed an Economic Development Agreement with Simon
Property Group and CPG Round Rock for the development of the Simon/Chelsea Premium
Outlet Mall. To facilitate the development the City and the Round Rock Transportation
System Development Corporation (4B Corporation) proposed to fund construction of certain
road improvements. These road improvements include IH35 frontage road improvements
and road improvements internal to the project tract.
Per the economic development agreement approved in May 2005, the Round Rock
Transportation System Development Corporation (4B Corp) & the City of Round Rock
agreed to reimburse Simon for public road improvements for the extension of Oakmont
Drive and Teravista Parkway. The agreement stipulated that the 4B Corp would have the
option to make reimbursement from the 1/2 cent sales tax dedicated for transportation
improvements. The reimbursement will be made upon the issuance by the City of a
Certificate of Occupancy for the first phase of the Round Rock Premium Outlets project.
Funding:
Cost: $2,760,518 (current city share of project plus any agreed upon change orders)
Source of funds: RR Transportation Development Corporation