Contract - Urban Intownhomes - 6/9/2016MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (MOU) is executed by City of Round Rock, Texas (the
"City") and Urban Intownhomes, ("Urban") to set out their current understanding regarding the
conveyance and subsequent development of a tract of land ("Property") located on Bagdad Avenue
and owned by the City.
RECITALS
WHEREAS, Urban is in the business of developing land for residential purposes; and
WHEREAS, the City is the owner of the Property which is comprised of two tracts
containing approximately 3.68 acres, which is located just south of City Hall and is between Bagdad
Avenue and the Union Pacific Railroad; and
WHEREAS, the Property is located near the historic downtown retail and entertainment
district, and
WHEREAS, the City Council believes that the Property is best suited for residential
development; and
WHEREAS, Urban is considering purchasing the Property for the purpose of developing it
for residential purposes; and
WHEREAS, the City Council is considering conveying the Property to Urban for
development for residential purposes; and
WHEREAS, the parties acknowledge that the terms and conditions listed herein are not
legally binding against either party, but merely serve as a memorandum of the understanding of the
parties;
NOW THEREFORE, the City and Urban agree to work cooperatively and in good faith to
draft and approve future agreements and to convey and develop the Property in the manner set forth
herein.
ARTICLE I
URBAN'S INTENTIONS
1.01 Urban intends to purchase the Property and to develop same for residential purposes.
1.02 Urban intends to purchase the Property for $425,000.
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Memorandum of Understanding w -Lovett 5-11-16 (00357337).DOC
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1.03 Urban intends to construct a minimum of eighty-two (82) townhouse residential units
on the Property within six (6) years of Purchasing the Property.
1.04 Urban intends to invest at least $18,000,000.00 in the development of the Property
for residential purposes.
1.05 Urban intends to work in good faith with the City to negotiate and enter into a
Development Agreement and Planned Unit Development Zoning District to establish
land uses and development standards for residential development on the Property
that is compatible with the City's vision for the Main Street Retail and
Entertainment District.
ARTICLE II
CITY INTENTIONS
2.01 City intends to convey the Property to Urban for $425,000.
2.02 City intends to waive site development fees, building construction permit fees, and
utility impact fees.
2.03 City intends to expedite the development approval and permitting process.
2.04 City intends to design and construct the public roadways highlighted in blue on the
attached Exhibit A, along with associated landscaping and crosswalks.
ARTICLE III
MISCELLANEOUS
3.01 The Parties acknowledge that the City cannot convey the Property directly to Urban
without complying with the provisions of the Local Government Code. Therefore, the
Parties agree to work with the Round Rock Transportation and Economic
Development Corporation ("RRTED") to develop one or more agreements whereby
the City will convey the Property to RRTED for subsequent conveyance to Urban.
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ARTICLE IV
LEGAL EFFECT OF MOU
4.01 This MOU is intended to provide an outline of the current understanding of the
parties hereto, and is not intended to legally bind the parties to the terms and
conditions stated herein. The parties, however, agree that the terms and conditions
stated herein are reasonable and provide an outline for future actions by the parties.
Executed and effective this day of hmL 2016.
CITY OO/ UUNND ROCK, TEXAS
By:
Alan McGraw, Mayor
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