Agenda Packet EDC 4B 01/29/2019
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Economic Development Corporation 4B (EDC 4B)1 of 46Meeting Date: Tuesday, January 29, 2019
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Economic Development Corporation 4B (EDC 4B)2 of 46Meeting Date: Tuesday, January 29, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-074-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
1/24/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
1/29/2019
Title:
Consider and take appropriate action regarding the TIRZ No. 1 minutes dated December 18, 2018
Attachments:
DRAFT Regular Session Minutes December 18 2018.pdf
DateVer.Action ByActionResult
Consider and take appropriate action regarding the TIRZ No. 1 minutes dated December 18, 2018
Economic Development Corporation 4B (EDC 4B)3 of 46Meeting Date: Tuesday, January 29, 2019
TOWN OF TROPHY CLUB
ECONOMIC DEVELOPMENT CORPORATION 4B REGULAR SESSION MINUTES
TUESDAY, DECEMBER 18, 2018, 7:00 P.M.
LOCATION: 1 TROPHY WOOD DRIVE, TROPHY CLUB, TEXAS
COUNCIL CHAMBERS
The Economic Development Corporation (EDC) 4B of the Town of Trophy Club, Texas, met on Tuesday, December
18, 2018. The meeting was held within the boundaries of the Town and was open to the public.
EDC 4B MEMBERS PRESENT:
Sean Bone President
Michael Richmond Secretary/Treasurer
Chris Whipple Director
Jared Hall Director
John Nordberg Director
EDC 4B MEMBERS ABSENT:
Cory McDonald Vice President
Travis Inge Director
STAFF PRESENT:
Phillip Shoffner Mayor Pro Tem
Thomas M. Class, Sr. Town Manager
Jonathan Phillips Director of Administrative & Financial Services
John Zagurski Finance Manager
President Bone announced the date of Thursday, July 26, 2018, called the EDC 4B Regular Session meeting to order
and announced a quorum at 7:01 p.m.
CITIZEN PRESENTATIONS
Citizens are allowed four (4) minutes to address the Corporation regarding an item over which the Corporation has
policy or oversight authority as provided by Texas law, the ethics order, or other policy order.
There were no citizen presentations.
CONSENT AGENDA
1.Consider and take appropriate action regarding the EDC 4B minutes dated July 26, 2018.
Motion:
Motion made by President Bone, seconded by Director Richmond, to approve the Consent Agenda Item No. 1.
Motion carried 5-0-0.
REGULAR SESSION
2.Fiscal Year 2019 Budget:
A)Consider and take appropriate action regarding the engineering proposal submitted by Muckleroy &
Falls.
Traylor Hale Vice president of Preconstruction for Muckleroy & Falls was present for questions from EDC 4B. With
no questions from the EDC 4B board President Bone made a motion.
Economic Development Corporation 4B (EDC 4B)4 of 46Meeting Date: Tuesday, January 29, 2019
Motion:
Motion made by President Bone, seconded by Director Whipple, approve the engineering proposal from
Muckleroy & Falls.
Motion carried 5-0-0.
EXECUTIVE SESSION
3. Pursuant to the following designated section of the Texas Government Code, Annotated, Chapter 551
(Texas Open Meetings Act), the Council EDC 4B will convene into executive session to discuss the following:
A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to
discuss or deliberate regarding commercial or financial information that the governmental body has received from
a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of
the governmental body and with which the governmental body is conducting economic development negotiations
and Subsection (2) to deliberate the offer of a financial or other incentive to a business prospect that the Town
seeks to have locate within the territory of the Town:
Possible amendments to OTD Agreements
ADJOURN
Motion:
Motion made by Secretary/Treasurer Richmond, seconded by Director Nordberg to adjourn the meeting at 7:39
p.m.
Motion carried 5-0-0.
_____________________________________________ ___________________________________
Julie Smestad, Administrative Specialist Sean Bone, President, EDC 4B
Town of Trophy Club, Texas Town of Trophy Club, Texas
EDC 4B Regular Session Minutes July 26, 2018 Page 2 of 2
Economic Development Corporation 4B (EDC 4B)5 of 46Meeting Date: Tuesday, January 29, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-075-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
1/24/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
1/29/2019
Title:
Consider and take appropriate action to amend an economic development agreement with OTD TC,
LLC.
Attachments:
Old Town Developments - Bread Winners Amended 2018 - Edited 01.09.19.pdf
Old Town Developments - Bread Winners Amended 2018 - Redlined.pdf
DateVer.Action ByActionResult
Consider and take appropriate action to amend an economic development agreement with OTD TC, LLC.
Economic Development Corporation 4B (EDC 4B)6 of 46Meeting Date: Tuesday, January 29, 2019
AMENDEDECONOMICDEVELOPMENTAGREEMENT
THISAMENDEDECONOMICDEVELOPMENTAGREEMENT(“Agreement”)for
a Public-PrivatePartnershipisenteredintobyandbetweentheTownofTrophyClub,
Texas, a homerulemunicipality(hereinafter“Town”),TaxIncrementReinvestment
ZoneNumberOne(hereinafter“TIRZ#1),TrophyClubEconomicDevelopment
Corporation4B(hereinafter“EDC”),OTDTC,LLC(OTDTCcollectivelyreferredto
hereinafteras“theDeveloper”),andallentitiescollectivelyreferredtoasPartiesinthis
Agreement(“Parties”).
W I T N E S S E T H:
WHEREAS,theTownofTrophyClubis a homerulemunicipalcorporation;and
WHEREAS,pursuanttoChapter380oftheTexasLocalGovernmentCode
(hereinafterreferredtoas"EDCAct"),onMay4,1996,theTowncreatedEconomic
DevelopmentCorporation4Bforthepurposeofmakingeconomicdevelopment
incentivesandgrants(hereinafter referredto as "EDC”);and
WHEREAS,pursuanttoChapter311oftheTexasTaxCode(hereinafter“TIRZ
Act”),theTowncreatedReinvestmentZoneNo.1,TownofTrophyClub,Texas
(hereinafter“TIRZ”)whichis a taxincrementfundfor a designatedzonewithinthe
Town,and
WHEREAS,Developeristheownerofanapproximate2.0517acretractofland
generallylocatedintheTrophyWoodPlazaprojectcomprisedofTract 2 Lot2R-2 and
zonedaspartofPlannedDevelopment,PDNo.25,moreparticularlydescribedon
Attachment“A”,a copyofwhichisattachedheretoandincorporatedherein
(hereinafter the“Property”),andDeveloper desirestodevelopitsProperty;and
WHEREAS,thePropertyislocatedwithintheboundariesofTaxIncrement
ReinvestmentZoneNumberOne;and
WHEREAS,DeveloperdesirestoenterintothisAgreementwithTown,EDCand
TIRZ in order todevelopitsproperty;and
WHEREAS,inordertomaintainand/orenhancethecommercialeconomicand
employmentbaseoftheTownofTrophyClubandthesurroundingregionforthelong-
terminterestandbenefitoftheTown,inaccordancewiththeEDC Act andTIRZAct,
theTown,EDC,andTIRZ#1desiretoenterintothisAgreementtoprovidethetermsof
a public-privatepartnershipbetweenthePartiesprovidingcertainincentivesforthe
developmentofthepropertyinaccordancewiththestandardssetforthherein;and
Economic Development Corporation 4B (EDC 4B)7 of 46Meeting Date: Tuesday, January 29, 2019
th
WHEREAS,onthe24dayofMarch2014,afternegotiationswiththe
Developer,theTownCounciloftheTown,theBoardofDirectorsforEDC,andthe
BoardofDirectorsforTIRZapproved a TermSheetwithDeveloperpursuantto
applicablestatelaw,outliningdetailsoftheproposeddevelopmentandobligationsofall
Partiesthereto;and
WHEREAS,byagreementoftheParties,theTermSheetwasamendedon
November25,2014,February20,2015,August24,2016,withpaymentobligationsby
EDCcommencing onJanuary22, 2015;and
WHEREAS,pursuanttotheEDC Act, theTIRZ Act, Chapter380oftheTexas
LocalGovernmentCodeandotherlegalauthority,theTown,EDC,andTIRZdesireto
provideincentivestotheDevelopertodevelopthePropertyinaccordancewiththisas
morespecifically set forthherein;and
WHEREAS,theDeveloperagreestodevelopthePropertyin a manner
consistentwithanapproveddevelopmentplanasdescribedinAttachment“B”,
attachedheretoandmade a parthereof,orasamendedinaccordancewithall
provisionsofthe Town;and
WHEREAS,theTown,EDC,andTIRZfindthattheadministrationofan
economicdevelopmentagreementtoprovideincentivestotheDeveloper,inreturnfor
developingthePropertywouldpromotelocaleconomicdevelopmentandstimulate
businessandcommercialactivitywithintheTownandwoulddirectlyestablish a public
purpose;and
WHEREAS,theTown,EDC,andTIRZhasdeterminedthatthisAgreement
containssufficientcontrolstoensurethattheabove-mentionedpublicpurposesare
carriedoutinalltransactionsinvolvingthe use ofpublicfundsandresourcesinthe
establishmentandadministrationoftheAgreement.
NOW,THEREFORE,inconsiderationoftheforegoing,andonthetermsand
conditionshereinafter set forth,the Partiesdomutuallyagreeasfollows:
ARTICLE I
TERM
1.1ThisAgreementshallbeeffectiveonthedatethatthisAgreementis
executedbyallParties(“EffectiveDate”)andshallcontinueuntilJanuary22,2035or
untilallobligationshereunderhavebeenmet,whicheveroccursfirst(the“Term”)or,
unlesssooner terminatedasprovided herein.
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage2
Economic Development Corporation 4B (EDC 4B)8 of 46Meeting Date: Tuesday, January 29, 2019
ARTICLEII
DEFINITIONS
2.1WhereverusedinthisAgreement,thefollowingterms shallhavethe
meaningsascribedtothem:
“Agreement”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“Town”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“ConstructionCosts”meansthecostsofallconstruction,includingbutnot
limitedto,hardconstruction,constructionequipmentcharges,the costs ofconstruction
materialsandthedeliverythereof,contractorfees,surveyingandengineeringcostsand
fees,insurance,bonding,feesforrequiredbonds,orTownfees,includingbutnot
limitedtoinspectionfees,impactfeesandparkdevelopmentfees,relatedtothe
developmentoftheImprovementsandanyparking,landscapingandlightingrelatedto
same.
“Developer”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“EffectiveDate”meansthedate establishedinArticle IofthisAgreement.
“ForceMajeure”shallmeananycontingencyor cause beyondthereasonable
controlofDeveloper,includingwithoutlimitation, acts ofGodorthepublicenemy,war,
riot,terrorism,civilcommotion,insurrection,governmentalordefactogovernmental
actionincluding,butnotlimitedto, governmentactionspertaining tothedeterminationof
floodzonesorFEMAactions(unlesscausedby acts oromissionsofDeveloper),fire,
explosionorflood,and strikes.
“Payments” meansmonetarypaymentsmadetotheTownbytheDeveloperfor
thePurchasePrice oftheProperty.
“PropertyImprovement(s)”shallmean,atminimum,two(2)newrestaurants
includingallancillaryimprovementssuchasrequiredparkingandlandscaping,more
fullydescribedinAttachment “B”.
“Property”shallmeanthe2.0517 acresgenerallylocatedatTrophyWood
DriveandHighway114,asdescribedinAttachment“A”anddescribedbymetesand
bounds,lotandblockorabstractandsurveyattachedhereto,andmade a parthereof,
andtheimprovementslocatedortobelocatedthereon.
“PublicImprovements”shallmeanthepublicstreets,publicinfrastructure
(including,butnotlimitedto,allcurbandgutter,concreteparking,sitelighting,
landscaping,publicutilities,permitfees,sidewalks,sitepreparation,andengineering)
andrelatedpublicfacilitiestobeconstructedonorbenefitingthePropertyandallcosts
associatedtherewith.
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage3
Economic Development Corporation 4B (EDC 4B)9 of 46Meeting Date: Tuesday, January 29, 2019
“PurchasePrice”shallhavethemeaning set forthinArticleIVofthis
Agreement.
“SalesAndUseTax”meansallofthesalesandusetaximposedbytheTown
pursuanttoChapter321oftheTexasTaxCode,asamended,andanyotherapplicable
law,onthesale ofTaxableItemsconsummatedontheProperty.
“SalesTaxReceipts”means100%oftheTown’sannualreceiptsfromthe
StateofTexasfromthecollectionofSalesandUseTaxfromthePropertyas a resultof
thesaleofTaxableItemsontheProperty.
“SubstantialCompletion”meanswithregardtothePublicImprovements,the
datethe Townissues a Letter ofAcceptance forthePublicImprovements.
“TaxCertificate”(“Certificate”)means a certificateorotherstatementin a form
reasonablyacceptable totheTownsetting forththecollectionofSalesandUseTaxand
PropertyTaxreceivedbytheTown,forPropertyTaxandthesaleofTaxableItemson
thePropertyconsummatedonthePropertyfortheapplicableperiodwhicharetobe
usedtodeterminetheSalesTaxReceipts,togetherwithsuchsupporting
documentation as the Townmayreasonablyrequest.
“TaxableItems”shallhavethesamemeaningassignedbyChapter151,TEX.
TAXCODEANN., as amended.
ARTICLEIII
GENERALPROVISIONS
3.1AssoonaspracticalaftertheEffectiveDateofthisAgreement,the
DevelopershallcommenceconstructionofthePropertyImprovementsontheProperty
inaccordancewiththeTownapprovedplansandinsubstantialconformancewiththe
ConceptPlan, a copyofwhichisattachedheretoandincorporatedhereinasExhibit
“B”.
3.1.1TheDeveloperhaspurchasedtheProperty,asdescribedinExhibitA,for
$1,064,278.25.TheDevelopershallsubmitor cause tobesubmittedtotheTownforits
reviewandapprovalfinalplansforthedesignofthePropertyImprovementsin
accordancewithallTownordinancesandregulations.PropertyImprovementsshall
includetheconstructionof,atminimum,two(2)highqualityrestaurantsandassociated
improvementsasshownonExhibit“B”andfurtherapprovedfinalsiteplanand
constructionplansontheProperty.
3.1.2ThetotalinvestmentontheProperty,includinganyofDeveloper’sloans
ontheProperty,constructionofimprovementsandPublicImprovements,andtenant
improvements,or,alternatively,theappraisedvalueofthePropertyfollowingthe
improvementsdescribedherein,shallbeapproximatelyTwoMillionFiveHundred
Thousand and00/100 Dollars($2,500,000).
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage4
Economic Development Corporation 4B (EDC 4B)10 of 46Meeting Date: Tuesday, January 29, 2019
3.2Withintwenty-four(24)monthsafterJanuary22,2015,Developershall
haveobtainedtwo(2)executedrestaurantleasesfortwo(2)restaurantslocatedonthe
Property,andeachleaseshallhave a ten(10)yearminimuminitialterm.Additionally,
withinfifty (50)monthsfromJanuary22,2015,Developershallalsoobtaintwo(2)
CertificatesofOccupancyfortwo(2) restaurantsontheProperty.
3.2.1IntheeventofForceMajeureor,ifinthereasonableopinionoftheTown,
EDCandTIRZ,theDeveloperhasmadesubstantialprogresstowardcompletionof
construction,renovationandinstallationofthePropertyImprovementsandPublic
Improvements,additionaltimemaybegrantedtoDeveloperbytheTown,EDCand
TIRZasmayberequiredtoreasonablyallowDevelopertocomplywithitsobligations
underthisAgreement.Developermayrequestadditionaltimeforcomplianceofits
obligationshereundertoTown,EDC,andTIRZ,basedupongoodcause,foranevent
ofForceMajeureorother causes ofdelay as determinedacceptablebyTown,EDCand
TIRZ in thereasonable discretion ofTown,EDC,andTIRZ.
3.2.2Developershallusebesteffortstoprovidetwo(2)separaterestaurant
quarterlygrosssalesreportstotheTownwithinthirty(30)daysfollowingtheendof
eachquarter,ifDeveloperisabletoobtainreportsfromtenants.Thisobligationshall
enduponthe dateoftermination ofthisAgreement.
ARTICLEIV
ECONOMICDEVELOPMENTINCENTIVES – EDCObligations
4.1EDCObligations:Pursuantto a Chapter380salestaxreimbursement
agreementwithDeveloper,EDCshalldesignate a portionofitsannualbudgettopay
the Developer a totalamountnottoexceed$1,064,278.25(PurchasePriceexcluding
interest)uponDeveloper’scompliancewithallconditions set forthinthissection.
EDCshallmakesuchpaymentsinaccordancewithsubsection(a)ofthisSection
andshallhavetherightsandremediessetforthbelow,andallpaymentsshallbe
contingentuponDeveloper’scompliance witheachofthe following conditions:
a.PaymentTermsbyEDCandCertificateofOccupancyDeadline. EDC
shallpayDeveloper’sLendermonthlypaymentsintheamountof$5,926.48,
for a periodoftwenty-four(24)months,whichpaymentbyEDCcommenced
onJanuary22,2015pursuanttothetermsoftheLetterAgreementbetween
theEDCandtheDeveloperdatedFebruary19,2015,with a totalpaymentby
EDCnot toexceed$71,117.76annuallytoDeveloper’sLender,whichamount
istheequivalentofprincipalandinterestduebyDeveloperfortheProperty
purchased(the“LandRepayment”).Ifattheendofthetwenty-four(24)
monthperiod,suchdatebeingJanuary22,2017,Developerhasfailedto
obtaintwo(2)executedleasesfortwo(2)restaurants,thenEDC’sLand
Repaymentobligationsthereaftershallterminate,andEDCshallhavethe
rightssetforthinSection4.1(b)(below),unlessthepartiesagreetoan
extensionoftimeasexpresslyauthorizedbythisAgreement.Further,if
Developerfailstoobtaintwo(2)CertificatesofOccupancyforeachofthetwo
(2)separaterestaurantsiteswithinthefifty (50) monthsafterthefirstLand
Repayment (December 31, 2019),thenallfurther
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage5
Economic Development Corporation 4B (EDC 4B)11 of 46Meeting Date: Tuesday, January 29, 2019
LandRepaymentobligationsofEDChereundershallterminate,unlessthe
partiesagreetoanextensionas expressly authorizedbythisAgreement,and
EDCshallhavetherightssetforthinSections4.band4.f(below).
Ifat theendoftheinitialtwenty-four(24) monthperiod,endingonJanuary22,
2017,DeveloperhascompliedwithitsobligationsunderthisSection,EDC
shallcontinuetomakeLandRepaymentsthroughtheendofthefifty (50)
monthperiodendingonDecember 31, 2019. Ifattheendofthefifty(50)
monthperiod,Developerhascompliedwithallobligations,EDCshall
continuemakingLandRepaymentsintheamountof
$5,926.48with a totalpaymentbyEDCnottoexceed$71,117.76annuallyto
theDeveloper’sLenderpursuanttotheDeveloperAgreementfor a periodof
seven(7)additionalyears,endingJanuary22,2025,oruponthedatethat
EDC’s obligation ispaidinfull,whicheveroccursfirst.IfEDChas
exerciseditsrighttopurchasethePropertypursuanttoSection4.1(b)
(below),thenEDCshallcontinuemakingLandRepaymentstoDeveloper’s
LenderonitsownbehalfandDevelopershallnotbe a partyorbeneficiary
thereof,butshallcomplywithallofitsobligationsas set forthunder
Section4.b(below).Notwithstandingtheforegoing,suchLandRepayment
shallnotexceed$77,117.76eachyearinwhichitisdue,anddebt
servicedueonanybondsissuedshallbepaidbyEDCpriortoany
paymentstoDeveloper duepursuanttothisAgreement.
If the loan is paid in full to the lender by a source other than EDC before the
total $1,064,278.25 is paid by the EDC, the same monthly payments shall be
made to the Developer or Developer’s designee until the obligation is
satisfied. The payment recipient shall not change until Developer provides
written notice of recipient and address pursuant to Section 7.2 of this
agreement.
b.EDC/Town’sRighttoPurchase/FinancingAgreements/Mandatory
TransferofProperty. TherightofEDCand/orTowntopurchaseor require
transferofthePropertybyDevelopershallbeavailableattheendofthe
twentyfour(24)monthperiod,January22,2017,andagainattheendofthe
fifty (50) monthperiod,December 31, 2019, ifDeveloper failstocomplywith
therequirementsofSection3.2(above)relatedto such timeperiods.The
TownandEDC’selectiontopurchasethePropertyaspermittedbythis
Section4.1(b)shallbeexercisableinitssolediscretionwithinonehundred
twenty(120)daysofthepassageofthetwentyfour(24)and/orfifty (50)
monthperiods(the“OptionPeriods”),afterwhichOptionPeriodstheTown
andEDCwaivetheirrighttoelecttopurchasetheProperty.Developer,
Town,andEDCshallstructurethebankfinancingagreement(s)forthe
Property such thatTownand/orEDChastherightto step into
Developer’sshoesasthepurchaserofthePropertyand/orDeveloperis
requiredtotransfertitletothePropertytotheEDCand/orTownifOTDhas
failedtocomplywithitsobligationsunderSection3.2(above).Allpayments
associatedwith such purchasemadeby EDCtoDevelopershallbe
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage6
Economic Development Corporation 4B (EDC 4B)12 of 46Meeting Date: Tuesday, January 29, 2019
paiddirectlytoDeveloper’sLenderforsatisfactionofDeveloper’sloanto
purchasetheProperty.DeveloperagreesthatuponrequestbyTownand/or
EDC,followingDeveloper’sfailuretocomplywithitsobligationsunder
Section3.2ofthisAgreement,Developershallwithinfifteen(15)daysof
writtennoticeofdefaultanddemandbyTownand/orEDC,executeall
necessarydocumentsandtakeallactionsnecessarytotransferallrightsand
interesttotheProperty,allPropertyImprovements,PublicImprovementsand
allimprovementsofanykindtotheProperty,toTownand/orEDC.
Developer’sfailuretotimelycomplywithanyrequirementofthissectionshall
be a default.
c. PrepaymentbyEDC. TheEDChastherighttopaythetotalprincipal
amounttoDeveloper’sLenderatanytimeduringtheAgreementtermwithout
penalty, as wellas to make additionalprincipalpaymentswithoutpenalty.
d.DiscretionarySalebyOTD.TheTownand/orEDCshallhavetheRightof
FirstRefusaltopurchasethePropertyifDeveloperdesirestosellthe
PropertywithorwithoutPublicImprovementsorPropertyImprovementsat
anytimeduringtheRightofFirstRefusalTerm(definedbelow).Therightof
Townand/orEDCunderthissectionshallremainineffectuntilsuchtimeas
two(2)separaterestaurantsonthePropertyhaveeachreceived a Certificate
ofOccupancyandDevelopercomplieswithallofitsobligationsunderSection
3.2andSection4.1(a)ofthisAgreement(above),atwhichtimetheTown’s
andEDC’srightofFirstRefusalshallterminateandbeofnofurtherforceand
effect(“RightofFirstRefusalTerm”).IfatanytimeduringtheRightofFirst
RefusalTermDeveloperdesirestoselltheProperty,Developershallfirst
adviseTown,EDC,andTIRZinwritingbyprovidingthenameofthepotential
purchaseroftheProperty.Town,EDCandTIRZshallhavetherightto
reasonablyapproveanyandallfuturepurchasersofthePropertyduringthe
termofthisAgreement.UponapprovalbyTown,EDCandTIRZofthe
proposedpurchaseroftheProperty,thisAgreementshallbefully
transferrabletotheapprovedpurchaser.Town,EDCandTIRZapprovalshall
notbeunreasonablywithheld ordelayed.
rd
e.LienStatus.TheEDCshallholdthird(3) lienstatusand,any such lien
statusofEDCshallbesubordinatetoDeveloper’sLender’spositiononall
phasesofdevelopment.SuchEDClienshallexistuntilallrequiredmilestones
as set forthinSection4.1(a)(above)andinthisAgreementhavebeenmet
byDeveloper,atwhichpointitshallterminateandceasetobeofanyforceor
effect,andtheEDCshallissueandfilealldocumentsnecessarytoterminate
andremovesuchlien.Notwithstandingtheforegoing,EDC’slienstatusshall
onlybesubordinate toDeveloper’sLender’slien(s).
f.TerminationofAgreement. Inadditiontotherightsandremediesprovided
toTownandEDCpursuanttoSection4.1(a)and4.1(b)aboveforthefailure
ofDevelopertocomplywiththerequirementsofthoseSections,this
Agreementshallterminate,unlessthepartiesagreetoanextensionoftime,
with no further obligation or payment of any kind by Town or EDC to
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage7
Economic Development Corporation 4B (EDC 4B)13 of 46Meeting Date: Tuesday, January 29, 2019
Developer or Developer’sLender,ifasofJanuary22,2017,theexpirationof
twenty-four(24)monthsfromJanuary22,2015,Developerhasfailedto
providetwo(2)separateexecutedrestaurantleases,andifasofDecember
31, 2019, theexpirationoffifty (50) monthsfromJanuary22,2015,
DeveloperhasfailedtotimelycomplywitheverytermofthisAgreement,or
Developerhasfailedtoobtainatleasttwo(2)CertificatesofOccupancyfor
two(2)separaterestaurantsitesbyMarch 22, 2019, inwhicheventthe
provisionssetforthinSection4.1(b)(above)shalltakeeffect.However,if
DevelopercomplieswithSections4.1(a),4.1(b),4.1.(c),and4.1(d)
(above),theEDCobligationtoDevelopershallterminateonJanuary22,
2025orthedateofpaymentinfullofthePurchasebyEDCand/orTown,
whicheveroccursfirst.Town’srightspursuanttoSection 4.1(c) (above)
shallnotbeeffected bythissection.
g.DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexistor
filesforbankruptcyduringtheTermofthisAgreement,EDCshallbeexcused
frommakinganyfuturepaymentstoDeveloper’sLender,andallagreements
shallterminatepursuanttotheirterms.Notwithstandingtheforegoing,
Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof
thisAgreement.
ARTICLE V
TIRZOBLIGATIONS
5.1TIRZFunding.
a.TIRZReimbursement,TermandPublicImprovements.Developershall
beeligibleforpaymentinanamountupto$1,000,000inreimbursementfor
amountsspentbyDeveloperforeligiblePublicImprovementsplusallinterest
whichDevelopermustpayto a thirdpartyaccumulatedonthecosts
associatedwithsuchPublicImprovements(“TIRZReimbursement”).
DevelopershallsubmittoTownproposedPublicImprovementsforwhichit
seeks approvalwithappropriatebidandinvoicedocumentation.Town must
approveproposedPublicImprovementsas eligiblefor reimbursement by
TIRZpriortosuchexpensebeingreimbursabletoDeveloper.Town’s
determinationshallbeinthereasonablediscretionofTown;suchTown
approvalshallnotbeunreasonablywithheldordelayed.Additionally,
DevelopershallcomplywithallapplicableTowndevelopmentregulationsas
a condition precedenttoreceiptofTIRZReimbursement.
BeginningthirtydaysafterthedateofsubmissionofthefirstinvoiceforTIRZ
ReimbursementforaneligiblePublicImprovement,TIRZshallpayto
DevelopertheTIRZReimbursementpayabletoDeveloperat a rateofsixty
percent(60%)oftotalincrementalrevenuegeneratedfromtheentireTIRZ for
twenty(20)years,oruntil such timeas a maximumamountof$1,000,000is
paidtoDeveloperinTIRZReimbursements,whicheveroccursfirst.Aslong
astherearesufficientfundsavailabletopaytheTIRZReimbursements,such
paymentsshallbemadeannually in December. Notwithstandingthe
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage8
Economic Development Corporation 4B (EDC 4B)14 of 46Meeting Date: Tuesday, January 29, 2019
foregoing,ifatthetimeofTown’sapprovalofDeveloper’sreimbursable
expense(s),TIRZhasnotgeneratedsufficientfundstopayDeveloperthefull
amountoftheTIRZReimbursement,TIRZshallbeentitledtodeferpayment
oftheTIRZReimbursement,withoutinterest,toDeveloperuntil such timeas
TIRZhassufficientfundstoprovideDeveloperwiththeTIRZReimbursement;
andsuch a defermentshallresultinanextensionofthe20yearTermofthis
AgreementoruntilsuchtimeasallTIRZReimbursementsarepaidto
Developer.
b.TIRZFirstPriority.Developershallhave“firstpriority”ofpaymentofthe
TIRZReimbursementspayablepursuanttoSection5.1(a);providedhowever
thatifDeveloperfailstocomply withitsobligationsunderthisAgreementoris
inanymannerindefaultofoneormoreofitsobligationsunderthis
Agreement,TIRZmayinitsreasonable discretion revokeDeveloper’sfirst
prioritystatusuponten(10)dayspriorwrittennoticetoDeveloper.Within
thirtydays(30)ofdateofDeveloper’scureofsuchfailure,Developer’s“first
priority” status shallbe reinstated.
5.2TIRZPayment.
a.LumpSumPayment.UponissuanceofthefirstbuildingpermitforBread
WinnersandQuarterBar,theTownshallpaytoDeveloper$400,000aspart
ofthetotal$1,000,000TIRZReimbursement. TIRZshallrepaytheTown
$400,000fromsixty-fivepercent(65%)ofthetotalincrementrevenue
generatedbytheTIRZ,includinginterestifdesiredbytheTown.TheTown
shallhave“firstpriority”ofrevenueandpaymentat a percentageratenotto
exceedsixty-fivepercent(65%)oftotalincrementalrevenuegeneratedfrom
theentireTIRZ.TIRZshallpayDeveloper’sLender22.4966%ofthe100%
untilthecompleteobligationoftheoriginalincentiveagreementexecutedon
August24,2016ismet.Thetotalbetweenbothdevelopersagreementsshall
notexceed a totalof35%ofrevenuegeneratedbyTIRZ.
b.PerformancePaymentReductionofReimbursableExpenses.During
yearssixthroughtwenty(6-20)afterthedateoftheexecutionofthis
Agreement,if a restaurantonthePropertyiscontinuouslyvacantfor a period
oftwelve(12)monthsplusone(1)day,andDeveloperalsoisnotin
possessionof:(1) a LetterOfIntent;or(2) a BuildingPermit;or(3) a
CertificateofOccupancy,thentheTIRZReimbursementsshallbereducedby
thetotalproportionalcontributiontotheTIRZoftheformofadvaloremand
salestaxgeneratedbythevacantrestaurant’shighestincrementalvalue
generated.Forexample,iftheformerrestaurantgenerated$10,000tothe
TIRZandthetotalTIRZpaymentduetoDeveloperwas$20,000,thenthe
$20,000paymentwouldbereducedby$10,000untiloneor a combinationof
theforegoingevents(1)through(3)occursfor a newrestaurantuponthe
Property,atwhichtimetheTIRZReimbursementsshallcontinuetobe
payablein full.
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage9
Economic Development Corporation 4B (EDC 4B)15 of 46Meeting Date: Tuesday, January 29, 2019
ARTICLEVI
TERMINATION
6.1TerminationofDeveloperAgreement. ThisAgreementshallterminate
withnofurtherpaymentofanykindbyTIRZtoDeveloperifDeveloperhasfailedto
timelycomplywitheverytermofthisAgreement,andsuchfailurehasnotbeencured
byDecember 31, 2019, orsuchlaterdateasagreedtobytheEDC.Notwithstanding
theforegoing,EDC’srightspursuanttoSection4.1(b)(above)shallsurvive
terminationofthisAgreement.
6.2DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexist
orfilesforbankruptcyduringtheTerm,TIRZshallbeexcusedfrommakinganyfuture
paymentstoDeveloper,andthisAgreementshallterminate.Notwithstandingthe
foregoing,Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof
thisAgreement.
6.3Default.In addition to theotherevents of default set forth inthis
Agreement,thisAgreementmaybeterminatedupon anyoneormoreofthefollowing:
1.By writtenagreementsignedbybothparties;
2.ExpirationoftheTermorfulfillmentofallobligationsasoutlinedinthis
Agreement;
3.Bythenon-breachingPartyintheeventtheotherPartybreachesanyofthe
termsorconditionsofthisAgreementand such breachisnotcuredwithin
sixty(60) daysafterwritten notice thereoftothebreaching Party;
own,ifDevelopersuffersanEventofBankruptcyordissolution;and
4.ByT
5.ByTown,ifanytaxes,assessmentsorpaymentsowedtotheTownorthe
StateofTexasbyDevelopershallbecomedelinquentandnotcuredwithin
sixty(60)daysafterwrittennoticethereofifDeveloperisnotthenprotesting
orcontestingany such taxesorassessments,inwhicheventDevelopershall
notbein defaultduetonon-paymentoftheprotestedtaxes.
ARTICLEVII
MISCELLANEOUS
7.1SuccessorsandAssigns.ThetermsandconditionsofthisAgreementare
bindinguponthe successors andassignsofallpartieshereto.Exceptasexpressly
providedotherwiseherein,thisAgreementcannotbeassignedbytheDeveloperunless
writtenpermissionisfirstgrantedbytheTown,whichconsent shallnot beunreasonably
withheld, so longastheDeveloper’sassigneeagreestobeboundbyalltermsand
conditionsofthisAgreement.Anypartywhoobtainssuchconsentshallhereafterbe
referredtoas a “permittedassignee”.Itisunderstoodandagreedbetweentheparties
that theDeveloper,in performing itsobligationsthereunder,isacting independently,and
neither the Town, EDC and/or TIRZ assumes any responsibility or liabilities in
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage10
Economic Development Corporation 4B (EDC 4B)16 of 46Meeting Date: Tuesday, January 29, 2019
connectiontherewithtothirdparties;itisfurtherunderstoodandagreedbetweenthe
partiesthattheTown,EDCand/orTIRZ,inperformingitsobligationshereunder,is
actingindependently,andtheDeveloperassumesnoresponsibilitiesinconnection
therewithtothirdparties.NotwithstandingtheprecedingprovisionsofthisSection7.1,
theTOWN,EDCandTIRZeachconsenttoDeveloper’sLenderas a permitted
assigneehereunder.
7.2Notices.NoticesrequiredtobegiventoanypartytothisAgreementshall
begivenpersonallyorbycertifiedmail,returnreceiptrequested,postageprepaid,
addressedtothepartyatitsaddressassetforthbelow,and,ifgivenbymail,shallbe
deemeddeliveredthree(3) daysafter thedatedepositedin theUnitedStates’mail:
For Townbynoticeto:
TownofTrophyClub
Attn: Thomas M. Class, Sr.
1 Trophy Wood Drive
TrophyClub,TX76262
For Developer bynoticeto:
OTDTC,LLC
Attn:ChrisGordon
2241VerandaAvenue
TrophyClub,Texas76262
With a copyto:
TheLawOfficesofDavidT.Denney,P.C.
Attn:DavidDenney
8350N.CentralExpwy.,Suite925
Dallas,Texas75206
Anypartymaychangetheaddresstowhichnoticesaretobesentbygivingtheother
partieswrittennoticein themanner providedinthisparagraph.
7.3NoWaiver.Noclaimorrightarisingoutof a breachofthisAgreementcan
bedischargedinwholeorinpartby a waiverorrenunciationoftheclaimorrightunless
thewaiverorrenunciationissupportedbyconsiderationandisinwritingsignedbythe
aggrieved.
7.4Amendment.ThisAgreementmaybemodifiedorrescindedonlyby a
writing signedbyboth ofthepartiesortheir dulyauthorizedagents.
7.5Venue.ExclusivevenueforanylitigationarisingfromthisAgreement
shalllieinDentonCounty,Texas.
7.6Indemnity.Developeragreestodefend,indemnifyandholdTown,
EDCand/orTIRZ,itsofficers,agentsandemployees,harmlessagainstanyand
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage11
Economic Development Corporation 4B (EDC 4B)17 of 46Meeting Date: Tuesday, January 29, 2019
allclaims,lawsuits,judgments,costsandexpensesforpersonalinjury(including
death),propertydamageorotherharmforwhichrecoveryofdamagesissought,
sufferedbyanypersonorpersons,thatmayariseoutoforbeoccasionedby
Company'sbreachofthisAgreementorbyanynegligentorstrictlyliableactor
omissionofCompany,itsofficers,agents,employeesorsubcontractors,inthe
performanceofthisAgreement.Theprovisionsofthisparagrapharesolelyfor
thebenefitofthepartiesheretoandnotintendedtocreateorgrantanyrights,
contractualorotherwise,toanyotherpersonorentity.Thisparagraphshall
survivetheterminationof thisAgreement.
7.7EntireAgreement.ThisAgreementembodiesthecompleteagreementof
thePartiesheretosupersedingalloralorwrittenpreviousandcontemporary
agreementsbetweenthePartiesrelatingtomattershereinand,exceptasotherwise
providedherein,cannotbemodified withoutwrittenagreementofallParties.
7.8MultipleCounterparts.ThisAgreementmaybeexecutedinmultiple
counterparts,eachofwhichshallconstituteanoriginal,butallofwhichintheaggregate
shallconstitute oneagreement.
7.9Severability.IfanyprovisioncontainedinthisAgreementisheldtobe
invalid,illegal,orunenforceableinanyrespect,suchinvalidity,illegalityor
unenforceabilityshallnotaffectany otherprovisionhereof.Inlieuofeachinvalid,illegal
orunenforceableprovisionthereshallbeadded a newprovisionbyagreementofthe
partiesassimilarintermstosuchinvalid,illegalorunenforceableprovisionasmaybe
possible andyetbevalid,legalandenforceable.
7.10Context.Wheneverthecontextrequires,allwordshereinshallbe
deemedtoincludethemale,female,andneutergender,singularwordsshallinclude
theplural,andviceversa.
7.11NoThirdPartyBeneficiary:Exceptasotherwiseexpresslyprovidedfor
herein,forpurposesofthisAgreement,includingitsintendedoperationandeffect,the
partiesspecificallyagreeandAgreementthat:(1)theAgreementonlyaffects
matters/disputesbetweenthepartiestothisAgreement,andisinnowayintendedby
thepartiestobenefitorotherwiseaffectanythirdpersonorentity,notwithstandingthe
fact thatsuchthirdpersonorentitiesmaybein a contractualrelationshipwithTOWN,
EDC,TIRZorDeveloper,collectivelyorindividually;and(2)thetermsofthisAgreement
arenotintendedtorelease,eitherbycontractoroperationoflaw,anythirdpersonor
entityfrom obligationsowingbythem toeitherTOWN,EDC,TIRZ,orDeveloper.
Exceptasotherwiseexpresslyprovidedforherein,thisAgreementshallnotcreateany
third-partybeneficiaries.NotwithstandingtheprecedingprovisionsofthisSection7.11,
theTOWN,EDC,TIRZ,andDevelopereachacknowledgethattheDeveloper’sLender,
asdefinedinSection7.13(6),willrelyuponSections4.1(e),7.1,7.11,and7.13ofthis
Agreementinmaking a loanorloanstotheDeveloperandisexpresslyincludedas a
thirdpartyintendedas a beneficiaryofthisAgreementrelatingtothoseexpress
Sectionsandthose Sectionsonly.
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage12
Economic Development Corporation 4B (EDC 4B)18 of 46Meeting Date: Tuesday, January 29, 2019
7.12Execution.This Agreementwasauthorizedbyactionof theTownCouncil,
EDC,andTIRZand such actionhasauthorizedtheTownManagertoexecutethis
AgreementonbehalfoftheTown.
7.13Developer’sLenderProvisions.Notwithstandinganythingtothecontrary
set forthinthisdocument,thefollowing provisionsshallcontrol:
1.TOWN,EDC,andTIRZherebyconsenttotheDeveloper’scollateralpledge
and/orassignmentoftheLandRepaymentand/orTIRZReimbursementto
Developer’sLenderin a mannerthesameasorsimilartothatprovidedin
Chapter64oftheTexasPropertyCode,asmaybeamendedorsuperseded,
andmorecommonlyknown as the TexasAssignmentofRentsAct.
2.BeforeexercisinganyremediesofdefaultagainstDeveloperorterminating
theLandRepaymentand/orTIRZReimbursement,thepartyexercising such
remediesorterminationshallfirstprovideDeveloper’sLenderwithatleast
sixty(60)daysnoticeofDeveloper’sdefaultand/oritsintenttoterminatethe
LandRepaymentand/orTIRZRepaymentalongwiththespecificreasons
therefor,andallowtheDeveloper’sLenderanopportunitytocuresaiddefault
and/orpreventsuchtermination.Developer shallnotbeconsideredindefault
andnorightofterminationoftheLandRepaymentand/orTIRZRepayment
shallexist, so longasDeveloper’sdefaultunderthisAgreementisnot
creatingmaterialdamagetothepartyexercising a remedyofdefaultand/or
terminationoftheLandRepaymentand/or TIRZRepayment,andDeveloper’s
Lenderhasbeguntocuresaiddefaultwithinthesixty(60)dayperiodand
thereafterdiligentlyprosecutesthesametocompletionwithin a reasonable
period oftime thereafter.
3.EDC’srightsofpurchaseand/orrightsoffirstrefusalunderArticleIVabove
shallbeexpresslysubordinatetotherightsandliensofDeveloper’sLender,
andanysale,transfer,assignment,orotherconveyanceofthePropertyshall
bemadeexpressly subject totheDeveloper’sLender’srightsandliens.The
partiesheretoagreetoexecutein a formreasonablyacceptableto
Developer’sLenderandsuitableforrecordinginthepublicrecords a
Subordination,Non-Disturbance,andAttornmentAgreementwhichincludes
thiscovenant.
4.IntheeventthatTIRZrevokesDeveloper’spriority status, beforedoingso,
TIRZshallprovideDeveloper’sLenderwithatleastthirty(30)daysprior
writtennoticeofitsintenttorevokeDeveloper’sprioritystatus,andallow
Developer’sLenderanopportunitytocurethereasonsforsuchpotential
revocationwithinthatthirty(30)dayorotherextendedperiodprovidedinthe
writtennotice.
5.AlthoughDeveloper’sLendermayhave a righttoperformanobligationor
cure a defaultoftheDeveloperunderthisAgreement,nothinghereinshall
requireDeveloper’sLendertoperformany such obligationorcureanydefault
ofDeveloper.Theperformanceofanobligationor a cureof a defaultof
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage13
Economic Development Corporation 4B (EDC 4B)19 of 46Meeting Date: Tuesday, January 29, 2019
DeveloperbyDeveloper’sLenderinoneinstanceshallnotoperatetorequire
theDeveloper’sLendertoperformanyotherfutureobligationsordefaults.
Thedeterminationtoperformanyobligationsorcureanydefaultsofthe
Developerhereundershallbemadeinthesoleandcompletediscretionof
Developer’sLender.
6.As set forthherein,thetermDeveloper’sLendermeans“FirstStateBank, a
Texasstatebank”,anditssuccessorsandpermitted assigns underSection
7.1above.
7.Allpaymentsmadepursuanttothisagreementshallbecreditedtowardsthe
Town’sobligationsundertheoriginalagreementexecutedonAugust24,
2016.
TOWN OF TROPHYCLUB,TEXAS
Chair, Sean Bone
Mayor,C.NickSanders,
TIRZ #1,TownofTrophyClub,Texas
TownofTrophyClub,Texas
Date:Date:
ATTEST:
HollyFimbres,TownSecretary
President, Sean Bone EDC-4B,
TownofTrophyClub,Texas
Date:
APPROVEDTOFORM:
DavidDodd,TownAttorney
OTDTC,LLC
a TexasLimited LiabilityCompany
By:
Name:
Title:
Date:
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage14
Economic Development Corporation 4B (EDC 4B)20 of 46Meeting Date: Tuesday, January 29, 2019
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_, 2019, byMayorC.NickSandersoftheTownofTrophyClub,
Texas, a home-rulemunicipalityoftheStateofTexas,onbehalfofsaidpolitical
subdivision.
NotaryPublic,State ofTexas
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_, 2019, byPresident Sean Bone oftheEconomicDevelopment
Corporation4BoftheTownofTrophyClub,Texas, a home-rulemunicipalityof said
politicalsubdivision.
NotaryPublic,State ofTexas
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_, 2019, byChair Sean Bone oftheTaxIncrementReinvestmentZone
No. 1 oftheTownofTrophyClub,Texas, a home-rulemunicipalityofsaid political
subdivision.
NotaryPublic,State ofTexas
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage15
Economic Development Corporation 4B (EDC 4B)21 of 46Meeting Date: Tuesday, January 29, 2019
STATEOFTEXAS§
§
COUNTYOF §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_, 2019, by OTDTC, LLC aTexas
limitedliabilitycompany,onbehalfofsaid company.
NotaryPublic,State ofTexas
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage16
Economic Development Corporation 4B (EDC 4B)22 of 46Meeting Date: Tuesday, January 29, 2019
Exhibit “A”
LEGALDESCRIPTION
LEGALDESCRIPTIONTRACTONE:Lots 1 and2,BlockA,TrophyWoodBusiness
Center,anadditiontotheTownofTrophyClub,DentonCounty,Texasaccordingtothe
platthereofrecordedinVolumeV,Page295ofthePlatRecordsofDentonCounty,
Texas.(Parcelnowlocated in TarrantCounty).
LEGALDESCRIPTIONTRACTTWO:Lot2R-2,BlockB,TrophyWoodBusiness
Center,anadditiontotheTownofTrophyClub,TarrantCounty,Texasaccordingtothe
platthereofrecordedasDocumentNo.D213097463ofthePlatRecordsofTarrant
County,Texas.
ZONINGSTATEMENT:Accordingtothecurrentpublishedzoninginformation,Tract
OneandTractTwoarecurrentlyzonedPD-25.
FLOODSTATEMENT:BasedonscalingthesurveyedlotshownhereonontotheFEMA
FloodInsuranceRateMapNo.48439C0085K(Rev. 9-25-09),saidlotlieswithinFEMA
zone X anddoesnotliewithintheFEMAdesignated100-yearfloodplain.Miller
Surveying, Inc. makesnostatementastothelikelihoodoftheactualfloodingofsaid
surveyedlot.
EASEMENTSTATEMENT:The followingstatementsregardingeasementsand
agreementsareinreferencetotheitemslistedinSchedule B oftheCommitmentfor
TitleInsuranceissuedonDecember31,2014byChicagoTitleInsuranceCompany,GF
No.CTMH63-8055631400073 andare based onmyprofessionalopinion:
RegardingItemlO(f):The10'LandscapeEasement;the37'FirelaneEasement;the15'
LandscapeEasement;the5'SidewalkandUtilityEasement;the35'UtilityEasement;
the25'UtilityEasement;andthe10'UtilityEasementperplatVolume V Page295
M.R.D.C.T.affectthesurveyedtract(s) andaredepicted accordingly;
RegardingItemO(g):The30'BuildingLineperplatVolume V Page295M.R.D.C.T.
affectthesurveyedtract(s) andaredepicted accordingly;
RegardingItemlO(h):TheVariableWidthUtilityEasement;the15'Landscape
Easement;the20'SanitarySewerEasement;the5'Sidewalk & UtilityEasement;the
15'LandscapeEasement;the10'LandscapeEasement;the10'UtilityEasementand
theFirelane,Drainage & Access EasementperplatD213097463P.R.T.C.T.affectthe
surveyedtract(s) andaredepicted accordingly;
RegardingItemO(i):The30'BuildingLineperplatD213097463P.R.T.C.T.affectthe
surveyedtract(s) andaredepicted accordingly;
Regarding ItemlOU}:Noplottable elements;
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage17
Economic Development Corporation 4B (EDC 4B)23 of 46Meeting Date: Tuesday, January 29, 2019
RegardingItemO(k):ThesurveyedtractsaresubjecttotheGrantofReciprocal
EasementsandDeclarationsofCovenantsrecordedasDocumentNo.D206339101
D.R.T.C.T.;
RegardingItem10(1):Thesurveyedtractsaresubjecttothe Access Easementand
Agreementrecorded in Volume 5228,Page3916,R.P.R.D.C.T.;
RegardingItemO(m):TheeasementtoTexasPowerandLightrecordedinVolume
1521,Page692R.P.R.D.C.T.asshownonplatCabinetA,Page13053P.R.T.C.T..
affectsthesurveyedtract(s) andisdepictedaccordingly;
RegardingItemO(n):TheeasementtoTrophyClubMunicipalUtilityDistrictNo.
1recordedinVolume3260,Page198R.P.R.D.C.T.asshownonplatCabinetA,Page
13053P.R.T.C.T.,affectsthesurveyedtract(s) andisdepicted accordingly;
RegardingItemO(o):TheeasementtoPacificSouthwestBankrecordedasDocument
No.1995-34614R.P.R.D.C.T.doesnotaffectthesurveyedtract(s);
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage18
Economic Development Corporation 4B (EDC 4B)24 of 46Meeting Date: Tuesday, January 29, 2019
Exhibit “B”
CONCEPTPLAN
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage19
Economic Development Corporation 4B (EDC 4B)25 of 46Meeting Date: Tuesday, January 29, 2019
AMENDEDECONOMICDEVELOPMENTAGREEMENT
THISAMENDEDECONOMICDEVELOPMENTAGREEMENT(“Agreement”)for
a Public-PrivatePartnershipisenteredintobyandbetweentheTownofTrophyClub,
Texas, a homerulemunicipality(hereinafter“Town”),TaxIncrementReinvestment
ZoneNumberOne(hereinafter“TIRZ#1),TrophyClubEconomicDevelopment
Corporation4B(hereinafter“EDC”),OTDTC,LLC(OTDTCcollectivelyreferredto
hereinafteras“theDeveloper”),andallentitiescollectivelyreferredtoasPartiesinthis
Agreement(“Parties”).
W I T N E S S E T H:
WHEREAS,theTownofTrophyClubis a homerulemunicipalcorporation;and
WHEREAS,pursuanttoChapter380oftheTexasLocalGovernmentCode
(hereinafterreferredtoas"EDCAct"),onMay4,1996,theTowncreatedEconomic
DevelopmentCorporation4Bforthepurposeofmakingeconomicdevelopment
incentivesandgrants(hereinafter referredto as "EDC”);and
WHEREAS,pursuanttoChapter311oftheTexasTaxCode(hereinafter“TIRZ
Act”),theTowncreatedReinvestmentZoneNo.1,TownofTrophyClub,Texas
(hereinafter“TIRZ”)whichis a taxincrementfundfor a designatedzonewithinthe
Town,and
WHEREAS,Developeristheownerofanapproximate2.0517acretractofland
generallylocatedintheTrophyWoodPlazaprojectcomprisedofTract 2 Lot2R-2 and
zonedaspartofPlannedDevelopment,PDNo.25,moreparticularlydescribedon
Attachment“A”,a copyofwhichisattachedheretoandincorporatedherein
(hereinafter the“Property”),andDeveloper desirestodevelopitsProperty;and
WHEREAS,thePropertyislocatedwithintheboundariesofTaxIncrement
ReinvestmentZoneNumberOne;and
WHEREAS,DeveloperdesirestoenterintothisAgreementwithTown,EDCand
TIRZ in order todevelopitsproperty;and
WHEREAS,inordertomaintainand/orenhancethecommercialeconomicand
employmentbaseoftheTownofTrophyClubandthesurroundingregionforthelong-
terminterestandbenefitoftheTown,inaccordancewiththeEDC Act andTIRZAct,
theTown,EDC,andTIRZ#1desiretoenterintothisAgreementtoprovidethetermsof
a public-privatepartnershipbetweenthePartiesprovidingcertainincentivesforthe
developmentofthepropertyinaccordancewiththestandardssetforthherein;and
Economic Development Corporation 4B (EDC 4B)26 of 46Meeting Date: Tuesday, January 29, 2019
th
WHEREAS,onthe24dayofMarch2014,afternegotiationswiththe
Developer,theTownCounciloftheTown,theBoardofDirectorsforEDC,andthe
BoardofDirectorsforTIRZapproved a TermSheetwithDeveloperpursuantto
applicablestatelaw,outliningdetailsoftheproposeddevelopmentandobligationsofall
Partiesthereto;and
WHEREAS,byagreementoftheParties,theTermSheetwasamendedon
November25,2014,February20,2015,August24,2016,withpaymentobligationsby
EDCcommencing onJanuary22, 2015;and
WHEREAS,pursuanttotheEDC Act, theTIRZ Act, Chapter380oftheTexas
LocalGovernmentCodeandotherlegalauthority,theTown,EDC,andTIRZdesireto
provideincentivestotheDevelopertodevelopthePropertyinaccordancewiththisas
morespecifically set forthherein;and
WHEREAS,theDeveloperagreestodevelopthePropertyin a manner
consistentwithanapproveddevelopmentplanasdescribedinAttachment“B”,
attachedheretoandmade a parthereof,orasamendedinaccordancewithall
provisionsofthe Town;and
WHEREAS,theTown,EDC,andTIRZfindthattheadministrationofan
economicdevelopmentagreementtoprovideincentivestotheDeveloper,inreturnfor
developingthePropertywouldpromotelocaleconomicdevelopmentandstimulate
businessandcommercialactivitywithintheTownandwoulddirectlyestablish a public
purpose;and
WHEREAS,theTown,EDC,andTIRZhasdeterminedthatthisAgreement
containssufficientcontrolstoensurethattheabove-mentionedpublicpurposesare
carriedoutinalltransactionsinvolvingthe use ofpublicfundsandresourcesinthe
establishmentandadministrationoftheAgreement.
NOW,THEREFORE,inconsiderationoftheforegoing,andonthetermsand
conditionshereinafter set forth,the Partiesdomutuallyagreeasfollows:
ARTICLE I
TERM
1.1ThisAgreementshallbeeffectiveonthedatethatthisAgreementis
executedbyallParties(“EffectiveDate”)andshallcontinueuntilJanuary22,2035or
untilallobligationshereunderhavebeenmet,whicheveroccursfirst(the“Term”)or,
unlesssooner terminatedasprovided herein.
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Economic Development Corporation 4B (EDC 4B)27 of 46Meeting Date: Tuesday, January 29, 2019
ARTICLEII
DEFINITIONS
2.1WhereverusedinthisAgreement,thefollowingterms shallhavethe
meaningsascribedtothem:
“Agreement”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“Town”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“ConstructionCosts”meansthecostsofallconstruction,includingbutnot
limitedto,hardconstruction,constructionequipmentcharges,the costs ofconstruction
materialsandthedeliverythereof,contractorfees,surveyingandengineeringcostsand
fees,insurance,bonding,feesforrequiredbonds,orTownfees,includingbutnot
limitedtoinspectionfees,impactfeesandparkdevelopmentfees,relatedtothe
developmentoftheImprovementsandanyparking,landscapingandlightingrelatedto
same.
“Developer”hasthemeaning set forthintheintroductoryparagraphofthis
Agreement.
“EffectiveDate”meansthedate establishedinArticle IofthisAgreement.
“ForceMajeure”shallmeananycontingencyor cause beyondthereasonable
controlofDeveloper,includingwithoutlimitation, acts ofGodorthepublicenemy,war,
riot,terrorism,civilcommotion,insurrection,governmentalordefactogovernmental
actionincluding,butnotlimitedto, governmentactionspertaining tothedeterminationof
floodzonesorFEMAactions(unlesscausedby acts oromissionsofDeveloper),fire,
explosionorflood,and strikes.
“Payments” meansmonetarypaymentsmadetotheTownbytheDeveloperfor
thePurchasePrice oftheProperty.
“PropertyImprovement(s)”shallmean,atminimum,two(2)newrestaurants
includingallancillaryimprovementssuchasrequiredparkingandlandscaping,more
fullydescribedinAttachment “B”.
“Property”shallmeanthe2.05173.88acresgenerallylocatedatTrophyWood
DriveandHighway114,asdescribedinAttachment“A”anddescribedbymetesand
bounds,lotandblockorabstractandsurveyattachedhereto,andmade a parthereof,
andtheimprovementslocatedortobelocatedthereon.
“PublicImprovements”shallmeanthepublicstreets,publicinfrastructure
(including,butnotlimitedto,allcurbandgutter,concreteparking,sitelighting,
landscaping,publicutilities,permitfees,sidewalks,sitepreparation,andengineering)
andrelatedpublicfacilitiestobeconstructedonorbenefitingthePropertyandallcosts
associatedtherewith.
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“PurchasePrice”shallhavethemeaning set forthinArticleIVofthis
Agreement.
“SalesAndUseTax”meansallofthesalesandusetaximposedbytheTown
pursuanttoChapter321oftheTexasTaxCode,asamended,andanyotherapplicable
law,onthesale ofTaxableItemsconsummatedontheProperty.
“SalesTaxReceipts”means100%oftheTown’sannualreceiptsfromthe
StateofTexasfromthecollectionofSalesandUseTaxfromthePropertyas a resultof
thesaleofTaxableItemsontheProperty.
“SubstantialCompletion”meanswithregardtothePublicImprovements,the
datethe Townissues a Letter ofAcceptance forthePublicImprovements.
“TaxCertificate”(“Certificate”)means a certificateorotherstatementin a form
reasonablyacceptable totheTownsetting forththecollectionofSalesandUseTaxand
PropertyTaxreceivedbytheTown,forPropertyTaxandthesaleofTaxableItemson
thePropertyconsummatedonthePropertyfortheapplicableperiodwhicharetobe
usedtodeterminetheSalesTaxReceipts,togetherwithsuchsupporting
documentation as the Townmayreasonablyrequest.
“TaxableItems”shallhavethesamemeaningassignedbyChapter151,TEX.
TAXCODEANN., as amended.
ARTICLEIII
GENERALPROVISIONS
3.1AssoonaspracticalaftertheEffectiveDateofthisAgreement,the
DevelopershallcommenceconstructionofthePropertyImprovementsontheProperty
inaccordancewiththeTownapprovedplansandinsubstantialconformancewiththe
ConceptPlan, a copyofwhichisattachedheretoandincorporatedhereinasExhibit
“B”.
3.1.1TheDeveloperhaspurchasedtheProperty,asdescribedinExhibitA,for
$1,064,278.25.TheDevelopershallsubmitor cause tobesubmittedtotheTownforits
reviewandapprovalfinalplansforthedesignofthePropertyImprovementsin
accordancewithallTownordinancesandregulations.PropertyImprovementsshall
includetheconstructionof,atminimum,two(2)highqualityrestaurantsandassociated
improvementsasshownonExhibit“B”andfurtherapprovedfinalsiteplanand
constructionplansontheProperty.
3.1.2ThetotalinvestmentontheProperty,includinganyofDeveloper’sloans
ontheProperty,constructionofimprovementsandPublicImprovements,andtenant
improvements,or,alternatively,theappraisedvalueofthePropertyfollowingthe
improvementsdescribedherein,shallbeapproximatelyTwoMillionFiveHundred
Thousand and00/100 Dollars($2,500,000).
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Economic Development Corporation 4B (EDC 4B)29 of 46Meeting Date: Tuesday, January 29, 2019
3.2Withintwenty-four(24)monthsafterJanuary22,2015,Developershall
haveobtainedtwo(2)executedrestaurantleasesfortwo(2)restaurantslocatedonthe
Property,andeachleaseshallhave a ten(10)yearminimuminitialterm.Additionally,
withinthirty-sixfifty(3650) monthsfromJanuary22,2015,Developershallalsoobtain
two(2) CertificatesofOccupancyfortwo(2) restaurantsontheProperty.
3.2.1IntheeventofForceMajeureor,ifinthereasonableopinionoftheTown,
EDCandTIRZ,theDeveloperhasmadesubstantialprogresstowardcompletionof
construction,renovationandinstallationofthePropertyImprovementsandPublic
Improvements,additionaltimemaybegrantedtoDeveloperbytheTown,EDCand
TIRZasmayberequiredtoreasonablyallowDevelopertocomplywithitsobligations
underthisAgreement.Developermayrequestadditionaltimeforcomplianceofits
obligationshereundertoTown,EDC,andTIRZ,basedupongoodcause,foranevent
ofForceMajeureorother causes ofdelay as determinedacceptablebyTown,EDCand
TIRZ in thereasonable discretion ofTown,EDC,andTIRZ.
3.2.2Developershallusebesteffortstoprovidetwo(2)separaterestaurant
quarterlygrosssalesreportstotheTownwithinthirty(30)daysfollowingtheendof
eachquarter,ifDeveloperisabletoobtainreportsfromtenants.Thisobligationshall
enduponthe dateoftermination ofthisAgreement.
ARTICLEIV
ECONOMICDEVELOPMENTINCENTIVES – EDCObligations
4.1EDCObligations:Pursuantto a Chapter380salestaxreimbursement
agreementwithDeveloper,EDCshalldesignate a portionofitsannualbudgettopay
theDeveloper’sLendersa totalamountnottoexceed$1,064,278.25(PurchasePrice
excludinginterest)uponDeveloper’scompliancewithallconditionssetforthinthis
section.EDCshallmakesuchpaymentsinaccordancewithsubsection(a)ofthis
Sectionandshallhavetherightsandremediessetforthbelow,andallpaymentsshall
becontingentuponDeveloper’scompliance witheachofthe following conditions:
a.PaymentTermsbyEDCandCertificateofOccupancyDeadline. EDC
shallpayDeveloper’sLendermonthlypaymentsintheamountof$5,926.48,
for a periodoftwenty-four(24)months,whichpaymentbyEDCcommenced
onJanuary22,2015pursuanttothetermsoftheLetterAgreementbetween
theEDCandtheDeveloperdatedFebruary19,2015,with a totalpaymentby
EDCnot toexceed$71,117.76annuallytoDeveloper’sLender,whichamount
istheequivalentofprincipalandinterestduebyDeveloperfortheProperty
purchased(the“LandRepayment”).Ifattheendofthetwenty-four(24)
monthperiod,suchdatebeingJanuary22,2017,Developerhasfailedto
obtaintwo(2)executedleasesfortwo(2)restaurants,thenEDC’sLand
Repaymentobligationsthereaftershallterminate,andEDCshallhavethe
rightssetforthinSection4.1(b)(below),unlessthepartiesagreetoan
extensionoftimeasexpresslyauthorizedbythisAgreement.Further,if
Developerfailstoobtaintwo(2)CertificatesofOccupancyforeachofthetwo
(2)separaterestaurantsiteswithinthethirty-sixfifty(3650) monthsafterthe
firstLandRepayment (January22,2018March22December 31, 2019),
thenallfurther
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LandRepaymentobligationsofEDChereundershallterminate,unlessthe
partiesagreetoanextensionas expressly authorizedbythisAgreement,and
EDCshallhavetherightssetforthinSections4.band4.f(below).
Ifat theendoftheinitialtwenty-four(24) monthperiod,endingonJanuary22,
2017,DeveloperhascompliedwithitsobligationsunderthisSection,EDC
shallcontinueto make LandRepaymentsthroughtheendofthethirty-sixfifty
(3650) monthperiodendingonJanuary22,2018March22December 31,
2019. Ifattheendofthethirty-sixfifty(3650) monthperiod,Developerhas
compliedwithallobligations,EDCshallcontinuemakingLandRepayments
intheamountof
$5,926.48with a totalpaymentbyEDCnottoexceed$71,117.76annuallyto
theDeveloper’sLenderpursuanttotheDeveloperAgreementfor a periodof
seven(7)additionalyears,endingJanuary22,2025,oruponthedatethat
Developer’sdebtEDC’sobligationispaidinfull,whicheveroccursfirst.If
EDChasexerciseditsrighttopurchasethePropertypursuanttoSection
4.1(b)(below),thenEDCshallcontinuemakingLandRepaymentsto
Developer’sLenderonitsownbehalfandDevelopershallnotbe a partyor
beneficiarythereof,butshallcomplywithallofitsobligationsas set forth
underSection4.b(below).Notwithstandingtheforegoing,suchLand
Repaymentshallnotexceed$77,117.76eachyearinwhichitisdue,and
debtservicedueonanybondsissuedshallbepaidbyEDCpriortoany
paymentstoDeveloper duepursuanttothisAgreement.
Iftheloanispaidinfulltothelenderby a sourceotherthanEDCbeforethe
total$1,064,278.25ispaidbyEDC,thesamemonthlypaymentsshallbe
madetotheDeveloperorDeveloper’sdesigneeuntiltheobligationis
satisfied.ThepaymentrecipientshallnotchangeuntilDeveloperprovides
writtennoticeofrecipientandaddresspursuanttoSection7.2ofthis
agreement.
b.EDC/Town’sRighttoPurchase/FinancingAgreements/Mandatory
TransferofProperty. TherightofEDCand/orTowntopurchaseorrequire
transferofthePropertybyDevelopershallbeavailableattheendofthe
twentyfour(24)monthperiod,January22,2017,andagainattheendofthe
thirty-sixfifty(3650) monthperiod,January22,2018March22December 31,
2019, ifDeveloper failstocomplywiththerequirementsofSection3.2
(above)relatedtosuchtimeperiods.TheTownandEDC’selectionto
purchasethePropertyaspermittedbythisSection4.1(b)shallbe
exercisableinitssolediscretionwithinonehundredtwenty(120)daysof
thepassageofthetwentyfour(24)and/orthirty-sixfifty(3650) month
periods(the“OptionPeriods”),afterwhichOptionPeriodstheTownand
EDCwaivetheirrighttoelecttopurchasetheProperty.Developer,Town,
andEDCshallstructurethebankfinancingagreement(s)fortheProperty
such thatTownand/orEDChastherighttostepintoDeveloper’sshoes
asthepurchaserofthePropertyand/orDeveloperisrequiredtotransfer
titletothePropertytotheEDCand/orTownifOTDhasfailedtocomplywith
itsobligationsunderSection3.2(above).Allpaymentsassociatedwithsuch
purchasemadeby EDCtoDevelopershallbe
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Economic Development Corporation 4B (EDC 4B)31 of 46Meeting Date: Tuesday, January 29, 2019
paiddirectlytoDeveloper’sLenderforsatisfactionofDeveloper’sloanto
purchasetheProperty.DeveloperagreesthatuponrequestbyTownand/or
EDC,followingDeveloper’sfailuretocomplywithitsobligationsunder
Section3.2ofthisAgreement,Developershallwithinfifteen(15)daysof
writtennoticeofdefaultanddemandbyTownand/orEDC,executeall
necessarydocumentsandtakeallactionsnecessarytotransferallrightsand
interesttotheProperty,allPropertyImprovements,PublicImprovementsand
allimprovementsofanykindtotheProperty,toTownand/orEDC.
Developer’sfailuretotimelycomplywithanyrequirementofthissectionshall
be a default.
c. PrepaymentbyEDC. TheEDChastherighttopaythetotalprincipal
amounttoDeveloper’sLenderatanytimeduringtheAgreementtermwithout
penalty, as wellas to make additionalprincipalpaymentswithoutpenalty.
d.DiscretionarySalebyOTD.TheTownand/orEDCshallhavetheRightof
FirstRefusaltopurchasethePropertyifDeveloperdesirestosellthe
PropertywithorwithoutPublicImprovementsorPropertyImprovementsat
anytimeduringtheRightofFirstRefusalTerm(definedbelow).Therightof
Townand/orEDCunderthissectionshallremainineffectuntilsuchtimeas
two(2)separaterestaurantsonthePropertyhaveeachreceived a Certificate
ofOccupancyandDevelopercomplieswithallofitsobligationsunderSection
3.2andSection4.1(a)ofthisAgreement(above),atwhichtimetheTown’s
andEDC’srightofFirstRefusalshallterminateandbeofnofurtherforceand
effect(“RightofFirstRefusalTerm”).IfatanytimeduringtheRightofFirst
RefusalTermDeveloperdesirestoselltheProperty,Developershallfirst
adviseTown,EDC,andTIRZinwritingbyprovidingthenameofthepotential
purchaseroftheProperty.Town,EDCandTIRZshallhavetherightto
reasonablyapproveanyandallfuturepurchasersofthePropertyduringthe
termofthisAgreement.UponapprovalbyTown,EDCandTIRZofthe
proposedpurchaseroftheProperty,thisAgreementshallbefully
transferrabletotheapprovedpurchaser.Town,EDCandTIRZapprovalshall
notbeunreasonablywithheld ordelayed.
rd
e.LienStatus.TheEDCshallholdthird(3) lienstatusand,any such lien
statusofEDCshallbesubordinatetoDeveloper’sLender’spositiononall
phasesofdevelopment.SuchEDClienshallexistuntilallrequiredmilestones
as set forthinSection4.1(a)(above)andinthisAgreementhavebeenmet
byDeveloper,atwhichpointitshallterminateandceasetobeofanyforceor
effect,andtheEDCshallissueandfilealldocumentsnecessarytoterminate
andremovesuchlien.Notwithstandingtheforegoing,EDC’slienstatusshall
onlybesubordinate toDeveloper’sLender’slien(s).
f.TerminationofAgreement. Inadditiontotherightsandremediesprovided
toTownandEDCpursuanttoSection4.1(a)and4.1(b)aboveforthefailure
ofDevelopertocomplywiththerequirementsofthoseSections,this
Agreementshallterminate,unlessthepartiesagreetoanextensionoftime,
with no further obligation or payment of any kind by Town or EDC to
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Economic Development Corporation 4B (EDC 4B)32 of 46Meeting Date: Tuesday, January 29, 2019
DeveloperorDeveloper’sLender,ifasofJanuary22,2017,theexpirationof
twenty-four(24)monthsfromJanuary22,2015,Developerhasfailedto
providetwo(2)separateexecutedrestaurantleases,andifasofJanuary22,
2018March22December 31, 2019, theexpirationofthirty-sixfifty(3650)
monthsfromJanuary22,2015,Developerhasfailedtotimelycomplywith
everytermofthisAgreement,orDeveloperhasfailedtoobtainatleasttwo
(2)CertificatesofOccupancyfortwo(2)separaterestaurantsitesby
January22,2018March22December 31, 2019, inwhicheventthe
provisionssetforthinSection4.1(b)(above)shalltakeeffect.However,if
DevelopercomplieswithSections4.1(a),4.1(b),4.1.(c),and4.1(d)
(above),theEDCobligationtoDevelopershallterminateonJanuary22,
2025orthedateofpaymentinfullofthePurchasebyEDCand/orTown,
whicheveroccursfirst.Town’srightspursuanttoSection 4.1(c) (above)
shallnotbeeffected bythissection.
g.DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexistor
filesforbankruptcyduringtheTermofthisAgreement,EDCshallbeexcused
frommakinganyfuturepaymentstoDeveloper’sLender,andallagreements
shallterminatepursuanttotheirterms.Notwithstandingtheforegoing,
Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof
thisAgreement.
ARTICLE V
TIRZOBLIGATIONS
5.1TIRZFunding.
a.TIRZReimbursement,TermandPublicImprovements.Developershall
beeligibleforpaymentinanamountupto$1,000,000inreimbursementfor
amountsspentbyDeveloperforeligiblePublicImprovementsplusallinterest
whichDevelopermustpayto a thirdpartyaccumulatedonthecosts
associatedwithsuchPublicImprovements(“TIRZReimbursement”).
DevelopershallsubmittoTownproposedPublicImprovementsforwhichit
seeks approvalwithappropriatebidandinvoicedocumentation.Town must
approveproposedPublicImprovementsas eligiblefor reimbursement by
TIRZpriortosuchexpensebeingreimbursabletoDeveloper.Town’s
determinationshallbeinthereasonablediscretionofTown;suchTown
approvalshallnotbeunreasonablywithheldordelayed.Additionally,
DevelopershallcomplywithallapplicableTowndevelopmentregulationsas
a condition precedenttoreceiptofTIRZReimbursement.
BeginningthirtydaysafterthedateofsubmissionofthefirstinvoiceforTIRZ
ReimbursementforaneligiblePublicImprovement,TIRZshallpayto
DevelopertheTIRZReimbursementpayabletoDeveloperat a rateofsixty
percent(60%)oftotalincrementalrevenuegeneratedfromtheentireTIRZ for
twenty(20)years,oruntil such timeas a maximumamountof$1,000,000is
paidtoDeveloperinTIRZReimbursements,whicheveroccursfirst.Aslong
astherearesufficientfundsavailabletopaytheTIRZReimbursements,such
paymentsshallbemademonthlyannuallyinDecember. Notwithstandingthe
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foregoing,ifatthetimeofTown’sapprovalofDeveloper’sreimbursable
expense(s),TIRZhasnotgeneratedsufficientfundstopayDeveloperthefull
amountoftheTIRZReimbursement,TIRZshallbeentitledtodeferpayment
oftheTIRZReimbursement,withoutinterest,toDeveloperuntil such timeas
TIRZhassufficientfundstoprovideDeveloperwiththeTIRZReimbursement;
andsuch a defermentshallresultinanextensionofthe20yearTermofthis
AgreementoruntilsuchtimeasallTIRZReimbursementsarepaidto
Developer.
b.TIRZFirstPriority.Developershallhave“firstpriority”ofpaymentofthe
TIRZReimbursementspayablepursuanttoSection5.1(a);providedhowever
thatifDeveloperfailstocomply withitsobligationsunderthisAgreementoris
inanymannerindefaultofoneormoreofitsobligationsunderthis
Agreement,TIRZmayinitsreasonable discretion revokeDeveloper’sfirst
prioritystatusuponten(10)dayspriorwrittennoticetoDeveloper.Within
thirtydays(30)ofdateofDeveloper’scureofsuchfailure,Developer’s“first
priority” status shallbe reinstated.
5.2TIRZPayment.
a.LumpSumPayment.UponissuanceofthefirstbuildingpermitforBread
WinnersandQuarterBar,theTownshallpaytoDeveloper$400,000aspart
ofthetotal$1,000,000TIRZReimbursement. TIRZshallrepaytheTown
$400,000fromsixty-fivepercent(65%)ofthetotalincrementrevenue
generatedbytheTIRZ,includinginterestifdesiredbytheTown.TheTown
shallhave“firstpriority”ofrevenueandpaymentat a percentageratenotto
exceedsixty-fivepercent(65%)oftotalincrementalrevenuegeneratedfrom
theentireTIRZ.TIRZshallpayDeveloper’sLender22.4966%ofthe100%
untilthecompleteobligationoftheoriginalincentiveagreementexecutedon
August24,2016ismet.Thetotalbetweenbothdevelopersagreementsshall
notexceed a totalof35%ofrevenuegeneratedbyTIRZ.
b.PerformancePaymentReductionofReimbursableExpenses.During
yearssixthroughtwenty(6-20)afterthedateoftheexecutionofthis
Agreement,if a restaurantonthePropertyiscontinuouslyvacantfor a period
oftwelve(12)monthsplusone(1)day,andDeveloperalsoisnotin
possessionof:(1) a LetterOfIntent;or(2) a BuildingPermit;or(3) a
CertificateofOccupancy,thentheTIRZReimbursementsshallbereducedby
thetotalproportionalcontributiontotheTIRZoftheformofadvaloremand
salestaxgeneratedbythevacantrestaurant’shighestincrementalvalue
generated.Forexample,iftheformerrestaurantgenerated$10,000tothe
TIRZandthetotalTIRZpaymentduetoDeveloperwas$20,000,thenthe
$20,000paymentwouldbereducedby$10,000untiloneor a combinationof
theforegoingevents(1)through(3)occursfor a newrestaurantuponthe
Property,atwhichtimetheTIRZReimbursementsshallcontinuetobe
payablein full.
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Economic Development Corporation 4B (EDC 4B)34 of 46Meeting Date: Tuesday, January 29, 2019
ARTICLEVI
TERMINATION
6.1TerminationofDeveloperAgreement. ThisAgreementshallterminate
withnofurtherpaymentofanykindbyTIRZtoDeveloperifDeveloperhasfailedto
timelycomplywitheverytermofthisAgreement,andsuchfailurehasnotbeencured
byJanuary22,2018March22December 31, 2019, orsuchlaterdateasagreedto
bytheEDC.Notwithstandingtheforegoing,EDC’srightspursuanttoSection4.1(b)
(above)shallsurviveterminationofthisAgreement.
6.2DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexist
orfilesforbankruptcyduringtheTerm,TIRZshallbeexcusedfrommakinganyfuture
paymentstoDeveloper,andthisAgreementshallterminate.Notwithstandingthe
foregoing,Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof
thisAgreement.
6.3Default.In addition to theotherevents of default set forth inthis
Agreement,thisAgreementmaybeterminatedupon anyoneormoreofthefollowing:
1.By writtenagreementsignedbybothparties;
2.ExpirationoftheTermorfulfillmentofallobligationsasoutlinedinthis
Agreement;
3.Bythenon-breachingPartyintheeventtheotherPartybreachesanyofthe
termsorconditionsofthisAgreementand such breachisnotcuredwithin
sixty(60) daysafterwritten notice thereoftothebreaching Party;
4.ByTown,ifDevelopersuffersanEventofBankruptcyordissolution;and
5.ByTown,ifanytaxes,assessmentsorpaymentsowedtotheTownorthe
StateofTexasbyDevelopershallbecomedelinquentandnotcuredwithin
sixty(60)daysafterwrittennoticethereofifDeveloperisnotthenprotesting
orcontestingany such taxesorassessments,inwhicheventDevelopershall
notbein defaultduetonon-paymentoftheprotestedtaxes.
ARTICLEVII
MISCELLANEOUS
7.1SuccessorsandAssigns.ThetermsandconditionsofthisAgreementare
bindinguponthe successors andassignsofallpartieshereto.Exceptasexpressly
providedotherwiseherein,thisAgreementcannotbeassignedbytheDeveloperunless
writtenpermissionisfirstgrantedbytheTown,whichconsent shallnot beunreasonably
withheld, so longastheDeveloper’sassigneeagreestobeboundbyalltermsand
conditionsofthisAgreement.Anypartywhoobtainssuchconsentshallhereafterbe
referredtoas a “permittedassignee”.Itisunderstoodandagreedbetweentheparties
that theDeveloper,in performing itsobligationsthereunder,isacting independently,and
neither the Town, EDC and/or TIRZ assumes any responsibility or liabilities in
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connectiontherewithtothirdparties;itisfurtherunderstoodandagreedbetweenthe
partiesthattheTown,EDCand/orTIRZ,inperformingitsobligationshereunder,is
actingindependently,andtheDeveloperassumesnoresponsibilitiesinconnection
therewithtothirdparties.NotwithstandingtheprecedingprovisionsofthisSection7.1,
theTOWN,EDCandTIRZeachconsenttoDeveloper’sLenderas a permitted
assigneehereunder.
7.2Notices.NoticesrequiredtobegiventoanypartytothisAgreementshall
begivenpersonallyorbycertifiedmail,returnreceiptrequested,postageprepaid,
addressedtothepartyatitsaddressassetforthbelow,and,ifgivenbymail,shallbe
deemeddeliveredthree(3) daysafter thedatedepositedin theUnitedStates’mail:
For Townbynoticeto:
TownofTrophyClub
Attn:StephenSeidelThomasM.Class,Sr.
100MunicipalDrive1 TrophyWood Drive
TrophyClub,TX76262
For Developer bynoticeto:
OTDTC,LLC
Attn:ChrisGordon
2241VerandaAvenue
TrophyClub,Texas76262
With a copyto:
TheLawOfficesofDavidT.Denney,P.C.
Attn:DavidDenney
8350N.CentralExpwy.,Suite925
Dallas,Texas75206
Anypartymaychangetheaddresstowhichnoticesaretobesentbygivingtheother
partieswrittennoticein themanner providedinthisparagraph.
7.3NoWaiver.Noclaimorrightarisingoutof a breachofthisAgreementcan
bedischargedinwholeorinpartby a waiverorrenunciationoftheclaimorrightunless
thewaiverorrenunciationissupportedbyconsiderationandisinwritingsignedbythe
aggrieved.
7.4Amendment.ThisAgreementmaybemodifiedorrescindedonlyby a
writing signedbyboth ofthepartiesortheir dulyauthorizedagents.
7.5Venue.ExclusivevenueforanylitigationarisingfromthisAgreement
shalllieinDentonCounty,Texas.
7.6Indemnity.Developeragreestodefend,indemnifyandholdTown,
EDCand/orTIRZ,itsofficers,agentsandemployees,harmlessagainstanyand
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage11
Economic Development Corporation 4B (EDC 4B)36 of 46Meeting Date: Tuesday, January 29, 2019
allclaims,lawsuits,judgments,costsandexpensesforpersonalinjury(including
death),propertydamageorotherharmforwhichrecoveryofdamagesissought,
sufferedbyanypersonorpersons,thatmayariseoutoforbeoccasionedby
Company'sbreachofthisAgreementorbyanynegligentorstrictlyliableactor
omissionofCompany,itsofficers,agents,employeesorsubcontractors,inthe
performanceofthisAgreement.Theprovisionsofthisparagrapharesolelyfor
thebenefitofthepartiesheretoandnotintendedtocreateorgrantanyrights,
contractualorotherwise,toanyotherpersonorentity.Thisparagraphshall
survivetheterminationof thisAgreement.
7.7EntireAgreement.ThisAgreementembodiesthecompleteagreementof
thePartiesheretosupersedingalloralorwrittenpreviousandcontemporary
agreementsbetweenthePartiesrelatingtomattershereinand,exceptasotherwise
providedherein,cannotbemodified withoutwrittenagreementofallParties.
7.8MultipleCounterparts.ThisAgreementmaybeexecutedinmultiple
counterparts,eachofwhichshallconstituteanoriginal,butallofwhichintheaggregate
shallconstitute oneagreement.
7.9Severability.IfanyprovisioncontainedinthisAgreementisheldtobe
invalid,illegal,orunenforceableinanyrespect,suchinvalidity,illegalityor
unenforceabilityshallnotaffectany otherprovisionhereof.Inlieuofeachinvalid,illegal
orunenforceableprovisionthereshallbeadded a newprovisionbyagreementofthe
partiesassimilarintermstosuchinvalid,illegalorunenforceableprovisionasmaybe
possible andyetbevalid,legalandenforceable.
7.10Context.Wheneverthecontextrequires,allwordshereinshallbe
deemedtoincludethemale,female,andneutergender,singularwordsshallinclude
theplural,andviceversa.
7.11NoThirdPartyBeneficiary:Exceptasotherwiseexpresslyprovidedfor
herein,forpurposesofthisAgreement,includingitsintendedoperationandeffect,the
partiesspecificallyagreeandAgreementthat:(1)theAgreementonlyaffects
matters/disputesbetweenthepartiestothisAgreement,andisinnowayintendedby
thepartiestobenefitorotherwiseaffectanythirdpersonorentity,notwithstandingthe
fact thatsuchthirdpersonorentitiesmaybein a contractualrelationshipwithTOWN,
EDC,TIRZorDeveloper,collectivelyorindividually;and(2)thetermsofthisAgreement
arenotintendedtorelease,eitherbycontractoroperationoflaw,anythirdpersonor
entityfrom obligationsowingbythem toeitherTOWN,EDC,TIRZ,orDeveloper.
Exceptasotherwiseexpresslyprovidedforherein,thisAgreementshallnotcreateany
third-partybeneficiaries.NotwithstandingtheprecedingprovisionsofthisSection7.11,
theTOWN,EDC,TIRZ,andDevelopereachacknowledgethattheDeveloper’sLender,
asdefinedinSection7.13(6),willrelyuponSections4.1(e),7.1,7.11,and7.13ofthis
Agreementinmaking a loanorloanstotheDeveloperandisexpresslyincludedas a
thirdpartyintendedas a beneficiaryofthisAgreementrelatingtothoseexpress
Sectionsandthose Sectionsonly.
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage12
Economic Development Corporation 4B (EDC 4B)37 of 46Meeting Date: Tuesday, January 29, 2019
7.12Execution.This Agreementwasauthorizedbyactionof theTownCouncil,
EDC,andTIRZand such actionhasauthorizedtheTownManagertoexecutethis
AgreementonbehalfoftheTown.
7.13Developer’sLenderProvisions.Notwithstandinganythingtothecontrary
set forthinthisdocument,thefollowing provisionsshallcontrol:
1.TOWN,EDC,andTIRZherebyconsenttotheDeveloper’scollateralpledge
and/orassignmentoftheLandRepaymentand/orTIRZReimbursementto
Developer’sLenderin a mannerthesameasorsimilartothatprovidedin
Chapter64oftheTexasPropertyCode,asmaybeamendedorsuperseded,
andmorecommonlyknown as the TexasAssignmentofRentsAct.
2.BeforeexercisinganyremediesofdefaultagainstDeveloperorterminating
theLandRepaymentand/orTIRZReimbursement,thepartyexercising such
remediesorterminationshallfirstprovideDeveloper’sLenderwithatleast
sixty(60)daysnoticeofDeveloper’sdefaultand/oritsintenttoterminatethe
LandRepaymentand/orTIRZRepaymentalongwiththespecificreasons
therefor,andallowtheDeveloper’sLenderanopportunitytocuresaiddefault
and/orpreventsuchtermination.Developer shallnotbeconsideredindefault
andnorightofterminationoftheLandRepaymentand/orTIRZRepayment
shallexist, so longasDeveloper’sdefaultunderthisAgreementisnot
creatingmaterialdamagetothepartyexercising a remedyofdefaultand/or
terminationoftheLandRepaymentand/or TIRZRepayment,andDeveloper’s
Lenderhasbeguntocuresaiddefaultwithinthesixty(60)dayperiodand
thereafterdiligentlyprosecutesthesametocompletionwithin a reasonable
period oftime thereafter.
3.EDC’srightsofpurchaseand/orrightsoffirstrefusalunderArticleIVabove
shallbeexpresslysubordinatetotherightsandliensofDeveloper’sLender,
andanysale,transfer,assignment,orotherconveyanceofthePropertyshall
bemadeexpressly subject totheDeveloper’sLender’srightsandliens.The
partiesheretoagreetoexecutein a formreasonablyacceptableto
Developer’sLenderandsuitableforrecordinginthepublicrecords a
Subordination,Non-Disturbance,andAttornmentAgreementwhichincludes
thiscovenant.
4.IntheeventthatTIRZrevokesDeveloper’spriority status, beforedoingso,
TIRZshallprovideDeveloper’sLenderwithatleastthirty(30)daysprior
writtennoticeofitsintenttorevokeDeveloper’sprioritystatus,andallow
Developer’sLenderanopportunitytocurethereasonsforsuchpotential
revocationwithinthatthirty(30)dayorotherextendedperiodprovidedinthe
writtennotice.
5.AlthoughDeveloper’sLendermayhave a righttoperformanobligationor
cure a defaultoftheDeveloperunderthisAgreement,nothinghereinshall
requireDeveloper’sLendertoperformany such obligationorcureanydefault
ofDeveloper.Theperformanceofanobligationor a cureof a defaultof
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage13
Economic Development Corporation 4B (EDC 4B)38 of 46Meeting Date: Tuesday, January 29, 2019
DeveloperbyDeveloper’sLenderinoneinstanceshallnotoperatetorequire
theDeveloper’sLendertoperformanyotherfutureobligationsordefaults.
Thedeterminationtoperformanyobligationsorcureanydefaultsofthe
Developerhereundershallbemadeinthesoleandcompletediscretionof
Developer’sLender.
6.As set forthherein,thetermDeveloper’sLendermeans“FirstStateBank, a
Texasstatebank”,anditssuccessorsandpermitted assigns underSection
7.1above.
7.Allpaymentsmadepursuanttothisagreementshallbecreditedtowardsthe
Town’sobligationsundertheoriginalagreementexecutedonAugust24,
2016.
TOWN OF TROPHYCLUB,TEXAS
Chair,DavidBrodSean Bone
Mayor,C.NickSanders,
TIRZ #1,TownofTrophyClub,Texas
TownofTrophyClub,Texas
Date:Date:
ATTEST:
HollyFimbres,TownSecretary
President,GregoryWilsonSeanBone
EDC-4B,TownofTrophyClub,Texas
Date:
APPROVEDTOFORM:
DavidDodd,TownAttorney
OTDTC,LLC
a TexasLimited LiabilityCompany
By:
Name:
Title:
Date:
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage14
Economic Development Corporation 4B (EDC 4B)39 of 46Meeting Date: Tuesday, January 29, 2019
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_,201920162018, byMayorC.NickSandersoftheTownof
TrophyClub,Texas, a home-rulemunicipalityoftheStateofTexas,onbehalfofsaid
politicalsubdivision.
NotaryPublic,State ofTexas
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_,2019 20162018, byPresidentGregoryWilsonSeanBoneofthe
EconomicDevelopmentCorporation4BoftheTownofTrophyClub,Texas, a home-
rulemunicipalityof said politicalsubdivision.
NotaryPublic,State ofTexas
STATEOFTEXAS§
§
COUNTYOF DENTON & TARRANT §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_,201920162018, byChairDavidBrodSean BoneoftheTaxIncrement
ReinvestmentZoneNo. 1 oftheTownofTrophyClub,Texas, a home-rulemunicipality
ofsaid politicalsubdivision.
NotaryPublic,State ofTexas
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage15
Economic Development Corporation 4B (EDC 4B)40 of 46Meeting Date: Tuesday, January 29, 2019
STATEOFTEXAS§
§
COUNTYOF §
Thisinstrumentwasacknowledgedbeforemeonthedayof
_, 201920162018, by OTDTC, LLC aTexas
limitedliabilitycompany,onbehalfofsaid company.
NotaryPublic,State ofTexas
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage16
Economic Development Corporation 4B (EDC 4B)41 of 46Meeting Date: Tuesday, January 29, 2019
Exhibit “A”
LEGALDESCRIPTION
LEGALDESCRIPTIONTRACTONE:Lots 1 and2,BlockA,TrophyWoodBusiness
Center,anadditiontotheTownofTrophyClub,DentonCounty,Texasaccordingtothe
platthereofrecordedinVolumeV,Page295ofthePlatRecordsofDentonCounty,
Texas.(Parcelnowlocated in TarrantCounty).
LEGALDESCRIPTIONTRACTTWO:Lot2R-2,BlockB,TrophyWoodBusiness
Center,anadditiontotheTownofTrophyClub,TarrantCounty,Texasaccordingtothe
platthereofrecordedasDocumentNo.D213097463ofthePlatRecordsofTarrant
County,Texas.
ZONINGSTATEMENT:Accordingtothecurrentpublishedzoninginformation,Tract
OneandTractTwoarecurrentlyzonedPD-25.
FLOODSTATEMENT:BasedonscalingthesurveyedlotshownhereonontotheFEMA
FloodInsuranceRateMapNo.48439C0085K(Rev. 9-25-09),saidlotlieswithinFEMA
zone X anddoesnotliewithintheFEMAdesignated100-yearfloodplain.Miller
Surveying, Inc. makesnostatementastothelikelihoodoftheactualfloodingofsaid
surveyedlot.
EASEMENTSTATEMENT:The followingstatementsregardingeasementsand
agreementsareinreferencetotheitemslistedinSchedule B oftheCommitmentfor
TitleInsuranceissuedonDecember31,2014byChicagoTitleInsuranceCompany,GF
No.CTMH63-8055631400073 andare based onmyprofessionalopinion:
RegardingItemlO(f):The10'LandscapeEasement;the37'FirelaneEasement;the15'
LandscapeEasement;the5'SidewalkandUtilityEasement;the35'UtilityEasement;
the25'UtilityEasement;andthe10'UtilityEasementperplatVolume V Page295
M.R.D.C.T.affectthesurveyedtract(s) andaredepicted accordingly;
RegardingItemO(g):The30'BuildingLineperplatVolume V Page295M.R.D.C.T.
affectthesurveyedtract(s) andaredepicted accordingly;
RegardingItemlO(h):TheVariableWidthUtilityEasement;the15'Landscape
Easement;the20'SanitarySewerEasement;the5'Sidewalk & UtilityEasement;the
15'LandscapeEasement;the10'LandscapeEasement;the10'UtilityEasementand
theFirelane,Drainage & Access EasementperplatD213097463P.R.T.C.T.affectthe
surveyedtract(s) andaredepicted accordingly;
RegardingItemO(i):The30'BuildingLineperplatD213097463P.R.T.C.T.affectthe
surveyedtract(s) andaredepicted accordingly;
Regarding ItemlOU}:Noplottable elements;
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage17
Economic Development Corporation 4B (EDC 4B)42 of 46Meeting Date: Tuesday, January 29, 2019
RegardingItemO(k):ThesurveyedtractsaresubjecttotheGrantofReciprocal
EasementsandDeclarationsofCovenantsrecordedasDocumentNo.D206339101
D.R.T.C.T.;
RegardingItem10(1):Thesurveyedtractsaresubjecttothe Access Easementand
Agreementrecorded in Volume 5228,Page3916,R.P.R.D.C.T.;
RegardingItemO(m):TheeasementtoTexasPowerandLightrecordedinVolume
1521,Page692R.P.R.D.C.T.asshownonplatCabinetA,Page13053P.R.T.C.T..
affectsthesurveyedtract(s) andisdepictedaccordingly;
RegardingItemO(n):TheeasementtoTrophyClubMunicipalUtilityDistrictNo.
1recordedinVolume3260,Page198R.P.R.D.C.T.asshownonplatCabinetA,Page
13053P.R.T.C.T.,affectsthesurveyedtract(s) andisdepicted accordingly;
RegardingItemO(o):TheeasementtoPacificSouthwestBankrecordedasDocument
No.1995-34614R.P.R.D.C.T.doesnotaffectthesurveyedtract(s);
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage18
Economic Development Corporation 4B (EDC 4B)43 of 46Meeting Date: Tuesday, January 29, 2019
Exhibit “B”
CONCEPTPLAN
AMENDEDECONOMICDEVELOPMENTAGREEMENTPage19
Economic Development Corporation 4B (EDC 4B)44 of 46Meeting Date: Tuesday, January 29, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-076-T2
Type:Status:
Agenda ItemRegular Session
File created:In control:
1/24/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
1/29/2019
Title:
Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter
551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the
following:
A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1)
to discuss or deliberate regarding commercial or financial information that the governmental body has
received from a business prospect that the governmental body seeks to have locate, stay, or expand
in or near the territory of the governmental body and with which the governmental body is conducting
economic development negotiations and Subsection (2) to deliberate the offer of a financial or other
incentive to a business prospect that the Town seeks to have locate within the territory of the Town:
Possible amendments to OTD Agreements.
Attachments:
DateVer.Action ByActionResult
Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open
Meetings Act), the Council will convene into executive session to discuss the following:
A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to discuss or
deliberate regarding commercial or financial information that the governmental body has received from a business
prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental
body and with which the governmental body is conducting economic development negotiations and Subsection (2) to
deliberate the offer of a financial or other incentive to a business prospect that the Town seeks to have locate within the
territory of the Town: Possible amendments to OTD Agreements.
Economic Development Corporation 4B (EDC 4B)45 of 46Meeting Date: Tuesday, January 29, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-084-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
1/24/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
1/29/2019
Title:
Consider and take appropriate action regarding the Executive Session.
Attachments:
DateVer.Action ByActionResult
Consider and take appropriate action regarding the Executive Session.
Economic Development Corporation 4B (EDC 4B)46 of 46Meeting Date: Tuesday, January 29, 2019