HomeMy WebLinkAboutRES 052703-O-5 - Wolf Ranch SimonRESOLUTIONNO.'
A RESOLUTION OF THE CITY COUNCIL OF GEORGETOWN,
TEXAS ENCOURAGING THE COMMERCIAL DEVELOPMENT OF
APPROXIMATELY 101.65 (+/-) ACRES OF LAND GENERALLY
LOCATED AT THE SOUTHWEST CORNER OF I.H. 35 AND S.H. 29
IN WILLIAMSON, COUNTY, TEXAS TO BE KNOWN AS WOLF
RANCH; AND AUTHORIZING STAFF TO ENTER INTO FINAL
NEGOTIATIONS REGARDING ECONOMIC DEVELOPMENT
INCENTIVES.
WHEREAS, SPG Development Company, L.P., by and through its general partner, SPG
Acquisitions, Inc. ("Simon") has a contract to purchase that certain 101.65 (+/-) acre tract of
land (the "Property") generally located at the southwest corner of IH 35 S and SH 29 W, and
more specifically described on Exhibit A, which is attached hereto and incorporated herein
for all purposes as if set forth in full; and
WHEREAS, Simon has proposed to construct an open air mall with approximately 850,000
square feet of restaurant/retail space, four Neighborhood Amenity Areas, and adjacent
parkland as described in the PUD Zoning Ordinance for the Property (the "Project"); and
WHEREAS, the development of the project on the property will provide substantial
economic benefits to the City of Georgetown ("City") by adding it to the City's ad valorem
tax base, attracting significant new sales tax revenues into the City, providing utilities to an
area that is not presently served by the City, creating a substantial number of new jobs; and
WHEREAS, coordinated development of the kind proposed for Wolf Ranch by Simon is
unlikely to occur without a public/private partnership, and the proposed development of the
Project is likely to attract clientele from large portions of Williamson and Travis counties;
and
WHEREAS, Simon has requested approximately $29 Million Dollars in financial incentives,
and at a specially called City Council meeting on Thursday, May 8, 2003, all council
members present voted in favor of the motion attached hereto as Exhibit B, and
WHEREAS, the City Council has reviewed Simons' request for compliance with the
Economic Incentive Policy adopted on February 11, 2003, and with the Citizen Survey
conducted in November 2001, and has determined that the request meets the requirements,
goals, and objectives of those the policy and the survey; and
WHEREAS, the City Council believes that development of Wolf Ranch will be a catalyst for
economic development benefiting the entire City, will promote local economic development,
and will stimulate business and commercial activity in the City; and
Resolution No. 675
Wolf Ranch — Simon
Page 1 of 2 Pages
WHEREAS, Chapter 380 of the Texas Local Government Code authorizes local economic
development programs, and the proposed incentives constitute an economic development
program of the City, and promote the public purpose of economic development.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Georgetown,
Texas that:
The City facts and recitations contained in the preamble of this Resolution are hereby found
and declared to be true and correct, and are incorporated by reference herein and expressly
made a part hereof as if copied verbatim. The City Council hereby finds that this Resolution
implements the following policies of the Century Plan — Policy Plan element:
Economic Development Focus End 1.01: "Existing undeveloped sites in Georgetown are put
to beneficial use."
Growth and Physical Development Policy End 3.0: "Citizens, business owners, and
organizations enjoy the benefits of well -planned land usage in which conflicting needs are
balanced."
The City Manager, City Attorney, and City staff are directed and authorized to enter into
final negotiations with Simon relating to a development agreement containing economic
development incentives as outlined in Exhibit B, which is attached hereto and made a part
hereof for all purposes.
RESOLVED, this mil Vk day of t_ , 2003.
THE CITY OF GEORGETOWN, TEXAS
By:
ATTEST:
By:
s ?4
Sandra D. Lee, City Secretary
Approved as to Form:
By:�-�.
PatACarls, Brown & Carls, LLP
City Attorney
Resolution No.
Wolf Ranch — Simon
Page 2 of 2 Pages
elon, Mayor
102,627 ACRES FN NO. 03-104 (MTH)
PORTION OF WOLF TRACT APRIL 30, 2003
SIMON PROPERTY GROUP BPI JOB NO. 1262-01.09
DESCRIPTION
OF A 102.627 ACRE TRACT OF LAND OUT OF THE CLEMENT STU13BLEFIELD
SURVEY, ABSTRACT NO, 558, SITUATED IN WILLIAMSON COUNTY, TEXAS,
BEING A PORTION OF THE REMAINDER OF THAT CERTAIN 412 ACRE TRACT OF
LAND CONVEYED TO JAY L. WOLF BY DEED OF RECORD IN VOLUME 422, PAGE
84 OF THE DEED RECORDS OF WILLIAMSON COUNTY, TEXAS, ALL OF THAT
CERTAIN 1.153 ACRE TRACT OF LAND CONVEYED TO PAUL EDWIN HINDELANG
AND WIFE, JUDY WOLF HINDELANG BY DEED OF RECORD IN VOLUME 824,
PAGE 434 OF SAID DEED RECORDS, AND ALL OF THAT CERTAIN 0.68 ACRE
TRACT OF LAND CONVEYED TO TRAVIS CARTER AND WIFE, JO BETH CARTER
BY DEED OF RECORD IN VOLUME 1003, PAGE 150 OF THE OFFICIAL RECORDS
OF WILLIAMSON COUNTY, TEXAS; SAID 102.627 ACRES BEING MORE
PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
COMMENCING, at a concrete highway monument found at the
southwesterly intersection of Interstate Highway 35 (R.O.W.
Varies) and State Highway 29 (100' R.O.W.), being the
northeasterly corner of a remaining portion of said 412 acre
tract;
THENCE, S0100726"W, leaving the southerly right-of-way line of
State Highway 29, along the westerly right-of-way line of
Interstate Highway 35, a distance of 175.29 feet to a 1/2 inch
iron rod with cap set for the POINT OF BEGINNING and the
northeasterly corner hereof;
THENCE, continuing along the westerly right-of-way line of
Interstate Highway 35, being the easterly line of the remainder of
said 412 acre tract and hereof, the following three (3) courses
and distances:
1) S01007126"W, a distance of 523.37 feet to a concrete highway
monument found at the point of curvature of a non -tangent
curve to the left;
2) Along said non -tangent curve to the left having a radius of
4119.70 feet, a central angle of 1G048118", an arc length of
1208.32 feet and a chord which bears S06039125"E, a distance
of 1203,99 feet to a concrete highway monument found at
highway PT -Station 900+20.69 for the end of said.curve;
3) S15003136"E, passing at a distance of 302.00 feet a 1/2 inch
iron rod with cap set for reference, and continuing for a
total distance of 604.28 feet to a calculated point in the
centerline of the South San Gabriel River for the
southeasterly corner of the remainder of said 412 acre tract
and hereof, same being the northeasterly corner of Lot 11
Block "A" South Fork Apartments, a subdivision of record in
Cabinet F, Slides 341-342 of the Plat Records of Williamson
County, Texas;
J
FN 03-104(MTH)
APRIL 30, 2003
PAGE 2 OF 4
THENCE, leaving the westerly right-of-way line of Interstate
Highway 35, along the centerline meanders of South San Gabriel
River, being the southerly line of said 412 acre tract and hereof,
and in part the northerly line of said Lot 1 South Fork
Apartments, in part the northerly line of those certain tracts of
land conveyed to R.W. Pearce by deed of record in Volume 695, Page
347 and Volume 635, Page 907, both of said Official Records, in
part the northerly lines of Lots 24-30 San Gabriel Heights Section
Four, a subdivision of record in Cabinet C, Slide 224 of said Plat
Records, and in part the northerly line of Lot 2, Resubdivision of
San Gabriel Heights Section Six, a subdivision of record in
Cabinet P, Slide 247 of said Plat Records, the following nineteen
(19) courses and distances:
1) N82031135"W, a distance of 148.00 feet;
2) N69052109"W, a distance of 186.00 feet;
3) N60055'31"W, a distance of 75.00 feet;
4) N54021129"W, a distance of 114.00 feet;
5) N30022132"W, a distance of 56.00 feet;
6) N54016127"W, a distance of 81.00 feet;
7) N42036113"W, a distance of 334.00 feet;
8) N50045'39"W, a distance of 181.00 feet;
9) N70059102"W, a distance of 221.00 feet;
10) S82047111"W, a distance of 243.00 feet;
11) S77017121"W, a distance of 140.00 feet;
12) 565006'16"W, a distance of 131.00 feet;
13) S45007152"W, a distance of 59.00 feet;
14) S71038124"W, a distance of 209.00 feet;
15) S57001155"W, a distance of 155.00 feet;
16) S71036117"W, a distance of 56.00 feet;
17) S87033'S1"W, a distance of 156.00 feet;
18) S86018135"W, a distance of 82.00 feet;
f
FN 03-104(MTH)
APRIL 30, 2003
PAGE 3 OF 4
19) S69023'45"W, a distance of
corner hereof, being the
Resubdivision of San Gabriel
45.05 feet to the southwesterly
northerly line of said Lot 2
Heights Section Six;
THENCE, leaving the centerline meanders of the South San Gabriel
River, over and across said 412 acre tract for the westerly line
hereof, the following four (4) courses and distances:
1) N02021'16"W, passing at a distance of 126.00 feet a 1/2 inch
iron rod with cap set for reference, again passing at a
distance of 671.00 feet a cotton spindle set for reference,
and continuing for a total distance of 1793.80 feet to a 1/2
inch iron rod with cap set;
2) S87038144"W, a distance of 248.37 feet to a 1/2 inch iron rod
with cap set;
3) N02021'16"W, a distance of 275.00 feet to a 1/2 inch iron rod
with cap set;
4) N47021116"W, a distance of 84.85 feet to a 1/2 inch iron rod
with cap set in the southerly right-of-way line of State
Highway 29, being the northerly line of said 412 acre Wolf
Tract for the northwesterly corner hereof, from which a 1/2
inch iron rod found in the southerly line of State Highway
29, being the northeasterly corner of Lot 1 Legend Oaks
Section II, a subdivision of record in Cabinet I. Slide 269
of the Plat Records of Williamson County, Texas, bears
S87038'44"W, a distance of 524.63 feet;
THENCE, N87038'44"E, along the southerly right-of-way line of
State Highway 29, being the northerly line of said 412 acre tract
and hereof, passing at a distance of 1697.31 feet a 1/2 inch iron
rod found at the northeasterly corner of that certain 30' Access
Easement of record in Volume 1003, Page 150 of said Official
Records, and continuing for a total distance of 2192.79 feet to a
1/2 inch iron rod with cap set, from which a 1/2 inch iron rod
found at the southwesterly right-of-way cut -back corner of State
Highway 29 and Interstate Highway 35 bears N87038'44"E, a distance
of 175.29 feet;
THMICE, leaving the southerly right-of-way line of State Highway
29, over and across said remaining portion of 412 acre tract, the
following two (2) courses and distances:
1) S02121'16"E, a distance of 257.34 feet to a 1/2 inch iron rod
with cap set;
a
FN 03-104(MTH)
APRIL 30, 2003
PAGE 4 OF 4
2) S88152'34"E, a distance of 256.34 feet to
BEGINNING, containing an area of 102.627 acres
ft.) of land, more or less, within these metes
the POINT OF
(4,470,449 sq.
and bounds.
THAT I, JOHN T. BILNOSKI, A REGISTERED PROFESSIONAL LAND SURVEYOR,
DO HEREBY CERTIFY THAT THE PROPERTY DESCRIBED HEREIN WAS
DETERMINED BY A SURVEY MADE ON THE GROUND UNDER MY DIRECTION AND
SUPERVISION DURING THE MONTH OF MAY 2002.
BURY & PARTNERS, INC.
ENGINEERS -SURVEYORS
3345 BEE CAVE ROAD, SUITE 200
AUSTIN, TEXAS 78746
R.P.I� S.
STATE OF
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NO. 4998
TEXAS
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S87.3B'44"W
LOT LOT J 524.63•
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VOL. 422,
PASS AT 671.001
COTTON SPINDLE
FOR REFERENCE
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VOL. 1997, PG. 953
�K ACRES ) 88 ACRES
C. NO P1999a462 438'44'E /
(1w fmx) 175.290 /
PASS AT 1697.311
53 ACRES pp
PAUL E. HJNDELANG ET, UX.
VOL 824, PG. 434 t t
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11 30' ACCESS EASEMENT
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Il
1OZ627 ACRES
(4, 470, 449 SQ, FT.)
ACRES
WOLF
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O.sa ACRES
TRAVJS CARTER AND WIFE,
JO BETH CARTER
VOL 1003, PG. 150
27` 26 `251 24
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FAR REFERENCE
DRAWN BY: MTH
.
PROJ. No: 1262-01
Exhibit B
City Council Motion
Thursday, May 8, 2003
Motion by Snell, second by Sansing to instruct staff to proceed to draft a development
agreement between the City and Simon Property Group for the Wolf Ranch
development with the following stipulations:
1. The City will fund $10.5 million in road improvement costs through GTEC to be paid
using the GTEC sales tax generated by the Simon project.
2. The City will fund $3.5 million in utility costs through self-supporting utility revenue
bonds to be repaid with utility revenues generated by the Simon project.
3. The City will repay $15 million of on -site costs to Simon through a sales tax sharing
agreement at a rate not to exceed 53% of the annual 1% sales tax for a term no longer
than 20 years at an interest rate of no more than 10%. The City may, at its discretion,
choose to refinance this obligation once the project has met specific revenue
projections for a specific period of time to be determined in the development
agreement. The refinancing decision must be acted upon by the City Council once
the project meets the specified revenue projections for the specified period of time.
4. A Public Improvement District shall be created to incorporate all of the on -site, road
and utility improvements and to allow the City to assess Simon annually if the sales
tax or utility revenue does not meet the required debt service obligation of the City.
5. A Tax Increment Financing District shall be created to enable the City to reimburse
Simon for on -site public improvements.
Approved 6-0 (Councilmember Evans absent)
Resolution No.
Wolf Ranch — Simon
0