HomeMy WebLinkAboutRES 092308-P - Econ Incentive Rivery Park• •
RESOLUTION NO. 0 902 3 0 (1.-P
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS AMENDING RESOLUTION 063008 -A
REGARDING ECONOMIC DEVELOPMENT INCENTIVES FOR
THE SUMMIT AT RIVERY PARK; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Brae Group, LTD ( "Developer ") is the owner of approximately 31.935 acres
of land in the Rivery Park Subdivision, Georgetown, Texas ( "Developer's Property ");
and
WHEREAS, Developer's Property is adjacent to Rivery Park, a public park owned by the
City ( "City's Property "); and
WHEREAS, on September 25, 2007, the City Council authorized the staff to start the
process to create a Tax Increment Reinvestment Zone over approximately 67 acres of
land, said land being the Developer's Property and the City's Property (collectively
referred to herein as the "TIRZ Property "); and
WHEREAS, after holding the requisite public hearings and notifying the other taxing
authorities, on December 11, 2007 the City Council approved an ordinance creating a
Tax Increment Reinvestment Zone on the Property (the "Zone "); and
WHEREAS, on December 11, 2007 the City Council approved an ordinance rezoning the
Developer's Property as a Planned Unit Development; and
WHEREAS, on June 30, 2008, the City Council approved Resolution 063008 -A
expressing the City's intent to contribute the City's tax increment toward improvements
within the Zone; and
WHEREAS, on August 26, 2008 the City Council authorized an extension to the
deadlines related to Developer's requirements to obtain financing for the project; and
WHEREAS, on September 9, 2008, the City Council approved a Tax Increment
Financing Agreement with Williamson County whereby the County and the City each
agreed to their respective tax increment contributions for qualified improvements in the
Zone, and to certain conditions related to such contribution commitments; and
WHEREAS, in light of the changed circumstances outlined above, it is necessary to
amend Resolution No. 063008 -A to reflect the recent actions of the City Council and the
Williamson County Commissioner's Court.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS HEREBY RESOLVES AS FOLLOWS:
Resolution No. o q .1 3 0 3 -/
Resolution Amending the Resolution of Intent for The Summit at Rivery Park
Page 1 of 2
1. That the foregoing recitals are true and correct and are incorporated herein by
reference as if set forth in full.
2. That Section 2. B. of Resolution 063008-A is hereby amended to read as follows:
Developer shall commence efforts to obtain financing and related funding for
the proposed development on or about September 28, 2008 and complete said
efforts no later than May 31, 2009.
3. That all portions of Resolution No 063008-A that are not expressly amended by
this Resolution shall remain in full force and effect.
4. That this Resolution shall become effective immediately upon its adoption.
RESOLVED to be effective this A3 la4.)-, of
ATTEST:
By:
Sandra D. Lee, City Secretary
APPROVED AS TO FORM:
By: 67/)‘Cc't i r
Patricia E. Carts, City Attorney
008.
CITY OF GEORGETOWN, TEXAS
By:
Geo e G. Garver, Mayor
Resolution No. 0923 0 7-",
Resolution Amending the Resolution of Intent for The Summit at Rivery Park
Page 2 of 2