PERFORMANCE AGREEMENT ("Agreement")
TOWN OF LITTLE ELM, TEXAS, LITTLE ELM ECONOMIC DEVELOPMENT CORPORATION AND GCRE/TX MAIN MARKETPLACE, LLC CHAPTER 380 ECONOMIC DEVELOPMENT PROGRAM AND PERFORMANCE AGREEMENT
This
CHAPTER 380 ECONOMIC DEVELOPMENT PROGRAM AND PERFORMANCE AGREEMENT ("Agreement") is made and entered into by and among the TOWN OF LITTLE ELM, TEXAS, a Texas home-rule municipality ("Town"), the LITTLE ELM ECONOMIC DEVELOPMENT CORPORATION, a Texas non-profit corporation ("EDC"), and GCRE/TX MAIN MARKETPLACE, LLC, a Texas limited liability company
("Developer"): WHEREAS, the Developer owns approximately 63. 9 13 acres ("Whole Property"), generally located northwest of the intersection of King Road and F.M. 423 in the Town of Little Elm, Denton County, Texas, which Whole Property is generally depicted and described by metes and bounds in Exhibit A of this Agreement; and WHEREAS, the Developer has agreed to construct or cause to be constructed a
minimum of 75, 000 square feet of retail shopping space ("Retail Shopping Center"), which is conceptually anticipated to be located on an approximately 1 7.4 acre tract of land ("Retail Property"), generally located at the northwest corner of King Road and F.M. 423, in the Town of Little Elm, Denton County, Texas, which property is generally depicted in the concept plan attached as Exhibit B of this Agreement as the "Retail/Commercial" tracts, comprised of a 6.8 acre tract and a 10.6 acre tract; and WHEREAS, the Developer has agreed to construct or cause to be constructed a multi family residential development (not to exceed 390 units) ("Multi-Family Development"), which is conceptually anticipated to be located on an approximately 21 acre tract of land ("Multi Family Property"), generally located to the north and west of the Retail Property, in the Town of Little Elm, Denton County, Texas, which property is generally depicted in the concept plan attached as Exhibit B of this Agreement as the "Multi-Family" tract; and WHEREAS, the Developer has agreed to construct or cause to be constructed a single family residential development ("Single-Family Development"), which is conceptually anticipated to be located on an approximately 1 7.5 acre tract of land ("Single-Fami ly Property"), generally located to the west of the Retail Property and south of the Multi-Family Property, in the Town of Little Elm, Denton County, Texas, which property is generally shown in the concept plan attached as Exh ibit B of this Agreement as a single-family residential development; and WHEREAS, the Retail Property, Multi-Family Property and Single-Family Property collectively comprise the Whole Property; and
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WHEREAS, the Town possesses the legal and statutory authority under Chapter 380 of the Texas Local Government Code to make loans or grants of public funds for the purposes of promoting local economic development and stimulating business and commercial activity within the Town of Little Elm, Texas; and WHEREAS, the Town has determined that a grant of funds to the Developer will serve the public purpose of promoting local economic development, with the development and diversification of the economy of the state and Town, will eliminate unemployment and underemployment in the state and Town, and will enhance business and commercial activity within the Town; and WHEREAS, the Town has concluded and hereby finds that this Agreement clearly
promotes economic development in the Town of Little Elm, Texas, and, as such, meets the requisites under Chapter 380 of the Texas Local Government Code, and further, is in the best interests of the Town and the Developer; and WHEREAS, the Town has concluded and hereby finds that this Agreement clearly promotes economic development in the Town of L ittle Elm, Texas, and, as such, meets the requirements of Article III, Section 52-a of the Texas Constitution, by assisting in the development and diversification of the economy of the State, by eliminating unemployment or underemployment in the State, and by the development or expansion of commerce within the State; and WHEREAS, the EDC is a Type A economic development corporation operating
pursuant to Chapter 504 of the Texas Local Government Code, as amended, and the Texas Non Profit Corporation Act, as codified in the Texas Business Organizations Code, as amended; and WHEREAS, Section 501 . 103 of the Texas Local Government Code defines the term "project" to mean "expenditures that are found by the board of directors to be required or suitable for infrastructure necessary to promote or develop new or expanded business enterprises, limited to: ( 1 ) streets and roads, rail spurs, water and sewer utilities, electric utilities, or gas utilities, drainage, site improvements, and related improvements; (2) telecommunications and Internet improvements . . . "; and WHEREAS, the EDC's Board of Directors have determined the financial assistance provided to Developer pursuant to this Agreement is consistent with and meets the definition of "project" as that term is defined in Section 501.103 of the Texas Local Government Code; and the definition of "cost" as that term is defined by Section 501. 152 of the Texas Local Government Code; and WHEREAS, Developer agrees and understands that Section 50 1.073(a) of the Texas Local Government Code requires the Town Council of the Town of Little Elm, Texas, to approve all programs and expenditures of EDC, and accordingly this Agreement is not effective
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This
CHAPTER 380 ECONOMIC DEVELOPMENT PROGRAM AND PERFORMANCE AGREEMENT ("Agreement") is made and entered into by and among the TOWN OF LITTLE ELM, TEXAS, a Texas home-rule municipality ("Town"), the LITTLE ELM ECONOMIC DEVELOPMENT CORPORATION, a Texas non-profit corporation ("EDC"), and GCRE/TX MAIN MARKETPLACE, LLC, a Texas limited liability company
("Developer"): WHEREAS, the Developer owns approximately 63. 9 13 acres ("Whole Property"), generally located northwest of the intersection of King Road and F.M. 423 in the Town of Little Elm, Denton County, Texas, which Whole Property is generally depicted and described by metes and bounds in Exhibit A of this Agreement; and WHEREAS, the Developer has agreed to construct or cause to be constructed a
minimum of 75, 000 square feet of retail shopping space ("Retail Shopping Center"), which is conceptually anticipated to be located on an approximately 1 7.4 acre tract of land ("Retail Property"), generally located at the northwest corner of King Road and F.M. 423, in the Town of Little Elm, Denton County, Texas, which property is generally depicted in the concept plan attached as Exhibit B of this Agreement as the "Retail/Commercial" tracts, comprised of a 6.8 acre tract and a 10.6 acre tract; and WHEREAS, the Developer has agreed to construct or cause to be constructed a multi family residential development (not to exceed 390 units) ("Multi-Family Development"), which is conceptually anticipated to be located on an approximately 21 acre tract of land ("Multi Family Property"), generally located to the north and west of the Retail Property, in the Town of Little Elm, Denton County, Texas, which property is generally depicted in the concept plan attached as Exhibit B of this Agreement as the "Multi-Family" tract; and WHEREAS, the Developer has agreed to construct or cause to be constructed a single family residential development ("Single-Family Development"), which is conceptually anticipated to be located on an approximately 1 7.5 acre tract of land ("Single-Fami ly Property"), generally located to the west of the Retail Property and south of the Multi-Family Property, in the Town of Little Elm, Denton County, Texas, which property is generally shown in the concept plan attached as Exh ibit B of this Agreement as a single-family residential development; and WHEREAS, the Retail Property, Multi-Family Property and Single-Family Property collectively comprise the Whole Property; and
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WHEREAS, the Town possesses the legal and statutory authority under Chapter 380 of the Texas Local Government Code to make loans or grants of public funds for the purposes of promoting local economic development and stimulating business and commercial activity within the Town of Little Elm, Texas; and WHEREAS, the Town has determined that a grant of funds to the Developer will serve the public purpose of promoting local economic development, with the development and diversification of the economy of the state and Town, will eliminate unemployment and underemployment in the state and Town, and will enhance business and commercial activity within the Town; and WHEREAS, the Town has concluded and hereby finds that this Agreement clearly
promotes economic development in the Town of Little Elm, Texas, and, as such, meets the requisites under Chapter 380 of the Texas Local Government Code, and further, is in the best interests of the Town and the Developer; and WHEREAS, the Town has concluded and hereby finds that this Agreement clearly promotes economic development in the Town of L ittle Elm, Texas, and, as such, meets the requirements of Article III, Section 52-a of the Texas Constitution, by assisting in the development and diversification of the economy of the State, by eliminating unemployment or underemployment in the State, and by the development or expansion of commerce within the State; and WHEREAS, the EDC is a Type A economic development corporation operating
pursuant to Chapter 504 of the Texas Local Government Code, as amended, and the Texas Non Profit Corporation Act, as codified in the Texas Business Organizations Code, as amended; and WHEREAS, Section 501 . 103 of the Texas Local Government Code defines the term "project" to mean "expenditures that are found by the board of directors to be required or suitable for infrastructure necessary to promote or develop new or expanded business enterprises, limited to: ( 1 ) streets and roads, rail spurs, water and sewer utilities, electric utilities, or gas utilities, drainage, site improvements, and related improvements; (2) telecommunications and Internet improvements . . . "; and WHEREAS, the EDC's Board of Directors have determined the financial assistance provided to Developer pursuant to this Agreement is consistent with and meets the definition of "project" as that term is defined in Section 501.103 of the Texas Local Government Code; and the definition of "cost" as that term is defined by Section 501. 152 of the Texas Local Government Code; and WHEREAS, Developer agrees and understands that Section 50 1.073(a) of the Texas Local Government Code requires the Town Council of the Town of Little Elm, Texas, to approve all programs and expenditures of EDC, and accordingly this Agreement is not effective
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