R2007-083 2007-05-14
RESOLUTION NO. R2007 -83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, APPROVING AN AMENDED DEVELOPMENT AGREEMENT WITH
SHADOW CREEK RETAIL, LP AND THE PEARLAND ECONOMIC
DEVELOPMENT CORPORATION.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That amended Development Agreement by and between the City of
Pearland, Shadow Creek Retail, LP and the Pearland Economic Development Corporation,
a copy of which is attached hereto as Exhibit "A" and made a part hereof for all purposes,
is hereby authorized and approved.
Section 2. That the City Manager or his designee is hereby authorized to eXE~cute
and the City Secretary to attest an amended Development Agreement with shadow Creek
Retail, LP and the Pearland Economic Development Corporation.
PASSED, APPROVED and ADOPTED t~R~' A.D., 2007.
TOM REID
MAYOR
. ATTEST:
APPROVED AS TO FORM:
~ /(.~
DARRIN M. COKER
CITY ATTORNEY
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Exhibit II A"
Resolution No. R2007-83
07-0037
CITY OF PEARLAND
STANDARD AMENDMENT TO
DEVELOPMENT AGREEMENT
This Amendment (hereinafter "Amendment") is made between the City of
Pearland, Texas (hereinafter "City"), and Shadow Creek Retail, LP (hereinafter
~.~ ~ "Sub::-Dev~l<::>per")~ncLJhe Pe~rland~co~omic Development _ Corp.?ration
(hereinafter "EDC") to amend that contract (the "Contract") between the City, --
Sub-Developer and the Pearland EDC executed on February 22,2007.
1. Amended Terms. The City and the Developer hereby agree that Section
3(a) of the Contract is amended to increase the Performance Based Grant from
One Million Nine Hundred Fifty-One Thousand Three Hundred Ninety-One and
0/100 Dollars ($1,951,391.00) by Fifty Thousand dollars ($50,000.00) to equal a
total Performance Based Grant of Two Million One Thousand Three Hundred
Ninety-One and 0/100 Dollars (2,001,391.00).
2.
Contract to Remain in Force.
Other than the provisions of thE;!
Contract expressly amended herein, the Contract shall remain in full force and its
enforceability shall be unaffected by this Amendment.
EXECUTED and EFFECTIVE as of the I t
day of J~
.'
2007.
CITY OF PEARLAND, TEXAS
BY~
. BIL[ ISEN
City Manager
&/If/{)7
J
Date:
-i .,
APPROVED AS TO FORM:
(j~-~~~
Darrin Coker
City Attorney
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PEARLAND ECONOMIC
DEVELOPMENT CORPORA TIION
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Executive Director
SHADOW CREEK RETAIL, LP,
a Delaware limited partnership
By: Shadow Creek Retail Group, LLC
a Delaware limited liability company
its General Partner
By:
Name:
Thomas E. (Qb!Q) Clarke
President
Gun CoasranOMountain Region:,
Title: