HomeMy WebLinkAboutResolution - 2006-R0558 - Amend Tax Abatement Agreement - Bemove Ltd. & Vertical Turbine Specialists Inc. - 11_21_2006Resolution No. 2006-RO558
November 21. 2006
Item No. 5.12
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Amendment to the Tax
Abatement Agreement with BeMove, Ltd. and Vertical Turbine Specialists, Inc. and all
related documents. Said Amendment is attached hereto and incorporated in this
Resolution as if fully set forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 21st day of November , 2006.
DAVIT) A. MILLER, MAYOR
ATTEST:
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Rebe ca Garza, City Secretary
APPR O D A T ONTENT:
Rob Alli ssist t City Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
LC: cityatt / Linda. I Res -Tax Abatement Amendment-VTS
October 9, 2006
Resolution No. 2006—RO558
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK §
AMENDMENT TO TAX ABATEMENT AGREEMENT
This Agreement is entered into by the CITY OF LUBBOCK (referred to herein
as "City"), a Home Rule Municipality of Lubbock County, Texas, BeMove, Ltd., a Texas
limited partnership (hereinafter called "BeMove") and Vertical Turbine Specialists, Inc.
(referred to herein as "VTS").
WITNESSETH:
WHEREAS, City, BeMove, and VTS executed a Tax Abatement Agreement on
the 9th day of June, 2005, granting a five year declining scale tax abatement; and
WHEREAS, City, BeMove, and VTS desire to amend the terms of the Agreement
by incorporating a new Lease Agreement and amending the property description to
exclude a portion of the unimproved real property that has been sold to another party;
NOW THEREFORE, City, BeMove, and VTS agree to the following
amendments:
A. Exhibit "A", the Lease Agreement between BeMove, Ltd. and Vertical
Turbine Specialists, Inc. relating to 1802 East 501h Street (portion), which was
incorporated into the Tax Abatement Agreement, is hereby replaced by the
attached Amended Lease Agreement between BeMove, Ltd. and Vertical
Turbine Specialists, Inc relating to Tract A-1 and B-1 Breedlove Addition to
the City of Lubbock, Lubbock County, Texas labeled Exhibit "A" which is
incorporated into the Amended Agreement as if fully set forth herein.
B. Exhibit "B", the map and description of the property which was the subject of
the tax abatement, is hereby replaced by the attached amended Exhibit "B"
which includes the amended map and the description of the property which
Amendment to Vertical Turbine Specialists Tax Abatement Agreement
includes the area covered by the amended lease and excludes the portion
sold by BeMove to another party.
Executed this 21st day of November , 2006.
CITY OF LUBBOCK
VERTICAL T RBINE SPECIALISTS, INC..
B . BY:
DAVID A)MILLER, MAYOR DOUGLAS . ALLEN,
PRESIDENT
ATTEST: BEMOVE, LTD
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Rebecca Garza, City Secretary DOUGLAS03. ALLEN,
MANAGING DIRECTOR
APPROVED AS TO CONTENT:
r
Rob All ssis X Manager
Business Services w
APPROVED AS TO FORM:
Linda Chamales, Senior
Attorney —Office Practice
LC: cityatt/Linda/Amcndment to VTS Tax Abatement Agreement
September 28, 2006
Amendment to Vertical Turbine Specialists Tax Abatement Agreement
Page 2
Resolution No. 2006-RO558
Exhibit "A"
LEASE AMENDMENT
This Lease Amendment (the "Amendment") is executed as of the _ jQ_1day of
October, 2006 (the "Execution Date") by BEMOVE, LTD., a Texas limited partnership
("Landlord") and VERTICAL TURBINE SPECIALISTS, INC., a Texas corporation
("Tenant").
PREAMBLE
This Amendment is executed with respect to the following facts, intentions and
understandings:
A. By Lease Agreement (the "Lease") dated November I , 2004, Landlord
leased to Tenant and Tenant leased from Landlord certain premises (the
"Leased Premises") located at 1802 East 50th Street, Lubbock, Lubbock
County, Texas. Reference to the Lease is here made for all purposes.
B. Landlord desires to subdivide and plat the larger tract of which the Leased
Premises are a part and, in connection with such subdivision and platting,
Landlord and Tenant desire to amend the Lease to describe the Leased.
Premises with reference to the final plat.
AGREEMENT
In consideration of the facts, intentions and understandings set forth in the Preamble
and other valuable consideration each to the other in hand paid, the receipt and sufficiency
of which is hereby acknowledged, Landlord and Tenant hereby amend the Lease so that from
and after the Execution Date any and all references to the Leased Premises in the Lease shall
be deemed to refer to Tract A-1 and Tract B-1, Breedlove Addition to the City of Lubbock,
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Lubbock County, Texas. As so amended, Landlord and Tenant hereby ratify and affirm the
Lease and declare the same to be in full force and effect.
EXECUTED as of the Execution Date.
LANDLORD:
BEMOVE, LTD., a Texas limited partnership
By: BEMOVE GP, L.L.C., a Texas limited
liabtilitv company, General Partner
By: �!
Douglas B. AAen, Authorized Member
TENANT:
VERTICAL TURBINE SPECIALISTS, INC., a
Texas corporation
%By:
Printed Na ele&J
Title:
2
Resolution No. 2006-R0558
Exhibit "B"
Vertical Turbine Specialists
Plat Map
Tract A-1 and B-1 Breedlove Addition to the City of Lubbock, Lubbock
County, Texas
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