HomeMy WebLinkAboutResolution - 2008-R0422 - Termination Agreement For Tax Abatement Agreement With The Hurley Companies - 11_06_2008Resolution No. 2008-RO422
November 6, 2008
Item No. 5.6
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 a Termination Agreement
with The Hurley Companies terminating the Tax Abatement Agreement dated June 23,
2005, and all related documents. Said Termination Agreement 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 23rd day of November , 2008.
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TOM MARTIN, MAYOR
ATTEST:
Rebelca Garza, City Secretary
APPROEVEU;AS TO CONTENT:
Rob Allid6n, Assist hrCity Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
LC: cityatt / Linda / Res -Tax Abatement Termination Hurley
September 10, 2008
Resolution No. 2008—RO422
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK §
TERMINATION AGREEMENT
This Agreement is entered into by the CITY OF LUBBOCK (referred to herein
as "City"), a Home Rule Municipality of Lubbock County, Texas, and The Hurley
Companies (referred to herein as "Company").
WITNESSETH:
WHEREAS, City executed a Tax Abatement Agreement with Company on June
23, 2005, granting a five year declining scale tax abatement on the property AT 2902
Municipal Drive, Lubbock, Texas, which is further described as Lot 5, Lubbock
Industrial Park Addition to the City of Lubbock, Lubbock County, Texas; and
WHEREAS, Section 312.208(b) of the Texas Tax Code allows for termination of
the Tax Abatement Agreement by the mutual consent of the parties; and
WHEREAS, City and Company each desire to terminate this Agreement;
NOW THEREFORE, City and Company agree as follows:
The Tax Abatement Agreement between the City of Lubbock and The Hurley Companies
approved June 23, 2005 by Resolution No. 2005-R0265, is hereby terminated. The
property is located at 2902 Municipal Drive, Lubbock, Texas, and is further described as
Lot 5, Lubbock Industrial Park Addition to the City of Lubbock, Lubbock County, Texas.
Termination Agreement — The Hurley Companies Tax Abatement
Executed this 6th day of
CITY OF LUBBOCK
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TOM MARTIN, MAYOR
ATTEST:
November ,2008.
C—Q'0—� sm'�
Reb ca.Garza, City Secretary
APPROVED AS TO CONTENT:
Rob Al on, Assi-s ity Manager
Business Services
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
LC: cityatt/Linda/Hurley Termination Agreement
September 10, 2008
THE HURLEY COMPANIES
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TOM HURLEY,-Plt
IDENT
Termination Agreement — The Hurley Companies Tax Abatement
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