HomeMy WebLinkAboutResolution - 2004-R0580 - Amendment To Agreement Regarding Funding Of Right Of Way For Glenna Goodacre Blv - 12_07_2004Resolution No. 2004-RO580
December 7, 2004
Item No. 41
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor Pro Tern 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
Agreement between the City of Lubbock and McCanton Woods, Ltd. regarding the
funding of right of way acquisition for the widening of Glenna Goodacre Boulevard in the
North Overton Tax Increment Finance Reinvestment Zone. 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 7th day of December , 2004.
TOM MARTIN, MAYOR PRO TEM
ATTEST:
Rebecca Garza, City Secretary
APPR,00f,,ED AS CONTENT:
L7
Craig Parm6f, Managing Director
of Planning and Transportation
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
City Att / Linda: Res -NO TL' Amend Glenna Goodacre Agmt
Nov. 22, 2004
Resolution No. 2004-RO580
December 7, 2004
Item No. 41
AMENDMENT TO AGREEMENT BETWEEN THE
CITY OF LUBBOCK AND MC CANTON 'FOODS, LTD.
REGARDING ADDITIONAL RIGHT-OF-WAY FOR
GLENNA GOODACRE BOULEVARD
STATE OF TEXAS §
COUNTY OF LUBBOCK §
This agreement is entered into by the City of Lubbock, a Texas municipal
corporation (hereinafter called "City") and McCanton Woods, Ltd. (hereinafter called
"Developer").
WHEREAS, City and Developer entered into an Agreement regarding additional
right-of-way for Glenna Goodacre Boulevard on September 18, 2003 which was
amended in April 2004 ("the Agreement"); and
WHEREAS, the City desires, pursuant to the North Overton Tax Increment
Financing Reinvestment Zone Project Plan, as amended, that Glenna Goodacre
Boulevard be a dramatic entryway to the Project and a transition between Texas Tech
University and Lubbock's downtown area with a broad median incorporating
walking/biking trails, benches, intense lighting, and abundant landscaping; and
WHEREAS, due to street closures by Developer in the Project, two additional
lanes of traffic are required, which represent approximately 40% of the additional right-
of-way acquired for Glenna Goodacre Boulevard; and
WHEREAS, City and Developer desire to amend the Agreement regarding
Developer obligations and City participation in right-of-way acquisition costs and
expenses; and
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements herein, the Parties agree to amend the Agreement as follows:
I.
Article III, Sections 3.5 and 3.6 are added, which shall read as follows:
"3.5 City agrees to dedicate and pledge the use of revenue in the Tax Increment
Fund to directly participate in the cost of the Right -of -Way acquisition for
the widening of Glenna Goodacre Boulevard within the TIF project to the
extent of 60%, but in no case shall the City ever be liable for any amount
Amendment to Glenna Goodacre Blvd Agreement- City / McCanton Woods
above and beyond a total of $1,577,286.00, the agreed payment of the
City's share of the Right -of -Way costs. City's share shall be paid to
Developer in four equal annual payments beginning April 15, 2007, and
ending April 15, 2010. The parties may agree to deduct any amounts
owed by Developer to City from these annual payments.
Nothing in this Agreement shall be construed to require City to approve
reimbursements from any source of City funds other than the Tax
Increment Fund. The payments in this Section are based on the North
Overton TIF functioning as projected in the Second Amended Finance
Plan. In the event the North Overton TIF does not function as projected,
City and Developer agree to renegotiate this amendment in an equitable
manner.
3.6 City agrees to refund to Developer from the Tax Increment Fund, those
charges paid by Developer on behalf of the City under Section 4.3 of the
Agreement, in an amount not to exceed $132,500.00. Reimbursements
shall be paid to Developer in four equal annual payments beginning April
15, 2007, and ending April 15, 2010."
II.
Article IV, Section 4.7 shall be amended to read as follows:
4.7 "Developer agrees to dedicate to the City the land owned by Developer
within the TIF District which is necessary for widening Glenna Goodacre
Boulevard. Developer shall be responsible for participating in the cost of
the Right of Way acquisition for the widening of Glenna Goodacre
Boulevard within the TIF project to the extent of 40%. Developer will
provide documentation to City for the total cost of said Right -of -Way
acquisition, as needed for calculation of payments due in accordance with
Article III, Section 3.5."
Glenna Goodacre Blvd Agreement — City / McCanton Woods 2
EXECUTED in duplicate and effective as of the 7th day of December , 2004.
CITY OF LUBBOCK
TOM MARTIN,
MAYOR PRO TEM
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Craig Farmer, fvlanaging Director
of Planning and Transportation
APPROVED AS TO FORM:
Linda Chamales, Senior Attorney
Office Practice Section
City Att / Linda: 2"d Amend- NO TIF 8d' St. Agmt
December 6, 2004
McCANTON WOODS, LTD.
McD EQUIPMENT LEASING, L.C.,
General Partner
By: Delbert G. McDougal, Sole Manager
Glenna Goodacre Blvd Agreement — City / McCanton Woods 3