HomeMy WebLinkAbout9-28-2004-04 - Resolution - 09/28/2004RESOLU~ON NO. 9-2~-2004-04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, PROVIDING A GRANT TO THE RESEARCH VALLEY PARTNERSHIP
FOR GAMEDAY CENTERS SOUTHEASTERN, L.L.C., FOR ECONOMIC
DEVELOPMENT.
WHEREAS, the City Council has developed an economic incentive program for the
express purpose of attracting new business and expansion of business and industry to the
community;
WHEREAS. the Oty of College Station is reqmred by SECTION 272. TEXAS LOCAL
GOVERNMENT CODE, tO sell land for its fair market value;
WHEREAS, the City Council ~s authorized by SECTION 380. TENAS LOCAL GOVERNMENT
CODE, to provide for grants of public money to promote local economic development and
to stimulate business in the City of College Station; and
WHEREAS, the City Council is actively seeking economic development prospects,
capital investment, and new jobs in College Station: now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS:
PART I.
That the City has obtained an appraisal from a certified appraiser that has
determined the fair market value of the property as being $1,050,000.00.
PART 2.
That GAMEDAY CENTERS SOUTHEASTERN L.L.C. ("Gameday") Is
a qualified econom,¢ prospect that is contracting with the Research Valley
Partnership, an economic development foundation, and City to redevelop
property in the Northgate Zoning District in accordance with an Economic
Development Agreement among the parties.
WHEREAS, Research Valley Partnership CRVP"} will sell the property
to GameDay Centers Soutbeastem, LLC for $843,626.50.
PART3
That the City Council hereby authorizes the grant of funds in the amount
of $206,373.50 as an incentive for Gameday to ~xlevelop the property in
accordance with an Economic Development Agreement between the City,
the Research Valley Partnership and Gameday dated September ._, 2004.
Additionally, a grant to pay real estate brokerage fees on behalf of
Oameday in the amount of $59.053.85 as seven percent of the purchase
price of the property for the Redevelopment Project.
RESOLUTION NO. ?-28-2004-04 Page 2
PART 4:
PART 5:
PART 6:
That the City Council is making this grant in light of GAMEDAY's
commitments in the F. eonomic Development Agreement dated September
, 2004, to redevelop the property, operate the GameDay Centers
project and provide capital investment.
That the City Council is hereby establishing thru program or process for
grant of funds to pmmnte the City of College Station economy and
economic development in the Northgate Zoning District.
That this resolution shall take effect immediately bom and after its
passage
ADOPTED by the City Council of the City of College Station, Texas, this 2gth day of
September, A.D. 2004.
ATTEST.
CONNIE HOOKS, City Secretary
APPROVED:
APPROVED:
City Attorney