HomeMy WebLinkAbout06-08-2006-13.06 - Resolution - 06/08/2006
RESOLUTION NO. 06-08-2006-13.06
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, AMENDING RESOLUTION NUMBER 9-28-2004-04 PROVIDING A GRANT TO
GAMEDA Y 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 City desires to convey Lots 8-11 and 22, W. C. Boyett Estate Partition, College
Station, Brazos County, Texas, (the "Property") to the Research Valley Partnership, an economic
development foundation, to be conveyed to Gameday Centers Southeastern, L.L.C. to be
redeveloped in accordance with a First Amended and Restated Economic Development
Agreement;
WHEREAS, the City of College Station is required by SECTION 272, TEXAS LOCAL
GOVERNMENT CODE, to sell land for its fair market value;
WHEREAS, Research Valley Partnership ("RVP") will sell the property to Gameday Centers
Southeastern, L.L.C. for $350,501.18; and
WHEREAS, the City Council is authorized by SECTION 380, TEXAS 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 an independent certified appraiser
that has determined the fair market value of the Property described as Lots 8-11
and 22, Block 11, W.C. Boyett Estate Partition, City of College Station, Brazos
County, Texas (the "Property"), as being $424,532.27.
PART 2:
That GAMEDA Y CENTERS SOUTHEASTERN L.L.c. ("Gameday") is a
qualified economic development 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 Amended and
Restated Economic Development Agreement.
PART 3:
That the City Council hereby authorizes the Research Valley Partnership to sell
the Property for $350,501.18.
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Resolution No. 06-08-2006-13.06
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PART 4:
That the City Council hereby authorizes the grant of funds in the total amount of
$448,566.17, consisting of: $74,031.09 to subsidize the acquisition of the
Property; $24,535.08 as 7% of the sales price ofthe Property to pay the real estate
commission; and $350,000.00 to incent the Gameday Project, in light of the
commitments of Gameday in the Amended and Restated Economic Development
Agreement dated June 22, 2006, to redevelop the Property and other property in
the Northgate Zoning District, operate the Gameday Centers project and provide
capital investment.
PART 5:
That the City Council is hereby establishing this program or process for grant of
funds to promote the City of College Station economy and economic development
in the Northgate Zoning District.
PART 6:
That this resolution shall take effect immediately from and after its passage.
ADOPTED by the City Council of the City of College Station, Texas, this 8th day of June, A.D.
2006.
APPROVED:
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Ron Sr v' , Mayor
APPROVED:
~~~~l
City Attorney
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