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Res 15-31 Amending an Economic Development Agreement with the Marriott SolanaTOWN OF WESTLAKE RESOLUTION 15-31 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, AMENDING THE ECONOMIC DEVELOPMENT AGREEMENT WITH THE MARRIOTT SOLANA. WHEREAS, the Westlake Town Council, in its current Strategic Plan, has identified "Fiscal Responsibility" as a Vision Paint as well as "Financial Stewardship" as a Perspective that must be addressed to move the Town towards this Vision Point; and, WHEREAS, on September 21, 2015, the Town of Westlake approved Resolution 15-26, Approving an Economic Development Agreement with the Marriott Solana; and WHEREAS, the Town of Westlake sales and use taxes are an important revenue source to support its general operations; and, WHEREAS, the Town Council desires to have new and existing businesses that maintain and grow their sales and use tax streams, which in turn, enhances the Town's financial position and sustainability per its Strategic Plan; and WHEREAS, the Town Council acknowledges that the Town's Visitors Association Fund is a key component of its financial structure and that an economic development grant to the Marriott Solana Hotel will help solidify and maintain that structure; and, WHEREAS, Town has an economic development policy adopted by Resolution 06-19 and that this proposed economic development agreement with the Marriott Solana meets those policy guidelines and meets the requirements of State law for municipalities to grant 380 economic development grants to businesses located in their boundaries; and WHEREAS, the Town Council finds that the passage of this Resolution is in the best interest of the citizens of Westlake. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: THAT, all matters stated in the Recitals hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety. SECTION 2: THAT, the Town Council of the Town of Westlake, Texas, hereby amends the Economic Development Grant Agreement with the Marriott Solana Section 4.1 (a) related to the Group Booking Incentive amount adopted on September 21, 2015, attached hereto as Exhibit "A "; and further authorizes the Town Manager to execute said agreement on behalf of the Town of Westlake. Resolution 15-31 Pagel of 3 SECTION 3: If any portion of this Resolution shall, for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would have adopted this Resolution without the invalid provision. SECTION 4: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 20t'DAY OF OCTOBER, 2015. ATTEST: KeO Edwa , Town Secretary APPROVED AS TO FORM: L Stant n�Lowry, wn Attorney Lau -a Wheat, Mayor Thomas E. Brer own Manager rn AS Resolution 15-31 Page 2 of 3 Exhibit A 4. TOWN AND MARRIOTT'S OBLIGATIONS AND COMMITMENTS. 4.1. Town of Westlake Hotel Support Program The total amount to be granted by the Town to Marriott under the terms of this Agreement for the Town of Westlake Hotel Support Program shall not exceed $135,500 with said Town of Westlake Hotel Support Program, consisting of the following: a. Group Booking Incentives, the requirements for which are attached hereto as Exhibit "C" and hereby made a part of this Agreement for all purposes (the "Hotel Support Agreement") and details the obligations of Marriott to receive, and the Town to grant, the Program Grants from the Program Source Funds during the Program Year related to group bookings at the Hotel. The purpose of this component of the Town's Hotel Support Program shall be to increase new group bookings for the Hotel and to not incur a decrease in overall group meeting business (i.e. all group bookings at the Hotel both of new group business and repeat group business), thus increasing economic development through tourism and business development activity in the Town. The Group Booking Incentives provided by the Town under this Agreement to the Hotel shall not exceed $50,000 plus the remaining available budgeted funds of $5,500 from the prior fiscal year during the term of this Agreement. Resolution 15-31 Page 3 of 3 ' gsolu�m 15 - 31 MARY LOUISE NICHOLSON COUNTY CLERK 100 West Weatherford Fort Worth, TX 76196-0401 TOWN OF WESTLAKE 1500 SOLANA BLVD. BLDG 7, SUITE 7200 WESTLAKE, TX 76262 Submitter: TOWN OF WESTLAKE PHONE (817) 884-1195 DO NOT DESTROY WARNING - THIS IS PART OF THE OFFICIAL RECORD. Filed For Registration: 3/11/2019 11:41 AM Instrument#: D219046715 RESOL By: NQS D219046715 4 PGS $24.00 ANY PROVISION WHICH RESTRICTS THE SALE, RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.