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Res 21-34 approving an economic development agreement with the Marriott Dallas/Fort Forth WestlakeTOWN OF WESTLAKE RESOLUTION 21-34 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, APPROVING AN ECONOMIC DEVELOPMENT PROGRAM AGREEMENT WITH THE MARRIOTT DALLAS/FORT WORTH WESTLAKE. WHEREAS, the Westlake Town Council, in its current Strategic Plan, has identified "Fiscal Responsibility" as a Vision Point as well as "Financial Stewardship" as a Perspective that must be addressed to move the Town towards this Vision Point; 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 Dallas/Fort Worth Westlake Hotel will help solidify and maintain that structure; and, WHEREAS, Town has an updated economic development policy adopted by Resolution 16-30 and that this proposed economic development program agreement with the Marriott Dallas/Fort Worth Westlake meetsthose 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 approves the Economic Development Program Agreement with the Marriott Dallas/Fort Worth Westlake. attached hereto as Exhibit "A" and Hotel Support Program as Exhibit "B" and further authorizes the, Town Manager to execute said agreement on behalf of the Town of Westlake. Resolution 21-34 Page 1 of 2 SECTION 3: If any portion of this Resolution shall, for any reason, be declared invalid by arty 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 25th DAY OF OCTOBER 2021. ATTEST: Todcf Wood, Town Secretary APPROVEPIAS L. Attorney Laura Wheat, Mayor Amanda DeGan, Town Manager OF WES,, r TE X A'' Resolution 2I-34 Page 2 of 2