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Res 21-35 approving an economic development agreement with 35 Pearson Opportunities in PD7TOWN OF WESTLAKE RESOLUTION NO. 71-35 A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, APPROVING A DEVELOPMENT AGREEMENT FOR SUBDIVISION IMPROVEMENTS AND AN ECONOMIC DEVELOPMENT AGREEMENT WITH PEARSON 35 OPPORTUNITIES, LLC, FOR A PORTION OF PLANNED DEVELOPMENT DISTRICT 7, KNOWN AS WESTLAKE RANCH. WHEREAS, the Westlake Ranch residential development was approved by the Town Council by Ordinance 928 on May 24, 2021; and, WHEREAS, the Town is a duly created and validly existing Type A General Law Municipality, created under the laws of the State of Texas, including particularly, but not by way of limitation, Chapter 51, Texas Local Government Code ("LGC"); and WHEREAS, the Town of Westlake is experiencing planned growth through the attraction of economic development projects such as Fidelity Investments; Deloitte University, and Charles Schwab, residential developments such as Vaquero, Glenwyck Farms, Terra Bella, Granada, Entrada and the Knolls at Solana which are consistent with the Town's Comprehensive Plan, as well as enrollment growth at Westlake Academy, all of which contribute to demand for improvements to Westlake's infrastructure and public buildings: and, WHEREAS, the Town of Westlake (Town) and Pearson 35 Opportunities, LLC (the Owner) desire to enter into a partnership to continue this planned growth through an Economic Development Agreement, which sets out certain responsibilities for the Owner and the Town as it relates to the development in Westlake; and, WHEREAS, the Economic Development Policy and the Tax Abatement Policy constitute appropriate guidelines and criteria governing economic developmentagreements to be entered into by the Town as contemplated by Chapter 378 and Chapter 3 80 of the LGC and Chapter 312 of the Tax Code, providing for the availability of economic incentives for new facilities and structures; and WHEREAS, Pearson 35 Opportunities, LLC, as the owner of land located within the Town, intends to develop 34.798 acres (as defined herein), and the development and construction on such Land is expected to significantly enhance the economic base of the Town; and WHEREAS, the Constitution and laws of the State of Texas, including, but not by way of limitation, Chapter 378 and Chapter 380 of the LGC, Chapter 312 of the Tax Code and the Texas Constitution, autho.rizethe Town to enter into economic development agreements, and WHEREAS, the Town has an economic development policy adopted by Resolution 16- 30; and Resolution 2 i -35 Page 1 r, f 3 EXHIBITS EXHIBIT A DEVELOPMENT AGREEMENT FOR SUBDIVISION IMPROVEMENTS EXHIBIT B ECONOMIC DEVELOPMENT AGREEMENT Resolution 21-35 Page 3 of 3 WHEREAS, the Town of Westlake (Town) and Pearson 35 Opportunities, LLC (the Owner) desire to enter into a partnership to continue this planned growth through a Development Agreement for Subdivision Improvements, which sets out responsibilities for the Owner and the Town as it relates to the development in Westlake; 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 Development Agreement for Subdivision Improvements attached hereto as Exhibit "A", and the Economic Development Agreement attached hereto as Exhibit "B" with the Owner; and further authorizes the Town Manager to execute said agreements and pursue any necessary procedures on behalf of the Town of Westlake. 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 provision ns 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 `PHIS 25"" DAY OF OCTOBER 2021. ATTEST: Todd Wood, Town Secretary APPROV OA,FORM:,L. ntonwn Attorney Laura Wheat, Mayor 7`E X P5 Resolution 2 1-35 Page. 2 of 3