Subject/Recommendation: |
Approve a Resolution of the City of Kyle, Texas, authorizing the Mayor to execute First Amendment for extending the term of the Amended and Restated Development Agreement by 15 years to May 5, 2032, unless sooner terminated under the terms of the agreement with Lehman Family Limited Partnership, Lehman Family Trust, and Jansen Equipment, Inc.; making findings of fact; and providing for related matters. ~ Leon Barba, P.E., City Engineer |
Other Information: |
1. This First Amendment amends the Amended and Restated Development Agreement, effective May 5, 2015, by and between City and Owner (hereinafter the "2015 Agreement").
2. The First Amendment allows the term of this Restated Agreement to commence on the Effective Date and continue until May 5, 2032, unless sooner terminated under this Restated Agreement as provided herein, (the “Term”). The Term may be extended for successive and continuous five (5) year periods beyond expiration of the Term by written agreement by the Parties; provided however, that in no event will the sum of the Term and any extensions comprise total more than as allowed by applicable law commencing from October 5, 2009.
3. October 5, 2009 is the date of the parties original development agreement affecting Owner’s property and will apply as the commencement date for purposes of calculating the total maximum term allowed by law.
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