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HomeMy WebLinkAboutR-2788-11-08RESOLUTION NO. 2788-11-08 ' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, AMENDING RESOLUTION NO. 2629-6-07(R) AND RESOLUTION NO. 27294.08(R) TO EXTEND THE DATE IN THE CAPITAL FUNDING AGREEMENTS APPROVED BY THOSE RESOLUTIONS TO OCTOBER 1, 2010, FOR THE CITIES TO RECEIVE CREDIT FOR ADVANCING CAPITAL FUNDS FOR THE PROPOSED PROJECT UPON THE CITIES ENTERING INTO A CONTRIBUTION AGREEMENT FOR AN APPROVED PROJECT; AUTHORIZING THE CITY MANAGER OR IN HIS ABSENCE AN EXECUTIVE DIRECTOR TO EXECUTE ALL DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the cities of Allen, Frisco, and Plano, collectively referred to as "Cities" previously entered into capital funding agreements for design and other services related to the Arts of Collin County Commission, Inc., sometimes referred to Arts of Collin County, hic., and these agreements contained provisions for the Cities to receive credit for advancing capital funds for the proposed project upon the Cities entering into a Contribution Agreement for an Approved Project; and, WHEREAS, the Allen City Council adopted Resolution No. 2629-"7(R) which extended the date to receive credit for previously advanced funds under prior capital funding agreements to October 1, 2008; and, WHEREAS, the City Council approved Resolution No. 2729A -08(R) to provide for additional funding in the . amount of $100,000 from each City for the final construction and bid documents for a proposed project pertaining to the Arts of Collin County Commission, Inc.; and, WHEREAS, the Allen City Council finds that the Contribution Agreement and Approved Project will not be in effect by October 1, 2008, and it is reasonable to extend this date in all prim capital funding agreements to October 1, 2010, in order to carry forward the provision for receiving credit for previously advanced funds and preserve the remaining terms and conditions as the existing agreements; and, WHEREAS, the Cities desire to amend Section M. "Credit to Cities" of each previous Funding Agreement to extend the date for each City to receive credit far its capital contribution for the Approved Project from October 1, 2008, to October 1, 2010. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THAT: SECTION 1. The City of Allen approves of a second amendment to Section III. Credit to Cities of the Funding Agreements previously amended and approved by Resolution No. 2629-"7(R) for the limited purpose to extend the date to October 1, 2010, for the participating Cities to receive credit to be made in Article II of the funding agreements, and all other remaining terns and conditions are in full force and effect. Section ID. Credit to Cities is hereby further amended in each of the Funding Agreements approved by Resolution No. 2629-"7(R) to read in its entirety as follows: "III. Credit to Cities ' In consideration of Plano, Frisco, and Allen each providing up to FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($400,000) of their bond fonds for this Agreement, the parties agree that upon all Cities entering into a Contribution Agreement for an Approved Project as set forth in Article H, section 2 of the Interlocal and this event occurs not later than October 1, 2010, Plano, Frisco and Allen shall each receive a credit for its capital contribution for the Approved Project in the amount it has famished under this Agreement" (Original Agreement approved by Resolution No. 2343-10-04(R) passed October 12, 2004). ' "III. Credit to Cities In consideration of Plano, Frisco, and Allen each providing up to an additional THREE HUNDRED FIVE THOUSAND AND ONE HUNDRED AND ELEVEN DOLLARS ($305,111) of thew bond funds for this Agreement, the parties agree that upon all Cities entering into a Contribution Agreement for an Approved Project as set forth in Article H, section 2 of the Interlocal, and this event occurs; not later than October 1, 2010, Plano, Frisco, and Allen shall each receive a credit for its capital contribution for the Approved Project in the amount it has furnished under this Agreement" (Original Agreement approved by Resolution No. 2409!-05(R) passed June 14, 2005). "III. Credit to Cities In consideration of Plano, Frisco, and Allen each providing up to an additional SEVEN HUNDRED FIVE THOUSAND AND SIX HUNDRED AND NINETY EIGHT DOLLARS ($705,698) of their bond funds for this Agreement, the parties agree that upon all Cities entering into a Contribution Agreement for an Approved Project as set forth in Article II, section 2 of the Interlocal, and this event occurs not later than October 1, 2010, Plano, Frisco, and Allen shall each receive a credit for its capital contribution for the Approved Project in the amount it has furnished under this Agreement." (Original Agreement approved by Resolution No. 2460-11-05(R) passed November 22, 2005). ' "III. Credit to Cities In consideration of Plano, Frisco, and Allen each providing up to an additional ONE MILLION TWO HUNDRED SEVENTY SEVEN THOUSAND SIX HUNDRED DOLLARS ($1,277,600) of bond fonds for this Agreement, the parties agree that upon all Cities entering into a Contribution Agreement for an Approved Project as set forth in Article H, section 2 of the hmterlocal, and this event occurs not later than October 1, 2010, Plano, Frisco, and Allen shall each receive a credit for its capital contribution for the Approved Project in the amount it has furnished under this Agreement" (Original Agreement approved by Resolution No. 2566-9-06(R) passed September 26, 2006). SECTION 2. The City of Allen approves of an amendment to Section IH. Credit to Cities of the Funding Agreement approved by Resolution No. 2729-4-08(R) for the limited purpose to emend the date to October 1, 2010, for credit to be made to the Cities in Section III, and all other remaining terms and conditions are in full force and effect. Section IH. Credit to Cities of the Funding Agreement approved by Resolution No. 2729-0- 08(R) is hereby amended to read in its entirety as follows: "III. Credit to Cities In consideration of Plano, Frisco, and Allen each providing up to an additional ONE HUNDRED THOUSAND DOLLARS ($100,000.00) of bond funds for this Agreement, the parties agree that upon all Cities entering into a Contribution Agreement for an Approved Project as set forth in Article II, section 2 of the Interlocal Agreement, and this event occurs not later than October 1, 2010, Plano, Frisco and Allen shall each receive a credit for its capital contribution for the Approved Project in the amount it has furnished under this Agreement." (Original Agreement approved by Resolution No. 2729-4-08(R) passed April 22, 2008). Resolution No. 2788-11-08(R). Page 2 SECTION 3. This Resolution shall become effective immediately upon its passage. ' DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 25TH DAY OF NOVEMBER, 2008. 1 APPRO rD: Ln Stephen T ell, MAYOR ATTEST: I �m � She ey B. George IC, CITY SECRETAR� Resolution No. 2788-11-08(R), Page 3