R-1637-9-98RESOLUTION NO. 1637-9-98(R)
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, AUTHORIZING THE ALLEN ECONOMIC DEVELOPMENT
CORPORATION TO NEGOTIATE FOR CITY COUNCIL APPROVAL AN
ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT WITH CHELSEA GCA
REALTY, INC.; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Chelsea GCA Realty, Inc. ("Chelsea") owns or is under contract to purchase approximately
seventy-five (75) acres of land located at the intersection US 75 and Stacy Road in Allen, Texas (the
"Property") and intends to construct thereon a six hundred thousand square foot (600,000') Premium Outlet
Center (the "Allen Premium Outlets"); and,
WHEREAS, the development of the Allen Premium Outlets will include water, sewer, street and other public
infrastructure improvements; and,
WHEREAS, the Allen Premium Outlets is to be constructed in two phases over a period of four years
commencing September 2000 with anticipated completion on or before September 2004; and,
WHEREAS, Chelsea has requested the City of Allen, Texas provide an economic development incentive to
offset the cost of public infrastructure and improvements to be constructed by Chelsea which are necessary for
the development of the Allen Premium Outlets; and,
WHEREAS, it is projected that the Allen Premium Outlets will significantly increase local tax revenue; and,
WHEREAS, the City of Allen, Texas intends to enter into an economic development incentive agreement
with Chelsea contingent on the development of the Allen Premium Outlets to provide a gram funded from the
increased sales tax generated from the Allen Premium Outlets which may be used to pay for the cost of the
public infrastructural improvements required for the development of the Allen Premium Outlets; and,
WHEREAS, the enhancement of the local economy through the development of the Allen Premium Outlets is
in the best interest of the citizens of the City of Allen, Texas; and,
WHEREAS, economic development incentives encourage businesses to expand and relocate to the Allen
area; and,
WHEREAS, the City of Allen, Texas is authorized to provide economic development incentives to support
the attraction and expansion of business, employment and development;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS THAT:
SECTION 1: The City Council of the City of Allen, Texas hereby expresses its intent to support the
development of the Allen Premium Outlets and to proceed forward with negotiations for an economic
development incentive agreement with Chelsea to provide a grant to pay for the cost of the public
' infrastructure improvements required for the development of the Allen Premium Outlets to be funded from the
increase in sales tax revenue generated by the Allen Premium Outlets.
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SECTION 2: The Allen Economic Development Corporation is hereby authorized to negotiate for City
Council approval an economic development incentive agreement with Chelsea to provide a grant to be funded
from the increase in local sales tax revenue generated from the Allen Premium Outlets.
SECTION 3: The obligation of the City of Allen, Texas to provide an economic development incentive as
set forth herein is expressly conditioned upon and subject to the parties entering into mutually satisfactory
definitive written agreements as to all aspects of the contemplated project and until such time there is no
obligation, financial or otherwise on the City of Allen, Texas in any way except to the extent that this
Resolution reflects the good faith intent to negotiate definitive written agreements with respect to the
development of the Allen Premium Outlets.
SECTION 4: This Resolution shall become effective immediately from and after its passage.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE 30Th DAY OF SEPTEMBER, 1995.
APPROVED:
Stephen Terrell, MAYOR
ATTEST:
, dy Mo on, CMC, CITY SECRETARY
Resolution No. 1637-9-9Rttil Page2