HomeMy WebLinkAboutRES 2005-041 RESOLUTION NO. 2005-41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE CITY
MANAGER TO EXECUTE A CHAPTER 380 ECONOMIC
DEVELOPMENT PROGRAM AND INCENTIVE
AGREEMENT WITH GREAT WOLF RESORTS, INC. AND
ALL OTHER RELATED INSTRUMENTS; AND PROVIDING
FOR AN EFFECTIVE DATE
WHEREAS, Great Wolf Resorts, Inc., a corporation in good standing and
authorized to conduct business in the State of Texas (hereinafter "Developer"); and
WHEREAS, DEVELOPER plans to develop approximately fifty (50) acres of
property in the City of Grapevine more particularly described as Lot 1, Block 1, Trencor
Jetco Addition, Grapevine, Tarrant County Texas (the "Property") on which
DEVELOPER plans to construct or cause to be constructed a family oriented resort
hotel featuring an indoor water park (generally referred to herein as the "Project") to be
known and named as the "Great Wolf Lodge" and certain additional retail facilities to be
located on the Property (the "Additional Retail"); and
WHEREAS, DEVELOPER has requested the City of Grapevine to enter into a
Chapter 380 Economic Development and Incentive Agreement pursuant to Chapter 380
of the Texas Local Government Code (the "Agreement"); and
WHEREAS, under the proposed Chapter 380 Economic Development Program
and Agreement, the City would agree to grant to DEVELOPER a portion of the Hotel
Occupancy and sales tax revenue generated by the transactions generated by
DEVELOPER upon receipt of such sales tax from the State Comptroller's office; and
WHEREAS, the City has the authority under Chapter 380 of the Texas Local
Government Code to make loans or grants of public funds for the purposes of promoting
local economic development and stimulating business and commercial activity within
the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. The City determines that a grant to DEVELOPER of receipted Hotel
Occupancy Tax and sales tax will serve the public purpose of promoting local economic
development and enhancing business and commercial activity in the City, which fulfills
the requirements set forth under Chapter 380 of the Texas Local Government Code.
Section 3. The City hereby finds that the Chapter 380 Economic Development
Program and Incentive Agreement clearly promotes economic development in the City
of Grapevine and, as such, meets the requisites under Chapter 380 of the Texas Local
Government Code and further, is in the best interests of the City, DEVELOPER, and
therefore the City Council of the City of Grapevine hereby approves the Chapter 380
Economic Development Program and Agreement with DEVELOPER.
Section 4. The City Council hereby directs the City Manager, or his designee,
to execute the Chapter 380 Economic Development Program and Incentive Agreement
and take all necessary action upon the passage of this Resolution to effectuate the
terms of this Resolution.
Section 5. This Resolution shall become effective immediately upon passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 20th day of September, 2005.
APPROVED:
William D. Tate
Mayor
ATTEST:
(74a:etic,
,.
Linda Huff
City Secretary
APPROVED AS TO FORM:
Matthew Boyle
City Attorney
RES. NO. 2005-41 2