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HomeMy WebLinkAboutRes 052703-O-5 - Wolf Ranch SimonRESOLUTIONNO.' A RESOLUTION OF THE CITY COUNCIL OF GEORGETOWN, TEXAS ENCOURAGING THE COMMERCIAL DEVELOPMENT OF APPROXIMATELY 101.65 (+/-) ACRES OF LAND GENERALLY LOCATED AT THE SOUTHWEST CORNER OF I.H. 35 AND S.H. 29 IN WILLIAMSON, COUNTY, TEXAS TO BE KNOWN AS WOLF RANCH; AND AUTHORIZING STAFF TO ENTER INTO FINAL NEGOTIATIONS REGARDING ECONOMIC DEVELOPMENT INCENTIVES. WHEREAS, SPG Development Company, L.P., by and through its general partner, SPG Acquisitions, Inc. ("Simon") has a contract to purchase that certain 101.65 (+/-) acre tract of land (the "Property") generally located at the southwest corner of IH 35 S and SH 29 W, and more specifically described on Exhibit A, which is attached hereto and incorporated herein for all purposes as if set forth in full; and WHEREAS, Simon has proposed to construct an open air mall with approximately 850,000 square feet of restaurant/retail space, four Neighborhood Amenity Areas, and adjacent parkland as described in the PUD Zoning Ordinance for the Property (the "Project"); and WHEREAS, the development of the project on the property will provide substantial economic benefits to the City of Georgetown ("City") by adding it to the City's ad valorem tax base, attracting significant new sales tax revenues into the City, providing utilities to an area that is not presently served by the City, creating a substantial number of new jobs; and WHEREAS, coordinated development of the kind proposed for Wolf Ranch by Simon is unlikely to occur without a public/private partnership, and the proposed development of the Project is likely to attract clientele from large portions of Williamson and Travis counties; and WHEREAS, Simon has requested approximately $29 Million Dollars in financial incentives, and at a specially called City Council meeting on Thursday, May 8, 2003, all council members present voted in favor of the motion attached hereto as Exhibit B, and WHEREAS, the City Council has reviewed Simons' request for compliance with the Economic Incentive Policy adopted on February 11, 2003, and with the Citizen Survey conducted in November 2001, and has determined that the request meets the requirements, goals, and objectives of those the policy and the survey; and WHEREAS, the City Council believes that development of Wolf Ranch will be a catalyst for economic development benefiting the entire City, will promote local economic development, and will stimulate business and commercial activity in the City; and Resolution No. 675 Wolf Ranch — Simon Page 1 of 2 Pages WHEREAS, Chapter 380 of the Texas Local Government Code authorizes local economic development programs, and the proposed incentives constitute an economic development program of the City, and promote the public purpose of economic development. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Georgetown, Texas that: The City facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof as if copied verbatim. The City Council hereby finds that this Resolution implements the following policies of the Century Plan — Policy Plan element: Economic Development Focus End 1.01: "Existing undeveloped sites in Georgetown are put to beneficial use." Growth and Physical Development Policy End 3.0: "Citizens, business owners, and organizations enjoy the benefits of well -planned land usage in which conflicting needs are balanced." The City Manager, City Attorney, and City staff are directed and authorized to enter into final negotiations with Simon relating to a development agreement containing economic development incentives as outlined in Exhibit B, which is attached hereto and made a part hereof for all purposes. RESOLVED, this mil Vk day of t_ , 2003. THE CITY OF GEORGETOWN, TEXAS By: ATTEST: By: s ?4 Sandra D. Lee, City Secretary Approved as to Form: By:�-�. PatACarls, Brown & Carls, LLP City Attorney Resolution No. Wolf Ranch — Simon Page 2 of 2 Pages elon, Mayor 102,627 ACRES FN NO. 03-104 (MTH) PORTION OF WOLF TRACT APRIL 30, 2003 SIMON PROPERTY GROUP BPI JOB NO. 1262-01.09 DESCRIPTION OF A 102.627 ACRE TRACT OF LAND OUT OF THE CLEMENT STU13BLEFIELD SURVEY, ABSTRACT NO, 558, SITUATED IN WILLIAMSON COUNTY, TEXAS, BEING A PORTION OF THE REMAINDER OF THAT CERTAIN 412 ACRE TRACT OF LAND CONVEYED TO JAY L. WOLF BY DEED OF RECORD IN VOLUME 422, PAGE 84 OF THE DEED RECORDS OF WILLIAMSON COUNTY, TEXAS, ALL OF THAT CERTAIN 1.153 ACRE TRACT OF LAND CONVEYED TO PAUL EDWIN HINDELANG AND WIFE, JUDY WOLF HINDELANG BY DEED OF RECORD IN VOLUME 824, PAGE 434 OF SAID DEED RECORDS, AND ALL OF THAT CERTAIN 0.68 ACRE TRACT OF LAND CONVEYED TO TRAVIS CARTER AND WIFE, JO BETH CARTER BY DEED OF RECORD IN VOLUME 1003, PAGE 150 OF THE OFFICIAL RECORDS OF WILLIAMSON COUNTY, TEXAS; SAID 102.627 ACRES BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: COMMENCING, at a concrete highway monument found at the southwesterly intersection of Interstate Highway 35 (R.O.W. Varies) and State Highway 29 (100' R.O.W.), being the northeasterly corner of a remaining portion of said 412 acre tract; THENCE, S0100726"W, leaving the southerly right-of-way line of State Highway 29, along the westerly right-of-way line of Interstate Highway 35, a distance of 175.29 feet to a 1/2 inch iron rod with cap set for the POINT OF BEGINNING and the northeasterly corner hereof; THENCE, continuing along the westerly right-of-way line of Interstate Highway 35, being the easterly line of the remainder of said 412 acre tract and hereof, the following three (3) courses and distances: 1) S01007126"W, a distance of 523.37 feet to a concrete highway monument found at the point of curvature of a non -tangent curve to the left; 2) Along said non -tangent curve to the left having a radius of 4119.70 feet, a central angle of 1G048118", an arc length of 1208.32 feet and a chord which bears S06039125"E, a distance of 1203,99 feet to a concrete highway monument found at highway PT -Station 900+20.69 for the end of said.curve; 3) S15003136"E, passing at a distance of 302.00 feet a 1/2 inch iron rod with cap set for reference, and continuing for a total distance of 604.28 feet to a calculated point in the centerline of the South San Gabriel River for the southeasterly corner of the remainder of said 412 acre tract and hereof, same being the northeasterly corner of Lot 11 Block "A" South Fork Apartments, a subdivision of record in Cabinet F, Slides 341-342 of the Plat Records of Williamson County, Texas; J FN 03-104(MTH) APRIL 30, 2003 PAGE 2 OF 4 THENCE, leaving the westerly right-of-way line of Interstate Highway 35, along the centerline meanders of South San Gabriel River, being the southerly line of said 412 acre tract and hereof, and in part the northerly line of said Lot 1 South Fork Apartments, in part the northerly line of those certain tracts of land conveyed to R.W. Pearce by deed of record in Volume 695, Page 347 and Volume 635, Page 907, both of said Official Records, in part the northerly lines of Lots 24-30 San Gabriel Heights Section Four, a subdivision of record in Cabinet C, Slide 224 of said Plat Records, and in part the northerly line of Lot 2, Resubdivision of San Gabriel Heights Section Six, a subdivision of record in Cabinet P, Slide 247 of said Plat Records, the following nineteen (19) courses and distances: 1) N82031135"W, a distance of 148.00 feet; 2) N69052109"W, a distance of 186.00 feet; 3) N60055'31"W, a distance of 75.00 feet; 4) N54021129"W, a distance of 114.00 feet; 5) N30022132"W, a distance of 56.00 feet; 6) N54016127"W, a distance of 81.00 feet; 7) N42036113"W, a distance of 334.00 feet; 8) N50045'39"W, a distance of 181.00 feet; 9) N70059102"W, a distance of 221.00 feet; 10) S82047111"W, a distance of 243.00 feet; 11) S77017121"W, a distance of 140.00 feet; 12) 565006'16"W, a distance of 131.00 feet; 13) S45007152"W, a distance of 59.00 feet; 14) S71038124"W, a distance of 209.00 feet; 15) S57001155"W, a distance of 155.00 feet; 16) S71036117"W, a distance of 56.00 feet; 17) S87033'S1"W, a distance of 156.00 feet; 18) S86018135"W, a distance of 82.00 feet; f FN 03-104(MTH) APRIL 30, 2003 PAGE 3 OF 4 19) S69023'45"W, a distance of corner hereof, being the Resubdivision of San Gabriel 45.05 feet to the southwesterly northerly line of said Lot 2 Heights Section Six; THENCE, leaving the centerline meanders of the South San Gabriel River, over and across said 412 acre tract for the westerly line hereof, the following four (4) courses and distances: 1) N02021'16"W, passing at a distance of 126.00 feet a 1/2 inch iron rod with cap set for reference, again passing at a distance of 671.00 feet a cotton spindle set for reference, and continuing for a total distance of 1793.80 feet to a 1/2 inch iron rod with cap set; 2) S87038144"W, a distance of 248.37 feet to a 1/2 inch iron rod with cap set; 3) N02021'16"W, a distance of 275.00 feet to a 1/2 inch iron rod with cap set; 4) N47021116"W, a distance of 84.85 feet to a 1/2 inch iron rod with cap set in the southerly right-of-way line of State Highway 29, being the northerly line of said 412 acre Wolf Tract for the northwesterly corner hereof, from which a 1/2 inch iron rod found in the southerly line of State Highway 29, being the northeasterly corner of Lot 1 Legend Oaks Section II, a subdivision of record in Cabinet I. Slide 269 of the Plat Records of Williamson County, Texas, bears S87038'44"W, a distance of 524.63 feet; THENCE, N87038'44"E, along the southerly right-of-way line of State Highway 29, being the northerly line of said 412 acre tract and hereof, passing at a distance of 1697.31 feet a 1/2 inch iron rod found at the northeasterly corner of that certain 30' Access Easement of record in Volume 1003, Page 150 of said Official Records, and continuing for a total distance of 2192.79 feet to a 1/2 inch iron rod with cap set, from which a 1/2 inch iron rod found at the southwesterly right-of-way cut -back corner of State Highway 29 and Interstate Highway 35 bears N87038'44"E, a distance of 175.29 feet; THMICE, leaving the southerly right-of-way line of State Highway 29, over and across said remaining portion of 412 acre tract, the following two (2) courses and distances: 1) S02121'16"E, a distance of 257.34 feet to a 1/2 inch iron rod with cap set; a FN 03-104(MTH) APRIL 30, 2003 PAGE 4 OF 4 2) S88152'34"E, a distance of 256.34 feet to BEGINNING, containing an area of 102.627 acres ft.) of land, more or less, within these metes the POINT OF (4,470,449 sq. and bounds. THAT I, JOHN T. BILNOSKI, A REGISTERED PROFESSIONAL LAND SURVEYOR, DO HEREBY CERTIFY THAT THE PROPERTY DESCRIBED HEREIN WAS DETERMINED BY A SURVEY MADE ON THE GROUND UNDER MY DIRECTION AND SUPERVISION DURING THE MONTH OF MAY 2002. BURY & PARTNERS, INC. ENGINEERS -SURVEYORS 3345 BEE CAVE ROAD, SUITE 200 AUSTIN, TEXAS 78746 R.P.I� S. STATE OF e NO. 4998 TEXAS 5'j l� DATE OF Ate **&'GSTFh':�'72 i r !/� t:•,� it -LEGEND : L 00 k 1/20 [RON ROD • • (UNLESS NOTED) ml L 0 1/2 INCH IRON ROD WITH SET j ��__ .a• t+MONUMENT• ••• N.T.S. NORMAN BONNErr VOL 2369, PG. 711 S87.3B'44"W LOT LOT J 524.63• 2 LEGEND OAKS JON JJ CAB. J. 0,33 ACRES A-TEX WATERPR00 a VOL J J 60, Pa 00.4 o� do �R0 412 JAY. L. VOL. 422, PASS AT 671.001 COTTON SPINDLE FOR REFERENCE PASS AT 126.00 FOR REFERENCE CAB. P, LOT 1 4W7 ACRF3 W.T. GllY VOL Me PG. 460 b p i: 1 kp 1rSmrveyors DATE 04/30/03 'FlLE: H:\1262\t ST, iar : Y 29 JAY L WOLF VOL. 1997, PG. 953 �K ACRES ) 88 ACRES C. NO P1999a462 438'44'E / (1w fmx) 175.290 / PASS AT 1697.311 53 ACRES pp PAUL E. HJNDELANG ET, UX. VOL 824, PG. 434 t t P.O.B. tt 11 30' ACCESS EASEMENT •---1 t---VOL 1003, PG, 150 Il 1OZ627 ACRES (4, 470, 449 SQ, FT.) ACRES WOLF P G. a4—\ O.sa ACRES TRAVJS CARTER AND WIFE, JO BETH CARTER VOL 1003, PG. 150 27` 26 `251 24 N STA. 900*20.69 ./ 29 28 ox°"/341r LOT 2 30 •xsiaor ` �+ SAN GABRSEMON �+ CAB C, 30224 23 'ZION OF 3 � 22 N SllCGHTS 32 6 7 8 9 10 21 'at i Its i It i cr h o ., ram ►• •.•. ,• h . . NP r� • r• h , • ♦ r .. ••�.• • .♦ •• a 126201x4.dwg IFN No.: FN03-1 S01.07'26'W 175.29•/ Ce i Q' t V �i3 101mI> <,� ci W1 ice' Z t PASS AT 30200 \ FAR REFERENCE DRAWN BY: MTH . PROJ. No: 1262-01 Exhibit B City Council Motion Thursday, May 8, 2003 Motion by Snell, second by Sansing to instruct staff to proceed to draft a development agreement between the City and Simon Property Group for the Wolf Ranch development with the following stipulations: 1. The City will fund $10.5 million in road improvement costs through GTEC to be paid using the GTEC sales tax generated by the Simon project. 2. The City will fund $3.5 million in utility costs through self-supporting utility revenue bonds to be repaid with utility revenues generated by the Simon project. 3. The City will repay $15 million of on -site costs to Simon through a sales tax sharing agreement at a rate not to exceed 53% of the annual 1% sales tax for a term no longer than 20 years at an interest rate of no more than 10%. The City may, at its discretion, choose to refinance this obligation once the project has met specific revenue projections for a specific period of time to be determined in the development agreement. The refinancing decision must be acted upon by the City Council once the project meets the specified revenue projections for the specified period of time. 4. A Public Improvement District shall be created to incorporate all of the on -site, road and utility improvements and to allow the City to assess Simon annually if the sales tax or utility revenue does not meet the required debt service obligation of the City. 5. A Tax Increment Financing District shall be created to enable the City to reimburse Simon for on -site public improvements. Approved 6-0 (Councilmember Evans absent) Resolution No. Wolf Ranch — Simon 0