HomeMy WebLinkAboutEDCRes2019.04.01ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. Y. Z-0 t9
A RESOLUTION 'OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING THE ANNA ECONOMIC DEVELOPMENT DIRECTOR TO ENTER INTO
AMENDMENTS TO MODIFY OR TERMINATE EXISTING LEASE AGREEMENTS
WHEREAS, the Anna Economic Development Corporation (the "EDC") is the owner of
real property located at 312 N. Powell Parkway, Anna, Texas (the "Property"); and
WHEREAS, the Property includes a structure used primarily for office space (the
"Structure") and the EDC currently leases certain parts of the Structure to various
tenants; and
WHEREAS, on or about February 8, 2019, an agent of the Texas Department of
Transportation (the "Department") supplied the EDC with written notice (the "Notice")
that the Department was initiating property acquisitions for the widening of State
Highway 5; and
WHEREAS, the Notice stated the Department's intention to acquire a strip of real
property running along and encroaching beyond the western boundary line of the
Property; and
WHEREAS, said encroachment extends into the western portion of the Structure
necessitating that such portion of the Structure be demolished and repaired; and
WHEREAS, it is anticipated that such demolition and repair will result in substantial
disruption with respect to access and use of the Structure; and
WHEREAS, the Board of Directors of the EDC (the "Board") finds that the Department's
impending purchase and/or condemnation of a portion of the Property are likely to
trigger a certain provision in the agreements between the EDC and the tenants
occupying various portions of the Structure (the "Lease Agreements"); and
WHEREAS, said provision of the Lease Agreements results in automatic termination of
the Lease Agreements if any part of the Property is taken by eminent domain or
conveyed in lieu thereof; and
WHEREAS, the Board desires there to be an orderly administrative process of
terminating or modifying any and all of the Lease Agreements; and
WHEREAS, the Board desires to delegate full authority to the City of Anna Economic
Development Director (the "Director") to take all necessary action to terminate or modify
any or all of the Lease Agreements in accordance with the provisions of this resolution;
ANNA EDC RESOLUTION NO. • -Z,4 I q PAGE 1 OF 2
NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC DEVELOPMENT
CORPORATION, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Authorization to Terminate or Modify Lease Agreements
(a) The Board of Directors of the Anna Economic Development Corporation
authorizes the Director to act on behalf of the EDC to terminate or modify any of
the Lease Agreements, placing full decision -making authority with the Director to
determine the extent to which any given Lease Agreement should be terminated
or modified as appropriate in order to: (1) allow tenants to have a Lease
Agreement terminated if they desire; or (2) allow tenants to have a Lease
Agreement modified as appropriate if they desire to continue to lease a part of
the Structure; provided, however, that if modifying a Lease Agreement is not
practicable due the events and circumstances surrounding the demolition and/or
repair of the Structure, then the Director shall take all necessary steps to
terminate such Lease Agreement instead of modifying it.
(b) The Director shall have full authority to execute any and all instruments,
amendments and other documents on behalf of the EDC and the Director may
waive, suspend, decrease or otherwise alter the amount of rent that might
otherwise be due under the Lease Agreement.
(c) Notwithstanding any provision of this resolution, the Director shall not be
authorized to pay any amounts to any of the tenants of the Structure for
relocation expenses or any other payments without the express written approval
of the Board; provided, however, that the Director may authorize a prorated
refund of prepaid rent if the Lease Agreement with a tenant is terminated earlier
than the period of time that such prepaid amount would cover.
PASSED A D APPROVED by the Anna Economic Development Corporation this
day of 2019.
APPROVED: ATTEST: 9,
Anthony ichards n EDC President Jim Gurs i, EDC Secretary
ANNA EDC RESOLUTION NO. PAGE 2 OF 2