HomeMy WebLinkAboutRes 2023-06-1452 Amended EDC Incentive Agreement with 3 Nations Brewing Co., LLCRESOLUTION NO. 20 2 3 - n(n - 195;Z
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS
APPROVING AN AMENDED INCENTIVE AGREEMENT BETWEEN THE ANNA
ECONOMIC DEVELOPMENT CORPORATION AND 3 NATIONS BREWING CO., LLC
WHEREAS, the Anna Economic Development Corporation (the "EDC") and 3 Nations
Brewing Co., LLC (the "Company") entered into that certain "Incentive Agreement for New
Economic Development' executed by the EDC on November 8, 2022, and executed by Company
on November 7, 2022 (the "Agreement'); and
WHEREAS, the EDC and Company desired to amend the Agreement to the extent set
forth in that certain written amendment approved by the EDC Board of Directors on June 1, 2023,
a copy of which is attached hereto as Exhibit 1 (the "Amendment');
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ANNA, TEXAS:
SECTION 1. Fines. The findings set forth above are incorporated herein for all
purposes as if set forth in full.
SECTION 2. Annroval of Amendment; Authority to Execute
The City Council of the City of Anna, Texas hereby approves of the EDC Board of
Directors entering into the Amendment.
PASSED, APPROVED AND ADOPTED by the City Councile Ciof Anna,
Texas, on this the 13'h day of June 2023. / / %/
ATTEST:
L. Land,
1913
Page 1
ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 06.01.2023.01
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
APPROVING A FIRST AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC
DEVELOPMENT FOR A BREWPUB PROJECT
WHEREAS, the EDC owns real property consisting of approximately 0.879 acres and a
5,580 square foot building (the "Property"); and
WHEREAS, the EDC and Company entered into that certain "Incentive Agreement for
New Economic Development' executed by the EDC on November 8, 2022 and executed
by Company on November 7, 2022 (the "Agreement'); and
WHEREAS, the EDC and Company desire to amend the Agreement to the extent set
forth in this Amendment and the remaining portions of the Agreement shall continue in
full force and effect;
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. Approval of Amendment
The EDC hereby authorizes the Board President to execute the Amendment.
PASSED AND APPROVED by the Board of Directors of the Anna Economic
Development Corporation this 1st day of June 2023.
APPROVED:
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•
ATTEST:
Rocio Gonz , ED&JSecretary
AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC DEVELOPMENT
THIS AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC DEVELOPMENT (this
"Amendment") is entered into by and between the Anna Economic Development Corporation (the
"EDC") and 3 Nations Brewing, LLC, a Texas limited liability company ("Company").
WHEREAS, the EDC owns real property consisting of approximately 0.879 acres and a 5,580
square foot building (the "Property"); and
WHEREAS, the EDC and Company entered into that certain "Incentive Agreement for New
Economic Development" executed by the EDC on November 8, 2022 and executed by Company
on November 7, 2022 (the "Agreement"); and
WHEREAS, the EDC and Company desire to amend the Agreement to the extent set forth in this
Amendment and the remaining portions of the Agreement shall continue in full force and effect;
NOW, THEREFORE, in consideration of the covenants, promises, and conditions stated
in this Amendment, the EDC and Company agree as follows:
SECTION 1. Amendment to Definition of "Incentive Grant".
The definition of "Incentive Grant" set forth in Section 3.02 of the Agreement is deleted in
its entirety and replaced with the following:
" `Incentive Grant' means the dollar amount of $700,000."
SECTION 2. Amendment to Section 5,
Section 5 of the Agreement is deleted in its entirety and replaced with the following:
"Section 5. Incentive Grant Payment.
Provided that the EDC has not terminated or initiated termination of this Agreement under
Section 2.02, the EDC hereby approves the payment of the Incentive Grant to the Company, which
shall be paid to Company on the following schedule:
• $400,000 within 30 days after issuance of building permit for the Brewpub Project;
and
• $300,000 within 30 days after issuance of a Certificate of Occupancy for the
Brewpub Project.
Notwithstanding the foregoing or any other provision of this Agreement, beginning on the 300th
day after the Effective Date, for each and every period of 30 consecutive days that Company has
AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC DEVELOPMENT Page 1
not met or maintained the Job Creation requirement, the Company shall pay the EDC in the amount
of $10,800; provided, however, that this payment obligation shall not apply to any time period for
which the EDC has granted an extension in accordance with Section 4.01 as relates to meeting or
maintaining the Job Creation Requirement.
Notwithstanding the foregoing or any other provision of this Agreement, $50,000 shall be
permanently deducted from the amount of the Incentive Grant unless by the date of the issuance
of a Certificate of Occupancy Company has completed as part of the Brewpub Project --the
following in a good and workmanlike manner:
• construction of a new roof on the building on the Property with at least a 20-year
warranty (fully replacing the existing roof);
• demolition of the existing sidewalk on the north side of the Property and removal
of existing landscaping; and
• construction of a five (5)-foot wide concrete sidewalk to replace the above -
referenced sidewalk."
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AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC DEVELOPMENT Page 2
EXECUTED BY THE PARTIES:
3 Nations Brewing, LLC a Texas limited liability company
John Royer, its President
State of Texas
County of _
Before me, on this day personally appeared John Royer, known to me to be the person whose
name is subscribed to the foregoing instrument and acknowledged to me that he executed the
same in his capacity as President of 3 Nations Brewing, LLC for the purposes and consideration
therein expressed.
Given under my hand and seal of office this day of 2023.
Notary — State of Texas
ANNA ECONOMIC DEVELOPMENT CORPORATION
By: 26?;�
Bruce Nop0bod, its P esident
State of Texas
County of Collin
Before me, on this day personally appeared Bruce Norwood, known to me to be the person
whose name is subscribed to the foregoing instrument and acknowledged to me that he executed
the same in his capacity as President of Anna Economic Development Corporation for the
purposes and consideration therein expressed.
Given under my hand and seal of office this J& day of 2023.
AMENDED INCENTIVE AGREEMENT FOR NEW ECONOMIC DEVELOPMENT Page 3