HomeMy WebLinkAboutRes 2022-08-1238 A Lien to Value ratio with respect to the Anacapri Development AgreeCITY OF ANNA, TEXAS
RESOLUTION NO. 640�
A RESOLUTION OF THE CITY OF ANNA, TEXAS APPROVING A LIEN TO VALUE
RATIO WITH RESPECT TO THE ANACAPRI DEVELOPMENT AGREEMENT
WHEREAS, the City of Anna, Texas (the "City") entered into that certain Anacapri
Development Agreement with Anacapri Laguna Azure, LLC (the "Developer") having an
Effective Date of on or about October 18, 2021 (the "Development Agreement"); and
WHEREAS, the Development Agreement allows for the City to issue PID Bonds and
establishes a minimum value to lien ratio of 2:1 unless the Council approves a lower ratio;
and
WHEREAS, the City Council desires to establish a minimum value to lien ratio as set forth
in this resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS THAT:
Section 1. Recitals Incorporated.
The recitals above are incorporated herein as if set forth in full for all purposes.
Section 2. Approval
The City Council of the City of Anna, Texas, pursuant to Section 4.1(n) of -the Development
Agreement, as amended, hereby approves a minimum value to lien ratio of 1.8.
PASSED by the City Council of the City of Anna, Texas, on this 23rd day of August 2022.
ATTESTED:
Carrie L.
APPROVED:
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ler, Mayor Pro-Tem