16-T-17 - Corridor Hotel II Ltd and Silverwest-I Schertz(F) LLCORDINANCE NO. 16 -T -17
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
SCHERTZ, TEXAS AUTHORIZING AN ASSIGNMENT AND
ASSUMPTION AGREEMENT AMONG CORRIDOR HOTEL II, LTD.,
AND SILVERWEST -I SCHERTZ(F) LLC., AND OTHER MATTERS IN
CONNECTION THEREWITH
WHEREAS, under Section 312 of the Texas Property Code allows municipalities to
abate ad valorem taxes under specific guidelines and criteria; and
WHEREAS, the City of Schertz, Texas established the City of Schertz Guidelines and
Criteria for Tax Phase -in and Reinvestment Zones by Ordinance 06 -T -06
WHEREAS, by City Ordinance No. 07 -T -28, the City of Schertz, Texas (the "City ")
established a Tax Phase -In Agreement with Corridor Hotel II, LTD., a property owner in the City
of Schertz, ( "Agreement ") as set forth on Exhibit A; and
WHEREAS, Section 10 of the Agreement allows assignment of the Agreement with
approval of City Council as reflected in an adopted City Ordinance; and
WHERAS, Corridor Hotel II, LTD., a Texas limited partnership desires to assign the
rights, interest, duties and obligations arising under the Agreement and Silverwest -I Schertz(F)
LLC., a Delaware limited liability company desire to assume the rights, interest, duties and
obligations arising under the Agreement through the Assignment and Assumption Agreement as
set forth on Exhibit B; and
WHEREAS, the City Council has determined that it is in the best interest of the City to
approve the Agreement.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ,
TEXAS THAT:
Section 1. The City Council hereby authorizes the Assignment and Assumption
Agreement as set forth on Exhibit B and ratifies any benefits and obligations by Silverwest -I
Schertz(F) LLC. which flow from said Agreement.
Section 2. The recitals contained in the preamble hereof are hereby found to be true,
and such recitals are hereby made a part of this Ordinance for all purposes and are adopted as a
part of the judgment and findings of the City Council.
Section 3. All Ordinance, or parts thereof, which are in conflict or inconsistent with
any provision of this Ordinance are hereby repealed to the extent of such conflict, and the
provisions of this Ordinance shall be and remain controlling as to the matters resolved herein.
Section 4. This Ordinance shall be construed and enforced in accordance with the
laws of the State of Texas and the United States of America.
Section 5. If any provision of this Ordinance or the application thereof to any person
or circumstance shall be held to be invalid, the remainder of this Ordinance and the application
of such provision to other persons and circumstances shall nevertheless be valid, and the City
Council hereby declares that this Ordinance would have been enacted without such invalid
provision.
Section 6. It is officially found, determined, and declared that the meeting at which
this Ordinance is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Ordinance, was
given, all as required by Chapter 551, Texas Government Code, as amended.
Section 7. This Ordinance shall be in force and effect from and after its final passage,
and it is so resolved.
Passed and Approved on First reading on the 28th day of June, 2016.
PASSED AND ADOPTED, on Final reading on the 12th day of July, 2016.
CITY OF SC'IEJZ Z, TEXAS
Michael R. Carpenter, Mayor
ATTEST: _....__.
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�Brdi a Dennis, City Secretary
(CITY SEAL)
CC 6 -14 -2016
EXHIBIT A
ORDINANCE 07 -T -28
Tax Phase -In Agreement
Corridor Hotel II, Ltd.
A -1
EXHIBIT B
ASSIGNMENT AND ASSUMPTION AGREEMENT
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