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Economic Development Corporation 4B (EDC 4B)1 of 46Meeting Date: Tuesday, January 29, 2019 9&&*#!:$;:&!<-B-!7-,6$CD$C@ED  ! "#$%&'&( )"&!*$+ ,) ,-*# !$ ./$0%+$./1 M+FHNH$2F$BFGH2$IIIGFH .P C@EDU@Y.U2 +!62(&* 16&718*1"" !" 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LOCATION: 1 TROPHY WOOD DRIVE, TROPHY CLUB, TEXAS COUNCIL CHAMBERS The Economic Development Corporation (EDC) 4B of the Town of Trophy Club, Texas, met on Tuesday, December 18, 2018. The meeting was held within the boundaries of the Town and was open to the public. EDC 4B MEMBERS PRESENT: Sean Bone President Michael Richmond Secretary/Treasurer Chris Whipple Director Jared Hall Director John Nordberg Director EDC 4B MEMBERS ABSENT: Cory McDonald Vice President Travis Inge Director STAFF PRESENT: Phillip Shoffner Mayor Pro Tem Thomas M. Class, Sr. Town Manager Jonathan Phillips Director of Administrative & Financial Services John Zagurski Finance Manager President Bone announced the date of Thursday, July 26, 2018, called the EDC 4B Regular Session meeting to order and announced a quorum at 7:01 p.m. CITIZEN PRESENTATIONS Citizens are allowed four (4) minutes to address the Corporation regarding an item over which the Corporation has policy or oversight authority as provided by Texas law, the ethics order, or other policy order. There were no citizen presentations. CONSENT AGENDA 1.Consider and take appropriate action regarding the EDC 4B minutes dated July 26, 2018. Motion: Motion made by President Bone, seconded by Director Richmond, to approve the Consent Agenda Item No. 1. Motion carried 5-0-0. REGULAR SESSION 2.Fiscal Year 2019 Budget: A)Consider and take appropriate action regarding the engineering proposal submitted by Muckleroy & Falls. Traylor Hale Vice president of Preconstruction for Muckleroy & Falls was present for questions from EDC 4B. With no questions from the EDC 4B board President Bone made a motion. Economic Development Corporation 4B (EDC 4B)4 of 46Meeting Date: Tuesday, January 29, 2019 Motion: Motion made by President Bone, seconded by Director Whipple, approve the engineering proposal from Muckleroy & Falls. Motion carried 5-0-0. EXECUTIVE SESSION 3. Pursuant to the following designated section of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council EDC 4B will convene into executive session to discuss the following: A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations and Subsection (2) to deliberate the offer of a financial or other incentive to a business prospect that the Town seeks to have locate within the territory of the Town: Possible amendments to OTD Agreements ADJOURN Motion: Motion made by Secretary/Treasurer Richmond, seconded by Director Nordberg to adjourn the meeting at 7:39 p.m. Motion carried 5-0-0. _____________________________________________ ___________________________________ Julie Smestad, Administrative Specialist Sean Bone, President, EDC 4B Town of Trophy Club, Texas Town of Trophy Club, Texas EDC 4B Regular Session Minutes July 26, 2018 Page 2 of 2 Economic Development Corporation 4B (EDC 4B)5 of 46Meeting Date: Tuesday, January 29, 2019 1 Trophy Wood Drive Town of Trophy Club Trophy Club, Texas 76262 Legislation Details (With Text) File #: Version:Name: 2019-075-T1 Type:Status: Agenda ItemRegular Session File created:In control: 1/24/2019Economic Development Corporation 4B (EDC 4B) On agenda:Final action: 1/29/2019 Title: Consider and take appropriate action to amend an economic development agreement with OTD TC, LLC. Attachments: Old Town Developments - Bread Winners Amended 2018 - Edited 01.09.19.pdf Old Town Developments - Bread Winners Amended 2018 - Redlined.pdf DateVer.Action ByActionResult Consider and take appropriate action to amend an economic development agreement with OTD TC, LLC. Economic Development Corporation 4B (EDC 4B)6 of 46Meeting Date: Tuesday, January 29, 2019 AMENDEDECONOMICDEVELOPMENTAGREEMENT THISAMENDEDECONOMICDEVELOPMENTAGREEMENT(“Agreement”)for a Public-PrivatePartnershipisenteredintobyandbetweentheTownofTrophyClub, Texas, a homerulemunicipality(hereinafter“Town”),TaxIncrementReinvestment ZoneNumberOne(hereinafter“TIRZ#1),TrophyClubEconomicDevelopment Corporation4B(hereinafter“EDC”),OTDTC,LLC(OTDTCcollectivelyreferredto hereinafteras“theDeveloper”),andallentitiescollectivelyreferredtoasPartiesinthis Agreement(“Parties”). W I T N E S S E T H: WHEREAS,theTownofTrophyClubis a homerulemunicipalcorporation;and WHEREAS,pursuanttoChapter380oftheTexasLocalGovernmentCode (hereinafterreferredtoas"EDCAct"),onMay4,1996,theTowncreatedEconomic DevelopmentCorporation4Bforthepurposeofmakingeconomicdevelopment incentivesandgrants(hereinafter referredto as "EDC”);and WHEREAS,pursuanttoChapter311oftheTexasTaxCode(hereinafter“TIRZ Act”),theTowncreatedReinvestmentZoneNo.1,TownofTrophyClub,Texas (hereinafter“TIRZ”)whichis a taxincrementfundfor a designatedzonewithinthe Town,and WHEREAS,Developeristheownerofanapproximate2.0517acretractofland generallylocatedintheTrophyWoodPlazaprojectcomprisedofTract 2 Lot2R-2 and zonedaspartofPlannedDevelopment,PDNo.25,moreparticularlydescribedon Attachment“A”,a copyofwhichisattachedheretoandincorporatedherein (hereinafter the“Property”),andDeveloper desirestodevelopitsProperty;and WHEREAS,thePropertyislocatedwithintheboundariesofTaxIncrement ReinvestmentZoneNumberOne;and WHEREAS,DeveloperdesirestoenterintothisAgreementwithTown,EDCand TIRZ in order todevelopitsproperty;and WHEREAS,inordertomaintainand/orenhancethecommercialeconomicand employmentbaseoftheTownofTrophyClubandthesurroundingregionforthelong- terminterestandbenefitoftheTown,inaccordancewiththeEDC Act andTIRZAct, theTown,EDC,andTIRZ#1desiretoenterintothisAgreementtoprovidethetermsof a public-privatepartnershipbetweenthePartiesprovidingcertainincentivesforthe developmentofthepropertyinaccordancewiththestandardssetforthherein;and Economic Development Corporation 4B (EDC 4B)7 of 46Meeting Date: Tuesday, January 29, 2019 th WHEREAS,onthe24dayofMarch2014,afternegotiationswiththe Developer,theTownCounciloftheTown,theBoardofDirectorsforEDC,andthe BoardofDirectorsforTIRZapproved a TermSheetwithDeveloperpursuantto applicablestatelaw,outliningdetailsoftheproposeddevelopmentandobligationsofall Partiesthereto;and WHEREAS,byagreementoftheParties,theTermSheetwasamendedon November25,2014,February20,2015,August24,2016,withpaymentobligationsby EDCcommencing onJanuary22, 2015;and WHEREAS,pursuanttotheEDC Act, theTIRZ Act, Chapter380oftheTexas LocalGovernmentCodeandotherlegalauthority,theTown,EDC,andTIRZdesireto provideincentivestotheDevelopertodevelopthePropertyinaccordancewiththisas morespecifically set forthherein;and WHEREAS,theDeveloperagreestodevelopthePropertyin a manner consistentwithanapproveddevelopmentplanasdescribedinAttachment“B”, attachedheretoandmade a parthereof,orasamendedinaccordancewithall provisionsofthe Town;and WHEREAS,theTown,EDC,andTIRZfindthattheadministrationofan economicdevelopmentagreementtoprovideincentivestotheDeveloper,inreturnfor developingthePropertywouldpromotelocaleconomicdevelopmentandstimulate businessandcommercialactivitywithintheTownandwoulddirectlyestablish a public purpose;and WHEREAS,theTown,EDC,andTIRZhasdeterminedthatthisAgreement containssufficientcontrolstoensurethattheabove-mentionedpublicpurposesare carriedoutinalltransactionsinvolvingthe use ofpublicfundsandresourcesinthe establishmentandadministrationoftheAgreement. NOW,THEREFORE,inconsiderationoftheforegoing,andonthetermsand conditionshereinafter set forth,the Partiesdomutuallyagreeasfollows: ARTICLE I TERM 1.1ThisAgreementshallbeeffectiveonthedatethatthisAgreementis executedbyallParties(“EffectiveDate”)andshallcontinueuntilJanuary22,2035or untilallobligationshereunderhavebeenmet,whicheveroccursfirst(the“Term”)or, unlesssooner terminatedasprovided herein. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage2 Economic Development Corporation 4B (EDC 4B)8 of 46Meeting Date: Tuesday, January 29, 2019 ARTICLEII DEFINITIONS 2.1WhereverusedinthisAgreement,thefollowingterms shallhavethe meaningsascribedtothem: “Agreement”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “Town”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “ConstructionCosts”meansthecostsofallconstruction,includingbutnot limitedto,hardconstruction,constructionequipmentcharges,the costs ofconstruction materialsandthedeliverythereof,contractorfees,surveyingandengineeringcostsand fees,insurance,bonding,feesforrequiredbonds,orTownfees,includingbutnot limitedtoinspectionfees,impactfeesandparkdevelopmentfees,relatedtothe developmentoftheImprovementsandanyparking,landscapingandlightingrelatedto same. “Developer”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “EffectiveDate”meansthedate establishedinArticle IofthisAgreement. “ForceMajeure”shallmeananycontingencyor cause beyondthereasonable controlofDeveloper,includingwithoutlimitation, acts ofGodorthepublicenemy,war, riot,terrorism,civilcommotion,insurrection,governmentalordefactogovernmental actionincluding,butnotlimitedto, governmentactionspertaining tothedeterminationof floodzonesorFEMAactions(unlesscausedby acts oromissionsofDeveloper),fire, explosionorflood,and strikes. “Payments” meansmonetarypaymentsmadetotheTownbytheDeveloperfor thePurchasePrice oftheProperty. “PropertyImprovement(s)”shallmean,atminimum,two(2)newrestaurants includingallancillaryimprovementssuchasrequiredparkingandlandscaping,more fullydescribedinAttachment “B”. “Property”shallmeanthe2.0517 acresgenerallylocatedatTrophyWood DriveandHighway114,asdescribedinAttachment“A”anddescribedbymetesand bounds,lotandblockorabstractandsurveyattachedhereto,andmade a parthereof, andtheimprovementslocatedortobelocatedthereon. “PublicImprovements”shallmeanthepublicstreets,publicinfrastructure (including,butnotlimitedto,allcurbandgutter,concreteparking,sitelighting, landscaping,publicutilities,permitfees,sidewalks,sitepreparation,andengineering) andrelatedpublicfacilitiestobeconstructedonorbenefitingthePropertyandallcosts associatedtherewith. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage3 Economic Development Corporation 4B (EDC 4B)9 of 46Meeting Date: Tuesday, January 29, 2019 “PurchasePrice”shallhavethemeaning set forthinArticleIVofthis Agreement. “SalesAndUseTax”meansallofthesalesandusetaximposedbytheTown pursuanttoChapter321oftheTexasTaxCode,asamended,andanyotherapplicable law,onthesale ofTaxableItemsconsummatedontheProperty. “SalesTaxReceipts”means100%oftheTown’sannualreceiptsfromthe StateofTexasfromthecollectionofSalesandUseTaxfromthePropertyas a resultof thesaleofTaxableItemsontheProperty. “SubstantialCompletion”meanswithregardtothePublicImprovements,the datethe Townissues a Letter ofAcceptance forthePublicImprovements. “TaxCertificate”(“Certificate”)means a certificateorotherstatementin a form reasonablyacceptable totheTownsetting forththecollectionofSalesandUseTaxand PropertyTaxreceivedbytheTown,forPropertyTaxandthesaleofTaxableItemson thePropertyconsummatedonthePropertyfortheapplicableperiodwhicharetobe usedtodeterminetheSalesTaxReceipts,togetherwithsuchsupporting documentation as the Townmayreasonablyrequest. “TaxableItems”shallhavethesamemeaningassignedbyChapter151,TEX. TAXCODEANN., as amended. ARTICLEIII GENERALPROVISIONS 3.1AssoonaspracticalaftertheEffectiveDateofthisAgreement,the DevelopershallcommenceconstructionofthePropertyImprovementsontheProperty inaccordancewiththeTownapprovedplansandinsubstantialconformancewiththe ConceptPlan, a copyofwhichisattachedheretoandincorporatedhereinasExhibit “B”. 3.1.1TheDeveloperhaspurchasedtheProperty,asdescribedinExhibitA,for $1,064,278.25.TheDevelopershallsubmitor cause tobesubmittedtotheTownforits reviewandapprovalfinalplansforthedesignofthePropertyImprovementsin accordancewithallTownordinancesandregulations.PropertyImprovementsshall includetheconstructionof,atminimum,two(2)highqualityrestaurantsandassociated improvementsasshownonExhibit“B”andfurtherapprovedfinalsiteplanand constructionplansontheProperty. 3.1.2ThetotalinvestmentontheProperty,includinganyofDeveloper’sloans ontheProperty,constructionofimprovementsandPublicImprovements,andtenant improvements,or,alternatively,theappraisedvalueofthePropertyfollowingthe improvementsdescribedherein,shallbeapproximatelyTwoMillionFiveHundred Thousand and00/100 Dollars($2,500,000). AMENDEDECONOMICDEVELOPMENTAGREEMENTPage4 Economic Development Corporation 4B (EDC 4B)10 of 46Meeting Date: Tuesday, January 29, 2019 3.2Withintwenty-four(24)monthsafterJanuary22,2015,Developershall haveobtainedtwo(2)executedrestaurantleasesfortwo(2)restaurantslocatedonthe Property,andeachleaseshallhave a ten(10)yearminimuminitialterm.Additionally, withinfifty (50)monthsfromJanuary22,2015,Developershallalsoobtaintwo(2) CertificatesofOccupancyfortwo(2) restaurantsontheProperty. 3.2.1IntheeventofForceMajeureor,ifinthereasonableopinionoftheTown, EDCandTIRZ,theDeveloperhasmadesubstantialprogresstowardcompletionof construction,renovationandinstallationofthePropertyImprovementsandPublic Improvements,additionaltimemaybegrantedtoDeveloperbytheTown,EDCand TIRZasmayberequiredtoreasonablyallowDevelopertocomplywithitsobligations underthisAgreement.Developermayrequestadditionaltimeforcomplianceofits obligationshereundertoTown,EDC,andTIRZ,basedupongoodcause,foranevent ofForceMajeureorother causes ofdelay as determinedacceptablebyTown,EDCand TIRZ in thereasonable discretion ofTown,EDC,andTIRZ. 3.2.2Developershallusebesteffortstoprovidetwo(2)separaterestaurant quarterlygrosssalesreportstotheTownwithinthirty(30)daysfollowingtheendof eachquarter,ifDeveloperisabletoobtainreportsfromtenants.Thisobligationshall enduponthe dateoftermination ofthisAgreement. ARTICLEIV ECONOMICDEVELOPMENTINCENTIVES – EDCObligations 4.1EDCObligations:Pursuantto a Chapter380salestaxreimbursement agreementwithDeveloper,EDCshalldesignate a portionofitsannualbudgettopay the Developer a totalamountnottoexceed$1,064,278.25(PurchasePriceexcluding interest)uponDeveloper’scompliancewithallconditions set forthinthissection. EDCshallmakesuchpaymentsinaccordancewithsubsection(a)ofthisSection andshallhavetherightsandremediessetforthbelow,andallpaymentsshallbe contingentuponDeveloper’scompliance witheachofthe following conditions: a.PaymentTermsbyEDCandCertificateofOccupancyDeadline. EDC shallpayDeveloper’sLendermonthlypaymentsintheamountof$5,926.48, for a periodoftwenty-four(24)months,whichpaymentbyEDCcommenced onJanuary22,2015pursuanttothetermsoftheLetterAgreementbetween theEDCandtheDeveloperdatedFebruary19,2015,with a totalpaymentby EDCnot toexceed$71,117.76annuallytoDeveloper’sLender,whichamount istheequivalentofprincipalandinterestduebyDeveloperfortheProperty purchased(the“LandRepayment”).Ifattheendofthetwenty-four(24) monthperiod,suchdatebeingJanuary22,2017,Developerhasfailedto obtaintwo(2)executedleasesfortwo(2)restaurants,thenEDC’sLand Repaymentobligationsthereaftershallterminate,andEDCshallhavethe rightssetforthinSection4.1(b)(below),unlessthepartiesagreetoan extensionoftimeasexpresslyauthorizedbythisAgreement.Further,if Developerfailstoobtaintwo(2)CertificatesofOccupancyforeachofthetwo (2)separaterestaurantsiteswithinthefifty (50) monthsafterthefirstLand Repayment (December 31, 2019),thenallfurther AMENDEDECONOMICDEVELOPMENTAGREEMENTPage5 Economic Development Corporation 4B (EDC 4B)11 of 46Meeting Date: Tuesday, January 29, 2019 LandRepaymentobligationsofEDChereundershallterminate,unlessthe partiesagreetoanextensionas expressly authorizedbythisAgreement,and EDCshallhavetherightssetforthinSections4.band4.f(below). Ifat theendoftheinitialtwenty-four(24) monthperiod,endingonJanuary22, 2017,DeveloperhascompliedwithitsobligationsunderthisSection,EDC shallcontinuetomakeLandRepaymentsthroughtheendofthefifty (50) monthperiodendingonDecember 31, 2019. Ifattheendofthefifty(50) monthperiod,Developerhascompliedwithallobligations,EDCshall continuemakingLandRepaymentsintheamountof $5,926.48with a totalpaymentbyEDCnottoexceed$71,117.76annuallyto theDeveloper’sLenderpursuanttotheDeveloperAgreementfor a periodof seven(7)additionalyears,endingJanuary22,2025,oruponthedatethat EDC’s obligation ispaidinfull,whicheveroccursfirst.IfEDChas exerciseditsrighttopurchasethePropertypursuanttoSection4.1(b) (below),thenEDCshallcontinuemakingLandRepaymentstoDeveloper’s LenderonitsownbehalfandDevelopershallnotbe a partyorbeneficiary thereof,butshallcomplywithallofitsobligationsas set forthunder Section4.b(below).Notwithstandingtheforegoing,suchLandRepayment shallnotexceed$77,117.76eachyearinwhichitisdue,anddebt servicedueonanybondsissuedshallbepaidbyEDCpriortoany paymentstoDeveloper duepursuanttothisAgreement. If the loan is paid in full to the lender by a source other than EDC before the total $1,064,278.25 is paid by the EDC, the same monthly payments shall be made to the Developer or Developer’s designee until the obligation is satisfied. The payment recipient shall not change until Developer provides written notice of recipient and address pursuant to Section 7.2 of this agreement. b.EDC/Town’sRighttoPurchase/FinancingAgreements/Mandatory TransferofProperty. TherightofEDCand/orTowntopurchaseor require transferofthePropertybyDevelopershallbeavailableattheendofthe twentyfour(24)monthperiod,January22,2017,andagainattheendofthe fifty (50) monthperiod,December 31, 2019, ifDeveloper failstocomplywith therequirementsofSection3.2(above)relatedto such timeperiods.The TownandEDC’selectiontopurchasethePropertyaspermittedbythis Section4.1(b)shallbeexercisableinitssolediscretionwithinonehundred twenty(120)daysofthepassageofthetwentyfour(24)and/orfifty (50) monthperiods(the“OptionPeriods”),afterwhichOptionPeriodstheTown andEDCwaivetheirrighttoelecttopurchasetheProperty.Developer, Town,andEDCshallstructurethebankfinancingagreement(s)forthe Property such thatTownand/orEDChastherightto step into Developer’sshoesasthepurchaserofthePropertyand/orDeveloperis requiredtotransfertitletothePropertytotheEDCand/orTownifOTDhas failedtocomplywithitsobligationsunderSection3.2(above).Allpayments associatedwith such purchasemadeby EDCtoDevelopershallbe AMENDEDECONOMICDEVELOPMENTAGREEMENTPage6 Economic Development Corporation 4B (EDC 4B)12 of 46Meeting Date: Tuesday, January 29, 2019 paiddirectlytoDeveloper’sLenderforsatisfactionofDeveloper’sloanto purchasetheProperty.DeveloperagreesthatuponrequestbyTownand/or EDC,followingDeveloper’sfailuretocomplywithitsobligationsunder Section3.2ofthisAgreement,Developershallwithinfifteen(15)daysof writtennoticeofdefaultanddemandbyTownand/orEDC,executeall necessarydocumentsandtakeallactionsnecessarytotransferallrightsand interesttotheProperty,allPropertyImprovements,PublicImprovementsand allimprovementsofanykindtotheProperty,toTownand/orEDC. Developer’sfailuretotimelycomplywithanyrequirementofthissectionshall be a default. c. PrepaymentbyEDC. TheEDChastherighttopaythetotalprincipal amounttoDeveloper’sLenderatanytimeduringtheAgreementtermwithout penalty, as wellas to make additionalprincipalpaymentswithoutpenalty. d.DiscretionarySalebyOTD.TheTownand/orEDCshallhavetheRightof FirstRefusaltopurchasethePropertyifDeveloperdesirestosellthe PropertywithorwithoutPublicImprovementsorPropertyImprovementsat anytimeduringtheRightofFirstRefusalTerm(definedbelow).Therightof Townand/orEDCunderthissectionshallremainineffectuntilsuchtimeas two(2)separaterestaurantsonthePropertyhaveeachreceived a Certificate ofOccupancyandDevelopercomplieswithallofitsobligationsunderSection 3.2andSection4.1(a)ofthisAgreement(above),atwhichtimetheTown’s andEDC’srightofFirstRefusalshallterminateandbeofnofurtherforceand effect(“RightofFirstRefusalTerm”).IfatanytimeduringtheRightofFirst RefusalTermDeveloperdesirestoselltheProperty,Developershallfirst adviseTown,EDC,andTIRZinwritingbyprovidingthenameofthepotential purchaseroftheProperty.Town,EDCandTIRZshallhavetherightto reasonablyapproveanyandallfuturepurchasersofthePropertyduringthe termofthisAgreement.UponapprovalbyTown,EDCandTIRZofthe proposedpurchaseroftheProperty,thisAgreementshallbefully transferrabletotheapprovedpurchaser.Town,EDCandTIRZapprovalshall notbeunreasonablywithheld ordelayed. rd e.LienStatus.TheEDCshallholdthird(3) lienstatusand,any such lien statusofEDCshallbesubordinatetoDeveloper’sLender’spositiononall phasesofdevelopment.SuchEDClienshallexistuntilallrequiredmilestones as set forthinSection4.1(a)(above)andinthisAgreementhavebeenmet byDeveloper,atwhichpointitshallterminateandceasetobeofanyforceor effect,andtheEDCshallissueandfilealldocumentsnecessarytoterminate andremovesuchlien.Notwithstandingtheforegoing,EDC’slienstatusshall onlybesubordinate toDeveloper’sLender’slien(s). f.TerminationofAgreement. Inadditiontotherightsandremediesprovided toTownandEDCpursuanttoSection4.1(a)and4.1(b)aboveforthefailure ofDevelopertocomplywiththerequirementsofthoseSections,this Agreementshallterminate,unlessthepartiesagreetoanextensionoftime, with no further obligation or payment of any kind by Town or EDC to AMENDEDECONOMICDEVELOPMENTAGREEMENTPage7 Economic Development Corporation 4B (EDC 4B)13 of 46Meeting Date: Tuesday, January 29, 2019 Developer or Developer’sLender,ifasofJanuary22,2017,theexpirationof twenty-four(24)monthsfromJanuary22,2015,Developerhasfailedto providetwo(2)separateexecutedrestaurantleases,andifasofDecember 31, 2019, theexpirationoffifty (50) monthsfromJanuary22,2015, DeveloperhasfailedtotimelycomplywitheverytermofthisAgreement,or Developerhasfailedtoobtainatleasttwo(2)CertificatesofOccupancyfor two(2)separaterestaurantsitesbyMarch 22, 2019, inwhicheventthe provisionssetforthinSection4.1(b)(above)shalltakeeffect.However,if DevelopercomplieswithSections4.1(a),4.1(b),4.1.(c),and4.1(d) (above),theEDCobligationtoDevelopershallterminateonJanuary22, 2025orthedateofpaymentinfullofthePurchasebyEDCand/orTown, whicheveroccursfirst.Town’srightspursuanttoSection 4.1(c) (above) shallnotbeeffected bythissection. g.DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexistor filesforbankruptcyduringtheTermofthisAgreement,EDCshallbeexcused frommakinganyfuturepaymentstoDeveloper’sLender,andallagreements shallterminatepursuanttotheirterms.Notwithstandingtheforegoing, Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof thisAgreement. ARTICLE V TIRZOBLIGATIONS 5.1TIRZFunding. a.TIRZReimbursement,TermandPublicImprovements.Developershall beeligibleforpaymentinanamountupto$1,000,000inreimbursementfor amountsspentbyDeveloperforeligiblePublicImprovementsplusallinterest whichDevelopermustpayto a thirdpartyaccumulatedonthecosts associatedwithsuchPublicImprovements(“TIRZReimbursement”). DevelopershallsubmittoTownproposedPublicImprovementsforwhichit seeks approvalwithappropriatebidandinvoicedocumentation.Town must approveproposedPublicImprovementsas eligiblefor reimbursement by TIRZpriortosuchexpensebeingreimbursabletoDeveloper.Town’s determinationshallbeinthereasonablediscretionofTown;suchTown approvalshallnotbeunreasonablywithheldordelayed.Additionally, DevelopershallcomplywithallapplicableTowndevelopmentregulationsas a condition precedenttoreceiptofTIRZReimbursement. BeginningthirtydaysafterthedateofsubmissionofthefirstinvoiceforTIRZ ReimbursementforaneligiblePublicImprovement,TIRZshallpayto DevelopertheTIRZReimbursementpayabletoDeveloperat a rateofsixty percent(60%)oftotalincrementalrevenuegeneratedfromtheentireTIRZ for twenty(20)years,oruntil such timeas a maximumamountof$1,000,000is paidtoDeveloperinTIRZReimbursements,whicheveroccursfirst.Aslong astherearesufficientfundsavailabletopaytheTIRZReimbursements,such paymentsshallbemadeannually in December. Notwithstandingthe AMENDEDECONOMICDEVELOPMENTAGREEMENTPage8 Economic Development Corporation 4B (EDC 4B)14 of 46Meeting Date: Tuesday, January 29, 2019 foregoing,ifatthetimeofTown’sapprovalofDeveloper’sreimbursable expense(s),TIRZhasnotgeneratedsufficientfundstopayDeveloperthefull amountoftheTIRZReimbursement,TIRZshallbeentitledtodeferpayment oftheTIRZReimbursement,withoutinterest,toDeveloperuntil such timeas TIRZhassufficientfundstoprovideDeveloperwiththeTIRZReimbursement; andsuch a defermentshallresultinanextensionofthe20yearTermofthis AgreementoruntilsuchtimeasallTIRZReimbursementsarepaidto Developer. b.TIRZFirstPriority.Developershallhave“firstpriority”ofpaymentofthe TIRZReimbursementspayablepursuanttoSection5.1(a);providedhowever thatifDeveloperfailstocomply withitsobligationsunderthisAgreementoris inanymannerindefaultofoneormoreofitsobligationsunderthis Agreement,TIRZmayinitsreasonable discretion revokeDeveloper’sfirst prioritystatusuponten(10)dayspriorwrittennoticetoDeveloper.Within thirtydays(30)ofdateofDeveloper’scureofsuchfailure,Developer’s“first priority” status shallbe reinstated. 5.2TIRZPayment. a.LumpSumPayment.UponissuanceofthefirstbuildingpermitforBread WinnersandQuarterBar,theTownshallpaytoDeveloper$400,000aspart ofthetotal$1,000,000TIRZReimbursement. TIRZshallrepaytheTown $400,000fromsixty-fivepercent(65%)ofthetotalincrementrevenue generatedbytheTIRZ,includinginterestifdesiredbytheTown.TheTown shallhave“firstpriority”ofrevenueandpaymentat a percentageratenotto exceedsixty-fivepercent(65%)oftotalincrementalrevenuegeneratedfrom theentireTIRZ.TIRZshallpayDeveloper’sLender22.4966%ofthe100% untilthecompleteobligationoftheoriginalincentiveagreementexecutedon August24,2016ismet.Thetotalbetweenbothdevelopersagreementsshall notexceed a totalof35%ofrevenuegeneratedbyTIRZ. b.PerformancePaymentReductionofReimbursableExpenses.During yearssixthroughtwenty(6-20)afterthedateoftheexecutionofthis Agreement,if a restaurantonthePropertyiscontinuouslyvacantfor a period oftwelve(12)monthsplusone(1)day,andDeveloperalsoisnotin possessionof:(1) a LetterOfIntent;or(2) a BuildingPermit;or(3) a CertificateofOccupancy,thentheTIRZReimbursementsshallbereducedby thetotalproportionalcontributiontotheTIRZoftheformofadvaloremand salestaxgeneratedbythevacantrestaurant’shighestincrementalvalue generated.Forexample,iftheformerrestaurantgenerated$10,000tothe TIRZandthetotalTIRZpaymentduetoDeveloperwas$20,000,thenthe $20,000paymentwouldbereducedby$10,000untiloneor a combinationof theforegoingevents(1)through(3)occursfor a newrestaurantuponthe Property,atwhichtimetheTIRZReimbursementsshallcontinuetobe payablein full. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage9 Economic Development Corporation 4B (EDC 4B)15 of 46Meeting Date: Tuesday, January 29, 2019 ARTICLEVI TERMINATION 6.1TerminationofDeveloperAgreement. ThisAgreementshallterminate withnofurtherpaymentofanykindbyTIRZtoDeveloperifDeveloperhasfailedto timelycomplywitheverytermofthisAgreement,andsuchfailurehasnotbeencured byDecember 31, 2019, orsuchlaterdateasagreedtobytheEDC.Notwithstanding theforegoing,EDC’srightspursuanttoSection4.1(b)(above)shallsurvive terminationofthisAgreement. 6.2DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexist orfilesforbankruptcyduringtheTerm,TIRZshallbeexcusedfrommakinganyfuture paymentstoDeveloper,andthisAgreementshallterminate.Notwithstandingthe foregoing,Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof thisAgreement. 6.3Default.In addition to theotherevents of default set forth inthis Agreement,thisAgreementmaybeterminatedupon anyoneormoreofthefollowing: 1.By writtenagreementsignedbybothparties; 2.ExpirationoftheTermorfulfillmentofallobligationsasoutlinedinthis Agreement; 3.Bythenon-breachingPartyintheeventtheotherPartybreachesanyofthe termsorconditionsofthisAgreementand such breachisnotcuredwithin sixty(60) daysafterwritten notice thereoftothebreaching Party; own,ifDevelopersuffersanEventofBankruptcyordissolution;and 4.ByT 5.ByTown,ifanytaxes,assessmentsorpaymentsowedtotheTownorthe StateofTexasbyDevelopershallbecomedelinquentandnotcuredwithin sixty(60)daysafterwrittennoticethereofifDeveloperisnotthenprotesting orcontestingany such taxesorassessments,inwhicheventDevelopershall notbein defaultduetonon-paymentoftheprotestedtaxes. ARTICLEVII MISCELLANEOUS 7.1SuccessorsandAssigns.ThetermsandconditionsofthisAgreementare bindinguponthe successors andassignsofallpartieshereto.Exceptasexpressly providedotherwiseherein,thisAgreementcannotbeassignedbytheDeveloperunless writtenpermissionisfirstgrantedbytheTown,whichconsent shallnot beunreasonably withheld, so longastheDeveloper’sassigneeagreestobeboundbyalltermsand conditionsofthisAgreement.Anypartywhoobtainssuchconsentshallhereafterbe referredtoas a “permittedassignee”.Itisunderstoodandagreedbetweentheparties that theDeveloper,in performing itsobligationsthereunder,isacting independently,and neither the Town, EDC and/or TIRZ assumes any responsibility or liabilities in AMENDEDECONOMICDEVELOPMENTAGREEMENTPage10 Economic Development Corporation 4B (EDC 4B)16 of 46Meeting Date: Tuesday, January 29, 2019 connectiontherewithtothirdparties;itisfurtherunderstoodandagreedbetweenthe partiesthattheTown,EDCand/orTIRZ,inperformingitsobligationshereunder,is actingindependently,andtheDeveloperassumesnoresponsibilitiesinconnection therewithtothirdparties.NotwithstandingtheprecedingprovisionsofthisSection7.1, theTOWN,EDCandTIRZeachconsenttoDeveloper’sLenderas a permitted assigneehereunder. 7.2Notices.NoticesrequiredtobegiventoanypartytothisAgreementshall begivenpersonallyorbycertifiedmail,returnreceiptrequested,postageprepaid, addressedtothepartyatitsaddressassetforthbelow,and,ifgivenbymail,shallbe deemeddeliveredthree(3) daysafter thedatedepositedin theUnitedStates’mail: For Townbynoticeto: TownofTrophyClub Attn: Thomas M. Class, Sr. 1 Trophy Wood Drive TrophyClub,TX76262 For Developer bynoticeto: OTDTC,LLC Attn:ChrisGordon 2241VerandaAvenue TrophyClub,Texas76262 With a copyto: TheLawOfficesofDavidT.Denney,P.C. Attn:DavidDenney 8350N.CentralExpwy.,Suite925 Dallas,Texas75206 Anypartymaychangetheaddresstowhichnoticesaretobesentbygivingtheother partieswrittennoticein themanner providedinthisparagraph. 7.3NoWaiver.Noclaimorrightarisingoutof a breachofthisAgreementcan bedischargedinwholeorinpartby a waiverorrenunciationoftheclaimorrightunless thewaiverorrenunciationissupportedbyconsiderationandisinwritingsignedbythe aggrieved. 7.4Amendment.ThisAgreementmaybemodifiedorrescindedonlyby a writing signedbyboth ofthepartiesortheir dulyauthorizedagents. 7.5Venue.ExclusivevenueforanylitigationarisingfromthisAgreement shalllieinDentonCounty,Texas. 7.6Indemnity.Developeragreestodefend,indemnifyandholdTown, EDCand/orTIRZ,itsofficers,agentsandemployees,harmlessagainstanyand AMENDEDECONOMICDEVELOPMENTAGREEMENTPage11 Economic Development Corporation 4B (EDC 4B)17 of 46Meeting Date: Tuesday, January 29, 2019 allclaims,lawsuits,judgments,costsandexpensesforpersonalinjury(including death),propertydamageorotherharmforwhichrecoveryofdamagesissought, sufferedbyanypersonorpersons,thatmayariseoutoforbeoccasionedby Company'sbreachofthisAgreementorbyanynegligentorstrictlyliableactor omissionofCompany,itsofficers,agents,employeesorsubcontractors,inthe performanceofthisAgreement.Theprovisionsofthisparagrapharesolelyfor thebenefitofthepartiesheretoandnotintendedtocreateorgrantanyrights, contractualorotherwise,toanyotherpersonorentity.Thisparagraphshall survivetheterminationof thisAgreement. 7.7EntireAgreement.ThisAgreementembodiesthecompleteagreementof thePartiesheretosupersedingalloralorwrittenpreviousandcontemporary agreementsbetweenthePartiesrelatingtomattershereinand,exceptasotherwise providedherein,cannotbemodified withoutwrittenagreementofallParties. 7.8MultipleCounterparts.ThisAgreementmaybeexecutedinmultiple counterparts,eachofwhichshallconstituteanoriginal,butallofwhichintheaggregate shallconstitute oneagreement. 7.9Severability.IfanyprovisioncontainedinthisAgreementisheldtobe invalid,illegal,orunenforceableinanyrespect,suchinvalidity,illegalityor unenforceabilityshallnotaffectany otherprovisionhereof.Inlieuofeachinvalid,illegal orunenforceableprovisionthereshallbeadded a newprovisionbyagreementofthe partiesassimilarintermstosuchinvalid,illegalorunenforceableprovisionasmaybe possible andyetbevalid,legalandenforceable. 7.10Context.Wheneverthecontextrequires,allwordshereinshallbe deemedtoincludethemale,female,andneutergender,singularwordsshallinclude theplural,andviceversa. 7.11NoThirdPartyBeneficiary:Exceptasotherwiseexpresslyprovidedfor herein,forpurposesofthisAgreement,includingitsintendedoperationandeffect,the partiesspecificallyagreeandAgreementthat:(1)theAgreementonlyaffects matters/disputesbetweenthepartiestothisAgreement,andisinnowayintendedby thepartiestobenefitorotherwiseaffectanythirdpersonorentity,notwithstandingthe fact thatsuchthirdpersonorentitiesmaybein a contractualrelationshipwithTOWN, EDC,TIRZorDeveloper,collectivelyorindividually;and(2)thetermsofthisAgreement arenotintendedtorelease,eitherbycontractoroperationoflaw,anythirdpersonor entityfrom obligationsowingbythem toeitherTOWN,EDC,TIRZ,orDeveloper. Exceptasotherwiseexpresslyprovidedforherein,thisAgreementshallnotcreateany third-partybeneficiaries.NotwithstandingtheprecedingprovisionsofthisSection7.11, theTOWN,EDC,TIRZ,andDevelopereachacknowledgethattheDeveloper’sLender, asdefinedinSection7.13(6),willrelyuponSections4.1(e),7.1,7.11,and7.13ofthis Agreementinmaking a loanorloanstotheDeveloperandisexpresslyincludedas a thirdpartyintendedas a beneficiaryofthisAgreementrelatingtothoseexpress Sectionsandthose Sectionsonly. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage12 Economic Development Corporation 4B (EDC 4B)18 of 46Meeting Date: Tuesday, January 29, 2019 7.12Execution.This Agreementwasauthorizedbyactionof theTownCouncil, EDC,andTIRZand such actionhasauthorizedtheTownManagertoexecutethis AgreementonbehalfoftheTown. 7.13Developer’sLenderProvisions.Notwithstandinganythingtothecontrary set forthinthisdocument,thefollowing provisionsshallcontrol: 1.TOWN,EDC,andTIRZherebyconsenttotheDeveloper’scollateralpledge and/orassignmentoftheLandRepaymentand/orTIRZReimbursementto Developer’sLenderin a mannerthesameasorsimilartothatprovidedin Chapter64oftheTexasPropertyCode,asmaybeamendedorsuperseded, andmorecommonlyknown as the TexasAssignmentofRentsAct. 2.BeforeexercisinganyremediesofdefaultagainstDeveloperorterminating theLandRepaymentand/orTIRZReimbursement,thepartyexercising such remediesorterminationshallfirstprovideDeveloper’sLenderwithatleast sixty(60)daysnoticeofDeveloper’sdefaultand/oritsintenttoterminatethe LandRepaymentand/orTIRZRepaymentalongwiththespecificreasons therefor,andallowtheDeveloper’sLenderanopportunitytocuresaiddefault and/orpreventsuchtermination.Developer shallnotbeconsideredindefault andnorightofterminationoftheLandRepaymentand/orTIRZRepayment shallexist, so longasDeveloper’sdefaultunderthisAgreementisnot creatingmaterialdamagetothepartyexercising a remedyofdefaultand/or terminationoftheLandRepaymentand/or TIRZRepayment,andDeveloper’s Lenderhasbeguntocuresaiddefaultwithinthesixty(60)dayperiodand thereafterdiligentlyprosecutesthesametocompletionwithin a reasonable period oftime thereafter. 3.EDC’srightsofpurchaseand/orrightsoffirstrefusalunderArticleIVabove shallbeexpresslysubordinatetotherightsandliensofDeveloper’sLender, andanysale,transfer,assignment,orotherconveyanceofthePropertyshall bemadeexpressly subject totheDeveloper’sLender’srightsandliens.The partiesheretoagreetoexecutein a formreasonablyacceptableto Developer’sLenderandsuitableforrecordinginthepublicrecords a Subordination,Non-Disturbance,andAttornmentAgreementwhichincludes thiscovenant. 4.IntheeventthatTIRZrevokesDeveloper’spriority status, beforedoingso, TIRZshallprovideDeveloper’sLenderwithatleastthirty(30)daysprior writtennoticeofitsintenttorevokeDeveloper’sprioritystatus,andallow Developer’sLenderanopportunitytocurethereasonsforsuchpotential revocationwithinthatthirty(30)dayorotherextendedperiodprovidedinthe writtennotice. 5.AlthoughDeveloper’sLendermayhave a righttoperformanobligationor cure a defaultoftheDeveloperunderthisAgreement,nothinghereinshall requireDeveloper’sLendertoperformany such obligationorcureanydefault ofDeveloper.Theperformanceofanobligationor a cureof a defaultof AMENDEDECONOMICDEVELOPMENTAGREEMENTPage13 Economic Development Corporation 4B (EDC 4B)19 of 46Meeting Date: Tuesday, January 29, 2019 DeveloperbyDeveloper’sLenderinoneinstanceshallnotoperatetorequire theDeveloper’sLendertoperformanyotherfutureobligationsordefaults. Thedeterminationtoperformanyobligationsorcureanydefaultsofthe Developerhereundershallbemadeinthesoleandcompletediscretionof Developer’sLender. 6.As set forthherein,thetermDeveloper’sLendermeans“FirstStateBank, a Texasstatebank”,anditssuccessorsandpermitted assigns underSection 7.1above. 7.Allpaymentsmadepursuanttothisagreementshallbecreditedtowardsthe Town’sobligationsundertheoriginalagreementexecutedonAugust24, 2016. TOWN OF TROPHYCLUB,TEXAS Chair, Sean Bone Mayor,C.NickSanders, TIRZ #1,TownofTrophyClub,Texas TownofTrophyClub,Texas Date:Date: ATTEST: HollyFimbres,TownSecretary President, Sean Bone EDC-4B, TownofTrophyClub,Texas Date: APPROVEDTOFORM: DavidDodd,TownAttorney OTDTC,LLC a TexasLimited LiabilityCompany By: Name: Title: Date: AMENDEDECONOMICDEVELOPMENTAGREEMENTPage14 Economic Development Corporation 4B (EDC 4B)20 of 46Meeting Date: Tuesday, January 29, 2019 STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _, 2019, byMayorC.NickSandersoftheTownofTrophyClub, Texas, a home-rulemunicipalityoftheStateofTexas,onbehalfofsaidpolitical subdivision. NotaryPublic,State ofTexas STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _, 2019, byPresident Sean Bone oftheEconomicDevelopment Corporation4BoftheTownofTrophyClub,Texas, a home-rulemunicipalityof said politicalsubdivision. NotaryPublic,State ofTexas STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _, 2019, byChair Sean Bone oftheTaxIncrementReinvestmentZone No. 1 oftheTownofTrophyClub,Texas, a home-rulemunicipalityofsaid political subdivision. NotaryPublic,State ofTexas AMENDEDECONOMICDEVELOPMENTAGREEMENTPage15 Economic Development Corporation 4B (EDC 4B)21 of 46Meeting Date: Tuesday, January 29, 2019 STATEOFTEXAS§ § COUNTYOF § Thisinstrumentwasacknowledgedbeforemeonthedayof _, 2019, by OTDTC, LLC aTexas limitedliabilitycompany,onbehalfofsaid company. NotaryPublic,State ofTexas AMENDEDECONOMICDEVELOPMENTAGREEMENTPage16 Economic Development Corporation 4B (EDC 4B)22 of 46Meeting Date: Tuesday, January 29, 2019 Exhibit “A” LEGALDESCRIPTION LEGALDESCRIPTIONTRACTONE:Lots 1 and2,BlockA,TrophyWoodBusiness Center,anadditiontotheTownofTrophyClub,DentonCounty,Texasaccordingtothe platthereofrecordedinVolumeV,Page295ofthePlatRecordsofDentonCounty, Texas.(Parcelnowlocated in TarrantCounty). LEGALDESCRIPTIONTRACTTWO:Lot2R-2,BlockB,TrophyWoodBusiness Center,anadditiontotheTownofTrophyClub,TarrantCounty,Texasaccordingtothe platthereofrecordedasDocumentNo.D213097463ofthePlatRecordsofTarrant County,Texas. ZONINGSTATEMENT:Accordingtothecurrentpublishedzoninginformation,Tract OneandTractTwoarecurrentlyzonedPD-25. FLOODSTATEMENT:BasedonscalingthesurveyedlotshownhereonontotheFEMA FloodInsuranceRateMapNo.48439C0085K(Rev. 9-25-09),saidlotlieswithinFEMA zone X anddoesnotliewithintheFEMAdesignated100-yearfloodplain.Miller Surveying, Inc. makesnostatementastothelikelihoodoftheactualfloodingofsaid surveyedlot. EASEMENTSTATEMENT:The followingstatementsregardingeasementsand agreementsareinreferencetotheitemslistedinSchedule B oftheCommitmentfor TitleInsuranceissuedonDecember31,2014byChicagoTitleInsuranceCompany,GF No.CTMH63-8055631400073 andare based onmyprofessionalopinion: RegardingItemlO(f):The10'LandscapeEasement;the37'FirelaneEasement;the15' LandscapeEasement;the5'SidewalkandUtilityEasement;the35'UtilityEasement; the25'UtilityEasement;andthe10'UtilityEasementperplatVolume V Page295 M.R.D.C.T.affectthesurveyedtract(s) andaredepicted accordingly; RegardingItemO(g):The30'BuildingLineperplatVolume V Page295M.R.D.C.T. affectthesurveyedtract(s) andaredepicted accordingly; RegardingItemlO(h):TheVariableWidthUtilityEasement;the15'Landscape Easement;the20'SanitarySewerEasement;the5'Sidewalk & UtilityEasement;the 15'LandscapeEasement;the10'LandscapeEasement;the10'UtilityEasementand theFirelane,Drainage & Access EasementperplatD213097463P.R.T.C.T.affectthe surveyedtract(s) andaredepicted accordingly; RegardingItemO(i):The30'BuildingLineperplatD213097463P.R.T.C.T.affectthe surveyedtract(s) andaredepicted accordingly; Regarding ItemlOU}:Noplottable elements; AMENDEDECONOMICDEVELOPMENTAGREEMENTPage17 Economic Development Corporation 4B (EDC 4B)23 of 46Meeting Date: Tuesday, January 29, 2019 RegardingItemO(k):ThesurveyedtractsaresubjecttotheGrantofReciprocal EasementsandDeclarationsofCovenantsrecordedasDocumentNo.D206339101 D.R.T.C.T.; RegardingItem10(1):Thesurveyedtractsaresubjecttothe Access Easementand Agreementrecorded in Volume 5228,Page3916,R.P.R.D.C.T.; RegardingItemO(m):TheeasementtoTexasPowerandLightrecordedinVolume 1521,Page692R.P.R.D.C.T.asshownonplatCabinetA,Page13053P.R.T.C.T.. affectsthesurveyedtract(s) andisdepictedaccordingly; RegardingItemO(n):TheeasementtoTrophyClubMunicipalUtilityDistrictNo. 1recordedinVolume3260,Page198R.P.R.D.C.T.asshownonplatCabinetA,Page 13053P.R.T.C.T.,affectsthesurveyedtract(s) andisdepicted accordingly; RegardingItemO(o):TheeasementtoPacificSouthwestBankrecordedasDocument No.1995-34614R.P.R.D.C.T.doesnotaffectthesurveyedtract(s); AMENDEDECONOMICDEVELOPMENTAGREEMENTPage18 Economic Development Corporation 4B (EDC 4B)24 of 46Meeting Date: Tuesday, January 29, 2019 Exhibit “B” CONCEPTPLAN AMENDEDECONOMICDEVELOPMENTAGREEMENTPage19 Economic Development Corporation 4B (EDC 4B)25 of 46Meeting Date: Tuesday, January 29, 2019 AMENDEDECONOMICDEVELOPMENTAGREEMENT THISAMENDEDECONOMICDEVELOPMENTAGREEMENT(“Agreement”)for a Public-PrivatePartnershipisenteredintobyandbetweentheTownofTrophyClub, Texas, a homerulemunicipality(hereinafter“Town”),TaxIncrementReinvestment ZoneNumberOne(hereinafter“TIRZ#1),TrophyClubEconomicDevelopment Corporation4B(hereinafter“EDC”),OTDTC,LLC(OTDTCcollectivelyreferredto hereinafteras“theDeveloper”),andallentitiescollectivelyreferredtoasPartiesinthis Agreement(“Parties”). W I T N E S S E T H: WHEREAS,theTownofTrophyClubis a homerulemunicipalcorporation;and WHEREAS,pursuanttoChapter380oftheTexasLocalGovernmentCode (hereinafterreferredtoas"EDCAct"),onMay4,1996,theTowncreatedEconomic DevelopmentCorporation4Bforthepurposeofmakingeconomicdevelopment incentivesandgrants(hereinafter referredto as "EDC”);and WHEREAS,pursuanttoChapter311oftheTexasTaxCode(hereinafter“TIRZ Act”),theTowncreatedReinvestmentZoneNo.1,TownofTrophyClub,Texas (hereinafter“TIRZ”)whichis a taxincrementfundfor a designatedzonewithinthe Town,and WHEREAS,Developeristheownerofanapproximate2.0517acretractofland generallylocatedintheTrophyWoodPlazaprojectcomprisedofTract 2 Lot2R-2 and zonedaspartofPlannedDevelopment,PDNo.25,moreparticularlydescribedon Attachment“A”,a copyofwhichisattachedheretoandincorporatedherein (hereinafter the“Property”),andDeveloper desirestodevelopitsProperty;and WHEREAS,thePropertyislocatedwithintheboundariesofTaxIncrement ReinvestmentZoneNumberOne;and WHEREAS,DeveloperdesirestoenterintothisAgreementwithTown,EDCand TIRZ in order todevelopitsproperty;and WHEREAS,inordertomaintainand/orenhancethecommercialeconomicand employmentbaseoftheTownofTrophyClubandthesurroundingregionforthelong- terminterestandbenefitoftheTown,inaccordancewiththeEDC Act andTIRZAct, theTown,EDC,andTIRZ#1desiretoenterintothisAgreementtoprovidethetermsof a public-privatepartnershipbetweenthePartiesprovidingcertainincentivesforthe developmentofthepropertyinaccordancewiththestandardssetforthherein;and Economic Development Corporation 4B (EDC 4B)26 of 46Meeting Date: Tuesday, January 29, 2019 th WHEREAS,onthe24dayofMarch2014,afternegotiationswiththe Developer,theTownCounciloftheTown,theBoardofDirectorsforEDC,andthe BoardofDirectorsforTIRZapproved a TermSheetwithDeveloperpursuantto applicablestatelaw,outliningdetailsoftheproposeddevelopmentandobligationsofall Partiesthereto;and WHEREAS,byagreementoftheParties,theTermSheetwasamendedon November25,2014,February20,2015,August24,2016,withpaymentobligationsby EDCcommencing onJanuary22, 2015;and WHEREAS,pursuanttotheEDC Act, theTIRZ Act, Chapter380oftheTexas LocalGovernmentCodeandotherlegalauthority,theTown,EDC,andTIRZdesireto provideincentivestotheDevelopertodevelopthePropertyinaccordancewiththisas morespecifically set forthherein;and WHEREAS,theDeveloperagreestodevelopthePropertyin a manner consistentwithanapproveddevelopmentplanasdescribedinAttachment“B”, attachedheretoandmade a parthereof,orasamendedinaccordancewithall provisionsofthe Town;and WHEREAS,theTown,EDC,andTIRZfindthattheadministrationofan economicdevelopmentagreementtoprovideincentivestotheDeveloper,inreturnfor developingthePropertywouldpromotelocaleconomicdevelopmentandstimulate businessandcommercialactivitywithintheTownandwoulddirectlyestablish a public purpose;and WHEREAS,theTown,EDC,andTIRZhasdeterminedthatthisAgreement containssufficientcontrolstoensurethattheabove-mentionedpublicpurposesare carriedoutinalltransactionsinvolvingthe use ofpublicfundsandresourcesinthe establishmentandadministrationoftheAgreement. NOW,THEREFORE,inconsiderationoftheforegoing,andonthetermsand conditionshereinafter set forth,the Partiesdomutuallyagreeasfollows: ARTICLE I TERM 1.1ThisAgreementshallbeeffectiveonthedatethatthisAgreementis executedbyallParties(“EffectiveDate”)andshallcontinueuntilJanuary22,2035or untilallobligationshereunderhavebeenmet,whicheveroccursfirst(the“Term”)or, unlesssooner terminatedasprovided herein. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage2 Economic Development Corporation 4B (EDC 4B)27 of 46Meeting Date: Tuesday, January 29, 2019 ARTICLEII DEFINITIONS 2.1WhereverusedinthisAgreement,thefollowingterms shallhavethe meaningsascribedtothem: “Agreement”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “Town”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “ConstructionCosts”meansthecostsofallconstruction,includingbutnot limitedto,hardconstruction,constructionequipmentcharges,the costs ofconstruction materialsandthedeliverythereof,contractorfees,surveyingandengineeringcostsand fees,insurance,bonding,feesforrequiredbonds,orTownfees,includingbutnot limitedtoinspectionfees,impactfeesandparkdevelopmentfees,relatedtothe developmentoftheImprovementsandanyparking,landscapingandlightingrelatedto same. “Developer”hasthemeaning set forthintheintroductoryparagraphofthis Agreement. “EffectiveDate”meansthedate establishedinArticle IofthisAgreement. “ForceMajeure”shallmeananycontingencyor cause beyondthereasonable controlofDeveloper,includingwithoutlimitation, acts ofGodorthepublicenemy,war, riot,terrorism,civilcommotion,insurrection,governmentalordefactogovernmental actionincluding,butnotlimitedto, governmentactionspertaining tothedeterminationof floodzonesorFEMAactions(unlesscausedby acts oromissionsofDeveloper),fire, explosionorflood,and strikes. “Payments” meansmonetarypaymentsmadetotheTownbytheDeveloperfor thePurchasePrice oftheProperty. “PropertyImprovement(s)”shallmean,atminimum,two(2)newrestaurants includingallancillaryimprovementssuchasrequiredparkingandlandscaping,more fullydescribedinAttachment “B”. “Property”shallmeanthe2.05173.88acresgenerallylocatedatTrophyWood DriveandHighway114,asdescribedinAttachment“A”anddescribedbymetesand bounds,lotandblockorabstractandsurveyattachedhereto,andmade a parthereof, andtheimprovementslocatedortobelocatedthereon. “PublicImprovements”shallmeanthepublicstreets,publicinfrastructure (including,butnotlimitedto,allcurbandgutter,concreteparking,sitelighting, landscaping,publicutilities,permitfees,sidewalks,sitepreparation,andengineering) andrelatedpublicfacilitiestobeconstructedonorbenefitingthePropertyandallcosts associatedtherewith. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage3 Economic Development Corporation 4B (EDC 4B)28 of 46Meeting Date: Tuesday, January 29, 2019 “PurchasePrice”shallhavethemeaning set forthinArticleIVofthis Agreement. “SalesAndUseTax”meansallofthesalesandusetaximposedbytheTown pursuanttoChapter321oftheTexasTaxCode,asamended,andanyotherapplicable law,onthesale ofTaxableItemsconsummatedontheProperty. “SalesTaxReceipts”means100%oftheTown’sannualreceiptsfromthe StateofTexasfromthecollectionofSalesandUseTaxfromthePropertyas a resultof thesaleofTaxableItemsontheProperty. “SubstantialCompletion”meanswithregardtothePublicImprovements,the datethe Townissues a Letter ofAcceptance forthePublicImprovements. “TaxCertificate”(“Certificate”)means a certificateorotherstatementin a form reasonablyacceptable totheTownsetting forththecollectionofSalesandUseTaxand PropertyTaxreceivedbytheTown,forPropertyTaxandthesaleofTaxableItemson thePropertyconsummatedonthePropertyfortheapplicableperiodwhicharetobe usedtodeterminetheSalesTaxReceipts,togetherwithsuchsupporting documentation as the Townmayreasonablyrequest. “TaxableItems”shallhavethesamemeaningassignedbyChapter151,TEX. TAXCODEANN., as amended. ARTICLEIII GENERALPROVISIONS 3.1AssoonaspracticalaftertheEffectiveDateofthisAgreement,the DevelopershallcommenceconstructionofthePropertyImprovementsontheProperty inaccordancewiththeTownapprovedplansandinsubstantialconformancewiththe ConceptPlan, a copyofwhichisattachedheretoandincorporatedhereinasExhibit “B”. 3.1.1TheDeveloperhaspurchasedtheProperty,asdescribedinExhibitA,for $1,064,278.25.TheDevelopershallsubmitor cause tobesubmittedtotheTownforits reviewandapprovalfinalplansforthedesignofthePropertyImprovementsin accordancewithallTownordinancesandregulations.PropertyImprovementsshall includetheconstructionof,atminimum,two(2)highqualityrestaurantsandassociated improvementsasshownonExhibit“B”andfurtherapprovedfinalsiteplanand constructionplansontheProperty. 3.1.2ThetotalinvestmentontheProperty,includinganyofDeveloper’sloans ontheProperty,constructionofimprovementsandPublicImprovements,andtenant improvements,or,alternatively,theappraisedvalueofthePropertyfollowingthe improvementsdescribedherein,shallbeapproximatelyTwoMillionFiveHundred Thousand and00/100 Dollars($2,500,000). AMENDEDECONOMICDEVELOPMENTAGREEMENTPage4 Economic Development Corporation 4B (EDC 4B)29 of 46Meeting Date: Tuesday, January 29, 2019 3.2Withintwenty-four(24)monthsafterJanuary22,2015,Developershall haveobtainedtwo(2)executedrestaurantleasesfortwo(2)restaurantslocatedonthe Property,andeachleaseshallhave a ten(10)yearminimuminitialterm.Additionally, withinthirty-sixfifty(3650) monthsfromJanuary22,2015,Developershallalsoobtain two(2) CertificatesofOccupancyfortwo(2) restaurantsontheProperty. 3.2.1IntheeventofForceMajeureor,ifinthereasonableopinionoftheTown, EDCandTIRZ,theDeveloperhasmadesubstantialprogresstowardcompletionof construction,renovationandinstallationofthePropertyImprovementsandPublic Improvements,additionaltimemaybegrantedtoDeveloperbytheTown,EDCand TIRZasmayberequiredtoreasonablyallowDevelopertocomplywithitsobligations underthisAgreement.Developermayrequestadditionaltimeforcomplianceofits obligationshereundertoTown,EDC,andTIRZ,basedupongoodcause,foranevent ofForceMajeureorother causes ofdelay as determinedacceptablebyTown,EDCand TIRZ in thereasonable discretion ofTown,EDC,andTIRZ. 3.2.2Developershallusebesteffortstoprovidetwo(2)separaterestaurant quarterlygrosssalesreportstotheTownwithinthirty(30)daysfollowingtheendof eachquarter,ifDeveloperisabletoobtainreportsfromtenants.Thisobligationshall enduponthe dateoftermination ofthisAgreement. ARTICLEIV ECONOMICDEVELOPMENTINCENTIVES – EDCObligations 4.1EDCObligations:Pursuantto a Chapter380salestaxreimbursement agreementwithDeveloper,EDCshalldesignate a portionofitsannualbudgettopay theDeveloper’sLendersa totalamountnottoexceed$1,064,278.25(PurchasePrice excludinginterest)uponDeveloper’scompliancewithallconditionssetforthinthis section.EDCshallmakesuchpaymentsinaccordancewithsubsection(a)ofthis Sectionandshallhavetherightsandremediessetforthbelow,andallpaymentsshall becontingentuponDeveloper’scompliance witheachofthe following conditions: a.PaymentTermsbyEDCandCertificateofOccupancyDeadline. EDC shallpayDeveloper’sLendermonthlypaymentsintheamountof$5,926.48, for a periodoftwenty-four(24)months,whichpaymentbyEDCcommenced onJanuary22,2015pursuanttothetermsoftheLetterAgreementbetween theEDCandtheDeveloperdatedFebruary19,2015,with a totalpaymentby EDCnot toexceed$71,117.76annuallytoDeveloper’sLender,whichamount istheequivalentofprincipalandinterestduebyDeveloperfortheProperty purchased(the“LandRepayment”).Ifattheendofthetwenty-four(24) monthperiod,suchdatebeingJanuary22,2017,Developerhasfailedto obtaintwo(2)executedleasesfortwo(2)restaurants,thenEDC’sLand Repaymentobligationsthereaftershallterminate,andEDCshallhavethe rightssetforthinSection4.1(b)(below),unlessthepartiesagreetoan extensionoftimeasexpresslyauthorizedbythisAgreement.Further,if Developerfailstoobtaintwo(2)CertificatesofOccupancyforeachofthetwo (2)separaterestaurantsiteswithinthethirty-sixfifty(3650) monthsafterthe firstLandRepayment (January22,2018March22December 31, 2019), thenallfurther AMENDEDECONOMICDEVELOPMENTAGREEMENTPage5 Economic Development Corporation 4B (EDC 4B)30 of 46Meeting Date: Tuesday, January 29, 2019 LandRepaymentobligationsofEDChereundershallterminate,unlessthe partiesagreetoanextensionas expressly authorizedbythisAgreement,and EDCshallhavetherightssetforthinSections4.band4.f(below). Ifat theendoftheinitialtwenty-four(24) monthperiod,endingonJanuary22, 2017,DeveloperhascompliedwithitsobligationsunderthisSection,EDC shallcontinueto make LandRepaymentsthroughtheendofthethirty-sixfifty (3650) monthperiodendingonJanuary22,2018March22December 31, 2019. Ifattheendofthethirty-sixfifty(3650) monthperiod,Developerhas compliedwithallobligations,EDCshallcontinuemakingLandRepayments intheamountof $5,926.48with a totalpaymentbyEDCnottoexceed$71,117.76annuallyto theDeveloper’sLenderpursuanttotheDeveloperAgreementfor a periodof seven(7)additionalyears,endingJanuary22,2025,oruponthedatethat Developer’sdebtEDC’sobligationispaidinfull,whicheveroccursfirst.If EDChasexerciseditsrighttopurchasethePropertypursuanttoSection 4.1(b)(below),thenEDCshallcontinuemakingLandRepaymentsto Developer’sLenderonitsownbehalfandDevelopershallnotbe a partyor beneficiarythereof,butshallcomplywithallofitsobligationsas set forth underSection4.b(below).Notwithstandingtheforegoing,suchLand Repaymentshallnotexceed$77,117.76eachyearinwhichitisdue,and debtservicedueonanybondsissuedshallbepaidbyEDCpriortoany paymentstoDeveloper duepursuanttothisAgreement. Iftheloanispaidinfulltothelenderby a sourceotherthanEDCbeforethe total$1,064,278.25ispaidbyEDC,thesamemonthlypaymentsshallbe madetotheDeveloperorDeveloper’sdesigneeuntiltheobligationis satisfied.ThepaymentrecipientshallnotchangeuntilDeveloperprovides writtennoticeofrecipientandaddresspursuanttoSection7.2ofthis agreement. b.EDC/Town’sRighttoPurchase/FinancingAgreements/Mandatory TransferofProperty. TherightofEDCand/orTowntopurchaseorrequire transferofthePropertybyDevelopershallbeavailableattheendofthe twentyfour(24)monthperiod,January22,2017,andagainattheendofthe thirty-sixfifty(3650) monthperiod,January22,2018March22December 31, 2019, ifDeveloper failstocomplywiththerequirementsofSection3.2 (above)relatedtosuchtimeperiods.TheTownandEDC’selectionto purchasethePropertyaspermittedbythisSection4.1(b)shallbe exercisableinitssolediscretionwithinonehundredtwenty(120)daysof thepassageofthetwentyfour(24)and/orthirty-sixfifty(3650) month periods(the“OptionPeriods”),afterwhichOptionPeriodstheTownand EDCwaivetheirrighttoelecttopurchasetheProperty.Developer,Town, andEDCshallstructurethebankfinancingagreement(s)fortheProperty such thatTownand/orEDChastherighttostepintoDeveloper’sshoes asthepurchaserofthePropertyand/orDeveloperisrequiredtotransfer titletothePropertytotheEDCand/orTownifOTDhasfailedtocomplywith itsobligationsunderSection3.2(above).Allpaymentsassociatedwithsuch purchasemadeby EDCtoDevelopershallbe AMENDEDECONOMICDEVELOPMENTAGREEMENTPage6 Economic Development Corporation 4B (EDC 4B)31 of 46Meeting Date: Tuesday, January 29, 2019 paiddirectlytoDeveloper’sLenderforsatisfactionofDeveloper’sloanto purchasetheProperty.DeveloperagreesthatuponrequestbyTownand/or EDC,followingDeveloper’sfailuretocomplywithitsobligationsunder Section3.2ofthisAgreement,Developershallwithinfifteen(15)daysof writtennoticeofdefaultanddemandbyTownand/orEDC,executeall necessarydocumentsandtakeallactionsnecessarytotransferallrightsand interesttotheProperty,allPropertyImprovements,PublicImprovementsand allimprovementsofanykindtotheProperty,toTownand/orEDC. Developer’sfailuretotimelycomplywithanyrequirementofthissectionshall be a default. c. PrepaymentbyEDC. TheEDChastherighttopaythetotalprincipal amounttoDeveloper’sLenderatanytimeduringtheAgreementtermwithout penalty, as wellas to make additionalprincipalpaymentswithoutpenalty. d.DiscretionarySalebyOTD.TheTownand/orEDCshallhavetheRightof FirstRefusaltopurchasethePropertyifDeveloperdesirestosellthe PropertywithorwithoutPublicImprovementsorPropertyImprovementsat anytimeduringtheRightofFirstRefusalTerm(definedbelow).Therightof Townand/orEDCunderthissectionshallremainineffectuntilsuchtimeas two(2)separaterestaurantsonthePropertyhaveeachreceived a Certificate ofOccupancyandDevelopercomplieswithallofitsobligationsunderSection 3.2andSection4.1(a)ofthisAgreement(above),atwhichtimetheTown’s andEDC’srightofFirstRefusalshallterminateandbeofnofurtherforceand effect(“RightofFirstRefusalTerm”).IfatanytimeduringtheRightofFirst RefusalTermDeveloperdesirestoselltheProperty,Developershallfirst adviseTown,EDC,andTIRZinwritingbyprovidingthenameofthepotential purchaseroftheProperty.Town,EDCandTIRZshallhavetherightto reasonablyapproveanyandallfuturepurchasersofthePropertyduringthe termofthisAgreement.UponapprovalbyTown,EDCandTIRZofthe proposedpurchaseroftheProperty,thisAgreementshallbefully transferrabletotheapprovedpurchaser.Town,EDCandTIRZapprovalshall notbeunreasonablywithheld ordelayed. rd e.LienStatus.TheEDCshallholdthird(3) lienstatusand,any such lien statusofEDCshallbesubordinatetoDeveloper’sLender’spositiononall phasesofdevelopment.SuchEDClienshallexistuntilallrequiredmilestones as set forthinSection4.1(a)(above)andinthisAgreementhavebeenmet byDeveloper,atwhichpointitshallterminateandceasetobeofanyforceor effect,andtheEDCshallissueandfilealldocumentsnecessarytoterminate andremovesuchlien.Notwithstandingtheforegoing,EDC’slienstatusshall onlybesubordinate toDeveloper’sLender’slien(s). f.TerminationofAgreement. Inadditiontotherightsandremediesprovided toTownandEDCpursuanttoSection4.1(a)and4.1(b)aboveforthefailure ofDevelopertocomplywiththerequirementsofthoseSections,this Agreementshallterminate,unlessthepartiesagreetoanextensionoftime, with no further obligation or payment of any kind by Town or EDC to AMENDEDECONOMICDEVELOPMENTAGREEMENTPage7 Economic Development Corporation 4B (EDC 4B)32 of 46Meeting Date: Tuesday, January 29, 2019 DeveloperorDeveloper’sLender,ifasofJanuary22,2017,theexpirationof twenty-four(24)monthsfromJanuary22,2015,Developerhasfailedto providetwo(2)separateexecutedrestaurantleases,andifasofJanuary22, 2018March22December 31, 2019, theexpirationofthirty-sixfifty(3650) monthsfromJanuary22,2015,Developerhasfailedtotimelycomplywith everytermofthisAgreement,orDeveloperhasfailedtoobtainatleasttwo (2)CertificatesofOccupancyfortwo(2)separaterestaurantsitesby January22,2018March22December 31, 2019, inwhicheventthe provisionssetforthinSection4.1(b)(above)shalltakeeffect.However,if DevelopercomplieswithSections4.1(a),4.1(b),4.1.(c),and4.1(d) (above),theEDCobligationtoDevelopershallterminateonJanuary22, 2025orthedateofpaymentinfullofthePurchasebyEDCand/orTown, whicheveroccursfirst.Town’srightspursuanttoSection 4.1(c) (above) shallnotbeeffected bythissection. g.DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexistor filesforbankruptcyduringtheTermofthisAgreement,EDCshallbeexcused frommakinganyfuturepaymentstoDeveloper’sLender,andallagreements shallterminatepursuanttotheirterms.Notwithstandingtheforegoing, Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof thisAgreement. ARTICLE V TIRZOBLIGATIONS 5.1TIRZFunding. a.TIRZReimbursement,TermandPublicImprovements.Developershall beeligibleforpaymentinanamountupto$1,000,000inreimbursementfor amountsspentbyDeveloperforeligiblePublicImprovementsplusallinterest whichDevelopermustpayto a thirdpartyaccumulatedonthecosts associatedwithsuchPublicImprovements(“TIRZReimbursement”). DevelopershallsubmittoTownproposedPublicImprovementsforwhichit seeks approvalwithappropriatebidandinvoicedocumentation.Town must approveproposedPublicImprovementsas eligiblefor reimbursement by TIRZpriortosuchexpensebeingreimbursabletoDeveloper.Town’s determinationshallbeinthereasonablediscretionofTown;suchTown approvalshallnotbeunreasonablywithheldordelayed.Additionally, DevelopershallcomplywithallapplicableTowndevelopmentregulationsas a condition precedenttoreceiptofTIRZReimbursement. BeginningthirtydaysafterthedateofsubmissionofthefirstinvoiceforTIRZ ReimbursementforaneligiblePublicImprovement,TIRZshallpayto DevelopertheTIRZReimbursementpayabletoDeveloperat a rateofsixty percent(60%)oftotalincrementalrevenuegeneratedfromtheentireTIRZ for twenty(20)years,oruntil such timeas a maximumamountof$1,000,000is paidtoDeveloperinTIRZReimbursements,whicheveroccursfirst.Aslong astherearesufficientfundsavailabletopaytheTIRZReimbursements,such paymentsshallbemademonthlyannuallyinDecember. Notwithstandingthe AMENDEDECONOMICDEVELOPMENTAGREEMENTPage8 Economic Development Corporation 4B (EDC 4B)33 of 46Meeting Date: Tuesday, January 29, 2019 foregoing,ifatthetimeofTown’sapprovalofDeveloper’sreimbursable expense(s),TIRZhasnotgeneratedsufficientfundstopayDeveloperthefull amountoftheTIRZReimbursement,TIRZshallbeentitledtodeferpayment oftheTIRZReimbursement,withoutinterest,toDeveloperuntil such timeas TIRZhassufficientfundstoprovideDeveloperwiththeTIRZReimbursement; andsuch a defermentshallresultinanextensionofthe20yearTermofthis AgreementoruntilsuchtimeasallTIRZReimbursementsarepaidto Developer. b.TIRZFirstPriority.Developershallhave“firstpriority”ofpaymentofthe TIRZReimbursementspayablepursuanttoSection5.1(a);providedhowever thatifDeveloperfailstocomply withitsobligationsunderthisAgreementoris inanymannerindefaultofoneormoreofitsobligationsunderthis Agreement,TIRZmayinitsreasonable discretion revokeDeveloper’sfirst prioritystatusuponten(10)dayspriorwrittennoticetoDeveloper.Within thirtydays(30)ofdateofDeveloper’scureofsuchfailure,Developer’s“first priority” status shallbe reinstated. 5.2TIRZPayment. a.LumpSumPayment.UponissuanceofthefirstbuildingpermitforBread WinnersandQuarterBar,theTownshallpaytoDeveloper$400,000aspart ofthetotal$1,000,000TIRZReimbursement. TIRZshallrepaytheTown $400,000fromsixty-fivepercent(65%)ofthetotalincrementrevenue generatedbytheTIRZ,includinginterestifdesiredbytheTown.TheTown shallhave“firstpriority”ofrevenueandpaymentat a percentageratenotto exceedsixty-fivepercent(65%)oftotalincrementalrevenuegeneratedfrom theentireTIRZ.TIRZshallpayDeveloper’sLender22.4966%ofthe100% untilthecompleteobligationoftheoriginalincentiveagreementexecutedon August24,2016ismet.Thetotalbetweenbothdevelopersagreementsshall notexceed a totalof35%ofrevenuegeneratedbyTIRZ. b.PerformancePaymentReductionofReimbursableExpenses.During yearssixthroughtwenty(6-20)afterthedateoftheexecutionofthis Agreement,if a restaurantonthePropertyiscontinuouslyvacantfor a period oftwelve(12)monthsplusone(1)day,andDeveloperalsoisnotin possessionof:(1) a LetterOfIntent;or(2) a BuildingPermit;or(3) a CertificateofOccupancy,thentheTIRZReimbursementsshallbereducedby thetotalproportionalcontributiontotheTIRZoftheformofadvaloremand salestaxgeneratedbythevacantrestaurant’shighestincrementalvalue generated.Forexample,iftheformerrestaurantgenerated$10,000tothe TIRZandthetotalTIRZpaymentduetoDeveloperwas$20,000,thenthe $20,000paymentwouldbereducedby$10,000untiloneor a combinationof theforegoingevents(1)through(3)occursfor a newrestaurantuponthe Property,atwhichtimetheTIRZReimbursementsshallcontinuetobe payablein full. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage9 Economic Development Corporation 4B (EDC 4B)34 of 46Meeting Date: Tuesday, January 29, 2019 ARTICLEVI TERMINATION 6.1TerminationofDeveloperAgreement. ThisAgreementshallterminate withnofurtherpaymentofanykindbyTIRZtoDeveloperifDeveloperhasfailedto timelycomplywitheverytermofthisAgreement,andsuchfailurehasnotbeencured byJanuary22,2018March22December 31, 2019, orsuchlaterdateasagreedto bytheEDC.Notwithstandingtheforegoing,EDC’srightspursuanttoSection4.1(b) (above)shallsurviveterminationofthisAgreement. 6.2DissolutionorBankruptcyofDeveloper.IfDeveloperceasestoexist orfilesforbankruptcyduringtheTerm,TIRZshallbeexcusedfrommakinganyfuture paymentstoDeveloper,andthisAgreementshallterminate.Notwithstandingthe foregoing,Town’srightspursuanttoSection4.1(b)(above)shallsurviveterminationof thisAgreement. 6.3Default.In addition to theotherevents of default set forth inthis Agreement,thisAgreementmaybeterminatedupon anyoneormoreofthefollowing: 1.By writtenagreementsignedbybothparties; 2.ExpirationoftheTermorfulfillmentofallobligationsasoutlinedinthis Agreement; 3.Bythenon-breachingPartyintheeventtheotherPartybreachesanyofthe termsorconditionsofthisAgreementand such breachisnotcuredwithin sixty(60) daysafterwritten notice thereoftothebreaching Party; 4.ByTown,ifDevelopersuffersanEventofBankruptcyordissolution;and 5.ByTown,ifanytaxes,assessmentsorpaymentsowedtotheTownorthe StateofTexasbyDevelopershallbecomedelinquentandnotcuredwithin sixty(60)daysafterwrittennoticethereofifDeveloperisnotthenprotesting orcontestingany such taxesorassessments,inwhicheventDevelopershall notbein defaultduetonon-paymentoftheprotestedtaxes. ARTICLEVII MISCELLANEOUS 7.1SuccessorsandAssigns.ThetermsandconditionsofthisAgreementare bindinguponthe successors andassignsofallpartieshereto.Exceptasexpressly providedotherwiseherein,thisAgreementcannotbeassignedbytheDeveloperunless writtenpermissionisfirstgrantedbytheTown,whichconsent shallnot beunreasonably withheld, so longastheDeveloper’sassigneeagreestobeboundbyalltermsand conditionsofthisAgreement.Anypartywhoobtainssuchconsentshallhereafterbe referredtoas a “permittedassignee”.Itisunderstoodandagreedbetweentheparties that theDeveloper,in performing itsobligationsthereunder,isacting independently,and neither the Town, EDC and/or TIRZ assumes any responsibility or liabilities in AMENDEDECONOMICDEVELOPMENTAGREEMENTPage10 Economic Development Corporation 4B (EDC 4B)35 of 46Meeting Date: Tuesday, January 29, 2019 connectiontherewithtothirdparties;itisfurtherunderstoodandagreedbetweenthe partiesthattheTown,EDCand/orTIRZ,inperformingitsobligationshereunder,is actingindependently,andtheDeveloperassumesnoresponsibilitiesinconnection therewithtothirdparties.NotwithstandingtheprecedingprovisionsofthisSection7.1, theTOWN,EDCandTIRZeachconsenttoDeveloper’sLenderas a permitted assigneehereunder. 7.2Notices.NoticesrequiredtobegiventoanypartytothisAgreementshall begivenpersonallyorbycertifiedmail,returnreceiptrequested,postageprepaid, addressedtothepartyatitsaddressassetforthbelow,and,ifgivenbymail,shallbe deemeddeliveredthree(3) daysafter thedatedepositedin theUnitedStates’mail: For Townbynoticeto: TownofTrophyClub Attn:StephenSeidelThomasM.Class,Sr. 100MunicipalDrive1 TrophyWood Drive TrophyClub,TX76262 For Developer bynoticeto: OTDTC,LLC Attn:ChrisGordon 2241VerandaAvenue TrophyClub,Texas76262 With a copyto: TheLawOfficesofDavidT.Denney,P.C. Attn:DavidDenney 8350N.CentralExpwy.,Suite925 Dallas,Texas75206 Anypartymaychangetheaddresstowhichnoticesaretobesentbygivingtheother partieswrittennoticein themanner providedinthisparagraph. 7.3NoWaiver.Noclaimorrightarisingoutof a breachofthisAgreementcan bedischargedinwholeorinpartby a waiverorrenunciationoftheclaimorrightunless thewaiverorrenunciationissupportedbyconsiderationandisinwritingsignedbythe aggrieved. 7.4Amendment.ThisAgreementmaybemodifiedorrescindedonlyby a writing signedbyboth ofthepartiesortheir dulyauthorizedagents. 7.5Venue.ExclusivevenueforanylitigationarisingfromthisAgreement shalllieinDentonCounty,Texas. 7.6Indemnity.Developeragreestodefend,indemnifyandholdTown, EDCand/orTIRZ,itsofficers,agentsandemployees,harmlessagainstanyand AMENDEDECONOMICDEVELOPMENTAGREEMENTPage11 Economic Development Corporation 4B (EDC 4B)36 of 46Meeting Date: Tuesday, January 29, 2019 allclaims,lawsuits,judgments,costsandexpensesforpersonalinjury(including death),propertydamageorotherharmforwhichrecoveryofdamagesissought, sufferedbyanypersonorpersons,thatmayariseoutoforbeoccasionedby Company'sbreachofthisAgreementorbyanynegligentorstrictlyliableactor omissionofCompany,itsofficers,agents,employeesorsubcontractors,inthe performanceofthisAgreement.Theprovisionsofthisparagrapharesolelyfor thebenefitofthepartiesheretoandnotintendedtocreateorgrantanyrights, contractualorotherwise,toanyotherpersonorentity.Thisparagraphshall survivetheterminationof thisAgreement. 7.7EntireAgreement.ThisAgreementembodiesthecompleteagreementof thePartiesheretosupersedingalloralorwrittenpreviousandcontemporary agreementsbetweenthePartiesrelatingtomattershereinand,exceptasotherwise providedherein,cannotbemodified withoutwrittenagreementofallParties. 7.8MultipleCounterparts.ThisAgreementmaybeexecutedinmultiple counterparts,eachofwhichshallconstituteanoriginal,butallofwhichintheaggregate shallconstitute oneagreement. 7.9Severability.IfanyprovisioncontainedinthisAgreementisheldtobe invalid,illegal,orunenforceableinanyrespect,suchinvalidity,illegalityor unenforceabilityshallnotaffectany otherprovisionhereof.Inlieuofeachinvalid,illegal orunenforceableprovisionthereshallbeadded a newprovisionbyagreementofthe partiesassimilarintermstosuchinvalid,illegalorunenforceableprovisionasmaybe possible andyetbevalid,legalandenforceable. 7.10Context.Wheneverthecontextrequires,allwordshereinshallbe deemedtoincludethemale,female,andneutergender,singularwordsshallinclude theplural,andviceversa. 7.11NoThirdPartyBeneficiary:Exceptasotherwiseexpresslyprovidedfor herein,forpurposesofthisAgreement,includingitsintendedoperationandeffect,the partiesspecificallyagreeandAgreementthat:(1)theAgreementonlyaffects matters/disputesbetweenthepartiestothisAgreement,andisinnowayintendedby thepartiestobenefitorotherwiseaffectanythirdpersonorentity,notwithstandingthe fact thatsuchthirdpersonorentitiesmaybein a contractualrelationshipwithTOWN, EDC,TIRZorDeveloper,collectivelyorindividually;and(2)thetermsofthisAgreement arenotintendedtorelease,eitherbycontractoroperationoflaw,anythirdpersonor entityfrom obligationsowingbythem toeitherTOWN,EDC,TIRZ,orDeveloper. Exceptasotherwiseexpresslyprovidedforherein,thisAgreementshallnotcreateany third-partybeneficiaries.NotwithstandingtheprecedingprovisionsofthisSection7.11, theTOWN,EDC,TIRZ,andDevelopereachacknowledgethattheDeveloper’sLender, asdefinedinSection7.13(6),willrelyuponSections4.1(e),7.1,7.11,and7.13ofthis Agreementinmaking a loanorloanstotheDeveloperandisexpresslyincludedas a thirdpartyintendedas a beneficiaryofthisAgreementrelatingtothoseexpress Sectionsandthose Sectionsonly. AMENDEDECONOMICDEVELOPMENTAGREEMENTPage12 Economic Development Corporation 4B (EDC 4B)37 of 46Meeting Date: Tuesday, January 29, 2019 7.12Execution.This Agreementwasauthorizedbyactionof theTownCouncil, EDC,andTIRZand such actionhasauthorizedtheTownManagertoexecutethis AgreementonbehalfoftheTown. 7.13Developer’sLenderProvisions.Notwithstandinganythingtothecontrary set forthinthisdocument,thefollowing provisionsshallcontrol: 1.TOWN,EDC,andTIRZherebyconsenttotheDeveloper’scollateralpledge and/orassignmentoftheLandRepaymentand/orTIRZReimbursementto Developer’sLenderin a mannerthesameasorsimilartothatprovidedin Chapter64oftheTexasPropertyCode,asmaybeamendedorsuperseded, andmorecommonlyknown as the TexasAssignmentofRentsAct. 2.BeforeexercisinganyremediesofdefaultagainstDeveloperorterminating theLandRepaymentand/orTIRZReimbursement,thepartyexercising such remediesorterminationshallfirstprovideDeveloper’sLenderwithatleast sixty(60)daysnoticeofDeveloper’sdefaultand/oritsintenttoterminatethe LandRepaymentand/orTIRZRepaymentalongwiththespecificreasons therefor,andallowtheDeveloper’sLenderanopportunitytocuresaiddefault and/orpreventsuchtermination.Developer shallnotbeconsideredindefault andnorightofterminationoftheLandRepaymentand/orTIRZRepayment shallexist, so longasDeveloper’sdefaultunderthisAgreementisnot creatingmaterialdamagetothepartyexercising a remedyofdefaultand/or terminationoftheLandRepaymentand/or TIRZRepayment,andDeveloper’s Lenderhasbeguntocuresaiddefaultwithinthesixty(60)dayperiodand thereafterdiligentlyprosecutesthesametocompletionwithin a reasonable period oftime thereafter. 3.EDC’srightsofpurchaseand/orrightsoffirstrefusalunderArticleIVabove shallbeexpresslysubordinatetotherightsandliensofDeveloper’sLender, andanysale,transfer,assignment,orotherconveyanceofthePropertyshall bemadeexpressly subject totheDeveloper’sLender’srightsandliens.The partiesheretoagreetoexecutein a formreasonablyacceptableto Developer’sLenderandsuitableforrecordinginthepublicrecords a Subordination,Non-Disturbance,andAttornmentAgreementwhichincludes thiscovenant. 4.IntheeventthatTIRZrevokesDeveloper’spriority status, beforedoingso, TIRZshallprovideDeveloper’sLenderwithatleastthirty(30)daysprior writtennoticeofitsintenttorevokeDeveloper’sprioritystatus,andallow Developer’sLenderanopportunitytocurethereasonsforsuchpotential revocationwithinthatthirty(30)dayorotherextendedperiodprovidedinthe writtennotice. 5.AlthoughDeveloper’sLendermayhave a righttoperformanobligationor cure a defaultoftheDeveloperunderthisAgreement,nothinghereinshall requireDeveloper’sLendertoperformany such obligationorcureanydefault ofDeveloper.Theperformanceofanobligationor a cureof a defaultof AMENDEDECONOMICDEVELOPMENTAGREEMENTPage13 Economic Development Corporation 4B (EDC 4B)38 of 46Meeting Date: Tuesday, January 29, 2019 DeveloperbyDeveloper’sLenderinoneinstanceshallnotoperatetorequire theDeveloper’sLendertoperformanyotherfutureobligationsordefaults. Thedeterminationtoperformanyobligationsorcureanydefaultsofthe Developerhereundershallbemadeinthesoleandcompletediscretionof Developer’sLender. 6.As set forthherein,thetermDeveloper’sLendermeans“FirstStateBank, a Texasstatebank”,anditssuccessorsandpermitted assigns underSection 7.1above. 7.Allpaymentsmadepursuanttothisagreementshallbecreditedtowardsthe Town’sobligationsundertheoriginalagreementexecutedonAugust24, 2016. TOWN OF TROPHYCLUB,TEXAS Chair,DavidBrodSean Bone Mayor,C.NickSanders, TIRZ #1,TownofTrophyClub,Texas TownofTrophyClub,Texas Date:Date: ATTEST: HollyFimbres,TownSecretary President,GregoryWilsonSeanBone EDC-4B,TownofTrophyClub,Texas Date: APPROVEDTOFORM: DavidDodd,TownAttorney OTDTC,LLC a TexasLimited LiabilityCompany By: Name: Title: Date: AMENDEDECONOMICDEVELOPMENTAGREEMENTPage14 Economic Development Corporation 4B (EDC 4B)39 of 46Meeting Date: Tuesday, January 29, 2019 STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _,201920162018, byMayorC.NickSandersoftheTownof TrophyClub,Texas, a home-rulemunicipalityoftheStateofTexas,onbehalfofsaid politicalsubdivision. NotaryPublic,State ofTexas STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _,2019 20162018, byPresidentGregoryWilsonSeanBoneofthe EconomicDevelopmentCorporation4BoftheTownofTrophyClub,Texas, a home- rulemunicipalityof said politicalsubdivision. NotaryPublic,State ofTexas STATEOFTEXAS§ § COUNTYOF DENTON & TARRANT § Thisinstrumentwasacknowledgedbeforemeonthedayof _,201920162018, byChairDavidBrodSean BoneoftheTaxIncrement ReinvestmentZoneNo. 1 oftheTownofTrophyClub,Texas, a home-rulemunicipality ofsaid politicalsubdivision. NotaryPublic,State ofTexas AMENDEDECONOMICDEVELOPMENTAGREEMENTPage15 Economic Development Corporation 4B (EDC 4B)40 of 46Meeting Date: Tuesday, January 29, 2019 STATEOFTEXAS§ § COUNTYOF § Thisinstrumentwasacknowledgedbeforemeonthedayof _, 201920162018, by OTDTC, LLC aTexas limitedliabilitycompany,onbehalfofsaid company. NotaryPublic,State ofTexas AMENDEDECONOMICDEVELOPMENTAGREEMENTPage16 Economic Development Corporation 4B (EDC 4B)41 of 46Meeting Date: Tuesday, January 29, 2019 Exhibit “A” LEGALDESCRIPTION LEGALDESCRIPTIONTRACTONE:Lots 1 and2,BlockA,TrophyWoodBusiness Center,anadditiontotheTownofTrophyClub,DentonCounty,Texasaccordingtothe platthereofrecordedinVolumeV,Page295ofthePlatRecordsofDentonCounty, Texas.(Parcelnowlocated in TarrantCounty). LEGALDESCRIPTIONTRACTTWO:Lot2R-2,BlockB,TrophyWoodBusiness Center,anadditiontotheTownofTrophyClub,TarrantCounty,Texasaccordingtothe platthereofrecordedasDocumentNo.D213097463ofthePlatRecordsofTarrant County,Texas. ZONINGSTATEMENT:Accordingtothecurrentpublishedzoninginformation,Tract OneandTractTwoarecurrentlyzonedPD-25. FLOODSTATEMENT:BasedonscalingthesurveyedlotshownhereonontotheFEMA FloodInsuranceRateMapNo.48439C0085K(Rev. 9-25-09),saidlotlieswithinFEMA zone X anddoesnotliewithintheFEMAdesignated100-yearfloodplain.Miller Surveying, Inc. makesnostatementastothelikelihoodoftheactualfloodingofsaid surveyedlot. EASEMENTSTATEMENT:The followingstatementsregardingeasementsand agreementsareinreferencetotheitemslistedinSchedule B oftheCommitmentfor TitleInsuranceissuedonDecember31,2014byChicagoTitleInsuranceCompany,GF No.CTMH63-8055631400073 andare based onmyprofessionalopinion: RegardingItemlO(f):The10'LandscapeEasement;the37'FirelaneEasement;the15' LandscapeEasement;the5'SidewalkandUtilityEasement;the35'UtilityEasement; the25'UtilityEasement;andthe10'UtilityEasementperplatVolume V Page295 M.R.D.C.T.affectthesurveyedtract(s) andaredepicted accordingly; RegardingItemO(g):The30'BuildingLineperplatVolume V Page295M.R.D.C.T. affectthesurveyedtract(s) andaredepicted accordingly; RegardingItemlO(h):TheVariableWidthUtilityEasement;the15'Landscape Easement;the20'SanitarySewerEasement;the5'Sidewalk & UtilityEasement;the 15'LandscapeEasement;the10'LandscapeEasement;the10'UtilityEasementand theFirelane,Drainage & Access EasementperplatD213097463P.R.T.C.T.affectthe surveyedtract(s) andaredepicted accordingly; RegardingItemO(i):The30'BuildingLineperplatD213097463P.R.T.C.T.affectthe surveyedtract(s) andaredepicted accordingly; Regarding ItemlOU}:Noplottable elements; AMENDEDECONOMICDEVELOPMENTAGREEMENTPage17 Economic Development Corporation 4B (EDC 4B)42 of 46Meeting Date: Tuesday, January 29, 2019 RegardingItemO(k):ThesurveyedtractsaresubjecttotheGrantofReciprocal EasementsandDeclarationsofCovenantsrecordedasDocumentNo.D206339101 D.R.T.C.T.; RegardingItem10(1):Thesurveyedtractsaresubjecttothe Access Easementand Agreementrecorded in Volume 5228,Page3916,R.P.R.D.C.T.; RegardingItemO(m):TheeasementtoTexasPowerandLightrecordedinVolume 1521,Page692R.P.R.D.C.T.asshownonplatCabinetA,Page13053P.R.T.C.T.. affectsthesurveyedtract(s) andisdepictedaccordingly; RegardingItemO(n):TheeasementtoTrophyClubMunicipalUtilityDistrictNo. 1recordedinVolume3260,Page198R.P.R.D.C.T.asshownonplatCabinetA,Page 13053P.R.T.C.T.,affectsthesurveyedtract(s) andisdepicted accordingly; RegardingItemO(o):TheeasementtoPacificSouthwestBankrecordedasDocument No.1995-34614R.P.R.D.C.T.doesnotaffectthesurveyedtract(s); AMENDEDECONOMICDEVELOPMENTAGREEMENTPage18 Economic Development Corporation 4B (EDC 4B)43 of 46Meeting Date: Tuesday, January 29, 2019 Exhibit “B” CONCEPTPLAN AMENDEDECONOMICDEVELOPMENTAGREEMENTPage19 Economic Development Corporation 4B (EDC 4B)44 of 46Meeting Date: Tuesday, January 29, 2019 1 Trophy Wood Drive Town of Trophy Club Trophy Club, Texas 76262 Legislation Details (With Text) File #: Version:Name: 2019-076-T2 Type:Status: Agenda ItemRegular Session File created:In control: 1/24/2019Economic Development Corporation 4B (EDC 4B) On agenda:Final action: 1/29/2019 Title: Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the following: A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations and Subsection (2) to deliberate the offer of a financial or other incentive to a business prospect that the Town seeks to have locate within the territory of the Town: Possible amendments to OTD Agreements. Attachments: DateVer.Action ByActionResult Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the following: A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations and Subsection (2) to deliberate the offer of a financial or other incentive to a business prospect that the Town seeks to have locate within the territory of the Town: Possible amendments to OTD Agreements. Economic Development Corporation 4B (EDC 4B)45 of 46Meeting Date: Tuesday, January 29, 2019 1 Trophy Wood Drive Town of Trophy Club Trophy Club, Texas 76262 Legislation Details (With Text) File #: Version:Name: 2019-084-T1 Type:Status: Agenda ItemRegular Session File created:In control: 1/24/2019Economic Development Corporation 4B (EDC 4B) On agenda:Final action: 1/29/2019 Title: Consider and take appropriate action regarding the Executive Session. Attachments: DateVer.Action ByActionResult Consider and take appropriate action regarding the Executive Session. Economic Development Corporation 4B (EDC 4B)46 of 46Meeting Date: Tuesday, January 29, 2019