12-10 - R TOWN OF PROSPER, TEXAS RESOLUTION NO. 12-10
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, HERBY AUTHORIZING THE MAYOR TO SIGN A
TERMINATION OF INTERLOCAL AGREEMENT RELATED
CONSTRUCTION OF A SEWER LINE AND ROADWAY IMPROVEMENTS
BETWEEN THE TOWN OF PROSPER AND THE PROSPER ECONOMIC
DEVELOPMENT CORPORATION.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF PROSPER, TEXAS:
SECTION 1: The Town Council of the Town of Prosper, Texas hereby approves
authorizing the Mayor to sign a termination of Interlocal Agreement related to
construction of a sewer line and roadway improvements.
SECTION 2: Resolved by the affirmative vote of the Town Council on the 28th day
February, 2012 by vote of to�.
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Ray Smith, Mayor
ATTEST TO:
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Amy Piuk a, MC 'kr • Pfo���i�
Town Secretary jai °° .• '•.• �'`.•
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TERMINATION OF INTERLOCAL AGREEMENT RELATED TO
CONSTRUCTION OF A SEWER LINE AND ROADWAY IMPROVEMENTS
(Hwy 380&Custer)
STATE OF TEXAS §
COUNTY OF COLLIN §
This Termination of Interlocal Agreement between the Town of Prosper, Texas ("Town")
and the Prosper Economic Development Corporation ("PEDC") Concerning Construction of a
Sewer Line with Related Improvements and Roadway Improvements by mutual consent of the
parties ("Termination Agreement") is entered to be effective on the latest date reflected by the
signatures of the parties below. The Town and PEDC are collectively referred to as the
"Parties".
WHEREAS, PEDC and Town entered a "Interlocal Agreement between the Town of
Prosper, Texas and the Prosper Economic Development Corporation Concerning Construction of
a Sewer Line with Related Improvements and Roadway Improvements" on July 18, 2007
("Aueement"); and
WHEREAS, the Agreement was entered by the Town and PEDC to set forth the
economic development assistance to be provided to Town by PEDC to assist Town with a certain
Chapter 380 Economic Development Program Agreement between Town and Custer-Prosper,
L.P. related to property located at Highway 380 and Custer Road dated July 17, 2007 ("Chapter
380 Agreement"); and
WHEREAS, the Town terminated the Chapter 380 Agreement following a notice of
default and notice of termination being sent to Custer-Prosper, L.P.; and
WHEREAS, the Parties have investigated and determined that it is in the best interest of
the Town and PEDC to terminate the Agreement since the underlying Chapter 380 Agreement is
no longer in effect.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
contained herein, the Parties hereto agree as follows:
1. Termination of Agreement. The Town and the PEDC hereby mutually agree to
terminate the Agreement as of the effective date of this Termination Agreement.
2. No Third Partv Beneficiaries. Nothing in this Termination Agreement shall be
construed to create any right in any third party not a signatory to this Termination Agreement,
and the Parties do not intend to create any third party beneficiaries by entering into this
Termination Agreement.
3. Incorporation of Recitals. The representations, covenants and recitations set forth in the
foregoing recitals of this Termination Agreement are true and correct and are hereby
incorporated into the body of this Termination Agreement and adopted as findings of the Parties.
TERMINATION AGREEMENT Page 1 of 2
4. Venue. This Termination Agreement shall be construed in accordance with the laws of
the State of Texas and shall be performable in Collin County, Texas.
5. Consideration. This Termination Agreement is executed by the Parties hereto without
coercion or duress and for substantial consideration, the sufficiency of which is forever
confessed.
6. Counterparts. This Termination Agreement may be executed in a number of identical
counterparts, each of which shall be deemed an original for all purposes. A facsimile signature
will also be deemed to constitute an original if properly executed.
7. Authoritv to Execute. The individuals executing this Termination Agreement on behalf
of the respective Parties below represent to each other and to others that all appropriate and
necessary action has been taken to authorize the individual who is executing this Termination
Agreement to do so for and on behalf of the Party for which his or her signature appears, that
there are no other parties or entities required to execute this Termination Agreement in order for
the same to be an authorized and binding agreement on the Party for whom the individual is
signing this Termination Agreement and that each individual affixing his or her signature hereto
is authorized to do so, and such authorization is valid and effective on the date hereof.
IN WITNESS WHEREOF, the Parties have executed this Termination Agreement to be
effective on the latest date as reflected by the signatures below.
TOWN OF PROSPER, TEXAS
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By:
Ray Smith, Ma�'or
Date Executed:
Attest:
Amy Piulii oi!ill,/g
Town rqpFy Pp ®®��
A. � e„. •••°°• °C' PROSPER ECONOMIC DEVELOPMENT
,L®;• ��� CORPORATION
By.
Jim Wider, President PEDC Board of Directors
.......• ."` Date Executed:
A to t,.'10 �SXAS
G
Beth Larsen
Prosper EDC Executive Assistant
TERMINATION AGREEMENT Page 2 of 2