11-064 - R TOWN OF PROSPER, TEXAS RESOLUTION NO. 11-64
A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF PROSPER, TEXAS, AUTHORIZING THE
TOWN MANAGER TO EXECUTE AN AMENDED
DEVELOPER PARTICIPATION AGREEMENT WITH
FOREST CITY PROSPER LIMITED PARTNERSHIP AND
PROSPER PARTNERS, L.P., TO CONSTRUCT WATER
LINES, SEWER LINES AND RELATED
INFRASTRUCTURE; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Forest City Prosper Limited Partnership and Prosper Partners, L.P. (together
"Developer") owns all of certain large tracts of undeveloped land in the Town of Prosper which
need infrastructure to be developed("Project"); and
WHEREAS, it is prudent and in the public interest to construct the water and sewer
infrastructure in conjunction with the Project; and
WHEREAS, the Town and Developer find it to be to their mutual advantage to enter into
a First Amendment to the Developer Participation Agreement ("Agreement") regarding the
construction of certain public improvements related to the development of the Project on the
property identified in the Agreement; and
WHEREAS, the Town Council has carefully reviewed and considered the proposed
Agreement; and
WHEREAS, the Town Council has determined that participating in the First Amendment
to the Agreement is in the best interest of the citizens of Prosper.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF PROSPER, TEXAS:
SECTION 1. Approval of Agreement. That the Town Manager is hereby authorized to
execute the First Amendment to the Developer Participation Agreement with Forest City Prosper
Limited Partnership and Prosper Partners, L.P. In compliance with Texas Local Government
Code §212.072(d).
SECTION 2. Effective Date. That this Resolution shall take effect immediately upon
its passage.
DULY PASSED AND APPROVED by the Town Council of the Town of Prosper,
Texas, on the 25th day of October, 2011.
Ray Smith
Mayor
PAGE 1
ATTEST:
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Amy Piukana, • ft
Town Secretary
PAGE 2
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