2020-75 - RTOWN OF PROSPER, TEXAS
RESOLUTION NO. 2020-75
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, TERMINATING THE 2012 DEVELOPMENT AND FINANCING
AGREEMENT BETWEEN THE TOWN OF PROSPER, TEXAS, AND MSW
PROSPER 380 LP, AS AMENDED BY THE 2018 AMENDMENT TO
DEVELOPMENT AND FINANCING AGREEMENT; MAKING FINDINGS; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on or about December 31, 2012, the Town of Prosper, Texas ("Town"), and
MSW Prosper 380 LP ("MSW') entered into a Development and Financing Agreement, the terms
of which are incorporated by reference: and
WHEREAS, on or about August 14, 2018, the Town and MSW entered into an Amendment
to Development and Financing Agreement, the terms of which are incorporated by reference; and
WHEREAS, the Town has notified MSW that, pursuant to the provisions contained in 2012
Development and Financing Agreement and the 2018 Amendment to Development and Financing
Agreement, MSW has failed to comply with various provisions of the 2018 Amendment to
Development and Financing Agreement and therefore, the 2012 Development and Financing
Agreement, as amended by the 2018 Amendment to Development and Financing Agreement, is
in default, has not been cured, and therefore is being terminated by the Town; and
WHEREAS, those obligations which survive the termination of the 2012 Development and
Financing Agreement, as amended by the 2018 Amendment to Development and Financing
Agreement, shall be honored by the Town, pursuant to Section 5 of the 2018 Amendment to
Development and Financing Agreement; and
WHEREAS, this termination was effective on or about Friday, September 11, 2020; and
WHEREAS, all documentation between the Town and MSW with regard to the foregoing
findings is hereby incorporated by reference.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The findings set forth above are incorporated into the body of this Resolution as if fully set
forth herein.
SECTION 2
The Town Council of the Town of Prosper, Texas, hereby terminates the 2012
Development and Financing Agreement, as amended by the 2018 Amendment to Development
and Financing Agreement, effective September 11, 2020.
SECTION 3
This Resolution shall be effective from and after its passage by the Town Council.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 22ND DAY OF SEPTEMBER, 2020.
"i
Ray tm it , Mayor
ATTEST:
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Melissa Lee, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
Resolution No. 2020-75, Page 2