Res. 18-01 Acquistion of Property - 302 W. First Street - 04.18.18PROSPER ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 18-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PROSPER
ECONOMIC DEVELOPMENT CORPORATION, A TYPE A ECONOMIC
DEVELOPMENT CORPORATION AND A TEXAS NON-PROFIT
CORPORATION, AUTHORIZING THE EXECUTION OF A REAL ESTATE
SALES CONTRACT AND ANY AND ALL DOCUMENTS NECESSARY TO
ACQUIRE THE PROPERTY LOCATED AT 302 W. FIRST STREET IN THE
TOWN OF PROSPER, COLLIN COUNTY, TEXAS; PROVIDING A
SEVERABILITY CLAUSE; AND PROVIDING FOR AN IMMEDIATE EFFECTIVE
DATE.
WHEREAS, Board of Directors of the Prosper Development Corporation, a Type A economic
development corporation and a Texas non-profit corporation (hereinafter referred to as the "PEDC"),
authorizes the execution of a real estate sales contract and any and all real estate closing documents
necessary for the PEDC to acquire the property located at 302 W. First Street in the Town of Prosper,
Collin County, Texas.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
PROSPER ECONOMIC DEVELOPMENT CORPORATION THAT:
SECTION 1
All of the foregoing recitals are hereby found to be true and correct findings of the PEDC
and are fully incorporated into the body of this Resolution.
SECTION 2
The Board of Directors of the PEDC does hereby authorize the President of the PEDC to
execute a real estate sales contract and any and all real estate closing documents necessary for
the PEDC to acquire the property located at 302 W. First Street in the Town of Prosper, Collin County,
Texas.
SECTION 3
It is hereby declared to be the intention of the PEDC that the phrases, clauses, sentences,
paragraphs and sections of this Resolution are severable, and if any phrase, clause, sentence,
paragraph or section of this Resolution shall be declared unconstitutional by the valid judgment
or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the
remaining phrases, clauses, sentences, paragraphs and sections of this Resolution, since the
same would have been enacted by the PEDC without the incorporation of this Resolution of any
such unconstitutional phrase, clause, sentence, paragraph or section.
SECTION 4
This Resolution shall become effective immediately upon its passage.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Prosper
Economic Development Corporation on this the 18th day of April, 2018.
t�% ►►OF�PR���,�, APPROVED:
t, °....■..° 0."
Jirp' icker, President
ATTEST:
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