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Resolution 2019-261 1 1 RESOLUTION NO. 2019-26(R) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS, REVIEWING AND APPROVING A FIRST AMENDMENT TO CHAPTER 380 AGREEMENT BY AND BETWEEN THE CITY OF WYLIE, TEXAS AND CROSS DEVELOPMENT, LLC; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE FIRST AMENDMENT TO THE CHAPTER 380 AGREEMENT; FURTHER AUTHORIZING THE CITY MANAGER TO TAKE ANY AND ALL OTHER ACTIONS NECESSARY TO EFFECTUATE THE SAME; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Wylie, Texas ("City Council") has investigated and determined that it is in the best interest of the City of Wylie, Texas ("Wylie") and its citizens to approve a First Amendment to Chapter 380 Agreement by and between Wylie and Cross Development, LLC (the "380 Agreement"); and WHEREAS, the City Council has further investigated and determined that it is in the best interest of Wylie and its citizens to authorize the City Manager to execute the Amendment to Chapter 380 Agreement and to take any and all other actions necessary to effectuate the 380 Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS: SECTION 1: Findings Incorporated. The findings set forth above are incorporated into the body of this Resolution as if fully set forth herein. SECTION 2: Authority of City Manager to Execute 380 Agreement. The City Manager is hereby authorized and directed to execute the First Amendment to Chapter 380 Agreement and to take any and all other actions necessary to effectuate the same. The form of the First Amendment to Chapter 380 Agreement is attached hereto as Exhibit A and incorporated herein for all purposes. Should the final executed version of the First Amendment to the Chapter 380 Agreement be revised from the version attached as Exhibit A, such final executed version shall replace Exhibit A of this Resolution for all purposes. SECTION 3: Effective Date. This Resolution is effective immediately upon its passage. [The remainder of this page intentionally left blank.] Resolution No. 2019-26(R) Authorizing Execution of 380 Amended Agreement — Page 1 of 3 2391498 DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS, on the 24th day of September 2019. ATTEST: /CP Stephanie Storm, City Secretary Resolution No. 2019-26(R) Authorizing Execution of 380 Amended Agreement — Page 2 of 3 2391498 1 1 I Exhibit A Chapter 380 First Amendment [INSERT FORM OF AGREEMENT] Resolution No. 2019-26(R) Authorizing Execution of 380 Amended Agreement —Page 3 of 3 2391498 FIRST AMENDMENT TO CHAPTER 380 AGREEMENT THIS FIRST AMENDMENT TO CHAPTER 380 AGREEMENT (this "First Amendment"), is entered into and is effective as of the day of , 2019, by and between the CITY OF WYLIE, TEXAS, a Texas home -rule city ("City"), and CROSS DEVELOPMENT, LLC, a Texas limited liability company (the "Company"). WITNESSETH: WHEREAS, the City Council of the City approved that certain Chapter 380 Agreement between City and Company on March 13, 2018 (the "Agreement"), to facilitate the redevelopment of an approximate 15-acre tract (the "Project"); and WHEREAS, City and Company desire to modify and amend the Agreement in certain respects, as more particularly set forth in this First Amendment. NOW, THEREFORE, in an effort to address unforeseen circumstances surrounding the development of qualified infrastructure, the WEDC and Company covenant and agree as follows: 1. Defined Terms. Capitalized terms used but not defined in this First Amendment will have the meanings given to them in the Agreement. 2. Modification to Performance Obligations. Notwithstanding anything to the contrary in the Agreement, the Completion Date as defined in the Agreement is hereby modified to be 5:00 p.m., Central Time, on October 31, 2020 (the amended "Completion Date"). 3. Ratification. As expressly modified by this First Amendment, the Agreement is hereby ratified and confirmed by WEDC and Company. 4. Counterparts; Transmission. This First Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement. Transmission of an executed signature page of this First Amendment by email will be effective to create a binding agreement. [Signatures appear on next page] First Amendment to Chapter 380 Agreement — Page 1 2850326v1 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment the day and year first above written. CITY OF WYLIE, TEXAS By: Name: Title: Company: CROSS DEVELOPMENT, LLC, a Texas limited liability company By: Name: Title: 1 1 1 First Amendment to Chapter 380 Agreement — Page 2 2850326v1