RE 2014-0527.4
RESOLUTION NO. 2014-0527.4
A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING THE
TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BY AND
BETWEEN THE CITY OF COPPELL, TEXAS, AND PROLOGIS, A MARYLAND
REAL ESTATE INVESTMENT TRUST; AUTHORIZING ITS EXECUTION BY THE
MAYOR; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS,
the City Council has been presented a proposed Tax Abatement Agreement
by and between the City of Coppell, Texas, and Prologis, a Maryland Real Estate Investment
Trust, a copy of which is attached hereto and incorporated herein by reference; and
WHEREAS,
upon full review and consideration of the Agreement, and all matters
related thereto, the City Council is of the opinion and finds that the terms and conditions thereof
should be approved, and that the Mayor should be authorized to execute the Agreement on
behalf of the City of Coppell, Texas;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COPPELL, TEXAS, THAT
:
SECTION 1.
The Agreement attached hereto having been reviewed by the City Council
of the City of Coppell, Texas, and found to be acceptable and in the best interest of the City and
its citizens, be, and the same is hereby, in all things approved, and the Mayor is hereby
authorized to execute the Agreement on behalf of the City of Coppell, Texas.
SECTION 2.
The Council finds that the improvements proposed to be built upon
approximately 148,800 square feet on 10.69 acres, as described in the Agreement, will enhance
the economic vitality of the community through a combination of new capital investment,
increased sales tax revenues, and the creation of additional job opportunities.
SECTION 3.
The tax abatement to be granted by the Agreement will not include
inventory, and supplies.
SECTION 4.
The improvements proposed for the Premises will accomplish the tax
abatement guidelines of the City of Coppell, Texas.
SECTION 5. The City Manager delivered to the presiding officer of the governing body
of each taxing unit in which the property subject to the Agreement is located, a written notice
that the City of Coppell, Texas, intends to enter into the Agreement. The notice given by the
City Manager included a copy of the Agreement approved by this Resolution.
SECTION 6. This Resolution and the Tax Abatement Agreement are hereby approved
by the affirmative vote of the majority of the members of the City Council of the City of
Coppell, Texas, at a regularly scheduled meeting of the City Council.
SECTION 7. This Resolution shall become effective immediately from and after its
passage.
DULY RESOLVED AND ADOPTED by the City Council of the City of Coppell, Texas,
on this thep?7 day of ,2014.
CITY O COPPE , 'XAS
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WI' N SE BO HUNT, ■ •YOR
A ST:
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HRISTEL PE 7OS,CITY SEC TARY
APPROVER ' S TO FORM:
CITY ATTORNEY
(PGS:3-24-14:TM 65385)
2
E“A”
XHIBIT
(copy of Tax Abatement Agreement for Building 2 to be attached)