RE 2017-1212.8RESOLUTION NO. 2017-1212.8
A RESOLUTION OF THE CITY OF COPPELL, TEXAS, APPROVING AN
ASSIGNMENT OF THE TAX ABATEMENT AGREEMENT BY AND BETWEEN THE
CITY OF COPPELL, TEXAS, AND PROLOGIS, A MARYLAND REAL ESTATE
INVESTMENT TRUST, TO PROLOGIS, LP, A DELAWARE LIMITED PARTNERSHIP;
APPROVING THE TERMS AND CONDITIONS OF AN AMENDED AND RESTATED
TAX ABATEMENT AGREEMENT BY AND BETWEEN THE CITY OF COPPELL,
TEXAS, AND PROLOGIS, LP, A DELAWARE LIMITED PARTNERSHIP;
AUTHORIZING ITS EXECUTION BY THE MAYOR; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Coppell, Texas, and Prologis, a Maryland Real Estate Investment
Trust, entered into that certain Tax Abatement Agreement dated June 10, 2014 ( the "Original
Agreement"); and
WHEREAS, Prologis, a Maryland Real Estate Investment Trust, desires to assign the
Original Agreement to Prologis L.P.; and
WHEREAS, the City of Coppell, Texas, desires to consent to the assignment; and
WHEREAS, the City of Coppell and Prologis L.P. desire to amend and restate the Original
Agreement as set forth in the Amended and Restated Tax Abatement Agreement attached hereto; and
WHEREAS, the City Council has been presented a proposed Amended and Restated Tax
Abatement Agreement by and between the City of Coppell, Texas, and Prologis LP, 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 Amended and Restated Tax
Abatement 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 City of Coppell, Texas, hereby consents to the assignment of the Original
Agreement to Prologis LP.
SECTION 2. The Amended and Restated Tax Abatement 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 Amended and Restated Tax Abatement Agreement on
behalf of the City of Coppell, Texas.
SECTION 3. The Council finds that the improvements proposed to be built upon the
Premises described in the Amended and Restated Tax Abatement 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 4. The tax abatement to be granted by the Amended and Restated Tax
Abatement Agreement will not include inventory, and supplies.
SECTION 5. The improvements proposed for the Premises will accomplish the tax
abatement guidelines of the City of Coppell, Texas.
SECTION 6. The City Manager delivered to the presiding officer of the governing body
of each taxing unit in which the property subject to the Amended and Restated Tax Abatement
Agreement is located, a written notice that the City of Coppell, Texas, intends to enter into the
Amended and Restated Tax Abatement Agreement. The notice given by the City Manager included
a copy of the Amended and Restated Tax Abatement Agreement approved by this Resolution.
SECTION 7. This Resolution and the Amended and Restated 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 8. This Resolution shall become effective immediately from and after its
passage.
2
DULY RESOLVED AND ADOPTED by the City Council of the City of Coppell, Texas,
on this the ll % day of December, 2017. 1
CITY OF CO ELL, TEXA
KARAN SELBO HUNT, 14AYOR
ATTEST:
STEL PET S, ITY SECAETARY
APPROVE TO FORM:
6 - /,a - w "/
CITY ATTORNEY
(PGS:11-17-17:2.93892)
EXHIBIT "A"
(Amended and Restated Tax Abatement Agreement)