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Res 2019-049/approving an agreement with Texas Transportation Alliance, LLC that provides for economic development incentives for the planning, design, and development of a rail-served commercial and industrial park, known as the SMART Terminal project,
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Res 2019-049/approving an agreement with Texas Transportation Alliance, LLC that provides for economic development incentives for the planning, design, and development of a rail-served commercial and industrial park, known as the SMART Terminal project,
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4/29/2019 10:22:33 AM
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3/26/2019 9:30:16 AM
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Resolutions
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Agreement
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2019-49
Date
3/19/2019
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appropriated by the City each applicable fiscal year during the Term as provided in this Agreement. <br />Under no circumstances shall the City's obligations hereunder be deemed to create any debt within <br />the meaning of any constitutional or statutory provision. The Owners and the Developer shall <br />have no recourse against the City for the City's failure to budget and appropriate funds during any <br />fiscal year to meet the purposes of and satisfy its obligations under this Agreement and such failure <br />shall not constitute a breach of this Agreement. <br />ARTICLE XII <br />INFORMATION <br />Section 12.01. Information. The Developer, the Owners or any Future Owners <br />performing the work contemplated under Section 4.03, shall, at such times and in such form as the <br />City may reasonably request, provide information concerning the performance of or compliance <br />with the obligations under Section 4.03. <br />Section 12.02. Review of Developer Records. The City will have the right to review the <br />business records of the Developer, the Owners or any Future Owners that relate to the activities <br />under Section 4.03 this Agreement in order to determine compliance with the terms of Section <br />4.03 of this Agreement. Such review shall occur at any reasonable time during regular daytime <br />business hours and upon at least seven days' prior notice from the City. To the extent reasonably <br />possible, all such records shall be made available in electronic form or otherwise available to be <br />accessed through the internet. <br />ARTICLE XIII <br />DEFAULT, TERMINATION, REMEDIES AND ESTOPPEL <br />Section 13.01. Default and Termination. Except as otherwise provided herein, at any <br />time during the Term of this Agreement that a Party is in default of its obligations under this <br />Agreement, a non -defaulting Party may send written notice of such default to the defaulting Party. <br />23 <br />065611.00495 309237v15 <br />
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