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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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10/26/2022 10:53:10 AM
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City Clerk - Document
Resolutions
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Approving
Number
2022-200R
Date
9/6/2022
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dispute or legal proceedings arising under this Agreement shall lie in state courts having <br /> jurisdiction located in Hays County, Texas. Venue for any matters in federal court will be in the <br /> United States District Court for the Western District of Texas, Austin Division. The prevailing <br /> party in any litigation arising under this Agreement shall be entitled to reimbursement of costs of <br /> litigation, including reasonable attorney fees and costs. <br /> Section 9.08. Severability. In the event any provision of this Agreement is illegal, <br /> invalid, or unenforceability under the applicable present or future laws, then, and in that event, it <br /> is the intention of the parties hereto that the remainder of this Agreement shall not be affected <br /> thereby, and it is also the intention of the parties to this Agreement that in lieu of each clause or <br /> provision that is found to be illegal, invalid, or unenforceable a provision be added to this <br /> Agreement which is legal, valid and enforceability and is a similar in terms as possible to the <br /> provision found to be illegal, invalid or unenforceable. <br /> Section 9.09. Third Parties. Except as expressly set forth herein, the City and the <br /> Developer intend that this Agreement shall not benefit or create any right or cause of action in or <br /> on behalf of any third-party beneficiary, or any individual or entity other than the City and the <br /> Developer or permitted assignees of the City and Developer, except that the indemnification and <br /> hold harmless obligations by the Developer provided for in this Agreement shall inure to the <br /> benefit of the indemnitees named therein. Notwithstanding the foregoing, upon the acquisition of <br /> title to the Land by the Development Venture, the Development Venture shall benefit from those <br /> provisions of this Agreement that expressly relate to the Development Venture. Furthermore, <br /> Walton and the Development Venture are intended third party beneficiaries of the assignment <br /> provisions set forth in Section 9.04 above. <br /> Section 9.10. No Joint Venture. Nothing contained in this Agreement is intended by the <br /> parties to create a partnership or joint venture between the Parties, and any implication to the <br /> 17 <br />
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