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Ratification of the First Amendment to Economic Development Agreement Between the City of Lewisville and Deck on Main, LLC, and Authorization for the City Manager to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Deck on Main, LLC, has purchased the 0.334 acre tract at the northeast corner of Charles Street and Main Street from the city in accordance with the Economic Development Agreement executed on May 12, 2021. This first amendment needed to be signed prior to closing and now requires ratification. It did not increase or change any incentive amounts previously offered, it only changed the timing of the developer’s reimbursement for land purchase costs to be paid at time of closing rather than after closing, and it corrected the legal description for the property being sold.
RECOMMENDATION:
That the City Council ratify the First Amendment to the Economic Development Agreement as set forth in the caption above.