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Approval of the Third Amendment to the Economic Development Agreement Between the City of Lewisville and Deck on Main, LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Deck on Main, LLC (“Developer”) entered into an Economic Development Agreement with the City of Lewisville on May 12, 2021, related to redevelopment of the property located at 191 W. Main Street. The Developer reached substantial completion in December 2025. The Agreement contemplates that the City and Developer will enter into a lease agreement for the public restrooms, and this Third Amendment provides greater flexibility in the lease terms. Specifically, the Third Amendment: (1) extends the deadline to execute the lease and authorizes the City Manager to grant additional time as needed; (2) establishes a fixed first year rent payment of $24,000 due within 30 days of lease execution with a reconciliation after Year 1; (3) sets rent for subsequent years based on actual costs from the prior year, allows adjustments when costs are expected to change subject to City Manager approval, and grants the City Manager discretion to determine whether documentation supports the claimed actual costs, including a tolling provision during bona fide disputes; (4) allows the City, at its sole discretion, to assume certain restroom maintenance responsibilities otherwise assigned to the Developer, with corresponding reductions in payments; and (5) provides greater flexibility in the timing for submission and approval of the annual documentation required to support rent payments. Funding is available in the Economic Development Incentives Capital Project.
RECOMMENDATION:
That the City Council approve the amendment and authorize the City Manager, or her designee, to execute the amendment as set forth in the caption above.