From
Marty Wieder, Economic Development Director
Title
Resolution authorizing assignment of the Economic Development Agreement to Riverpoint Industrial, LLC for the ad valorem real estate improvements of the 366,352 square foot distribution facility located at 3010 Roy Orr Boulevard, Grand Prairie, Dallas County, Texas
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
As an incentive to locate the new southwest regional distribution center of Diamler Trucks North America, LLC to Grand Prairie, Council approved a 50% / 5 year incentive package on the real estate improvements on November 17, 2015.
Since that time, Riverpoint Industrial Investors conveyed title of the building to Riverpoint Industrial, LLC and desires to assign, transfer and convey to Riverpoint Industrial, LLC any and all rights Riverpoint Industrial Investors has in and to the partial ad valorem tax rebate as it relates to the relevant real estate. In accordance to the terms and conditions of the Economic Development Agreement, Riverpoint Industrial Investors may assign the Economic Development Agreement to a third party upon sale of the property with the City’s consent.
Riverpoint Industrial, LLC is a portfolio under the LaSalle Investment Management group, who is one of the world's leading investment managers with over 700 employees in 24 offices handling global assets of $59B. LaSalle manages capital on behalf of a diverse client base of more than 400 investors across the globe, including pension funds, insurance companies, sovereign wealth funds, endowments and individual investors.
Financial Consideration
No financial impact.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING ASSIGNMENT OF A PREVIOUSLY APPROVED ECONOMIC DEVELOPMENT AGREEMENT TO A NEW BUILDING OWNER
Whereas, Riverpoint Industrial Investors, LLC conveyed title of the building located at 3010 Roy Orr Boulevard, Grand Prairie, Dallas County, Texas, to Riverpoint Industrial, LLC; and
Whereas, Riverpoint Industrial Investors, LLC desires to assign, transfer, and convey to Riverpoint Industrial, LLC any and all rights it has in and to the Economic Development Agreement and partial ad valorem tax rebate as it relates to the relevant real estate; and
Whereas, the City Council has determined that it is in the public interest to assign, transfer, and convey to Riverpoint Industrial, LLC any and all rights to the Economic Development Agreement as it relates to the relevant real estate.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. THAT the assignment of the Economic Development Agreement as it relates to the relevant real estate tax rebate is approved and the City Manager is hereby authorized to execute appropriate contracts.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 2ND DAY OF AUGUST, 2016.