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McDougal-TerminationAgreement

McDougal-TerminationAgreement

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Published by: Irving Blog on Mar 23, 2012
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03/23/2012

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CITYOFIRVINGCOUNCILRESOLUTIONNO.RES-2012-101
WHEREAS,toimplementthepublicpurposeofredevelopmentintendedtoresultinsubstantialdevelopmentandreinvestmentintheareaoftheSouthIrvingHeritageDistrictarea,andfacilitateacquisitionandsitepreparationofrealestateinthearea,theCityCounciladoptedResolutionNo.12-14-06-478authorizingtheMemorandumofUnderstandingwithDelbertMcDougal;andWHEREAS,CityandMr.McDougal,alongwithhiscompanyHeritageDistrictLLC,enteredaconsultingservicesagreement,asamended,forconsultingserviceswithintheeconomicdevelopmentprogramknownasthe"SouthIrvingDevelopmentInitiative";andWHEREAS,thepartiesnowmutuallyagreeinprincipletoconcludetheirbusinessrelationshipandallmattersbetweenthem;NOW,THEREFORE,BEITRESOLVEDBYTHECITYCOUNCILOFTHECITYOFIRVING,TEXAS:SECTION
I.
THATtheCityCouncilherebyapprovestheAgreementofPrincipalTermsofSettlementandauthorizesMikeRaiffCounselfortheCitytoexecutetheattachedasExhibitAresolvingallclaimsanddisputesbetweentheCityofIrvingandHeritageDistrictLLC,itsowners,McVistaDelLago,LLC,McMarvinGardens,LC,DelbertMcDougal,MarcMcDougalandMikeMcDougal;andtheMayorisauthorizedtoexecuteasettlementagreementandadditionaldocumentationreasonableandnecessarytoimplementtheseprincipalsettlementtermsoutlinedinExhibitAandasapprovedbytheCityAttorney.SECTIONII.THATexpendituresaresubjecttoappropriationfromthefinancinganticipatedinResolutionRES-2012-102.SECTIONIII.THATthisresolutionshalltakeeffectfromandafteritsfinaldateofpassage,anditisaccordinglysoordered.
 
PASSEDANDAPPROVEDBYTHECITYCOUNCILOFTHECITYOFIRVING,TEXAS,onMarch22,2012.BETHVANDUYNEMAYORATTEST:ShanaeJenningsActingCitySecretaryAPPROVEDASTOFORM:CharlesR.AndersonCityAttorney
 
AgreementofPrincipalTermsofSettlementPursuanttoRule11oftheTexasRulesofCivilProcedure,(a)theCityofIrving,ontheonehand,and(b)HeritageDistrict,LLC,itsowners,McVistaDelLago,LLC,
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DelbertMcDougal,MarcMcDougal,andMikeMcDougal(collectively,"Heritage.Districtparties"),ontheotherhand,agreetosettlealloftheirdisputesonthefollowingprincipalterms:
1.
TheCitywillpurchasetheComericaloanfromthebankpursuanttotheexistingLoanPurchase&SaleAgreement.a.HeritageDistrictwilldeedallpropertytotheCitywithgoodandmarketabletitle.(AnylienstobepaidbyHeritageDistrictexceptfortaxliensandCitywillreleaseanyofitsownliens.)b.HeritageDistrictwillassignallleases(andtransfersalldeposits)totheCityrelatingtoproperties.c.HeritageDistrictwillprovidetheCityallreports,environmental,studies,andallotherdocumentsandmaterialsrelatingtotheproperties.d.HeritageDistrictwillcooperatewiththebankloanprocess.2.TheCitywillreleaseHeritageDistrictfromallofthe380LoansinexchangeforHeritageDistrictconveyingtotheCityallofthepropertypurchasedwiththefundsfromthe380loans,asspecifiedbelow:a.TheCitywillreleasethe$1,000,000loanthatpurchased501/502WSecond
st.
inexchangeforHeritageDistrictdeedingthelandtotheCitywithgoodandmarketabletitle.(AnylienstobepaidbyHeritageDistrictexceptfortaxliensandtheCitywillreleaseanyofitsownliens.)HeritageDistrictwillassignallleases(andtransfersalldeposits)totheCityrelatingtotheproperties.b.TheCitywillreleasethe$2,084,290loanthatpurchasedLakesatHilltopinexchangeforHeritageDistrictdeedingthelandtotheCitywithgoodandmarketabletitle.(AnylienstobepaidbyHeritageDistrictexceptfortaxliensandtheCitywillreleaseanyofitsownliens.)HeritageDistrictwillassignallleases(andtransfersalldeposits)totheCityrelatingtoproperties.

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