Title
Authorization of written consent for assignment of the Chapter 380 Agreement with Cencor Acquisition Company, Inc. to NEC Spencer Highway and East Boulevard Phase I, Ltd.
Body
Summary:
On September 6, 2016, the City of Deer Park and Cencor Acquisition Company, Inc. entered into a Chapter 380 Economic Development Program Agreement relating to the retail development and job creation on the property located at East Blvd. and Spencer Highway. Cencor Acquisition Company, Inc. Cencor Acquisition Company, Inc. desires to assign the Agreement to NEC Spencer Highway and East Boulevard Phase I, Ltd. Pursuant to Section 10(c) of the agreement, which states:
“None of the parties may assign its rights nor delegate its responsibilities under this Agreement without the written consent of each other party. However, without the written consent of the City: (i) any successor owner(s) of the Property shall be entitled to any Reimbursement due under this Agreement if Developer assigns such rights to a successor, and (ii) the Developer may assign its full or partial rights to receive payments from the City pursuant to this Agreement to any third party.”
The Assignment document is attached.
Fiscal/Budgetary Impact:
N/A
Recommended action
Authorize written consent for assignment of the Chapter 380 Agreement with Cencor Acquisition Company, Inc. to NEC Spencer Highway and East Boulevard Phase I, Ltd.