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Consider a resolution conditionally consenting to the Assignment and Assumption Agreement by HQZ Partners, LP, and MCG-124, LLC ("Assignors"), to Verde Center Partners, LLC ("Assignee"), of Assignor's interest in the Master Developer Agreement with the City of Mesquite, Texas, regarding the development of approximately 60.31 acres of land generally located south of Gross Road, east of North Peachtree Road, north of the Union Pacific Railroad, and west of Interstate Highway 635 in the City of Mesquite, Texas, and being commonly referred to as the "Verde Center" or the "Verde Center at Peachtree," and authorizing the City Manager to finalize, execute and administer the Assignment on behalf of the City.
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On May 21, 2018, the City Council approved a Master Development Agreement with HQZ Partners, LP, acting through its general partner, Lang and Company, LLC, together with MCG-124, LLC ("Developer"), and the Mesquite Medical Center Management District ("District") to develop the 60.31-acre Verde Center at Peachtree project. This Master Development Agreement supersedes and replaced the prior 2008 economic development agreement with Lang and Company, LLC.
On June 8, 2018, the same parties entered into a Reimbursement Agreement that specified the terms and conditions under which the developer would be reimbursed for eligible public improvement costs from the District and TIRZ revenues.
The District and Developer have the right to assign the Master Developer Agreement only with the prior written consent of the City. The Developer is requesting assignment of their interest in the Master Development Agreement and Reimbursement Agreement to Verde Center Partners, LLC, and Verde Center Partners, LLC, would assume all rights, duties, obligations and liabilities as Developer of the project in order to timely perform the obligations under the terms of the Master Development Agreement and Reimbursement Agreement.
This Assignment does not change any term or conditio...
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