Title
Consider a resolution authorizing the Mayor to execute a First Amendment to Grant Agreement with Penfold Theatre Company for the encouragement of the performing arts.
Body
Penfold Theatre Company is a 501(c)(3) nonprofit organization that has been operating in the Round Rock-Austin metro area for 18 years. Round Rock 2030, the City’s 10-year comprehensive plan, and the Round Rock Creates arts master plan, call for fostering creative entrepreneurs and businesses, as well as providing additional entertainment options for the community to enhance quality of life and economic vitality. In recent years, Rock Creek Plaza has undergone a significant revitalization, attracting a diverse mix of retailers and eateries, creating a dynamic environment for additional entertainment options. Penfold has a lease agreement with R.C. Center Limited Partnership (“Landlord”) for a roughly 6,400-square-foot space in the shopping center, to operate a venue for performing arts programming. The extension of this grant agreement is intended to support the growth of Penfold’s use of the facility, which is still in a critical period for establishing their performing arts programs and activities. The term of the grant extension is an additional three years or upon termination by either party. The grant is intended to encourage Penfold to facilitate performing arts events, including workshops and performances, at least 180 days per year.
Provided all Arts Grant conditions present in the agreement have been satisfied, the City will make payments on the following schedule:
a) Beginning with the twenty-third month of the Agreement, the City shall make twelve monthly payments to the Landlord in the amount of $10,834.00.
b) Beginning with the thirty-fifth month of the Agreement, the City shall make twelve monthly payments to the Landlord in the amount of $9,584.00.
c) Beginning with the forty-seventh month of the Agreement, the City shall make twelve monthly payments to the Landlord in ...
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