MDD Resolution No. 460RESOLUTION NO.460
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT APPROVING THE FINAL
ADJUSTED DEVELOPMENT BUDGET,A FINAL GUARANTEED
MAXIMUM PRICE OF SIXTY-ONE MILLION,THREE-HUNDRED,
SIXTEEN THOUSAND,NINE-HUNDRED SEVENTY-SEVEN AND NO/lOO
($61,316,977.00),AND OTHER MATTERS RELATED TO THE
CONVENTION CENTER HOTEL PROJECT.
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WHEREAS,the Baytown Municipal Development District (the "District")was created by
the City of Baytown (the "City"), pursuant to Chapter 377, Texas Local Government Code (the
"Act");and
WHEREAS,the District issued its Series 2021 tax-exempt revenue bonds pursuant to the
terms of an Indenture of Trust between the District and Wells Fargo Bank,N.A.(the "Tmstee"),
dated September 1,2021 (the "Indenture")to finance the constmction of the Baytown Convention
Center and Hotel Project (the "Project");and
WHEREAS,the Board of Directors of the District approved an initial budget for the Project
based upon estimated construction costs on April 15,2021,pursuant to Resolution No.415;and
WHEREAS,the Board of Directors of the District approved Resolution No.419 approving
a form of a Design-Build Agreement on August 5„2021 (the "Agreement")providing that an Initial
Guaranteed Maximum Price ("IGMP")and Final Guaranteed Maximum Price ("FGMP")would
be agreed to at a future date;and
WHEREAS,the Board of Directors of the District approved Resolution No.439 approving
an amendment to the Agreement,revised budget,and IGMP on Febmary 3, 2022; and
WHEREAS,the District has detennined that it is in its best interest to approve the final
adjusted development budget attached hereto as Exhibits A and B; and
WHEREAS,the District has determined that it is in its best interest to approve the FGMP
in an amount not to exceed SIXTY-ONE MILLION,THREE-HUNDRED,SIXTEEN
THOUSAND,NINE-HUNDRED SEVENTY-SEVEN AND NO/lOO ($61,316,977.00);NOW
THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT:
Section I:That the facts and recitations contained in the preamble of this Resolution are
hereby found and declared to be true and correct.
Section 2:That the Board of Directors of the District hereby approves the final adjusted
development budget.