MDD Resolution No. 439RESOLUTION NO.439
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT APPROVING AN
AMENDMENT TO THE DESIGN BUILD AGREEMENT,A REVISED
BUDGET,AN INITIAL GUARANTEED MAXIMUM PRICE,AND OTHER
MATTERS RELATED TO THE CONVENTION CENTER HOTEL
PROJECT.
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")-,
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 "Trustee"),
dated September 1,2021 (the "Indenture")to finance the construction of the Baytown Convention
Center and Hotel Project (the ''Project)-,
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;
WHEREAS,the Board of Directors of the District approved Resolution No.419 approving
a form ofa Design-Build Agreement on August 5,2021 (the "Agreement")providing that an Initial
Guaranteed Maximum Price {"IGMF')and Final Guaranteed Maximum Price {"FGMF')would
be agreed to at a future date;
WHEREAS,the District has determined that it is in its best interest to agree to a revised
budget and an IGMP amount,as evidenced by Amendment No.001 (Initial GMP)attached hereto
as Exhibit A (the "Amendment)-,
WHEREAS,the District has reviewed the Revised IGMP Funding Analysis attached hereto
as Exhibit B;
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
DISTRICT THAT:
Section 1.The facts and recitations contained in the preamble of this Resolution are hereby
found and declared to be true and correct.
Section 2.The Board of Directors of the District hereby approves the Amendment.
Section 3. The Board of Directors of the District hereby authorizes and empowers the
General Manager of the District to transfer $4,759,709 from the District's general reserves of the
District to the Trustee for deposit into the the following subaccounts of the Development Project
Fund under the Indenture:$1,189,927 to the First-Lien Project Subaccount,$904,345 to the
Second-Lien Project Subaccount,and $2,665,437 to the Third-Lien Project Subaccount.Such
amounts shall be held as a part of the trust estate under the Indenture for the funding of Project
construction costs.