Consider and take action on Resolution No. 18-114, approving the final payment to Tanger Outlet. (Management Services)

The Texas City Economic Development Corporation authorized a final payment that includes months through March of 2019.  It is an advance payment that will be paid through reserves which will be replenished by next spring.  It is not required by City Commission to approve, but the City Attorney felt it would be beneficial since the payment is larger than normal and includes a partial advance payment. The final amount of the check is $779,871.82.  The standard monthly payment is roughly $100,000, but higher near the holidays. This item coincides with the final payment check presentation on the agenda as item 4a. Please review the attached material with the presentation for more information about the agreement and partnership with Tanger and Simon Group.