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EDC approves compromise final payment to Edifice Group after storm damage
Summary
The EDC approved Resolution 2026-20 to provide a compromise final payment of $128,646 to the Edifice Group under its chapter 380 sales-tax reimbursement agreement after severe weather damaged a shopping-center building.
The Tech City EDC unanimously approved a final payment to the Edifice Group on July 29 to close a chapter 380 sales-tax reimbursement agreement after storm damage to one building at an Edifice shopping center on Palmer Highway.
Kristen Edwards told the board the agreement — authorized under "chapter 3 80 in Texas code" in the materials — had a seven-year term with a total potential reimbursement of $1,600,000. "By 07/01/2026, Edifice had been reimbursed approximately 1,200,000 of the 1,600,000 that they had available in that agreement," Edwards said on the record. A roof-replacement for the damaged building cost about $1,300,000, and Edwards cited section 10.4 of the original agreement (force majeure/adverse weather) as the basis for negotiating a settlement.
Edwards presented a compromise: a final payment of $128,646 to cover lost business and the force-majeure period; she said the group had "verbally agreed to this compromise" and staff would work with the city attorney to document and terminate the contract. The board moved, seconded and approved Resolution 2026-20 unanimously.
The motion record shows the EDC approved the payment as a final settlement; staff will return with a city-attorney–drafted agreement that confirms the payment is tied to the force-majeure event and ends the contract between the parties.
