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105161 2 3 4 S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 .24 25 26 27 28 29 30 31 32 33 0 RESOLUTION NO. 10,516 A RESOLUTION TO APPROVE AN AMENDMENT TO THE CONSTRUCT & LEASE, PARKING & CONCESSION AGREEMENT BETWEEN THE CITY AND CAPITOL CITY HOTEL, LIMITED PARTNERSHIP; AND FOR OTHER PURPOSES. WHEREAS, on November 2, 1994, the City entered into a Construct & Lease, Parking • Concession Agreement ( "Construct & Lease Agreement "), recommended by the Advertising • Promotion Commission, with Capitol City Hotel, Limited Partnership( "Capitol City"), which, among other things, led to the renovation and revitalization of the old Camelot Hotel and the securing of a franchise from Doubletree Hotels; and WHEREAS, Article VI of that agreement permits Capitol City to seek financing options and, contains an agreement from the City to take reasonable actions to facilitate such financing; and WHEREAS, Capitol City has decided to seek additional financing in order to further renovate the hotel, but in reviewing the documents with its lender determined that some minor amendments to the Construct & Lease Agreement are necessary to facilitate this matter; and WHEREAS, these amendments have been reviewed by the A &P Commission and their counsel, and by the City Attorney. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. The Board of Directors, upon recommendation of the Advertising and Promotion Commission, agrees to the proposed amendments to the Construct & Lease Agreement with Capitol City, in a form approved by the City Attorney and counsel for the A & P Commission. SECTION 2. The Mayor and City Clerk, upon approval by the City Attorney, are authorized to execute documents substantially in the form attached as Exhibit 1 to this Resolution. SECTION 3. REPEALER. All ordinances, resolutions, or regulations, or any parts of such documents, which are inconsistent with the provisions of this resolution are hereby repealed to the extent of such inconsistency. -I- M 145 I Adopted: April 6, 1999 2 Attest: 4 gill• A• - i�A .41 Cdr s Robbie Hancock, City Clerk 6 7 ApproovZed as to Legal Form: 9 _CZ7 ltil. .9—� 10 Thomas M. Carpenter, Ci Attorney 11 12 13 14 Is 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 -2- Approved: *U l Jimp,lkley, Mayor 146