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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repealed to the extent of such inconsistency.
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I Adopted: April 6, 1999
2 Attest:
4 gill• A• - i�A .41 Cdr
s Robbie Hancock, City Clerk
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7 ApproovZed as to Legal Form:
9 _CZ7 ltil. .9—�
10 Thomas M. Carpenter, Ci Attorney
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Approved:
*U l
Jimp,lkley, Mayor
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