HomeMy WebLinkAbout14030 1 RESOLUTION NO. 14,030
2
3 A RESOLUTION TO AUTHORIZE THE CONSENT OF ASSIGNMENT OF
4 CERTAIN PROPERTIES (THE DOUBLETREE HOTEL) FROM TB
5 LITTLE ROCK, LLC, TO FAC-W MARKHAM, LLC, A DELAWARE
6 CORPORATION; TO AUTHORIZE THE MAYOR AND CITY CLERK TO
7 EXECUTE ANY DOCUMENTS TO ACCOMPLISH SUCH CONSENT,
8 INCLUDING, BUT NOT LIMITED TO, A FOURTH AMENDMENT TO
9 THE CONSTRUCT AND LEASE, PARKING AND CONCESSION
10 AGREEMENT; TO ACCEPT THE RECOMMENDATION OF THE
11 LITTLE ROCK ADVERTISING & PROMOTION COMMISSION TO
12 ADOPT THIS RESOLUTION; AND FOR OTHER PURPOSES.
13
14 WHEREAS, pursuant to Little Rock, Ark., Resolution No. 12,513 (May 8, 2007), the City approved
15 entry into a consent to assignment of properties(Doubletree Hotel)and other documents from Capitol City
16 Hotel, LLC,to TB Little Rock, LLC; and,
17 WHEREAS, pursuant to this authority a Third Amendment to Construct and Lease, Parking and
18 Concession Agreement was executed on June 7,2007; and,
19 WHEREAS, on December 18,2014,the Little Rock Advertising&Promotion oton Commission approved
20 a Fourth Amendment to Construct and Lease, Parking and Concession Agreement for this property; and,
21 WHEREAS, these documents have been reviewed by City Staff for presentation to the Board of
22 Directors;
23 NOW, THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK,ARKANSAS:
25 Section 1. The City consents to the assignment of the lease to FAC-W Markham, LLC, a Delaware
26 Corporation,pursuant to the terms and conditions in substantially the same form as those attached in Exhibit
27 A to this resolution.
28 Section 2. Subject to the terms of this resolution, and approval as to any legal issues and legal form
29 of any documents by the City Attorney,the Mayor,City Manager,and City Clerk,are authorized to execute
30 any and all document necessary to implement the terms of this consent,to effectuate the assignment of this
31 agreement, and, to approve the Fourth Amendment to Construct and Lease, Parking and Concession
32 Agreement; also,to authorize the limitations on the City's authority over the Bill of Assurance between the
33 City and Vinson Plaza Holdings, LLC, and Arkansas Riverview Development, LLC, dated June 13, 2007,
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1 and recorded on June 15, 2007, in the real property records of Pulaski County, Arkansas, as instrument
2 Number 2007047322.
3 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase,
4 or word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
5 adjudication shall not affect the remaining portions of the resolution which shall remain in full force
6 and effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part
7 of the resolution.
8 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
9 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
10 ADOPTED: December 23,2014
11 ATTEST: APPROVED
12
13 jaki_
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14 Toya iinson,Ass stmt City Clerk Mark Sto'dola,Mayor
15 APPRO D AS TO LEGAL FORM:
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17 iV2.44- 4"4---0-7 U 1�
18 Thomas M. Carpenter,City AttorV y L
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