HomeMy WebLinkAbout9047� _ M = M M
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RESOLUTION NO. 9,047
A RESOLUTION TO AUTHORIZE THE
ADVERTISING AND PROMOTION COMMISSION
TO FINALIZE NEGOTIATIONS WITH
KINARK, INC. CONCERNING THE CAMELOT
HOTEL; AUTHORIZING THE MAYOR AND
CITY CLERK TO SIGN APPROPRIATE
DOCUMENTS; AND FOR OTHER PURPOSES.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK AS HEREINAFTER STATED:
SECTION 1. That the Board of Directors of the City of
Little Rock (the City) does hereby authorize the Little Rock
Advertising and Promotion Commission (the Commission) to
finalize negotiations with Kinark, inc., and Camelot -Inn Little
Rock, Inc. on an agreement whereby the City will release Camelot
Inn - Little Rock, Inc. and Kinark; Inc. of and from their
liabilities and obligations under the certain Lease Agreement,
Guaranty Agreements, Concession Agreements, Parking Lease
Agreement and other agreements and contracts by and among the
City and Camelot Inn - Little Rock, Inc. and Kinark, Inc.
pertaining to the Camelot Hotel and in consideration for which
Camelot Inn - Little Rock, Inc. and Kinark, Inc. will likewise
fully release the City and the Commission and will transfer and
assign to the City the Notes and Mortgages which they have
acquired from Worthen and Mehta Associates, Inc., though without
recourse for payment thereof, with full warranty of
enforceability. and title.
SECTION 2. In furtherance of the above and the foregoing,
the Mayor and City Clerk be, and hereby are, directed and fully
authorized to take any steps and actions they deem necessary or
desirable in connection with the finalization of the agreement,
including but limited to, full execution thereof without further
action of this Board.
SECTION 3. Be it further resolved, that the A &P Commission
be, and hereby is, authorized, as agent of the City, to take any
and all steps and actions it deems necessary or desirable,
including but not limited to, execution by its Chairman and
Executive Director of the agreement aforesaid without further
action of this Board.
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SECTION 4. This resolution is in full force and effect from
1 and after its adoption.
2 ADOPTED: November 16, 1993
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APPROVED:
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