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RESOLUTION NO. 10,884
3 A RESOLUTION TO APPROVE THE REVISED FORM OF AN
4 AMENDED, RESTATED AND SUBSTITUTED LEASE AND
5 CONCESSION AGREEMENT BY AND BETWEEN THE CITY OF
6 LITTLE ROCK, ARKANSAS, THE LITTLE ROCK ADVERTISING
7 & PROMOTION COMMISSION, AND BG EXCELSIOR LIMITED
8 PARTNERSHIP; TO APPROVE A SECOND AMENDED ESCROW
9 AGREEMENT BETWEEN THE CITY, BG EXCELSIOR LIMITED
10 PARTNERSHIP AND BEACH ABSTRACT & GUARANTY
11 COMPANY; TO AMEND LITTLE ROCK, ARK., RESOLUTION
12 102826 (MAY 23, 2000) AND LITTLE ROCK, ARK.,
13 RESOLUTION NO. 10,864 (JULY 25, 2000), AS NECESSARY
14 TO NOTE THIS APPROVAL AND THE NEW DATE FOR CLOSING
15 ON THE LEASE; AND FOR OTHER PURPOSES.
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17 WHEREAS, in Little Rock, Ark., Resolution No. 10,826 (May 23, 2000), the
18 City approved an amendment to the legal arrangement for the lease of the area generally
19 and commonly referred to as the Excelsior Hotel and the Statehouse Convention
20 Center, and in the place of existing agreements noted its approval of an Amended,
21 Restated and Substituted Lease and Concession Agreement between the City, the
22 Advertising & Promotion Commission ( "A &P ") and BG Excelsior Limited Partnership,
23 and
24 WHEREAS, the various obligations recognized by this agreement were to be
25 completed by a date certain, but that date was extended in Little Rock, Ark., Resolution
26 No. 10,864 (July 25, 2000), to August 20, 2000, by mutual agreement of the parties in
27 an effort to complete and facilitate all financial arrangements necessary to permit entry
28 into the new agreement, and
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WHEREAS, during the course of discussions to assure the necessary financing
to complete the substantial capital improvements to the properties, the parties found it
necessary to agree to amended language in certain sections which is substantially
different from that approved initially approved, and
WHEREAS, it is necessary to approve this amended language, and at the same
time to extend one last time the date for closing on this agreement to, and including, the
close of business on September, 15, 2000, and,
WHEREAS, it is also necessary to approve a Second Amended Escrow
Agreement by and between the City of Little Rock, Arkansas, BG Excelsior Limited
Partnership, and Beach Abstract & Guaranty Company, in order to accomplish the
closing and entry into the revised lease agreement, and
WHEREAS, the City A &P Commission has reviewed these changes and, in a
special meeting held August 29, 2000, recommended that these changes and the new
date for closing be approved,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
17 Section 1. The revised form of the Amended, Restated and Substituted Lease and
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Concession Agreement attached as Exhibit A to this Resolution, as it has been amended, and
the Second Amended Escrow Agreement attached. as Exhibit B to this Resolution, are hereby
approved, and the Mayor, City Manager, City Clerk, and City Attorney, are authorized to
execute and enter into any documents, or take any actions necessary to complete the transaction
as contemplated by these Agreements.
Section 2. The date for closing on this agreement is extended to the close of business
on September 15, 2000.
Section 3. Little Rock, Ark., Resolution No. 10,286 (May 23, 2000), and Little Rock,
Ark., Resolution No. 10,826 (July 25, 2000), are hereby repealed to the extent that these
resolutions are inconsistent with the provisions of this resolution, or inconsistent with the
Amended, Restated, and Substituted Lease and Concession Agreement attached as Exhibit A
to this resolution.
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Section 4. Severability. In the event any title, section, paragraph, item, sentence,
clause, phrase, or word of this resolution is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining portions of the
resolution which shall remain in full force and effect as if the portion so declared or adjudged
invalid or unconstitutional was not originally a part of the resolution.
Section 5. Repealer. In addition to the specific repeals set forth in Section 4 above, all
laws, ordinances, resolutions, or parts of the same, that are inconsistent with the provisions of
this resolution are hereby repealed to the extent of such inconsistency.
ADOPTED: August 29, 2000
ATTEST:
NanJy Woody City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City A omey
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APPROVED: C
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J' ailey, Mayor