HomeMy WebLinkAbout10898I RESOLUTION NO. 10,898
2 A RESOLUTION TO AUTHORIZE THE MAYOR TO SEEK THE OPINION
3 OF BOND COUNSEL AS TO WHETHER AN ADDITIONAL $2.5 MILLION
4 IN FINANCING BY BG EXCELSIOR, INC., FOR THE RENOVATION OF
5 THE EXCELSIOR HOTEL AND STATEHOUSE CONVENTION CENTER
6 WOULD HAVE ANY IMPACT ON THE CITY OF LITTLE ROCK,
7 ARKANSAS, HOTEL AND RESTAURANT GROSS RECEIPTS TAX
8 REFUNDING BONDS, SERIES 1993; AND FOR OTHER PURPOSES.
9 WHEREAS, the Board has ratified the execution of an Amended, Restated and
10 Substituted Lease and Concession Agreement ( "the Agreement ") between the City, the
II Little Rock Advertising & Promotion Commission ( "the Commission "), and BG
12 Excelsior Limited Partnership ( "BG Excelsior ") , thus authorizing a lease agreement
13 between the parties for the Statehouse Convention Center and the Excelsior Hotel, and
14 WHEREAS, BG Excelsior has requested an amendment to the Agreement to
15 permit an additional $2.5 million expenditure on the renovation of the hotel, and to
16 request the formal entry into a parking agreement that currently exists on a month to
17 month basis between M.S. Green -- Little Rock, Inc., and the City, for 50 parking spaces
18 in the downtown parking deck underneath the Doubletree Hotel, and
19 WHEREAS, the City has outstanding a hotel and restaurant gross receipts tax
20 refunding bond, Series 1993, and the bond documents, particularly Section 413 of the
21 Trust Indenture, mandates that there will be no amendment, modification or
22 termination of the original Development Agreement without the consent of the Bond
23 Trustee, and
24 WHEREAS, the Bond Trustee has informed the City that such consent will be
25 granted upon presentation of an opinion by qualified bond counsel that the Agreement
26 will not adversely affect the exclusion of interest on the Bonds from the gross income
27 of holders of the bonds for federal income tax purposes, and
• •
times, and certainly no later than 4:00 Pm, September 15, 2000, of the Amended,
Restated, and Substituted Lease and Concession Agreement by and between the City
of Little Rock, Arkansas, the Little Rock Advertising and Promotion Commission, and
BG Excelsior Limited Partnership, are expressly repealed.
ADOPTED: September 19, 2000
ATTEST: APPROVED:
Nancy W d, City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Attorney
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Ji ailey, Mayor