HomeMy WebLinkAboutResolution - 2005-R0198 - Infrastructure Payment For Paving Of _Milwaukee Project_ - 05_12_2005Resolution No. 2005-RO198
May 12, 2005
Item No. 34
RESOLUTION
WHEREAS, pursuant to Development Agreements (herein so called), Developers (herein
so called) in the vicinity of Milwaukee Avenue from 34 h to 92"d Street (the "Milwaukee
Project"), agreed to pay to the City their share of the paving and other related infrastructure costs
regarding the Milwaukee Project;
WHEREAS, to secure their obligations under the Development Agreements, the
Developers provided to the City Letters of Credit;
WHEREAS, the Development Agreements imply the authority upon the City Manager of
the City of Lubbock to execute drafts, and any other documents necessary for the City to draw
funds under the Letters of Credit;
WHEREAS, pursuant to such authority, the City Manager executed and delivered those
certain Drafts described on Exhibit "A", attached hereto;
WHEREAS, for the sake of certainty, the City Council of the City of Lubbock now
desires to ratify the execution and delivery of such Drafts by the City Manager.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock does hereby adopt, confirm and ratify
those certain Drafts, attached hereto as Exhibit "A", the same as if the City Council of the City of
Lubbock had originally executed such Drafts.
Passed by the City Council this 12th day of Atav 2005.
1A z ,
ARC OUGAL, MAYOR
ATTEST:
Rebecca Garza, City Secretary
AS TO
Lee Dumbauld, Chief Financial Officer
APPROVED AS TO FORM:
dif&e`ll Satterw-h fe, Assistant City Attorney
mUccdocslMIiwaukee Ave Paving.Ltr of Credit.res
May 2, 2005
Exhibit "A" Resolution No. 2005-R0198
May 12, 2005
DRAFT Item No. 34
U.S. $303,720.00 LUBBOCK, TEXAS
April 28, 2005
"Drawn under Peoples Bank Letter of Credit No. 1010"
For value received, and as "Funds are due and owing City of Lubbock by Applicant,"
Applicant being S&S Commercial Properties, L.L.C., pay to the order of the City of Lubbock,
pursuant to the following wiring instructions, and to the designated escrow agent, American State
Bank, THREE HUNDRED THREE THOUSAND SEVEN HUNDRED TWENTY AND NO/100
DOLLARS (U.S. $303,720.00), and charge Irrevocable Letter of Credit No. 1010, dated October 13,
2004.
To: Attn: Mr. Peter Smith, Vice President
Peoples Bank
5820 82"d Street
Lubbock,Texas 79424
City of Lubbock
By.
LOU X, Ci anager and
Authorized Representative
ACKNOWLEDGMENT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
Before me, on this day personally appeared Lou Fox, known to me to be the person whose
name is subscribed to the foregoing instrument and acknowledged to me that he executed the same
for the purposes and consideration therein expressed.
[SEAL]
Given under my hand and seal of office this 28`h day of April, 2005.
AMBER NICOU SIMPSON
No" Public, Slate of Ta)
l�fy Commission Expires
07-27-20M
=]
CAM
Notary Public for the
State of Texas (�My commission expires: aCTI 0
Resolution No. 2005-RO198
May 12, 2005
Item No. 34
DRAFT
U.S. $500,000.00 LUBBOCK, TEXAS
April 28, 2005
"Drawn under State National Bank Letter of Credit No. 88369194"
For value received, and as "Funds are due and owing City of Lubbock by SAS Commercial
Properties, L.L.C.," pay to the order of the City of Lubbock, pursuant to the following wiring
instructions, and to the designated escrow agent, American State Bank, FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS (U.S. $500,000.00), and charge Irrevocable Letter of Credit
No. 88369194, dated October 1, 2004.
To: Attn: Letter of Credit Department
State National Bank
8200 A Nashville Avenue
Lubbock,Texas 79423
City of Lubbock
By:
LOU F X, Ci anager and
Authorized Representative
P.O. Box 2000 * 1625 13th Street
Lubbock, Texas 79457
]:T1k
Resolution No. 2005-RO198
May 12, 2005
Item No. 34
U.S. $701,040.00 SHERMAN, TEXAS
April 28, 2005
"Drawn under American Bank of Texas Letter of Credit No. 1577"
For value received, and as "Funds are due and owing City of Lubbock by Applicant,"
Applicant being Canyon Hub Holdings, LP, pay to the order of the City of Lubbock, pursuant
to the following wiring instructions, and to the designated escrow agent, American State Bank,
SEVEN HUNDRED ONE THOUSAND FORTY AND NO/100 DOLLARS (U.S. $701,040.00),
and charge Irrevocable Letter of Credit No. 1577, dated October 15, 2004.
To: Attn: Letter of Credit Department
American Bank of Texas
2011 Texoma Parkway
Sherman, Texas 75090
City of Lubbock
By:
LOU PDX, Ci M nager and
Authorized Representative
P.O. Box 2000 • 1625 13th Street
Lubbock, Texas 79457
url�
U.S. $394,053.00
Resolution No. 2005-RO198
May 12, 2005
Item No. 34
SHERMAN, TEXAS
April 28, 2005
"Drawn under American Bank of Texas Letter of Credit No. 1578"
For value received, and as "Funds are due and owing City of Lubbock by Applicant,"
Applicant being Canyon Hub Holdings, LP, pay to the order of the City of Lubbock, pursuant
to the following wiring instructions, and to the designated escrow agent, American State Bank,
THREE HUNDRED NINETY-FOUR THOUSAND FIFTY-THREE AND NO/100 DOLLARS (U.S.
$394,053.00), and charge Irrevocable Letter of Credit No. 1578, dated October 15, 2004.
To: Attn: Letter of Credit Department
American Bank of Texas
2011 Texoma Parkway
Sherman, Texas 75090
City of Lubbock
By:
LOU FO , City ager and
Authorized Representative