HomeMy WebLinkAboutResolution - 2012-R0158 - Agreement- Science Spectrum- Terminate Land Acquisition And Management Agreement - 04_10_2012Resolution No. 2012—RO158
April 10, 2012
Item No. 5.23
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Agreement Terminating
the Land Acquisition and Management Agreement between the City of Lubbock and
Science Spectrum and all related documents. Said Agreement is attached hereto and
incorporated in this Resolution as if fully set forth herein and shall be included in the
minutes of the Council.
Passed by the City Council on April IO _, 2012.
TOM MARTIN, MAYOR
ATTEST:
Rcb cca Garza, City Secret ry
APPROVED AS TO CONTENT:
L nn Dumbauld, City Manager
APPPP�R$OVEDj A/ S TO FORM:
// �J
Linda L. Chamales,
Economic Development Attorney
City att / Linda / Res — Termination Agreement Science spectrum
March 27, 2012
Resolution No. 2012-RO158
STATE OF TEXAS ti
COUNTY OF LUBBOCK ti
TERMINATION OF LAND ACQUISITION AND MANAGEMENT AGREEMEN'1'
WHEREAS, on February 28, 1991, the City of Lubbock, Texas (the "City") and Science
Spectrum (the "Manager"), entered into a Land Acquisition and Management Agreement related
to the operation and maintenance of an exhibition hall/auditorium operating under the name of
the Science Spectrum at 2579 South Loop 289, #250, Lubbock, Texas 79423-1400; and
WHEREAS, an amendment to such Land Acquisition and Management Agreement Was
executed between the panties on December 8, 2003; and
WHEREAS, the City intends to convey to Science Spectrum the real properly and
improvements which were the subject of the Land Acquisition and Management Agreement, and
the amendment thereto; and
WHEREAS, all purposes intended to be accomplished by the Land Acquisition and
Management Agreement described above have now been fulfilled, and it is the mutual desire of
the parties to officially terminate such agreement, and the amendment thereto;
NOW, THEREFORE, for and in consideration of the mutual benefits to the parties, IT IS
MUTUALLY AGREED, by the City of Lubbock and Science Spectrum, that the Science
Spectrum will use any funds remaining in the Omni Theatre Relief Fund solely for necessary
repairs, remodeling, and/or renovation of their Exhibition Hall/Auditorium and for the repairs,
upgrade or renovation of the equipment, and that the Land Acquisition and Management
Agreement dated February 28, 1991, and the amendment to such agreement, dated December 8,
Termination of Land Acquisition and Management Agreement
Page 1
2003, are hereby TERMINATED, and all rights and obligations of either party under said
agreement are declared to be fully and finally satisfied.
SIGNED this 10th day of April , 2012.
CITY OF LUBBOCK
TOM MARTIN, MAYOR
ATTEST:
Reb •ca Garza, City Secretary
APPROVED AS TO CONTENT
(�eP016)
Lee nn D imbauld, City Manager
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
SCIENCE SPECTRUM
By
Cassandra L. Henry, President
rernunation of Land Acquisition and Management Agreement
Page 2