HomeMy WebLinkAboutResolution - 2009-R0351 - Amendment To Master Development Agreement - Overton Park Hotel, Garfield Traub - 08/27/2009Resolution No. 2009-80351
August 27, 2009
item No. 5.1.5
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 a Third Amendment to the
Master Development Agreement with Overton Park Hotel, LP and Garfield Traub
Development LLC. Said Amendment 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 this 27th day of August 2009.
TOM MARTIN, MAYOR
ATTEST:
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Rehec a Garza, City Secretary
A P P R VE A TO CONTENT:
Rob ison, City Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
City au / Linda 1 Res — 3' MDA Amendment
July 30, 2009
Resolution No. 2009—RO351
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNT'S' OF LUBBOCK §
AMENDMENT No. 3 TO MASTER DEVELOPMENT AGREEMENT
This Amendment is entered into by the City of Lubbock (the "City"), Overton
Park Hotel, LP ("Owner"), and Garfield Traub Development LLC (Developer').
WITNESSETH:
WHEREAS, City, Owner, and Developer executed a Master Development
Agreement on the 24th day of February, 2006, regarding the construction of a Hotel, a
Conference Center and Parking Facilities located in Overton Park in the City of Lubbock;
and
WHEREAS, City, Owner, and Developer amended this agreement in May, 2006
to extend the Pre -Development Feasibility Period, and again in January, 2007 to increase
the size of the Conference Center and the City's contribution toward the cost of the
Conference Center; and
WHEREAS, the City received certain grants from The CH Foundation dedicated
for use in funding of the Conference Center, a portion of which, equaling $3,000,000 in
the aggregate, will not be received by the City prior to the completion of the Conference
Center; and
Amendment to Master Development Agreement
WHEREAS, the Owner has agreed to fund $3,000,000 for the completion of the
Conference Center and accept payment from the City of the $3,000,000 of remaining
grant funds as they are received; and
WHEREAS, the City has agreed to increase the City obligation by the amount of
the interest accrued on previous payments from the CH Foundation and other grants; and
WHEREAS, the parties have agreed to amend the Master Developer's Agreement
to include these terms;
NOW THEREFORE, City, Owner and Developer agree to amend the Agreement
as follows:
1. Project Financing
The amount of City obligation in Subsection 3.2.4 and Subsection 4. 1.10) shall be
increased from $11,400,000 to $11,652,438.
2. Payment of Development Fee, Technical Services Fee, Expense
Reimbursement and Reimbursement of Advanced Funds for Completion
of the Conference Center
The following language shall be added to Subsection 9.10:
"Notwithstanding the foregoing agreement that all payment shall be made
within no more than thirty (30) days after the City's receipt of the
applicable documentation, payments to be made from the CH Foundation
grant funding for the completion of the Conference Center previously
advanced by Owner, shall be paid to Owner as grant funds are received by
the City.
Amendment No. 3 to Master Development Agreement
Page 2
Executed this 27th day of August , 2009.
CITY OF LUBBOCK OVERTON PARK HOTEL, LP,
���i'✓(��� a Texas Limited Partnership
By: GTHC Overton Park GP, LP, a
TOM MARTIN, MAYOR Texas Limited Partnership, as
General Partner
ATTEST:
Rebe a Garza, City Secretary
APPOV DRAS TO CONTENT:
1� -L A&I I
Rob Alli so ssis Manager
Development Services
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
LC: cityatt/Linda/Amendment to M DA -number 3
July 16, 2009
By: Gal -Tex Hotel Corporation,
Texas Corporation, as
General Partner
By:
EUGENE LUCAS, President
GARFIELD TRAUB DEVELOPMENT, LLC
By:
GRITG GA&fEL5
Principal
Amendment No. 3 to Master Development Agreement
Page 3