HomeMy WebLinkAboutResolution - 2008-R0088 - Approve Transfer &Assignment To Chaparral Investments Of Tax Abatement Agreement - 03/13/2008RESOLUTION
Resolution No.2008-R0088
March 13,2008
Item No.4.7
WHEREAS, the City Council of the City of Lubbock approved a tax
abatement Agreement dated June 29, 2004, between the City of Lubbock and
Chisum Travel Center, LTD, which was amended July 21. 2004 to add Z8
Properties, LTD. owner of the real property,as a named party to the agreement. A
copy of the amended Agreement is attached hereto and incorporated in this
resolution as if fully set forth;and
WHEREAS,by Resolution 2007-R0241,the City Council of the City of
Lubbock approved an assignment of the amended tax abatement Agreement to
Bolton Oil Company,LTD, a copy of which assignment is attached hereto and
incorporated in this resolution as if fully set forth; and
WHEREAS,Bolton Oil Company,LTD desires to assign the tax
abatement Agreement to Chaparral Investments;NOW THEREFORE.
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 approval of the
transfer and assignment to Chaparral Investments of that certain tax abatement
Agreement dated June 29, 2004. as amended July 21. 2004, between the City of
Lubbock.Chisum Travel Center.LTD and Z8 Properties.LTD, which was
previously assigned to Bolton Oil Company, LTD. Said Assignment 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 13th day of _March ,2008.
Rebecca Garza.City Secretary
APPROVED 4$W<CONTENT:
Rob Allison,Assistant City
Manager.Development Services
APPROVED AS TO FORM:.
7C=^^
DAVID A.MILLER,MAYOR
Linda L.Chamales.Senior Attorney/
Office Practice Section
LLClc/City Alt 'Linda /R1:S-Assignment-Bolton lo Chaparral
l-"cbruarv 28.2008
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
ASSIGNMENT
Resolution No.2008-R0088
KNOW ALL MEN BY THESE PRESENTS THAT Bolton Oil Company, LTD,
("Assignor"), has this day and does by these presents transfer and assign to Chaparral
Investments. PO Box 788.Friona.Texas, that certain tax abatement Agreement dated
June 29,2004,and amended July 21.2004,between the City of Lubbock.Chisum Travel
Center, LTD, and Z8 Properties,LTD, which was assigned to Bolton Oil Company,LTD,
June 24, 2007. Copies of the amended tax abatement agreement and the assignment are
attached hereto and are incorporated herein by reference.
Chaparral Investments hereby assumes all of the obligations of the Assignor
under the attached Agreement.This Assignment shall be effective upon approval by the
City Council of the City of Lubbock,Texas and the execution by the Mayor thereof.
Dated this the 13th day of March
BOLTON OIL COMPANY.LTD
by ujghhA ^oJLbc^
Charles Bolton
ATTEST:
Daniel M.xendrick.President
Lc:cityatl / Linda/Assignment/Bolton to Chaparral
February 28.2008
.2008.
CITY OF LUB
^c^f^
DAVID A.MILLER.MAYOR
ATTEST:
Rebecca Garza.City Secremry
APPROVED AS TO/CONTENT:
Rob Allison<1AssismftU2ity Manager
Development Services
APPROVED AS TO FORM:
Linda L.Chamales,Senior Attorney
Office Practice Section