HomeMy WebLinkAboutResolution - 2006-R0609 - Amentdment To Agreement-Citybank-Naming Rights,Municipal Auditorium And Coliseum - 12/19/2006Resolution No. 2006-RO609
December 19, 2006
Item No. 5.27
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 Amendment to the
Naming Rights Agreement with City Bank for the Lubbock Municipal Auditorium and
the Lubbock Municipal Coliseum, and any associated documents. Said Amendment to
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 this 19th day of December, 2006.
DAVID A. NALLER, MAYOR
ATTEST:
Re ecca Garza, City Secretary
APPROVED AS TO CO ENT:
Scott Snider, Assistant City Manager
Community Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
City Att / Linda Res -Naming Rights Agreement.Amendment
December 19, 2006
Resolution No. 2006-RO609
December 19, 2006
Item No. 5.27
AMENDMENT
TO
NAMING RIGHTS AGREEMENT
This amendment is between City Bank, a Texas banking association, whose address for
notice 5219 City Bank Parkway, Lubbock, Texas, 79407, c/o Mike Liner, CEO, and the City of
Lubbock (the "City"), whose address for notice is 1625 13`h Street, Lubbock, Texas 79401 c/o
Lee Ann Dumbauld, City Manager.
WHEREAS, the Agreement provided for the provision of certain promises and
undertakings; and
WHEREAS, it has come to the attention of the City and City Bank that Item No. 2 on the
Agreement needs partial revision; and
WHEREAS, the City and City Bank now rescind Item No. 2 of the Agreement as
follows:
2. Consideration. The consideration for the
commitments and promises set forth herein is the payment by City
Bank of the amount of One Hundred Thousand and No/100 Dollars
($100,000.00) per year, due on January ls` of each year during the
term, with the first such payment due upon execution of this
Agreement.
NOW, THEREFORE, the City and City Bank hereby substitute Item No. 2 as follows:
2. Consideration. The consideration for the
commitments and promises set forth herein is the payment by City
Bank of the amount of Four Hundred Thirty -Two Thousand Nine
Hundred Forty -Eight and No/100 Dollars ($432,948.00), due upon
execution of this Agreement.
Amendment to the Naming Rights Agreement — City Bank Page 1 of 2
EXECUTED this 19th day of December , 2006.
CITY OF LUBBOCK CITY BANK
DAVID A. NdLLER, MAYOR By: Mike Liner
Its: President & CEO
ATTEST:
Re ecca Garza, City Secretary
APPROVED
A—SATO CONTE
Scott Snider, Assistant City Manager
Community Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
Lc: city att/Linda/ Naming Rights Agreement.Amendment
December 19, 2006
Amendment to the Naming Rights Agreement — City Bank Page 2 of 2