HomeMy WebLinkAboutResolution No. 2015-060 CITY OF THE COLONY,TEXAS
RESOLUTION NO. 2015- 060
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, MAKING FINDINGS RELATED TO THAT CERTAIN
HOTEL AND CONVENTION SERVICES AGREEMENT BY AND
BETWEEN THE CITY OF THE COLONY, LMG VENTURES, LLC, AND
TXFM, INC.; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on November 15, 2011 the City Council approved Resolution No. 2011-
080 approving a Hotel and Convention Services Agreement by and between the City of The
Colony, LMG Ventures, LLC, and TXFM, Inc. effective on November 15, 2011 (the
"Agreement"); and
WHEREAS, Section 2 of the Agreement provides that the Agreement shall terminate on
the 70`" anniversary of the date the City collects its first sales tax dollar attributable to the
Facility, which is essentially defined in the Agreement to mean the Nebraska Furniture Mart
store (the "Facility"); and
WHEREAS, Section 4(a) of the Agreement requires construction of the Facility to be
completed and open for business to the public no later than December 31, 2015; and
WHEREAS, on March 5, 2015, the Facility was open for business to the public and the
City collected its first sales tax dollar attributable to the Facility.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY,TEXAS,THAT:
SECTION 1. The findings set forth above are incorporated into the body of this Resolution
as if fully set forth herein.
SECTION 2. The City Council hereby finds that the Facility was open for business to
the public, and the City collected its first sales tax dollar attributable to the Facility, on March 5,
2015.
SECTION 3. This Resolution shall become effective immediately upon passage.
PASSED AND APPROVE9 BY THE CITY CO1UCIL OF THE CITY OF THE
COLONY,TEXAS,THIS THE /-51-DAY OF � z ,2015.
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ATTEST:
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Christie Wilson, City Secretary ter :2`
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APPROVED AS TO FO' •
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J-. Moore, Cit Attorney
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