HomeMy WebLinkAboutResolution No. 07-031
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 07- to ~ \
A RESOLUTION OF THE CITY OF THE COLONY, TEXAS,
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN
AMENDMENT TO THE WATER PARK GROUND LEASE AND
OPERATING AGREEMENT BY AND BETWEEN THE CITY OF
THE COLONY AND CNL INCOME PARTNERS, LP FOR
HAWAIIAN FALLS WATERPARK; ATTACHING THE
APPROVED FORM OF CONTRACT AS EXHIBIT "A"; AND
PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. That the City Council of the City of The Colony, Texas hereby
approves the Amendment to the Water Park Groundlease and Operating Agreement
regarding an increase to the percentage of gross sales paid to the City by .25 percent.
Section 2. That a true and correct copy of the Agreement is attached hereto
and incorporated herein as Exhibit "A".
Section 3. That the city manager is authorized to execute the Agreement on
behalf of the City of the Colony, Texas.
Section 4.
passage.
That this resolution shall take effect immediately from and after its
PASSED AND APPROVED by the City Council of the City of The Colony,
Texas this 16th day of April. 2007.
Dillard, Mayor
of The Colony, Texas
ChrIstie Wilson, TRMC, City Secretary
WATER PARK GROUNDLEASE AND OPERATING AGREEMENT
AMENDMENT NO.1
This Amendment No. 1 to Water Park Groundlease and Operating Agreement (the
"Lease"), by and between the City of The Colony, Texas ("City"), and Horizon Amusement
Southwest, L.L.c., a Missouri Limited Liability Company, subsequently assigned and amended
in favor of CNL Income Colony, L.P., a Delaware Limited Partnership ("CNL") (City and CNL
shall be referred to collectively as the "Parties"), is hereby entered into as of this 16th day of
April, 2007 by and between the Parties.
RECIT ALS:
WHEREAS, the City and CNL are Parties to the Lease; and
WHEREAS, the Parties desire to amend such lease to accommodate the expansion of the
Water Park facility at its current location, by amending Section 4, Parking and Access to the
Water Park Premises, as provided herein; and
WHEREAS, the Parties agree to amend Section 10, RENT, as provided herein.
NOW THEREFORE THE PARTIES do hereby agree to amend the Lease as follows:
Section 1. That Section 4 of the Lease is hereby amended by adding, after Section 4.1,
Section 4.1.1, Parking Addition, as follows:
4.1.1 Parking Addition: City agrees at its sole cost and expense and subject to the
terms and provisions of that certain Facilities Development Agreement, dated as of the
date hereof, by and between the City and Harvest Family Entertainment Texas, L.P. as
"Developer", to provide, as soon as practicable, additional parking spaces for primary,
non-exclusive use of the Water Park and its customers, including additional spaces for at
least 100 cars, in the location and in accordance with the specifications provided on the
attached drawing identified as Exhibit 4.1.1 (the "Parking Addition"). The Parking
Addition shall be subject to the terms and conditions of Section 4.1 above and the other
terms and conditions of the Lease and this Agreement.
Section 2. That section 10 of the Lease is hereby amended by adding Section 10.1.1
entitled "Increase in Annual Rent Computation" as follows:
10.1 Increase in Annual Rent Computation. Beginning in the Lease
Year of completion of the Parking Addition and retroactive to the date upon
which the Parking Addition shall be completed and delivered to CNL for its use,
CNL shall pay CITY without demand an annual payment equal to the greater of:
(i) Five and one-half percent (5.5%) of gross revenues for lease years
4-10;
(ii) Six and one-half percent (6.5%) of gross revenues for lease years
11-20;
(iii) Seven and one-half percent (7.5%) of gross revenues for lease
years 21-40."
Section 3. That the rest and remainder of the Lease is republished and ratified, except as
amended herein.
City of The Colony, Texas: CNL Income Colony, L.P.
By: CNL Inco 0 0 GP, LLC
A Delaware L' mpany
By:
~ ~ c1~L
Dale Cheatham, City Manager
City of The Colony
6800 Main Street
he Colony, TX 75
By:
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