HomeMy WebLinkAboutResolution No. 2011-070
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2011- €s' ~7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING WAIVING 2011 ANNUAL FIXED
MINIMUM RENT IN EXCHANGE FOR CAPITAL IMPROVEMENTS TO
STEWART PENINSULA GOLF COURSE; AND PROVIDING FOR AN
EFFECTIVE DATE
WHEREAS, on or about July 19, 2004, the City of The Colony assigned a Ground Lease
Agreement for Stewart Peninsula Golf Course to VERDI, LLC, pursuant to Article 16 of the
original ground lease agreement; and
WHEREAS, VERDI, LLC, pursuant to Article 4, Section 4.01 (1) agreed to pay a fixed
minimum rent of $10,000 per lease year; and
WHEREAS, VERDI, LLC, requests that the 2011 fixed minimum rent be waived in
exchange for capital improvements to the Stewart Peninsula Golf Course cart paths and other
infrastructure upgrades; and
WHEREAS, the City Council of City of Colony agrees it would be in the best interest of
the citizens to waive the 2011 annual $10,000 fixed minimum rent in exchange for said capital
improvements, in an amount of at least $10,000.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS THAT:
Section 1. The City Council hereby agrees to waive the 2011 annual $10,000 fixed
ininimum rent in exchange for said capital improvements.
Section 2. This Resolution shall become effective immediately from and after its
passage, as the law and charter in such cases provides.
PASSED, APPROVED and EFFECTIVE this 18th day of October, 2011.
Joe McCourry, Mayor
ATTEST:
Christie Wilson, City Secretary
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APPROVED AS TO FORM:
Jeff Moore, .City Attorney
City of The Colony, Texas