HomeMy WebLinkAboutResolution 2874A Re~sooLn I ~
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AUTHORIZING THE CITY MANAGER TO PROCEED WITH ALL RELATED
TASKS ASSOCIATED WITH THE FINANCING AND CONSTRUCTION OF A
CONVENTION CENTER HOTEL
WHEREAS, in 1996 a feasibility study conducted by the Fort Worth Convention and Visitors
Bureau identified the need for an expanded convention center and the development of a convention
center hotel in the City of Fort Worth, and
WHEREAS, pursuant to M&C C 18310 on October 17 2000 and M&C C 18450 on February
6, 2001 the City retained C.H. Johnson Consulting, Inc. ("Consultant") to provide consulting services
and updated hotel feasibility study related to the development of a convention center hotel and
associated parking facility (collectively the `Convention Center Hotel')• and
WHEREAS, the City commissioned an independent feasibility study by HVS International that
confirmed the need for the development of the Convention Center Hotel, and
WHEREAS, the City retained UBS Paine Webber for bond underwriter services and First .
Southwest Company as financial advisors related to the development of the Convention Center Hotel,
and
WHEREAS, the City has been advised that private conventional financing for the development
and operation of a Convention Center Hotel is not available in the marketplace; and
WHEREAS, hotel and financial consultants and bond underwriters have advised the City that
the issuance of Certificates of Obligation is the safest and least expensive method for the City to finance
the construction and operation of the Convention Center Hotel, and
WHEREAS, the current location of Tarrant County College s downtown Fort-Worth campus is
the City's preferred site for the Convention Center Hotel,
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS.
•
1 That the City Manager is hereby authorized to proceed with negotiations related to the
issuance and delivery by the City of Certificate of Obligation bonds to finance the development and
operation of the Convention Center Hotel, with the understanding that the actual issuance will not occur
unless subsequently and specifically authorized by the City Council.
2. That the City Manager is hereby authorized to proceed with negotiations related to the
City's acquisition of land currently owned by Tarrant County College and situated at 1500 Houston
Street (Lots 10 through 12, Block V and Lots 3R, 4R and SR, Block A2R, Daggett Addition, Fort
Worth, Tarrant County Texas), with the understanding that the City Manager may not execute any
documents consummating such a purchase unless subsequently and specifically authorized by the City
Council.
3 That the Crty Manager is hereby authorized to proceed with negotiations with the Hilton
Hotel Corporation related to agreements necessary for the management and operation of the hotel, with
the understanding that the actual issuance will not occur unless subsequently and specifically authorized
by the City Council.
4 That the City Manager is hereby authorized to interview and recommend to City Council
a Construction Manager at Risk to manage the program relating to the construction and development of
the hotel, with the understanding that the actual agreement will not be executed unless subsequently and
specifically authorized by the Crty Council.
5 That the Crty Manager is hereby authorized to interview and recommend to Crty Council
a design architect relating to the overall design and preparation of construction documents necessary to
develop and construct the hotel, with the understanding that the actual agreement will not be executed ~~
unless subsequently and specifically authorized by the City Council.
AND IT IS SO RESOLVED.
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Adopted this day of ~ , 2002.
ATTEST
By•
Gloria Pe son
City Secretary
~~~Rl7VED
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SOT ~ 2002
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