HomeMy WebLinkAboutResolution 1150A Resolution
Resolution No.
WHEREAS., Tarrant County, Texas, hereinafter called "County," owns
and operates a convention center and related parking
facilities (hereinafter collectively referred to as the
"Convention Center") located in downtown Fort Worth, Texas;
and
WHEREAS, in order to provide the funds with which to construct the
Convention Center and subsequent improvements, County
issued certain bonds (the "Bonded Indebtedness") with the
remaining unpaid principal of such Bonded Indebtedness
amounting to approximately $13,456,924; and
WHEREAS, County is having to absorb the debt service on the Bonded
Indebtedness and substantial operating losses each year
resulting from County's ownership and operation of the
Convention Center; and
WHEREAS, the City of Fort Worth, hereinafter called "City," finds
that there is a public need of paramount importance for
City to operate a convention center in downtown Fort Worth
to insure the continuing availability of a convention
L center which will enable City to compete effectively with
other metropolitan areas in the state in attracting and
convening conventions, concerts and other events necessary
to effectively promote City and to continue supplementing
its bed tax and sales tax revenue base; and
WHEREAS, City finds that combined operation by City of the
Convention Center along with City's other convention
facilities coupled with the continuing supplementation of
City's bed tax and sales tax revenue base make it
reasonable for City to assume responsibility for operation
of the Convention Center; and
WHEREAS, County has determined that it agrees in principle with the
long-term lease of the Convention Center to the City for
the purpose of operating a convention center; and
WHEREAS, County has agreed to pursue a mutually agreeable option to
buy that would apply during the term of the lease to City;
and
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WHEREAS, County and City desire to develop a mutually agreeable con-
tract;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH:
1.. That the City Council hereby agrees in principle with the
long-term lease of the Tarrant County Convention Center to the
City of Fort Worth for the purpose of operating a convention
center.
2. That the City Council agrees to pursue a mutually agreeable
option to buy the Tarrant County Convention Center that would
apply during the term of the lease.
3. That the City Manager and City Attorney are directed to meet
with appropriate County officials to pursue the development of
a mutually agreeable lease with an option to buy between the
City and County, so that such document can be presented to the
Commissioners Court nd City Council for their consideration.
Adopted this ?3/ day of May, 1986.
Mayor
ATTEST:
City Secretary
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OF FOR ![OEME