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HomeMy WebLinkAboutRES 920273 - Palace Theater Funding AgmtRESOLUTION No. 920273 0•0 0 0 0 0 0 WHEREAS, the City of Georgetown, Texas ("City"), seeks to promote tourism, convention activity, cultural activity, historic preservation and historical activities within the City; and, WHEREAS, the Georgetown Palace Theatre, Inc. , seeks to resto and renovate the Palace Theatre building at 814 Austin Avenue a provide programs and events which will further enhance the city, tourism activities and become a major tourist attraction f� visitors to Georgetown; and, 10 WHEREAS, the City desires to amend the previously approve Funding Agreement with the Georgetown Palace Theatre, Inc., t expand the uses of the loan monies to allow for the monies to b used for reduction of the debt on the building, interest on thl debt, or other operating expenses necessary to secure the purchas of the building, and, WHEREAS, the City Council has found that this action implements Economic Development Policy 2: "The City will continue to promote and facilitate the development of the downtown as an economically viable component of the retail and business community." and Economic Development Policy 4: "The City will develop and promote the tourism industry in Georgetown." and Historic Preservation and Urban Design Policy 1: "The City will preserve, protect and promote its prehistoric, historic, and cultural resources." of the Century Plan - Policy Plan Element, and is not found to be inconsistent or in conflict with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan; AOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CII OF GEORGETOWN, TEXASp THAT: M999MOR The facts and recitations contained in the preamble of this resolution are hereby found and declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof, as if copied verbatim. No. 920273 Palace Theater Funding Agreement 6,1M 0 a The City approves the amendment to the Funding Agreement with the Georgetown Palace Theatre, Inc., to expand the uses of the remaining previously approved loan monies to allow them to be used for reduction of the debt on the building, interest on the debt, or other operating expenses necessary to secure the purchase of the building. Section 3 The Mayor is hereby authorized to execute, and the City Secretary to attest. Section 4 This resolution shall be effective immediately upon adoption. THE CITY OF GEORGETOWN: ATTEST: -�' Elizabeth Gr—ay, ity secretary APPROVED AS TO FORM: C' Marianne Landers Banks, City Attorney No. 920273 Palace Theater Funding Agreement 131 =-- -NMI .1 jx�g Dig u" Do C61". I j mug W; I any V This is an Agreement amending the Funding Agreement executed on July 23, 1991, between the City of Georgetown, a Texas Home Rule municipal Corporation (hereinafter called "City"), and the Georgetown Palace Theatre, Inc., a Texas Non -Profit Corporation, (hereinafter called "Palace Theatre") , for the City to provide funding for tourism and related services. The City seeks to promote tourism, convention activity, cultural activity, historic preservation and historical activity within the City, through the receipt and disbursement of hotel/motel tax funds and by providing funding assistance for the further restoration and renovation of the Palace Theatre building at 814 Austin Avenue. II. FUNDING The City agrees to grant an amount not to exceed a total of five thousand dollars ($5,000) and a loan amount not to exceed a total of ten thousand dollars ($10,000), to be funded from hotel/motel taxes. The Palace Theatre agrees to accept the loan amount and to repay the total loan amount used within a three (3) year period beginning from the effective date of this Agreement. Funding from the City shall be from the receipts of the seven per cent (7%) hotel/motel room occupancy tax in an amount not to exceed the amounts specified above, but in no instance shall the total paid exceed the documented expenditures made by the Palace Theatre under the terms of this Agreement. Payment will be made as documented invoices of costs for restoration-, a-nd renovation,_ reduction of the debt, interest on the debt, or other operating expenses necessary to secure the purchase of the buildipg, are received from the Palace Theatre and shown to be payable to the Palace Theatre. This funding is subject to proof by the Palace Theatre being submitted to the City by September 8, 1992 that the Palace Theatre has applied for funding and grants from at least three (3) organizations or foundations. No draws on the funds from this contract shall be approved until proof is submitted to the approval of the City Manager. Any unexpended funds are to be returned to the City at the completion of the restoration and renovation project. Palace Theatre agrees to use the funds specified in this Agreement in conformance with applicable state and local laws. Palace Theatre agrees to follow the direction of the Georgetown Convention & Visitors Bureau Board (hereinafter called "Board") and/or the Convention & Visitors Bureau Director regarding the use of these funds as set forth by the Strategic Plan and the Marketing Plan for the Board. Palace Theatre agrees to permit an audit of these expenditures by the City's designated auditor. This Agreement shall not be altered, waived, amended, or extended, without the prior written consent of both parties. Palace Theatre may not assign this Agreement to another par without the prior written consent of the City. All notic regarding assignment shall • given as provided in Paragraph V. I is further agreed that this Agreement shall be binding upon t administrators, executors and assigns of both parties. I Either party may terminate this Agreement upon thirty (30) days written notice to the other party. Such notice shall be hand= delivered or sent by Certified Mail, Return Receipt Requested, to the following addresses: City manager President City of Georgetown Georgetown Palace Theatre, Inc. P.O. Box 409 P.O. Box 1516 Georgetown, TX 78627 Georgetown, TX 78627 EXECUTED THIS DAY OF -Lne— , 1992. CITY OF GEORGETOWN GEORGE OWN P GE THEATRE, INC. jR By: By: Leo ood, Mayor / Gen 4 Taylor, P6&ident ATTEST: Elizabeth Gray, City/, ecretary Marianne Landers Banks, City Attorney CORPORATE ACKNOWLEDGEMENT L This instrument was acknowledged before me on this the10A-- — day of C_ , , 1992, by Gene Taylor, a person known to me, in his c6acity as president of the Georgetown Palace Theatre, Inc., a Texas non-profit corporation, on behalf of the said organization. Notary Public� in and fo the State of Texas