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HomeMy WebLinkAbout34-02 Resolution RECORD OF RESOLUTIONS Dayton legal Blank Ca., Farm Na. 30045 il 'I ~ R l . 34-02 eso utwn No. 00 Passed .. 00' YEc\R I, II A RESOLUTION AUTHORIZING THE CITY MANAGER 'i TO CONSENT TO A MORTGAGE OR OTHER LIENS ON I THE LEASEHOLD UNDER THAT CERTAIN GROUND LEASE AND OPERATING AGREEMENT BETWEEN THE CITY AND TARTAN GOLF COMPANY, LLC. WHEREAS, by Ordinance No. 119-00 passed by this Council on October 16, 2000, the City entered into a certain Ground Lease and Operating Agreement (the Agreement) with Tartan Golf Company, LLC (the Lessee) relating to the development of the Dublin Golf Club; and WHEREAS, that Agreement requires the City to consent in writing to any mortgage or assignment of the Lessee's right, title and interest under and in that Agreement (the Lien), and the Lessee has requested such consent in connection with a financing in an amount not to exceed $7,500,000 to make further improvements to the Property (the Financing); NOW, THEREFORE, BE IT RESOLVED by the City of Dublin, Franklin, Union and Delaware Counties, Ohio, that: Section 1. This Council on behalf of the City hereby approves the Lien in connection with the Financing and authorizes the City Manager to execute and provide to the Lessee a written consent to the Lien for the Financing, which consent shall be in the customary form. Section 2. This Council further authorizes the City Manager, for and in the name of the City, to execute any other documents evidencing the City's consent to the Lien in furtherance of the Financing. Section 3. This Council finds and determines that all formal actions of this Council concerning or relating to the passage of this Ordinance were taken in an open meeting of this Council and that all deliberations of this Council that resulted in those formal actions were in meetings open to the public in compliance with the law. Section 4. This Resolution shall take effect and be in force in accordance with Section 4.04(a) of the Dublin City Charter. Ii ~igned: .,. '~ 'I r MaYOr:~l:e" . I i Attest: ~(/~~ Clerk of Council I hereby certify that copies of this Ordinance/Resolution were posted in the City of Dublin in accordance with Section 731.25 of the Ohio Revised Code. Office of the City Manager 5200 Emerald Parkway' Dublin, Ohio 43017-1006 Phone: 614-410-4400' Fax: 614-410-4490 Memo CITY OF DUBLIN To: Members of the Dublin City Council From: Jane S. Brautigam, City Manager'-J~ 5 . (b~ Marsha 1. Grigsby, Assistant City Manager/Director of Fmance Stephen J. Smith, Law Director Date: August 14, 2002 Re: Resolution No. 34-02, A Resolution Authorizing the City Manager to Consent to a Mortgage or Other Liens on the Leasehold under that Certain Ground Lease and Operating Agreement between the City and Tartan Golf Company, LLC. SUMMARY: The attached Resolution was initiated as a result of a request from the Huntington National Bank, seeking City consent for additional financing pursuant to our previous agreements with the Tartan Golf Company. The Huntington National Bank has agreed to increase the funding to the golf course by an additional $750,000, taking the new total to $7.25 Million. RECOMMENDATION: Staff recommends approval of this resolution authorizing the city manager to execute the consent.