HomeMy WebLinkAboutC2013-268 - 4/30/2013 - NA Amendment No. 1 to the Lease Agreement with Foresight Corpus Christi Golf L.L.C.
Foresight Corpus Christi Golf, LLC ("Operator") and City of Corpus Christi ("City") desire to
amend their Lease Agreement ("Lease Agreement") as follows:
1. Section 8.2 of the Lease Agreement is amended to add new paragraph indicated by underlined
text as follows, and new Exhibit G to the Lease Agreement:
"8.2 Capital Improvements. Prior to the Possession Date, the parties shall develop an
Exhibit to be substituted herein as Exhibit D. Set forth on Exhibit D shall be Operator's initial
proposed capital improvement projects for the Golf Courses, including a description and budget
for each such project. The City has and will continue to segregate and hold the Capital Fund and
make such Capital Fund available to fund capital improvement projects at the Golf Courses
including those described on Exhibit D and future identified projects upon such terms and
conditions as the Operator and City Manger shall mutually agree. To the extent Operator
identifies other capital improvement projects during the term of this lease that could benefit the
operations of the Golf Courses, Operator may notify the Contract Administrator of any such
project and provide a description and budget for such project. No later than the next Annual
Review, Operator and the City Manager shall review such proposed capital project, the related
expenditures required to complete the project and the capital expenditure responsibility, if any,
of each party. To the extent mutually agreed by the parties and in accordance with such
agreement, the City will fund capital improvement projects out of the Capital Fund, and Operator
may proceed with such capital improvement projects.
Operator shall at Operator's initial_expense, lease purchase the capital equipment items
listed on the attached Exhibit G, over a three year period, which three years began on
October 29 2010. O erator shall maintain receil2ts of all capital equipment lease
purchased. The annual lease purchase amount not to exceed $96,300 per ear shall be
deducted from the Operator's annual rental payment to City which is described in Section
4.1. Operator shall be responsible for maintenance, repair and replacement of equipment
leased purchased in accordance with this paragraph, and shall carry liability and physical
damage insurance coverage on this leased purchase equipment, All equipment lease
purchased in accordance with this paragraph becomes City roe at the expiration of
the Lease Agreement. "
2. In the Definitions Section of the Lease Agreement between the City and Operator, the term
"Leased Premises" is modified to also include the equipment listed on the attached exhibit G.
3. Section 9.1 Insurance Coverage of the Lease Agreement between the City and Operator is
modified to provide additional sentence at the end of the paragraph:
"For purposes of this section, `course maintenance equipment' includes all personal property
listed on the Exhibit A to the initial Lease Agreement, and the equipment listed on the attached
Exhibit G."
4. All other terms and conditions of the previously executed Agreement between the
parties which are not inconsistent herewith shall continue in full force and effect.
2013-268
4130113
Foresight Corpus Christi Golf
., INDEXED
2
Executed in duplicate originals by duly authorized officers of the parties,to be effective upon
date of City Council approval.
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ATTEST: City of Corpus Christi,Texas
Armando Chapa 4w Ronald L. Olson
City Secretary City Manager
APPROVED AS TO LEGAL FORM THIS , DAY OF �, 2013:
By: �
Jody e Ass t fty �,---
rney
FORESIGHT CORP STI GOLF, L.L.C.
By:
Name:
Title:
Date:
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