ORDINANCE NO. 060971
Approving the change in
management for the 13th and Wyandotte Hotel Redevelopment Project; and
authorizing execution and delivery of any necessary documents and certificates
in regard to the change.
WHEREAS, in
conjunction with the 13th and Wyandotte Hotel Redevelopment Project on April 1, 1996, the Land Clearance for Redevelopment Authority (the "Authority")
issued $15,110,000.00 its taxable leasehold revenue bonds (the
"Bonds") in support of renovations and improvements to the then
Americana Hotel (the "Hotel Project") at 13th and Wyandotte Streets
in downtown Kansas City, Missouri (the "City"); and
WHEREAS, the
City through a Financing Agreement in conjunction with the Hotel Project
provided its annual appropriation pledge as security for the Bonds; and
WHEREAS, both
the Hotel Project's Cooperative Agreement and the Operating Lease for the Bonds
require the City's consent for any changes in the management; and
WHEREAS, the
City has previously approved changes in the hotel's management to Boykin Lodging
Company; and
WHEREAS,
Boykin has entered into a merger agreement to be acquired by Braveheart
Holdings, L.P. ("Braveheart"), an affiliate of Westmont Hospitality
Group and its partners and Cadim, Inc., a division of Caisse de depot et
placement du Quebec; and
WHEREAS, the
City Manager and City Council have reviewed this request and agree to approve
the proposed change in management of the Hotel Project; NOW, THEREFORE,
BE IT
ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Council hereby approves the change in
the management of the 13th and Wyandotte Hotel Redevelopment Project from
Boykin Lodging Company to Westward Hospitality Management Inc., (a company that
has been formed specifically to operate the Braveheart hotels) and authorizes
the City Manager to execute all documents and certificates required to
accomplish the approved change.
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Approved
as to form and legality:
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Heather
A. Brown
Assistant City Attorney