SUBJECT/RECOMMENDATION:
Title
Grant consent to Ruth Eckerd Hall, Inc (REH) for the purpose of obtaining financing from Bank of America for two loans in the amount of $5,860,000 and $450,000 respectively and authorize the appropriately officials to execute same. (consent)
Body
SUMMARY:
The City entered into a lease agreement with Ruth Eckerd Hall, (formally known as PACT, Inc.) on March 7, 2001 for the operation and maintenance of an Arts facility.
The lease grants REH the right to mortgage or otherwise pledge its interest in its leasehold estate and any improvements thereon provided the leasehold mortgage complies with stipulations outlined in Section 16 of the lease.
The submitted Promissory Notes and Leasehold Mortgage documents comply with the provision of Section 16. The lease further stipulates that consent by the City of Clearwater shall not be reasonably withheld.
Based on submission and the lease agreement, staff recommends that consent be granted.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A