R2007-104 2007-07-09RESOLUTION NO. R2007-104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, CONSENTING TO AN ASSIGNMENT
AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS:
Section 1. That certain Assignment Agreement attached hereto as Exhibit "A"
and made a part hereof for all purposes, is hereby approved.
PASSED, APPROVED, AND ADOPTED this the 9th day of July, A.D., 2007.
TOM REID
MAYOR
ATTEST:
Q
ITY SE' RETARY
,
UNG R I G, M
APPROVED AS TO FORM:
•
DARRIN M. COKER
CITY ATTORNEY
Exhibit "A"
Resolution 2007-104
TRANSFER OF RIGHTS UNDER HOTEL OCCUPANCY
TAX REIMBURSEMENT AGREEMENT
This Transfer of Rights Under Hotel Occupancy Tax Reimbursement Agreement ("Transfer") is
made and entered into this June i:' 2007 by and among Shadow Creek Investment Group LLC
("Assignor"), a Texas limited liability company, Pearland Capital Group LP, a Texas limited partnership
("Assignee") and The City of Pearland Texas (the "City") .
WHEREAS Assignor, formerly known as Shadow Creek Hilton Garden Inn LLC, and the City
have hereinafter entered into:
(a) Hotel Occupancy Tax Reimbursement Agreement dated October 11, 2005 (the
2005 Agreement) by and between the City and Assignor; and
(h) The City of Pearland Standard Amendment to Hotel Occupancy Tax
Reimbursement Agreement (the "Standard Amendment") dated May 21, 2007 by and between the City
and Assignor (collectively the "Reimbursement Agreement"); and
WHEREAS such Reimbursement Agreement provides for the reimbursement to Assignor of hotel
occupancy taxes for a hotel to be constructed by Assignor as more fully provided in the Reimbursement
Agreement; and
WHEREAS such hotel is now to be built, owned and operated by Assignee and thus Assignor and
Assignee desire that Assignor assign its rights under the Reimbursement Agreement to Assignee;
Now therefore:
(a) In consideration of the foregoing premises and the sum of ten dollars and other
good and valuable consideration the receipt of which is hereby acknowledge, Assignor hereby assigns,
transfers and conveys all of its rights and interest under the Reimbursement Agreement to Assignee.
(b) Assignee accepts such assignment from Assignor and agrees to be bound by each
and all of the terms and provisions of the Reimbursement Agreement as if Assignee had originally been
named or the "Developer" therein,
(c) The City hereby consents to such assignment.
Executed as of the date first above stated,
SHADOW CREEK INVESTMENT GROUP, LLC,
a Texas limited liability company
'
By: OVA G1.Cc,.
William F. Harmeyer, Manger
PEARLAND CAPITAL GROUP LP,
a Texas limited partnership
By: (��1.� 'tel
William F. Harmeyer, anager
CITY OF PEARLAND
By:
Name: Bill Eisen
Title: City Manager 7-9-07