R-2848-8-09RESOLUTION NO. 2948-8-09(R)
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, DECLARING AN EXPECTATION TO ADVANCE THE
INITIAL THREE MONTHS OF OPERATIONAL FUNDING FOR THE ALLEN
EVENT CENTER FROM THE CITY'S GENERAL FUND; TO AUTHORIZE
STAFF TO PROCEED WITH THE ADVANCE PURSUANT TO THE
MANAGEMENT AGREEMENT; AND TO RECEIVE A REIMBURSEMENT OF
THE ADVANCE PURSUANT TO THE MANAGEMENT AGREEMENT; AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the Allen Event Center is an asset of the City of Allen, Texas (the "City"); and,
WHEREAS, the City entered into a management agreement (the "Agreement") on October 23, 2007,
with Global Entertainment Corporation ("Global"), as amended to manage the Allen Event Center; and,
WHEREAS, pursuant to Article IX of the Agreement, the City will advance the initial three months of
operational funding for the Event Center within 90 days of the opening date of the Allen Event Center;
and,
WHEREAS, the City has unencumbered funds available for the advance within the City's General Fund;
and,
' WHEREAS, Global is obligated to reimburse the City for the advance within 30 days after the end of the
first operating year of the Allen Event Center,
NOW, THEREFORE, BE TT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, THAT:
SECTION 1. The City Council hereby declares an expectation to advance the initial three months of
operational funding for the Allen Event Center from the City's General Fund and to receive a
reimbursement of the advance pursuant to Article IV of the Agreement and this resolution shall constitute
a declaration of official intent and authorization to proceed with the advance pursuant to Article Df of the
Agreement. The estimated amount of the three month advance pursuant to the Event Center budget is
approximately $943,000.
SECTION 2. This resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON TFBS THE 1 I DAY OF AUGUST, 2009.
APPR D:
StepheriFferrell, MAYOR
' ATTEST:
Shelley B. Geo CITY SECRETARY