R-2887-2-10RESOLUTION NO. 2887-2-101R)
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT WITH THE ARTS OF COLLIN COUNTY COMMISSION, INC.,
NAMING THE CITY OF ALLEN AS GUARANTOR OF A CONSTRUCTION LINE
OF CREDIT FOR PHASE ONE OF THE ARTS OF COLLIN COUNTY PROJECT
BETWEEN THE ARTS OF COLLIN COUNTY COMMISSION, INC. AND A
PRIVATE BANKING INSTITUTION IN AN AMOUNT NOT TO EXCEED
$5,000,000.00; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the cities of Allen, Frisco and Plano, collectively referred to as "Cities," entered into an
Interlocal Cooperation Agreement for funding capital and operating costs related to the Arts of Collin County
Commission, Inc. in February 2004; and,
WHEREAS, the City of Allen desires to facilitate the initiation of construction on Phase One of the Arts of
Collin County project as described in the previous agreement, by providing a guarantee of a construction line
of credit from a private banking institution, to the Arts of Collin County Commission, Inc, to cover the gap
between commitments from private fundraising and receipt of private capital pledges and the total cost of
construction of Phase One of the Arts of Collin County project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, THAT:
' SECTION 1. The City Manager is directed to finalize an agreement, approved as to form by the City
Attorney, committing the City of Allen as guarantor for a construction line of credit to be issued to the Arts of
Collin County Commission, Inc. by a private banking institution, to provide the commitment needed for full
funding of the capital construction costs of Phase One of the Arts of Collin County Project not to exceed
$5,000,000.00.
SECTION 2. The City Manager is hereby authorized to execute the Agreement on behalf of the City of
Allen, and any related instruments or amendments thereto, substantially according to the terms and conditions
set forth in this Resolution.
SECTION 3. The City Secretary shall forward a certified copy of this Resolution to George Purefoy, City
Manager, City of Frisco, Thomas H. Muehlenbeck, City Manager, City of Plano, and Mike Simpson,
Executive Director, Arts of Collin County Commission,
SECTION 4. This Resolution shall become effective from and after its passage.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE 23" DAY OF FEBRUARY, 2010.
APPRO D:
ephen Te rell, MA VOR
ATTEST:
Shelley B. Geo , CITY SECREIti tY