Title
Consider/Discuss/Act on Approval of a Resolution Authorizing the City Manager to Execute Closing Documents Pursuant to the Asset Purchase Agreement Previously Approved under Resolution No. 2013-09-144 (R), Providing for the Further Authorization of the City Manager to Execute Certain Contracts, Leases, Subleases and Agreements to Operate the Assets to be Acquired, Such Agreements to be Effective Only Upon Closing
Summary
MEETING DATE: October 15, 2013
DEPARTMENT: City Manager
CONTACT: Jason Gray
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
* The City has executed an Asset Purchase Agreement with McKinney Airport Properties, Inc., McKinney Aviation I Ltd., Tres Airport Partners, LP, and Collin County Regional Investments, LP, as authorized by Resolution 2013-09-144 (R). Under the Asset Purchase Agreement, the City will acquire leases, several hangars buildings, personal property and a terminal building. Resolution 2013-09-144 (R) requires the Asset Purchase Agreement to condition Closing on an additional authorization of the City Council in a public meeting. Accordingly, Section 6.2 of the Asset Purchase Agreement requires the City to adopt a Resolution authorizing the Closing. Section 6.2 of the Asset Purchase Agreement also requires the City to appoint a representative to execute and deliver all documents required to consummate the Closing and remit the Purchase Price.
* The adoption of the proposed Resolution would satisfy the requirements of Section 6.2 of the Asset Purchase Agreement by (i) authorizing the Closing of the purchase of the Assets; and (ii) authorizing and appointing the City Manager to consummate the Closing. Although not required by Section 6.2, the adoption of the proposed resolution authorizes the City Manager to enter into related contracts needed to operate and protect the severed improvements and leasehold estates to be acquired by the City. The adoption of the proposed resoluti...
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