Res 126-87 8/4/1987e
RESOLUTION NO. /0(o=D 7
RESOLUTION AUTHORIZING TERMINATION OF
LEASE TO AMERICAN DEVELOPMENT CORPORATION
DATED SEPTEMBER 30, 1983, COVERING LOTS 1-7,
BLOCK 182, ORIGINAL TOWNSITE, AND CERTAIN
AIR RIGHTS, WHICH WAS FOR THE CONSTRUCTION
OF A PARKING FACILITY.
WHEREAS, under date of September 30, 1983 , the City of
Wichita Falls entered into a lease agreement with American
Development Corporation, wherein the City leased Lots 1-7, Block
182, Original Townsite of Wichita Falls, and certain air rights,
for the construction of a parking facility, primarily to serve
the Radio Building; and,
WHEREAS, since that date, American Development Corporation
has purchased some land across the street from the Radio Building
to be used for off-street parking. No construction has been
commenced on the leased premises, the need for such facility no
longer exists, and there is no requirement that American
Development Corporation provide any additional off-street parking
for the Radio Building; and,
WHEREAS, it appears to be to the mutual benefit of the
parties that such lease be terminated by mutual agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WICHITA FALLS, TEXAS, THAT:
The City Manager is hereby authorized to execute, for the
City of Wichita Falls, an agreement with American Development
Corporation terminating the above described lease, and in which
each party releases the other party of any and all obl' gations
created by said lease agreement.
4/
if
PASSED AND APPROVED this the ' • =y of August, 987.
M A Y 0
ATTEST:
7-Jn.Q, ) )(-'1712461
City Clerk