Res 151-2009 11/3/2009 RESOLUTION NO. I 51 - �cya�1
Resolution Authorizing The City Manager To Execute All Documents
Necessary To Offer $ 3.900,000 To Brook Avenue Associates, LP. To
Purchase the Castaway Cove Water Park, And Endorsing An
Application To The 4B Sales Tax Corporation To Fund Such Purchase
WHEREAS, on September 15, 2009, Brook Avenue Associates, LP, the owner
of the Castaway Cove water park in Wichita Falls, Texas, requested the City pay it
$4,300,000 for its water park, not including its adjacent 49-acre tract of land; and
WHEREAS, the City Council believes the proposal has validity and would be a
worthwhile quality of life amenity for our citizenry, but desires to obtain the water park at
a price that reflects the actual value of the water park with its adjacent 49-acre tract.
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 all documents necessary to
offer $ 3.GOO,�.C,�(�to Brook Avenue Associates, LP. to purchase the Castaway
Cove water p ra k, with its adjacent 49-acre tract of land, with such offer to be contingent
on the successful and uncontested issuance of certificates of obligation to pay for said
park and related project approvals by the Wichita Falls 4B Sales Tax Corporation.
Other parties with interests in the water park property may be joined in said offer as
necessary. The City Council further endorses an application to the Wichita Falls 4B
Sales Tax Corporation to fund this purchase.
PASSED AND APPROVED this the 3rd day of November, 2009.
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MAYOR
ATTEST:
Ci lerk