ITEM TITLE:
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Consider approving a fourth amendment to the Ralph’s Resort Lease and Concessionaire agreement between the Lawton Water Authority, Steve and Sandra Perry, and the City of Lawton, modifying the terms of the agreement as it pertains to the transfer of ownership of the assets owned by the Perrys as shown on the “Asset List” of the agreement to the City of Lawton in exchange for the firm payment of three hundred thousand dollars ($300,000.00).
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INITIATOR: Deputy City Manager Dewayne Burk
STAFF INFORMATION SOURCE: Deputy City Manager Dewayne Burk
BACKGROUND: Per the direction of the Lawton Water Authority, staff prepared an amendment to the Ralph’s Resort Lease and Concessionaire agreement for the purpose of amending the terms as they pertain to the transfer of ownership of the assets shown on the “Asset List” of the agreement in exchange for a firm payment of three hundred thousand dollars ($300,000.00). The amendment also allows the Lessor the right to begin a search for a new Lessee / operator of the concession during the final year of the agreement. And if a new Lessee / operator of the concession is found by the Lessor, the Lessor and the current Co-Lessees may agree to terminate this Agreement prior to the normal expiration date.
EXHIBIT: Current lease agreement for Ralph’s Resort, 4th Amendment to Ralph’s Resort Lease and Concessionaire agreement.
KEY ISSUES: Does the Council wish to amend the agreement.
FUNDING SOURCE: Account 52090 Water Authority
STAFF RECOMMENDED COUNCIL ACTION: Approve the fourth amendment to the Ralph’s Resort Lease and Concessionaire agreement between the Lawton Water Authority, Steve and Sandra Perry, and the City of Lawton, modifying the terms of the agreement as it pertains to the transfer of ownership of the assets shown on the “Asset List” of the agreement to the City of Lawton in exchange for the firm payment of three hundred thousand dollars ($300,000.00)