Subject: 20855/Agmt/Engel-HamCo/OfficeComplex
Date: Fri, 29 Dec 1995 12:32:10 -0500


                               RESOLUTION NO. 20855
                 
                  AMENDED BY #21127
                 
                  A RESOLUTION AUTHORIZING THE MAYOR TO ENTER
                  INTO AN AGREEMENT WITH ENGEL STADIUM
                  CORPORATION AND HAMILTON COUNTY FOR THE
                  APPROVAL OF AN OFFICE COMPLEX AT ENGEL STADIUM
                  AND THE SUBSEQUENT PURCHASE OF SAME BY THE
                  CITY OF CHATTANOOGA AND HAMILTON COUNTY.
                 
                 
                                                    
                 
                 
       	    	 WHEREAS, there presently exists a need for an office
       complex at that particular parcel of property owned jointly by 
the
       City of Chattanooga and Hamilton County, known as Engel Stadium,
       to be of assistance in the administration of said facility and 
the
       management of The Lookouts minor league baseball team; and
       	    	 WHEREAS, the stockholders of the Engel Stadium
       Corporation (the lessee of said facility) have offered to obtain
       the necessary financing for the construction of an office
       facility, obtain the County's and City's approval of the plans
       prior to construction, and to build the office facility in
       accordance with said approved plans; and
       	    	 WHEREAS, at some point in time subsequent to the
       construction of said office complex, the owners of Engel Stadium
       Corporation have offered to sell to the City of Chattanooga and
       Hamilton County said office complex, at a price not to exceed One 

       Hundred Sixty Thousand Dollars ($160,000.00) and interest which
       said owners would have at that time expended therefor; and
0C
       	    	 WHEREAS, the City Council feels that to enter into an
       agreement to bring about the above-stated purpose would be in the 

       best interest of the citizens of Hamilton County and the City of
       Chattanooga;
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That the Mayor be and is
       hereby authorized to enter into and execute an agreement with the 

       Engel Stadium Corporation and Hamilton County, under the terms 
and
       substance that complies with the recitals of this resolution, 
that
       would allow the Engel Stadium Corporation to acquire financing 
for
       the construction of an office complex at the property owned by 
the
       City of Chattanooga and Hamilton County known as Engel Stadium,
       subject to the City's and County's approval of the plans for said 

       complex prior to the construction thereof; and
       	    	 BE IT FURTHER RESOLVED, That at an agreeable time
       subsequent to the completion of said office complex, the Mayor be 

       and is hereby further authorized to transact the purchase of said 

       office complex by the City of Chattanooga and Hamilton County 
from
       the Engel Stadium Corporation for an amount not to exceed One
       Hundred Sixty Thousand Dollars ($160,000.00) or those funds and
       interest which said owner would have at that time expended
       therefor.
      
       ADOPTED:	 January 9, 1996
      
       WSPjr:cjc