Subject: 20920/Agmt/Sale of St.John's Hotel
Date: Fri, 29 Dec 1995 12:32:10 -0500


                               RESOLUTION NO. 20920
                  
                  A RESOLUTION AUTHORIZING THE MAYOR TO ENTER 
                  INTO A PURCHASE AND DEVELOPMENT AGREEMENT WITH 
                  CORNERSTONES, INC. FOR THE SALE AND 
                  DEVELOPMENT OF THE ST. JOHN'S HOTEL.
                  
                                                     
                  
       	    	 WHEREAS, the City of Chattanooga currently owns the old 
       St. John's Hotel which is adjacent to the proposed Warehouse Row, 
       Phase III; and
       	    	 WHEREAS, Cornerstones, Inc. is a nonprofit charitable 
       corporation engaged in the preservation and restoration of 
       historic properties in the Chattanooga area; and
       	    	 WHEREAS, the City Council deems it appropriate and 
       desirable to encourage and support the restoration of the old St. 
       John's Hotel; and
       	    	 WHEREAS, the City is authorized by Tennessee Code 
       Annotated 6-54-111 to make contributions to nonprofit charitable 
       corporations; and
       	    	 WHEREAS, the City Council finds that the restoration of 
       the old St. John's Hotel will promote the general welfare of the 
       community by preserving a historical structure;
       	    	 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 a Purchase and 
       Development Agreement, substantially in the form attached hereto, 
       with Cornerstones, Inc. for the sale and restoration of the St. 
       John's Hotel under the conditions described therein.
       ADOPTED:	 March 12, 1996
       
       WSPjr:tlm