Title
Resolution - A Resolution to Consider Amending Amendment Number Two to the Water Park Ground Lease and Operating Agreement with Mansfield Family Entertainment, LLC and the City of Mansfield for Expansion of the Hawaiian Falls Water Park Mansfield
Requested Action
Consider Amending Amendment Number Two to Water Park Ground Lease
Recommendation
Approve Resolution
Description/History
City Council approved a Water Park Ground Lease Agreement with Mansfield Family Entertainment, LLC (MFE) on April 24, 2007 for the operations of Hawaiian Falls Water Park. On November 19, 2007, City Council approved the First Amendment to the ground lease, recognizing Texas Credit Union’s $2 million loan to MFE in order for MFE to make a 2 million capital contribution to the water park project. On October 26, 2009 City Council approved an Addendum to the ground lease allowing MFE to raise the credit limit on the loan by $1 million to construct a new attraction (The Torpedo) and stay in compliance with the agreement. On November 14, 2011 City Council approved Amendment Number Two to the ground lease allowing certificates of obligation to fund a $3 million expansion and to have MFE fund 20% of the expansion costs over 20 years and also allowed an increase in Annual Lease Payments for the term of the contract.
Justification
Exhibit “A” of Amendment Number Two is a concept plan of the $3 million dollar expansion project and includes a “Splashwater Harbor”, a Boomerango and Master Blaster” tower slide. During the design phase, MFE discovered in order to design the Master Blaster in a way that would provide the most “excitement and thrill” for the rider was cost prohibitive. It was discovered that another tower slide the “Colorado River Drop” would provide a longer thrill ride with more twists and turns and still remain a multi-passenger tube ride and would be able to be constructed within the budget. MFE is requesting City Council to consider amending Amendment Number Two ...
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