Title
Resolution - A Resolution Approving a Consent to Sublease of Waterpark Ground Lease and Operating Agreement by and between STORE Master Funding VIII, LLC, PPW Mansfield, LLC, and the City of Mansfield
Requested Action
Consider approving resolution to approve Consent to Sublease of Waterpark Ground Lease and Operating Agreement
Recommendation
Approve Consent to Sublease of Waterpark Ground Lease and Operating Agreement
Description/History
On November 20, 2007, the City of Mansfield executed a Waterpark Ground Lease and Operating Agreement with Mansfield Family Entertainment, LLC (MFE) to lease the property known as Hawaiian Falls. On December 14, 2015 City Council approved: MFE’s assignment of its lease interest to STORE Master Funding VIII, LLC (STORE); STORE’s sublease of its interest in the lease to Horizon Family Holdings, LLC (HFH); and HFH’s sub-sublease of its interest in the lease back to MFE. STORE is currently the tenant under the Ground Lease, and the subleases involving HFH and MFE have been terminated. STORE is now requesting the city’s consent to sublease to PPW Mansfield, LLC to operate the waterpark and PPW will be required under the sublease documents to perform all obligations of STORE under the Ground Lease.
Justification
The Waterpark and Ground Lease Agreement provides in Section 18.1 that the Lease may not be assigned without prior written consent from the City.
Funding Source
N/A
Prepared By
Shelly Lanners, Deputy City Manager
shelly.lanners@mansfield-tx.gov
817-276-4265