Req. #1 1522
PUESOLUTIONNO. 37277
4 A RESOLUTION authorizing the execution of the second amended option and
development agreements with the Harold E. LeMay Museum for
2 development of a world-class automobile museum in Tacoma.
3 WHEREAS, on July 6, 2007, the City received notice from the
4 Harold E. LeMay Museum ("LeMay Museum") that it was exercising its option
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on Tacoma Dome Lots "B" and "C" for development of a world-class automobile
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museum, and
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8 WHEREAS, under current agreements, closing must occur within
9 24 months of exercising the option, and
10 WHEREAS, if the LeMay Museum elects to close in phases, any portion
I I of the property not used in the initial phase will remain under option to the
12 LeMay Museum for 20 years from the date of closing of the first phase, and
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WHEREAS the City and the LeMay Museum desire to amend the option
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1 5 agreement and the development agreement to (1) remove obligations of the
1 6 City to construct parking and infrastructure improvements prior to the
1 7 construction of the LeMay Museum; (2) allow the City to retain title to the
18 property along the perimeter of Tacoma Dome Lots "B" and "C" to provide for a
19 30-foot wide access road; (3) allow the LeMay Museum to construct a
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first-phase facility at a cost of at least $25 million, with commitment to construct,
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22 in the second phase, a facility with a combined total cost of at least $40 million;
23 and (5) allow the City to use...
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