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<br />Resolution 2018-96R <br />Meeting Date: 06-19-2018 <br /> <br />Council postponed indefinitely <br /> <br />Consider action, by approval, or provide direction to Staff following the Executive Session <br />conducted in accordance with Section §551.071 of the Texas Government Code, <br />Consultation with Attorney, to seek advice of legal counsel regarding: a loan assignment and <br />assumption agreement between the City, JQH-San Marcos Development, LLC. (a subsidiary of <br />John Q. Hammons Hotels and Resorts) and JDHQ Hotels LLC. (a subsidiary of Atrium <br />Hospitality) that assigns the duties and obligations of JQH Development LLC under various loan <br />documents with the City related to the development of the Embassy Suites Hotel and Conference <br />Center to JDQH Hotels, LLC. in connection with the sale of the hotel from JQH-San Marcos <br />Development, LLC to JDQH Hotels LLC.; authorizing the City Manager to execute the <br />agreement on behalf of the City; and declaring an effective date. <br /> <br />A motion was made by Deputy Mayor Pro Tem Gregson, seconded by Council <br />Member Hughson, to postpone, indefinitely, Resolution 2018-95R regarding <br />the proposed subordination agreement and Resolution 2019-96R relating to <br />the proposed loan assignment assumption agreement with JDHQ Hotels LLC <br />because the escrow agreement replaces the loan and releases the second lien. <br />The motion carried by the following vote: <br /> <br />For: 7 - <br />Mayor Pro Tem Prewitt, Council Member Gonzales, Deputy Mayor Pro Tem Gregson, <br /> Council Member Derrick, Council Member Hughson, Mayor Thomaides and Council <br /> Member Mihalkanin <br /> <br /> <br />Against: <br />0 <br />