ITEM TITLE:
#23-13 - Authorizing the City Manager to execute the initial operating agreement for Valdez Senior Housing Associates, LLC
SUBMITTED BY: Mark Detter, City Manager
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Approve Resolution #23-13
SUMMARY STATEMENT:
The initial operating agreement for Valdez Senior Housing Associates was contemplated in the Multi Participation Agreement executed in January of 2022. The initial operating agreement will be followed in a short time frame by a revised and amended operating agreement as required by the developer’s financing partners.
The initial operating agreement covers the following:
• Name of group operating Senior Housing complex-Valdez Senior Housing Associates, LLC
• Character of Business
• Finance Capacity
• Powers
• Name and Address of Members and Ownership Interest
• Term of Agreement
• Initial Contribution of Members
• Conditions of City of Valdez Participation
• Return of Members Capital Contribution
• The Rights of Remaining Members to Continue Company
• Severability
• Captions
• Amendment
• Limitations of Valdez Liability