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<br />" ..r <br /> <br />-. ".,... .~.... <br /> <br /> <br />. <br /> <br />JAN 191m <br /> <br />"J <br />~:J <br />~;' <br /> <br />City of La Porte <br />Established 1892 <br /> <br />January 8, 1993 <br /> <br />Mr, Ron E, Jackson, President <br />Sunbelt Hotels, Inc. <br />2600 Citadel Plaza Drive, #507 <br />Houston, TX 77008 <br /> <br />Dear Mr. Jackson: <br /> <br />By letter agreement dated October 12, 1990, the City of La Porte and Sunbelt <br />Hotels, Inc., agreed to pursue a hotel-convention center for a site at Sylvan <br />Beach Park in La Porte. This phase of the project has now been successfully <br />completed. <br /> <br />The next step in this process requires the preparation of preliminary plans for <br />a hotel-convention center at Sylvan Beach Park in La Porte, at an estimated total <br />cost of $35,000. It is contemplated that this cost will be provided and paid as <br />follows: <br /> <br />Sunbelt Hotels, Inc. <br />City of La Porte <br />Private Investors <br /> <br />$ 10,000 <br />12,500 <br />12.500 <br />$ 35,000 <br /> <br />Total <br /> <br />In addition, it is contemplated that Sunbelt Hotels, Inc. will provide additional <br />contribution of services, as described on Exhibit nAn attached to this letter. <br /> <br />The sum of $25,000 shall be deposited in an escrow account at the City's <br />depository, Bayshore National Bank of La Porte, Texas, with signature control by <br />the City Manager of the City of La Porte, to be dedicated exclusively to the <br />purposes set forth in this letter agreement. Sunbelt will reimburse Mitchell <br />Carlson and Associates direct ly for their share ($10,000) of the preliminary plan <br />and associated design fee of $35,000. <br /> <br />The proposed project expenditures in the development of preliminary plans for the <br />hotel'.convent ion center at Sylvan Beach Park, are more part icularly described on <br />Exhibit "B" attached hereto and made a part hereof. <br /> <br />In the event the proposed hotel-convention center is constructed, all documented <br />fees and expenses paid by the City and Sunbelt Hotels since 1990 in conjunction <br />with the Sylvan Beach hotel project, and the sum of $12,500 paid by the City of <br />La Porte under the terms of this letter agreement, shall be reimbursed from and <br />out of the first draw on the construction financing. If construction of the <br /> <br />P.O, Box 1115 0 LaPorre,Texas77572.1115 0 (713)471-5020 <br />