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Ratification of the Bill of Sale and Assignment and Assumption Agreement By Serve Lewisville, Inc. and the City of Lewisville, the Release of Deed of Trust, and Two Leases Agreements with Boys & Girls Clubs of Greater Tarrant County and Adoption of a Resolution Ratifying the First Amendment to the Agreement Between City of Lewisville and Boys & Girls Clubs of Greater Tarrant County to Address Food Insecurity.
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ADMINISTRATIVE COMMENTS:
In November 2022, the City of Lewisville entered into an agreement with Serve Lewisville to provide a ten-year forgivable loan to acquire property at 1001 S. Edmonds Lane (the "Property"), renovate the existing building, and operate a nonprofit center. In May 2025, Serve Lewisville notified the City of Lewisville that it would cease all operations by June 30, 2025. In lieu of foreclosure, Serve Lewisville requested to transfer all of its assets, including the Property, to the City of Lewisville. This further necessitated extending certain agreements with the Boys & Girls Clubs of Greater Tarrant County, one of the primary tenants operating on the Property. Due to the last minute nature of this request, the City Manager had to approve these documents first and is now seeking ratification.
RECOMMENDATION:
That the City Council ratify the agreements and release as set forth in the caption above and adopt the resolution as set forth in the caption above.