Board of Directors Regular Meeting Agenda
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Receive, consider and act upon Amendment to Donation Special Warranty Deed for the Waterway Square Fountain agreements with The Woodlands Development Company (P-2018-0631A);
There is no immediate fiscal impact related to the Second Amendment to the Donation Special Warranty Deed for the Fountains at Waterway Square. The amendment does release the Township from certain obligations that could arise in the future related to the repair or replacement of the special entertainment features.
The Township Board of Directors has considered options to make repairs to the Fountains at Waterway Square several times during the year beginning on February, 2018 and most recently on August 16, 2018 (Attachment A). During the considerations, the Board of Directors authorized the Chairman to renegotiate the Donation Special Warranty Deed related to the Waterway Square, prior to a final decision regarding the repairs to the Fountains. Subsequently, the Second Amendment to Donation Special Warranty Deed has been prepared (Attachment B).
The Second Amendment changes the language regarding the "Entertainment Features" of the fountains so that the Township is only obligated to make repairs in the future that maintain the fountain in a manner consistent with other fountains, lights and stages under the purview of the Township.
Approve the Second Amendment to Donation Special Warranty Deed as presented and authorize the President/General Manager to execute the agreement.
Attachment A - Fountains at Waterway Square Executive Summary August 2018
Attachment B - Second Amendment Donation Special Warranty Deed Fountains at Waterway Square
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