TEOF Hotel LP

Closed session discussion of legal issues related to the existing loan agreement between the City and TEOF Hotel LP for property at 1011 South Akard Street.

- Legal issues related to the existing loan agreement between the City and TEOF Hotel LP for property located at 1011 South Akard Street.

The City is asked to accept or reject an offer from TEOF Hotel LP to pay $5,707,000 (plus accrued interest and legal fees) upon the sale of the Lorenzo Hotel at 1011 South Akard Street in exchange for a release of the City's lien on the property, with no net cost to the City.

Authorize the acceptance or rejection of an offer received from TEOF Hotel LP (“Borrower”), a Texas limited partnership to (1) pay the City $5,707,000 (plus any pertinent accrued interest) and the Cit