DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Amendment to Rio San Antonio Cruises River Barge Concession Contract
SUMMARY:
This ordinance authorizes the execution of Amendment #6 to the Rio San Antonio Cruises, LTD (RSAC) River Barge Concession Contract authorizing the transfer of controlling interest in Rio San Antonio Cruises, LTD from JoAnn E. Boone to Pat Boone.
BACKGROUND INFORMATION:
RSAC has a contract to operate the river barge concessions on the Downtown Reach and Museum Reach portions of the San Antonio River, which includes providing tours, charters, taxi service, and merchandise sales. Ordinance # 100962, approved May 26, 2005, authorized a term from September 1, 2005 through August 31, 2015. Ordinance # 2016-04-28-0292 extended the contract through September 30, 2017.
Since September 1, 2005, JoAnn E. Boone has maintained controlling interest in RSAC. JoAnn E. Boone currently owns 50.1% Limited Partnership Interest in RSAC and Pat Boone owns 49.9%. JoAnn E. Boone now wishes to sell the entirety of her Limited Partnership Interests in RSAC to Pat Boone, thus giving Pat Boone 100% ownership of RSAC. Amendment # 6 provides necessary City approval of the change in ownership.
ISSUE:
Execution of this amendment to the RSAC River Barge Concession Contract, approving the transfer of ownership of RSAC, requires City Council approval.
ALTERNATIVES:
City Council may elect not to approve the transfer of ownership, thereby, prohibiting the sale of this privately owned business.
FISCAL IMPACT:
There is no fiscal impact as a result of this ordinance.
RECOMMENDATION:
Staff recommends authorizing the approval of the transfer of ownership of RSAC.