R25-49

RESOLUTION NO. R25-49 
 
A RESOLUTION OF THE COUNCIL OF THE CITY OF 
GLENDALE, 
MARICOPA 
COUNTY, 
ARIZONA, 
AUTHORIZING 
AND ENTERING INTO A LESSOR’S  
RECOGNITION 
AGREEMENT 
AND 
ESTOPPEL 
CERTIFICATE BETWEEN THE CITY OF GLENDALE, AN 
ARIZONA 
MUNICIPAL 
CORPORATION 
AND 
BJG 
GLENDALE LLC, A TEXAS LIMITED LIABILITY COMPANY, 
FOR THE BENEFIT OF GR FUNDING, LLC, A DELAWARE 
LIMITED LIABILTY COMPANY, AS ADMINISTRATIVE 
AGENT FOR GR FUNDING LLC, A DELAWARE LIMITED 
LIABILITY COMPANY. 
 
 
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE as follows: 
 
WHEREAS, on April 22, 1997, the City entered into a Lease Agreement with PAR GOLF, 
L.L.C., for the development and operation of the Public Golf Course, known as the Desert Mirage 
Golf Course, located at 87th Avenue and Maryland Avenue; and 
 
WHEREAS, on September 22, 1997, and November 6, 1997, the Lease Agreement was 
amended modifying the leased property and reporting requirements; and 
 
WHEREAS, on November 4, 2011, the Tenant’s leasehold estate for PAR GOLF, L. 
L.C., was transferred to Stearns Bank NA by Trustee’s Deed; and 
 
WHEREAS, on August 31, 2012, the City approved Amendment #1 (C-3569-1), 
consenting to the assignment of the Lease Agreement to Ready Golf, Inc.; and 
 
WHEREAS, on September 4, 2012, Stearns Bank NA transferred the Tenant’s leasehold 
estate to Ready Golf, Inc., an Arizona corporation; and 
 
WHEREAS, pursuant to an Assignment and Assumption of Lease and the Lease 
Agreement, Ready Golf, Inc., assigned, with the consent of the City, its interest in the Lease 
Agreement to BJG Glendale LLC; and 
 
WHEREAS, BJG Glendale LLC seeks to obtain from GR Funding, LLC, a loan in the original 
principal amount of up to $23,250,000.00, encumbering one hundred percent (100%) of the limited 
liability company and membership interests in and of BJG Glendale LLC; and 
WHEREAS, the execution and delivery of a Lessor’s Recognition Agreement and Estoppel 
Certificate is a condition precedent to the GR Funding, LLC’s obligation to make the Loan.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE as follows: 
 
SECTION 1. The City Council authorizes the City Manager to accept, sign, and execute 
the Lessor’s Recognition Agreement and Estoppel Certificate between the City of Glendale and 
BJG Glendale LLC. 
 
PASSED, ADOPTED AND APPROVED by the Mayor and Council of the City of 
Glendale, Maricopa County, Arizona, this 10th day of June, 2025. 
 
 
 
 
 
 
                                                    
 
 
Mayor Jerry P. Weiers 
ATTEST: 
 
                                                              
Julie K. Bower, City Clerk             (SEAL) 
 
APPROVED AS TO FORM: 
 
                                                              
Michael D. Bailey, City Attorney 
 
REVIEWED BY: 
 
                                                              
Kevin R. Phelps, Interim City Manager