Title
Resolution to Consent to Assignment and Assumption of the Global Encroachment Agreement between V.F. Corporation (“VFC”) and VF Jeanswear Limited Partnership (“Jeanswear”)
Body
Department: Legal
Meeting Date:
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Jim Hoffman, 373-2320
Contact 2 and Phone: Jennifer Schneier, 373-2320
PURPOSE:
To consent to an Assignment and Assumption Agreement between V.F. Corporation and VF Jeanswear Limited Partnership for the series of jeans sculptures serving as a symbol of “Jeansboro Day” located on various sidewalks and street rights-of-way in the City of Greensboro.
BACKGROUND:
VCF entered into a Global Encroachment Agreement with the City of Greensboro on March 15, 2018 for the placement of a series of jeans sculptures serving as a symbol of “Jeansboro Day” located on various sidewalks and street rights-of-way. VFC now desires to assign to Jeanswear all of VFC’s rights, title, and interests in, to and under the Encroachment Agreement, and Jeanswear desires to accept the assignment and to assume all of VFC’s obligations and liabilities under the Encroachment Agreement.
City Council approves all Encroachment Agreements. This assignment of a previously-approved encroachment agreement requires an independent City Council approval and consent.
BUDGET IMPACT:
None.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council consent to the Assignment and Assumption Agreement between V.F. Corporation and VF Jeanswear Limited Partnership for the Global Encroachment Agreement.