HomeMy WebLinkAboutPR 19728: RENEWAL OF LEASE FOR PORTION OF BUILDING AT 441 AUSTIN AVE. TO CAPITAL ONE, N.A. P.R. No. 19728 03/21/17 gt RESOLUTION NO. A RESOLUTION AUTHORIZING FIRST RENEWAL TO THE LEASE OF A PORTION OF THE BUILDING AT 441 AUSTIN AVENUE TO CAPITAL ONE, N.A. WHEREAS, on June 1, 2004, the City of Port Arthur entered into a three (3) year lease with Hibernia National Bank; and WHEREAS, Capital One purchased the assets of Hibernia National Bank and pursuant to Resolution No. 07-163 the City Council approved an extension of the lease at 441 Austin to Capital One until May 31, 2008; and WHEREAS, Capital One decided to remain in downtown Port Arthur and requested an additional two year lease of a portion of the building at 441 Austin, which was approved by City Council per Resolution No. 07-514; and WHEREAS, per Resolution No. 10-49, Capital One exercised the first renewal option from June 1, 2010 to May 31, 2012; and WHEREAS, per Resolution No. 12-094, Capital One and the City of Port Arthur amended the lease to extend the notice date for the renewal option from February 29, 2012 until March 31, 2012; and WHEREAS, per Resolution No. 12-142, Capital One exercised the first renewal option from June 1, 2012 to May 31, 2014; and s.pr19728 WHEREAS, per Resolution No. 14-285, Capital One agreed to a Third Amendment to the Lease Agreement from June 1, 2014 to May 31, 2015; and WHEREAS, per Resolution No. 16-086, Capital One agreed to a Fourth Amendment to the Lease Agreement from June 1, 2016 to May 31, 2018; and WHEREAS, Capital One wishes to extend the Lease Agreement for an additional year from June 1, 2017 to May 31, 2018, by executing a renewal letter agreement, in substantially the same form as attached hereto as Exhibit "A". NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR, TEXAS: Section 1. That the facts and opinions in the preamble are true and correct. Section 2. That the City Council herein authorizes the City Manager to execute the renewal letter agreement to the Lease Agreement with Capital One, in substantially the same form attached hereto as Exhibit "A". Section 3. That a copy of the caption of this Resolution be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED on this day of March, A.D., 2017, at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES: s.pr19728 Mayor: Councilmembers: NOES: DERRICK FORD FREEMAN, MAYOR ATTEST: SHERRI BELLARD, CITY SECRETARY APPROVED AS TO FORM: dP4 :� VALECIA 1. ' Z CITY ATTORNEY APPROVED FOR ADMINISTRATION: BRIAN MCDOUGAL, CITY MANAGER s.pr19728 EXHIBIT "A" s.pr19728 Capital One,N.A. Caplfa�l Rne eal Estate Administration 275 Broadhollow Road Melville,NY 11747 Via FedEx Overnight Mail March 1,2017 City of Port Arthur Brian McDougal P O Box 1089 Port Arthur Texas 77641 RE: Lease Agreement"Lease"dated December 19,2007 by and between City Port Arthur ("Landlord")and Capital One,N.A("Tenant")for the premises located at 441 Austin Avenue Port Arthur Texas 77640 Dear Mr.McDougal: This letter will serve as notice that Capital One,N.A.,as tenant,hereby exercises first extension term as per Sections 4 and 5 of the Fourth Amendment to Lease Agreement extending the Lease for an additional period of one(1)year. Section 4 of Fourth Amendment to Lease requires written notice to Landlord not later than ninety(90)days prior to end of term which this letter satisfies. The renewal term shall commence June 1,2017 and expire on May 31,2018. The annual rent for the first extension term shall be as stated in sections 4 and 5 of Fourth Amendment to Lease. Please acknowledge your receipt and confirmation of the above by signing the enclosed copy of this letter where indicated and returning to my attention at Capital One,N.A.,Real Estate Administration,275 Broad Hollow Road,Melville,NY 11747. I can be reached at 646-753-0506 should you have any questions relative to this matter. Thank you for your cooperation. Co dially, fi....„.„,,,u4.. e Soriano nior Manager Real Estate Administration RECEIVED AND CONFIRMED This day of 2017 City of Port Arthur By Cc: 9ty of Port Arthur-444 4th Street Port Arthur Texas 77640 City of Port Arthur-City Attorney P 0 Box 1089 Port Arthur Texas 77641 -r"" Capital One,N.A. CapitatO ® Real Estate Administration ---•'" 275 Broadhollow Road Melville,NY 11747 Via FedEx Overnight Mail March 1,2017 City of Port Arthur Brian McDougal P O Box 1089 Port Arthur Texas 77641 RE: Lease Agreement"Lease"dated December 19,2007 by and between City Port Arthur ("Landlord")and Capital One,N.A("Tenant")for the premises located at 441 Austin Avenue Port Arthur Texas 77640 Dear Mr.McDougal: This letter will serve as notice that Capital One,N.A.,as tenant,hereby exercises first extension term as per Sections 4 and 5 of the Fourth Amendment to Lease Agreement extending the Lease for an additional period of one(1)year. Section 4 of Fourth Amendment to Lease requires written notice to Landlord not later than ninety(90)days prior to end of term which this letter satisfies. The renewal term shall commence June 1,2017 and expire on May 31,2018. The annual rent for the first extension term shall be as stated in sections 4 and 5 of Fourth Amendment to Lease. Please acknowledge your receipt and confirmation of the above by signing the enclosed copy of this letter where indicated and returning to my attention at Capital One,N.A.,Real Estate Administration,275 Broad Hollow Road,Melville,NY 11747. I can be reached at 646-753-0506 should you have any questions relative to this matter. Thank you for your cooperation. Co dially, J.,.e Soriano .;nior Manager eal Estate Administration RECEIVED AND CONFIRMED This day of 2017 City of Port Arthur By Cc: "City of Port Arthur-444 4th Street Port Arthur Texas 77640 City of Port Arthur-City Attorney P 0 Box 1089 Port Arthur Texas 77641