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
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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:
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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
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EXHIBIT "A"
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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