HomeMy WebLinkAboutPR 19764: EDC LOAN AGREEMENT WITH B&B ICE, INC. Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO lj_.,
Date: May 16, 2017
Subject: P. R. No. 19764; Council Meeting of May 23, 2017
ATTACHED IS PROPOSED RESOLUTION NO. 19764 A
RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC INCENTIVE CONTRACT & LOAN AGREEMENT
BETWEEN B&B ICE, INC. AND THE CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION.
P. R. No. 19764
5/3/2017 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC INCENTIVE CONTRACT & LOAN AGREEMENT
BETWEEN B&B ICE, INC. AND THE CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, on March 6, 2013, the Port Arthur City Council approved Resolution No.
13-101 authorizing the City of Port Arthur Section 4A Economic Development Corporation (the
"PAEDC") to enter into an Economic Incentive Contract & Loan Agreement (the "Agreement")
with B&B Ice, Inc. ("B&B"); and
WHEREAS, B&B has fully satisfied their contractual obligations as denoted in the
memorandum attached hereto as Exhibit"A"; and
WHEREAS, on May 1, 2017, the PAEDC Board of Directors voted and acknowledged
the satisfaction of the contractual obligations, thereby concluding the Agreement with B&B.
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 hereby acknowledges that the contractual obligations in
the Economic Incentive Contract & Loan Agreement between B&B Ice, Inc. and PAEDC have
been met and are complete, and therefore, approve the closing of the Agreement.
Section 3. That a copy of the caption of this Resolution shall be spread upon the Minutes
of the City Council.
READ, ADOPTED AND APPROVED on this day of A.D., 2017,
at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote:
AYES:
Mayor
Councilmembers
NOES:
Derrick Freeman, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED:
Floyd Batis PAE 1 EO
APPROVED AS TO FORM:
Goo
Guy N. Goo•son, C Attorney
APPROVED AS TO FORM:
r
\ I V
VVal/eecci/ia R. Tize o, City Attorney
#1383432 Page 2
EXHIBIT "A"
•
Port Arthur Economic
Development Corporation
Memorandum
To: PAEDC Board of Directors
From: Floyd Batiste, CE
CC: Krystle Muller, ED Specialist
Re: Closing of the Economic Incentive Contract & Loan
Agreement with B&B Ice, Inc.
It is recommended that the Board close the Economic Incentive Contract & Loan
Agreement with B&B Ice, Inc. ("B&B") as B&B has fully satisfied the terms of the
Agreement with the PAEDC.
In 2013, B&B was awarded a conditional grant in the amount of$285,515 to be
utilized for the purchase of equipment needed for the expansion of its
operations in the Spur 93 Business Park, Port Arthur, TX.
B&B has met the performance required by PAEDC by employing Port Arthur
residents and receiving credits toward the incentive amount for payroll to Port
Arthur residents.
Total payroll to Port Arthur residents over the three year agreement was
$467,557.38.
kvm
501 PROCTER ST.,STE. 100,PORT ARTHUR,TX 77640
1409-963-05791 WWW.PAEDC.ORG