HomeMy WebLinkAboutPR 19765: EDC, AGREEMENT WITH BK PA, LTD. Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO � �
Date: May 16, 2017
Subject: P. R. No. 19765; Council Meeting of May 23, 2017
ATTACHED IS PROPOSED RESOLUTION NO. 19765 A
RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC DEVELOPMENT CONDITIONAL GRANT
AGREEMENT BETWEEN BK PA, LTD. AND THE CITY OF
PORT ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION.
P. R. No. 19765
5/3/2017 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC DEVELOPMENT CONDITIONAL GRANT
AGREEMENT BETWEEN BK PA, LTD. AND THE CITY OF
PORT ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
WHEREAS, on October 29, 2013, the Port Arthur City Council approved Resolution
No. 13-524 authorizing the City of Port Arthur Section 4A Economic Development Corporation
("PAEDC") to enter into an Economic Development Conditional Grant Agreement (the
"Agreement") with BK PA, LTD. ("BK PA"); and
WHEREAS, BK PA 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 BK PA.
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 Development Conditional Grant Agreement between BK PA, LTD. 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:
, / a
i
Floyd Batiste, PAED C °O
APPRO'4 .• FORM:
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
Va ecia R. izeno ity Attorney
#1383477 Page 2
EXHIBIT "A"
Port Arthur Economic
Development Corporation
Memorandum
To: PAEDC Board of Directors _
From: Floyd Batiste, CEO'
CC: Krystle Muller, ED Specialist
Re: Closing of the Economic Development Conditional Grant
Agreement with BK PA, Ltd.
It is recommended that the Board close the Economic Development Conditional
Grant Agreement with BK PA, Ltd. ("BK PA") as BK PA has fully satisfied the
terms of the Agreement with the PAEDC.
In 2013 BK PA was awarded a conditional grant in the amount of$402,103 to be
reimbursed by the PAEDC once redevelopment of the former Sutherland
Lumber Company property located at 2770 FM 365 in Port Arthur, TX and
certain infrastructure improvements were complete.
BK PA has met the performance required by PAEDC and submitted certificates of
occupancy for at least three separate businesses as a result of the
redevelopment.
As a result of the redevelopment, a total of five separate businesses were
opened and remain in operation on the redevelopment site.
kvm
501 PROC TER ST.,S 1'E. 100,PORT ARTHUR,TX 77640
1409-963-0579 I W W W.PAEDC.ORG