HomeMy WebLinkAboutPR 19810: EDC, COMMERCIAL LISTING AGREEMENT WITH HAYES REAL ESTATE FOR THE COMMERCIAL LISTING SERVICES Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: June 12, 2017
Subject: P. R.No. 19810; Council Meeting of June 20, 2017
ATTACHED IS PROPOSED RESOLUTION NO. 19810. A
RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION TO ENTER INTO A COMMERCIAL
LISTING AGREEMENT WITH HAYES REAL ESTATE
FOR THE COMMERCIAL LISTING SERVICES OF 501
PROCTER STREET IN PORT ARTHUR,TEXAS. PAEDC
FUNDING ACCOUNT NO. 120-1429-582.59-00.
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P.R. No. 19810
06/7/2017 FB
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION TO ENTER INTO A COMMERCIAL
LISTING AGREEMENT WITH HAYES REAL ESTATE FOR
THE COMMERCIAL LISTING SERVICES OF 501 PROCTER
STREET IN PORT ARTHUR, TEXAS
WHEREAS, on June 5, 2017, the PAEDC Board of Directors approved entering into a
commercial listing agreement with Hayes Real Estate for a 1-year period to lease tenant space in the
property located at 501 Procter, Port Arthur, Texas; and
WHEREAS,PAEDC will pay Hayes Real Estate 5%of the gross rent for leased tenant space
over the term of the lease,if the lease is for a period of three or more year. The fee will be paid on a
quarterly annual basis; and
WHEREAS,PAEDC will pay Hayes Real Estate 4%of the gross rent for leased tenant space
over the term of the lease,if the lease is for a period of less than three years. The fee will be paid on
a quarterly annual basis.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That City Council hereby authorizes PAEDC to enter into a commercial listing
agreement with Hayes Real Estate of Port Arthur, Texas, for commercial leasing services for the
property at 501 Procter Street at 5% of the gross rent for leased tenant space over the term of the
lease, if the lease is for a period of three or more year and 4% of the gross rent for leased tenant
space over the term of the lease, if the lease is for a period of less than three years. The fee will be
paid on a quarterly annual basis.
Section 3. That an authorized agent of Hayes Real Estate will sign this Resolution agreeing
to the terms thereof.
Section 4. That a copy 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 e PAE :C EO
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APPROV • A O FO► :
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
.14 / 4A
Val' is R. T'vf n I, iiRfrttorneyw
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AGREED TO:
Hayes Real Estate
By:
Print Name:
Title:
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