HomeMy WebLinkAboutPR 19850: EDC CLOSING OF ECONOMIC DEVELOPMENT CONDITIONAL GRANT Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: July 25, 2017
Subject: P. R. No. 19850; Council Meeting of August 1, 2017
ATTACHED IS PROPOSED RESOLUTION NO. PR 19850. A
RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC DEVELOPMENT CONDITIONAL GRANT
AGREEMENT BETWEEN PA69, L.P. AND THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
P. R. No. 19850
7/12/2017 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC DEVELOPMENT CONDITIONAL GRANT
AGREEMENT BETWEEN PA69, L.P. AND THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
WHEREAS, on October 13, 2015, the City Council of the City of Port Arthur approved
Resolution No. 15-368 authorizing the City of Port Arthur Section 4A Economic Development
Corporation (the "PAEDC") to enter into an Economic Development Conditional Grant
Agreement (the "Agreement") with PA69, L.P. ("PA69"); and
WHEREAS, PA69 has fully satisfied their contractual obligations as denoted in the
memorandum attached hereto as Exhibit "A"; and
WHEREAS, on July 10, 2017, the PAEDC Board of Directors voted and acknowledged
the satisfaction of the contractual obligations, thereby concluding the Agreement with PA69.
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 PA69, L.P. and PAEDC have
been met and are complete and therefore approves 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
Floyd Batiste, PS DC C '' 1
APPROVED • TO - i 'M:
lA
Guy N. Goodson, PAEDC At I rney
APPROVED AS TO FORM:
YOtt, s3
Valecia R. Tiz o, City Attorney
#1406156 Paget
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 PA69, L.P.
It is recommended that the Board close the Economic Development Conditional
Grant Agreement with PA69, L.P. ("PA69") as PA69 has fully satisfied the terms
of the Agreement with the PAEDC.
In 2015 PA69 was awarded a conditional grant in the amount of$275,000 to be
reimbursed by the PAEDC once certain infrastructure improvements were
complete at the intersection of Hwy. 69 and Jimmy Johnson Blvd. to allow for
the expansion of the Conn's Home Store and the construction of an additional
business next to Conn's.
PA69 has met the performance required by PAEDC.
kvm
501 PROCTER ST.,STE. 100,PORT ARTHUR,TX 77640
409-963-0579 WWW.PAEDC.ORG