HomeMy WebLinkAboutPR 20043: EDC AGREEMENT WITH ASIA JONES r '
Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO r'9//3
Date: December 12, 2017
Subject: P. R.No. 20043; Council Meeting of December 19, 2017
ATTACHED IS PROPOSED RESOLUTION NO. PR 20043. A
RESOLUTION AUTHORIZING THE CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION
TO ENTER INTO A MICRO-LOAN AGREEMENT WITH ASIA
JONES FOR THE AMOUNT OF $14,000 FOR THE
RENOVATION, PURCHASE OF EQUIPMENT, AND
PURCHASE OF A BUILDING LOCATED AT 1621 HOUSTON
AVENUE IN PORT ARTHUR, TEXAS ASSOCIATED WITH A
NEW BUSINESS KNOWN AS FINESSED BEAUTY BAR
P. R. No. 20043
12/12/2017 FB
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION TO ENTER INTO A MICRO-LOAN
AGREEMENT WITH ASIA JONES FOR THE AMOUNT OF
$14,000 FOR THE RENOVATION, PURCHASE OF
EQUIPMENT, AND PURCHASE OF A BUILDING LOCATED
AT 1621 HOUSTON AVENUE IN PORT ARTHUR, TEXAS
ASSOCIATED WITH A NEW BUSINESS KNOWN AS FINESSED
BEAUTY BAR
WHEREAS, per Resolution 06-425 the City of Port Arthur entered into an agreement
with the City of Port Arthur Section 4A Economic Development Corporation("PAEDC") for the
administration of its Micro-Loan Program; and
WHEREAS, at the PAEDC Board of Directors regular meeting on December 4, 2017,
the Board authorized its Chief Executive Officer to fund Asia Jones new business through the
City's Micro-Loan Program for an amount of$14,000 for the renovation, purchase of equipment,
and purchase of a building for a new business known as Finessed Beauty Bar; and
WHEREAS, the Board approved an interest rate of 4% annual for a period of five (5)
years for the repayment of the loan as outlined in 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 PAEDC is herein authorized to enter into a Micro-Loan Agreement with
Asia Jones for the amount of$14,000 for the renovation, purchase of equipment, and purchase of
a building for a new business known as Finessed Beauty Bar.
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 Batiste, AEDC CEO
#1459870 Page 2
APPROVED TO FIRM:
0 0,
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
#1459870 Page 3
Exhibit "A"
Micro-Loan Agreement
This Loan Agreement (the "Agreement") is entered into on the day of
2017 between the City of Port Arthur, administered by the City of Port Arthur Section 4A
Economic Development Corporation ("PAEDC") and Asia Jones ("Borrower"), whose address
is 1113 West 6th Street Port Arthur, Texas 77642.
RECITALS
A. The City of Port Arthur, per Resolution 17-132, authorized the PAEDC to manage the
City's Micro-Loan Program.
B. All funds advanced from the Fund to Borrower under the terms of this Agreement shall
be used to purchase, renovate and purchase equipment for a building located at 1621 Houston
Avenue in Port Arthur, Texas, associated with a new business known as Finessed Beauty Bar.
The plans and all specifications are located in the PAEDC files.
C. Borrower desires to accept the loan and to abide the terms of this Agreement.
D. The PAEDC has approved a loan recommendation for Borrower in the amount of
$14,000.00.
NOW, THEREFORE, The parties agree as follows:
1. Borrower reaffirms that all information provided to the PAEDC is correct and accurate.
2. Borrower has read and agrees to abide by the provisions and requirements of the City of Port
Arthur's Micro-Loan Program.
3. All work performed by the Borrower will be consistent with the approval by the PAEDC. If
Borrower proposes any changes in the project, Borrower will obtain written approval from
the PAEDC before implementing such changes. Borrower understands that the PAEDC is
not required to approve any changes.
4. Borrower may specify if they intend to complete the improvements in either of the following
specified time period from the date of this Agreement:
a. within three months
b. _X within six months
Borrower understands that failure to complete the improvements within such time period is a
default of the loan, and the full amount of the loan will become due. Extension of the loan
may be requested by the Borrower not less than thirty (30) days prior to the end of
improvement construction period which approval may be given at the sole discretion of the
PAEDC.
5. Borrower agrees to indemnify and hold harmless the City of Port Arthur and the PAEDC
from any and all claims arising out of work performed.
6. Borrower will notify the PAEDC if ownership Borrower's interest in the subject property
changes in any way. This Agreement is not assignable by Borrower without prior written
approval of the PAEDC, which will not be unreasonably withheld.
7. Borrower must provide PAEDC with a Waiver of Lien and Bills Paid Affidavit upon
completion of the improvements.
8. Borrower hereby grants to the PAEDC the right to use pictures, renderings or descriptions of
the work for any and all promotional purposes.
9. Following completion of construction as specified in paragraph 4 of this Agreement and the
delivery of the Waiver and Affidavit specified in paragraph 7 of this Agreement, installment
payments of principal and interest at the rate of 4% per annum will be paid monthly to the
PAEDC over a maximum term of five years.
10. Application fee will be the responsibility of the Borrower.
11. Each applicant is limited to no more than one application each year, with priority given to
new applicants.
12. By execution of this Agreement, Borrower, whether one or more, each individually agrees to
personally guarantee repayment of the loan as outlined in this Agreement, and the Borrower
waives any notice or opportunity to cure defaults in performance or nonpayment of
installments due under this Agreement except as such notice of default may be specifically
outlined in this Agreement.
13. Each Borrower acknowledges by execution of this Agreement that they are individually or
collectively the owners of all the interests in the property described above on which
improvements with loan funds under this Agreement are to be performed and acknowledged
that it is a default under this Agreement unless all owners of the property execution this
Agreement.
EXECUTED by the Borrowers as of the date of their signature to be effective as of the date and
year first above written in this Agreement.
Borrower
Date:
Borrower
Date:
#1458317 Page 2
STATE OF TEXAS
COUNTY OF JEFFERSON
On this day of , 20_, before the undersigned Notary Public personally
appeared and , personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged that he/she/they freely executed it.
Witness my hand and official seal.
Notary Public, State of Texas
APPROVED:
Floyd Batiste, PAEDC CEO
Date:
#1458317 Page 3
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