HomeMy WebLinkAboutPR 19960: APROVING THE AGREEMENT WITH THE OLIVE PACKING COMPANY, INC. EDC Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO /4
4)
Date: March 20, 2018
Subject: P. R. No. 19960; Council Meeting of March 27,2018
ATTACHED IS PROPOSED RESOLUTION NO. 19960
APPROVING THE CLOSING OF THE ECONOMIC INCENTIVE
CONTRACT & LOAN AGREEMENT BETWEEN THE OLIVE
PACKING COMPANY, INC. AND THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
P. R. No. 19960
3/7/2018 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC INCENTIVE CONTRACT & LOAN AGREEMENT
BETWEEN THE OLIVE PACKING COMPANY, INC. AND THE
CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS, on May 13, 2014, the City Council of the City Port Arthur approved
Resolution No. 14-229 authorizing the City of Port Arthur Section 4A Economic Development
Corporation ("PAEDC") to enter into an Economic Incentive Contract & Loan Agreement (the
"Agreement") with The Olive Packing Company, Inc. ("The Olive Packing Co."); and
WHEREAS, The Olive Packing Co. has fully satisfied their contractual obligations as
denoted in the memorandum attached hereto as Exhibit"A"; and
WHEREAS, on March 5, 2018, the PAEDC Board of Directors voted and acknowledged
that The Olive Packing Co. had met all contractual obligations under the Agreement, thereby
concluding the Agreement.
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 Agreement between The Olive Packing Co. 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., 2018,
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:
4010
Floyd Batis e, PAE r C CEO
APPROVED AS TO FORM:
'
I
Guy N. oodson, PAE Attorne
APPROVED AS TO FORM:
7/Aa
Valecia R. T eno,y Attorney
41485889 Page 2
EXHIBIT " A"
Port Arthur Economic
Development Corporation
Memorandum
To: PAEDC Board of Director
From: Floyd Batiste, CEO
CC: Krystle Muller, ED Specialist
Re: Closing of the Economic Incentive Contract & Loan
Agreement with The Olive Packing Company, Inc.
It is recommended that the Board close the Economic Incentive Contract & Loan
Agreement with The Olive Packing Company, Inc. ("The Olive Packing Co.") as
The Olive Packing Co. has fully satisfied the terms of the Agreement with the
PAEDC.
In 2014, The Olive Packing Co. was awarded a conditional grant in the amount of
$139,194.00 to be utilized for the purchase of equipment needed for the
expansion of its operations at its location in Port Arthur, TX.
The Olive Packing Co. has met and exceeded the performance required by
PAEDC by employing Port Arthur residents and receiving credits toward the
incentive amount for payroll to Port Arthur residents.
The Olive Packing Co. earned $1.00 in credit for every $6.22 in payroll to Port
Arthur residents. In December 2015, The Olive Packing Co. had a total of
$1,058,604.90 in Port Arthur payroll, equating to $170,193.71 in credits,
exceeding the amount of credits needed to terminate any and all obligations to
the PAEDC.
kvm
501 PROCTER ST.,STE. 100,PORT ARTHUR,TX 77640
1409-963-0579 WWW.PAEDC.ORG