HomeMy WebLinkAboutPR 20649: CLOSING OF THE ECONOMIC DEVELOPMENT CONDITIONAL GRANT, WITH AJ ENTERTAINMENT, LLC AND EDC Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO— I J
Date: January 22, 2019
Subject: P.R. No. 20649; Council Meeting of January 29, 2019
ATTACHED IS PROPOSED RESOLUTION NO. 20649
APPROVING THE CLOSING OF THE ECONOMIC
DEVELOPMENT CONDITIONAL GRANT AGREEMENT
BETWEEN AJ ENTERTAINMENT, LLC AND THE CITY OF
PORT ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
P. R. No. 20649
1/14/2019 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC DEVELOPMENT CONDITIONAL GRANT
AGREEMENT BETWEEN AJ ENTERTAINMENT, LLC AND
THE CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS, on January 31, 2017, the City Council of the City of Port Arthur approved
Resolution No. 17-029 authorizing the City of Port Arthur Section 4A Economic Development
Corporation ("PAEDC") to enter into an Economic Development Conditional Grant Agreement
(the"Agreement")with AJ Entertainment, LLC ("AJ Entertainment"); and
WHEREAS, AJ Entertainment has fully satisfied their contractual obligations as denoted
in the memorandum attached hereto as Exhibit "A"; and
WHEREAS,on January 8,2019,the PAEDC Board of Directors voted and acknowledged
the satisfaction of the contractual obligations, thereby concluding the Agreement with AJ
Entertainment.
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 AJ Entertainment, LLC and
PAEDC have been met and are complete, and therefore, approves the closing of the Agreement.
Section 3. "l hat 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., 2019,
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: ,l /d),
-/— --Y a_____ -
Floyd Batiste, AEDC CE
APPROV- i AS TO ORM:
Guy N. Goodson, PAEDC Attorney
#1615818
Page 2
APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
4'16I5818 Page 3
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 Al Entertainment, LLC
It is recommended that the Board close the Economic Development Conditional
Grant Agreement with Al Entertainment, LLC ("AJ Entertainment") as AJ
Entertainment has fully satisfied the terms of the Agreement with the PAEDC.
In 2017 AJ Entertainment was awarded a conditional grant in the amount of
$105,500 to be reimbursed by the PAEDC once certain infrastructure
improvements were complete at the property located at 7500 Twin City
Highway in Port Arthur, Texas to allow for the construction of a restaurant and a
warehouse.
Al Entertainment has met the performance required by PAEDC.
kvm
501 PROCTER ST.,STE. 100,PORT ARTHUR,TX 77640
1409-963-0579 I W W W.PAEDC.ORG