HomeMy WebLinkAboutPR 20648: RESCINDING RES NO. 18-398 REGARDING KLV VENTURES INC. Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: February 28, 2019
Subject: P.R. No. 20648; Council Meeting of March 12, 2019
ATTACHED IS PROPOSED RESOLUTION NO. 20648
RESCINDING RESOLUTION NO. 18-398 IN ITS ENTIRETY
AS IT PERTAINS TO ENTERING INTO A PURCHASE
AGREEMENT BETWEEN THE CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION
AND KLV VENTURES,INC.
P. R. No. 20648
1/14/2019 KVM
RESOLUTION NO.
A RESOLUTION RESCINDING RESOLUTION NO. 18-398 IN
ITS ENTIRETY AS IT PERTAINS TO ENTERING INTO A
PURCHASE AGREEMENT BETWEEN THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION AND KLV VENTURES, INC.
WHEREAS, per Resolution No. 18-398, the City Council of the City of Port Arthur
approved the City of Port Arthur Section 4A Economic Development Corporation ("PAEDC") to
enter into a Purchase Agreement with KLV Ventures, Inc. ("KLV") ; and
WHEREAS, KLV intended to purchase approximately 2.9 acres of vacant land in the
Highway 73 Business Park in the City of Port Arthur for the purpose of the development of an
office and parking facilities for their transportation and logistics operations; and
WHEREAS, KLV has determined that due to un-anticipated infrastructure costs at the
Highway 73 Business Park, they will not move forward with the purchase of the property at the
Highway 73 Business Park and have leased property elsewhere in Port Arthur and are currently
operating out of that property; and
WHEREAS, the PAEDC Board of Directors at their regular Board meeting of January 8,
2019, agreed to rescind the Purchase Agreement with KLV Ventures, Inc.
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 That Resolution 18-398 is rescinded in its entirety.
Section 3. That a copy of the caption of this Resolution 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:
i
Floyd Batiste, AEDC EO
APPROVED AS TO FORM:
Guy N. Goodson, PAEDC Atto •
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f -
APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
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