HomeMy WebLinkAboutPR 20895: SALE OF SABINE HOTEL AND SABINE PARKING LOT TRACTS P. R. NO. 20895
08/23/19 updated gt
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER
INTO A SALE AND PURCHASE AGREEMENT BETWEEN THE CITY OF
PORT ARTHUR AND TEXAS 4L PROPERTIES, LP ON BEHALF OF
AURORA CAPITAL HOLDINGS, LLC., FOR THE PURCHASE OF THE
SABINE HOTEL (600 PROCTER) AND THE ADJACENT SABINE
PARKING LOT TRACTS (612, 618, 630, 638 AND 648 PROCTER)
WHEREAS, Texas 4L Properties, LP on behalf of Aurora Capital Holdings LLC, has
proposed to purchase City owned property being the Sabine Hotel (600 Procter) and the
Sabine Parking Lot (612, 618, 630, 638 and 648 Procter); and,
WHEREAS, this sale of City owned property is authorized pursuant to Section
272.001(b)(6) of the Texas Local Government Code which applies to the sale of land
located in a reinvestment zone designated as provided by law and that the municipality
desires to have developed under a project plan adopted by the municipality for the zone;
and,
WHEREAS, pursuant to Ordinance No. 13-10 and Ordinance No. 19-18, the
Downtown Tax Increment Reinvestment Zone (TIRZ) Board and the City Council of the
City of Port Arthur approved the Downtown Tax Increment Reinvestment Zone (TIRZ)#1
Project Plan and Financing Plan; and,
WHEREAS, Texas 4L Properties, LP on behalf of Aurora Capital Holdings LLC, has
presented a proposal regarding its plan to redevelop the Sabine Hotel and the adjacent
Sabine Hotel parking tracts, which were found by the Downtown TIRZ #1 Board to meet
the requirements of its existing Project Plan; and,
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WHEREAS, the City Council finds that the redevelopment proposal is in conformity
with the requirements of §272.001(b)(6) of the Texas Local Government Code as it
pertains to the zone; and
WHEREAS, the City Council has determined that it is in the best interest of the
citizens of the City of Port Arthur to enter into the Sale and Purchase Agreement in the
amount of $400,000 as the sales price of the Sabine Hotel and $60,000 as the sales price
of the Sabine Parking Tracts, these costs represent the fair market value as determined
by a certified appraisal obtained by the City of Port Arthur in conformity with Section
272.001(b) of the Texas Local Government Code. The proposed agreement is attached
hereto in substantially the same form as Exhibit"A".
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That City Council hereby authorizes the City Manager to enter into a
Sale and Purchase Agreement between the City of Port Arthur Aurora Capital Holdings,
LLC, in substantially the same form as attached hereto as Exhibit"A".
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, this day of , 2019
AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the
following vote: AYES:
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Mayor: ,
Councilmembers: ,
NOES: .
Thurman "Bill" Bartle, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO FORM:
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Valecia R. Tizeno,`,ity Attorney
APPROVED FOR ADMINISTRATION:
Ronald Burton, Interim City Manager
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EXHIBIT "A"
WILL BE PRESENTED AT OR
BEFORE THE CITY COUNCIL MEETING
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