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HomeMy WebLinkAboutPR 14414: MT. TAMALPAISinteroffice MEMORANDUM To: Mayor, City Council, and City Manager From: Mark T. Sokolow, City Attorney ~`'j,~ Date: October 19, 2007 Subject: P. R. No. 14414; Council Meeting October 23, 2007 Attached is P. R. No. 14414 as it pertains to a resolution approving a Development Agreement with Mt. Tamalpais Investments Corp. The company is requesting an option to lease vacant land, which will be utilized for residents for the World Trade Center, which is being planned to be remodeled into apartments. Presently, the City is leasing a portion of this vacant land to Capital One Bank. The lease with Capital One Bank expires as of May 31, 2008. MTS:gt Attachment cc: Albert Fowler, Mt Tamalpais Investments Corp. z.pr14414 memo P. R. No. 14414 10/19/07 tk RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A DEVELOPMENT AGREEMENT WITH MT. TAMALPAIS INVESTMENTS CORP. WHEREAS, Albert Fowler, President of Mt. Tamalpais Investments Corp., A Nevada Limited Liability Corporation, has indicated that the Mt. Tamalpais Investments Corp. owns the building located at 440 Austin, Port Arthur, Texas (World Trade Center), which is presently vacant; and WHEREAS, Mt. Tamalpais Investments Corp. is actively planning to develop the property located at 440 Austin into apartments; and WHEREAS, Mt. Tamalpais Investments Corp. has also indicated that they have contracts with the owners of lots 19 to 24 in Block 109 to demolish said buildings so that they can be used for parking for the prospective apartment building at 440 Austin; and WHEREAS, Mt. Tamalpais Investments Corp. has requested assistance from the City of Port Arthur in providing suitable additional locations for parking for residents of the renovated facility at 440 Austin; and z.PR 14414 WHEREAS, the City of Port Arthur presently owns all or a part of the following lots: Parcel 1: Lots 13, 14, 15, 16, 17, and 18 of Block 109, City of Port Arthur, in Jefferson County, Texas, as the same appears upon the map or plat thereof, on file and of record in Vol. 1 page 50, map records of Jefferson County, Texas. Parcel 2: Lots 1, 2, 3, 22, 23, 24, and a part of Lot 21 of Block 110 of the City of Port Arthur, in Jefferson County, Texas (official county map book and volume description to follow), above parcels are now vested by title in the name of City of Port Arthur. and WHEREAS, said parcels has been used for parking for the City's building located at 449 Austin, and for other uses; and WHEREAS, the City Council is willing to make reasonable assurances to the Mt. Tamalpais Investments Corp. that Parcels 1 and 2 can be used for parking for the prospective residents of the apartment building to be built at 440 Austin if a suitable renovation plan is filed by Mt. Tamalpais Investments Corp. which is approved by the City Council; and NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: Section 1. That the City of Port Arthur herein authorizes the City Manager to execute a development Agreement in substantially the same form attached hereto as Exhibit "A". z.PR 14414 Section 2. 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., 2007, at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES: Mayor Councilmembers NOES: MAYOR ATTEST: CITY SECRETARY APPROVED AS TO FORM: CITY ATTORNEY APPROVED FOR ADMINISTRATION: CITY MANAGER z,PR 14414 Exhibit "A" DEVELOPMENT AGREEMENT WHEREAS, Albert Fowler, President of Mt. Tamalpais Investments Corp., A Nevada Limited Liability Corporation, has indicated that the Mt. Tamalpais Investments Corp. owns the building located at 440 Austin, Port Arthur, Texas (World Trade Center), which is presently vacant; and WHEREAS, the Mt. Tamalpais Investments Corp. is actively planning to develop the property located at 440 Austin into apartments; and WHEREAS, the Mt. Tamalpais Investments Corp. has also indicated that they have contracts with the owners of lots 19 to 24 in Block 109 to demolish said buildings so that they can be used for parking for the prospective apartment building at 440 Austin; and WHEREAS, the Mt. Tamalpais Investments Corp. has requested assistance from the City of Port Arthur in providing suitable additional locations for parking :Eor residents of the renovated facility at 440 Austin; and WHEREAS, the City of Port Ari~hur presently owns all or a part of the following lots: Parcel 1: Lots 13, 14, 15, 16, 1'7, and 18 of Block 109, City of Port Arthur, in Jefferson County, Texas, as the same appears upon the map or plat thereof, on file and o:E record in Vol. 1 page 50, map records of Jefferson County, Texas. z.development agreement fowler Parcel 2: Lots 1, 2, 3, 22, 23, :?4, and a part of Lot 21 of Block 110 of the City of Port Arthur, in Jefferson County, Texas (official county map book and volume description to follow), above parcels are now vested by title in the name of City of Port Arthur. and WHEREAS, said parcels has been used for parking for the City's building located at 449 Austin, and for other uses; and WHEREAS, the City Council is willing to make reasonable assurances to the Mt. Tamalpais Investments Corp. that Parcels 1 and 2 can be used for parking for the prospective residents of the apartment building to be built at 440 Austin if a suitable renovation plan is filed by Mt. Tamalpais Investments Corp. which is approved by the City Council; and NOW THEREFORE BE IT AGREED BY AND BETWEEN THE CITY OF PORT ARTHUR AND MT. TAMALPAIS INVESTMENTS CORP.: Section 1. That the City of Port Arthur herein agrees to give Mt. Tamalpais Investments Corp. an option until December 31, 2008 to lease Parcel 1 and Parcel 2 at a cost of $200 per year with a lease agreement to be approved by the City Council with the appropriate insurance, and indemnification provisions for a term of 25 years which can :be extended by Mt. Tamalpais Investments Corp. for an additional 10 years so long as the existing building is remodeled and maintained in accordance with the code of ordinances of the City of Port Arthur. Said option z.development agreement fowler for the lease must be exercised by December 31, 2008. As a condition therefore, Mt. Tamalpais Investments Corp. must submit to and have approved by the City Council the following, to-wit: (1) a remodeling plan for the interior of the World Trade Building at 440 Austin, (2) a conversion plan for the buildings on Lots 19 to 24 of Block 109 so that said area can be used for parking lots, (3) a parking usage plan for Parcels 1 and 2 as well as for Lots 19 to 24 of Blocl~ 109 which is reasonably suitable for the prospective residents of the building at 440 Austin, (4) reasonable financial assurances that the remodeling and renovations will take place and (5) a lease agreement in a format that is acceptable to the City with the appropriate insurance and indemnification provisions. Section 2 That Mt. Tamalpais Investments Corp. will take such precautions as to avoid the future deterioration of the building located at 440 Austin and to secure the building. Section 3. That said development agreement shall not affect the lease rights of Capital One Bank as delineated in Resolution No. 07-163, which expires on May 31, 2008. Section 4. That the notice to the parties shall be sent to the following addresses: z.development agreement fowler TO: CITY OF PORT ARTHUR ATTN: Stephen Fitzgibbons City Manager 444 Fourth Street P. O. Box 1089 Port Arthur, TX 77641-1089 TO: Mt. Tama:lpais Investments Corp. ATTN: Albert H. Fowler P. O. Bo:~c 2 8 4 6 4 San Jose,, California 95159 SIGNED AND AGREED TO on this the day of 2007. MT. TAMAL PAIS INVESTMENTS CORP. By: (Printed Name) SIGNED AND AGREED TO on this the day of , 2007. CITY OF PORT ARTHUR By: Stephen Fitzgibbons, City Manager z.development agreement fowler