HomeMy WebLinkAboutPR 21067: EDC, AGREEMENT WITH TEXAS 4L PROPERTIES, LP ON BEHALF OF AURORA CAPITAL HOLDINGS, LLC, PURCHASE OF VRIOUS CITY OWNED VACANT LOTS P. R. No. 21067
09/16/19
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
VARIOUS CITY OWNED VACANT LOTS WITHIN THE BOUNDARIES
OF THE DOWNTOWN TAX REINVESTMENT ZONE.
WHEREAS, Texas 4L Properties, LP on behalf of Aurora Capital Holdings LLC, has
proposed to purchase City owned vacant lots as within the boundaries of the Downtown
Tax Reinvestment Zone delineated in Exhibit "A" attached hereto; 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 City owned vacant lots as
delineated in Exhibit "A" attached hereto, 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 sale of property in a reinvestment 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 $95,500.00 as the sales price of the City owned vacant lots as delineated in
Exhibit "A" attached hereto; and
WHEREAS, the proposed sales price of $95,500.00 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 "B".
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 "B" in conformity with
the requirements of the Texas Local Government Code and the Texas Constitution.
Section 3. That a copy of the caption of this Resolution shall be spread upon
the Minutes of the City Council.
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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:
Mayor:
Councilmembers: ,
NOES: .
Thurman "Bill" Bartle, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
APPROVED FOR ADMINISTRATION:
Ronald Burton, Interim City Manager
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EXHIBIT "A"
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Description Address Legal Description JCAD Account# Appraised
LT 16& 17& LT 18 BLK 109 CITY OF $28,500.00 for 3
Parking Tract 1 411-417 5th St PORT ARTHUR 411-417 5TH ST 053400-000-133000-00000-8 lots
LT 10 THRU LT 15 BLK 109 CITY OF
Parking Tract 2 n/a PORT ARTHUR 053400-000-132900-00000-0
lir LT12 LT BLK 110 CITY OF PORT
`Parking Tract 3 n/a ARTHUR 053400-000-133250-00000-9
iii $20,500 for 2 lots
E13 OF LT 21&ALL OFLT22TOLT
Parking Tract 4 549 5th St 24 BLK 110 CITY OF PORT ARTHUR 0.53400-000-134000-00000-7
LT 6& LT 7 BLK 111 CITY OF PORT
Parking Tract 5 600 6th St ARTHUR_ _600 BLK 6TH ST {053400-000-134500-00000-6
LT—8& LT 9 BLK 111 CITY OF PORT $29,000.00 for all 4
Parking Tract 5 , 600(5th)St ARTHUR 600 BLK 5TH ST 053400-000-134700-00000-2 lots
Green Space 710 6th St LT 10 BLK 112 CITY OF PORT ARTHUR 053400-000-135800-00000-9 All
:7,500.00
Storage Tract 628 Sth St LT 6 BLK 130 CITY OF PORT ARTHUR 053400-000-153100-00000-1 $ 10,000.00
Total
$95,500.00
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EXHIBIT "B"
WILL BE PRESENTED AT OR
BEFORE THE CITY COUNCIL MEETING
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