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MEMORANDUM
T.o: Mayor, City Council, and City Manager 5
From: Mark. T. Sokolow,-City Attorney ~Zr.,1
Date: February 22, 2008
Subject: P. R: No. 14580; Council Meeting-February 26, 2008
Attached is P. R. No. 14580 as it pertains to the increase
in value of land to $42,500 per acre in the City of Port Arthur
Section 4A Economic Development Corporation Business Park located
at 9555 W. Port Arthur Road prepared by Guy Goodson.
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Attachment
cc: Floyd Batiste, CEO of EDC
Guy Goodson, Germer Gertz
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P.R. No. 14580
Prepared by Goodson
RESOLUTION NO.
A RESOLUTION AS IT PERTAINS TO THE INCREASE IN
VALUE OF LAND TO $42,500 PER-ACRE IN THE CITY OF
PORT ARTHUR SECTION 4A ECONObIIC DEVELOPMENT
CORPORATION BUSINESS PARK LOCATED AT 9555 W.
PORT ARTHUR ROAD
WHEREAS, the City of Port Arthur Section 4A Economic Development Corporation
("PAEDC") has undertaken an analysis of the fair market value of land in the City of Port Arthur
Section 4A Economic Development Corporation Business Park (the "Business Park"), located at
9555 W. Port Arthur Road; and
WHEREAS, the PAEDC received an analysis from the Director of Finance for the City of
Port Arthur showing the (i) cost of purchase of land in the Business Park, (ii) cost associated with
Phase 1 ofthe streets, drainage and utility infrastructure in the Business Park and (iii) additional cost
to be paid from the 2007 General Obligation Bonds for road improvements in the Business Park
providing a total estimated project cost of $10,256,731; and
V1'HEREAS, the PAEDC Business Park consists of 302 acres with 246 considered available
for sale not dedicated to street, drainage, rights-of--way, detention ponds, utility easements, lift
stations or other restricted uses thereby providing an estimated development cost of $41,694.03; and
W HEREAS, the Board of Directors of the PAEDC has found that additional costs have been
incurred unrelated to operation and maintenance of the Business Park;
WHEREAS, the PAEDC-Board of Directors at its February 13, 2008, meeting determined
that the fair market value of land in the Business Park is $42,500 per acre.
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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 of Port Arthur approves the fair market value of land in the
Business Park as $42,500 per acre.
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.; 2008,
at a Meeting of the City Council of the City of Port Arthur, Texas. by the following vote: AYES:
Mayor
Council members
NOES:
Delores "Bobbie" Prince, b4ayor
ATTEST:
Terri Hanks, Acting City Secretary
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APPROVED:
Floyd Batiste, PAEDC CEO
APPROVED AS TO FORM:
Guy N. Goodson, EDC Attorney
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Mark T. Sokolov, City Attorney
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