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MEMORANDUM
TO: Mayor, City Council, City Manager
From: Mark T. Sokolow City Attorney ~ ~
Subject: P. R. No. 11968; Council Meeting October 15, 2002
Date: October 9, 2002
Attached is P. R. No. 11968 authorizing the City Manager
and the City Attorney to negotiate an agreement for payment of
"in lieu of ad valorem taxes" and UDAG notes as it pertains to
ALT Affordable Housing Services, Inc. purchase of apartment
complexes in the City of Port Arthur This matter as to the
collection of the UDAG notes will be first discussed in
Executive Session. This item was requested by Mayor Pro Tem
Henderson.
MTS/ts
Attachment
z.prl1968 .memo
P. R. No. 11968
10/04/02 ts
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER AND
CITY ATTORNEY TO NEGOTIATE AN AGREEMENT FOR
PAYMENT OF "IN LIEU OF AD VALOREMTAXES" AS IT
PERTAINS TO ALT AFFORDABLE HOUSING SERVICES,
INC., AND TO PAY UDAG NOTES (REQUESTED BY
MAYOR PRO TEM HENDERSON)
WHEREAS, the Port Arthur Housing Finance Corporation passed a
Resolution to finance a project for the benefit of ALT Affordable
Housing Services, Inc., which will purchase and rehabilitate
apartment units in the City; and
WHEREAS, this Resolution was contingent on the bonds being
approved by the City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1.
true and correct.
Section 2.
That the facts and opinions in the preamble are
That the City Manager and the City Attorney
are herein authorized to assist Lynn Doherty in negotiating an
ad valorem taxes"
once negotiated,
agreement for payment of "in lieu of
all or a portion of the UDAG notes.
Section 3. That this agreement,
presented to the City Council and Port Arthur Housing
Corporation for approval, which will also serve as approval
and to pay
bond financing.
Section 4.
be spread upon the Minutes of
z.pr11968
shall be
Finance
for the
That a copy of the caption of this Resolution
the City Council.
of Port Arthur, Texas,
Mayor
READ, ADOPTED AND APPROVED on this __ day of ,
2002, at a Regular Meeting of the City Council of the City
by the following vote: AYES:
, City Council ,
NOES:
ATTEST:
OSCAR ORTIZ, MAYOR
EVANGELINE GREEN, CITY SECRETARY
APPROVED AS TO FORM:
MARK T. SOKOLOW, CITY ATTORNEY
APPROVED FOR ADMINISTRATION:
STEVE FITZGIBBONS, CITY MANAGER
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