HomeMy WebLinkAboutPR 21835: CLOSING CONTRACT AND LOAN AGREEMENT BETWEEN WILLFIRE AND EDC Interoffice
MEMORANDUM
To: Mayor, City Council, Manager
From: Floyd Batiste, CEO F r
Date: March 9, 2021
Subject: P.R. No. 21835; Council Meeting of March 16, 2021
ATTACHED IS PROPSED RESOLUTION NO. 21835
APPROVING THE CLOSING OF THE ECONOMIC INCENTIVE
CONTRACT AND LOAN AGREEMENT BETWEEN WILLFIRE
HC, LLC AND THE CITY OF PORT ARTHUR SECTION 4A
ECONOMIC DEVELOPMENT CORPORATION
P. R. No. 21835
3/8/2021 KVM
RESOLUTION NO.
A RESOLUTION APPROVING THE CLOSING OF THE
ECONOMIC INCENTIVE CONTRACT AND LOAN
AGREEMENT BETWEEN WILLFIRE HC, LLC AND THE CITY
OF PORT ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION
WHEREAS, on June 12, 2012, the City Council of the City of Port Arthur approved
Resolution No. 12-298 authorizing the City of Port Arthur Section 4A Economic Development
Corporation ("PAEDC") to enter into an Economic Incentive Contract and Loan Agreement (the
"Agreement") with Willfire HC, LLC ("Willfire"); and
WHEREAS, Willfire has fully satisfied their contractual obligations as denoted in the
memorandum attached hereto as Exhibit "A"; and
WHEREAS, on March 1, 2021, the PAEDC Board of Directors voted and acknowledged
the satisfaction of the contractual obligations, thereby concluding the Agreement with Willfire.
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 Council hereby acknowledges that the contractual obligations in
the Economic Incentive Contract and Loan Agreement between Willfire HC, LLC and PAEDC
have been met and are complete and therefore approves the closing of the Agreement.
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 on this day of A.D., 2021,
at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES:
Mayor
Councilmembers
NOES: .
Thurman Bartie, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED:
DetZe-e76-/
Floyd Ba" ste, PA D CEO
APPROVED TO FO •
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
#1843697
Page 2
EXHIBIT "A"
Port Arthur Economic
Development Corporation
Memorandum
February 24,2021
To: PAEDC Board of Directors
From: Krystle Muller, Contract Compliance Manager
CC: Floyd Batiste, CEO
Re: Closing of the Economic Incentive Contract & Loan
Agreement with Willfire HC, LLC
It is recommended that the Board close the Economic Incentive Contract & Loan
Agreement with Willfire HC, LLC ("Willfire") as Willfire has fully satisfied the
terms of the Agreement with the PAEDC.
In 2012, Willfire was awarded a conditional grant in the amount of$326,025.00
equivalent to the value of the property Willfire purchased for the expansion of
its operations in the Spur 93 Business Park, Port Arthur, TX. The incentive credit
was applied against the purchase price of the property in consideration for the
promise by Willfire to construct the facilities in the Business Park and occupy
and conduct business operations for a minimum of seven (7) years.
Willfire has met the performance required by PAEDC by constructing their
facility within 18 months from the purchase date in the Spur 93 Business Park
and remaining in operation for the minimum of seven (7) years. Willfire remains
in operation to date.
501 PROCTER ST.,S 1'E. 100,PORT ARTHUR,TX 77640
1409-963-0579 l W W W.PAEDC.ORG