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Home My WebLink AboutPR 15020: FAIRWAY PLAZA PAYMENT AGREEMENT1 Memorandum City of Port Arth ur, Texas Finance Department To: Steve Fitzgibbons, City Manager From: Rebecca Underhill, Director of Fin Date: December 8, 2008 Subject: Proposed Resolution 15020 Fairway Plaza, LLC assumed the management of the property previously know as Arthur Squaze Apartments in 2007. The accounts have subsequently become delinquent. The combined balances reached $93,193.72. The owners have paid the required 20% down, $18,638.74 and have requested a payment agreement. This resolution authorizes the City to enter into an agreement for twelve months, at 6% interest. The monthly payments will be $6,416.46. P. R. NO. 15020 JJA: 12/05/08 RESOLUTION NO: " A RESOLUTION AUTHORIZING THE EXECUTION OF A PAYMENT AGREEMENT BETWEEN THE CITY OF PORT ARTHUR AND FAIRWAY PLAZA, LLC FOR THE PAYMENT OF DELINQUENT WATER, SEWER AND GARBAGE ACCOUNTS `' WHEREAS, Fairway Plaza, LLC owed $93,193.72 in water, sewer and garbage bills; and •'t WHEREAS,' Demitre Booker, the Manager of the property; has paid $18,638.00 down and requested a 12 month note for the remaining balance of $74,554.98 at payments of $6,416.46 per month including six percent (6%) interest.,:._. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: Section I: ~'l~That,-the'Payment Agreement as detailed in the attached Exhibit "A" is herein approved. • • ~ Section 2.> That, Fairway Plaza, LLC, acting through their manager, Demitre Booker, acknowledges and agrees to the teims of this agreement by signing this resolution. Section 3. ` That, a copy of the caption of the Resolution shall be spread upon the Minutes of the Meeting of the City Council. .~ - READ, ADOPTED, AND APPROVED, this day of December, 2008, AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote: AYES: Mayor: ~ • ~ ! _ Councilmembers: NOES: Exhibit "A" 12 MONTH INSTALLMENT AGREEMENT NAME_ Demetre Booker, Fairway Plaza Fairway Plaza, LLC Address 4001 Memorial Blvd. Phone # 661 X547-9567 Port Arthur. Texas 77640 Water, Sewer and Garbage $93 193 72 Acct. No. Customer ID: 105403 Location ID: 88722 - 88724 - 88732 - 88734 - 88736 No. of Months 12 Accrued Interest 6% Fairway Plaza, LLC AGREEMENT FOR THE INSTALLMENT PAYMENT OF COST OF WATER AND SEWER STATE OF TEXAS COUNTY OF JEFFERSON Since you have requested to pay the costs of water and sewer, plus interest ("Delinquent Amounts.") in installments; and Since the City of Port Arthur is willing to allow you to pay the Water, Sewer and Garbage in installments; then, because of the city's agreement to .let you pay the Delinquent Amounts in installments and your agreement to pay the Delinquent Amounts and the accrued interest as denoted in Exhibit "A", you and the City agree as follows: ******* Please Read and Initial that you Understand EACH PARAGAPH ****** ( )1. Installment Payments. You have paid $18,638. signing this agreement which and-you will pay installments of $6,416.46 per month beginning January 16 2009 and by the 5th day of every month until December 16, 2009 when you must pay the remainder of the delinquent amounts in full. During the term of this Agreement, interest will continue to accrue on the unpaid amounts at the rate of 6% per year. Prior to the last payment, you must check with the Finance Department to determine the final amount due. ( ) 2 Suit.. At the time you sign this agreement, you'acknowledge that suit has NOT been filed on this account. If you fail to make payments as set out is paragraph 1 above, the City may immediately initiate suit to collect all amounts due on this account including interest, costs of collection, court costs attorney's fees, or any other collection remedies available to the City of Port Arthur. ( ) 3 Abatement. In the event you do not make the agreed on payments, this agreement will become null and void IMMEDIATELY. ( ) 4 Events of Default. It will be an event of default under this Agreement i£ a. You fail to make the payments in the amounts and on the dates required by Paragraph 1. ( ) 5 Once the installment agreement is fully paid, the City will release the lien, if any that it has filed on the property. ( ) 6. You must not become delinquent on any other water utility accounts with the City of Port Arthur during this agreement period. YOU UNDERSTAND AND AGREE THAT BY SIGNING THIS AGREEMENT YOU ARE IRREVOCABLY ADMITTING YOUR PERSONAL LIABILITY FOR THE DELINQUENT AMOUNT. Executed this day of _2008 City of Port Arthur By: Finance Department Demetre Booker, Fairway Plaza, LLC Approved by: NOTE: PAYMENTS SHOULD BE MAILED TO: City of Port Arthur Finance Department P. O. Box 1089 444 4a' Street Port Arthur, Texas 77641 Exhibit "A" Exhibit A No. Date Dec 16, 2008 1 Jan 16, 2009 2- Feb 16, 2009 3 Mar 16, 2009 4 Apr 16, 2009 5 May 16, 2009 6 Jun 16, 2009 7 Jul 16, 2009 8 Aug 16, 2009 9 Sep 16, 2009 10 Oct 16, 2009 11. NOV 16, 2009 12 Dec 16, 2009 Payment Interest Interest Amount Amount Rate/Yr. .0.00 0.00 0.000 6416.46 379.92 6.000 6416.46 349.16 6.000 6416.46 287.45 6.000 6416.46 287.01 6.000 6416.46 247.53 6.000 6416.46 224.34 6.000 6416.46 186.57 6.000 6416.46 161.04 6.000 6416.46 129.16 6.000 6416.46 93.99 6.000 6416.46 64.90 6.000 6416.46 31.49 6.000 Principal 0.00 6036.54 6067.30 6129.02 6129.45 6168.94 6192.12 6229.89 6255.42 6287.30 6322.47 6351.56 6384.97 Balance 74554.98 68518.44 62451.14 56322.13 5-0192.68 44023.74 37831.62 31601.73 25346.30 19059.00 _ 12736.53 6384.97 0.00 -2- December 9, 2008 To: Jennifer.Abraham _ `..~ v `1" From: Debra Ambroise ~ ~~ Re: Demetre Booker DBA Fairway Plaza Per your request, Acct. No. Customer ID " Location ID .< .. « <. ~, .~ « .. « << « 105403 88722 $15, 820.40 88724 18, 614.36 88732 22,813.85 88734 7,299.66 88736 28,645.45 Total Amount Owed Total Down Payment $93,193.72 $18, 638.74 Total Amount to be Financed $74,554.98 If you need any additional information, please call me.