HomeMy WebLinkAboutPO 5970: ICON BUILDERS LLCinteroffice
MEMORANDUM
To: Mayor, City Council, and City Manager
From: Mark Sokolow, City Attorney ~,,,,t ~~~
Date: January 22, 2009
Subject: P. O. No. 5970; Council Meeting January 27, 2009
Attached is P. 0. No. 5970 as it pertains to ICON Builders,
LLC.
MTS:ts
Attachment
cc: Ike Akbari
P.0. No. 5970
01/12/09 is
ORDINANCE NO.
AN ORDINANCE AS IT PERTAINS TO ICON
BUILDERS, LLC
WHEREAS, the City of Port Arthur entered into a Developer
Participation Contract with ICON Builders, LLC, pursuant to =~.,___'
Ordinance No. 02-52 signed on October 15, 2002.; and
WHEREAS, the City Council approved Resolution No. 05-091,
authorizing the release of liens as it pertained to ICON
Builders, LLC for the development of 67 residential lots; and
WHEREAS, the City Manager was originally authorized to sign
release of liens to purchasers of lots that plan to build homes
on the condition that the purchaser complies with Section 4.23
of the deed restrictions which require the purchaser to commence.
construction within three (3) years of the date of purchase and
to complete the construction within two (2) years of the
purchase; and
WHEREAS, the City Council approved Ordinance No. OS-29 as
to release liens on twenty (20) lots without the contingency
language; and
WHEREAS, pursuant to Ordinance No. 06-113, the City granted
an extension until December 31, 2015 to complete the project;
and
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WHEREAS, pursuant to Ordinance No. 07-12, the City
authorized to City Manager to execute new release of liens
without the contingency language as to ten (10) additional lots,
for a total of thirty (30) lots; and
WHEREAS, the City desires to promote the development of the
subdivision, without such contingency language, as to ten (10)
more additional lots, for a total. of forty (40) lots.
NOW .THEREFORE, BE IT ORDAINED 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 the City Manager is authorized to
execute new release of liens without the contingency language as
to ten (10) additional lots, for a total of forty (40) lots.
SECTION 3. That if ICON- defaults in building, or have
built by a third party prospective home buyers, fifty-six (56)
single family residences in Greenway Pointe Subdivision by
December 31, 2015, he will repay the City a pro-rata portion
(number of homes not completed/56) of $160,000 on January 1,
2016, with accrued interest at 2% per annum from the date that
he received said funds.
SECTION 4. That if the home purchasers do not complete
the homes by December 31, 2015, ICON Builders, LLC will still be
required to either purchase back the lots and complete
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construction, or pay a pro-rata portion of $160,000 with
interest.
Section 5. That a duly authorized representative of ICON
Builders, LLC will sign this Ordinance agreeing to the terms
hereof
Section 6. That a copy of the caption of this Ordinance
be spread., upon the Minutes of the City Council.
READ, ADOPTED AND APPROVED this day of January, A.D.,
2009 at a Meeting of the City Council of the City of Port Arthur,
Texas by the following votes:
AYES: MAYOR
COUNCILMEMBERS
NOES:
'MAYOR
ATTEST:
ACTING CITY SECRETARY
APPROVnE.~D ASS TOF~ORMp:~ ~~
CITY ATTORNEY
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APPROVED FOR ADMINISTRATION:
CITY MANAGER
AGREED T0:
ICON BUILDERS, LLC
BY:
DATE:
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