HomeMy WebLinkAboutPR 15209: OAKMONT PROPERTIES & STONE CREEK APARTMENTSInteroffice
MEMORANDUM
To: Mayor, City Council, and City Manager
From: Mark Sokolow, City Attorney ~~ _~
Date: May 13, 2009
Subject: P. R. No. 15209; Council Meeting May 19, 2009
Attached is P. R. No. 15209 as it pertains to the
Developer Participation Contract with Oakmont Properties,
Inc. and Stone Creek Apartments, Ltd., and the City's 29°s
participation in the Anchor Drive extension.
MTS:ts
Attachment
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1
P. R. No. 15209
05/13/09 is
RESOLUTION NO.
A RESOLUTION AS IT PERTAINS TO THE DEVELOPER
PARTICIPATION CONTRACT WITH OAKMONT
PROPERTIES, INC. AND STONE CREEK APARTMENTS,
LTD. AND THE CITY'S 29~ PARTICIPATION IN THE
ANCHOR DRIVE EXTENSION
WHEREAS, pursuant to Ordinance No. 08-62, the City entered
into a Developer Participation Contract with Oakmont Properties,
Inc. and Stone Creek Apartments, Ltd. as to construct a 246 unit,
up-scale market rate apartment complex that will stay on the tax
rolls; and
WHEREAS, the City agreed to pay 29% of the following costs,
with the total reimbursement not to exceed $200,000:
• Engineering design and construction of an extension
of Anchor Drive, sewer lines, water lines, and
drainage lines and ancillary improvements
WHEREAS, per Resolution No. 09-171, the City accepted the
portion of Anchor Drive from approximately 650' south of Jimmy
Johnson Boulevard to Lake Arthur Drive; and
WHEREAS, the developer has provided documentation of its costs
tabulating $791,499.04 for the extension of Anchor Drive, as noted
in Exhibit "A"; and
WHEREAS, the City can therefore pay the developer $100,000 at
this time with the remaining $100,000 being paid when the apartment
complex has been substantially completed and has received a
certificate of occupancy; and
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WHEREAS, pursuant to Resolution No. 08-337 the City entered
into an Assignment of Reimbursement Agreement with the lender and
therefore, said sums are payable to Amegy Bank National
Association, as requested in Exhibit "B".
NOW THEREFORE, BE IT RESOLVED 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 Director of Finance is herein
authorized to pay $100,000 to Amegy Bank National Association as it
pertains to the City's participation as to the extension of Anchor
Drive.
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., 2009, at a Meeting of the City Council of
the City of Port Arthur, by the following vote: AYES:
Mayor
Councilmembers
NOES:
MAYOR
z.pr15209
ATTEST:
CITY SECRETARY
APPROVED AS TO FORM:
~ S~ue~-•
CITY ATTORNEY
APPROVED FOR ADMINISTRATION:
CITY A
APPROVED AS TO THE AVAILABILITY OF FUNDS:
DIRECTOR OF FINANCE
C.l~glD
303-1603-59I.~9-®a
z.pi19209
~~~.. ~LIgIHX~
05/13/2009 08:55
7136817774
OAKMONT GROUP, INC.
STONE CREEK APARTMF,NTS, LTD.
109 N. POST O,~K LAVE • SUITE 400 • FIOUS'TON, T@?(A5 TO?4
?13lRRl-ssnn • FAx 71 irGRl .774
May 12, 2009
City of Port Arthur
City Atomev
Nfazk Sokolow
444 4°t Street
Pori Arthur. Texas 77641
Re: Supporting. Doctunents Requested for Developer Participation Contract
Stone Creek Apartments. Ltd./Anchor Drive Extension
Ivu. Sokolow.
Hand delivered to you by Bill Bttrney on May 12, 2009 are the following. copies of invoices
and our checks for completion o1 Anchor Drive:
• Lntcrgy $ 23,415.76
• Excavators attd Constructors, Ltd. (Contractor} S 717,0C2S5
• Science Engineering 5 4,227.00
• Soutex Surveyors (Engineering) S 46.493.73
$ 791,499.04
Should you need further information, please call mc.
Thanks for your time.
Melanie Stiles
Conhollcr
FAGE 02/02
.~5.~ SIgIHX~
95/13/2999 17:19 7135^017774 OAKMONT GROUP, INC. PAGE 02/02
STONE CREEK.aPART~'IENTS, LTD.
1179 N. PAST p \k I ANF. • Sl iITF. 100 • HOI lti'IT)N. TEXAS 77623
713/6$1-$?(.G• FAX 71?/G81 -777h
May l3, 2009
Ciri of Port Arthur
,4ttn: Mark T. Sokolov
City Attorney
PO Box 7089
Porl Arthur. Texas 77641-1089
Re: Request for Reimbursement to be paid to Amegy Bank National Association
Developer Participation Contract (Resolution No. 08-62 approved Junc 17, 2008)
City of Port Arthurl Oakmont Properties, Inc & Stone Creek Apar~ments, I,td. and
accepted at the City Council meeting on May ~, 2009.
Dear \~Tr. SokoloFV.
Please consider this letter as an official request for reimbursement in the amomli of
$1.00.000.00 for the completed improvement of .Anchor. Drive per the Developer' Participation
Contract ref renced above. Pursuant to City of Port Arthur Resolution No. 08-337, hxhibit A:
Assignment of Reimbursement Agreement, the funds should be made payable to .Ameev Bank
National Association. Please reference `memo "Stone Creek Apartments" on any
documentation.
Receiver's Contact brformation:
Amegy Bank. of Texas
.Attrr.: Brent Reed
Assistant ti"ice President
4400 Post Oak Parkway
Houston.. Texas 71027
Thank you for your tune and consideration in this matter.
Stone Creek Apartments. Ltd..
A Texas limited partnership
Its General Farmer/Stone Creek GP LLC
William M. Bumev III
President
Oakmont Properties_ Inc.
William M. Burney IIi
President