HomeMy WebLinkAboutPR 15520: DEVELOPER PARTICIPATION CONTRACT WITH OAKMONT PROPERTIES, INC. AND STONE CREEK APARTMENTS, LTD.P. R. No. 15520
09/16/09 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 295 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; and
WHEREAS, the City has paid the developer $100,000 per
Resolution No. 09-208; and
WHEREAS, the developer has now presented an official request,
attached hereto as Exhibit "A", for the remaining $100,000 to be
paid as the apartment complex has been substantially completed; and
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WHEREAS, the required Certificates of Occupancy for all ten
(10) buildings have been received, as denoted in Exhibit "B"; and
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 "A".
NOW THEREFORE, BE IT RESOLVEI) BY THE CITY COIINCIL OF THE CITY
OF PORT ARTHIIR:
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 completion of the apartment complex.
Section 3. That said payment shall be conditioned on the
execution and filing of a covE~nant in the deed records, in
substantially the same form as denoted in Exhibit "C", that the
apartment. complex shall stay on i~he tax rolls until December 31,
2029. If this covenant is violated, the owner shall return the
$200,000 in incentives to the City of Port Arthur within thirty
(30) days.
Section 4. That a copy of the caption of this Resolution
be spread upon the Minutes of they City Council.
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READ, ADOPTED AND APPROVED o:n 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
ATTEST:
CITY SECRETARY
APPROVED AS TO FORM:
~.~ ~.r~
CITY ATTORNEY
APPROVED FOR ADMINISTRATION:
CITY MANAGER
APPROVED AS TO THE AVAILABILITY CIF FUNDS:
~~ - _
DIRECTOR OF FI CE
CIP 910
303-1603-591.89-00
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EXHIIBIT "A"
STONE CREEK APARTMENTS, LTD.
109 N. POST OAK LANE • SUITE 400 • HOUSTON, TEXAS 77024
713/681-5566 • FAX 713/681-7774
September 8, 2009
City of Port Arthur
Attn: Mark T. Sokolow
City Attorney
PO Box 1089
Port Arthur, Texas 77641-1089
~i„~~~~
CEP :! 4 2009
~~GAi. ®EPARTi~E~iT
Re: Request for Reimbursement
Developer Participation Contract (Resolution No. 08-62 approved June 17, 2008)
City of Port Arthur/ Oakmont Properties, Iric & Stone Creek Apartments, Ltd. and
accepted at the City Council meeting on May 5, 2009.
Dear Mr. Sokolow,
Please consider this letter as an official request :For reimbursement in the amount of
$100,000.00 for the substantial completion of our 246-unit apartment complex per the
Developer Participation Contract referenced above. We have enclosed the required
Certificates of Occupancy for all ten buildings. As in the previous reimbursement, the check
will need to be payable to Amegy Bank.
Thank you for your time and consideration in tliis matter.
Sincerely,
,,,rl..- ,,ti..~
William M. Burney
"Developer"
Stone Creek Apartments, Ltd.
Oakmont Properties, Inc.
EXHIIBIT "B"
C~~~~~fgr~~~~ ~ ~~~~~r
"STONE CREEE: APARTMENTS"
BLD(; # 1
~p~rttr#mpn# n~~ ~nildtn~ ~n~~Pr#inn
This Certificate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance this structure was in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. For the following.•
Use Classification Apartment '', COmpleX Bldg. Pecmit No. 08-2580
Gtoup R 2 Type Construction Firc District..
Owner of Building~Q7]_,,,1:rPP A?fG-TT:rnAddress 1f19 N_ Pntat (lak T.n An1iGt'nn j~g
Buil 'ngAddress 3035 Lake'Arthur Dr. ~«ai;ty Por Arthur T% 77642
By: 1
uilding Officia! Datc:
POfT IM A CONfPICUOUf PLACE
" Stone Creek Apartments "
Building ~ 2
i~r~tt#mpn# ui~ ~utldin~ Jn~~p.r#inn
This Certificate issued pursuant to the requirements of the Standard Building Code certifying, that
at the time of issuance this structure wa:~ in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. Fos the following:
Use Classification Never Apartments Bldg. Permit No. 0800002580
Residential
Group TypcConftruction Firc District..
Owncr oI Building Stone Creek Apartment~darc35 3035 Lake Arthur Dr
Bu7dingAddress 3035 L ce 'Arthur Dr >~aiity Port Arthuir~, Tx 77642
...-.. /. ~ By. ~/1 n~.~,1Y
uilding Official ', ~,- l/ llate: ~ !/ ~ /~ ~~~'
POfT IIV A CONlPICUOUf PLACE
C~ert firtt#r of (~rru~tt~cra~
3035 L~e Arthur Dr.
of ~utldin~ ~n~~Qrt~nn
This Cert~cate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance thisstructure was in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. For the following:
Use Clusification New Apartment Complex Bldg. Permit No. 08-2580
R-3
Group Type Construction _Firc District..
Owner of Building StOIIe Creek Alts j•ts~__._Address~~ N. PASt Oak Lane Ath,Rtnn~
Bu"dingAddtess 3035 Lake'' Arthur Dr. l.o<ai;ty Port rth[lr TS 77642
Ey. G
Building Official Uate: ~~
-OfT IN A CON[-ICUOU[ LAC[
C~rrtifirttte of (~rrix~~nr~
'rSTONE CREEK APARTMENTS,r
BLIDG # 4
n~ ~ixildtn~ Jn~~r.c~inn
This Cert~cate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance this structure was in compliance with the various ordinances of the
Jurisdiction regulating build;ng construction or use. For the following:
Use Classification Apartment'!. Complex Bldg. Permit No. 08-2580
Group R-2' Type Construction _Firc District..
Owner ofBuildin Stone Creek Apts.,_LTDAddress ~09 N. Posh, Oak LaTl~ Houston Tx
g
Bui ing Address 30 5 Lake' Arthur D~Y~bcality P ~ u 7 42
BY' ~/~ .r -
Buil ing Official 1/ `~ i~atr: ~ " L ~ ~ q
rOf1 ~N A GONf~1000Ud -LAC[
C~erfifirtttr of (~rr~t~ttnr~
Stone creek Apartments
Building 5
~~~ttr#mrrtf of ~uillin~ ~n~~pr#inrc
This Cert~cate issued pursuant to the requ irements of the Standard Building Code certifying that
at the time of issuance this structure was in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. For the following:
Apartment Complex 08-2580
Use Classification Bldg. Permit Na.
Group R-3 Type Corstruction _Firc District..
Owner of Building StOIIe Creek Apartmentt~,~~TD 109 N. PA~t oak T.anp Apuf
Bull 'ngAddcess 3035 Lake Arthur DrTL~ality Port Arthur Texas 77642
Bul d ng Oliicial` Uatc: ~ ~~~.~
POiT IN A CON!-1t000• PLAC(
C~er~ifirtttp of (~rru~ttnrz~
"sTOAtE CxELx APARTMENTS"
BLDG ~6
n~= i~zttldirt~ Jtt,~~a~er#inn
This Certificate issued pursuant to the requirements of the Standard Building Code certifying that
at the time of issuance this structure was in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. For the following:
Use Clusification ApartmeIIt ', COmpl.ex Bldg. Permit No. 08-2580
Group R 1 Type Construction Fire District..
Ownero(Buitding Stone Creek Apts..y~naareu ZU9 N., PASt Oak T.ane An11StOn Tx
Bui ing Address 0 ke'' .Locality _ Porr 7 4 _
By; _
wilding Ofli fat Ua[c: / ~ ~'
-OiT IW A CONOPICUOU1i PLACC
STONE_CREEK. APARTMENT ,
BLDG ~7
~~~ttr#mrn# of i~nil~tn~g Jn~~~r#inn
This Certificate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance this structure was in compliance with the various ordinances of the
Jurisdiction regulating building construction or use. For the following:
Use Classification New Apax
Group ~'~ TYPe
Bldg. Permit No
08-2580
Owner of
„Fire District..
l~~Aadres:109 N. Post Oak Lane Houston Ts
ngAddress 3035 Lake Arthur Dr:Cve~~,l;ty Port rthur TS 42
s>
~~n (](Krial Date: ~I ~~I " [J - 1
-OB7 IN A CONiPlCUOUi PLACi
C~~~~~tr~~~> ~f (~~r~~~r
"STONE CREEK APARTMENTS"
BLDG IiEB
~~e~tt#~npn# n~ ~ixtl~ing Jn~,prr#tnn
This Certificate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance this structure wa:r in compliance with the carious ordinances of the
,Jurisdiction regulating building construction or use. For the following:
Use Classihption Apar .meat' ConXpleg Bldg. Permit No. 08_2580
Group R-2 Type Construction Fire District,.
Owner ofBuildingStOIIe Creek A~rG.. T,Tb~ddress1n4,11T_ PnSt Clak T.an[+ Arntr;fi~n Tg
Building Address 11 ~~_loeality 2
By:
Building Official llatc: ~
-OBT I1N A CONBPKUOUi PLACL
Stone Creek Apartments Bldg ~ 9
+~rpttrtntPnt of ~~ttir~ing ~rt,~~rpr~turc
This Cert~cate issued pursuant to the requirements of the Standard Building Code cert~mg that
at the time of issuance this 'structure was in compliance with the carious ordinances of the
Jurisdiction regulating building constructi~rn or use. For the following;
Use Classification New Ap8rL7
Group Residentia~,peco~
Owner of Building Stone Cre
a,~;ta;,,o Ad.l«..e 3035 Lake
Bldg. Permit No. O$ 00002580
~_Firc District..
tme:ntsnddre5s 3035 Lake Arthur Dr
Dr~c«ai;ty Po Arthur, Tz 77642
may: ~-«~--
POLT IN A CON®hICUOU! PMCL
C~~~~~~tr~~p ~ t~rx~~r~r~~
„STONE CREEK APARTMENTS, LTD."
i BLDG X10 - CLUBHOIISE .
~~~rttr~m~n~ n~ +~~il~in~ ~n~~prftnrc
This Cert~eate issued pursuant to the requirements of the Standard Building Code cert~ing that
at the time of issuance this structure was in compliance with the carious ordinances of the
Jurisdiction regulating building construction or use. For the following:
Use Classification _ New Apartment Complex Bldg. Pumit No 08-2580
Group R 2 Type Construction -Fire District..
Owner of BuildingStAn[e C7PP~r AT,rc~ T,',~_Address 109 N. Post Oak sane NAIiRtAn Tx
Bull 'ng Address ' .~,~iy$Laality
f'" By' ~ /~ b/~Q
Bud ing Official Date: ~~-! rD
'. POfT IN A CON~PICUOU^ PLACL
EXHIIBIT "C"
AFTER RECORDING, RETURN TO:
Stone Creek Apartments Ltd.
109 N. Post Oak Lane
Suite 400
Houston, Texas 77024
STATE OF TEXAS
COUNTY OF JEFFERSON
RESTRICTIVE COVENANT
WHEREAS, Stone Creek Apartments, Ltd. ("Owner") is the
owner of the real property described in Exhibit "A"
attached hereto and incorporated herein (the "Property");
and
WHEREAS, Oakmont Properties, Inc. and Owner
(collectively, the "Developer"') entered into that certain
Developer Participation Contract (the "Contract") with the
City of Port Arthur (the "City") dated as of July 8, 2008,
and approved by City Ordinance No. 08-62, whereby, in
conjunction with Owner's construction of a 246 unit, up-
scale market rate apartment complex (the "Apartments") on
the Property, Owner agreed to construct an extension Anchor
Drive, sewer, water and drainage lines and other ancillary
improvements, all as described in the Contract (the "Street
Improvements"); and
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113381.1 47305-00-001 /RWALKER
WHEREAS, the City has agreed to reimburse Developer in
the amount of $200,000.00 fo:r a portion of its costs of
completion of the Improvements (the "Reimbursement") in two
installments on the happening of certain conditions
including, without limitation, the completion of the
Improvements and the completion of the Apartments; and
WHEREAS, per Section 17 of the Contract, Developer
agreed that, as one of the conditions of the Reimbursement,
the Property and the Apartments shall stay on the tax rolls
of the City of Port Arthur for a period of twenty (20)
years from the date of issuance of certificate(s) of
occupancy for the Apartments; and
WHEREAS, on completion o:f the improvements, the City
paid the initial installment of the Reimbursement as
provided in the Contract; and
WHEREAS, multiple certificates of occupancy were
issued from April 24, 2009 toy August 13, 2009, evidencing
the completion of construction of the Apartments in
compliance with governmental requirements; and
WHEREAS, Developer has requested that the final
installment of the Reimbursement be paid in accordance with
the Contract; and
WHEREAS, by that certain Assignment of Reimbursement
Agreement among the Owner, the City and Amegy Bank National
z.stone creek_covenant
I I11S 1.1 47105-00-001 / RWALKER
Association (the "Bank"), Owner has agreed that the
Reimbursement shall be paid directly to the Bank in
satisfaction of the City's obligations to Developer under
the Contract; and
WHEREAS, the City has agreed to pay the final
installment of the Reimbursement so long as a covenant is
filed that the Property and i~he Apartments shall stay on
the tax rolls for a period of twenty (20) years; and
Now therefore, Owner Yiereby makes the following
declaration and covenant which shall remain in effect until
December 31, 2029, to-wit:
"The Property and the Apartments shall stay on the tax
rolls until December 31, 2(129. If this covenant is
violated, the then owner of the Property and Apartments
shall return the full amount of the Reimbursement to the
City of Port Arthur within thirty (30) days."
This covenant shall run with the land and shall be
binding on the parties hereto, their successors and assigns
and shall not be modified, amended, removed or released by
the owner of the Property and the Apartments prior to
December 31, 2029, without they consent of the City Council
of the City by a duly authorized Resolution.
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113381.1 47305-00-001 / RWALKER
SIGNED AND AGREED TO on this the day of
2009.
OWNER:
STONE CREEK APARTMENTS, LTD.,
a Texas limited partnership
By: ii~s general partner
Si;one Creek GP LLC
By:
Name: William M. Burney, III
Title: President
THE UNDERSIGNED AGREES TO THE FOREGOING RESTRICTIVE
COVENANT AND AGREES TO BE BOUND BY THE TERMS THEREOF.
DEVELAPER:
STONE CREEK APARTMENTS, LTD.,
a Texas limited partnership
By: its general partner
Stone Creek GP LLC
By:
Name: William M. Burney, III
Title:, President
OAKMOPTI' PROPERTIES , INC .
a Texas corporation
By: _
Name: William M. Burney, III
Title: President
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113381.1 47105-00-001 / RWALKER
ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF HARRIS
BEFORE ME, the undersigned Notary Public, on this day,
personally appeared William M. Burney, III, the President
of Stone Creek GP LLC, the general partner of Stone Creek
Apartments, Ltd., a Texas limited partnership, known to me
to be the person whose name i.s described in the foregoing
instrument, and acknowledged to me that he/she executed the
same as the act and deed of Stone Creek Apartments, Ltd.
for the purposes and considerations therein expressed, and
the capacities therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
day of 2009.
rdotary Public, State of Texas
ACKNOWLEDGMENT
STATE OF TEXAS
COUNTY OF HARRIS b
BEFORE ME, the undersigned Notary Public, on this day,
personally appeared William M. Burney, III, the President
of Stone Creek GP LLC, a Texas corporation, known to me to
be the person whose name is described in the foregoing
instrument, and acknowledged to me that he/she executed the
same as the act and deed of Stone Creek Apartments, Ltd.
for the purposes and consider<~tions therein expressed, and
the capacities therein stated.
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113381.1 47105-00-001 / RWALKER
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
day of 20Q9.
Notary Public, State of Texas
APPROVED on this the day of
CITY OF PORT ARTHUR
By:
ACKNOWLEDGMENT
STATE OF
4
COUNTY OF
2009.
BEFORE ME, the undersigned Notary Public, on this day,
personally appeared Stephen Fitzgibbons, City Manager known
to me to be the person whose name is described in the
foregoing instrument, and acknowledged to me that he/she
executed the same as the act and deed of the City of Port
Arthur, for the purposes and considerations therein
expressed, and the capacities therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
_ day of 2009.
Notary Public, State of Texas
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113381.1 47:105-00-001 / RWALKER
LIENHOLDER CONSENT AND SUBORDINATION
AMEGY BANK NATIONAL ASSOCIATION ("Bank"), being the
sole beneficiary of a deed of trust lien and other liens,
assignments and security interests encumbering all or a
portion of the Property herek~y consents to the terms and
provisions of this Restrictive Covenant to which this
Lienholder Consent and Subordination is attached and agrees
to be bound by the terms therenof if and so long as Bank is
the owner of the Property, and acknowledges that the
execution thereof does not constitute a default under the
lien documents or any other document executed in connection
with or as security for the indebtedness above described,
and subordinates the liens of: the lien documents and any
other liens and/or security instruments securing said
indebtedness to the rights and. interests created under said
Restrictive Covenant, and ack:nowledges and agrees that a
foreclosure of said liens and/or security interests shall
not extinguish the covenants, restrictions, rights,
obligations and interests crenated under this Restrictive
Covenant.
SIGNED AND AGREED TO on this
the _ day of 2009.
AMEGY BANK NATIONAL ASSOCIATION
By:
STATE OF
COUNTY OF
4
4
4
BEFORE ME, the undersigned
personally appeared
to be the person whose name
instrument, and acknowledged
same as the act and deed
ACKNOWLEDGMENT
i. s
Notary Public, on this day,
known to me
described in the foregoing
to me that he/she executed the
of the Amegy Bank National
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13381.1 47305-00-001 / RWALKER
Association, for the purpose: and considerations therein
expressed, and the capacities i~herein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
_ day of 2009.
Zlotary Public, State of Texas
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113381.1 4TS05-00-001 / RWALKER
Exhibit A
BEING 12.21 acres of land out of and a part of Lots 4 and
5, Block 11, Range "I", and Lots 1, 2, 7, and 8, Block 11,
Range "J", Port Arthur Land Company Subdivision, City of
Port Arthur, recorded in Volume 1, Page 22, Map Records,
Jefferson County, Texas; being part of a tract of land
conveyed to D.J. & Son Enterprises, Inc., recorded in File
No. 9837316, Official Public Records, Jefferson County,
Texas; said 12.21 acre tract k~eing more fully described by
metes and bounds as follows, to wit:
BEGINNING at a 5/8" steel rod found on the intersection of
the Northerly right of way lime of a dedicated road named
Lake Arthur Drive with the Westerly line of Jefferson
County Drainage District No. 7 Main "B" Canal right of way,
recorded in Volume 1790, Page 172, Deed Records, Jefferson
County, Texas; said 5/8" steel rod being the Southeast
corner of said D.J. & Son Enterprises, Inc. tract and the
Southeast corner of the herein described tract;
THENCE, South 89 deg., 41 min., 49 sec., West, on the
Northerly right of way line of said Lake Arthur Drive, same
being the Southeasterly line of said D.J. & Son
Enterprises, Inc. tract, a d:i.stance of 11.34' to a 5/8"
steel rod found for corner;
THENCE, continuing on the Northerly right of way line of
said Lake Arthur Drive, same being the Southeasterly line
of said D.J. & Son Enterprises, Inc. tract, on the arc of a
curve to the left having a radius of 670.00', an arc length
of 617.88', a chord bearing of South 63 deg., 10 min., 19
sec., West, a chord distance of 596.21' to a ;~" steel rod
found for corner;
THENCE, South 36 deg., 45 min.., 08 sec., West, continuing
on the Northerly right of way line of said Lake Arthur
Drive, same being the Southeasterly line of said D.J. & Son
Enterprises, Inc. tract, a distance of 262.96' to a ;4"
steel rod set, capped, anti marked "SOUTEX" for the
intersection of the Easterly line of a proposed 60' right
of way for Anchor Drive Exten;aion with the Northerly right
of way line of said Lake Arthhur Drive; said ;~" steel rod
being the most Southerly corner of the herein described
tract;
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113381.1 47305-00-001 / RWALKER
THENCE, North 53 deg., 19 min., 15 sec., West, on the
proposed Easterly right of wa.y line of said Anchor Drive
Extension, a distance of 380.00' to a i~Z" steel rod set,
capped, and marked "SOUTEX" for the most Westerly corner of
the herein described tract;
THENCE, North 36 deg., 46 min., 10 sec., East, a distance
of 256.33' to a ;~" steel rod set, capped, and marked
"SOUTEX" for corner;
THENCE, North 22 deg., 07 min., O1 sec., West, a distance
of 242.42' to a ;4" steel rod found for an angle point on
the Northeasterly line of said D.J. & Son Enterprises, Inc.
tract; said ;~" steel rod being on the Southwesterly line of
a tract of land known as Tract II, a (Called 60.191) acre
tract conveyed to the City of Port Arthur, recorded in
Volume 1763, Page 154, Deed Records, Jefferson County,
Texas; also being the NortYiwest corner of the herein
described tract;
THENCE, North 67 deg., 52 min., 59 sec., East, on the
common line of the (Called 60.191) acre tract and said D.J.
& Son Enterprises, Inc. tract, a distance of 1013.63' to a
5/8" steel rod found on the Westerly right of way line of
said Main "B" Canal; said 5/8" steel rod being the most
Easterly corner of said D.J. tr Son Enterprises, Inc. tract
and the Northeast corner of the' herein described tract;
THENCE, South 00 deg., 25 min., 28 sec., East, on the
Westerly right of way line of said Main "B" Canal, same
being the Easterly line of D.J. & Son Enterprises, Inc.
tract, a distance of 558.90' t:o the POINT OF BEGINNING and
containing 12.21 acres of land,, more or less.
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