HomeMy WebLinkAboutPR 15669: PAYMENT AGREEMENT WITH ARTHUR SQUARE APARTMENTSMemorandum City of Port Arthur, Texas Finance Deparrinent To: Steve Fitzgibbons, City Manager From: Deborah Echols, Finance Director ,~~ Date: December 9, 2009 /` Subject: Proposed Resolution 15669 On March 24, 2009, the City Council approved Resolution 009-110 authorizing an installment agreement with Fairway Plaza, LLC. PR 15669 rescinds that agreement and authorizes an ageement with Elite GP1 Corporation. They have a previous note with a balance of $42,323.53. They are current on this note. The owners have paid the required 20% down $16,311.21 of the current water account of $81,556.04 and have requested a payment agreement for $107,568.36 which reflects the balance of 65,244.83 and the previous note of $42,323.53. This resolution authorizes the City to enter into an agreement for eighteen months. The monthly payments will be $6;263.65. P. R. NO. 15669 JJA: 12/9/09 RESOLUTION NO. A RESOLUTION RESCINDING RESOLUTION 09-110 AND AUTHORIZING -THE EXECUTION OF A NEW PAYMENT AGREEMENT BETWEEN THE. CITY OF PORT ARTHUR AND ELITE GPl CORPORATION FOR THE PAYMENT OF DELINQUENT WATER, SEWER AND GARBAGE ACCOUNTS WHEREAS, on Mazch 24, 2009, the City Council authorized an installment agreement with Fairway Plaza, LLC.; and. WHEREAS, it is deemed in the best interest of the City to rescind Resolution 09-110 and enter into a new agreement with Elite GP1; and WHEREAS, Arthur Squaze Apartments, Elite GPI Corporation, currently owes $42,323:53 on the 09-110 payment plan in water, sewer and garbage bills; and; . WHEREAS, Arthur Squaze Apartments currently owes $65,244.83 in water, sewer and gazbage bills; and WHEREAS, Thomas Schoff, President and General Partner has paid $16,311.21 down. and requested a 18 month note for the combined balance of $107,568.36 at payments of $6,263.65 NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: • Section 1. That, Resolution 09-110 is hereby rescinded. Section 2. That, City Council authorizes the execution of the Payment Agreement as detailed in the attached Exhibit "A". Section 3. That, a copy of the caption of the Resolution shall lie spread upon the Minutes of the Meetirig of the City Council: " READ, ADOPTED, AND APPROVED, this day of December, 2009 AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote: AYES: Mayor: Mayor ATTEST: Terri Hanks, Acting City Secretary APPROVED AS TO FORM: Val Tizeno, Acting Attorney APPROVED FOR ADMINISTRATION: St/ev~e~F~itzgib~bo~ns~Cit~y Manager Deborah Echols, Finance Director Z: financelruolutions/anhursquaze Exhibit "A" 18 MONTH INSTALLMENT AGREEMENT NAME Arthur Square Apartments LP Elite GPl Corporation, General Partner Tomas Schoff, President of General Partner Address: 1600 Main Avenue Port Arthur, Texas 77642 Phone:_ 916-284-4825 Port Arthur Texas 77640 Water, Sewer and Garbage $ No. of Months 18 Date: 2/11 /09 107,568.36 Accourit No. 105403-88736 105703-88734 105403-88732 105403-88722 105403-88724 AGREEMENT FOR THE INSTALLMENT PAYMENT OF COST OF WATER & 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 Delinquent Amounts in installments; then, because of the city's agreement tb let you pay the Delinquent Amounts 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 will pay $16,311.21 at the time of your signing this agreement which represents ten (20%) percent of the amount owed and you will pay installments of $6,263:65 per month beginning 'January 10, 2009 and by the 10th of every month until June, 2011 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. 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 and cost of collection, 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 if: 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 that it has filed on the property. YOU UNDERSTAND AND AGREE THAT BY SIGNING THIS AGREEMENT YOU ARE IRREVOCABLY ADMITTING YOUR PERSONAL LIABILITY FOR THE DELINQUENT AMOUNT. Executed this day of City of Port Arthur By: Finance Department Approved by: Name: Debtor NOTE: PAYMENTS SHOULD BE MAILED TO: City of Port Arthur Finance Department P. O. Box 1089 444 4`h Street Port Arthur, Texas 77641 Arthur Square Beginning Bal Adjust Late fees Sub Total Down Payment Addtl Payment Required Payment Plan Amount Old. Plan Balance Combined Plan Amount 94,916.26 13,360.22 81,556.04 20% 16,311.21 6,000.00 10,311.21 65, 244.83 42,323.53 107,568.36 Interest Vision Amortization Schedule Loan or Annuity Variables Start Date: Start Payment: Dec 10, Dec 10 2009 2009 End Date: Sun 10, 2011 Start Inter est: , Dec 10 2009 No. of pa ts• 18 Payment Freq.: , Monthly Interest Rat I i e 6.000 Compound Fr eq.: Monthly n tial Principal: $107568 .36 Days in Mo. /Yr.: Actual No. pa ~ou Balloon nt: $6263.6 5 Payment Mode: In Arrears ; Amortization Method $0.00 : Simple Int. No. Dat e Payment Inter est Interest Amount Amount Rate/Yr. Princi pal Balance Dec 1 Jan 10, 10, 2009 2010 0.00 6263 65 0 .00 0.000 r . 548 .1.6 0 6.000 5715 .49 101852 .87 3 Ma 10, 2010 6263.65 442 3 6 5744 .62 96108 .24 4 Apr 10, 2010 6263.65 460 . 09 6.000 5821 .29 90286 .95 5 May 10, 2010 6263.65 416 . 63 6.000 5803 .56 84483 .40 6 Jun -10, 2010 6263.65 400 . 72 6.000 5847 .02 78636 .37 7 Jul 10, 2010 " 6263.65 . 6.000 5862 .93 72773 .45 8 Aug 10, 2010 6263.65 340 96 - 0 9 Sep 10, 2010 6263.65 . 310 57 6.000 592 2. .90 60945 .78 10 Oct - 10, 2010 6263.65 . 271 20 6.000 5953. 08 54992 .70 11 Nov 10, 2010 6263.65 . 249 70 6.000 5992. 45 -49000. 25 12 Dec. 10, 2010 6263.65 . 211 99 6.000 6013. 95 42986. 30 13 Jan 10, 2011 6263.65 _ . 188 21 6.000 6051. 66 36934. 63 14 Feb 10, 2011 6263.65 . 157 26 6.000 6075. 44 30859. 20 15 Mar 10, 2011 6263.65 . 113 93 6.000 6106. 40 24752. 80 16 Apr 10, .2011 6263.65 . 94 80 6.000 6149. 72 18603. 08 17 May 10, 2011 6263.65 ' 61 32 6.000 6168. 85 12434. 23 18 Jun 10, 2011 6263..65 . 31 . 76 6.000 6202. 33 6231. 89 y 6.000 6231. 89 0. 00