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 That, Resolution 09-110 is hereby rescinded.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