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Home My WebLink AboutPR 15734: CAPITAL ONE BANK RENEWAL OF LEASEInteroffice MEMORANDUM To: Mayor, City Council, and City Manager ` d~11/ From: Valecia R. Tizeno, Acting City Attorney 1J v~- Date: February 4, 2010 Subject: P. R. No. 15734; Council Meeting February 9, 2010 Attached is P. R. No. 15734 authorizing the first renewal of a Lease between the City of Port Arthur and Capital One Bank for a portion of the building located at 441 Austin Avenue. VRT:ts Attachment s.pr15734_memo P. R. No. 15734 02/04/10 vrt RESOLUTION N0. A RESOLUTION AUTHORIZING THE FIRST RENEWAL OF A LEASE BETWEEN THE CITY OF PORT ARTHUR AND CAPITAL ONE FOR A PORTION OF THE BIIILDING LOCATED AT 441 AUSTIN AVENIIE. WHEREAS, per Resolution 07-514, on November 20, 2007, the City of Port Arthur entered into a Lease Agreement with Capital One Bank for use of the City °owned building located at 441 Austin Avenue, Suite A, Port Arthur, Texas; and WHEREAS, said Lease was for a two (2) year term and is set to expire on June 1, 2010; and WHEREAS, Section 1.10 of the Agreement provided for two (2) consecutive two (2) year renewal options; and WHEREAS, on January 29, 2010, the City of Port Arthur received correspondence (attached hereto as Exhibit "A") from Capital One Bank indicating that it wishes to exercise the first renewal option of the aforementioned lease. 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. The City Council deems it in the best interest of the citizens of Port Arthur to approve Capital One Bank's request and authorizes the first renewal term, as s.pr15734 delineated in Section 1.10 of the Agreement, commencing June 1, 2010 and expiring on May 31, 2012. Section 3. The annual rent for the first renewal term shall be $1,475 per month, payable in monthly installments, ($17,700 per year), as delineated in Section 2.02 of the Agreement. Section 4. That an authorized representative from Capital One Bank will sign this Resolution agreeing to the terms of said renewal. Section 5. 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., 2010, 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 s.pr15734 APPROVED AS TO FORM: ACTING CITY ATTO Y APPROVED FOR ADMINISTRATION: CITY MANAGER AGREED TO: CAPITAL ONE BANK BY: DATE: S.pr15734 EXHIBIT "A" _. Capital One, M.A. 531.844.1000 -`'~' 2i6 Broadhollow Road <apitzlonebankcorn ~a~,~a~f1,,,, ~,. F.O. Box 8974 ~/(.~ Pdelville, NY 1174?• Bank VI ~• CERTIFIED >VIAIL #7099 3220 0010 3921 4693 RR REQUESTED January 29, 2010 City of Port Arthur PO Box 1089 Port Arthur, Texas 77641 Attention: Mr. Stephen Fitzgibbons RE: Lease Agreement dated December 19, 2007 by and between-City of Port Arthur ("Landlord") and Capital One, National Association, ("Tenant") for the premises located at 441 Austin Avenue, Suite A, Port Arthur, TX 77640 Dear Mr. Fitzgibbons , This letter will serve as notice that Capital One, N.A., as tenant, hereby exercises the first renewal option, Paragraph 2.02, of the aforementioned Lease, for an additional two (2) year period. Paragraph 2.02 of said agreement provides for written notice to Landlord "no later than three (3) months prior to the termination of the primary lease term or renewal period, as applicable", which this letter satisfies. The renewal term shall commence June 1, 2010 and expire May 31, 2012. The annual rent for the first renewal term shall be $17,700.00. Pursuant to the Lease Agreement, there is one (1) remaining renewal option for a period of two (2) years. Please aclmowledge your receipt and confirmation of the above by signing the enclosed copy of this letter where indicated and returning to my attention at Capital One, N.A., 275 Broad Hollow Road, Melville, NY 11747. I can be reached at (631) 531-2484 should you have any questions relative to this matter. Thank you for your cooperation. Very T y ours; Laura cMahon Senior Director Real Estate Administration RECENED AND CONFIRMED This _ day of , 2010: CITY OF PORT ARTHUR By ' Capital Qne, N.A. 637.844.1000 275 Breadhellow Foad capitalonehankcom ~^a~ii'c'i P.O. Box 8414 PAelville, NY 11747 BanK VI9: CERTIFIED MAIL #7099 3220 0010 3921 4693 RR REQUESTED January 29, 2010 City of Port Arthur PO Box 1089 Port Arthur, Texas 77641 Attention: Mr. Stephen Fitzgibbons RE: Lease Agreement dated December 19, 2007 by and between City of Port Arthur ("Landlord") and Capital One, National Association, ("Tenant") for the premises located at 441 Austin Avenue, Suite A, Port Arthur, TX 77640 Dear Mr. Fitzgibbons , This letter will serve as notice that Capital One, N.A., as tenant, hereby exercises the first renewal option, Paragraph 2.02, of the aforementioned Lease, for an additional two (2) year period. Paragraph 2.02 of said agreement provides for written notice to Landlord "no later than three (3) months prior to the termination of the primary lease term or renewal period, as applicable"; which this letter satisfies. The renewal term shall commence June 1; 2010 and expire May 31, 2012. The annual rent for the first renewal term shall be $17,700.00. Pursuant to the Lease Agreement, there is one (1) remaining renewal option for a period of two (2) years. Please acknowledge your receipt and confirmation of the above by signing the enclosed copy of this letter where indicated and returning to my attention at Capital One; N.A., 275 Broad Hollow Road, Melville, NY 11747. I can be reached at (631) 531-2484 should you have any questions relative to this matter. Thank you for your cooperation. Very T y ours; Laura cMahon Senior Director Real Estate Administration RECENED AND CONFIRMED This day of , 2010: CITY OF PORT ARTHUR By. ' `'=, Capital One, N.A. 631.844.1000 ~~ 275 Broadhollcw Rcad capitalonebank.com ~'i~p9,tal ~° P.O. Box 8914 P Melville, NY 77747 Bank VIA: CERTIFIED MAIL #7099 3220 0010 3921 4693 RR REQUESTED January 29, 2010 City of Port Arthur PO Box 1089 Port Arthur, Texas 77641 Attention: Mr. Stephen Fitzgibbons RE: Lease Agreement dated December 19, 2007 by and between City of Port Arthur ("Landlord") and Capital One, National Association, ("Tenant") For the premises located at 441 Austin Avenue, Suite A, Port Arthur, TX 77640 Dear Mr. Fitzgibbons , This letter will serve as notice that Capital One, N.A., as tenant, hereby exercises the first renewal option, Paragraph 2.02, of the aforementioned Lease, for an additional two (2) year period: Paragraph 2.02 of said agreement provides for written notice to Landlord "no later than three (3) months prior to the termination of the primary lease term or renewal period, as applicable", which this letter satisfies. The renewal term shall commence June 1, 2010 and expire May 31, 2012. The annual rent for the first renewal term shall be $17,700.00. Pursuant to the Lease Agreement, there is one (1) remaining renewal option for a period of two (2) years. Please acknowledge your receipt and confirmation of the above by signing the enclosed copy of this letter where indicated and returning to my attention at Capital One, N.A., 275 Broad Hollow Road, Melville, NY 11747. I can be reached at (631) 531-2484 should you have any questions relative to this matter. Thank you for your cooperation. Very ulyYours; Laura McMahon Senior Director Real Estate Administration RECENED AND CONFIRM$D This day of , 2010: CITY OF PORT ARTHUR By