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Home My WebLink AboutPR 13069: REPROGRAM FUNDSMemo To: Stephen Fitzgibbons, City Manager From: Dale Watson, Director, Planning and Grants Management ~ Df Date: March 17, 2005 Re: P. R. 13069 RECOMMENDATION: I recommend that the City Council adopt Proposed Resolution 13069 to reprogram $250,000 from Bent Tree and Park Central Village UDAG repayment account//106- 0000-369-50-00 to the Capital Projects Fund 301 for the $130,000 - Spray Park Project and $120,000 - Boardwalk Tower Project. BACKGROUND: The $250,000 will be reprogrammed from the Bent Tree and Park Central Village UDAG repayment account #106-0000-369-50-00 to the Capital Projects Fund 301 for the $130,000 - Spray Park Project and $120,000 - Boardwalk Tower Project. BUDGETARY/FISCAL IMPACT: Reprogramming will only effect the above mentioned projects. STAFFING/EMPLOYEE EFFECT: Funding will not have an effect on our staffing level. SUMMARY: I recommend that the City Council adopt Proposed Resolution 13069 to reprogram $250,000 from Bent Tree and Park Central Village UDAG repayment account #106- 0000-369-50-00 to the Capital Projects Fund 301 for the $130,000 - Spray Park Project and $120,000 - Boardwalk Tower Project. P. R. 13069 03/17/05 ME-Grants Management RESOLUTION NUMBER A RESOLUTION TO REPROGRAM $250,000 FROM BENT TREE AND PARK CENTRAL VILLAGE UDAG REPAYMENT ACCOUNT #106-0000-369-50-00 TO THE CAPITAL PROJECTS FUND 301 FOR THE $130,000 - SPRAY PARK PROJECT AND $120,000 - BOARDWALK TOWER PROJECT. WHEREAS, on October 1, 2004, the City of Port Arthur received a $250,000 payment from ITEX Properties, LLC pertaining to an assignment and release as it pertains to Bent Tree Village and Park Central Village. and, WHEREAS, the $250,000 will be reprogrammed from the Bent Tree and Park Central Village UDAG repayment account #106-0000-369-50-00 to the Capital Projects Fund 301 for the $130,000 - Spray Park Project and $120,000 - Boardwalk Tower Project; and, NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: THAT the City Council of the City of Port Arthur hereby reprograms $250,000 as shown in "Attachment 1" for these CDBG eligible projects which are in a low to moderate income area; THAT a copy of the caption of this Resolution be spread upon the minutes of the City Council. READ, ADOPTED AND APPROVED this day of Diske~.t20.Pl~ 13069.wpd NOES: MAYOR ATTEST: CITY SECRETARY APPROVED FOR FORM: CITY ATTORNEY APPROVED FOR ADMINISTRATION: CITY MANAGER bP~ROVED FOR~VAILABILITY OF FUNDS: DI~CTOR OF FINANCE DALE WATSON, DI~CTOR PLANING ~ G~NTS MANAGEMENT Diskett~20.PRg13069.wpd ATTACHMENT 1 interoffice' MEMORANDUM TO: Becky Underhill, Director of Finance From: Mark T. Sokolow, City Attorney /~._~f ~,,f... ~ j Date: October 1, 2004 Attached is a ~heck for $250,000 pertaining to an assignment and release as it pertains to Bent Tree village and Park Central village. z .Dr12849 .memo ASSIGNMENT AND RELEASE This Assignment and Release is made as ,of the [ <~'l- day of O c.~'o [:>to/- , 2004, by and between the City of Port Arthur, Texas (the "Assignor") and K.T. Akbari (the "Assignee"). Assignor represents and warrants to Assignee that Assignor is the owner and holder of the "Obligations" that are herein assigned from Assignor to Assignee and that Assignor has not transferred or assigned any interest in any of the Obligations to any other person or. entity. The term "Obligations" means: the Deed of Trust (the "$!.8 Million Mortgage") executed November 8, 1985, from Bent Tree Village, Ltd. as "Grantor", George E. Dibrell as "Trustee" and Assignor as "Beneficiary"; and Real Estate Lien Note in the original mount of $1,856,000 payable by Bent Tree Village, Ltd. to Assignor (herein, the "$1.8 Million Note") secured by the $1.8 Million Mortgage; and Deed of Trust (the "$1.3 Million Mortgage") executed November 8, 1985, from Park Central Nursing Home, Ltd. and Park Central Village, Ltd. as "Grantors", George E. Dibrell as "Trustee" and Assignor as "Beneficiary"; and Real Estate Lien Note in the original amount of $1,344,000 payable by Park Central Nursing Home, Ltd. and Park Central Village, Ltd. to Assignor (herein, the "$1.3 Million Note") secured by the $1.3 Million Mortgage; and the Urban DeVelopment Action Grant City / Developer Agreement (herein, the "Bent Tree UDAG Agreement") dated October 30, 1984 by and between Assignor, Bent Tree Village, Ltd., New Town In Town, Inc., and Hayes, Inc.; and the Urban Development Action Grant City / Developer Agreement (herein, the "Park Central UDAG Agreement") dated October 30, 1984 by and between Assignor, Park Central Nursing Home, Inc., Park Central Village, Ltd., New Town In Town, Inc., and Hayes, Inc.; and all matured and future rights, ~//. remedies, indebtedness, obligations, liability, causes of action, and claims under or arising under or incident to any one or more or all or combination of the $1.8 Million Note, $1.8 Million Mortgage, $1.3 Million Note, $1.3 Million Mortgage, Bent Tree UDAG Agreement, and Park Central UDAG Agreement; and all matured and future rights, remedies, indebtedness~ obligations, liability, causes of action, and claims owed incident to any or by virtue of acts, omissions, perfomaance, or non-performance thereunder; and all liens, deeds of trust, other trusts, and security interests that may secure same; and any and all other contracts, interests, ,or agreements incidem thereto or granted in the same transaction as any'of the foregoing; whether any of the foregoing rights, remedies, indebtedness, obligations, l!ability, causes of action, and claims arise under eoustitution, statute, rule, order, judgment, contract, common law, relationship, contract, or othenvise, which Obligations were assumed in part by Bern Tree Apartmems, Ltd. pursuant to that certain Agreement for Release and Assumption of Second Lien entered into by and between the Assignor, Bern Tree Village, Ltd., and Bent Tree Apartments, Ltd. as of the 1st day of July, 2004 and in part by Autumn Chase Park, Ltd. pursuant to that certain Agreement for Release and Assumption of Second Lien entered into by and between the Assignor, Park Central Village, Ltd., and Autumn Chase Park, Ltd. as of the 1st day of July, 2004. For good and valuable consideration, the receipt of which is acknowledged by Assignor, Assignor hereby absolutely transfers, conveys and assigns to Assignee and Assignee's heirs, successors, and assigns, and releases all of the Obligations, including but not limited to any and all fights to enforce or be paid the debt, obligations, liabiliW, or duties of any and all obligors under any of the Obligations and including but not limited to any and all matured and furore rights, remedies, causes of action, and claims against Park Central Nursing Home, Ltd., Park 2 / CentrM Nursing Home, Inc., Park Central Village, Ltd., Bent Tree Village, Ltd., }]ayes Builders, /~/ Inc., New Town In Town, Inc., Hayes, Inc., Bent Tree Apartments, Ltd., Bent Tree Apartments GP, LLC, Autumn Chase Park, Ltd., Autumn Chase Park GP, LLC, and any of their respective partners, shareholders, members, directors, officers, managers, employees, contractors, accountants, attorneys, and other agents or representatives, that may arise out of or be incident to any of the Obligations or acts, omissions, performance, or non-performance thereunder or with respect thereto. Assignor shall deliver any original instruments, if any, that evidence the Obligations to Assignee. This Assignment and Release is made in compliance with the approval of Transfer of Physical Assets of Bent Tree Village, the approval of Transfer of Physical Assets of Park Central Village, and any other applicable statutes and requirements of the U.S. Department of Housing and Urban Development. o'- 6 ~,c ., 2004. Executed, delivered and effective this _~ day of 0 c~ b City of Port Arthur, Texas K.T. Akbari By:~ ~~/~ And By:. Its ATTEST: 3 586209-1 STATE OF TEXAS § COUNTY OF .~ef'~'erso~ § Before me, the undersigned notary public in and for the State of Texas, on this day personally appeared <; t-~_ 1,o,, F;lt q',l,l~o~'S personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument. Given under my hand seal of office this I s~' day of ~ c{ob'q', 2004. [....~p.~...u'~:.% TONYA SUMMERLIN ] Notary Public, the State of Texas I ~:,..~...~? Ccmtmi~ion Expires ~';~R?,~,~''; APRIL 22, 2007 STATE OF TEXAS § Before me, the undersigned notary public in and for the State of Texas, on this day personally appeared F% T',/h~- b~r; personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within insmnnent. Given under my hand seal of office this I 55 day of Odo6~', 2004. [£~,~'"3i'"'-?~ TONYA 8UMMERLIN1 Notary Publ~, the State of Texas I~ ?~;~? ! N~t,r~ I~fl'; Stm of Texas / J / CITY OF PORT ARTHUR DEPOSIT CODING SLIP Z~_ _ ' TOTAL ~o Rundred Ftf~7 ~O~nd and 00/100 ........... ~ ~ ~ Assi ClI~ I1r ~ ~ REPRINT ~ DiSTIllER RE~IPT ~ 10/~/~ Ol ~i~ m: ~.~ T~al t~ ~.~ T~al ~t ~.~