HomeMy WebLinkAboutPR 17433: EDC SALE OF PROPERTY IN BUSINESS PARK P. R. No. 17433
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION TO OFFER THE SALE OF 59+ ACRES OF
LAND IN THE CITY OF PORT ARTHUR SECTION 4A
ECONOMIC DEVELOPMENT CORPORATION BUSINESS
PARK AT $1.02 PER SQUARE FOOT
WHEREAS, the City Council deems it in the public interest to authorize the City of Port
Arthur Section 4A Economic Development Corporation (the "PAEDC ") to offer the sale of 59+
acres of land in the PAEDC Business Park at $1.02 per square foot; and
WHEREAS, the property is described in Exhibit "A" (the "Property ") and is proposed
for construction of 250,000 square feet of capital improvements (the "Project "); said Project
improvements anticipated to be in excess of $28 million; and
WHEREAS, the Project plans to employ approximately 130 workers, shall be equipped
with approximately $25 million of machinery and material handling equipment and shall have
inventory with a value of $20 to $30 million; and
WHEREAS, the Urban Group on behalf of an undisclosed buyer (the "Buyer ") has
submitted a proposal for the Property payable at closing in an amount of $1,934,064.00, which is
$ .75 per square foot; and
WHEREAS, PAEDC current price per square foot is $1.20 per square foot; and
WHEREAS, at the Board of Director meeting on December 3, 2012 the PAEDC Board
voted to offer the Property for sale at $1.02 per square foot with the total sales price of
$2,630,327 for the Property payable at closing; and
WHEREAS, at the Board of Directors meeting of December 3, 2012, the PAEDC Board
further voted to authorize a Sales Contract with the following conditions:
1. The earnest money deposit should be increased from $20,000 to $50,000;
2. The escrow agent would be changed from Alamo Title to First American Title;
3. Any and all required title policies, surveys and /or feasibility studies should be
undertaken at the sole cost of Buyer;
4. All commissions for commission agents shall be paid solely by Buyer;
5. The Buyer would have to be disclosed, and there would be no transfer or
assignment of the Sales Contract except from Urban Group to the Buyer without
the prior consent of PAEDC;
6. Neither Urban Group nor Buyer could acquire any portion of the Property for
resale to third parties without the prior written consent of PAEDC, and any said
resale of Property not used within the Project to provide PAEDC an additional
$0.18 per square foot;
7. The Project would proceed within twelve (12) months of the closing as identified
in the Sales Contract.
WHEREAS, the PAEDC Board of Directors advises that its intent is to sell the Property
for the development of the Project and not for the subdivision redevelopment, resale or holding
of the Property by Buyer and transfers only to affiliated business entities with the approval of
PAEDC.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR, TEXAS:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That the PAEDC is herein authorized to offer the Property for sale at
$1.02 per square foot with the total sales price of $2,630,327 for the Property payable at closing.
#968793 Page 2
Section 3. That the sale of the Property pursuant to a Sales Contract would be
conditioned upon the satisfaction of the recitals set forth in this Resolution which are
incorporated herein as if fully set forth.
Section 4. 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., 2012,
at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote:
AYES:
Mayor ,
Councilmembers ,
•
NOES:
Deloris "Bobbie" Prince, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED:
Floyd Batiste, PAEDC CEO
#968793 Page 3
APPROVED AS TO FORM:
• e
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
Valecia R. zeno/ City Attorney
Page 4
#968793
Exhibit "A"
I
, I I
0, w
- X
ri
X) ,
K Z
, ' ),44(fr\ itt 4/ slie 41te, 1 A‘i
. .
,
, , 5 , .
co i i :: " \ Nt' )7 4(i& )V ,itC( "7 46 404 44 A 44
,, N k
• "P4 - 4(.'-' 7 #4 i . ''.)°,v ' ',
, K Z
- r , ,,, Iii W
i IP
A:
.'/ ),,, , ,,,_,,, , 44 /,
1
/7,,,,
1
, •_:- , 0.
,. A * IV 1 i u- , ,,)0
(..0
14 6 1 . .,1'
> * Wh g9k''/ I
...
-- I
, . .0 , , ..e. ;
i ,
, ,' I '
4 4( 417#
,
-,,,,m 4,,
..... • ig! „.' , , 4,,Q, ,
IP ,./ 1 t ,, , it(/'-'.14,<4 ;
4(
7
4 '
-g; V.44ArAqr, • , Ai , ii/,,,,,, A,,,,
. L ' - '_•, -- ,„,,,,
N Nfi,
" (
4‘ # 1
i b , ,, 4
47 4 ( .4&, ,. 0i
/7
- A ,
- 4 ( 44, * -
k i)v --
--... ----"'
,..
a /
e
.--'
g - - ...
P1) :
--.. 0
0
m q
0
K i
'
j1 ( 1 1 r 121 1 01 I 9 1 4 1 1 pi I 11 91F:11111 URBAN CONSTRUCTION
i r , i f 6 11 i AP,11; SOUrI-MEST, Inc
• R a , l ,;, 1 1
1 1 i liT
, _ Ili, z i
J