HomeMy WebLinkAboutPO 6312: EDC BUDGET AMENDMENT FOR RENOVATION AT 501 PROCTER Interoffice
MEMORANDUM
To: Mayor, City Council, Acting City Manager
From: Floyd Batiste, CEO
Date: April 5, 2013
Subject: P. O. No. 6312; Council Meeting on April 16, 2013
AN ORDINANCE AMENDING THE BUDGET FOR THE
CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION FOR THE FISCAL
YEAR BEGINNING OCTOBER 1, 2012 AND ENDING
SEPTEMBER 30, 2013 FOR THE REHABILITATION
PLAN AND COST ESTIMATE FOR THE RENOVATION
OF THE BUILDING LOCATED AT 501 PROCTER
STREET IN DOWNTOWN PORT ARTHUR
P.O. No. 6312
4/4/2013 CS
ORDINANCE NO.
AN ORDINANCE AMENDING THE BUDGET FOR THE
CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION FOR THE FISCAL
YEAR BEGINNING OCTOBER 1, 2012 AND ENDING
SEPTEMBER 30, 2013 FOR THE REHABILITATION
PLAN AND COST ESTIMATE FOR THE RENOVATION
OF THE BUILDING LOCATED AT 501 PROCTER
STREET IN DOWNTOWN PORT ARTHUR
WHEREAS, the City Council approved the budget for the City of Port Arthur Section
4A Economic Development Corporation (the "PAEDC ") on September 18, 2012 per Ordinance
No. 12 -58; and
WHEREAS, per Resolution 12 -614, the City Council authorized the PAEDC to move
forward with the retrofitting of the property located at 501 Procter with the proposed rehab time-
line for the development of the project and under proposed cost options including possible use of
new market tax credits; and
WHEREAS, PAEDC requested authorization to proceed with procurement of the
following projects at a cost not to exceed $500,000:
a) Asbestos abatement;
b) Preliminary demolition; and
c) Architectural and engineering services
; and
WHEREAS, per Resolution 12 -614, the City Council authorized PAEDC to move
forward with the retrofitting of the property located at 501 Procter under the proposed cost
option(s) of $4,858,284 without new market tax credits; and
WHEREAS, on January 22, 2013, the City Council approved Ordinance 13 -03 amending
Budget Ordinance 12 -58 by increasing general fund expenditures $500,000 for the above 501
Procter renovation as requested; and
WHEREAS, sufficient funds are available in the operating reserve of PAEDC to fund
this amendment to be added to our Building Account (120- 1429 -582- 82.00); and
WHEREAS, the PAEDC Bylaws require that the City Council approve its budget and
budget amendments.
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 budget for PAEDC be increased by $4,358,284 to be added to the
Building Account (120- 1429 -582- 82.00) for the retrofitting of the property located at 501
Procter.
Section 3. That Section 2 of Ordinance 12 -58 shall be amended to read: That the
budget of the City of Port Arthur Section 4A Economic Development Corporation is hereby
adopted and approved in the sum of Ten Million Nine Hundred Eighty -One Thousand Two
Hundred Forty -One Dollars ($10,981,241).
Section 4. That a copy of the caption of this Ordinance be spread upon the Minutes
of the City Council.
Section 5. That the ordinance shall be effective immediately.
READ, ADOPTED AND APPROVED on this day of A.D., 2013,
at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote:
AYES:
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Mayor ,
Councilmembers ,
•
NOES: .
Deloris "Bobbie" Prince, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED:
Floyd Batiste, PAEDC CEO
APPROVE V TO F a _.‘ :
i
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
.. 10 v il-42/1/% (7)
Valecia R. Tizeno, ity Attorney
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