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MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: October 20, 2006
Subject: P.R. No. 13811 Council Meeting of October 24, 2006
Attached is P. R. No. 13811 approving the payoffof a loan made to 3D
Architectural Metal Sales and closing of the incentive contract between this company and the
City of Port Arthur Section 4A Economic Development Corporation. Mr. Daley wishes to close
his business.
This was approved by the PAEDC Board of Directors at its October 18, 2006
regular board meeting.
PR13811.memo
P.R. No. 13811
10/19/06 jb
RESOLUTION NO.
A RESOLUTION APPROVING A LOAN PAYOFF IN THE
AMOUNT OF $105,388.16 FROM 3D ARCHITECTURAL
METAL SALES AND CLOSING THE ECONOMIC
INCENTIVE AGREEMENT BETWEEN 3D
ARCHITECTURAL METAL SALES AND THE CITY OF
PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS, on March 14, 2006 the City Council approved Resolution No. 06-092 which
approved the economic incentive agreement between the City of Port Arthur Section 4A Economic
Development Corporation and 3D Architectural Metal Sales; and
WHEREAS, the agreement provided for a loan in the amount of $103,000, with a four
percent (4%) interest rate for a term of seven (7) years, secured by a deed of trust on property owned
by the company at 205 Hwy 365, Port Arthur, Texas; and
WHEREAS, the agreement also provided for a grant in the amount of $112,000, subject to
the performance of certain conditions precedent set forth in the agreement; and
WHEREAS, the principal, Mr. Richard Daley has informed the PAEDC that he desires to
close the business and wishes to payoffthe loan; and
WHEREAS, the grant fund have not been disbursed to 3D Architectural Metal Sales and the
company wishes to forfeit the receipt of grant funds upon the termination of the economic incentive
agreement; and
WHEREAS, the City of Port Arthur Section 4A Economic Development Corporation hereby
requests that the City Council approve the acceptance o£ said payment and termination of the
economic incentive agreement with 3D Architectural Metal Sales in its entirety; and
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. That the City Council authorizes the acceptance of the payment of
$105,388.16 satisfies the loan made to 3D Architectural Metal Sales and that the economic incentive
agreement is closed.
Section 3. That a copy of the caption be spread upon the minutes of the City Council.
READ, ADOPTED AND APPROVED on this day of , A.D. 2006, at a
Special Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayo~
City Council
NOES:
OSCAR ORTIZ, MAYOR
ATTEST:
EVANGELINE GREEN, CITY SECRETARY
IVIrARK~.L~O'KO'-~W' CITY ATTORNEY ~0/0 ~L0~O~
APPROVED FOR ADMINISTRATION:
STEPHEN FITZGIBBONS, CITY MANAGER
APPROVED AS TO THE AVAILABILITY OF FUNDS:
REBECCA UNDERHILL, DIRECTOR OF FINANCE
APPROVED FOR SECTION 4A ECONOMIC DEVELOPMENT CORPORATION:
FLOYD BATISTE, CEO