HomeMy WebLinkAboutPR 13847: KCS P. R. No. 13847
10/20/06 gt
RESOLUTION NO.
A RESOLUTION AS IT PERTAINS TO THE PURCHASE OF
41.46 ACRES FROM THE KANSAS CITY SOUTHEP/~ RAILWAY
COMPANY
WHEREAS, the City of Port Arthur and the City of Port
Arthur Section 4A Economic Development Corporation entered
into a purchase agreement for approximately 41.46 acres of
land adjacent to West 7th Street from The Kansas City
Southern Railway Company; and,
WHEREAS, the feasibility period expires on or about
October 31, 2006; and,
WHEP~AS, there is a need to extend the feasibility
period.
NOW, ~THEREFORE IT BE 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 purchase agreement with Kansas
City Southern Railway Company will herein be terminated
unless Kansas City Southern Railway Company agrees to an
extension of the feasibility period until November 30,
2006, in substantially the same form as attached hereto as
Exhibit "A".
Section 3. That a copy of the caption of this
Resolution be spread upon the Minutes of the City Council.
RF_~D, ADOPTED, AND APPROVED on this, the day
of , A.D. 2006, at a Meeting of the City
Council of the City of Port Arthur, Texas, by the following
votes: AYES: Mayor '
Councilmer~bers '
NOES:
MAYOR
ATTEST:
City Secretary
APPROVED AS TO FORM:
City Attorney
APPROVED FOR ADMINISTRATION:
City Manager
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AMENDMENT TO IMPROVED PROPERTY COMMERCIAL CONTRACT
THIS AMENDMENT TO IMPROVED PROPERTY COMMERCIAL CONTRACT (the
"Amendment") is made and entered into as of this day of ., 2006, by and between THE
KANSAS CITY SOUTHERN RAILWAY COMPANY ("Seller") and CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION and/or CITY OF PORT ARTHUR
("Buyer").
WHEREAS, Seller and Buyer have entered into that certain Improved Property Commercial
Contract relating to the contemplated purchase and sale of approximately 41.46 acres of land adjacent to
West 7th Street, Port Arthur, Texas, as further described therein ("Property") (as amended, the
"Agreement"); and
WHEREAS, the parties desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants herein granted, and other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
1. Feasibility Period. The Agreement is hereby amended to provide that the Feasibility
Period described in Section 7(B) of the Agreement will expire on November 30, 2006.
2. Extension Fee. The City has already paid an extension fee of $5000.
3. Closing Date. The Agreement is hereby amended to provide that the Closing Date will
occur on a date mutually agreed upon by the parties hereto, but not later than six (6) months after the date
hereof. The above mentioned $5,000 (Extension Fee) will be credited toward the purchase price in the
event the closing occurs on or before December 31, 2006. If the closing does not occur before December
31, 2006, then the $5,000 (Extension Fee) becomes the sole property of the Seller and will not be applied
to the purchase price.
4. No Further Amendments. Except as amended as set forth in Section 1 and Section 2
above, the Agreement remains in full force and effect in accordance with the terms thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment the day and year
first above written.
[The remainder of this page is blank.]
c.kcs amendment
BUYER: SELLER:
CITY OF PORT ARTHUR TIlE KANSAS CITY SOUTIIERN RAILWAY
COMPANY
By:
Name: By:.
Title: Name:
Title:
CITY OF PORT ARTIlUR SECTION 4A CITY OF PORT ARTIlUR SECTION 4A
ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT
CORPORATION CORPORATION
By:. By:_
Name: Name:
Title: President Title: Secretary
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