HomeMy WebLinkAboutPR 18315: 30 DAY EXTENSION OF THE LEASE OF A PORTION OF THE BUILDING AT 441 AUSTIN AVE BY CAPITOL ONE BANK P. R. No. 18315
05/22/14 gt
RESOLUTION NO.
A RESOLUTION AUTHORIZING A THIRTY
(30) DAY EXTENSION OF THE LEASE OF A
PORTION OF THE BUILDING AT 441 AUSTIN
AVENUE BY CAPITOL ONE BANK, N.A.
WHEREAS, on June 1, 2004, the City of Port Arthur entered into
a three (3) year lease with Hibernia National Bank; and
WHEREAS, Capital One Bank, N.A. (Capital One) purchased the
assets of Hibernia National Bank and pursuant to Resolution No. 07-
163 the City Council approved an extension of the lease at 441
Austin to Capital One until May 31, 2008; and
WHEREAS, Capital One decided to remain in downtown Port Arthur
and requested an additional two - year lease of a portion of the
building at 441 Austin, which was approved by City Council per
Resolution No. 07-514; and
WHEREAS, the leasehold-period was from June 1, 2008 to June 1,
2010, and also provided for two consecutive two year options to
renew; and
WHEREAS, per Resolution No. 12-142, the City entered into a
Third Amendment to Lease Agreement, which leasehold period will
expire on May 31, 2014; and
WHEREAS, the tenant has the option to renew and extend the
term of this Lease for a term of two (2) years to commence on June
1, 2014 and to expire on May 31, 2016; and
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WHEREAS, Capital One is requesting a thirty (30) day extension
in order to negotiate a longer term lease.
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 City of Port Arthur herein authorizes
a thirty (30) day extension of the current Lease Agreement with
Capital One of a portion of the building at 441 Austin.
Section 3. That an authorized agent of Capital One will
sign this agreement agreeing to the terms thereof.
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 May, A. D. ,
2014, 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
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ATTEST:
CITY SECRETARY
APPROVED A TO FORM:
OI d&
CITY ATTOR E .nlir
dr
APPROVED FOR ADMINISTRATION:
JOHN A. COMEAUX, P.E. ,
INTERIM CITY MANAGER
AGREED TO:
CAPITAL ONE BANK, N.A.
By:
Name:
Title:
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