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HomeMy WebLinkAboutRES 11-265 RESOLUTION NO. 11-265 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Council of the City of Beaumont approves Amendment No. 2 to the City's Loan Agreement with Crockett Street Development, Ltd. The amended Agreement is substantially in the form attached hereto as Exhibit "A." PASSED BY THE CITY COUNCIL of the City of Beaumont this the 13th day of September, 2011. a or Beck Ames - Y Y AMENDMENT NO.2 TO PROMISSORY NOTE This Amendment No. 2 to Promissory Note is an amendment to that certain Promissory Note dated November 23, 1999 (the "Note"), executed by CROCKETT STREET DEVELOPMENT, LTD. (The "Maker") in the original principal amount of THREE MILLION DOLLARS ($3,000,000), payable to the order of . THE CITY OF BEAUMONT,TEXAS(the"City"). By this Amendment No. 2,the Maker and the City agree to amend the Note as follows: 1. Effective October 1, 2011, the rate of interest payable under the Note is adjusted to be equal to 3.25%. 2. The principal amount outstanding as of the date of this Amendment is $1,689,000. Effective October 1, 2011, the Maker will pay a monthly installment of $24,332.99, continuing through February 1, 2018, and in accordance with the amortization schedule attached hereto as Exhibit "A." The parties agree that at such time as the Maker has repaid the $1,689,000 of the Amendment No. 2 of the Note, the monthly principal payment schedule shall cease and no further principal payments will be due. 3. Except as amended by this Amendment No. 2, all other terms and provisions of the Note and all liens granted to secure the Note and all agreements and instruments executed in connect with the Note shall remain in full force and effect. EXHIBIT "A" AGREED TO EFFECTIVE as of September 13, 2411. MAKER: CROCKETT STREET DEVELOPMENT,LTD. By: Beaumont Crockett Street Management, Inc. Its: General Partner By: PAYEE: THE CITY OF BEAUMONT,TEXAS By: Kyle Hayes,City Manager Crockett Street Equal Payments @3.25%Mature 2/1/18 9/8/2011 12:31 PM Pagel Compound Period: Exact Days Nominal Annual Rate: 3.250% CASH FLOW DATA Event Date Amount Number Period End Date 1 Loan 9/1/2011 1,689,000.00 1 2 Payment 10/1/2011 24,332.99 77 Monthly 2/1/2018 AMORTIZATION SCHEDULE-Normal Amortization Date Payment Interest Principal Balance Loan 9/1/2011 1,689,000.00 1 10/1/2011 24,332.99 4,511.71 19,821.28 1,669,178.72 2 11/1/2011 24,332.99 4,607.39 19,725.60 1,649,453.12 3 12/1/2011 24,332.99 4,406.07 19,926.92 1,629,526.20 2011 Totals 72,998.97 13,525.17 59,473.80 4 1/1/2012 24,332.99 4,497.94 19,835.05 1,609,691.15 5 2/1/2012 24,332.99 4,443.19 19,889.80 1,589,801.35 6 3/1/2012 24,332.99 4,105.17 20,227.82 1,569,573.53 7 4/1/2012 24,332.99 4,332.45 20,000.54 1,549,572.99 8 5/1/2012 24,332.99 4,139.27 20,193.72 1,529,379.27 9 6/1/2012 24,332.99 4,221.51 20,111.48 1,509,267.79 10 7/1/2012 24,332.99 4,031.61 20,301.38 1,488,966.41 11 8/1/2012 24,332.99 4,109.96 20,223.03 1,468,743.38 12 9/1/2012 24,332.99 4,054.13 20,278.86 1,448,464.52 13 10/1/2012 24,332.99 3,869.19 20,463.80 1,428,000.72 14 11/1/2012 24,332.99 3,941.67 20,391.32 1,407,609.40 15 12/1/2012 24,332.99 3,760.05 20,572.94 1,387,036.46 2012 Totals 291,995.88 49,506.14 242,489.74 16 1/1/2013 24,332.99 3,828.60 20,504.39 1,366,532.07 17 2/1/2013 24,332.99 3,772.00 20,560.99 1,345,971.08 18 3/1/2013 24,332.99 3,355.71 20,977.28 1,324,993.80 19 4/1/2013 24,332.99 3,657.35 20,675.64 1,304,318.16 20 5/1/2013 24,332.99 3,484.14 20,848.85 1,283,469.31 21 6/1/2013 24,332.99 3,542.73 20,790.26 1,262,679.05 22 7/1/2013 24,332.99 3,372.91 20,960.08 1,241,718.97 23 8/1/2013 24,332.99 3,427.48 20,905.51 1,220,813.46 24 9/1/2013 24,332.99 3,369.78 20,963.21 1,199,850.25 25 10/1/2013 24,332.99 3,205.08 21,127.91 1,178,722.34 26 11/1/2013 24,332.99 3,253.60 21,079.39 1,157,642.95 27 12/1/2013 24,332.99 3,092.33 21,240.66 1,136,402.29 EXHIBIT"A" 2013 Totals 291,995.88 41,361.71 250,634.17 9/8/2011 12:31 PM Page 2 28 1/1/2014 24,332.99 3,136.78 21,196.21 1,115,206.08 29 2/1/2014 24,332.99 3,078.27 21,254.72 1,093,951.36 30 3/1/2014 24,332.99 2,727.39 21,605.60 1,072,345.76 31 4/1/2014 24,332.99 2,959.97 21,373.02 1,050,972.74 32 5/1/2014 24,332.99 2,807.39 21,525.60 1,029,447.14 33 6/1/2014 24,332.99 2,841.56 21,491.43 1,007,955.71 34 7/1/2014 24,332.99 2,692.48 21,640.51 986,315.20 35 8/1/2014 24,332.99 2,722.50 21,610.49 964,704.71 36 9/1/2014 24,332.99 2,662.85 21,670.14 943,034.57 37 10/1/2014 24,332.99 2,519.06 21,813.93 921,220.64 3811/1/2014 24,332.99 2,542.82 21,790.17 899,430.47 39 12/1/2014 24,332.99 2,402.59 21,930.40 877,500.07 2014 Totals 291,995.88 33,093.66 258,902.22 40 1/1/2015 24,332.99 2,422.14 21,910.85 855,589.22 41 2/1/2015 24,332.99 2,361.66 21,971.33 833,617.89 42 3/1/2015 24,332.99 2,078.34 22,254.65 811,363.24 43 4/1/2015 24,332.99 2,239.58 22,093.41 789,269.83 44 5/1/2015 24,332.99 2,108.32 22,224.67 767,045.16 45 6/1/2015 24,332.99 2,117.25 22,215.74 744,829.42 46 7/1/2015 24,332.99 1,989.61 22,343.38 722,486.04 47 8/1/2015 24,332.99 1,994.26 22,338.73 700,147.31 48 9/1/2015 24,332.99 1,932.60 22,400.39 677,746.92 49 10/1/2015 24,332.99 1,810.42 22,522.57 655,224.35 5011/1/2015 24,332.99 1,808.60 22,524.39 632,699.96 51 12/1/2015 24,332.99 1,690.09 22,642.90 610,057.06 2015 Totals 291,995.88 24,552.87 267,443.01 52 1/1/2016 24,332.99 1,683.92 22,649.07 587,407.99 53 2/1/2016 24,332.99 1,621.41 22,711.58 564,696.41 54 3/1/2016 24,332.99 1,458.15 22,874.84 541,821.57 55 4/1/2016 24,332.99 1,495.58 22,837.41 518,984.16 56 5/1/2016 24,332.99 11386.33 22,946.66 496,037.50 57 6/1/2016 24,332.99 1,369.20 22,963.79 473,073.71 58 7/1/2016 24,332.99 1,263.69 23,069.30 450,004.41 59 8/1/2016 24,332.99 1,242.14 23,090.85 426,913.56 60 9/1/2016 24,332.99 1,178.40 23,154.59 403,758.97 61 10/1/2016 24,332.99 1,078.53 23,254.46 380,504.51 62 11/1/2016 24,332.99 1,050.30 23,282.69 357,221.82 63 12/1/2016 24,332.99 954.22 23,378.77 333,843.05 2016 Totals 291,995.88 15,781.87 276,214.01 64 1/1/2017 24,332.99 921.50 23,411.49 310,431.56 65 2/1/2017 24,332.99 856.88 23,476.11 286,955.45 66 3/1/2017 24,332.99 715.42 23,617.57 263,337.88 67 4/1/2017 24,332.99 726.88 23,606.11 239,731.77 68 5/1/2017 24,332.99 640.38 23,692.61 216,039.16 69 6/1/2017 24,332.99 596.33 23,736.66 192,302.50 9/8/2011 12:31 PM Page 3 70 7/1/2017 24,332.99 513.68 23,819.31 168,483.19 71 8/1/2017 24,332.99 465.06 23,867.93 144,615.26 72 9/1/2017 24,332.99 399.18 23,933.81 120,681.45 73 10/1/2017 24,332.99 322.37 24,010.62 96,670.83 74 11/1/2017 24,332.99 266.84 24,066.15 72,604.68 75 12/1/2017 24,332.99 193.94 24,139.05 48,465.63 2017 Totals 291,995.88 6,618.46 285,377.42 76 1/1/2018 24,332.99 133.78 24,199.21 24,266.42 77 2/1/2018 24,332.99 66.57 24,266.42 0.00 2018 Totals 48,665.98 200.35 48,465.63 Grand Totals 1,873,640.23 184,640.23 1,689,000.00 Last interest amount decreased by 0.41 due to rounding.