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Home My WebLink AboutRES 87-230 R E S 0 L U T 1 0 N BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAU�MONT: THAT the City Mianager be, and lie is hereby, authorized to enter into a development agreement with the Stedman Building Partnership in substantially the form attached hereto as Exhibit "Aug . PASSED BY THE CITY COUNCIL of the City of Beaumont this the day of 1987 . Mayor THE STATE OF TEXAS j COUNTY OF JEFFERSON j DEVELOPMENT AGE:EE74ENT This Development Agreement is made this the day of 19 , by and between the City of Beaumont, a municipal corporation of the State of Texas (hereinafter referred to as "City" ) and the Stedman Building Partnership, a ?partnership authorized to do business in the State of Texas (hereinafter referred to as "Stedman Building Partnership" ) . J I T ICI E S S E T , . ",iHEREAS, the City is in support of efforts for the continued revitalization of the downtown area and wishes to encourage tree construction and rehabilitation of a mixed use commercial and retail office building in the downtown area; and, WHEREAS, the parties hereto deem it to be in their mutual interests to cooperate development of a mixed use commercial building in the downtown area. Accordingly, the city has determined that the public interest can best be served by the execution of this Development Agreement with the Stedman Building Partnership; and, TrM REAS, (luring tide effective terin of this Development Agreement, the parties to this agreement agree to accomplish respective actions and activities, as specified Herein. It is understood by all parties to this agreement that this Development Agreement may be cancelled in the event that any of the parties fail to carry out responsibilities, as agreed herein, or if the project is subsequently determined and mutually agreed by the participants hereto to be infeasible; NOW, THEREFORE, for and in consideration of the mutual promises herein contained and with successful project implementation being the common objective, the parties to this agreement do hereby agree as follows: A. City Commitments 1 ) The City agrees to provide various public improvements necessary for completion of the project. Improvements shall include relocation of overhead utility lines and streetscaping improvements on the public streets bordering the Stedman site. The streetscaping will include sidewalks, curbs and gutters, asphaltic concrete paved streets, lighting and removal of railroad tracks. Funds and other related expenses for the construction of these public improvements shall not exceed Two Hundred Fifteen Thousand Dollars ($215,000 ) for utility relocation and Two Hundred Fifteen Thousand Dollars ( $215 , 000 ) for streetscaping. It is the City' s exclusive responsibility to coordinate with the appropriate entities the relocation of utility lines. The Stedman Building Partnership agrees to cooperate in the completion of these improvements . 2) The City will acquire and improve certain real property more fully described in Exhibit "a" attached hereto and made a part hereof by this reference, for the purpose of constructing a parking facility adjacent to the project. - 2 - 3 ) The City will provide historic preservation tax abatement to the building site for a maximum of five ( 5 ) years. 4) The City will assist in facilitating a One Hundred Forty Thousand Dollar (; 140, 000 ) loan From SUILD, Inc. to the developer at a zero percent (0% ) interest rate for a tern of ten ( 10 ) years. 5 ) The City agrees to extend Neches Street to the Liberty/Laurel Connector. n) City will pursue commitments of assurance from the State Department of Highways and Public Transportation on the timetable for the completion of the Piartin Luther King Parkway. 7) City agrees to make all _reasonable efforts to secure a HUD Section 100 loan guarantee in an amount not to exceed the acquisition value of the Stedman property. B. Stedman Building Partnership Commitment 1 ) Stedman Building Partnership agrees to rehabilitate the Stedman property for purposes of providing mixed use commercial office space and related uses in downtown Beaumont. 2) Stedman Building Partnership agrees to execute a lease agreement to be negotiated with the City Manager for the lease and operation of the parking facility to be used in conjunction with the office building project. 3 ) ?rior to the City pursuing any of its obli(jations hereunder, !;tedman Buildingj Partnership agrees to exercise its option to purchase the Stedman site, secure adequate financing tc> complete the construction project and demonstrate, tliruugh 3 - initiation of the physical construction itself, that the project will be completed. 4) Stedman Building Partnership further agrees to provide evidence of secured financing and to complete the lease negotiations referenced in item B(2) within one hundred twenty ( 120 ) days from the date of execution of this agreement or this agreement will become void unless otherwise mutually agreed upon by and between City and Stedman Building Partnership. C. Joint Commitments 1 ) The parties jointly agree that the term of this agreement shall be from the date of its execution until the execution of the lease agreement, as above provided, unless earlier terminated. 2) This agreement and its terms and conditions are performable in Jefferson County, Texas. Venue of any litigation arising hereunder shall lie in Jefferson County, Texas. Iii WITNESS WHEREOF, the parties hereto have executed tills Development Agreement on the day and year above first written. CITY OF BEAUMONT By: Albert Plaines City Nana(jer STEDi iAiv 3U7-,Oi 1 , PIR TNERSHTP By• President - 4 - EXL -,IT A CROCfCETT STREET 46111'ROw) ! t 43 �v 4 ,� 0�3 ,►�, 4d,► vo I ��A V C �V �j/,/� � ✓:;G: v .may" .t'L � l K r L� L 'N oc I — >>: ti LL 40f L�SQ Vol 0u`IO Sowl.- 'C 2/v / :oe6cRirt N 9F ¢tDVICEb pFOE6Tk0I ZO<A7,, e,�'SfrCr _ ,`8URV�YQIY'$-�GER7IFlGATB� > #'00 HARIST 4f0tiFY, TO THE 8967 OF MY KNOWLEO/E AND RELIEF, TWAT THIS 13 AN ACCURATE _ PLAT OF A SURVEY.MAO£ ON'THE RROUHO, UNDER MT SUPERVISION, SHOWING ALL IMPROVEMENTS -� + 4N3 ANY VISONLE EHCAOACHMENTR,;-.AS OF .Y 15", 199 7 THE ABOVE TRAIT BEING T9DCAttD AT tJBC _SrtfCpc�g�j S7 AND REINR DE3CRIRED A3�; c� :_- AS. RECORDED IN VOLUME ( 9SZ6 6 SQ,Fr) .,� ..PAO E ; 0.THE - ''R'EJG,ORDS O`F.,,.�yf-. F� .rte COUXTT, TEXAS. p M,1RrJAJ . ,N7ANlSCALCCi, ;. y4,1-rt Y _ fQEGtSTEREO PUBLIC SURVEYOR` 110,2GI4 •?.... fa�k s i .,. .jG /� 'fii#t Shfpmat� XAIII:�'A,I[;,/:« %e ! Co\rhm9 Enrr sq and Lrd�mrwn ��'�I µc\ 440 19TH ST,SUITE A • BEAUMONT.TEXAS 77707•(409)412.7239