HomeMy WebLinkAboutRES 88-022 AGEND
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R E S O L U T I O N S
BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BEAUMONT:
THAT the City Manager be, and he is hereby, authorized to approve
an amendment to the Development Agreement with the Stedman Building
Partnership in substantially the form attached hereto as Exhibit
"A"
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of ' 1988.
Mayor -
THE STATE OF TEXAS
COUNTY OF JEFFERSON
DEVELOPMENT AGREEMENT
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" ) .
W I T N E S S E T H
WHEREAS , the City is in support of efforts for the
continued revitalization of the downtown area and wishes to
encourage the 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 in the 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,
WHEREAS, during the effective term 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
Exhibit "A"
a a of
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 agrees to make all reasonable efforts to
secure a HUD Section 108 loan guarantee in an amount not to
exceed the acquisition value of the Stedman property and a
designated off-site parking facility.
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3 ) The City '-`.anager of City will recommend to City Council
that the project receive historic preservation tax abatement to
building site for a maximum of nine ( 9 ) years.
4) The City will assist in facilitating a One Hundred
Forty Thousand Dollar (.$140, 000 ) loan from BUILD, Inc. to the
developer at a zero percent (0% ) interest rate for a term of ten
( 10 ) years.
5) The City agrees to extend Neches Street to the
Liberty/Laurel Connector.
6) City will pursue commitments of assurance from the
State Department of Highways and Public Transportation on the
timetable for the completion of the Martin Luther King Parkway.
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) Prior to the City pursuing any of its obligations
hereunder, Stedman Esilding Partnership agrees to exercise its
option to purchase t^:e Stedman site, secure adequate financing to
complete the construction project and demonstrate, through
initiation of the P1-lsical construction itself, that the project
will be completed.
3 ) Stedman Building Partnership further agrees to provide
evidence of secured =inancing within one hundred twenty ( 120 )
days from the date of execution of this agreement or this
agreement will beco-e void unless otherwise mutually agreed upon
by and between City and Stedman Building Partnership.
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C. Joint Commitments
1 ) The parties jointly agree that the term of this
agreement shall be from the date of its execution until the
obligations of the parties have been satisfied, 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.
IN WITNESS WHEREOF, the parties hereto have executed this
Development Agreement on the day and year above first written.
CITY OF BEAUMONT
By:
Albert E. Haines
City Manager
STEDMAN BUILDING PARTNERSHIP
BY: '- c .
President =- -
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