HomeMy WebLinkAboutRES 16-160RESOLUTION NO. 16-160
WHEREAS, in March 1987 and September 1998, the City entered into a
Management and Concession Agreement with the Beaumont Yacht Club (BYC) for the
operation of the public marina that is located on approximately 30 acres of city -owned
riverfront property north of Interstate 10; and,
WHEREAS, following Hurricane Ike, BYC received a Small Business
Administration Loan in order to replace stalls lost as a result of the hurricane; and,
WHEREAS, in early 2016, the City received an appraisal of the marina property
and made the decision to sell the property; and,
WHEREAS, in order to provide a clear title to the property, it is necessary to pay
the Small Business Administration Loan in full; and,
WHEREAS, because BYC used the loan proceeds to make improvements to the
property owned by the City, the improvements become the City's property as well; and,
WHEREAS, the City Council finds it is in the public interest to payoff the Small
Business Administration Loan which was used by BYC to make repairs and
replacement of property at 1000 Marina Drive following Hurricane Ike; and,
WHEREAS, the unconfirmed balance of the loan is estimated to be $465,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this resolution are hereby,
in all things, approved and adopted; and,
THAT the City Council approves the payoff of the Small Business Administration
Loan which was used by Beaumont Yacht Club to make repairs and replacement of
property at 1000 Marina Drive following Hurricane Ike in order to provide a clear title to
the property so that it can be sold.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 23rd day of
August, 2016.
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