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e CITY OFtA PORTE PHONE (7131 471.5020 . P. O. Box 1 115 . LA PoRTE. TEXAS 77572 copy July 11, 1994 Mr. Harold P. Pfeiffer 619 Brownell La Porte, TX 77571 Re: Tract One: Lots 1-5, both inclusive, in Sailor's Cove Subdivision, a 2.209 acre tract, being a resubdivision of part of Lot 18, W.B. Lowrance Subdivision, recorded in Volume 83, Page 596, Harris County Deed Records - Beazley Homestead Tract, according to the map or plat of said Sailor's Cove Subdivision recorded April 6, 1994, under Harris County Clerk's file No. P779441. Tract Two: Lots 7 & 8, Bayshore Block, Bayshore Park Subdivision, according to the map or plat thereof recorded in Volume 10, Page 22, of the Map Records of Harris County, Texas. Dear Mr. Pfeiffer: Please be advised that I have been authorized by the La Porte City Council to negotiate the acquisition of the above-described property which you own located on Bayshore Drive at Sea Breeze Avenue. On July 5, 1994, we met in my office and reached an agreement on the acquisition. As I explained to you, the City of La Porte has issued in 1994, substantially all of its $10,000,000.00 limit on tax free obligations, under Internal Revenue Service regulations. Therefore, the City of La Porte desires to obtain an option agreement from you, for the purchase of the above described property by the City of La Porte, with final closing in January, 1995. The points which follow will outline the critical elements of our discussion: 1. The purchase price is $675,000.00. 2. You have agreed to finance this land acquisition if the note can by prepared by the City in a manner that is structured as a tax exempt instrument to the holder of the note. 3. Financing arrangement: Non-refundable option money to be paid upon signing of mutually acceptable option agreement, which option money shall be applied in its entirety to the purchase price, if the City exercises its option to purchase on or before January 31, 1995, $100,000.00.