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<br />.. <br /> <br />. <br /> <br />ASKINS & ARMSTRONG, P. C. <br />,ATTORNEYS AT LAW <br />70~ W, FAIRMONT PARKWAY <br />P. O. BOX 121B <br />LA PORTE. TEXAS 77572-1218 <br /> <br />September 27, ~99l <br /> <br />~ "c. <br />'"', .; ~ '~ <br />.v, 0. ~ ~ .,o~ (tJ-'" <br />1=''''' P. ........~~ jJ' <br />....'" " . Co . <I... -1""'.:' () <br />...- ~~ .,.,. <br />1'6A ~ ~ <br />O~~~\(~. ~ <br />",0"''' ~. <br /> <br />'CD\" ~ ('~ >; g. <br />).. Oo'f ~ <br />~ ,k t'k.;~ ~~>('~ <br />PlC&.SC c;.tc.l \ . <br />~ \'1\~_. <br />~"'."'S'" . ~ ,,~ <br />1:''''' ~'\ t- ~,~ <br />h<\.u.\f 0\ ~ ~~ . <br />, l" I' leu <br />I have prepared an Earnest Money Contract" copy of wh1ch is <br />attached, for the City's proposed purchase of the auction barn <br />building on South Broadway, next to the La Porte Recreation Center. <br />Under the Contract, the City would purchase the property for <br />$165,000.00, with $1,000.0~ earnest money, and $100,000.00 cash <br />downpayment at closing on October 15, 1991. The balance of <br />$65,000.00 would be represented by a tax anticipation note which I <br />have prepared, with zero interest, payable July 1, 1992. The sale <br />would actually close October 15, 1991, and the deed to the City <br />would be recorded, which would place the City in the position to <br />obtain an ad valorem tax exemption on the property. In lieu of <br />interest, the sellers will continue to collect rent through November <br />30, 1991. <br /> <br /> <br />TELEPHONE 713 471-1888 <br />TELECOPIER 713 471-2047 <br /> <br />KNOX W. ASKINS <br />.JOHN D, ARMSTRONG <br /> <br />Mr. Robert T. Herrera <br />City Manager <br />City of La Porte <br />City Hall <br />La Porte, Texas <br /> <br />Re: <br /> <br />Purchase of Auction ,Barn Building <br /> <br />Dear Bob: <br /> <br />Please review this Contract, and, if acceptable, I would like to <br />have signed by the sellers, so that the Contract, the tax <br />anticipation note, and the resolution on the tax anticipation note, <br />could be placed on the Council agenda of October 14, 1991. <br /> <br />Yours very truly, <br /> <br /> <br />WASkiDS <br />City Attorney, <br />City of La Porte <br /> <br />KWA: sw <br />Enclosures <br />