LP 5 Points Properties, LP-lots 1-9,blk 199

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N\~lL-,l--\A G; \ L.L-E' 1 r askins & askins P.C. ATTORNEYS and COUNSELORS November 3, 2008 IDm:@jrtWfE~.~ ~ NOV 03 Z008 W CITY SECRETARY'S OFFICE Knox W. Askins Clark T. Askins Mr. Ron City Ma City 0 La Porte City all La orte, Texas Re: Town Square Project Dear Ron: As you know, the loan and purchase transaction between the 4B Board and East A Developments, LP, closed at Stewart Title in Houston on October 29, 2008. The City of La Porte is now the owner of all of Block 199, Town of La Porte, Harris County, Texas, the property known as the "Triangle", and has received the deed to the portion of the 100 foot wide public right-of-way known as San Jacinto Street, from East A Developments, LP. I recommend at this time, that the 4B Board enter into a contract with the City of La Porte, under the terms of which the Board would deed to the City of La Porte, the Triangle block, plus the associated rights-of-way and street closing consents, and agree to pay the City of La Porte a monetary consideration for the engineering and architectural planning, and construction, of the planned park. The City of La Porte is better equipped to handle construction matters, and the City of La Porte is exempt from ad valorem taxation. I recommend this matter be placed on the next Board agenda for consideration. I have signed copies of the lease and other documents, and I will forward a complete file to you, and to Martha Gillett, City Secretary, when I have received the recorded deeds from the County Clerk's Office, and the owners and mortgagees title policies from Stewart Title Company, which will probably be within the next few weeks. 702 W. Fairmont Parkway, P.O. Box 1218, La Porte, TX 77572-1218 281.471.1887 phone . 281.471.2047 fax. knoxaskins@comcast.net . ctaskins@swbell.net