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<br />askins
<br />& aSkirlS P.C.
<br />
<br />
<br />ATTORNEYS and COUNSELORS
<br />
<br />Knox W. Askins
<br />Clark T. Askins
<br />
<br />March 11, 2010
<br />
<br />REC... r."'w~,"I' M'If- r"
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<br />
<br />Mr. Ron Bottoms
<br />City Manager
<br />City of La Porte
<br />City Hall
<br />La Porte, Texas
<br />
<br />I.L~R 1 5 2010
<br />CITY M,l1.NAGER'S
<br />OFFICE
<br />
<br />Dear Ron:
<br />
<br />You have requested my assistance in responding to citizen questions
<br />on transactions between the La Porte Economic Development
<br />Corporation, and La Porte 5 Points Properties, LP, and East A
<br />Developments, LP, of which Garson Silvers is the manager.
<br />
<br />On October 29, 2008, Stewart Title Company in Houston closed the
<br />purchase by the La Porte Economic Development Corporation, of all
<br />of Block 199, Town of La Porte, Harris County, Texas, for a
<br />consideration of $150,000.00. In addition, on the same date,
<br />Stewart Title Company closed a $150,000.00 loan from the La Porte
<br />Economic Development Corporation to East A Development, LP.
<br />
<br />A copy of the $150,000.00 promissory note, is attached to this
<br />letter as Exhibit "A".
<br />
<br />A copy of the Deed of Trust mortgage from East A Development, LP,
<br />to the La Porte Economic Development Corporation, is attached as
<br />Exhibit "B".
<br />
<br />East A Development, LP, used the proceeds of the $150,000.00 loan
<br />from La Porte Economic Development Corporation, to purchase from
<br />Wade Cooper, the North 17' of Lot 9, and all of Lots 8, 7 and 6, in
<br />Block 198, Town of La Porte, Harris County, Texas. A copy of the
<br />Stewart Title Company closing statement, and a copy of the General
<br />Warranty Deed With Vendor's Lien from Wade Cooper to East A
<br />Development, LP, acknowledging the $150,000.00 note payable to La
<br />Porte Economic Development Corporation are attached as Exhibit "C".
<br />
<br />Attached to this letter as Exhibit "D", is my escrow instruction
<br />letter of March 12, 2009, to Stewart Title Company, which placed
<br />the La Porte Economic Development Corporation's Release of Lien in
<br />escrow, for a refinance closing. Also attached were wiring
<br />instructions to the La Porte General Operating Account, for
<br />remittance of the funds after closing. This loan repaYment was
<br />made by East A Development, LP.
<br />
<br />702 W. Fairmont Parkway, P.O. Box 1218, La Porte, TX 77572-1218
<br />281.471.1887 phone . 281.471.2047 fax. knoxaskins@comcast.net . ctaskins@swbell.net
<br />
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