HomeMy WebLinkAbout04-12-1984 Industrial Development Corporation Board of Directors Meeting minutesCMINUTES
OF THE
LA PORTE INDUSTRIAL' DEVELOPMENT CORPORATION
APRIL 12, 1984
1. The meeting was called .to order by President Virginia Cline
at 5:30 P.M.
Members present:... Virginia Cline, Walter Springall, John
Longley, E. W. Felscher, _ , Jack Lawler
Members absen£: Robert White/ 0 ou0
too 000,
Others".present: David Lail (bond attorney), Herb-McElveen,
Wal-ker.. Nichols, Decker McKim, John Phenix 3 ( 5 e_t e-T�/
2. The application for financing and inducement resolution
for Bayport Joint Venture was considered.
Mr. Walker Nichols presented plans for the proj.ect;, which
will consist of mini -storage warehouses and a six -bay car
L wash; also other development plans in .La Porte that he has.
Mr. Nichols answered questions presented by the Board as to;
meeting the guidelines as set forth for the issuance of
industrial revenue bonds.
After discussion, motion was made and seconded that the ap-
plication for financing and the inducement resolution by
approved. The motion carried, 4 ayes, 2 nays.
Ayes:. Cline,, Springall, Longley, Lawler
Nays: Felscher, Dennis
3_.. There being no further business, the meeting duly adjourned.
Respectfully submitted.; --
Acting Secretary
Passed & Approved this the
21st day of May, 1984
Virginia Cline, President
4-30
MINUTES
OF THE
LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION
APRIL 12, 1984
1. The meeting was called to order by President Virginia Cline
at 5:30 P.M.
Members present: Virginia Cline, Walter Springall, John
Longley, E. W. Felscher, Jerry Dennis, Jack Lawler
Members absent: Robert White
Others present: David Lail (bond attorney), Herb McElveen,
Walker Nichols, Decker McKim, John Phenix
2. The application for financing and inducement resolution
for Bayport Joint Venture was considered.
Mr. Walker Nichols presented plans for the project, which
will consist of mini -storage warehouses and a six -bay car
L wash; also other development plans in La Porte that he has.
Mr. Nichols answered questions presented by the Board as to
meeting the guidelines as set forth for the issuance of
industrial revenue bonds.
After discussion, motion was made and seconded that the ap-
plication for financing and the inducement resolution be. -
approved. The motion carried, 4 ayes, 2 nays.
Ayes: Cline, Springall, Longley, Lawler
Nays: Felscher, Dennis
3. There being no further business, the meeting daly adjourned.
Respectfully submitted:
Acting Secretary
Passed & Approved this the
21st day of May, 1984
Virginia Cline, President
MINUTES
OF THE
LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION
APRIL 12, 1984
1. The meeting was called to order by President Virginia Cline
at 5:30 P.M.
Members present: Virginia Cline, Walter Springall, John
Longley, E. W. Felscher, Jerry Dennis, Jack Lawler
Members absent: Robert White
Others present: David Lail (bond attorney), Herb McElveen,
Walker Nichols, Decker McKim, John Phenix
2. The application for financing and inducement resolution
for Bayport Joint Venture was considered.
Mr. Walker Nichols presented plans for the project, which
will consist of mini -storage warehouses and a six -bay car
wash; also other development plans in La Porte that he has.
Mr. Nichols answered questions presented by the Board as to
meeting the guidelines as set forth for the issuance of
industrial revenue bonds.
After discussion, motion was made and seconded that the ap-
plication for financing and the inducement resolution by
approved. The motion carried, 4 ayes, 2 nays.
Ayes: Cline, Springall, Longley, Lawler
Nays: Felscher, Dennis
3. There being no further business, the meeting duly adjourned.
Respectfully submitted:
Acting Secretary
Passed & Approved this the
21st day of May, 1984
Virginia Cline, President
•
AGENDA
MEETING OF THE LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION TO BE
HELD APRIL 12, 1984, IN THE CONFERENCE ROOM OF THE CITY HALL,
604 WEST FAIRMONT PARKWAY, LA PORTE, TEXAS, BEGINNING AT 5:30
1. CALL TO ORDER
2. CONSIDER APPROVING APPLICATION FOR FINANCING AND INDUCEMENT
RESOLUTION FOR BAYPORT JOINT VENTURE
ADJOURNMENT
t
r Y
MAYOR. DAY 8 CALDWELL
NORTH TOWER PENNZOIL PLACE
HOUSTON. TEXAS 77002
TWX 910-881-6917 P.O. BOX 4544
CABLE MAYDAYHOU HOUSTON, TEXAS 77210
(713) 225-7000
March 28, 1984
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CITY OF LA PORTE AUSTRIAL
' r 'DEVELOPMENT CORPORATION Page Z
Application for Financing
d.
which are functionally related and subordinate to the foregoing.
,CITY OF LA PORTE I �'STRIAL Page 3
DEVELOPMENT CORPOON •
Application for Financing
CITY OF LA PORTE INDUSTRIAL
' DEVELOPMENT CORP ION .
Application forAncing
Page 4
occupations and employment and the n,
business of the corporation or other
which such occupations and employment
and,
ne and principal
organization in
were carried on;
4. Audited financial statements (or if audited financial
statements are not available, unaudited financial
statements) for each of the three preceding fiscal years.
b. Detail changes or events subsequent to the date of the most
recent financial statements (including but not limited to
pending or threatened litigation, claims, assessments, commit-
ments, subsequent information regarding uncollectibility of
receivables, valuation of assets, changes in corporate struc-
ture or statements of prior period financial statements) which
may have a material effect on the Applicant's financial
position:
N/A
5. Agreements of Applicant
a. Indemnity: By its execution of this Application, the
Applicant agrees that it will at all times indemnify and hold
harmless the Corporation, the Board of Directors of the Corpo-
ration, City of La Porte, Texas (the "Unit"), the City Council
of the Unit and any of the officers, directors, employees,
agents, servants and any other party acting for or on behalf
of the Corporation or the Unit (such parties being hereinafter
referred to as the "Indemnified Parties") against any and all
losses, costs, damages, expenses and liabilities (collectively
herein called "Losses") of whatsoever nature (including, but
not limited to, attorneys' fees, litigation and court costs,
amounts paid in settlement and amounts paid to discharge
judgments) directly or indirectly resulting from, ari,s4n.g out
of or relating to one or more Claims, as hereinafter defined,
even if such Losses or Claims, or both, directly or i.d'_rectly
result from, arise out of or relate to, or are asserted to
have resulted from, arisen out of or related to, in whole or
in part, one or more negligent acts or omissions of the in-
demnified Parties in connection with the issuance of the Bonds
or in connection with the Project. The term "Claims" as used
herein shall mean all claims, lawsuits, causes of action. and
CITY OF LA PORTEI*USTRIAL �
Page 5
DEVELOPMENT CORPORATION
Application for Financing
other legal actions and proceedings of whatsoever nature,
including but not limited to claims, lawsuits, causes of
action and other legal actions and proceedings, involving
bodily or personal injury or death of any person or damage to
any property (including, but not limited to, persons employed
by the Corporation, the Unit, the applicant or any other
person and all property owned or claimed by the Corporation,
the Unit, the Applicant, any affiliate of the Applicant or any
other person) or involving damages relating to the issuance,
offering, sale or delivery of the Corporation's bonds to
finance the Project (the "Bonds") brought against any Indemni-
fied Party or which any Indemnified Party is a party, even if
groundless, false or fraudulent, that directly or indirectly
result from, arise out of or relate to the issuance offering,
sale or delivery of the Bonds or the design, construction,
installation, operation, use, occupancy, maintenance or
ownership of the Project or any part thereof.
None of the Indemnified Parties shall be liable to the Appli-
cant for, and the Applicant hereby releases each of them from
all liability to the Applicant for all injuries, damages or
destruction of all or any part or parts of any property owned
or claimed by the Applicant that directly or indirectly result
from, arise out of or relate to the design, construction,
operation, use, occupancy, maintenance or ownership of the
Project or any part thereof, even if such injuries, damages or
destruction directly or indirectly result from, arise out of
or relate to, in whole or in part, one or more negligent acts
or omissions of the Indemnified Parties in connection with the
issuance of the Bonds or in connection with the Project.
Each Indemnified Party, as appropriate, shall reimburse the
Applicant for payments made by the Applicant to the extent of
any proceeds, net of all expenses of collection, actually
received by them from any insurance with respect to the Less
sustained. Such Indemnified Party, as appropriate, shall have
the duty to claim any such insurance proceeds and the Indemni-
fied Party, as appropriate, shall assign its respective rights
to such proceeds, to the extent of such required reimburse-
ment, to the Applicant. In case any action shall be brought
or -to the knowledge of any Indemnified Party, threated against
any of them in respect of which indemnity may be sought
against the Applicant, the Indemnified Party shall promptly
notify the Applicant in writing and the Applicant shall have
the right to assume the investigation and defense thereof,
including the employment of counsel and the payment of all
expenses. The Indemnified Party shall have the right to
CITY OF LA PORTED L'STRIAL
DEVELOPMENT CORPORATION Page 6
Application for Financing
employ separate counsel in any such action and participate in
the investigation and defense thereof, but the fees and ex-
penses of such counsel shall be paid by the Indemnified Party
unless (a) the employment of such counsel has been specific-
ally authorized by the Applicant, in writing, (b) the Appli-
cant has failed to assume the defense and to employ counsel or
(c) the named parties to any such action (including any
impleaded parties) include both an Indemnified Party and the
Applicant, and said Indemnified Party shall have been advised
by such counsel that there may be one or more legal defenses
available to it which are different from or additional to
those available to the Applicant (in which case, if the In-
demnified Party notifies the Applicant in writing that it
elects to employ separate counsel at the Applicant's expense,
the Applicant shall not have the right to assume the defense
of such action on behalf of such Indemnified Party, it being
understood, however, that the Applicant shall not, in con-
nection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one
separate firm of attorneys for the Indemnified Party, which
firm shall be designated in writing by said Indemnified
Party). The Indemnified Party, as a condition of such in-
demnity, shall use its best efforts to cooperate with the
.Applicant in the defense of any. such action or.claim. The
Applicant shall not be liable for any settlement of any such
action without its consent but, if any such action is settled
with the consent of the Applicant or if there be final judg-
ment for the plaintiff in any such action, the Applicant
agrees to indemnify and hold harmless the Indemnified Parties
from and against any Loss by reason of such settlement or
judgment.
b• Fees and Expenses: Applicant agrees to pay all reasonable and
necessary costs, expenses and fees incurred by the Corporation
in connection with the issuance of the bonds or in connection
with the Project, including but not limited to the out-of-
pocket expenses incurred by the Corporation's personnel; fees
for legal services and out-of-pocket expenses of the Corpo-
ration's Counsel fees and out -of -.pocket expenses for con-
sulting advice of the Corporation's consulting engineers; fees
and expenses required in connection with the underwriting or
placement of the Bonds; fees and out-of-pocket expenses of
Bond Counsel; fees and out-of-pocket expenses of the trustee;
all recording costs; Blue Sky and legal investment survey
costs, rating agencies; fees and printing costs; and all
CITY OF LA PORTE I. GSTRIAL Page 7
DEVELOPMENT CORPOR ON •
• Application for Financing
incidental expenses, costs and charges relating to the Project
and the issuance of the Bonds not enumerated above. The
Corporation will upon request provide or cause to be provided
to the trustee under the indenture of trust and/or the Ap-
plicant any data or information which may be reasonably re-
quired to verify any of the costs and expenses and fees
enumerated above. with respect to the costs, expenses and
fees enumerated above, the Applicant _shall at the Corpo-
ration's request advance on a monthly basis the amounts in-
curred by the Corporation pending reimbursement out of the
proceeds from the sale of the Bonds. To the extent that the
costs, expenses and fees enumerated above are not or cannot be
paid or reimbursed from the proceeds of the bonds or if bonds
are not issued, the Applicant shall pay the same.
In addition, at the time the Application is forwarded to the Texas
Economic Development Commission, the Applicant will be required to pay
to the Texas Economic Development Commission, on behalf of the Corpora-
tion, a nonrefundable filing fee in an amount not to exceed S1,500, as
required by the Texas Economic
�/
CERTIFICATE
officially and per-
sonally, in advance, of the time, place, and purpose of the Meeting in
accordance with the Bylaws, and that the Resolution would be introduced and
considered for adoption at the Meeting, and the Meeting was held and conducted
in accordance with the Articles of Incorporation and Bylaws of the Issuer.
3. Said Meeting was open to the
public notice of the date, hour, place
as required by the Texas Open Meetings
Civil Statutes, as amended.
SIGNED AND SEALED this day of
(SEAL)
public as required by law; and that
and subject of said Meeting was given
Act, Article 6252-17, Vernon's Texas
, 1984.
Secretary
tD
.
4
Section 2: The User may commence with the acquisition and construction
of the Project, which Project will be in furtherance of the public purposes of
the Issuer and the Unit as aforesaid, and the User will provide, or cause to
be provided, at its expense, the necessary interim financing to expedite the
commencement of the acquisition and construction of the Project. On or prior
to the issuance of the Bonds, the User will enter into a purchase, lease or
loan agreement on an installment payment basis (herein called the "Agreement")
with the Issuer under which the Issuer will sell or lease the Project to the
User or make a loan to the User for the purposes of providing temporary or
permanent financing of all or part of the costs of the Project and the User
will make installment payments sufficient to pay the principal of, premium,
and interest, if any, on such series of Bonds. The Bonds shall never consti-
tute an indebtedness or pledge of the faith and credit of the State of Texas
(the "State"), of the Unit or of any other political corporation, subdivision
or agency of the State within the meaning of any State constitutional or stat-
utory provision, and the Bonds shall never be paid in whole or in part out of
any funds raised or to be raised by taxation or any other funds of the Unit,
and shall be payable from the funds of the Issuer derived from or in con-
nection with the sale or lease of the Project or the loan of the proceeds of
the Bonds.
Section 3: Upon final approval of the Project by the Unit and upon
receipt of a ruling from the Internal Revenue Service (or the opinion of
nationally recognized bond counsel) that interest paid on the bonds is exempt
from federal income taxation, the Issuer hereby agrees to issue, pursuant to
the terms of the Act, the Bonds, or from time to time the portion thereof as
may be the subject of such a ruling or opinion as aforesaid, in an appropriate
principal amount not exceeding that which is the subject of a ruling or
opinion as aforesaid, maturing in such amount and times, bearing interest at
the rates, payable on the dates and having such optional and mandatory redemp-
tion features and prices as are approved in writing by the User. The Issuer
will deliver the Bonds to the purchaser designated by the User and will coop-
erate to°the fullest extent in facilitating delivery of the Bonds.
Section 4: The Bonds may be issued either at one time or in several
series from time to time as the User shall request in writing; provided, how-
ever, that the Bonds will be issued in an aggregate principal amount as will
not exceed the amount which is the subject of a ruling or rulings or opinion
or opinions as aforesaid. A request in writing for issuance of one or more
series of Bonds shall not affect the obligation hereunder of the Issuer to
issue the remaining Bonds as written requests therefor are received. The
proceeds of the Bonds or portions thereof whether or not issued in a series,
shall not be invested so as to constitute the Bonds or a portion thereof as
arbitrage bonds within the meaning of Section 103(c) of the Code and
applicable regulations promulgated pursuant thereto.
Section 5: The costs of the Project (hereinafter the "Project Costs")
may include any cost of acquiring, constructing, reconstructing, improving and
expanding the Project. Without limiting the generality of the foregoing, the
-2-
Project Costs shall specifically include the cost of the acquisition of all
land, rights -of -way, property rights, easements and interests, the cost of all
machinery and equipment, financing charges, interest prior to and during con-
struction and for one year after completion of construction whether or not
capitalized, necessary reserve funds, costs of estimates and of engineering,
financial advisory and legal services, plans, specifications, surveys, esti-
mates of cost and of revenue, other expenses necessary or incident to de-
termining the feasibility and practicability of acquiring, constructing, re-
constructing, improving and expanding the Project, administrative expenses and
such other expenses as may be necessary or incident to the acquisition, con-
struction, reconstruction, improvement and expansion of the Project, the plac-
ing of the Project in operation and all incidental expenses, costs and charges
relating to the Project not enumerated above. The User shall be responsible
for and pay any Project Costs incurred by it prior to issuance of the Bonds
and will pay all Project Costs which are not or cannot be paid or reimbursed
from the proceeds of the Bonds.
Section 6: This Resolution shall be deemed and construed as a resolution
authorizing the issuance of the aforesaid Bonds or some other similar official
action toward the issuance of the Bonds within the meaning of
26 C.F.R. Section-
1.103-8(a)(5).
PASSED AND APPROVED THIS day of , 1984.
-3-
0
Exhibit "A"
The project to be financed with the proceeds of the Bonds is to be
located within the incorporated limits of the City of La Porte, Texas and
consists of the acquisition of land and the construction thereon of
mini -storage warehouses and a six (6) bay car wash, together with various
other items of equipment, machinery and furnishings which are functionally
related and subordinate to the foregoing.
0384238
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PROJECT DESCRIPTION: The Proposed mini-storage/car wash project is a
complex of five buildings with a variety of lengths and depths.
Mini -storage Space: 497 individual spaces with sizes of 25 to 200
square feet. Each storage unit will have either a steel roll -up door
or a steel swing door and be divided by solid steel partitions.
The entire project will be well lighted at night and surrounded by a
six-foot chain -link fence. The single access point will be controlled
by a computer -operated gate which will register the entry/exit and the
identity of each tenant. Also, the gate will be easily visible from
the windows of the office and resident manager's apartment.
Mail Boxes: 120 mail boxes for small contracting and service
companies who will use the storage space as their base of operation.
Car Wash: Six covered car wash bays and six drying spaces of which
four are covered will have a brick exterior, concrete floors and
drives.
ft
AREA DESCRIPTION: Convenience without congestion is a good
description of the dynamic Upper Bay Area and this project is
strategically located in the center of this rapidly growing area. The
area is further described as follows:
a. Boundaries: The subject project is located on the North side of
the Fairmont Parkway between Farrington and Cottonwood streets.
Primary area boundary identification is Highway 225 to the North,
Highway 146 to the East, Bay Area Boulevard to the South and
Beltway 8 to the West.
The general regional area may be defined as being bordered by:
the Houston Ship Channel to the North, Galveston Bay to the East
Red Bluff Road to the South and West.
b. ACCESSIBILITY: Fairmont Parkway is the major four lane divided
road serving the area. This major artery is part of the road
network connecting the project with Bayport Industrial Complex,
established full -service shopping, excellent schools, including
the University of Houston at Clear Lake and prestigious
residential communities in the area.
The project is considered to be well located within the area's
major road network.
ECONOMY OF AREA: There are many factors that come together to make
the area one of great diversification. The Bayport Industrial
Complex, Barbours Cut Terminal, Houston Ship Channel industries, NASA -
Johnson Spacecraft Center and the proximity to Houston and Galveston
are a few reasons for the rapid growth of the area.
POPULATION ANALYSIS
REAL ESTATE ANALYSIS
SITE INFORMATION: The factors considered in site selection were:
location, access, utilities, taxes, and proximity to quality housing,
shopping centers, schools, and other employment centers. This site
rated excellent in all areas.
a. LOCATION The site is on Fairmont Parkway. This strategic
location provides excellent access to all residential and
employment centers in the Bay Area.
b. DESCRIPTION: The project is generally rectangular in shape with
a triangular addition on the West boundary. The tract
encompasses an area of 124,212 square feet, more or less, of
land with 567.981 frontage on Fairmont Parkway.
C. The topography of this tract is generally level, vacant and
slopes slightly in a southern direction. Site has adequate
drainage. The soil and subsoil characteristics are consistent
with all other properties in and around the surrounding area.
d. UTILITIES: Public water, sewage, electricity, gas and telephone
services are available at the property.
e. ZONING: The property is zoned commercial which allows mini -
storage and distribution facilities and car washes. No changes
to the plans and specifications are anticipated.
f. FLOOD PLAIN: The project is not within the 100-year flood plain.
The site is Zone "C" - or minimal flood hazard.
g. SURVEY AND LEGAL DESCRIPTION (attached).
LOAN REQUIREMENTS: Request is hereby made for a loan commitment in
the aggregate amount of $1,850,000 to be secured by the value of said
facilities and the following terms and conditions.
a. Term: 30 years.
b. Interest Rates, not more than 9%.
C. Points and Service Fee: to be negotiated.
d. Principal amortization on 11.75% over 30 year period.
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• 0
CONCLUSION: The proposed mini -storage facility and car wash is sound,
reasonable, and have sufficient returns to repay the loan requested.
The developer is experienced in all aspects of the development process
and operation of mini -storage facility and car wash. The demand for
the service offered is strong and growth should continue to parallel
population growth.
•
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•
PROJECTED
MARKETING MIX
AND INCOME
Unit Size
Rate
Numbered
Monthly
Annual
(in feet)
per unit
Units
Income
Income
5X5
$20.00
124
$ 2,480
$ 29,760
5X10
28.00
116
3,248
38,976
1OX10
48.00
121
5,806
69,696
1OX15
65.00
57
3,705
44,460
1OX20
80.00
79
6,320
75,840
Total
497
$21,561
$258.732
• 0
"A" Bldg.
"C" Bldg.
Total
Total
UNIT MIX AND SQUARE FOOTAGE OF MINI -STORAGE
PER BUILDING
1st floor 12,000 sq. ft.
12 - 5X5
94 - 1OX10
2nd floor
112 - 5X5
116 - 5X10
8 - 1OX10
60 - 1OX20
19 - 1OX10
57 - 1OX15
19 - 1OX20
124 - 5X5
116 - 5X10
121 - 1OX10
57 - 1OX15
79 - 1OX20
497 units
12,000 sq. ft.
12,800 sq. ft.
16,625 sq. ft.
53,425 sq. ft.
a
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