HomeMy WebLinkAboutEDCRes2011.08.04ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. Zap 1 — 0.9 —D'f 69-0c)
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING EXECUTION OF A CONTRACT FOR PURCHASE OF PROPERTY,
FINANCING OF PROPERTY AND REMODELING COSTS, AND AUTHORIZING
ADVERTISING OF BIDS FOR REMODELING WORK
WHEREAS, the Board of Directors (the "Board") of the Anna Economic Development
Corporation (the "EDC") intends to purchase certain property described in further detail
below to be used for economic development purposes as part of an eligible project as
permitted under the Texas Development Corporation Act as currently amended and
codified; and
WHEREAS, the Board desires to authorize the Chief Administrative Officer to execute
on the EDC's behalf a purchase agreement for the above -referenced property as well
as one or more financing agreements to borrow and repay the costs of said property
and remodeling associated with said property; and
WHEREAS, the Board intends to attempt to obtain more advantageous financing terms
for property already owned by the EDC and desires to authorize the Chief
Administrative Officer to obtain same and enter into the necessary agreement(s) on the
EDC's behalf; and
WHEREAS, the EDC is required under its bylaws to obtain the materials and services
for the remodeling that is the subject of this resolution through formal competitive sealed
bidding rules or as otherwise permitted by Texas Local Government Code, Chapters
252 and 271 or other applicable law and the Board must approve the commencement of
such bidding procedures; and
WHEREAS, the Board desires to authorize the Chief Administrative Officer to
commence advertising for bids related to the remodeling work that is the subject of this
resolution;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC DEVELOPMENT
CORPORATION, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Authority to Execute Contract for Purchase and Financing
Agreement
The Board of the EDC ("Board") hereby authorizes the Chief Administrative Officer to
execute, on the EDC's behalf, a purchase contract necessary to set forth the
EDC OF ANNA, TEXAS RESOLUTION NO SOI (^ 0 &"0 ` ( Ei)!�) PAGE 1 OF 2
arrangement between the EDC and the owners of property located at 312 N. Powell
Parkway, Anna, Texas 75409 for the purchase price of $175,000 with a down payment
of $35,000 with the balance of $140,000 to be financed. Said authority to execute said
purchase contract is subject to approval of the form of same by the EDC's legal counsel
and approval of the City Council of the City of Anna.
Section 3. Authority to Execute One or More Financing Agreements
The Board hereby authorizes the Chief Administrative Officer to execute, on the EDC's
behalf, one or more finance agreements with one or more FDIC member lending
institutions (the "Lender(s)"), requiring the Lender(s) to lend and requiring the EDC to
borrow and repay with no penalty for early repayment up to the following amount(s) plus
any reasonable closing costs: (1) $140,000 to finance a portion of the purchase price of
the property described in Section 2 of this resolution; (2) $195,000 to finance
remodeling costs relating to said property; and (3) $280,000 to refinance the currently
owned EDC property, which is approximately 48 acres and is described in more detail in
the attached EXHIBIT A. Said authority to execute said one or more financing
agreements is subject to obtaining commercially reasonable borrowing terms, approval
as to the form of same by the EDC's legal counsel, and approval of the City Council of
the City of Anna.
Section 4. Authority to Advertise for Bids for Remodeling Work
The Board hereby authorizes the Chief Administrative Officer to advertise in accordance
with the EDC's bylaws for bids for the remodeling work for the property described in
Section 2 of this resolution.
PASSED ND APPROVED by the Anna Economic Development Corporation this %
day of , 2011.
APPR VED: ATTEST:
EDC President, Constance Stu p EDC Secret ,Sheri yn Godf y
EDC OF ANNA, TEXAS RESOLUTION NO. 646bc) PAGE 2 OF 2
Exhibit A
N all of that certain 48.004 acre tract of land situated in Collin County,
Texan, In the J.C. Brantley vey, Abstract No. 114, and be%g a re -survey of
a called 47.99 acre tract of land described in az Special Warranty bid recorded
at County Clerk File No. 96 - 0062799 In the Collin Comty Deed Recorft. and
being more particularly described by nets and bouitds as follows:
833301MG at a 1/2 inch L rou rod found at a bend in County Road 427 at the Most
Northerly cornea of said 47.98 acre tract, being the South �eaact corner of a
called 65.543 acre tract of land described as Tract 7 In a Q�xtclain Deed
recorded at County Clerk Pilo -No, 96 - 0110244 * said point also being the
Sonthoest cornor of a called 25.024 acre tract of land described in a . General
Warranty Deed recorded ==rline
4942, Pogo 511. of said d Records, from
VhLah a PN nail. set at intersection of County Road 427 and
County Road 376 bears North .00 ' degrees 00 nd nutes 37 seconder Went, 874. 54 feet,
said found 1/2 inch iron rod be the most Northerly corner hereof;
IMENCZ South 59 degrees 24 motes 09 seconds gist gamrally along the center
of County Red 427. the Northeasterly line of said 47.98 acre tract and the
Southmesterly Line of said 25.024 acre tract a distance of 577.27 fast to a 1/2
luck iron rod found In the center ofCounty toad 427 at they canton Bast corner
thereof , fron vhich a 1/2 inch iron rod found Lu concrete on the forth side of
County Road 427 bears Hbrt�l 33 degroos 06 uinutee 00 seconds Beat, 1.9.67 feat,
said famad 1/2 imch iron rod In the center of County road 427 bolas the nost
Easterly corner --hereof*
j, CB South 13 degrees 59 minutes 07 seconds West along a Southeasterly line
of said 47,98 acre tract, at 24.66 feet pass over a 1/2 inch iron rod found at
a fence corwr post and cont3.mang generally along or near a fence on a
Southeasteirly Um of said 47.98 ;ave tract and a MorthMesterly line of a
called 24.722 acre tract of lid descrlbed In a Warranty Deed recorded at
County Clerk File No. 95-0085721 a distame of 892.84 feet to a 1./2 Inch iron
rod found at a fence corner post i at a common corner thereof;
v 9 M South 61 degrees 56 aait ties 28 seconds West: generally along or near a
fence on a Sovttheasterly line of said 4E7.98 acre tract sari a Northusaterl y Line
of said 24.722 acre tract a dlstannce of 1,558.68 feet to a 1./2 inch iron rod
found at a fence corner post at the caan West corm thereof , said point
bein the - Last 14 as of the Dallas Area TramLt rail right- of -May (50
feet from ealdtterline) said found 1./2 Inch iron rod be the most Soutta rly
corner hereof ;
THENCE North 24 degrees 00 sinuses. 42 seconds Vest geenerally along or near a
Nm"%wa on the Bast 1.11m of said DART rail rl&t-of-May (50 feet from c nterline)
a distance of 1.278.03 feet to a 1/2 inch Iron rod found therein at the
Southeast corneae of said 65.543 afore: trracto said. fob 1/2 i=h iron rod being
the Jtorra'"WU t cornea hereof;
tr 13-
Sabi bit A (Coutinoed)
. VMIOR forth 76 degrees 53 ad -mites 40 se emla Bast along t • South line of said
65.543 acre tract, at 1.30 feet Bass over a, l/ Unch iron rod fo d at tba
Nortbuest corner of said 47.38 acre tract, and coati nucing aloe the South line
of aaid 65 : 543 acre tract and the North line of said 47.98 acre tract a
distance of 1822.79 feet to a 1/2 inch iron rod €ound at a cosae m Zanterly
corner thereof, said found 1/2 Inch iron rod being• a Mortbarly cormr hereof;
GCS forth 3 3 d'egroes 16 a%ntex 07 • secomb Bast~ along the Northwas t 3LILue of
said 47.98 acre tract and the Southeaa t 1%e of said 65.543 • acre tract a
distauce 6f 223.15 feet to the Place of BegImIng and being calculated to
48.004 sares of lid! sure or less.
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