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RESO 1984-06 - Sam Houston Investors ProjectRESOLUTION NO. 81-6 A RESOLUTION of the governing body of the City of Huntsville, Texas, approving a commercial project in an Eligible Blighted Area under the Development Corporation Act of 1979, as amended, and the rules or regulations adopted by the Texas Economic Development Commission; and making findings in connection therewith. WHEREAS, the Commissioners' Court of Walker County, Texas, acting for and on behalf of Walker County, Texas, (the "Unit ") has heretofore approved the creation of a public non - profit corporation under the provisions of the Development Corporation Act of 1979, as amended, (the "Act ") under the name of Walker County Industrial Development Corporation, (the "Corporation ") which has filed its Articles of Incorporation with the Secretary of State of the State of Texas, and has fully organized; and WHEREAS, the Corporation is authorized by the Act to issue bonds on behalf of the Unit for the purpose of paying all or part of the costs of a "project" as defined in the Act, and to lease or sell the project or to loan the proceeds of the bonds to finance all or part of the costs of a project; and WHEREAS, the definition of "project" in the Act includes the land, buildings, equipment, facilities, and improvements (one or more) found by the Board of Directors of the Corporation to be required or suitable for the promotion of commercial development and expansion and in furtherance of the public purposes of the Act, all as defined in the rules of the Texas Economic Development Commission (the "Commission "), irrespective of whether in existence or required to be acquired or constructed thereafter; if such project is located in blighted or economically depressed areas; and WHEREAS, as used in the Act, the term "blighted or economically depressed areas" means those areas and areas immediately adjacent thereto within a city which by reason of the presence of a substantial number of substandard, slum, deteriorated, or deteriorating structures, or which suffer from a high relative rate of unemployment, or which have been designated and included in a tax incremental district created under Chapter 695, Acts of the 66th Legislature, Regular Session, 1979 (Article 1066e, Vernon's Texas Civil Statutes), or any combination of the foregoing, the City finds and determines, after a_ hearing, substantially impair or arrest the sound growth of the City, or constitute an economic or social liability and are a menace to the public health, safety or welfare in their present condition and use; and WHEREAS, the Rules for Issuing Industrial Revenue Bonds dated November 1981 (4th Printing) (the "Rules") of the Commission set forth special rules for approval of commercial projects in blighted or economically depressed areas; and WHEREAS, this governing body, acting for and on behalf of the City of Huntsville, Texas, (the "City") desiring to authorize the financing of certain projects for commercial uses as provided in the Act and the Rules by establishing one or more eligible blighted areas, did adopt Resolution No. 83-10 designating the entire area of the City as an Eligible Blighted or Economically Depressed Area under the Development Corporation Act of 1979, as amended, and the Rules and Regulations Adopted by the Texas Economic Development Commission, Making Findings in Connection Therewith, and Providing an Effective Date, on August 2, 1983 ("Resolution"); and WHEREAS, the Corporation has advised the City that Sam Houston Investors, a general partnership organized and existing. under the laws of the State of Texas, and whose principal place of business is in Huntsville, Texas, is considering proceeding with the construction of a six-story brick or masonry office building and the acquisition of related facilities and improvements, together with the installation of equipment therein (the "Project") in the City of Huntsville designated by said Resolution as an Eligible Blighted Area; and WHEREAS, the Corporation adopted a Resolution on July 1, 1983, approving an agreement with respect to the issuance of bonds to finance the Project proposed by Sam Houston Investors as more fully described in Exhibit "A" attached to and incorporated in this Resolution; and WHEREAS, the Commissioners' Court of the Unit adopted a Resolution Approving an Agreement for the Proposed Issuance of Revenue Bonds By and Between Walker County Industrial Development Corporation and Sam Houston Investors on August 22, 1983 in which the Unit approved the agreement for the proposed issuance of revenue bonds between the Corporation and Sam Houston Investors; WHEREAS, in accordance with and pursuant to the terms of the agreement for the proposed issuance of revenue bonds, Sam Houston Investors has advised the City that it will exercise its rights and perform its duties through Sam Houston National Bank Tower, Ltd., a limited partnership organized and existing under the laws of the State of Texas, whose principal place of business is in Huntsville, Texas, and whose general partner is Sam Houston Investors (the "User"); WHEREAS, this governing body has been requested to review and approve the Project and the Rules of the Commission permit the City to approve the Project after posting notice prior to the date set for public hearing and holding a public hearing; and WHEREAS, notice of public hearing of the consideration of approval of the Project was posted at the City Hall in the City of Huntsville, Texas on January 26, 1984; and WHEREAS, the notice of public hearing included a description of the Project and the date, time and location of the public hearing concerning the approval of the Project; and WHEREAS, a public hearing was held at the date, time, and location specified in such notice, pursuant to the Rules of the Commission, for the purposes of determining whether this governing body should approve the Project; and WHEREAS, this governing body has reviewed the Project proposed by the User and considered the same to determine whether said Project: A. Is consistent with the City's objectives for redevelopment of the eligible blighted or economically depressed area ("EBA") set out in said Resolution; B. Conforms with the limitations, if any, provided in said Resolution; C. Will contribute significantly to the fulfillment of the overall redevelopment objectives of the City for the EBA; D. Conforms to the project approval standards specified in the Rules adopted by the Texas Economic Development Commission and the Resolution of this governing body designating EBAs; E. Will increase and stabilize employment opportunities, significantly increasing or stabilizing the property tax base and promoting commerce within the State of Texas; and F. Is in furtherance of the public purposes of the Act; and WHEREAS, this governing body has concluded that it is in the best interest of the City and its inhabitants to request the Commission to approve the Project proposed by the User and therefore desires to adopt this Resolution in compliance with the requirements of the Act, and Rules of the Commission; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, THAT: SECTION 1: The public hearing on the question of whether the Project proposed by the User as more fully described on Exhibit "A" attached hereto, should be approved, is hereby closed; that persons who appeared at such hearing to offer testimony or evidence with respect to such question were given an opportunity to be heard and were heard; that based upon the evidence before this governing body, both in the form of testimony and documentary, this governing body makes the findings and determinations set forth in the following Sections of this Resolution. SECTION 2: The Commercial Development Project proposed by the User consists of a six-story brick or masonry office building and related facilities and improvements, and the acquisition and installation of equipment in connection therewith located at 3015 llth Street, Huntsville, Walker County, Texas, as more fully described on Exhibit "A" attached hereto and incorporated in and made part of this Resolution. SECTION 3: The Project is located in the EBA established by this governing body of the City of Huntsville, Texas. SECTION 4: The Project is a Commercial Development and is for use by commercial enterprises within the meaning of the Development Corporation Act of 1979, as amended, and is a project that will contribute significantly to the alleviation of the blighted conditions found to exist in the EBA heretofore designated by the City. SECTION 5: The applicant for said Project, the User, has demonstrated to the satisfaction of this governing body, and this governing body finds that: A. Said Project is consistent with the City's objectives for redevelopment of the EBA heretofore designated by the City; B. The Project conforms with the limitations, if any, provided in Section 4 of the Resolution of this governing body designating the EBA; C. The Project will contribute significantly to the fulfillment of the overall redevelopment objectives of the City for the EBA; D. The Project conforms to the project approval standards of the Rules of the Commission and the Resolution of this governing body designating the EBA; E. The Project will increase and stabilize employment opportunities and will significantly increase or stabilize the property tax base and promote commerce within the City and the State; and F. The Project is in furtherance of the public purposes of the Act. SECTION 6: The Commercial Development Project proposed by the User should be and is approved by this governing body. SECTION 7: The City Secretary is hereby directed to provide a certified copy of this Resolution, including all exhibits, to the Executive Director of the Commission. SECTION 8: This Resolution is adopted for the purpose of satisfying the conditions and requirements of the Act and the Rules of the Commission, and for the benefit of the Corporation, the Unit, the City, the Commission, the User, the residents of the City, and all other interested persons. SECTION 9: The governing body has considered evidence of the posting of notice of this meeting and officially finds, determines, recites and declares that a sufficient written notice of the date, hour, and place of this meeting and of the subject of this Resolution was posted at the bulletin board at a place convenient to the public in the City Hall of the City of Huntsville for at least 72 hours preceding the scheduled time of such meeting; such place of posting being readily accessible to the general public at all times from such time of posting until the scheduled time of such meeting; and such meeting was open to the public as required by law at all times during which this Resolution and the subject matter thereof were discussed, considered and formally acted upon, all as required by the Open Meetings Law, Article 6252-17, Vernon's Annotated Texas Civil Statutes, as amended. 1984 PASSED AND APPROVED this 31st• day of Cf&nt/$1 41 ATTEST: City Secr tart' City of H ntsville, Texas (CITY SEAL) (11J)' WILLIAM V. NASH, Mayor The City of Huntsville, •exas Exhibit "A" The project consists of the construction of a six-story brick or masonry office building and the acquisition and installation of related facilities. One-third of the project will consist of space leased by the Sam Houston National. Bank, and the remainder of the project will be leased to commercial tenants. Necessary parking facilities will be constructed. Equipment to be purchased and installed include a vault, motor bank transfer equipment, office furnishings and equipment, leasehold improvement fixtures, secretary systems, safety deposit boxes, and night deposit vault. In addition, specific tenant requirements for fixtures will be included. The project will be located at 3015 llth Street, Huntsville, Walker County, Texas. The project will consist of a total cost of approximately 3.5 million dollars with financing being sought in the amount of 2.6 million dollars. The project is expected to create from 20-30 jobs with an annual payroll of $250,000 to $500,000.