HomeMy WebLinkAbout032266 ORD - 11/10/2020Ordinance authorizing the City of Corpus Christi to exercise an Option to Purchase
the Frost Bank building and adjacent Tots located at 2402 Leopard Street from Frost
National Bank based on a 20 year lease purchase agreement entered into on May 30,
2000 in an amount of $0.00 and authorizing the execution of the Option to Exercise
Fee payment in an amount of $1,000.00 with FY 2021 funding available from the
Development Services Fund and Fire Administration General Fund.
Whereas, on May 30, 2000, the City Council authorized the City Manager or his designee to
execute a Lease Agreement and an Option to Purchase contract (the "Option Contract") with
Frost National Bank regarding the Frost Bank Building located at 2402 Leopard Street and
the land on which the building is situated and Lots la, 2, 3, 4 and 5, Block 1, Nelson Addition
No. 2
Whereas, the Option Contract granted the City the exclusive right and option to purchase the
following described property as defined in Section 1.1 of the Option Contract, herein
collectively called the "Property":
"(a) The tracts of land (the "Land") located in Nueces County, Texas, that is described
on Exhibit A attached hereto and incorporated herein for all purposes;
(b) All right, title and interest of The Frost National Bank, ("Optionor") if any, in, to and
under all easements benefitting the Land or the Improvements (as hereinafter
defined); and
(c) All right, title and interest of Optionor, if any, in and to all rights and appurtenances
pertaining to the Land including any right, title and interest of Optionor in and to
adjacent streets, alleys or rights-of-way; and
(d) All improvements consisting of buildings (the "Improvements") in and on the Land;
and
(e) All of Optionor's right, title and interest, if any, in and to all leases which are listed
in Exhibit B (None listed);
(f) All of Optionor's right, title and interest, if any, in all appliances, fixtures, equipment,
machinery, carpet, drapes and other personal property, if any, located on or about the
Land and the Improvements or used exclusively in the operation ad maintenance
thereof, but specifically excluding Optionor's furniture and trade fixtures (excluding
without limitation, Optionor's banking equipment, computer systems, file systems and
telephone switch) (the "Tangible Personal Property"); and
(g) All of Optionor's right, title and interest, if any, in all intangible property (the
"Intangible Property"), if any, pertaining to the Land, the Improvements, or the Tangible
Personal Property or the use thereof, including without limitation, transferable utility
contracts, transferable telephone exchange numbers, plans and specifications,
engineering plans and studies, floor plans and landscape plans."
032266
SCANNED
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City Manager, or his designee is authorized to execute all documents
necessary to exercise the option to purchase the Property as defined herein which is located
at or near 2402 Leopard Street in accordance with the Option Contract in an amount of $0.00
plus payment of the Option Exercise Fee of $1,000.00.
SECTOIN 2. The City Manager or his designee is authorized to execute all documents
necessary to complete the closing for the purchase of the Property as defined herein in
accordance with the Option Contract.
The foregoing ordinance was read foythe first time and passed to its second reading on this the
11 t"v\ day of OC-.\-dt ( , 2020, by the following vote:
Joe McComb
Roland Barrera
Paulette M. Guajardo Aik
Gil Hernandez ALA
Michael Hunter
Ben Molina
Everett Roy
Greg Smith _
AL.Ke
The foregoing ordinance was read for the second time and passed finally on this the
161•1\ \ day of MOkir 'rA (, 2020, by the following vote:
Joe McComb
Roland Barrera
Paulette M. Guajardo
Gil Hernandez
Michael Hunter AlA
Ben Molina
Everett Roy a�r34/1:t,
Greg Smith
PASSED AND APPROVED day of Iv0artN1►\-V , 2020.
ATTEST:
Re•ecca Huerta
City Secretary
JoeMcComb
May r
0322E=;
EXHIBIT A
LEGAL DESCRIPTION FOR THE LAND AS DEFINED IN THE OPTION
CONTRACT
TRACT I:
LOTS ONE (I ), TWO (2), THREE (3), FOUR (4), FIVE (5), SIX (6), SEVEN (7), EIGHT (8),
NINE (9), TEN (10), ELEVEN (11), TWELVE (12), THIRTEEN (13), FOURTEEN (14)
AND FIFTEEN (15), BLOCK ONE (1), THE HIGHLANDS ADDITION, situated in the City of
Corpus Christi, Texas, as shown by the map or plat thereof, recorded in Volume 3, Page 58,
Map Records of Nueces County, Texas, to which reference is here made for all pertinent
purposes;
SAVE AND EXCEPT, HOWEVER, the South Ten Feet (S.10') of Lots 1 & 2, Block 1, The -
Highlands Addition, conveyed to the City of Corpus Christi by Deed dated February 14,
1927, for the widening of Leopard Street, recorded under Clerk's File No. 45768, Volume
179, Page 59, Deed Records of Nueces County, Texas; and further
SAVE AND EXCEPT, HOWEVER, the South Ten Feet (S.10') of Lots 3, 4 & 5, Block 1 ,
The Highlands Addition, conveyed to the City of Corpus Christi by Deed dated December
10, 1926, for the widening of Leopard Street, recorded under Clerk's File No. 45762,
Volume 179, Page 55, Deed Records of Nueces County, Texas; and further
SAVE AND EXCEPT, HOWEVER. the South Ten Feet (S.10') of Lots 6 & 7, Block 1, The
Highlands Addition, conveyed to the City of Corpus Christi by Deed dated December 9,
1926, for the widening of Leopard Street, recorded under Clerk's File No. 45763, Volume
179, Page 56, Deed Records of Nueces County, Texas.
TRACT II:
LOT ONE -A ( 1-A), BLOCK ONE (I ), NELSON ADDITION NO. 2, an Addition situated in
the City of Corpus Christi, Texas, as shown by the map or plat thereof, recorded in Volume
26, Page 57, Map Records of Nueces County, Texas, to which reference is here made for
all pertinent purposes.
TRACT III:
LOTS TWO (2), THREE (3), FOUR (4) AND FIVE (5), BLOCK ONE (1), NELSON ADDITION
NO. .2, situated in the City of Corpus Christi, Texas, as shown by the map or plat thereof,
recorded in Volume 1 , Page 18, Map Records of Nueces County, Texas, to which reference
is here made for all pertinent purposes.
SAVE AND EXCEPT, HOWEVER, the South Ten Feet (S.10') previously conveyed to the
City of Corpus Christi, Texas, as referenced in Deed dated January 21, 1984, from Ruth
Slaka Sheinberg to Citizens State Bank of Corpus Christi, recorded under Clerk's File No.
255917, Volume 1809, Page 647, Deed Records of Nueces County, Texas.
SAVE AND EXCEPT, HOWEVER, the South Ten Feet (S.1O') conveyed to the City of
Corpus Christi, Texas, by Deed dated December 10, 1926, from T. M. Lawrence,
recorded under Clerk's File No. 45663, Volume 179, Page 55, Deed Records of Nueces
County, Texas, affecting Lots 4 & 5, Block 1, Nelson Addition No. 2.
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: October 27. 2020 Legistar Number: 20-1077
Agenda Item: Ordinance authorizing the City of Corpus Christi to exercise an Option to Purchase the
Frost Bank building and adjacent lots located at 2402 Leopard Street from Frost National Bank in an
amount of $0.00 and authorizing the execution of the Option to Exercise Fee payment in an amount
of $1,000.00 with FY 2021 funding available from the Development Services Fund and Fire
Administration General Fund.
Amount Required: $1,000.00
Fund Name
Accounting
Unit
Account
No.
Activity No.
Amount
Development Services
4670-12201-281
530000
N/A
$500.00
General Fund
1020-12000-093
530000
N/A
$500.00
Total
$1000.00
ire
Date:
oro Financial Services