2019-012 - Declaring Intent to Release Judgment Against Boomer Trends for property located at 260 South Main Street

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WHEREAS, in addition to being a critical issue of public safety, the Belford Building is a significant eyesore located in a major entryway into the City's historic downtown area; and WHEREAS, the City is in the first year of a ten year plan to revitalize the downtown area; and WHEREAS, the City has adopted an economic development program under Chapter 380 of the Texas Local Government Code; and WHEREAS, the City Council prefers that the Belford building be restored and rehabilitated if at all possible; and WHEREAS, given the above, the City Council finds a public purpose in releasing any portion.of the judgment referred to above not satisfied by the sale of said property upon the successful completion of demolition or rehabilitation of the Belford building in order to facilitate the demolition or rehabilitation of a dangerous structure and the enhancement of the appeal of the downtown area in accordance with the City's downtown revitalization plan; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. The City Council hereby agrees to release any portion of the Final Judgment in Cause No. 87292 and the judgment lien associated therewith in the amount of $2,071,000.00 plus interest which remains unsatisfied after the Sheriffs sale of said property, conditioned upon the completion of the demolition or rehabilitation of the Belford building under the conditions set forth herein. Said release is for the public purpose of facilitating the demolition or rehabilitation of a dangerous structure and enhancement of the appeal of the downtown area in accordance with the City's plan for downtown revitalization. Section 3. As a condition of said release, within 6 months of purchase, the purchaser of the Belford building shall clean up the grounds on the lot upon which said building currently stands of all rubbish, debris, trash, and overgrown vegetation such that the property meets the City of Paris Code requirements relating to the accumulation of rubbish and overgrown vegetation. Section 4. As a further condition of said release, within 18 months of purchase, the purchaser of the Belford building shall either demolish said building and clean the lot upon which it currently stands to meet all City of Paris Code requirements, or, if the purchaser intends to rehabilitate the building, shall stabilize the fagade such that City of Paris Code Inspectors deem the structure to not be a danger to the public. Furthermore, in the event that the purchaser stabilizes the building for rehabilitation within the 18 month period, complete rehabilitation and restoration