Transcript Document

The ITEX Group plans to
give the residents of Inez
Tims improved living.
Inez Tims
Residents
Meeting on
October 10, 2012
with The Itex
Group
WHAT'S COMING
Contact: Joe Douglas, III
Angelina County Citizens
Chamber of Commerce
P: 936.632.6322
F: 936.632.6114
P.O. Box 152244
Lufkin, Texas 75915
Contact: Sarah Zelczak
The ITEX Group, LLC
P: 409.724.0020 x 264
F: 409.724.6856
The ITEX Group
3735 Honeywood Court
Port Arthur, Texas 77642
Release: Tuesday, September 4, 2012
Press Release
Inez Tims to Receive Extensive Rehabilitation
The ITEX Group plans to give the
residents of Inez Tims improved living.
WHAT'S COMING
PORT ARTHUR – Today, the Angelina County Citizens Chamber of
Commerce and The ITEX Group, LLC announced that the Texas
Department of Housing and Community Affairs had selected its
application for funding under its 9% competitive tax credit program.
The application calls for an extensive rehabilitation of the 70-unit Inez
Tims Apartments/Inez Tims Village Apartments on North Chestnut
Street in Lufkin, TX.
Alex Alexander, President and spokesman for the Angelina County
Citizens Chamber, stated, “We have been working for 3 years to find
sources of financing to rehabilitate both its Inez Tims development for
senior citizens and the non-elderly handicap disabled located on North
Chestnut and its Pinewood Park apartment family development
located on Kirksey Drive. In January, the legal entities which own these
apartments entered into an agreement with a newly formed company
Lufkin ITPP I Developers, LLC managed by The ITEX Group of Port
Arthur, TX.
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“ITEX is a real estate development, construction and property management firm with a
great track record of success in securing tax credit financing to construct new and make
major renovations to affordable housing. We are thrilled that we now have the funding
committed to complete half of our Board’s goal. We are working with the ITEX staff to
secure additional funding for renovation of Pinewood Park. Currently, Pinewood has
been awarded a grant from the TLL Temple Foundation in the amount of $177,392 to
help with the renovations to all buildings and the Texas Community Development Block
Grant Program 2008 Supplemental Disaster Recovery Fund through DETCOG and the
City of Lufkin awarded $720,000 to repair all streets and drainage within the complex.”
said Alexander.
“This successful effort has largely been due to the wonderful cooperation and support
we received from elected leaders and staffers at City Hall, the County Commission,
Representative James White and his office, the Economic Development Corporation,
DETCOG, the TLL Temple Foundation and the tenant associations,” said Alexander.
Chris Akbari, (ITEX Executive Vice President) echoed Mr. Alexander’s thanks to all for
the cooperation the company received from Lufkin’s political, business and community
leadership and the Board and staff of the Angelina County Citizens Chamber of
Commerce. “This is a great community and we look forward to playing a role in its
successful future.”
WHAT'S COMING
“We expect to close the real estate and financial transactions in November and we
intend to initiate construction before the end of the year. We will be working to
Angelina County Citizens Chamber to complete and approve the architectural
drawings for this more than $9 million project and to assist in keeping the tenants
informed,” said Akbari.
Akbari said, “Although ICON Builders, LLC will serve as general contractor, we
anticipate bringing into Lufkin only an experienced project manager. It is our
business practice to use as many local sub-contractors as possible. In the next few
weeks we will establish a time and place for local contractors to meet with the staff
of ICON and discuss their capabilities.”
“One of the initial focuses will be a smooth transition for the elderly and disabled
citizens living at the Inez Tims complexes. We will be working with the Citizens
Chamber and the Inez Tims board and staff to make sure that the residents and
their families have input into the transition plan. We will handle the construction in
phases and all work should be completed within 12 months. The renovations will
be so extensive that residents will have to move from their apartments until the
work on a phase is completed. In an effort to keep all tenants on site, the staff at
Inez Tims will not fill vacancies until after construction process is complete. The
project will pay for all moving costs for tenants as well as associated costs like the
transitioning of utilities, etc.,” said Akbari.
WHAT'S COMING
Mr. Akbari stated that until all work is completed and the properties are stabilized
the staff at Inez Tims will become employees of ITEX Property Management, LLC.
No one will lose their job and staff members will receive specialized training in
managing tax credit properties. The Angelina County Citizens Chamber will have
the opportunity to manage these projects after they are stabilized.
Inez Tims Apartments and Inez Tims Village were constructed approximately 30
years ago and major renovations are necessary. The apartments will receive new
plumbing and electrical systems, new HVAC systems, sheet rock, roofing, flooring,
hardware, lighting fixtures and appliances. The entire project will be energy
efficient with Entergy Star windows and doors, wall and ceiling insulation,
heating/air conditioning systems, appliances and fixtures. Improvements include
new window treatments, media/internet connections, covered entries and patios,
and washer/dryer connections. The complex will have perimeter fencing with
controlled gate access, a fitness center, business center, community room and
senior activities center.
The ITEX Group based in Port Arthur, TX specializes in real
estate and the development, investment, construction, and management of singlefamily and multi-family apartments, as well as commercial buildings, in the State of
Texas. It owns and/or manages twenty-nine developments; home to more than
3,600 Texas families.
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