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HomeMy WebLinkAbout09961 ORD - 10/21/1970TEXAS: AN ORDINANCE l AUTHORIZING AND DIRECTING THE CITY MANAGER TO EXECUTE CONTRACTS WITH PADRE ISLAND INVESTMENT CORPORATION PROVIDING FOR THE CONSTRUCTION OF SUBDIVISION- IMPROVE- MENTS IN CAPE SUMMER UNITS 1 AND 2 ON OR BEFORE NOVEMBER 1, 1981, COPIES OF WHICH CONTRACTS ARE ATTACHED HERETO AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL.OF THE CITY OF CORPUS CHRISTI, SECTION 1. THAT THE CITY MANAGER BE, AND HE IS HEREBY, AUTHORIZED AND DIRECTED, FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI, TO EXECUTE CONTRACTS WITH PADRE ISLAND INVESTMENT CORPORATION, PROVIDING FOR THE CONSTRUCTION OF SUBDIVISION IMPROVEMENTS IN CAPE SUMMER UNITS 1 AND 21 ON OR BEFORE NOVEMBER 1;.1981, COPIES OF WHICH CONTRACTS ARE ATTACHED HERETO AND MADE A PART HEREOF. SECTION 2. THE NECESSITY TO AUTHORIZE THE EXECUTION OF THE AFORESAID CONTRACTS IN ORDER THAT THE DEVELOPMENT OF THE HEREINABOVE NAMED SUBDIVISIONS MAY PROCEED WITHOUT DELAY CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL MEETINGS OF THE CITY COUNCIL, AND THE MAYOR HAVING DECLARED SUCH EMERGENCY AND NECESSITY TO EXIST, AND HAVING REQUESTED THE SUSPENSION OF THE CHARTER RULE AND THAT THIS ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY SO ORDAINED, THIS THE2�LAt DAY OF OCTOBER, 1970. ATTEST: CITY SECRiT 71, wolf THE CITY OF CORPUS CHRISTI, TEXAS APPROVED: DAY OF OCTOBER, 1970: 20. TOY ATTORNEY 9961 AGRBF7 14T The City of Corpus Christi, Texas, hereinafter called "City ", and Padre Island Investment Corporation, a Texas corporation, hereinafter called "Padre ". hereby agree as follows: 1. Padre has submitted to the authorized representatives of City a plat of Padre Island - Corpus Christi, Cape Summer Unit 1, (hereinafter called "addition ") together with plane and specifications for the construction of subdivision improve- ments on such addition. 2. The City has approved the final plat of such,addition and the plans and specifications for the subdivision improvements to be constructed thereon, sub - ject to the conditions set forth in this agreement. 3. The City agrees, provided that mortgage holders, within thirty (30) days of the date hereof, or if no mortgage now exists, whenever a mortgage is executed, join in an instrument in a form approved by the City, and promptly filed of record, containing a covenant and restriction running with the land, enforceable by City, forbidding construction until the improvements are installed, that Padre may delay the construction of such subdivision improvements on such addition for a period of not exceeding eleven (11) years; and further conditioned that unless such Improvements are installed and constructed by Y.ovember 1, 1981, the approval of plane and specifications hereby agreed to by the City shall be of no force and effect, and the City shall have the right by filing after said date of November 1, 1981, of an affidavit of non - completion of improvements. to cancel the approval of such final play of such addition and the approval of the plans and specifications for the subdivision improvements to be constructed on said addition. 4. Padre agrees to construct the subdivision improvements specified in the plans and specifications on file in the office of the Director of Public Works, and approved in connection with the approval of the plat of said addition on or before November 1, 1981, and before any buildings or other improvements are con- structed upon any lot or parcel out of said addition. It is-understood that such plans and specifications may be amended at the time of construction if such amend- ments are agreeable to both Padre and City. S. Padre agrees that each contract, contract for deed or deed evidencing a sale or conveyance out of Padre will prohibit the construction of buildings or other improvements of any nature whatsoever upon such lot or parcel out of said addition, until sueh,subdivision improvements have been constructed as required in paragraph 4 above. A copy of each such contract form proposed to be used shall be on file with the City Secretary and such form or forme shall continue to be used until such time as the subdivision improvements have been constructed and /or installed by Padre,.in accordance with the terms of this agreement. J.6. In addition to the foregoing, in order to provide further assurance to the City that the construction of such improvements will be timely completed, Padre agrees to establish an escrow or trust account to defray all or part of the estimated costs of construction of such subdivision improvements, upon the following terms and conditions: a. On December 31, 1476, and on the same day of each of the neat succeeding four years (subject to the other provisions hereof), Padre agrees to deposit in escrow with the Corpus Christi State National Bank (or such other institution as any be acceptable to both City and Padre) the sera of $375.000, being one -fifth (1/5) of the total estimated costs ($1.875,000) of constructing such sub- division improvements. b. Such escrow funds shall be invested so as to bear interest, and both principal and interest shall belong to Padre, subject to expenditure only for the purposes of this Agreement. c. Such escrow funds may be utilized by.Padra in paying the construction costa of such improvements provided .Padre satisfies City that such escrow fund, plus'any additional funds provided by Padre, are sufficient to cover the total coats of such construction. d. Any am retaining in such escrow account after final pay - meat of the construction coats of such subdivision improvements may be withdrawn by Padre. -2- • - - 0 7. This agreement shall be binding upon the parties hereto, their successors and assigns, and may be specifically enforced by either party. its successors or assigns. DATED 1970. CITY OF CORPUS CHRISTI, TEXAS PADRE ISLAND L4MTHENT CORPORATION By !Marvin Townsend. City Manager ATTEST: By - President ATTEST: Secretary APPROVED AS LEGAL RPi THIS � k 7- DAY OF CkA2a . 1970. 01ty Attorney -3- Secretary ACREEMT The City of Corpus Christi, Texas, hereinafter called "City ", and Padre Island Investment Corporation, a Texas corporation, hereinafter called "Padre ". hereby agree as follows: 1. Padre has submitted to the authorised- represantatives of City a plat of Padre Island - Corpus Christi, Cape S—er Unit 2, (hereinafter called "addition ") together with plans and specifications for the construction of subdivision improve- meats on such addition. 2. The City has approved the final plat of such addition and the plans and specifications for the subdivision improvements to be constructed thereon. sub- ject to the conditions set forth in this agreement. 3. The City agrees, provided that mortgage holders, within thirty (30) days of the date hereof. or if no mortgage now exists..whanever a mortgage is executed, Join in an instrument in a form approved by the City, and promptly filed of record, containing a covenant and restriction running with the lando enforceable by Cityt forbidding construction until the improvements are installed, that Padre may delay the construction of such subdivision improvements on each addition for a period of not exceeding eleven (11) years; and further conditioned that unless such improvements are installed and constructed by November 1, 1981, the approval of plans and specifications hereby agreed to by the City shall be of no force and affect, and the City shall have the right by filing after said date of November 19 1981■ of an affidavit of non - completion of improvements, to cancel the approval of such final plan of such addition and the approval of the plans and specifications for the subdivision improvements to be constructed on said addition. 4. Padre agrees to construct the subdivision improvements specified in the plane and specifications on file in the office of the Director of Public Works, and approved in connection with the approval of the plat of said addition on or before November 1. 1981, and before any buildings or other improvements are con- structed upon any lot or parcel out of sold addition. It is understood that such plans and specifications may be emended at the time of construction if such amend - manta are agreeable to both Padre and City. S. Padre agrees that each contract, contract for deed or deed evidencing a sale or conveyance out of Padre will prohibit the construction of buildings or • t other improvements of any nature whatsoever upon such lot or parcel out of said addition, until such subdivision improvements have been constructed as required in paragraph 4 above. A copy of each such contract form proposed to be used shall be on file with the City Secretary and such form or forms shall continue to be used until such time as the subdivision improvements have been constructed and /or installed by Padre, in accordance with the terms of this agreement. 6. In addition to the foregoing, in order to provide further assurance to the City that the construction of such improvements will be timely completed, Padre agrees to establish an escrow or trust account to defray all or part of the estimated costa of construction of such subdivision improvements, upon the following terms and conditions. a. On December 31, 19760 and on the same day of each of the neat succeeding four years (subject to the other provisions hereof), Padre agrees to deposit in escrow with the Corpus Christi State National Sank (or such other institution as may be acceptable to both City and Padre) the sum of $490,000, being one -fifth (1/5) of the total estimated costs ($2,450,000) of constructing such sub- division improvements. b. Such escrow funds shall be invested so as to bear interest, and both principal and interest shall belong to Padre, subject to expenditure only for the purposes of this Agreement. c. Such escrow funds may be utilized by Padre in paying the construction costa of such improvements provided Padre satisfies City that such escrow fund, plue•any additional funds provided by Padre, are sufficient to cover the total costs of ouch construction. d. Any sum remaining in such escrow account after final pay- ment of the construction costa of such subdivision improvements may be withdrawn by Padre. -2- • 7. This agreement shall be binding upon the parties hereto, their successors and assigns, and may be specifically enforced by either party, its successors or assigns. i DATED 1970. CITY OF CORPUS CHRISTI, TEXAS PADRE ISLAND INVESTMENT CORPORATION By Marvin Townsend, City Manager ATTEST: By President ATTEST: Secretary Secretary APPROVED AS TO LEGAL FORM THIS DAY OF . •1970. City Attorney -3- • i Corpus Christi, /�Texas �aday of (_JLC-",o , 19 %D TO THE l'ff:i'DJERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance, a public emergency and imperative necessity exist for the suspen- sion of the Charter rule or requirement- that no ordinance or resolution shall be passed finally on the date it is introduced, and that such ordinance or resolution shall be read at three meetings of the City Council; I, therefore, request that you suspend said Charter rule or requirement and pass this ordi- nance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, T _ OR THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Jack R. Blackmon Gabe Lozano, Sr. V. A. "Dick" Bradley, Jr. Eduardo E. de Ases Ken McDaniel W. J. "Wrangler" Roberts Ronnie Sizemore The above ordinance was passed by the Jack R. Blackmon Gabe Lozano, Sr. V. A. "Dick" Bradley, Jr. e Eduardo E. de Ases Ken McDaniel W. J. ''Wrangler" Roberts Ronnie Sizemore y: