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Home My WebLink About10214 ORD - 03/31/1971VMP:4/2/71 AN ORDINANCE AUTHORIZING AND DIRECTING THE CITY MANAGER, FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI, TO EXECUTE CONTRACT WITH PADRE ISLAND INVESTMENT CORPORATION TO PERMIT DEFERRED CONSTRUCTION OF SUBDIVISION IMPROVE- MENTS IN CERTAIN NAMED SUBDIVISIONS AS SHOWN ON EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF; A COPY OF SAID CONTRACT, MARKED EXHIBIT "B" (AGREE- MENT), BEING ATTACHED HERETO AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: 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 e ' CONTRACT] WITH PADRE ISLAND INVESTMENT CORPORATION, PROVIDING FOR THE CON- STRUCTION OF SUBDIVISION IMPROVEMENTS IN 1. PADRE ISLAND- CORPUS CHRISTI 2. PADRE ISLAND - CORPUS CHRISTI PADRE ISLAND- CORPUS CHRISTI PADRE ISLAND - CORPUS CHRISTI 5. PADRE ISLAND - CORPUS CHRISTI 6. PADRE ISLAND - CORPUS CHRISTI 7: PADRE ISLAND - CORPUS CHRISTI PADRE ISLAND - CORPUS CHRISTI 9. PADRE ISLAND- CORPUS CHRISTI THE FOLLOWING SUBDIVISIONS: - COMMODORE'S COVE, UNIT 1 - COMMODORE'S COVE, UNIT 2 - COQUINA BAY - ISLAND FAIRWAYS - MARINER'S CAY, UNIT 2 - POINT TESORA, UNIT 5 - PORT'S O'CALL - SECTION E - SECTION G, AS ILLUSTRATED BY THE PRELIMINARY PLAT, A TRUE COPY OF WHICH IS MARKED EXHIBIT "A" AND ANNEXED HERETO, COPY OF WHICH CONTRACT IS ATTACHED HERETO AND MADE A PART HEREOF. SECTION 2. THE NECESSITY TO AUTHORIZE THE EXECUTION OF THE AFORE- SAID CONTRACT IN ORDER THAT THE DEVELOPMENT OF THE HEREINABOVE NAMED SUBDI- VISIONS MAY PROCEED WITHOUT DELAY CREATES A PUBLIC EMERGENCY AND AN IMPERA- TIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE OF ITS INTRO- DUCTION 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 INTRODUC- TION AND TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS C PASSAGE, IT IS ACCORDINGLY SO ORDAINED, THIS THE A% DAY OF MARCH, 1971. ATTEST: CITY SECRETARY, THE CITY OF CORPUS CHRISTI, TEXAS APPROVED: DAY OF M CH, 971: CIT TTORNEY AGREEMENT 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 , '(hereinafter called "addition ") together with plans and specifications for the construction of subdivision improvements 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, subject 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 in- stalled, 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 April 1, 1982, the approval of plans 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 April 1, 1982, 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 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 April 1, 1982, and before any buildings or other improvements are constructed upon any lot or parcel out of said addition. It is understood that Exhibit "B" Z-1 . -• , such plans and specifications may be amended at the time of construction if such amendments are agreeable to both Padre and City. S. Padre agrees that each contract, contract for deed or deed evi- dencing 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 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 assur- ance to the City that the construction of such improvements will tie timely com- pleted, 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 March 31, 1977, and on the same day-of each of the next succeeding four years (subject to the other provisions hereof), Padre agrees to deposit in escroci with the Corpus Christi State National Bank.(or such other institution as may be acceptable to both City and Padre) the sum of $89, "69',` 10, being one -fifth (1/5) of the total estimated costs 08ii 99r ) 3 -'5/- 17 of constructing such subdivision 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 pay- ing the construction costs of such improvements provided Padre satisfies City that such escrow fund, plus any addi- tional funds provided by Padre, are sufficient to cover the total costs of such construction. t -2- d. Any sum remaining in such escrow account after final payment of the construction costs of such subdivision improve- ments may be withdrawn by Padre. 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 March , 1971. CITY OF CORPUS CHRISTI, TEXAS PADRE, ISLAND INVESTMENT CORPORATION By By ATTEST: ATTEST: Secretary Secretary APPROVED AS TO LEGAL FORM THIS DAY OF MARCH, 1971. City Attorney • ... tea» I Corpus Christi, Tex s A� day of `-J , 19 %/ TO THE MEMBERS 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, OR THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was sus nded by the following vote: Jack R. Blackmon Gabe Lozano, Sr. V. A. "Dick" Bradley, Jr. Eduardo E..de Ases l Ken McDaniel W. J. " Wrangler" Roberts Ronnie Sizemore The above ordinance was passed 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