The URL can be used to link to this page

Home My WebLink About14747 ORD - 01/31/1979jkh:1-17-79; 1st •111/1 AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDED AGREEMENT WITH PADRE ISLAND INVESTMENT CORPORATION REGARDING SUBDIVISION DEVELOPMENT ON PADRE ISLAND DRIVE SO AS TO DESIGNATE NEW COMPLETION DATES FOR UNDEVELOPED SUBDIVISIONS AND TO REVISE THE SCHEDULE OF PAYMENTS TO THE CITY FOR SUBDIVISIONS NOT COM- PLETED BY THE REQUIRED DATES, ALL AS MORE FULLY SET FORTH IN THE AGREEMENT, A SUBSTANTIAL COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF, MARKED EXHIBIT "A"; 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 to execute an amended agreement with Padre Island Investment Corporation regarding subdivision development on Padre Island Drive so as to designate new completion dates for undeveloped subdivisions and to revise the schedule of payments to the City for subdivisions not completed by the required dates, all as more fully set forth in the amended agreement, a substantial copy of which is attached hereto and made a part hereof, marked Exhibit "A". SECTION 2. That the necessity to amend the aforesaid contract with Padre Island Investment Corporation 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 introduc- tion but 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, 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 thejl day of Jnuary, 1979. ATTEST: --City Secretary APPROVED: 3 1 4th DAY OF JANUARY, 1979: J. BRUCE AYCOCK, CITY ATTORNEY ByK!� AW tant City Attorney 1 474,7 MICrR9F ILr°ED -JUL 0 81980 • AGREEMENT OF CONSOLIDATION WHEREAS, Padre Island Investment Corporation, a Texas corporation, hereinafter called "Padre", has undertaken the development of approx- imately 3800 acres of land situated on Padre and Mustang Islands, Texas, which development is designated "Padre Island -Corpus Christi" and is hereinafter referred to as the "Project"; and WHEREAS, in connection with the development of the Project, Padre has divided the Project into various portions or units and has planned and platted such portions or units of the Project over a period of time beginning on or about November 1, 1967; and WHEREAS, in connection with the platting and development of the various portions or units of the Project, Padre has entered into various agreements (contracts) with the City of Corpus Christi, a municipal corporation, hereinafter called "City", pertaining to the construction, or delayed construction, of various subdivision improvements in connec- tion with each such section or unit of the Project, which contracts are listed below, to -wit: Specific Section or Unit of Date of Contract Padre Island -Corpus Christi Affected With City 1. Sections A and B February 2, 1968 2. Section C March 28, 1969 3. Section D July 2, 1969 4. Section E April 29, 1971 5. Section G April 29, 1971 6. Sections 2 and 3 January 5, 1968 7. Section 4 November 1, 1967 8. Section 18 (Marina) None 9. Mariner's Cay Unit 1 None 10. Mariner's Cay Unit 2 April 29, 1971 11. Barataria Bay Units 1 and 2 September 3, 1968 12. Barataria Bay Unit 3 November 6, 1968 13. Barataria Bay Unit 4 October 31, 1968 14. Barataria Bay Unit 5 February 27, 1969 EX lb -fr 15. Sea Pines Unit 1 16. Point Tesoro Unit 1 17. Point Tesoro Unit 2 18. Point Tesoro Unit 3 19. Point Tesoro Unit 4 20. Point Tesoro Unit 5 21. Cape Summer Unit 1 22. Cape Summer Unit 2 23. Coquina Bay 24. Ports O'Call 25. Island Fairway Estates 26. Commodore's Cove Unit One 27. Commodore's Cove Unit Two May 14, 1969 May 14, 1969 July 2, 1969 July 2, 1969 August 28, 1969 April 29, 1971 October 21, 1971 October 19, 1971 April 29, 1971 April 29, 1971 April 29, 1971 April 29, 1971 April 29, 1971; and WHEREAS, such contracts between Padre and the City listed above contemplate the platting and development of the Project on a unit by unit basis upon a prescribed schedule as anticipated by Padre at the time each such unit was platted; and WHEREAS, the Project, as an entirety, has been substantially planned and platted and is now in the process of being developed as an overall unit or project; and WHEREAS, by Agreement dated May 23, 1977, the City and Padre con- solidated and coordinated all of the various contracts between the City and Padre relating to the time for completion of construction of the various subdivision improvements within each of the units of the Project enumerated in paragraphs 1 through 27 above; and WHEREAS, it is the intent and desire of Padre and City to amend such Agreement dated May 23, 1977, so that this Agreement of Consolida- tion supersedes such Agreement of May 23, 1977, and encompasses all of the agreements between Padre and City relating to the construction of subdivision improvements within the remaining undeveloped units of the Project: • NOW, THEREFORE, for and in consideration of the premises, Padre and City hereby agree as follows: I. The contracts between Padre and City relating to Section A, Section B, Section C, Section 2, Section 3, Section 4, Section 18, Mariner's Cay Unit 1, Mariner's Cay Unit 2, Ports O'Call and Commodore's Cove Unit One, described in paragraph numbers 1, 2, 6, 7, 8, 9, 10, 24, and 26 above have been performed and such contracts are no longer of any force or effect and are hereby declared to be terminated. II. Subsequent to April 29, 1971, the State of Texas acquired title to a portion of the property platted as Padre Island -Corpus Christi, Section G; therefore, the plat thereof and the contract de- scribed in paragraph number 5 above are hereby declared to be null and void and of no further force or effect. III. The contracts between Padre and City relating to Section D; Barataria Bay Units 1, 2, 3, 4, and 5; Sea Pines Unit 1; Point Tesoro Units 1, 2, 3, 4, and 5; Section E; Coquina Bay; Cape Summer Units 1, and 2; Commodore's Cove Unit Two; and Island Fairway Estates, described in paragraph numbers 3, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 25, and 27 are hereby amended in their entirety hereafter to read as set forth in Exhibit A attached hereto and made a part hereof. IV. In order to provide further assurance to the City that the construction of the subdivision improvements with respect to the Project in its entirety shall proceed in an orderly manner to timely completion, Padre agrees to establish an escrow or trust account (hereinafter called "Escrow Account") to defray all or part of the estimated costs of the construction of such subdivision improvements necessary to complete the Project upon the following terms and conditions: A. On or before December 31, 1979, Padre will deposit into such Escrow Account with the Corpus Christi National Bank (or such other institution acceptable to both City and Padre) the cash sum of $4,000,000 ("escrow account") unless on or before such date Padre provides a statement of construction performed on the -3- • Project during such calendar year to meet the requirements of the City platting ordinance, satisfactory to the Director of Engi- neering and Physical Development (hereinafter called "the Director"), indicating construction expenditures on the Project for such purposes greater than the above described escrow payment required for such calendar year. However, Padre shall be entitled to reduce such sum required to be deposited into the Escrow Account by the sum of money actually expended on construction of subdivision improvements to the Project during such calendar year (to the extent that same are satisfactory to the Director, as provided in paragraph IV A 1 above). For example, if the Director determines that Padre has expended $3,000,000 during calendar year 1979, then the cash sum required to be deposited into the Escrow Account by Padre shall be reduced by such amount and the required escrow payment for the calendar year 1979 shall be $1,000,000 ($4,000,000 minus $3,000,000). B. Such Escrow Account shall be invested so as to bear interest, and both principal and interest shall be for the account of Padre, subject to expenditure only for the purposes of this Agreement. C. In like manner, and subject to the other terms and provisions of this paragraph IV, during the succeeding six years Padre shall deposit into such Escrow Account the following sums: Amount of Escrow Cumulative Total of Escrow Calendar Year Payment Required Payments and Approved Construction 1980 $ 4,000,000 $ 8,000,000 1981 4,000,000 12,000,000 1982 4,800,000 16,800,000 1983 5,800,000 22,600,000 1984 5,300,000 27,900,000 1985 5,000,000 32,900,000 D. During calendar year 1980 and each year thereafter during the term of this Agreement, the sum required to be deposited into the Escrow Account shall be reduced by the amount of construction performed during such calendar year satisfactory to the Director, together with the amount of such construction performed during -4- • the previous calendar year, or years, in excess of the requirements set forth above. For example, if, during calendar year 1979, Padre should expend $8,000,000 in constructing such subdivision improve- ments on the Project, then Padre shall have satisfied its escrow requirements under this Agreement for both 1979 and 1980, and shall be credited accordingly. E. Any sum remaining in such Escrow Account after final payment of the construction cost of such subdivision improvements may be withdrawn by Padre. In addition, any such sum may be utilized in making the final payment on any construction contract which constitutes the last phase of construction required under the terms of this Agreement, subject to such reasonable assurances and safeguards as may be required by the City. F. Padre shall provide in writing within thirty days (30) after March 31, 1979, and each three months thereafter, a statement of total accounts receivable, completed lot inventory, and work in progress, and the remaining construction obligations to meet the requirements of the City Platting Ordinance with respect to the construction of subdivision improvements to complete items 4, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 25, and 27. G. Upon execution of this Agreement, Padre will submit in writing to City's Director of Engineering & Physical Development a list of construction contracts already awarded but not completed, showing the names of the contractors and the amounts of each contract. Similar information in writing will be submitted by Padre on any construction contracts awarded in the future. In addition, beginning April 1, 1979, and each three months thereafter, Padre will supply the City's Director of Engineering & Physical Development a written construction progress statement, even if little or no progress is made. H. A11 reports required under the terms of this contract to be made by Padre shall be submitted in writing (5 copies) to the office of the City Manager. -5- V. 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. DArr:D: , 1979. CITY OF CORPUS CHRISTI, TEXAS PADRE ISLAND INVESTMENT CORPORATION By By R. Marvin Townsend, City Manager President A'TTtST: ATTEST: Secretary Secretary APPROVED AS TO LEGAL FORM THIS DAY OF , 1979: J. BRUCE AYCOCK, CITY ATTORNEY By Assistant City Attorney r ctor of F • • EXHIBIT A AGREEMENT The City of Corpus Christi, Texas, hereafter called "City", and Padre Island Investment Corporation, a Texas corporation, hereafter called "Padre", hereby agree as follows: 1. Padre has submitted to the authorized representatives of City plats of the following listed units of Padre Island -Corpus Christi, together with plans and specifications for the construction of sub- division improvements to such units, to -wit: a. Section D b. Barataria Bay Units 1, 2, 3, 4 and 5 c. Sea Pines Unit 1 d. Point Tesoro Units 1, 2, 3, 4 and 5 e. Section E f. Coquina Bay g. Cape Summer Unit 2 h. Cape Summer Unit 1 1. Commodore's Cove Unit Two j. Island Fairway Estates 2. The City has approved the final plat of each such subdivision unit 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 that Padre may delay the completion of construc- tion of such subdivision improvements with respect to each such unit in accordance with the schedule set forth below: Projected Date of Unit Designation Final Completion a. Section D December 31, 1979 b. Barataria Bay Units 1, 2, 3, 4 and 5 December 31, 1979 c. Sea Pines Unit 1 December 31, 1980 d. Point Tesoro Units 1, 2, 3, 4 and 5 December 31, 1980 e. Section E December 31, 1983 • f. Coquina Bay December 31, 1983 g. Cape Summer Unit 2 December 31, 1984 h. Cape Summer Unit 1 December 31, 1985 i. Commodore's Cove Unit Two December 31, 1985 j. Island Fairway Estates December 31, 1986 If such improvements are not installed and constructed within any such designated unit on or before the projected date of final completion with respect to such unit, as specified above, the City shall have the right to cancel the approval of such final plans with respect to such unit and the approval of the plans and specifications for the subdivision improve- ments to be constructed on such unit, by filing with the County Clerk of Nueces County, Texas, an affidavit of non -completion of such improvements on or subsequent to the projected date of final completion with respect to such unit. 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 each such unit on or before the projected date of final completion with respect to each such unit, and before any buildings or improvements are constructed upon any lot or parcel within any such unit. It is understood that such plans and specifications may be amended at the time of construction if such amendments are agreeable to both Padre and City. In addition, Padre agrees to complete all dredging operations (exclusive of maintenance and clean-up operations) with respect to the entire Project on or before December 31, 1982. 5. Padre agrees that each contract, contract for deed or deed evidencing a sale or conveyance out of Padre will prohibit the construc- tion of buildings or other improvements of any nature whatsoever upon each lot or parcel out of each unit 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 in- stalled by Padre, in accordance with the terms of this Agreement. -2- 6. 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 0 1979. CITY OF CORPUS CHRISTI, TEXAS PADRE ISLAND INVESTMENT CORPORATION By By R. Marvin Townsend, City Manager President ATTEST: ATTEST: City Secretary Secretary APPROVED AS TO LEGAL FORM THIS ,3/at day of January , 1979: J. BRUCE AYCOCK, CITY ATTORNEY By Assistant City Attorney -3- • • • Specific Section or Unit of Date of Contract Status of Padre Island—Corpus Christi Affected With City Construction 1. Sections A and B February 2, 1968 Complete 2. Section C March 28, 1969 Complete 3. Section D July 2, 1969 25% Complete 4. Section E April 29, 1971 25% Complete 5. Section 0 April 29, 1971 Void—State of Te, 6. Sections 2 and 3 January 5, 1968 Complete 7. Section 4 November 1, 1967 Complete 8. Section 18 (Marina) None 9. Mariner's Cay Unit 1 None Complete 10. Mariner's Cay Unit 2 April 29, 1971 Complete 11. Barataria Bay Units 1 and 2 September 3, 1968 25% Complete 12. Barataria Bay Unit 3 November 6, 1968 25% Complete 13. Barataria Bay Unit 4 October 31, 1968 25% Complete 14. Barataria Bay Unit 5 February 27, 1969 25% Complete 15. Sea Pines Unit 1 May 14, 1969 25% Complete 16. Point Tesoro Unit 1 May 14, 1969 30% Complete 17. Point Tesoro Unit 2 July 2, 1969 30% Complete 18. Point Tesoro Unit 3 July 2, 1969 302 Complete 19. Point Tesoro Unit 4 August 28, 1969 30% Complete 20. Point Tesoro Unit 5 April 29, 1971 30% Complete 21. Cape Summer Unit 1 October 21, 1971 Na Work Begun 22. Cape Summer Unit 2 October 19, 1971 No Wrok Begun 23. Coquina Bay April 29, 1971 10% Complete 24. Ports O'Call April 29, 1971 Complete 25. Island Fairway Estates April 29, 1971 ZO% Complete 26. Commodore's Cove Unit One April 29, 1971 Complete 27. Commodore's Cove Unit Two April 29, 1971 No Work Begun Corpus Christi, Texas L3/ day of • a > 19 7? 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 suspension 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 ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, MAYOR THE CITY ' CORPUS '1 'TEXAS The Charter rule was suspended by the following vote: Gabe Lozano, Sr. Bob Gulley(1. David Diaz Ruth Gill Joe Holt Q,&04 Tony Juarez, Jr. Edward L. Sample The above ordinance was passed by the fallowing vote: Gabe Lozano, Sr. Bob Gulley David Diaz Ruth Gill (Lee) Joe Holt Tony Juarez, Jr. Edward L. Sample 1474L7