HomeMy WebLinkAbout029486 ORD - 05/22/2012Page 1 of 3
Ordinance
Appropriating $5,000,000 from the unreserved fund balance in the
No. 1140 Business/Job Development Fund for a business incentive
grant from the Corpus Christi Business and Job Development
Corporation ("Type A Corporation") to North Padre Waterpark
Holdings, LTD ("Schlitterbahn"), to be paid to Schlitterbahn's general
partner North Padre WPH GP, LLC, of which $2,500,000 (one-half) is
to be paid upon 50% completion of the construction of the waterpark
or after $5,000,000 has been spent on infrastructure costs, whichever
comes first, and $2,500,000 (one-half) upon completion of the
waterpark construction, for the creation of certain infrastructure
improvements allowed under Section 501.103 of the Texas Local
Government Code needed for the development of the Schlitterbahn
waterpark in Corpus Christi, increased economic development and
the creation and retention of jobs; Changing the FY 2011-2012
operating budget, adopted by Ordinance No. 029155, by increasing
proposed expenditures by $5,000,000; and declaring an emergency
Be it ordained by the City Council of the City of Corpus Christi, Texas:
SECTION 1. That $5,000,000 from the unreserved fund balance in the No. 1140
Business/Job Development Fund is appropriated for a business incentive grant from the
Type A Corporation to Schlitterbahn's general partner, North Padre WPH GP, LLC, of
which $2,500,000 (one-half) is to be paid upon 50% completion of the construction of
the waterpark or after $5,000,000 has been spent on infrastructure costs, whichever
comes first, and $2,500,000 (one-half) upon completion of the waterpark construction,
for the creation of certain infrastructure improvements allowed under Section 501.103 of
the Texas Local Government Code needed for the development of the Schlitterbahn
waterpark in Corpus Christi, increased economic development and the creation and
retention of jobs.
SECTION 2. That Ordinance No. 029155, which adopted the FY 2011-2012 Operating
Fund, is changed to increase proposed expenditures in the No. 1140 Business/Job
Development Fund by $5,000,000 for a business incentive grant from the Type A
Corporation to Schlitterbahn's general partner, North Padre WPH GP, LLC, of which
$2,500,000 (one-half) is to be paid upon 50% completion of the construction of the
waterpark or after $5,000,000 has been spent on infrastructure costs, whichever comes
first, and $2,500,000 (one-half) upon completion of the waterpark construction, for the
creation of certain infrastructure improvements allowed under Section 501.103 of the
Texas Local Government Code needed for the development of the Schlitterbahn
waterpark in Corpus Christi, increased economic development and the creation and
retention of jobs.
SECTION 3. That upon written request of the Mayor or five Council members, copy
attached, the City Council (1) finds and declares an emergency due to the need for
immediate action necessary for the efficient and effective administration of City affairs
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029486 INDEXED
Page 2of3
and (2) suspends the Charter rule that requires consideration of and voting upon
ordinances at two regular meetings so that this ordinance is passed a d takes effect
upon first reading as an emergency measure on this the 4_ day of
m1 , 2012.
ATTEST:
Armando Chapa
City Secretary
Corpus Christi, Texas
61171c9e-d983-43c1-a548-87df54ce147c.docx
CITY OF CORPUS CHRISTI
Joe A me
Mayor
Page 3 of 3
Y1C Day of (1) 61.y , 2012
i
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance an
emergency exists requiring suspension of the Charter rule as to consideration and
voting upon ordinances at two regular meetings: I/we, therefore, request that you
suspend said Charter rule and pass this ordinance finally on the date it is introduced, or
at the present meeting of the City Council.
Respectfully, Respectfully,
Council Members
tGG '
Joe Ad e
Mayor
The above ordinance was passed by the following vote:
Joe Adame
Chris N. Adler
Kelley Allen
Larry Elizondo, Sr.
Priscilla G. Leal
David Loeb
John E. Marez
Nelda Martinez
Mark Scott
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abf
n,c
029486
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
l; the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: May 22, 2012
Agenda Item:
Ordinance appropriating $5,000,000 from the unreserved fund balance in the No. 1140 Business/Job
Development Fund for a business incentive grant from the Corpus Christi Business and Job
Development Corporation ("Type A Corporation") to North Padre Waterpark Holdings, LTD
("Schlitterbahn"), to be paid to Schlitterbahn's general partner North Padre WPH GP, LLC, of which
$2,500,000 (one-half) is to be paid upon 50% completion of the construction of the waterpark or after
$5,000,000 has been spent on infrastructure costs, whichever comes first, and $2,500,000 (one-half)
upon completion of the waterpark construction, for the creation of certain infrastructure improvements
allowed under Section 501.103 of the Texas Local Government Code needed for the development of
the Schlitterbahn waterpark in Corpus Christi, increased economic development and the creation and
retention of jobs; Changing the FY 2011-2012 operating budget, adopted by Ordinance No. 029155, by
increasing proposed expenditures by $5,000,000; and declaring an emergency
Amount Required:
$ 5AOO,OOO.00
Fund Name
Account No.
Fund No.
Org. No.
Project No.
Amount
CCBJDC
251850
1140
000000
$5,000,000
Total
$5,000,000
Certification Not Required
Director of Financial Services
Date:
S 2.i 17