HomeMy WebLinkAboutC2023-006 - 1/31/2023 - Approved TERMINATION OF TIRZ #5 DEVELOPMENT REIMBURSEMENT
AGREEMENT — Bohemian Colony
Whereas, on October 27 2020, City Council authorized a Corpus Christi Tax
Increment Reinvestment Zone No. 5 (the "TIRZ #5") reimbursement agreement
between the City of Corpus Christi, as an agent of the TIRZ #5, (the "City") and
South Padre Investment, Inc. (the "Developer"), regarding the Development in the
TIRZ#5 zone (the "Agreement"); and
Whereas, the Developer has sold portions of the land for the Development and
cannot currently move forward with the Development as agreed to; and
Whereas, the Parties agree that it is in their best interest to terminate the
Agreement.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1) The Agreement between the City, as an agent for TIRZ #5, and the Developer,
is hereby terminated. The parties are released from all obligations under the
Agreement.
2) This termination is effective immediately upon execution by both parties.
EXECUTED IN DUPLICATE ORIGINALS this i5 day of -50-10-1 20� by
the authorized representative of the parties.
City of Corpus Christi South Padre Investment Inc.
on Behalf of the TIRZ #5
Constance P. Sanchez Roberto Santos Williams
Chief Financial Officer Vice-President
Date: .2 - z - 0 3 Date:
Attest:
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Rebecca Huerta 47 (`d?tlf�ClL
City Secretary J- -/s6
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Approved as to Legal Form on Z7- of -Z-004vp-i , 20 ZS. SFrRE7ARv
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Aimee Alcorn-`eed, Assistant City Attorney
SCANNED