HomeMy WebLinkAboutC2023-280 - 12/20/2023 - NA THIRD AMENDMENT OF PARTICIPATION AGREEMENT
For Oversizing Streets and Drainage Crossing Per UDC §8.4
This is an amendment to the Participation Agreement, document number 2018053882, for Royal
Creek Unit 8, originally dated December 7, 2018, by and between MPM Development, L.P. and
the City of Corpus Christi.
NOW, THEREFORE, in consideration of the mutual covenants herein, the Parties agree to amend
the Participation Agreement, Section 3, subsection 3 of Section 11, and Section 28 as follows:
Section 3. CITY PARTICIPATION. Notwithstanding any other provision of this Agreement, the
total amount that the City shall pay for the City's agreed share of the actual costs of the Roadway
Extension shall not exceed $352,113.09. The parties acknowledge and confirm the total cost
estimate for construction of the Off-Site Stormwater Improvements, which estimate is attached
to and incorporated in this Agreement as Exhibit 6, Updated Cost Estimate.
Section 11. DEFAULT. The following events shall constitute default:
3. The Developer fails to complete construction of the Roadway Extension under the approved
plans and specifications on or before December 6, 2025.
Section 28. TERM. This Agreement becomes effective, is binding upon, and inures to the
benefit of the City and the Developer from and after the date of the last signatory to this
Agreement. This agreement expires on December 6, 2025, unless terminated earlier in
accordance with the provisions of the agreement.
All other terms and conditions of the original agreement remain effective and in full force.
EXECUTED IN ONE ORIGINAL and made effective this 20 day ofDadCZMANie... ,
2023.
CITY if �i ••PUS CHRIS MPM DEVELOPMENT, L.P.
IA AL.A 41K/
4ay and II, AIA, CBO Mossa ses Mostaghasi
Directwr of 'evelopment Services General Partner
APPROVED AS TO FORM:
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Buck Brice (Date)
Deputy City Attorney
For City Attorney
SCANNED