HomeMy WebLinkAboutC2023-281 - 12/20/2023 - NA FOURTH AMENDMENT OF PARTICIPATION AGREEMENT
This is an amendment to the Participation Agreement, Document number 2017048025, for
Royal Creek Unit 7, originally dated November 7, 2017, 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, Sections C, subsection 3 of Section K, and Section Q as follows:
C. 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
$393,274.11. The parties acknowledge and confirm the total cost estimate for construction of
the Roadway Extension, which estimate is attached to and incorporated in this Agreement as
Exhibit 6, Updated Cost Estimate.
K. DEFAULT. The following events shall constitute default:
3. The Owner fails to complete construction of the Roadway Extension, under the approved
plans and specifications, on or before November 7, 2025.
Q. This Agreement becomes effective, is binding upon, and inures to the benefits of the City
and the owner from and after the date of the last signatory to this Agreement. This Agreement
expires on November 7, 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.
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EXECUTED IN ONE ORIGINAL and made effective this _ Gt�day of 41riteruit• b
2023.
CITY /RPUS CHRIST MPM DEVELOPMENT, L.P.
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`MLitt- Al .01
A Ra mo ra Ill, AIA, CBO Mossa Moses ostaghasi
Director • Development Services General Partner
APPROVED AS TO FORM:
.1: t ,c1/ 11-1e-1-).
Buck
L _1e—
Buck Brice (Date)
Deputy City Attorney
For City Attorney
SCANNED