HomeMy WebLinkAboutC2023-282 - 12/20/2023 - NA FIFTH AMENDMENT OF WATER ARTERIAL TRANSMISSION AND GRID MAIN
CONSTRUCTION AND REIMBURSEMENT AGREEMENT
WHEREAS,the Water Arterial Transmission and Grid Main Trust Fund does not currently
have sufficient funds to reimburse the Developer/Owner for Wastewater Improvements fully; and
WHEREAS, the Developer may be reimbursed when assets of the Wastewater Trunk
System Trust Fund are sufficient, authorized for such purpose, and the Developer/Owner has
priority per UDC §8.5.2. E.
This is an amendment to the Water Arterial Transmission and Grid Main Construction and
Reimbursement Agreement, Document number 2017048024, 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 Water Arterial Transmission and Grid Main Construction and Reimbursement Agreement,
Section 5 and Section 15 as follows:
5. DEVELOPER AWARD CONTRACT FOR IMPROVEMENTS
The Developer shall award a contract and complete the improvements to a 12-inch water line
under the approved plans and specifications by November 7, 2025.
Section 15, Subsection e is added as follows:
e. To account for the increase in cost as shown in the Updated Cost Estimate in Exhibit 6, the
Developer may be reimbursed an additional $109,742.04. Developer/Owner may be reimbursed
the additional $109,742.04 when assets of the Water Arterial Transmission and Grid Main Trust
Fund are sufficient, authorized for such purpose, and Developer/Owner has priority per UDC
§8.5.2. E.
All other terms and conditions of the original agreement remain effective and in full force.
EXECUTED IN ONE ORIGINAL and made effective this ap day of DtllaJ ., 2023.
CITY sf ''a 'PUS CHRIS MPM DEVELOPMENT, L.P.
A Ray and II, AIA, CBO Mossa Moses ostaghasi
Director of aevelopment Services General Partner
APPROVED AS TO FORM: i
itzt-cA6t, 11Zf
Buck Brice (Date)
Deputy City Attorney
For City Attorney
SCANNED