HomeMy WebLinkAboutC2023-283 - 12/20/2023 - NA THIRD AMENDMENT OF WATER ARTERIAL TRANSMISSION AND GRID MAIN
CONSTRUCTION AND REIMBURSEMENT AGREEMENT
WHEREAS,the Water Arterial Transmission and Grid Main Trust Fun does not currently
have sufficient funds to reimburse the Developer/Owner for Wastewater Improvements fully; and
WHEREAS, the Developer/Owner may be reimbursed when assets of the Wastewater
Trunk System Trust Fund are sufficient, authorized for such purpose, and the Developer 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 2018053884, for Royal Creek Unit 8, originally
dated December 6, 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 Water Arterial Transmission and Grid Main Construction and Reimbursement Agreement,
Section 6, Subsection e of Section 9, and Section 16 as follows:
6. DEVELOPER AWARD CONTRACT FOR IMPROVEMENTS
The Developer shall award a contract and complete the improvements to the Grid Main Extension
under the approved plans and specifications by December 6, 2025.
9. DEFAULT
e. Developer/Owner's contractor fails to complete construction of the project under the
approved plans and specifications on or before December 6, 2025.
Section 16, Subsection f is added as follows:
f. To account for the increase in cost, as shown in the Updated Cost estimate in Exhibit 6, the
Developer/Owner may be reimbursed an additional $190,212.64. The Developer/Owner may be
paid the additional $190,212.64 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.
All other terms and conditions of the original agreement remain effective and in full force.n
EXECUTED IN ONE ORIGINAL and made effective this day of 1✓2C-V1gt.. , 2023.
CITY r ARPUS CHRIST MPM DEVELOPMENT, L.P.
1
ul .451
Al Ray on III, AIA, CBO Mossa Moses Mostaghasi
Direc or o" Development Services General Partner
APPROVED AS TO FORM:
SCANNED
THIRD AMENDMENT OF WATER ARTERIAL TRANSMISSION AND GRID MAIN
CONSTRUCTION AND REIMBURSEMENT AGREEMENT
2-Z0-27
Buck Brice (Date)
Deputy City Attorney
For City Attorney