HomeMy WebLinkAboutC2023-289 - 12/12/2023 - Approved Page 1018
OPTION FOR SALE OF REAL PROPERTY
Whereas,TG 110, Inc. is a Texas Nonprofit Corporation exempt from federal taxation under
Section 501(c)(3), Internal Revenue Code of 1986, as amended;
Whereas, TG 110, Inc., has proposed property development of the Former Lamar
Elementary Site and Nearby Neighborhood Parcels and;
Whereas, the City of Corpus Christi seeks to have property developed for affordable
housing for low-income households as a primary activity to promote the community-based
revitalization of the City.
Now, therefore, for and in consideration of $10 and property maintenance, the City of Corpus
Christi, hereinafter referred to as "City" hereby grants to TG 110, Inc., hereinafter referred to as
"Optionee", an exclusive right and option to purchase the following described property:
Being a total of 3.47 acres located at 2212 Morris St, Corpus Christi, TX 78405 (Exhibit
A), including Lot 1, Block 1, Eckerd Subdivision, and Lots 1,2,3,4,5,6,7, 8A, 10,11, and 12,
Block 2, Eckerd Subdivision, Corpus Christi, Nueces County, Texas, and 0.41-acre subject
to a road easement known as Mary Street, which is proposed to be abandoned.
Section 1. Property Maintenance
Optionee shall maintain the described property by mowing all grass and vegetation as often as
necessary to maintain a height of less than 12 inches, effective upon execution of this Agreement.
Optionee shall not allow weeds or brush twelve inches or higher to grow on the described property.
Additionally, the Optionee will keep the described property free of litter and solid waste.
Section 2. Option Period
The option to purchase the property, hereinafter referred to as the "Option", shall commence upon
the final execution of this contract and will expire on March 31, 2025, without notice to the
Optionee.
This option may only be exercised by Optionee after being awarded a housing tax credit from the
Texas Department of Housing and Community Affairs to develop the described property.
Section 3. Purchase Price
The purchase price for the above-described property is $10. The consideration paid herein shall
be applied against the purchase price.
Section 4. Forfeiture of Consideration
If Optionee fails to exercise this Option before its expiration, the consideration paid herein shall
be retained by City.
Section 5. Reverter Clause
The deed shall include an automatic reverter clause that complies with Texas Local Government
Code §253.011 and/or §272.001.
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SCANNED
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Section 5. Notice of Option's Exercise
The Optionee's election to exercise this Option shall be by execution and delivery to the City of
the attached Real Estate Sales Contract on or before the expiration date hereof. Upon delivery of
said executed sales contract, City shall forthwith execute the same within five (5) days.
Section 6. Assignability of Option
Optionee shall not assign the Option, except to a special purpose entity under common control
with Optionee. City shall not assign the Option. In the event an assignment is attempted, in
violation of this Section, then Optionees' rights under this Option Contract shall automatically and
immediately terminate without notice.
Section 7. Notice
Unless otherwise provided herein, any notice, tender, or delivery to be given hereunder by either
party to the other may be effected by personal delivery in writing or by registered or certified
mail, postage prepaid, return receipt requested, and shall be deemed received as of actual
receipt or three business days from mailing, whichever is earlier. Mailed notices shall be
addressed as set forth below, but each party may change his or her address by written notice in
accordance with this Section.
To the City:
City of Corpus Christi
Attn: Director of Planning and Community Development
P.O. Box 9277
Corpus Christi, TX 78469-9277
To the Optionee:
TG 110, Inc.
3419 Nacogdoches Road
San Antonio, Texas 78217
Section 8. Binding Effect
This Option shall be binding on City and shall inure to the benefit of Optionee.
Remainder of page intentionally left blank; signature page to follow.
135392173v.1
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Executed this I day of ozooftkr , at
z�R County, Texas.
Optionee
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Jacq oodring, Executive Dir for Date
TG 1 0, Inc.
3419 Nacogdoches Road
San Antonio, Texas 78217
City
1z, 19,,2.3
Peter oni, City ager Date
City of Corpus Christi
P.O. Box 9277
Corpus Christi, Texas 78469
APPROVED AS TO FORM:
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CITY SECRETARY
Deputy City Attorney
Buck Brice (`�r�,�
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