HomeMy WebLinkAbout033350 ORD - 04/23/2024 Ordinance authorizing an agreement between the Type B Corporation and Elevate
QOF LLC, for a total incentive amount not to exceed $2,000,000 for Homewood
Suites by Hilton at the corner of N Chaparral Street and Lomax Street; for costs
associated with the street level retail, public space, and outdoor dining area
activation including gray box and finish out including necessary floodwall and dry
flood proofing to allow for consistent street level access; authorizing the
expenditure of up to $2,000,000 from the Type B unreserved fund balance; and
amending the fiscal year 2023-24 budget to increase expenditures by$2,000,000.00.
Be it ordained by the City Council of the City of Corpus Christi, Texas:
Section 1. Funds in the amount of$2,000,000.00 are appropriated from the Type
B Fund No. 1145 for an agreement with Elevate QOF, LLC.
Section 2. The FY2023-24 Operating Budget adopted by Ordinance No. 0333151
is amended to increase expenditures by $2,000,000.00.
Section 3. That the Corpus Christi B Corporation is authorized to enter into an
agreement between the Corpus Christi B Corporation and Elevate QOF LLC, for costs
associated with Homewood Suites by Hilton at the corner of Chaparral Street and Lomax
Street
Introduced and voted on the '0 'day of Rb&k , 2024.
PASSED and APPROVED on the d day of Acri 1 , 2024.
ATTEST:
Paulette Guajardo, M 'e•ecca Huerta, City Secretary
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