HomeMy WebLinkAboutC2025-049 - 4/21/2025 - NA AMENDMENT NO. 3-2026 TO THE BUSINESS INCENTIVE AGREEMENT BETWEEN
CORPUS CHRISTI B CORPORATION AND NEXT SPORTS COMPANY, LLC FOR
DEVELOPMENT OF A RECREATIONAL SPORTS COMPLEX
The CORPUS CHRISTI B CORPORATION, hereinafter referred to as the Corporation and NEXT
SPORTS COMPANY, LLC, hereinafter referred to as the Company, do hereby make and enter into
this amendment (the "Amendment") which, together with the Business Incentive Agreement, which
was approved by the Board of Directors of the Corporation on September 21, 2020 (the"Agreement")
and all other duly executed amendments, constitutes the entire agreement between the Corporation
and the Company.
I.
Section 3. Performance Requirements, paragraph g is hereby deleted in its entirety and
replaced with the following language:
"g. Company will complete construction of Phase I on or before December 31, 2025, which
will include the following:
• 8 multi-purpose fields; and
• Parking lot.
Failure to complete Phase I by December 31, 2025, will result in automatic termination of
the contract."
Section 3. Performance Requirements, paragraph i. is hereby added in its entirety with the
following language:
"i. Company shall participate in the following site visits and expenditure reporting deadlines:
1. May 21, 2025—First site visit and detailed expenditure report due through April
30, 2025;
2.August 21, 2025—Second site visit and updated expenditure report due through
July 31, 2025; and
3. November 21, 2025—Final site visit and final expenditure report due through
October 31, 2025.
Each expenditure report must include the following:
a. Itemized list of construction-related expenses;
b. Copies of invoices and proof of payment;
c. Status updates on infrastructure milestones; and
d. Photographic documentation of work."
The Corporation and the City agree to and shall abide by all terms and conditions of the original
Agreement and any previous amendments to that Agreement, to the extent they are not in conflict
with the terms of this Amendment.
�\ I — APPROVED AS TO LEGAL
FORM:
Alan Wilson Date
President
Corpus Christi Business and Job Development %�� J/-
Corporation Assistant City Attorney
Date
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Dr. Kingsley Okonkwo Date
Manager
Next Sports Company, LLC