HomeMy WebLinkAboutC2025-073 - 5/19/2025 - NA AMENDMENT NO. 1 TO THE BUSINESS INCENTIVE AGREEMENT BETWEEN
CORPUS CHRISTI B CORPORATION AND ELEVATE QOF, LLC FOR THE
DEVELOPMENT OF A HOTEL AND RETAIL PROJECT
The CORPUS CHRISTI B CORPORATION, hereinafter referred to as the Corporation and ELEVATE
QOF, LLC hereinafter referred to as "Company," do hereby make and enter into this amendment (the
"Amendment") which, together with the Agreement for the development of a hotel and retail project,
which was approved by the Board of Directors of the Corporation on January 22, 2024 (the
"Agreement") and all other duly executed amendments, constitutes the entire agreement between the
B CORPORATION and ELEVATE QOF, LLC.
I.
Subsections (e) and (f) of Section 3, Performance Requirements, is hereby
amended by deleting the subsections (e) and (f) in their entirety and replacing
them as follows:
e. Company must complete the improvements required in Exhibit A on
or before March 31, 2026.
f. On or before March 31, 2026, Company must certify the creation of at least 55
new full-time jobs, with a minimum payroll of$1,499,960. Company shall, over the
term of this Agreement, create 65 full-time jobs, no later than September 30, 2028,
with an average salary of$30,769 as described in the schedule below.
Year Number of Number of Average Salary Annual Payroll
New Jobs Retained Jobs
2026 55 0 $27,272 1,499,960
2027 5 55 $28,333 1,699,980
2028 5 65 $29,320 1,905,800
2029 0 65 $30,769 1,999,985
2030 0 65 $32,300 2,099,500
II.
Subsection (g) of Section 15, Events of Default by Company, is hereby
amended by deleting the subsection (g) in its entirety and replacing it as follows:
g. Company fails to complete all of the improvements listed in Exhibit A on or before
March 31, 2026, or fails to comply with one or more terms of this Agreement.
SCANNED1 First Amendment B Corp and Elevate QOF
Ill.
The B CORPORATION and ELEVATE QOF, LLC agree to and shall abide by all terms and conditions
of the original Agreement and any amendments to that Agreement, to the extent they are not in conflict
with the terms of this Amendment.
APP ED AS TO LEGAL FORM:
Alan Wilson Date �^
President
Corpus Christi B Corporation i atzBazan
�fassistant City Attorney
Deven Bhakta to
Manager
ELEVATE QOF, LLC
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