HomeMy WebLinkAbout033701 RES - 07/22/2025Resolution authorizing the execution of a Chapter 380 Incentive
Agreement with Cinergy 112, LLC to provide a rebate of up to
$4,150,000 of ad valorem taxes and sales taxes over a 15-year period
for the development of Cinergy Family Entertainment Center.
WHEREAS, Cinergy 112, LLC has proposed to construct a total project investment
of over $40,000,000, for a family entertainment center within the City of Corpus Christi,
developing 10 acres into a 90,000 square foot entertainment center with movie screens,
bowling lanes, arcade games and food and beverage service located on the southeast
side of greenfield land near Rodd Field Road and SPID; and
WHEREAS, Cinergy 112, LLC has applied for incentives through a Chapter 380
agreement, which would provide reimbursement payments over a period of fifteen (15)
years in the amount not to exceed $4,150,000 based on the amount of ad valorem tax
and sales tax generated from the development of the family entertainment center; and
WHEREAS, the City recognizes the positive economic impact that the proposed
Chapter 380 agreement will have on the City through the creation of jobs, stimulation of
business and commercial activity in the City, and increased tax revenues related to the
construction of the proposed family entertainment center; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. The City Council specifically finds that the foregoing statements included in
the preamble of this resolution are true and correct and adopts such findings for all intents
and purposes related to the authorization of this project.
SECTION 2. The City Council authorizes the execution of a Chapter 380 Incentive
Agreement with Cinergy 112, LLC to provide a rebate of up to $4,150,000 of ad valorem
taxes and sales taxes over a 15-year period for the development of Cinergy Family
Entertainment Center, which will include up to 6 movie screens, 10 bowling lanes, food
and beverage service, and games that may include arcade games and interactive family
attractions such as virtual reality and sports simulators.
SECTION 3. That the City Manager, or designee, is authorized to execute a Chapter 380
Incentive Agreement with Cinergy 112, LLC in the total amount not to exceed $4,150,000
for the development of a family entertainment center in the City of Corpus Christi.
PASSED AND APPROVED on the 3114 day of 7k11, 2025.
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Paulette Guajardo, May
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Huerta, it ecreta
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Rebecca
033701
SCANNED