HomeMy WebLinkAbout033862 RES - 02/10/2026Resolution authorizing execution of a Groundwater Rights Purchase and Sale
Agreement with ERF Real Estate, Inc. to purchase 2478.69 acres of groundwater
with access rights, six water wells and pipeline easements in the amount of
$28,000,000.00, with $200,000.00 due within three days of executing the contract
and the remainder due one year after closing, with closing to occur within 60 days
of executing the contract.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
The City Manager or designee is authorized to execute a Groundwater Rights
Purchase and Sale Agreement for the purchase of approximately 2,478.69 acres of
groundwater rights located in Nueces County from ERF Real Estate, Inc. in the amount
of $28, 000, 000.
PASSED and APPROVED on the t day of
Paulette Guajardo, May
2026.
ATTEST:
Rebecca Huerta, City Secretary
0
6
SCANNED
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of the Finance & Procurement Department of the City of Corpus Christi, Texas (or his/her
duly authorized representative), hereby certify to the City Council and other appropriate officers that the
money required for the current fiscal year's portion of the contract, agreement, obligation or
expenditure described above is in the Treasury to the credit of the Fund specified above, from which it is
to be drawn, and has not been appropriated for any other purpose. Future payments are subject to
annual appropriation by the City Council.
City Council Action Date: February 10, 2026 Legistar Number: 26-0187
Agenda Item:
Resolution authorizing execution of a Groundwater Rights Purchase and Sale Agreement with ERF
Real Estate, Inc. to purchase 2478.69 acres of groundwater with access rights, six water wells and
pipeline easements in the amount of $28,000,000.00, with $200,000.00 due within three days of
executing the contract and the remainder due one year after closing, with closing to occur within 60
days of executing the contract.
Amount Required: $200,000
Fund Name
Accounting Unit
Account No.
Activity No.
Amount
4010 Water Fund
4010-45-30230
530040
26150
$200,000.00
Water CIP Fund
(Pending Future Appropriations)
4492-45-89
530040
26150
$27,800,000.00
Total
$28,000,000.00
❑ Certification Not Required
Dire or o he Finance & Procurement Department
Date: