HomeMy WebLinkAboutC2026-050 - 4/14/2026 - Approved THIRD AMENDED LEASE AGREEMENT
WITH FORESIGHT CORPUS CHRISTI GOLF, LLC
WHEREAS, on October 26, 2010, the City of Corpus Christi (City) and Foresight
Corpus Christi Golf, LLC, a Texas Limited Liability Company and wholly owned subsidiary
of Foresight Golf L.L.C., a Texas Limited Liability Company (Operator) entered into a
Lease Agreement (Lease) regarding Oso Beach and Gabe Lozano (as defined in the
Lease);
WHEREAS, Operator took possession of the Premises on February 1, 2011 and
the Lease became effective on this date;
WHEREAS, the Lease was amended by Amendment No. 1 on April 30, 2013, and
Amendment No. 2 as of December 1, 2020;
WHEREAS, the Lease was amended by Addendum No. 1 as of September 14,
2021;
WHEREAS, the Lease was amended by First Amended and Restated Addendum
No. 1 on was approved as of October 26, 2021;
WHEREAS, the Lease was amended by Second Amended and Restated
Addendum No. 1 as of January 10, 2023; and
WHEREAS, Operator is in its first extension term of 10 years that expires in 2031,
with two five-year renewals; and
WHEREAS, the intent of this Third Amended Lease Agreement with Foresight
Golf, LLC is to extend the term of the Lease to prolong Operator's partnership with the
City to assure Operator recovers its maximum investment.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. The City and Operator enter into this Third Amended Lease, effective upon the
date of last signature or 60 days after second reading of the City Ordinance
authorizing execution hereof, whichever is later.
2. The current term which expires January 31 , 2031, is extended to January 31, 2041
(Current Term).
3. After expiration of Current Term, Lease may be extended upon written agreement
of the Operator for two additional five-year terms (Renewal Terms) upon written
approval of City Manager. Operator shall notify the City Manager in writing at least
90 days before the end of the Current Term or Renewal Term if Operator elects
not to renew this Lease for the Renewal Terms.
SCANNED
4. The lease shall not exceed 40 years and shall not extend past January 31, 2051.
5. Operator must pay all newspaper publication costs, if any, for this Amendment as
required by the City Charter.
6. All other terms, conditions, and covenants of the Lease and addendums and
amendments thereto remain in effect.
AGREED:
CITY OF CORPUS CHRISTI
• ATTEST: tA-"4:m.
By: RE ECCA HUERTA •
Peter Z oni, City apager CITY SECRETARY
Date: It•- 2.$—�.i•
Approved as to form: 0 23 -2-1 Z4' '�-�D�'� AUTHORIZED
ae1414, 0‘e4/7,efl BY COUNCIL 1 _f t f a u
Assistant City Attorney Jc-t5
SECRETARY
FORESIGHT CORPUS CHRISTI GOLF, L.L.C.
By: /' mil
Daniel edrotti, Jr., Manager
Date: y I3 J�b
STATE OF TEXAS
COUNTY OF VQY1d all
This instrument was acknowledged before me on A ri1 a3 , f by Daniel A.
Pedrotti, Jr. as Manager of Foresight Corpus Christi Obit L.L.C. on behalf of said
company.
• otary Public
11)•� KRISTIN MARIE HTR
+°�J�. Notary ID#12472RIG4771E
W.
My Commfssfon Expires
May 1, 2029