HomeMy WebLinkAbout033954 ORD - 06/30/2026Ordinance authorizing a Wastewater Trust Fund Reimbursement Agreement up to
$377,849.00 with V2 Ventures Partners, LLC to construct an off -site wastewater
improvement for a proposed residential development located at the northeast
intersection of Excelsior Boulevard and Rombs Street, also known as Oso Vista
Subdivision and authorizing future appropriation of Wastewater Trust Fund revenue
up to the $377,849.00 to reimburse the developer in accordance with the agreement
and Unified Development Code. (District 3).
WHEREAS, the Developer, in compliance with the City's Unified Development Code
("UDC"), has a plat, approved by the Planning Commission on February 21, 2024, to develop a
tract of land, approximately 57.32 acres known as Oso Vista Subdivision;
WHEREAS, under the UDC, the Developer is responsible for the construction of the 18-
inch Wastewater Trunk Line ("Wastewater Improvements");
WHEREAS, under the UDC, the Developer is eligible for reimbursement of the
Developer's costs for the construction of Wastewater Improvements;
WHEREAS, a wastewater trust fund reimbursement agreement must be approved by the
City Council before the developer starts construction;
WHEREAS, it is in the best interests of the City to have the Wastewater Improvements be
constructed to its ultimate capacity under the City's applicable Master Plan;
WHEREAS, the City's participation as Trustee does not create a loan of its credit because
Texas Constitution Article 1.1, Section 3 prohibits the City from becoming a subscriber to the
capital of any private corporation or association, or making any appropriation or donation to the
same, or in anywise loan its credit;
WHEREAS, execution of the Agreement constitutes a promise to pay only to the extent
that the assets and future assets of the trust are sufficient for such purpose, and that any
judgement will only be satisfied out of the assets of the trust and not out of the City's assets, and
the City is excluded from personal liability;
WHEREAS, the Wastewater Trust Fund does not currently have sufficient funds to fully
reimburse Developer/Owner for Wastewater Improvements under the Agreement;
WHEREAS, reimbursement only shall be made when monies are available in and
appropriated from the Wastewater Trust Fund, and the developer has priority in accordance with
the UDC; and
WHEREAS, if the developer is owed funds from the Wastewater Trust Fund,
reimbursement shall be made as funds are deposited into the trust fund from other development,
and/or the developer will be given credit for lot or acreage fees that are due on subsequent final
plats.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The recitals contained in the preamble of this Ordinance are determined to be
true and correct and are hereby adopted as a part of this Ordinance.
SCAN NEO 1°u
033954
SECTION 2. The City Manager or designee is authorized to execute a Wastewater Trust
Fund Reimbursement Agreement ("Agreement"), with V2 Ventures Partners, LLC
("Developer"), for the extension of an 18-inch wastewater trunk line, including all related
appurtenances, for the development of Oso Vista Subdivision, Corpus Christi, Nueces
County, Texas.
SECTION 2. Upon availability, funding in the amount of $377,849.00 is appropriated from the
Wastewater Trust Fund to reimburse the Developer for the construction of a wastewater trunk
line and improvements in accordance with the Agreement and UDC.
SECTION 3. This ordinance takes effect upon passage.
n the a day of , 2026.
tr day of ► , 2Q26.
In oduc; d and voted
PA SE a P ED on the
0
Paulette Guajardo, May
033 954
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services 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 below is in the Treasury to the credit
of the Fund specified below, 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: 06/23/2026 Legistar Number: 26-0342
Agenda Item:
Ordinance authorizing a Wastewater Trust Fund Reimbursement Agreement up to
$377,849.00 with V2 Ventures Partners, LLC to construct an off -site wastewater
improvement for a proposed residential development located at the northeast intersection
of Excelsior Boulevard and Rombs Street, also known as Oso Vista Subdivision and
authorizing future appropriation of Wastewater Trust Fund revenue up to the $377,849.00
to reimburse the developer in accordance with the agreement and Unified Development
Code. (District 3).
Amount Required: (Amount to be Certified) $377,849.00
Fund Name
Accounting Unit
Account
No.
Amount
Trust Fund as fund become
available (Future Revenues)
4220-21800-46
540450
$377,849.00
TOTAL
$377,849.00 Ac,
❑ Certification Not Required
Director of Finance & Procurement Date:
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