HomeMy WebLinkAbout18075 ORD - 02/08/1984TEXAS:
AN ORDINANCE
AUTHORIZING THE EXECUTION OF AN AMENDMENT TO ORDINANCE
NO. 14747 WITH PADRE ISLAND INVESTMENT CORPORATION
PERTAINING TO THE DEVELOPMENT OF APPROXIMATELY 3,800 ACRES
OF PADRE ISLAND LANDS PROVIDING FOR THE DELAYING COMPLETION
OF CONSTRUCTION DATES OF SECTION E, COQUINA BAY, PORTIONS OF
ISLAND FAIRWAY ESTATES, CAPE SUMMER UNITS 1 AND 2, AND
COMMODORES COVE UNIT 2, AND FURTHER AMENDING THE ANNUAL
ESCROW PAYMENT SCHEDULE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
SECTION 1. That the City Manager is hereby authorized to execute an
amendment to Ordinance No. 14747, dated January 31, 1979, with Padre Island
Investment Corporation pertaining to the development of approximately 3,800
acres of Padre Island lands, which amendment provides for the delaying
completion of construction dates of Section E, Coquina Bay, portions of Island
Fairway Estates, Cape Summer Units 1 and 2, and Commodores Cove Unit 2, and
further amending the annual escrow payment schedule, all as more fully set forth
in the amendment, a substantial copy of which is attached hereto and made a part
hereof marked Exhibit "A".
MICROFILMED
up -SEP 281.984
18075
AMENDMENT
AGREEMENT OF CONSOLIDATION
WHEREAS, Padre Island Investment Corporation, a Texas Corporation
hereinafter called "Padre", has entered into an Agreement with the City of
Corpus Christi, Texas, hereinafter called "City", authorized by Ordinance 14747
dated January 31, 1979; and
WHEREAS, "Padre" has requested an amendment of the terms of said
Agreement;
NOW, THEREFORE, "Padre" and "City" agree as follows:
I. Section I, page 3 of the Agreement of Consolidation is hereby amended
to include: Section D, Barataria Bay Units 1-5, Sea Pines Unit 1 and Point
Tesoro Units 1-5.
-II. Section IV; item C, page -4 of the ,Agreement of Consolidation is- -
'hereby amended to read:
In like manner, and subject to the other terms and provisions of this paragraph
-IV, during the suceeding years Padre shall deposit into such Escrow Account
the following sums.
•
Calendar Year
1983
1984
1985
1988
1989
1990
Amount of Escrow Cumulative Total of Escrow
Payment Required Payments & Approved Construction
$ 1,250,000 $ 18,050,000
1,500,000 19;550,000
4,000,000 23,550,000
4,500,000 28,050,000
6,500,000 • 34,550,000
5,500,000 40,050,000
5,500,000 45,550,000
5,500,000 51,050,000
III. Item 3 of the Exhibit "A" of the above mentioned Agreement of
Consolidation is hereby amended as follows:
"3. The City agrees that Padre may delay the completion of construction
of such subdivision improvements with respect to each such unit in accordance
with the schedule set forth below:
Unit Designation
a. Section E
b. Coquina Bay
c. Island Fairway Estates, Block 30
Projected Date of
Final Completion
December 31, 1984
December 31, 1984
December 31, 1984
d. Cape Summer Unit 2
- All Lots, Blocks 29-32, 39-40, 55-57, December 31, 1985
58-61, 64-66, 79, 82-87, 80
Lots 1-12, 31-43, Block 63
Lots 8-20, Block 27
Lots 1-9, 10, 16, Block 81
Lots 47-72, Block 28
e. Cape Summer Unit 1
All Lots, Blocks 11-16, 18-26
Lots 1-33, Block 17
Lots 1-7, Block 27
Lots 1-46, Block 28
December 31, 1986
f. Cape Summer Unit 2
All Lots, Blocks 33-38 December 31, 1986
g. Cape Summer Unit 1
All Lots, Blocks 1-10 December 31, 1987
Lots 34-54, Block 17
h. Cape Summer Unit 2
A11 Lots, Blocks 62, 67-78 December 31, 1987
Lots 13-30, Block 63
i. Commodores Case Unit 2
All Lots _.- - . December 31, 1989
Island Fairway Estates
Blocks 22, 26, 32-40, 43, 44 December 31, 1990
If such improvements are not installed and constructed within any such designated
unit on or before the projected date of final completion with respect to such
unit, as specified above, the City shall have the right to cancel the approval
of such -final plans with respect to such unit and the approval of the plans and -
specifications for the subdivision improvements to be constructed on such unit,
by filing with the County Clerk of Nueces County, Texas, an affidavit of non -
completion of such improvements on or subsequent to the projected date of final
completion -with respect to such -unit." -
IV. This Agreement shall be binding upon the parties hereto, their successors
and assigns, and may be specifically enforced by either party, its successors and
assigns.
DATED: , 1984
CITY OF CORPUS CHRISTI, TEXAS PADRE ISLAND INVESTMENT CORPORATION
By By
Edward A. Martin, City Manager David R. Coggins, President
ATTEST: ATTEST:
City Secretary
APPROVED AS LEGAL FORM THIS
4 DAY OF %Lit/ZG , 1984
js
r J. BRUCE AYC
CITY ATTORNEY
Charles Daley, Director of Finance
James K. Lontos
Assistant City Manager
That the foregoing ordinance Ty read for th
second reading on this the q%L& day of
following vote:
Luther Jones
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
first time and a sed to its
, 1, by the
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Joe McComb
Frank Mendez
Mary Pat Slavik
That the foregoing ordinance � s read for
third reading on this the day of
following vote:
Luther Jones
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
�7 second time and paeid to its
, 19 1y, by the
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Joe McComb
Frank Mendez
Mary Pat Slavik
That the fore g ordinan s read for the t rd time and passed finally
on this the .day of 41,41, 19 ? , by the following vote:
Luther Jones
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Joe McComb
Frank Mendez
Mary Pat Slavik
PASSED AND APPROVED, this the a day of
ATTEST:
J
City ecretary
AP VED: �r
DAY OF t�,�/, 19 b�
J. BRUCE AYCOCK, CITY ATTORNEY
, 19 it .
CHRISTI,
ISTI, TEXAS
18015
THE CI OF CORPUS