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HomeMy WebLinkAbout028169 ORD - 05/12/2009Page 1 of 3 A RESOLUTION APPROVING A BUSINESS INCENTIVE AGREEMENT BETWEEN THE CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION AND S & G MARINA, L.L.C., FOR CONSTRUCTION AND OPERATION OF A DRY RACK BOAT STORAGE FACILITY AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE A BUSINESS INCENTIVE PROJECT SUPPORT AGREEMENT WITH THE CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION REGARDING IMPLEMENTATION AND ADMINISTRATION OF THE S & G MARINA, L.L.C., BUSINESS INCENTIVE AGREEMENT WHEREAS, the Corpus Christi Business and Job Development Corporation ("4A Board") has budgeted funds to assist business in Corpus Christi, Texas. WHEREAS, in 2007, the 4A Board requested proposals and determined that the proposal from S & G Marina, L.L.C., ("Marina"), best provided assistance for business support; WHEREAS, City Council deems that it is the best interest of the City and citizens to approve the business incentive project support agreement; and WHEREAS, there is a need for a business incentive project support agreement between the City of Corpus Christi ("City") and the 4A Board for the implementation and administration of the business incentive agreement with Marina for construction and operation of a dry rack boat storage facility. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the business incentive agreement for construction and operation of a dry rack boat storage facility for businesses between the 4A Board and Marina, which is attached to this resolution as Exhibit A, is approved. SECTION 2. That the City Manager, or designee, is authorized to execute a project support agreement between the City and 4A Board for the implementation and administration of the business incentive agreement with Marina for construction and operation of a dry rack boat storage facility, which is attached to this resolution as Exhibit B. ATTEST: Armando Chapa City Secretary CITY OF CORPUS CHRISTI enry G. rett Mayor 028169 RESOLUTION -- Bluff Bay Marina Business Incentive Agreement 04022009 Page 2 of 3 APPROVED as to form: May 4, 2009 R. J e' ing Fi t As Stant CLW Attorney For the City Attorney RESOLUTION -- Bluff Bay Marina Business Incentive Agreement 04022009 Page 3 of 3 Corpus Christi, Texas l,Q of , 2009 The above resolution was passed by the following vote: Henry Garrett Melody Cooper /440609— Larry Elizondo, Sr. Mike Hummel) Bill Kelly Priscilla G. Leal John E. Marez I ' ` . , Nelda Martinez /�iOs-duh Michael McCutchon 028169 RESOLUTION -- Bluff Bay Marina Business Incentive Agreement 04022009 BUSINESS INCENTIVE AGREEMENT BETWEEN THE CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION AND S & G MARINA, L.L.C., FOR CONSTRUCTION AND OPERATION OF A DRY RACK BOAT STORAGE PROJECT This Business Incentive Agreement for ("Agreement") is entered into between the Corpus Christi Business and Job Development Corporation ("Corporation") and S & G Marina, L.L.C., a Texas domestic limited liability company, doing business as Bluff Bay Marina ("Marina"). WHEREAS, the Texas Legislature in Section 4A of Article 5190.6, Vernon's Texas Revised Civil Statutes (Development Corporation Act of 1979) empowered local communities with the ability to adopt an optional local sales and use tax as a means of improving the economic health and prosperity of their citizens; WHEREAS, on November 5, 2002, residents of the City of Corpus Christi ("City") passed Proposition 2, New and Expanded Business Enterprises, which authorized the adoption of a sales and use tax for the promotion and development of new and expanded business enterprises at the rate of one-eighth of one percent to be imposed for 15 years; WHEREAS, the 1/8th cent sales tax authorized by passage of Proposition 2 was subsequently enacted by the City Council and filed with the State Comptroller of Texas, effective April 1, 2003, to be administered by the Corpus Christi Business and Job Development Corporation Board; WHEREAS, the Corpus Christi Business and Job Development Corporation exists for the purposes of encouraging and assisting entities in the creation of jobs for the citizens of Corpus Christi, Texas; WHEREAS, the Board of Directors of the Corporation ("Board"), on September 10, 2007, amended the Corporation's Guidelines and Criteria for Granting Business Incentives; WHEREAS, Section 21 of the Texas Development Corporation Act of 1979, Art. 5190.6, Vernon's Texas Revised Civil Statutes, now codified as Section 501.073, Texas Local Government Code, requires the City Council to approve all programs and expenditures of the corporation; WHEREAS, the City Council approved the Corporation's amended Guidelines and Criteria for Granting Business Incentives on September 18, 2007; WHEREAS, Marina is a Texas domestic limited liability company whose principal mission is to construction and operation of a dry rack boat storage project, which will include a dry rack storage building of at least 86,000 square feet, with over 600 boat slips; a ship store; maintenance shop; fuel docks; and caretaker residence; Page 1 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 Exhbiit A WHEREAS, the Board has determined that it is in the best interests of the citizens of Corpus Christi, Texas that business development funds be provided to Marina, through this contract with Marina, to be used by Marina to construction and operation of a dry rack boat storage project, and which will result in creation of 18 new full-time permanent jobs in the city of Corpus Christi. In consideration of the covenants, promises, and conditions stated in this Agreement, Corporation and Marina agree as follows: 1. Effective Date. The effective date of this Agreement ("Effective Date") is the latest date that either party executes this Agreement. 2. Term. The term of this Agreement is for five years from July 1, 2009, through June 30, 2014. 3. Performance Requirements and Grants. a. Marina shall construct and operate a dry rack boat storage facility that includes a dry rack storage building with at least 86,000 square feet and over 600 boat slips; a ship store; maintenance shop; fuel docks; and caretaker residence. b. Marina shall expend at least $13,500,000.00 on the construction and outfitting or the dry boat storage facility during 2009. c. Marina shall maintain its administration, marketing, sales, and vessel servicing headquarters in Corpus Christi. d. Marina shall create and maintain the following new, full-time jobs, at or above the listed annual salary, within the City: Year Number of New Total Full- Average Annual Full -Time Jobs Time Jobs Salary 2009 5 5 $39,152.00 2010 13 18 40, 555.00 2011 0 18 42,222.00 2012 0 18 43,888.00 2013 0 18 45,666.00 e. At least 70% or more of the Marina's sales must be from outside the 50 mile radius of the dry boat storage facility. Page 2 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 f. The Corporation will award a grant of $60,000.00 per year for up to five years, if Marina constructs and operates the dry rack boat storage facility and creates and maintains the jobs at or above the average salary specified in subsection d of this section during each designated calendar year. The total grants under this agreement may not exceed a cumulative total of $300,000. 4. Job Creation Qualification. a. In order to count as a created job under this Agreement, the job must pay wages as required by Section 38(b) of the Development Corporation Act of 1979, as amended, which is the median wage of the occupation in the Corpus Christi MSA as determined by Texas Workforce Commission's Texas Industry Profiles report. b. A full-time permanent job is one that provides at least 2,080 hours annually. c. Marina agrees to confirm and document to the Corporation that each job created as a result of funding provided by this Agreement is maintained throughout the term of the loan to the Business. d. Marina agrees to provide Corporation with a sworn certificate by authorized representative of each shall business assisted under this Agreement certifying the number of full-time permanent employees employed by the business. e. Marina shall ensure that the Corporation is allowed reasonable access to personnel records of the businesses assisted under this Agreement. 5. Buy Local Provision. a. Marina agrees to use its best efforts to give preference and priority to local manufacturers, suppliers, contractors, and labor, except where not reasonably possible to do so without added expense, substantial inconvenience, or sacrifice in operating efficiency. b. For the purposes of this section, the term 'local" as used to describe manufacturers, suppliers, contractors, and labor includes firms, businesses, and persons who reside in or maintain an office within a 50- mile radius of Nueces County. 6. Warranties. Marina warrants and represents to Corporation the following: a. Marina is a Texas domestic limited liability company duly organized, validly existing, and in good standing under the laws of the State of Texas, has all corporate power and authority to carry on its business as presently conducted in Corpus Christi, Texas. b. Marina has the authority to ehter into and perform, and will perform, the terms of this Agreement. Page 3 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT-- 04302009 c. Marina has timely filed and will timely file all local, State, and Federal tax reports and returns required by laws to be filed and all Texas, assessments, fees, and other governmental charges, including applicable ad valorem taxes, have been timely paid, and will be timely paid , during the term of this Agreement. d. Marina has received copies of the Texas Development Corporation Act of 1979, Art. 5190.6, Vernon's Texas Revised Civil Statutes; Chapters 501, 502, 504, and 505, Texas Local Government Code, relating to Type A and B Development Corporations; and acknowledges that the funds granted in this Agreement must be utilized solely for purposes authorized under State law and by the terms of this Agreement. e. If an audit determines that the funds were not used for authorized purposes, Marina agrees to reimburse Corporation for the sums of money spent for purposes not authorized by law within 30 days written notice requesting reimbursement. f. The parties executing this Agreement on behalf of Marina are duly authorized to execute this Agreement on behalf of Marina. 7. Compliance with Laws. Marina shall observe and obey all applicable laws, ordinances, regulations, and rules of the Federal, State, county, and city governments. 8. Non -Discrimination. Marina covenants and agrees that Marina will not discriminate nor permit discrimination against any person or group of persons, with regard to employment and the provision of services at, on, or in the Facility, on the grounds of race, religion, national origin, marital status, sex, age, disability, or in any manner prohibited by the laws of the United States or the State of Texas. 9. Force Majeure. If the Corporation or Marina are prevented, wholly or in part, from fulfilling its obligations under this Agreement by reason of any act of God, unavoidable accident, acts of enemies, fires, floods, governmental restraint or regulation, other causes of force majeure, or by reason of circumstances beyond its control, then the obligations of the Corporation or Marina are temporarily suspended during continuation of the force majeure. If either party's obligation is affected by any of the causes of force majeure, the party affected shall promptly notify the other party in writing, giving full particulars of the force majeure as soon as possible after the occurrence of the cause or causes relied upon. 10. Assignment. Marina may not assign all or any part of its rights, privileges, or duties under this Agreement without the prior written approval of the Corporation and City. Any attempted assignment without approval is void, and constitutes a breach of this Agreement. 11. Indemnity. Marina covenants to fully indemnify, save, and hold harmless the Corporation, the City, their respective officers, employees, and agents ("Indemnitees") against all liability, damage, Page 4 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 loss, claims demands, and actions of any kind on account of personal injuries (including, without limiting the foregoing, workers' compensation and death claims), or property loss or damage of any kind, which arise out of or are in any manner connected with, or are claimed to arise out of or be in any manner connected with Marina activities conducted under or incidental to this Agreement, including any injury, loss or damage caused by the sole or contributory negligence of any or all of the Indemnitees. Marina must, at its own expense, investigate all those claims and demands, attend to their settlement or other disposition, defend all actions based on those claims and demands with counsel satisfactory to Indemnitees, and pay all charges of attorneys and all other cost and expenses of any kind arising from the liability, damage, loss, claims, demands, or actions. 12. Events of Default. The following events constitute a default of this Agreement: a. Failure of Marina to timely, fully, and completely comply with any one or more of the requirements, obligations, duties, terms, conditions, or warranties of this Agreement. b. The Corporation or City determines that any representation or warranty on behalf of Marina contained in this Agreement or in any financial statement, certificate, report, or opinion submitted to the Corporation in connection with this Agreement was incorrect or misleading in any material respect when made; c. Any judgment is assessed against Marina or any attachment or other levy against the property of Marina with respect to a claim remains unpaid, undischarged, or not dismissed for a period of 30 days. d. Marina makes an assignment for the benefit of creditors. e. Marina files a petition in bankruptcy, or is adjudicated insolvent or bankrupt. f. If taxes owed by Marina become delinquent, and Marina fails to timely and properly follow the legal procedures for protest or contest. g. Marina changes the general character of business as conducted of the date this Agreement is approved by the Corporation. 13. Notice of Default. Should the Corporation or City determine that Marina is in default according to the terms of this Agreement, the Corporation or City shall notify Marina in writing of the event of default and provide 60 days from the date of the notice ("Cure Period") for Marina to cure the event of default. Page 5 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 14. Results of Uncured Default. After exhausting good faith attempts to address any default during the cure Period, and taking into account any extenuating circumstances that might have occurred through no fault of Marina, as determined by the Board of Directors of the Corporation, the following actions must be taken for any default that remains uncured after the Cure Period. a. Marina shall immediately repay all funds paid by Corporation under this Agreement. b. Marina shall pay Corporation reasonable attorney fees and costs of court to collect amounts due to Corporation. c. The Corporation shall have no further obligations to Marina under this Agreement. d. Neither the City nor the Corporation may be held liable for any consequential damages. e. The Corporation may pursue all remedies available under law. 15. No Waiver. a. No waiver of any covenant or condition, or the breach of any covenant or condition of this Agreement, constitutes a waiver of any subsequent breach of the covenant or condition of the Agreement. b. No waiver of any covenant or condition, or the breach of any covenant or condition of this Agreement, justifies or authorizes the nonobservance on any other occasion of the covenant or condition or any other covenant or condition of this Agreement. c. Any waiver or indulgence of Marina' default may not be considered an estoppel against the Corporation. d. It is expressly understood that if at any time Marina is in default in any of its conditions or covenants of this Agreement, the failure on the part of the Corporation to promptly avail itself of the rights and remedies that the Corporation may have, will not be considered a waiver on the part of the Corporation, but Corporation may at any time avail itself of the rights or remedies or elect to terminate this Agreement on account of the default. 16. Limitation on Corporations Liability. a. Marina specifically agrees that Corporation shall only be liable to Marina for the actual amount of the money grants to be conveyed to Marina, and shall not be liable to Marina for any actual or consequential damages, direct or indirect, interest, attorney fees, or cost of court for any act of default by Corporation under the terms of this agreement. Page 6 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 b. Payment by Corporation is strictly limited to funds allocated, budgeted, and collected solely during the grant term of this agreement, being July 1, 2009, through June 30, 2014. c. Corporation shall use its best efforts to anticipate economic conditions and to budget accordingly. d. However, it is further understood and agreed that, should the actual total sales tax revenue collected for any one year be less than the total amount of grants to be paid to all contracting parties with Corporation for that year, then in that event, all contracting parties shall receive only their pro rata share of the available sales tax revenue for that year, less Corporation's customary and usual costs and expenses, as compared to each contracting parties' grant amount for that year, and Corporation shall not be liable to for any deficiency at that time or at any time in the future. e. In this event, Corporation will provide all supporting documentation, as requested. f. Payments to be made shall also require a written request from Marina to be accompanied by all necessary supporting documentation. 17. Notices. a. Any required written notices shall be sent mailed, certified mail, postage prepaid, addressed as follows: Marina: S & G Marina, L.L.C. 101 Skipper Lane Corpus Christi, TX 78418 Attn: Steven W. Smith Corporation: City of Corpus Christi Business and Job Development Corporation Attn.: Executive Director 1201 Leopard Street Corpus Christi, Texas 78401 Page 7 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 b. A copy of all notices and correspondence must be sent the City at the following address: City of Corpus Christi Attn.:City Manager P.O. Box 9277 Corpus Christi, Texas 78469-9277 c. Notice is effective upon deposit in the United States mail in the manner provided above. 18. Incorporation of other documents. The Corpus Christi Business and Job Development Corporation Guidelines and Criteria for Granting Business Incentives ("Corporation Guidelines"), as amended, are incorporated into this Agreement. 19. Amendments or Modifications. No amendments or modifications to this Agreement may be made, nor any provision waived, unless in writing signed by a person duly authorized to sign agreements on behalf of each party. 20. Relationship of Parties. In performing this Agreement, both the Corporation and Marina will act in an individual capacity, and not as agents, representatives, employees, employers, partners, joint -venturers, or associates of one another. The employees or agents of either party may not be, nor be construed to be, the employees or agents of the other party for any purpose. 21. Captions. The captions in this Agreement are for convenience only and are not a part of this Agreement. The captions do not in any way limit or amplify the terms and provisions of this Agreement. 22. Severability. a. If for any reason, any section, paragraph, subdivision, clause, provision, phrase or word of this Agreement or the application of this Agreement to any person or circumstance is, to any extent, held illegal, invalid, or unenforceable under present or future law or by a final judgment of a court of competent jurisdiction, then the remainder of this Agreement, or the application of the term or provision to persons or circumstances other than those as to which it is held illegal, invalid, or unenforceable, will not be affected by the law or judgment, for it is the definite intent of the parties to this Agreement that every section, paragraph, subdivision, clause, provision, phrase, or word of this Agreement be given full force and effect for its purpose. b. To the extent that any clause or provision is held illegal, invalid, or unenforceable under present or future law effective during the term of this Agreement, then the remainder of this Agreement is not affected by the law, and in lieu of any illegal, invalid, or unenforceable clause or provision, a clause or provision, as similar in terms to the illegal, invalid, or unenforceable clause or Page 8 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 provision as may be possible and be legal, valid, and enforceable, will be added to this Agreement automatically. 23. Venue. Venue for any legal action related to this Agreement is in Nueces County, Texas. 24. Sole Agreement. This Agreement constitutes the sole agreement between Corporation and Marina. Any prior agreements, promises, negotiations, or representations, verbal or otherwise, not expressly stated in this Agreement, are of no force and effect. 25. Survival of terms of agreement and obligations of parties. The terms of this agreement and the obligation of the parties relating to [what survives] shall survive the termination of this agreement. Corpus Christi Business & Job Development Corporation By: Eloy Salazar Chairperson Date: Attest: By: Armando Chapa Assistant Secretary Page 9 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 S & G Marina, L.L.C. By: David A. Grainger Manager Date: .-CNC? THE STATE OF TEXAS- 44^-scif COUNTY OF NUECES CeJ 9 wick This instrument was acknowledged before me David A. Grainger as Manager, S & G Marina, company, on behalf of the company. otary Publi State of Texas KSots on'�/ , 20021 by L.L.C., atexas domestic limited liability CINDY ROTH gib Notary Public - State of Kansas My Appt. Expires // D Page 10 of 10 BLUFF BAY MARINA BUSINESS INCENTIVE AGREEMENT -- 04302009 BUSINESS INCENTIVE PROJECT SERVICE AGREEMENT This Business Incentives Project Service Agreement ("Project Service Agreement") is entered into between the Corpus Christi Business and Job Development Corporation ("Corporation") and the City of Corpus Christi, Texas ("City"). WHEREAS, the Texas Legislature in Section 4A of Article 5190.6, Vernon's Texas Revised Civil Statutes (Development Corporation Act of 1979) empowered local communities with the ability to adopt an optional local sales and use tax as a means of improving the economic health and prosperity of their citizens; WHEREAS, on November 5, 2002, residents of the City passed Proposition 2, New and Expanded Business Enterprises, which authorized the adoption of a sales and use tax for the promotion and development of new and expanded business enterprises at the rate of one-eighth of one percent to be imposed for 15 years; WHEREAS, the 1/8 cent sales tax authorized by passage of Proposition 2 was subsequently enacted by the City Council and filed with the State Comptroller of Texas, effective April 1, 2003, to be administered by the Corporation's Board of Directors; WHEREAS, the Corporation exists for the purposes of encouraging and assisting entities in the creation of jobs for the citizens of Corpus Christi, Texas; WHEREAS, the Board of Directors of the Corporation ("Board"), on September 10, 2007, amended the Corporation's Guidelines and Criteria for Granting Business Incentives; WHEREAS, Section 21 of the Texas Development Corporation Act of 1979, Art. 5190.6, Vernon's Texas Revised Civil Statutes, requires the City Council to approve all programs and expenditures of the Corporation; WHEREAS, the City Council approved the Corporation's amended Guidelines and Criteria for Granting Business Incentives on September 18, 2007; WHEREAS, S & G Marina, L.L.C., has submitted a proposal to the Corporation for $300,000.00 grant for the creation of 18 new jobs related to the operation of a dry rack boat storage facility; WHEREAS, the Board has determined that it is in the best interests of the citizens of Corpus Christi, Texas, to fund the S & G Marina, L.L.C.'s construction and operation of a dry rack boat storage facility; and WHEREAS, the Corporation and S & G Marina, L.L.C., have executed a business incentive project agreement for an construction and operation of a dry rack boat storage facility. In consideration of the covenants, promises, and conditions stated in this Project Service Agreement, the Corporation and the City agree as follows: Bluff Bay Marina Project Support Agreement 4A -City 04022009 Page 1 of 3 Exhibit B 1. Project Service Agreement to Implement Business Incentives Agreement. This Project Service Agreement between the City and the Corporation is executed to implement the Business Incentive Agreement for an construction and operation of a dry rack boat storage facility between the Corporation and S & G Marina, L.L.C., ("Business Incentive Agreement"). 2. Term. The term of this Project Service Agreement runs concurrently with the term of the Business Incentive Agreement. 3. Services to be Provided by City. a. The City Manager, or the City Manager's designee, shall administer funding on behalf of the Corporation. b. The City Manager, or the City Manager's designee, shall perform contract administration responsibilities outlined in the Business Incentive Agreement for the Corporation. 4. Appropriation of Funds. Any future payments by the City are subject to appropriation of funds by City's Council. 5. Effective Date. The effective date of this Project Service Agreement is the latest date that either party executes this Agreement. 6. Amendments or Modifications. No amendments or modifications to this Project Service Agreement may be made, nor any provision waived, unless in writing signed by a person duly authorized to sign agreements on behalf of each party. 7. Severability. a. If for any reason, any section, paragraph, subdivision, clause, provision, phrase or word of this Project Service Agreement or the application of this Project Service Agreement to any person or circumstance is, to any extent, held illegal, invalid, or unenforceable under present or future law or by a final judgment of a court of competent jurisdiction, then the remainder of this Project Service Agreement, or the application of the term or provision to persons or circumstances other than those as to which it is held illegal, invalid, or unenforceable, will not be affected by the law or judgment, for it is the definite intent of the parties to this Project Service Agreement that every section, paragraph, subdivision, clause, provision, phrase, or word of this Project Service Agreement be given full force and effect for its purpose. b. To the extent that any clause or provision is held illegal, invalid, or unenforceable under present or future law effective during the term of this Project Service Agreement, then the remainder of this Project Service Agreement is not affected by the law, and in lieu of any illegal, invalid, or unenforceable clause or provision, a clause or provision, as similar in terms to the illegal, invalid, or Page 2of3 Bluff Bay Marina Project Support Agreement 4A -City 04022009 unenforceable clause or provision as may be possible and be legal, valid, and enforceable, will be added to this Project Service Agreement automatically. 8. Captions. The captions in this Project Service Agreement are for convenience only and are not a part of this Project Service Agreement. The captions do not in any way limit or amplify the terms and provisions of this Project Service Agreement. The City of Corpus Christi Corpus Christi Business & Job Development Corporation 'Angel R. Escobar Eloy Salazar Interim City Manager Chairperson Date: Date: Attest Armando Chapa City Secretary Approved as to Legal Form: May 4, 2009. R. ,y Rmning First Assistant City Attorney for City Attorney Page 3 of 3 Bluff Bay Marina Project Support Agreement 4A -City 04022009 CITY OF CORPUS CHRISTI CERTIFICATION OF FUNDS (City Charter Article IV, Sections 7 & 8) I, the Director of Finance of the City of Corpus Christi, Texas (or his/her duly authorized representative), hereby certify to the City Council and other appropriate officer that the money required for 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. City Council Action Date: May 12, 2009 Agenda Item: Resolution approving a business incentive agreement between the Corpus Christi Business and Job Development Corporation and S&G Marina, L.L.C., for construction and operation of a dry rack boat storage facility and authorizing the City Manager, or designee, to execute a business incentive project support agreement with the Corpus Christi Business and Job Development Corporation regarding implementation and administration of the S&G Marina L.L.C., business incentive agreement. Amount Required: Fund Name Fund No. Org. No. Account No. Project No. Amount CC65pC IV -1b 15010 5-3000t) 1300,000 Total —1R �v Director of Financial Services Date: 5- 7 _ o