HomeMy WebLinkAbout029487 RES - 05/22/2012Page 1 of 3
Resolution
Approving a business incentive agreement for the creation and
retention of jobs between the Corpus Christi Business and Job
Development Corporation ("Type A Corporation") and North Padre
Waterpark Holdings, LTD ("Schlitterbahn"), which provides a grant of
up to $5,000,000, of which $2,500,000 (one-half) is to be paid upon
50% completion of the construction of the waterpark or after
$5,000,000 has been spent on infrastructure costs, whichever comes
first, and $2,500,000 (one-half) upon completion of the waterpark
construction, for the creation of certain infrastructure improvements
allowed under Section 501.103 of the Texas Local Government Code
needed for the development of the Schlitterbahn waterpark in
Corpus Christi, increased economic development and the creation
and retention of jobs, and authorizing the City Manager or designee
to execute a business incentive project support agreement with the
Type A Corporation regarding implementation and administration of
the Schlitterbahn Business Incentive Agreement for the creation and
retention of jobs
WHEREAS, the Type A Corporation has budgeted funds to assist businesses create or
retain jobs in the City of Corpus Christi, Texas ("City").
WHEREAS, the Type A Corporation has requested proposals from businesses that will
create or retain jobs within the City, and determined that the proposal from Schlitterbahn
for the creation of certain infrastructure improvements allowed under Section 501.103 of
the Texas Local Government Code needed for the development of the Schlitterbahn
waterpark in Corpus Christi, increased economic development and the creation and
retention of jobs, will best satisfy this goal;
WHEREAS, City Council deems that it is in the best interest of the City and citizens to
approve the business incentive agreement for the creation and retention of jobs
between the Type A Corporation and Schlitterbahn;
WHEREAS, there is a need for a business incentive project support agreement
between the City and the Type A Corporation for the implementation and administration
of the business incentive agreement for the creation and retention of jobs between the
Type A Corporation and Schlitterbahn.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the business incentive agreement for the creation and retention of
jobs between the Type A Corporation and Schlitterbahn that provides for the creation of
certain infrastructure improvements allowed under Section 501.103 of the Texas Local
Government Code needed for the development of the Schlitterbahn waterpark in
Corpus Christi, which is attached to this resolution as Exhibit A, is approved.
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029487. INDEXED
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SECTION 2. That the City Manager, or designee, is authorized to execute a project
support agreement between the City and Type A Corporation for the implementation
and administration of the business incentive agreement with Schlitterbahn, which is
attached to this resolution as Exhibit B.
This resolution takes effect upon City Council approval on this the 1%cl day of
, 2012.
ATTEST: THE CITY OF CORPUS CHRISTI
Armando Chapa
City Secretary Mayor
Joe Adam
97b1e308-0602-46c5-b262-d 157635ffcee.docx
Corpus Christi, Texas
ARM of CLGI , 2012
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Larry R. Elizondo, Sr.
Kelley Allen
Priscilla Leal
David Loeb
John E. Marez
Nelda Martinez
Mark Scott
012
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(129487
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