HomeMy WebLinkAbout029488 RES - 05/22/2012Page 1 of 2
Resolution
Authorizing the City Manager or designee to execute a Chapter
380 Economic Development Incentive Agreement with Upper
Padre Partners, LP, and North Padre Waterpark Holdings, LTD,
("Agreement") for certain economic development grants up to
approximately $112,116,878 to be paid to Upper Padre GP, Inc,
general partner of Upper Padre Partners, LP, for development
of a Schlitterbahn waterpark resort project together with
certain public improvements by Upper Padre Partners, LP and
North Padre Waterpark Holdings, LTD for the benefit of the
City
WHEREAS, the City has established a program in accordance with Article ill,
Section 52-a of the Texas Constitution and Chapter 380 of the Texas Local
Government Code ("Chapter 380") under which the City has the authority to
make loans or grants of public funds for the purposes of promoting local
economic development and stimulating business and commercial activity within
the City; and
WHEREAS, City Council deems that the Agreement is in compliance with the
City's Chapter 380 Economic Development Program Policy adopted by
Resolution 028424 on November 17, 2009, and it is the best interest of the City
and citizens' to approve the Agreement with Upper Padre Partners, LP and North
Padre Waterpark Holdings, LTD, for certain economic development grants up to
approximately $112,116,878 to be paid to Upper Padre GP, Inc, general partner
of Upper Padre Partners, LP, for development of a Schlitterbahn waterpark resort
project together with certain public improvements by Upper Padre Partners, LP
and North Padre Waterpark Holdings, LTD for the benefit of the City
Now., therefore, be it resolved by the City Council of the City of Corpus
Christi, Texas:
SECTION 1. The City Council declares the recital paragraphs of this Resolution
to be true. The City Manager or the City Manager's designee is authorized to
execute the Agreement, which is attached hereto as Exhibit A, with Upper Padre
Partners,- LP and North Padre Waterpark Holdings, LTD for certain economic
development grants up to approximately $112,116,878 to be paid to Upper Padre
GP, Inc general partner of Upper Padre Partners, LP, for development of a
Schlitterbahn waterpark resort project together with certain public improvements
by Upper Padre Partners, LP and North Padre Waterpark Holdings, LTD for the
benefit of the City.
This resolution takes effect upon City Council approval on this the 0.(01 day of
, 2012.
954436b8-7f00-42d4-a47e-868de50f8d3a.docx
029488 INDEXED
ATTEST:
Armando Chapa
City Secretary
Corpus Christi, Texas
Ovyi of
The above resolution was
Joe Adame
Chris N. Adler
Larry R. Elizondo, Sr.
Kelley Allen
Priscilla Leal
David Loeb
John E. Marez
Nelda Martinez
Mark Scott
Page 2 of 2
THE CITY OF CORPUS CHRISTI
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Joe Ad me
Mayor
619 , 2012
passed by the following vote:
• d
1
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029488