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Home My WebLink About030345 ORD - 11/18/2014 ORDINANCE AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE A LEASE-PURCHASE AND OPERATING AGREEMENT INCLUDING OPTION TO PURCHASE WITH TEXAS STATE AQUARIUM ASSOCIATION ("TSAA") COVERING LOTS A-1, A-3, B, C AND D, OF THE TEXAS STATE AQUARIUM SUBDIVISION, TOGETHER WITH LEASEHOLD RIGHTS FOR THE ADJACENT PARKING AREAS; IN CONSIDERATION OF TSAA MAINTAINING THE PREMISES AND IMPROVEMENTS, OPERATING A PUBLIC AQUARIUM AND RELATED FACILITIES, TSAA'S PAYMENTS ON DEBT SERVICE ON THE 1996 $4.4 MILLION COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, AND TSA'S $45 MILLION DOLLAR EXPANSION OF THE AQUARIUM FACILITY; PROVIDING FOR SEVERANCE; AND PROVIDING FOR PUBLICATION BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. The City Manager, or his designee, is authorized to execute a 50-year lease- Purchase and Operating Agreement including option to purchase with Texas State Aquarium Association covering Lots A-1, A-3, B, C, and D of the Texas State Aquarium Subdivision, together with leasehold rights for the adjacent parking areas in consideration of TSAA's maintaining the premises and improvements, operating a public aquarium and related facilities, TSAA's payments on debt service on the 1996 $4.4 million combination tax and revenue certificates of obligation, and TSAA's $45 million dollar expansion of the current facilities. A copy of the agreement shall be filed with the City Secretary. SECTION 2. If, for any reason, any section, paragraph, subdivision, clause, phrase, word, or provision of this ordinance shall be held invalid or unconstitutional by final judgment of a court of competent jurisdiction, it shall not affect any other section, paragraph, subdivision, clause, phrase, word or provision of this ordinance, for it is the definite intent of the City Council that every section, paragraph, subdivision, phrase, word and provision hereof shall be given full force and effect for its purpose. SECTION 3. Publication shall be made in the official publication of the City of Corpus Christi as required by the City Charter of the City of Corpus Christi. This agreement takes effect on the 61st day following final City Council approval. The fo eqq i'ng ordinance� � was read for a first time and passed to its second reading on this the '00ay of Q( ,1' , ! I' y the following vote: Nelda Martinez /� Chad Magill Kelley Allen ( �. IColleen McIntyre lc` Rudy Garza Lillian Riojas Q Priscilla Leal OA" Mark Scott 030345 INDEXED David Loeb Thatheforegoing_ordinan=Tors read for the second time and passed finally on this the I day of f(�wQ 'yJ'9-& , 2CJ N- , by the following vote: Nelda Martinez Chad Magill Kelley Allen 1(4,r �y�"^^ Colleen McIntyre ay Rudy Garza ClLillian Riojas , . . ! Priscilla Leal SQA- Mark Scott David Loeb PASSED AND APPROVED, this the ( th day of !la/MIA ZON: ATTEST: ebecca Huerta Nelda Martinez City Secretary Mayor EFFECTIVE oA T k \arr-L i ec -\'c��- ► 030345 345 PUBLISHER'S AFFIDAVIT State of Texas } CITY OF CORPUS CHRISTI County of Nueces } Ad #421265 PO# Before me, the undersigned, a Notary Public, this day personally came GEORGIA LAWSON, who being first duly sworn, according to law, says that she is LEGAL SALES REPRESENATIVE AND EMPLOYEE OF THE PUBLISHER, namely,the Corpus Christi Caller-Times, a daily newspaper published at Corpus Christi in said City and State, generally circulated in Aransas, Bee, Brooks, Du- val, Jim Hogg, Jim Wells, Kleberg, Live Oak,Nueces, Refugio, and San Patricio, Counties, and that the publication of NOTICE OF LEASE Ordinance authorizin which the annexed is a true copy, was inserted in the Corpus Christi Caller-Times on: CC-Corpus Christi Caller-Times 10/26/14 Sun CC-Internet- caller.com 10/26/14 Sun LEGAL SALES REPRESENTATIVE On this day of MO O r Cir) , 20 15 I certify that the attached document is a true and exact copy made by publisher. 41 110, . P Pbui-zz( SYlVIA P.PEREZ Nota Public State of Texas i.; COMMISSION EXPIRES Notary ' ; February 27,2017 LII :01 WV 9- SOW S10Z 9141 AN 8E 1 October 26,2014 CALLER TIMES L�1 = ' ,. f NOTICE OF LEASE Ordinance authorizing the City of Corpus Christi ("City") through its city manager to execute a lease- purchase and operating agreement,including option to purchase,with the Texas State Aquarium Associa- tion ("TSAA")covering lots a-1, a-3, b, c and d, of the Texas Sate Aquarium Subdi- vision, together with lease- hold rights for the adjacent parking areas; in consider- ation of TSAA maintaining the premises and improve- ments,-operating a public aquarium and related facili- ties, TSAA's payments on debt service on the 1996 $4.4 million combination tax and revenue certificates of obligation, and TSA's $45 million dollar expansion of the aquarium facility;sever- ance;and providing for pub- lication. The main terms of the lease-purchase agreement include: -50 year lease term; -Requirement to operate the facilities as an aquarium; -No financial obligation from the City to the TSAA for the aquarium;and - The TSAA may exercise an option to purchase the land and improvements if the fol- lowing performance criteria are met: 1.The TSAA will be required to spend a minimum of$45 million on the expansion of the aquarium. 2. The proposed expansion must be completed and open to the public. 3. The TSAA must complete payment of the outstanding revenue certificates of obli- gation that the City sold on their behalf. In addition to these perfor- mance based criteria, the following provisions will be placed in the special war- ranty deed for the property: A "Right of First Refusal" provides the.City an option to repurchase the aquarium property(land and improve- ments)' o s)' neif desired; -A requirement that the TSAA pay the City $14.5 million in the event that the TSAA were to sell the aquarium property in'the future; -A restrictive covenant on the deed will require that the property be operated as an aquarium for 75 years;and -A"Reverter Clause"provides that the aquarium property will revert back to the City if the restrictive covenant is violated. /s/Rebecca Huerta City Secretary t PUBLISHER'S AFFIDAVIT State of Texas } CITY OF CORPUS CHRISTI Count of Nueces } Ad#431992 PO# Before me,the undersigned, a Notary Public,this day personally came GEORGIA LAWSON, who being first duly sworn, according to law, says that she is LEGAL SALES REPRESENATIVE AND EMPLOYEE OF THE PUBLISHER, namely,the Corpus Christi Caller-Times, a daily newspaper published at Corpus Christi in said City and State, generally circulated in Aransas, Bee, Brooks, Du- val, Jim Hogg, Jim Wells, Kleberg, Live Oak,Nueces, Refugio, and San Patricio, Counties, and that the publication of NOTICE OF LEASE Ordinance authorizin which the annexed is a true copy,was inserted in the Corpus Christi Caller-Times on: CC-Corpus Christi Caller-Times 11/23/14 Sun CC-Internet - caller.com 11/23/ 1 Sun LEGAL SALES REPRESENTATIVE On this 25 day of N w , 20 I 9 I certify that the attached document is a true and exact copy made by publisher. Notary Public, State off e xas MICHELLE JOYCE CABRERA My Commission Expires March 19,2016 S91F Of EPM 1 4 1 8E I November 23,2014 CALLER- Jewelry:Costume/Fine DONTMASS H.S• v ___ ___.__ NOTICE OF LEASE Ordinance authorizing the City Manager, or his desig- nee,to execute a Lease-Pur- chase and Operating agree- ment including option to purchase with Texas State Aquarium Association ("TSAA") covering lots A-1, A-3,B,C and D,of the Texas State Aquarium Subdivi- sion, together with lease- hold rights for the adjacent parking areas; in consider- ation of TSAA maintaining the premises and improve- ments, operating a public aquarium and related facil- ities, TSAA's payments on debt service on the 1996$4.4 million combination tax and revenue certificates of obli- gation, and TSA's $45 mil- lion dollar expansion of the aquarium facility; providing for severance;and providing for publication. /s/Rebecca Huerta City Secretary