HomeMy WebLinkAbout030416 RES - 02/10/2015 RESOLUTION REGARDING THE CITY OF CORPUS CHRISTI'S CHAPTER 380
ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT WITH UPPER PADRE
PARTNERS, L.P.,AND NORTH PADRE WATERPARK HOLDINGS,LTD.
(COLLECTIVELY, "DEVELOPER"),EXTENDING THE TIME FOR COMPLETION
OF THE WATERPARK ON PADRE ISLAND IN ORDER FOR DEVELOPER'S
QUALIFICATION FOR CERTAIN INCENTIVES UNDER THE AGREEMENT
WHEREAS, on May 24, 2012, the City of Corpus Christi ("City") entered into a Chapter
380 Economic Development Incentive Agreement ("Agreement") with Upper Padre Partners,
L.P., and North Padre Waterpark Holdings, Ltd. (collectively, "Developer"), for the construction
and completion a waterpark on Padre Island, as defined by the Agreement, in order to benefit the
economic health of the City and the quality of life of local and visiting persons;
WHEREAS, under Section 4.1(B) of the Agreement, the Developer had to complete the
waterpark within 24 months of commencing construction of the waterpark in order to qualify for
the Chapter 380 payments contained within the Agreement, a deadline which will take place in
February 2015;
WHEREAS, Section 4.1 (B) of the Agreement also requires a Resolution by the City
Council in order to extend the completion deadline for the waterpark by partial exception of this
same provision for completion; and
WHEREAS, the City Council finds that it is in the best interest of the City to extend the
completion deadline due to the increased scope of the waterpark and related development on
Padre Island, which will bring additional tourism and related economic and quality of life
enhancements to the City; and
WHEREAS, the City Council is concerned that mechanic's liens have been placed
against the waterpark property that have come to the City Manager's attention and been made
know to the public;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI THAT:
The completion deadline for the waterpark on Padre Island of February, 2015, contained
within the Chapter 380 Economic Development Incentive Agreement with Developer dated May
24, 2012, is extended until September 30, 2015, to coincide with the last day of the City's 2014-
2015 fiscal year and give Developer sufficient time to complete Phase 1 of the waterpark.
The City Council expects that Developer will promptly satisfy any mechanic's liens and
other outstanding debts regarding the waterpark property.
030416
INDEXED
Date: February 10, 2015
Attest:
D—JAJ2'"-es 141 -1^l1-4
Rebecca Huerta, City Secretary NELDA TINEZ, MAYOR
CITY OF CORPUS CHRISTI
Corpus Christi, Texas
td-Liof 2X15
The above resolution was passed by the following vote:
Nelda Martinez , A
Rudy Garza
II, _
Chad Magill .
Colleen McIntyre id ,
Lillian Riojas I _ !•
` 4
Lucy Rubio
/
Brian Rosas
Mark Scott I ell.
Carolyn Vaughn
030416