HomeMy WebLinkAboutC2018-473 - 2/27/2018 - NA TERMINATION OF DOWNTOWN DEVELOPMENT REIMBURSEMENT
AGREEMENT — CLOCK TOWER
Whereas, on September 27, 2016, the Corpus Christi Tax Increment Reinvestment
Zone No. 3 (the "TIRZ #3") authorized a Downtown Development Reimbursement
Agreement between the City of Corpus Christi, as an agent of the TIRZ #3, (the
"City") and CT Corpus 149 Ltd., (the "Developer"), regarding the Development at
607 Furman Ave (the "Agreement"); and
Whereas, the Developer has not set a date to move forward with the Development
and has agreed that it is best to terminate the Agreement.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1) The Agreement between the City, as an agent for TIRZ #3, and the Developer,
which was finally executed on October 5, 2016, is hereby terminated. The parties
are released from all obligations under the Agreement.
2) This termination is effective immediately upon execution by both parties.
Ion
EXECUTED IN DUPLICATE ORIGINALS this � I day of L- , 20j by
the authorized representative of the parties.
City of Corpus Christi CT Corpus 149 Ltd., through its general
on Behalf of the TIRZ #3 partner, CT Corpus 149 GP L.L.C.
Otat
z cypaef
Margie C. ose Fred Morgan, Jr.
City Manager Manager alga
Date: 41. if. / Date:
Attest: ,�,;,,� �AUTHUKItt►
Re cca Huerta
City Secretary
proved as to egal Form on Z3 of P-Aoy , 20 t —.
Aimee Alcorn-Reed, Assistant City Attorney
C2018-473
2/27/18
CT Corpus 149 Ltd
SCANNED