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Home My WebLink AboutC2018-481 - 6/28/2018 - NA MEMORANDUM OF RECORD TERMINATION OF INDUSTRIAL DISTRICT AGREEMENT NO. 55 0 STATE OF TEXAS m § COUNTY OF NUECES § CITY OF CORPUS CHRISTI § WHEREAS, on February 4, 2014, the City Manager for the City of Corpus Christi, a Texas home-rule municipal corporation ("City") pursuant to Section 42.044 of the Local Government Code entered into Industrial District Agreement No. 55 (hereinafter defined as "IDA No. 55" with Bucky's Navigation, Inc. ("Company") affecting approximately 2.842 acres of land owned by Company (the "Property"). WHEREAS, on July 7, 2014, the City executed a document entitled "Memorandum of Record - Notice of Industrial District Agreement No. 55" (the "Memorandum of IDA No. 55") and filed it of record on August 1, 2014, under document number 2014029681 of the Official Public Records of Nueces County, Texas. WHEREAS, the City and Company have executed an agreement entitled "Termination of Industrial District Agreement No. 55" (the "IDA No. 55 Termination Agreement") to be effective on the date the Valero Refining — Texas, L.P. ("Valero") acquires legal title to the Property from Company. WHEREAS, the Company has requested the City, effective as of the date that Valero acquires legal title to the Property that the City file a memorandum of record acknowledging that IDA No. 55 terminated in accordance with the terms of the IDA No. 55 Termination Agreement. NOW THEREFORE, the City, effective as of the date that the deed executed by Company conveying the Property to Valero is filed of record in the Official Public Records of Nueces County, Texas, acknowledges that IDA No. 55 is terminated and cancelled in its entirety and Company will then be released and discharged from all contractual obligations set forth in IDA No. 55, provided that the Property, in its entirety, is conveyed to Valero prior to June 30, 2019. [SIGNATURE PAGE IMMEDIATELY FOLLOWS] C2018-481 6/28/18 Bucky's Navigation Inc. Memorandum of Termination of IDA No.55 1 SCANNED i- • EXECUTED, this the 26 day of ;:i , 2018. ATTEST: CITY OF CORP H:I STI / f/CCS R-becca L. Huerta, City Secretary Samuel Keith Selman, Interim City Manager LEGAL FORM APPROVED ZS of 3v.yle_ ,2018. Cv(MAAA- Aimee Alcorn-Reed Assistant City Attorney STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on thea day of V\(\.Q_ , 2018, by Samuel Keith Selman, Interim City Manager of the City of Corpus Christi, A Texas home-rule municipal corporation, on behalf of said municipal corporation. _g•: MARTHAVAZQUEZ / JC�/ (/ MY Notary ID# ;�� 128028579 otary Public, State exas ,f 1'es March 5,2022 FIRST Tit LE COMPANY 200 Alister Street South Suite B Port Aransas, TX 78373 (361) 7 9-487 003.a GF # ��'"��``—' Memorandum of Termination of IDA No.55 2 E-recording Report of Recorded Documents Itemized Fee View Prepared for: First Title Company- Port Aransas Branch (TXTMDR) Cost center: Port Aransas Branch Report generated:07/17/2018 01:37 PM MDT Documents Recorded NAME TYPE PG ENTRY RECORD DATE SF AMT SALES TOTAL PROCESSED TAX Nueces County,TX Jul 17,2018 3003255 • • •• '. .•• u-o• -•. u • :• • • MISCELLANEOUS 3 E. 07/17/2018 02:21 Submission 4.00 Recording 15.00 SalesTax on 0.26 19 26 07/17/2018 Termination 2018030930 PM CDT Fee Fee Submission Fee 4.00 15.00 0.26 19.26 4.00 15.00 0.26 19.26 Totals for Nueces County,TX 4.00 15.00 0.26 19.26 Recording Fee Totals COUNTY RECORD DATE SF AMT SALES TOTAL TAX Nueces County,TX 07/17/2018 4.00 15.00 0.26 19.26 Totals for Nueces County,TX 4.00 15.00 0.26 19.26 Total of All Recording Fees 4.00 15.00 0.26 19.26 Document Count: 1 Package Count: 1 Questions Contact: Simplifile Support 800.460.5657, option 3 5072 North 300 West Provo, UT 84604 TERMINATION OF INDUSTRIAL DISTRICT AGREEMENT NO. 55 STATE OF TEXAS § § COUNTY OF NUECES § § CITY OF CORPUS CHRISTI § This Termination of Industrial District Agreement No. 55 ("IDA No. 55 Termination") is made by the City of Corpus Christi, Texas and Bucky's Navigation, Inc., a Texas Corporation ("Company")to be effective upon the "Effective Date" (defined below). WHEREAS, on February 4, 2014, the City Manager for the City of Corpus Christi, a Texas home-rule municipal corporation ("City") pursuant to Section 42.044 of the Local Government Code entered into Industrial District Agreement No. 55 (hereinafter defined as "IDA No. 55" with Company affecting certain property owned by Company in Nueces County, as shown in Exhibit A attached hereto and to IDA No. 55 and incorporated by reference (hereinafter collectively referred to as the "Property"). WHEREAS, Valero Refining-Texas L.P. ("Valero") is currently in negotiations with Company for the Purchase of the Property; and requested that the City terminate IDA No. 55 in its entirety and to release and discharge Company from the terms and conditions of IDA No. 55 and to cancel IDA No. 55 in its entirety. The IDA No. 55 Termination to be effective immediately upon Valero's acquisition of legal title to the Property from Company (the "Effective Date"); NOW THEREFORE PREMISES CONSIDERED, in consideration of ten dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, City and Company effective upon the occurrence of the Effective Date hereby: terminate and cancel IDA No. 55 in its entirety. City, effective upon the occurrence of the Effective Date, releases and discharges Company from all contractual obligations set forth in IDA No. 55. In the event Valero does not acquire legal title to the Property prior to the first anniversary date of the City's execution of this IDA No. 55 Termination, then this agreement shall become shall become null and void for all purposes. [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 1 EXECUTED, this the U—day of -5knm2. , 2018. ATTEST: CITY OF CORPUS CH ' STI C-ll' 4" / / / Reb cca L. Huerta, City Secretary Samue ' eith e an, Interim City Manager LEGAL FORM APPROVED 1 ' of 1kA.Ae_ , 2018. CLA;t4). aejvv.-Itati Aimee Alcorn-Reed Assistant City Attorney BUCKY'S NAVIGATION, INC., a Texas corporation By: Name: Title: 2 Jun 1318 08:28a p.4 361 city of cc legal dept 1 09:03:11 06-13-2018 4!6 EXECUTED,this the day of 2018. ATTEST: CITY OF CORPUS CHRISTI Rebecca L.Huerta,City Secretary Samuel Keith Selman,Interim City Manager LEGAL FORM APPROVED of ,2018. Aimee Alcorn-Reed Assistant City Attorney DUCKY'S NAVIGATION,INC.,a Texas corporation By: ! + C„ Name: Wyk. Title: rite 5k gAv•t- 2 EXHIBIT A Geographic ID Number Designated By Nueces County Appraisal District Nueces County Appraisal District Industrial District Agreement#55 Geographic IDs Bucky's Navigation Confirmed b Cit ID 0955-0000-0010 55 Outside Land 0955-0000-0020 55 Outside Land 0955-0000-0025 55 Outside Land 8974-0000-0010 55 Outside Land