HomeMy WebLinkAboutC2018-738 - 10/23/2018 - NA AMENDMENT NO. 5 TO DOWNTOWN DEVELOPMENT REIMBURSEMENT
AGREEMENT FOR THE 600 BUILDING
Whereas, on November 15, 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 and The 600 Building, L.L.C. (the "Developer") regarding the
Development at 600 Leopard Street (the "Agreement");
Whereas, this Agreement was previously amended on December 22, 2016, June
13, 2017, November 28, 2017, and March 27, 2018 to extend the date for closing
on the property; and
Whereas, the Developer has requested an amendment extending the deadline
for closing on the property from December 31, 2018 to June 30, 2019 due to
financing delays at HUD;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1) Paragraph (a) of Section 3 of the Agreement is hereby amended as
follows.
"(a) The Developer purchases the property with a closing date on or
before June 30, 2019."
2) All other terms and conditions of the previously executed Agreement
between the parties which are not inconsistent herewith shall continue in full
force and effect.
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,
C2018-738
10/23/18
The 600 Building
SrIANNFI)
EXECUTED IN DUPLICATE ORIGINALS this 11th day of November, 2018, by
the authorized representative of the parties.
City of Corpus Christi Developer
on Behalf of the TIRZ #3 by Its Marta dr: WiMartaznia 600 Building, Inc.
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Samuel Keith Sel an Marcel isznia, 'reside to
Interim City Manager Date: k k b `
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Attest: 4 __,_,I ZZ�
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City Secretary
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Aimee Alcorn-Reed, Assistant City Attorney
Attorney for TIRZ#3