HomeMy WebLinkAboutC2017-164 - 4/25/2017 - Approved Gift Agreement between the City of Corpus Christi
and the Coastal Bend Community Foundation
Whereas, the City of Corpus Christi is in the process of upgrading Bayshore Park;
Whereas, the Coastal Bend Community Foundation desires to donate funding to be
used by the City of Corpus Christi for the construction of additional improvements at
Bayshore Park;
Now therefore, this Gift Agreement (the "Agreement") is made by and between the City
of Corpus Christi ("City") and the Coastal Bend Community Foundation, ("Donor"), and
the parties mutually agree as follows:
1. Donor hereby agrees to gift to the City the amount of $5/�000.�("the Gift") no later
than 30 days after signing this agreement for the sole purpose of construction of
improvements at Bayshore Park.
2. Donor acknowledges that timely receipt of the Gift by the City is required in order to
accommodate the construction schedule for the improvements at Bayshore Park.
3. All interest that accrues on the Gift shall be used solely by the City for improvements
at Bayshore Park.
4. The City agrees to accept the Gift from the Donor, which will be utilized solely on
improvements to Bayshore Park, specifically the construction of a dog park.
5. Any portion of the Gift not disbursed by the City two years from the date of this
Agreement will be refunded to the Donor.
6. The City and Donor agree that this gift will be credited to the Vishal Raju Bhagat
Foundation as a portion of the gift to be provided by that foundation, under a separate
agreement, to be used for the same improvements.
6. This Agreement cannot be assigned, modified or amended unless both parties
mutually consent in writing, executed by representatives of each party. Copies of this
agreement are as legally effective as the original.
2017-164
4/25/17
Ord. 031128
Coastal Bend Community Found
INDEXED
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CITY OF CORPUS CHRISTI COASTAL BEND COMMUNITY
FOUNDATION
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' amuel Keith Se man /
, Iate Name KarsnW.SeL'n Date
Assistant City Manager Title Fru;Jcat 4 GED
APPROVED AS TO LEGAL FORM
Qs012e-Am– el 1 LI10-
sistant City Attorney Date
RECOMMENDED
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Stacie Talbertrya Date
Interim Directo of Parks and Recreation
ATTEST: /-C- l L,cL Z�
RE ECCA HUERTA
CITY SECRETARY
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SECRETARY