HomeMy WebLinkAboutC2017-563 - 11/28/2017 - NA AMENDMENT NO. 1 TO DOWNTOWN DEVELOPMENT REIMBURSEMENT
AGREEMENT - STONEWATER
Whereas, on April 12, 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
Stonewater Properties 723 Broadway LLC and Stonewater Properties Carancahua
Inc. (jointly, the "Developer"), regarding the Development at 817 N. Carancahua
("Studio 21 Apartments") and at 723 Upper Broadway ("Broadway Lofts") as well
as the parking lot at 624 Buffalo and the parking lot located in the 800 BLK of N.
Carancahua (together, the "Parking Facilities") (the "Agreement"); and
Whereas, the Developer has requested an amendment extending the deadline for
completion of each phase of the Development, more specifically: December 31,
2018 for completion of Phase I, December 31, 2019 for completion of Phase II and
December 31, 2018 for completion of Phase III; and
Whereas, since the original Agreement was signed by the parties, the TIRZ #3
Board has implemented other changes to Developer Reimbursement Agreement
for the TIRZ #3 zone related to property maintenance, conditions for
reimbursement and termination which the parties now desire to include in their
Agreement.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1) Paragraph (a) of Section 2 of the Agreement is hereby amended to read in
its entirety as follows:
"(a) The Developer constructs all of the Improvements by the completion dates
below, in accordance with Exhibit A and the City's building codes and
policies:
(1) For Studio 21 Apartments on or before December 31, 2018 (the "Phase I
Completion Date")
(2) For Broadway Lofts on or before December 31, 2019 (the "Phase II
Completion Date")
(3) For Parking Lot Improvements on or before December 1, 2018 (the"Phase
III Completion Date")."
2) A new Paragraph (b) is hereby added to Section 2 of the Agreement, to read
in its entirety as follows:
"(b) Developer obtains all required building permits from the City and
commences construction of the Improvements within six (6) months of the
date this Agreement is signed by the City, or any Amendment thereof. Any
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11/28/17
Stonewater Properties INDEXED
extensions of this deadline must be requested by Developer in writing and
approved by the TIRZ#3 Board."
3) A new Paragraph (c) is hereby added to Section 2 of the Agreement,to read
in its entirety as follows:
"(c) The completed Improvements must include all elements(including, but
not limited to: design, structural, architectural, lighting, landscaping, etc.)
which are shown or referenced in the Development Plan attached hereto
as Exhibit A. Any amendments to the Development Plan must be
submitted in writing and be approved by all parties to this Agreement."
4) All remaining paragraphs in Section 2 of the Agreement shall be
renumbered accordingly.
5) Section 4 of the Agreement is hereby amended to read in its entirety as
follows:
"Section 4. Maintenance of Property and Improvements.
(a) Developer shall maintain the property for the entirety of the Agreement
in accordance with the City's Property Maintenance requirements.
Citations from the Code Enforcement Division of the City for property
maintenance issues will initiate the termination provision of this
- Agreement (Section 5).
(b) If the Developer constructs the Improvements, the Developer shall
maintain the Improvements, premises, and adjacent public right of way
in good condition so as to not contribute to blight in the Zone. The
Developer's obligation to maintain the improvements and public right of
way adjacent to the Property, includes without limitation: maintaining the
landscaping, sidewalks, aesthetics, and general cleanliness of the
premises."
6) Section 5 of the Agreement is hereby amended to read in its entirely as
follows:
"Section 5. Termination.
(a) Unless terminated sooner in accordance with this Section, this
Agreement shall survive the expiration of TIRZ#3. If the Developer has
not fully complied with Section 2, Conditions for Reimbursement by
December 31, 2019, this Agreement shall terminate immediately, unless
an extension or amendment of the Agreement is mutually agreed to in
writing in accordance with Section 16.
(b) Three citations from the City's Code Enforcement Division for property
maintenance violations and/or one Code Enforcement citation that
results in the City abating the property will initiate a review process by
the TIRZ #3 Board, at which time the Board may elect to terminate the
Agreement."
7) 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. This Amendment becomes effective upon execution by the TIRZ #3
Board.
8) This amendment is subject to ratification by the Board of the TIRZ #3. The
amendment shall be brought to the Board at its next scheduled regular meeting. If
a motion to ratify the amendment fails, this amendment shall no longer be effective.
EXECUTED IN DUPLICATE ORIGINALS this 'ke day of iakt,A-n) , 20 t • , by
the authorized representative of the parties.
City of Corpus Christi Developer _
on Behalf of the TIRZ #3 Stonewatery ies 723 Broadway LLC
01144dr.t. a 'RJ President
Margie C. Rose Date: JJs✓ //, /(‘-
City
6City Manager
Date: '' 13 /8
Developer
Stonewater Pro, - iee'Carancahua Inc.
Attest: ���
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Rebecca Huerta Date: Ni -.-__ /.L /i
City Secretary
pitproved as to Legal Form on I-4 of �r\,,.wt,120 ( �-
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OC =Ll
Aimee Alcorn-Reed, Assistant City Attorney
Attorney for TIRZ#3 -Vii, I Z 44 3
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