HomeMy WebLinkAbout033239 ORD - 12/12/2023Ordinance authorizing an amendment to the Participation Agreement
with MPM Development, L.P. to extend the contract term to December
6, 2024, and to increase City Participation by $167,107.72 for a total
not to exceed $352,113.09 for the construction of Oso Parkway for
residential development, Royal Creek Estates Unit 8, located south of
Yorktown Boulevard and east of Cimarron Boulevard.; and amending
the operating budget by transferring $167,107.72 from the Public
Works (Street) Fund to the Development Services Fund.
WHEREAS, the developer will only proceed with construction if the reimbursement
reflects an update to the cost of construction.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, THAT:
SECTION 1. The City Manager or designee is authorized to execute an amendment to
the Participation Agreement ("Agreement") with MPM Development, L.P. ("Developer")
to extend the construction deadline to December 6, 2024, and to increase funding by
$167,107.72 for a total not to exceed amount of $352,113.09 for the residential
development, Royal Creek Estates Unit 8, located south of Yorktown Boulevard and
east of Cimarron Boulevard.
SECTION 2. The Fiscal Year 2023-24 operating budget approved by ordinance 033151
is amended by transferring $167,107.72 from the No. 1041 Public Works (Street) Fund
to the No. 4670 Development Service Fund increasing revenues and expenditures.
SECTION 3. $167,107.72 is appropriated in the No. 4670 Development Service Fund to
fund the Participation Agreement with MPM Development, L.P. for the construction of Oso
Parkway for residential development, Royal Creek Estates Unit 8.
Introduced and voted on the 3 day of LQ , 2023.
and APPROVED on the ) day of Q MkQ( , 2023.
Paulette Guajardo, Mayor ,
ATTE T:
•/ 1 A'
ebecca Huerta, ity Secretary
033239
SCANNED