chapter380 economic development incentive agreement between the ...
CPy
CHAPTER380 ECONOMIC DEVELOPMENT INCENTIVE A GREEMENT BETWEEN THE CITY OF CORPUS CHRISTI, TEXAS AND UPPER PADRE PARTNERS, LP AND NORTH PADRE WATERPARK HOLDINGS, LTD
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CHAPTER380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT
Th is Chapter 380 Econom ic Development In ce nt ive Agreement ("Agreement") is entered into as 201 2 by and among the CITY OF CORPUS CHRISTI, T EXAS, a of home rule city ("C ity"), UPP ER PADR E PA RTN ERS, L.P., a Texas l im ited partnersh ip ("Upper Padre Part ners") , and NO RTH PADR E WAT ERPARK HOLDINGS, LTD, a Te xas l im ited par tnersh ip ("Operator" and together with Upper Padre Part ners, the "Developer''). RECITALS
WH ER EAS, the Deve loper des ires to develop SCH LIT TERBAHN B EACH CO UNT RY as more patt icularly des cr ibed in the con ceptual pla n for the pro je ct atta ched hereto as Exh ib it "A" (the "Pro je ct" as more part icularly defined belo w), in Corpus Chr ist i, Texas; and WH EREAS, the C ity has estab lished a program in a ccordan ce with Article III, Se ct ion 52 -a o f the Texas Constit ution and Chapter 380 o f the Te xas Lo cal Gove rnment Code ("Chapter 380") u nder wh ich the C ity has the authority to ma ke loans or grants o f publ ic funds for the purposes o f promot ing lo cal e co nom icdevelopment and stim ulat ing bus iness and commer cia l a ct iv ity withi nthe C ity; and -: -::-:-:-::-;;-;:- ;:-: WH EREAS, the Corpus Chr ist i C ity Coun cil has adopted Resolut ion No. .----::-:-:: author iz ing C ity to ma ke certa in e conom ic development grants up to appro ximately $ 1 1 2, 1 1 6,8 78 to Deve loper in re cogn it io n o f, cond it ioned upo n and der ived from the pos it ive e conom ic benefits that will a ccr ue to C ity through Developer s' development o f a waterpar k resort pro je ct together with certa in public improvements for the benefit o f C ity, at an appro ximate Cap ital Investment by Developer o f $552,000,000, all as more part icular ly des cr ibed here ino n EXHIBIT "A;" and
WH ER EAS, the Corpus Chr ist i Bus iness and Job Deve lopment Corporat io n ("Type A Corporat ion") has e ntered into a separate Bus iness I nce nt ive Agreement with Operator, atta ched hereto as EXHIBIT "B," in wh ich the Type A Corporat ion agrees to reimburse Operator for the costs o f cer ta in in frastru ct ure improvements related to the Par k D is tr ict on ly, as author ized by Chapter 501 o f the Lo cal Gover nme nt Code and approved by the Type A Corporat io n, in an amount not to e xceed Five Mill io n Do llars ($5,000,000); and WHER EAS, the payments to Developer u nder th is Agreement are e xclus ively per forman ce-based so that no payments will be made to Developer unt il and unless the D istr icts or feat ures with in the D istr icts, as des cribed belo w are constr ucted and operated, res ult ing in tax revenues from ea ch completed D istr ict or feat ure wh ich then will prov ide in come to the C ity a nd the payments to Developer, des cr ibed here in . WH ER EAS, Developer est imates the total Cap ital Investment in the Pro je ct (as de fined here in) wil l be appro ximately F ive Hundred Fifty T wo Mill io n Dollars ($552,000,000), wh ich in cludes the follo wing:
I) appro ximately Seventy Mill ion Eight Hundred Seventy -T wo Thousa nd Dollars ($ 70,8 72 , 000) in Cap ital Investment for the "Par k D istr ict," as def ined here in, o f the Pro je ct, with in wh ich a) "Park D istr ict A," as defi ned here in, shal l not in cl ude a gol f course and b) "Par k D istr ict B, " as defined here in, sha ll in clude a gol f course; and
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CHAPTER380 ECONOMIC DEVELOPMENT INCENTIVE A GREEMENT BETWEEN THE CITY OF CORPUS CHRISTI, TEXAS AND UPPER PADRE PARTNERS, LP AND NORTH PADRE WATERPARK HOLDINGS, LTD
Page 1 of25
CHAPTER380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT
Th is Chapter 380 Econom ic Development In ce nt ive Agreement ("Agreement") is entered into as 201 2 by and among the CITY OF CORPUS CHRISTI, T EXAS, a of home rule city ("C ity"), UPP ER PADR E PA RTN ERS, L.P., a Texas l im ited partnersh ip ("Upper Padre Part ners") , and NO RTH PADR E WAT ERPARK HOLDINGS, LTD, a Te xas l im ited par tnersh ip ("Operator" and together with Upper Padre Part ners, the "Developer''). RECITALS
WH ER EAS, the Deve loper des ires to develop SCH LIT TERBAHN B EACH CO UNT RY as more patt icularly des cr ibed in the con ceptual pla n for the pro je ct atta ched hereto as Exh ib it "A" (the "Pro je ct" as more part icularly defined belo w), in Corpus Chr ist i, Texas; and WH EREAS, the C ity has estab lished a program in a ccordan ce with Article III, Se ct ion 52 -a o f the Texas Constit ution and Chapter 380 o f the Te xas Lo cal Gove rnment Code ("Chapter 380") u nder wh ich the C ity has the authority to ma ke loans or grants o f publ ic funds for the purposes o f promot ing lo cal e co nom icdevelopment and stim ulat ing bus iness and commer cia l a ct iv ity withi nthe C ity; and -: -::-:-:-::-;;-;:- ;:-: WH EREAS, the Corpus Chr ist i C ity Coun cil has adopted Resolut ion No. .----::-:-:: author iz ing C ity to ma ke certa in e conom ic development grants up to appro ximately $ 1 1 2, 1 1 6,8 78 to Deve loper in re cogn it io n o f, cond it ioned upo n and der ived from the pos it ive e conom ic benefits that will a ccr ue to C ity through Developer s' development o f a waterpar k resort pro je ct together with certa in public improvements for the benefit o f C ity, at an appro ximate Cap ital Investment by Developer o f $552,000,000, all as more part icular ly des cr ibed here ino n EXHIBIT "A;" and
WH ER EAS, the Corpus Chr ist i Bus iness and Job Deve lopment Corporat io n ("Type A Corporat ion") has e ntered into a separate Bus iness I nce nt ive Agreement with Operator, atta ched hereto as EXHIBIT "B," in wh ich the Type A Corporat ion agrees to reimburse Operator for the costs o f cer ta in in frastru ct ure improvements related to the Par k D is tr ict on ly, as author ized by Chapter 501 o f the Lo cal Gover nme nt Code and approved by the Type A Corporat io n, in an amount not to e xceed Five Mill io n Do llars ($5,000,000); and WHER EAS, the payments to Developer u nder th is Agreement are e xclus ively per forman ce-based so that no payments will be made to Developer unt il and unless the D istr icts or feat ures with in the D istr icts, as des cribed belo w are constr ucted and operated, res ult ing in tax revenues from ea ch completed D istr ict or feat ure wh ich then will prov ide in come to the C ity a nd the payments to Developer, des cr ibed here in . WH ER EAS, Developer est imates the total Cap ital Investment in the Pro je ct (as de fined here in) wil l be appro ximately F ive Hundred Fifty T wo Mill io n Dollars ($552,000,000), wh ich in cludes the follo wing:
I) appro ximately Seventy Mill ion Eight Hundred Seventy -T wo Thousa nd Dollars ($ 70,8 72 , 000) in Cap ital Investment for the "Par k D istr ict," as def ined here in, o f the Pro je ct, with in wh ich a) "Park D istr ict A," as defi ned here in, shal l not in cl ude a gol f course and b) "Par k D istr ict B, " as defined here in, sha ll in clude a gol f course; and
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