SCHLITTERBAHN Corpus Christi Incentive Package Announced!

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Latest NEWS May 22, 2012 –

CITY Council Unanimously Votes in Favor of Incentive Package!!

The 2 Items remaining before the Project will begin is Contract Signings and Private Financing to begin breaking ground by June 2012.

Stay Tuned….As we will continue to Update you on the Status of the Island’s First MAJOR Project!!

117 Million Dollar Incentive Package Revealed at Latest City Council Meeting:

VOTE WILL BE FINALIZED at the Council Meeting on May 22nd, 2012.

NEW MAP Laying out DISTRICTS for the proposed Island Development (CLICK HERE)

REVISED PROPOSED TAX INCENTIVES: (CLICK HERE For the Legal Document Layout out the incentives)

SCHLITTERBAHN Corpus Christi – Performance Based Incentive Plan (PDF-CLICK HERE)

CITY COUNCIL answers all the citizens Questions and Concerns (FAQ’s CLICK HERE)

PROPOSED TAX INCENTIVES:

Economic development sales tax: $5 million

Property tax: $20.6 million

Waived development fees: $1.4 million

City sales taxes: $11.5 million

Hotel occupancy tax: $78 million

Local construction tax: $699,000

Total: $117 million

Source: City of Corpus Christi

BY THE NUMBERS:

2 years of Schlitterbahn construction on North Padre Island.

Number of Jobs Created Locally – 40 full-time and 300 part-time Employees Recruited.

400 -Feet in the buffer zone between Schlitterbahn and property line neighborhoods.

25 years – Terms of agreement

18 years – Expected resort project build-out

574 Total acreage for entire Resort Project

$117 million -Public investment

$552 million – Private investment

Source: City of Corpus Christi

Email: Sperling@Coastline-Properties.com
Office: 361-949-0101
Cell: 361-774-3171
Fax: 361-949-0192

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