Corpus Christi Homes | Real Estate | Padre Island Rentals
Corpus Christi Real Estate | Padre Island Rentals | Property Management
Schlitterbahn Corpus Christi will delay its opening day this year to coincide with “anticipated ownership changes.”
“The trustee has elected to push back the water park opening day to May 26, Memorial Day weekend,” according to a statement from Winter Prosapio, corporate director of the resort company’s communications and government relations. “This will allow the park to follow its extensive annual inspection process, including an independent third party inspection by an engineer.”
The water park, located on North Padre Island, opened in the summer 2016, but filed for bankruptcy last May.
The Caller-Times has made attempts to contact Keen-Summit Capital Partners, the New York City brokerage firm handling the water park’s bankruptcy sale.
The resort area is described as a four-story, 92-room hotel with a restaurant and multiple bars. There is space for 705 vehicles in the parking lot.
It can be sold as a whole or in parts. No asking price was listed.
Keen-Summit Capital Partners has released information
Keen-Summit Capital Partners has released information on the bankruptcy sale of Schlitterbahn Corpus Christi. (Photo: Contributed/Keen-Summit Capital Partners)
The winning purchaser will take the title of the property with no “liens, claims, encumbrances” consistent with Section 363 of the bankruptcy code, according to the sale details provided by the firm.
There isn’t much information available about the business and its assets, but potential buyers are able to sign a non-disclosure agreement to receive in a due-diligence room those details, according to Keen-Summit in February.
Water park officials are contacting groups who have bought tickets for dates before May 26. Those groups and individuals will be offered options at other Schlitterbahn properties or on later dates during the season, according to the statement.
Here on the Island, we all speak one common language, and that is FOOD! It’s something that since the beginning of time has brought people together – we have holidays for food, special rooms in our home for making food and eating food, and food is a very universal topic of conversation.
For those of you who are familiar (or, rather, unfamiliar) with Dine Downtown, this event, hosted by Marina Arts, went on last year in January. It featured some of Corpus Christi’s best restaurants who were able to offer a three course value-priced menu. Residents bought tickets, dined, had a wonderful time, and were able to check out local eateries they may not have been to prior.
It was such a huge success, that Island resident, Debbie Noble, is bringing this concept right to our front doors! But her model is slightly different.
Sponsored by the Padre Island Business Association and the Padre Island Moon, Noble is bringing us together to break bread. This is the first restaurant-type event the Island has ever seen. Restaurants all over the Island have signed up to offer unique three-course dining experience at value price. This does not include beverages, tips and taxes.
The idea is to get both Island residents to try the local fare they haven’t yet made it out to, and to also encourage non islanders from all over the Coastal Bend to come see how special our restaurants are!
“We are so excited to show off our great Island restaurants to the rest of the city and give people a reason to come OTB,” Noble exclaims!
Restaurant Week Dining Event on Padre Island!
May 2-16, 2018
1) Check out the enticing menus
2) Plan where to dine (as many days as you want!)
3) Enjoy a delicious 3 course meal for a value price
4) $1 for each Dine Island meal goes to the Corpus Christi Food Bank
FACEBOOK EVENT PAGE WITH MENUS> https://www.facebook.com/DineIsland/
Try out a new restaurant or visit an old favorite on the Island. Help yourself, help the restaurants, help the food bank! Come over the bridge and try out the amazing restaurants. #DineIsland2018
Coastline Properties has also graciously offered to match the money from the restaurant that does the most dine island meals. “Cheri Sperling is an instrumental member of the community and wanted to get involved as well,” Noble says.
Mark your calendars, and get ready for two weeks of marathon meals! The hope is to make this an annual event, so mangia!
Just before the New Year, President Trump signed the Tax Cuts and Jobs Act. You’ve probably read a bit on the topic, but what does it mean for all you valued homeowners out there?
The National Association of REALTORS® (NAR) worked throughout the tax reform process, on behalf of all of us, to preserve the existing tax benefits of homeowners and investors. Although many areas of the old law were retained, there were also many changes. Let’s take a look at what is different – spark notes style.
Provisions Affecting Current and Prospective Homeowners:
Tax Rate Reductions – The new law, in general, provides lower tax rates for those filing individually. Although many will pay lower taxes, it is not a blanket rule. The tax rate schedule retains seven brackets with slightly lower marginal rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%. However, the current maximum rates on net capital gains remains the same. Over the next decade, the total size of the tax cut from the rate reductions equals more than $1.2 trillion.
Mortgage Interest Deduction – Now, for loans taken out, the new limit on deductible mortgage debt has been reduced from $1 million to $750,000. Current loans of up to $1 million are grandfathered. The final bill repealed the deduction for interest paid on home equity debt through the end of the year 2025. And if the proceeds are used to improve your property, interest is still deductible on home equity loans or second mortgages. Second homes? Interest remains deductable, but is still subject to the aforementioned limits.
Standard Deduction – The new standard deduction for single filers is $12,000 and $24,000 for joint returns (indexed for inflation). This significant increase will reduce the value of the mortgage interest and property tax deductions as tax incentives for homeownership.
Repeal of Personal Exemptions – Before, filers could deduct $4,150 in 2018 for the filer and their spouse and each dependent (if any). These exemptions have been repealed in the new law. This change alone mitigates (may even eliminate) the positive aspects of the higher standard deduction, as it would more than make up for the loss of not receiving personal exemptions.
Deduction for State and Local Taxes – Although Texas doesn’t have state taxes, the new bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes.
Deduction for Casualty Losses – Now there is a deduction only if a loss is attributable to a presidentially-declared disaster.
Moving Expenses – The final bill repeals moving expense deduction and exclusion, except for members of the Armed Forces.
It sounds as though home ownership will continue to be a strong and stable driver for our economy. And NAR will continue to work hard for us. They said it best: “Home ownership is not a special interest, it is our common interest.”
