Slide city in the Resignation Agreement

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How to Slide city in the Resignation Agreement

4.6 out of 5

7 votes

STEPHANIA SCHLITTERBAHN WATERPARK HAS COLLECTED MILLIONS OF DOLLARS IN TAX INCENTIVES FROM CORPUS CHRISTI. THAT MONEY IS PART OF A DEAL WITH THE CITY. BUT NOW THAT THE OWNERS OF THE PARK ARE IN BANKRUPTCY COURT- SHOULD THEY STILL GET THAT MONEY? THATS WHAT 6 INVESTIGATIVE REPORTER JESSICA SAVAGE LOOKED INTO. PKG JESSICA PKG CONSTRUCTION OUT HERE IS AT A STAND-STILL. AND ITS BEEN THAT WAY FOR MONTHS. NOTHING NEW HAS BEEN BUILT SINCE THE HOTEL AND PARK OPENED TWO YEARS AGO. BUT THAT HASNT STOPPED CITY TAX MONEY FROM FLOWING TO THE OWNERS. VO CITY FINANCE RECORDS SHOW THE CITY TRANSFERED .. ABOUT $83- THOUSAND DOLLARS IN TAX REVENUE TO THE OWNERS - UPPER PADRE PARTNERS. AND THOSE PAYMENTS ARE SUPPOSED TO CONTINUE, AS LONG AS THE WATERPARK AND HOTEL BRING IN REVENUE. BUT NOW THAT THE PROJECT IS IN BANKRUPTCY - IS THAT AGREEMENT STILL VALID? HERE - THE AGREEMENT SAYS BANKRUPTCY IS GROUNDS FOR SUSPENSION OF PAYMENTS AND TERMINATION OF THE AGREEMENT. SOT888 district 4 Councilman Greg Smith

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