CORPUS CHRISTI – City Council voted to give a $3 million grant to a developer to turn the old Nueces County Courthouse into a hotel.
The city won’t just hand that money over. The company, Nueces County Development Partners, LLC, will have to meet some conditions.
That includes the creation of at least 25 full-time jobs. The agreement also calls for the company to make certain infrastructure improvements needed for development and that will result in increased economic development.
Iain Vasey with the Corpus Christi Regional Economic Development Corporation also explained to the city council that the grant is performance-based. That means the developer has to open the hotel to get its final certificate of occupancy and clear all of their liens to make sure all of the contractors have been paid before they release any of the money.
Vasey also told council members that the project would not go forward without the approval of this grant, and this particular company has the track record to fulfill these terms. Coon Restoration, the developer behind the project, has completed more than a dozen similar renovation projects on structures that are designated historic sites.