Still under construction, Schlitterbahn Corpus Christi continued to struggle with cash flow problems into 2015.
Work has mostly stopped on Schlitterbahn Corpus Christi, already one year behind schedule, as contractors sue owners for unpaid bills. The projected spring opening has been moved to summer, with some hedging on that estimate as well.
According to documents filed with the city this week, Schlitterbahn representatives have asked Corpus Christi city council for an extension of tax-funded incentives originally granted in 2012. The council could take up the request during its next meeting, Tuesday, Jan. 27.
Schlitterbahn has been under construction on Padre Island just over the JFK Causeway since its groundbreaking in February 2013. The project, located at 14353 Commodores Drive has doubled in size and scope since its inception. It is estimated to cost $552 million, with the addition of a marina, golf course, hotel and residential property to the original water park plan.
A $117 million incentive agreement for the project was approved by the city council two and a half years ago. To qualify for the $112 million in performance-based Chapter 380 funding and $5 million in Type-A grants, the resort had to begin construction within nine months of the approval. Also, the first phase of the project is required to be finished within two years of that start date, which ends in February of this year.
Since three pools and parts of the convention center opened last year, Henry and his partners argue that they are in compliance with the agreement. They are hoping to retain eligibility for the majority of the money, as only $2.5 million has been spent.
The park’s struggles came to a head late in 2014 when nine liens were filed against the company for about $700,000 that contractors and vendors say they are owed for materials and work at the site. Project partners Henry, developer Paul Schexnailder and financier Willard Hammonds Jr. have said that help is on the way in the form of financial support from two unnamed lending institutions.
“We have a resolution plan under way,” read a statement released by the park earlier this month. “Unfortunately it has taken longer than anticipated to finalize that plan. We’ve been in ongoing communication with our vendors and appreciate their continued patience.”
Once open, the park is expected to be a huge draw to the area, with about 300,000 visitors expected each year. Local officials have been discussing how to solve the traffic issues a fully open Schlitterbahn will most likely cause on SPID at Park Road 22.
