CORPUS CHRISTI (KIII NEWS) - An agreement to hold off on a Schlitterbahn foreclosure and the sale of land surrounding the Padre Island park are the latest developments in the park's bankruptcy proceedings.
An agreement was reached Monday in San Antonio that will allow foreclosure on the park to be put off until February to see if another buyer can be found.
Schlitterbahn released the followed statement Tuesday afternoon:
"We anticipate full resolution of ownership issues of the Schlitterbahn resort, water park and country club in Corpus Christi; we are confident in the trustee and in the value of the park and resort. Schlitterbahn, as the operating group, plan on delivering outstanding events, honoring reservations, and operating a full water park season in Corpus Christi.
We are blessed with a talented team, a great community, and devoted fans in Corpus Christi. We appreciate everyone's dedication and will do our utmost to be deserving of your continued confidence."
The 574-acre project was supposed to be complete in 2015 but has been delayed by refinancing issues, including the purchase of surrounding land that will encompass the Park Road 22 bridge project. That project will allow a connection between water canals on the east and west sides of Padre Island, which will make way for retail development on both sides of the highway.
Some of that land was purchased Tuesday during a foreclosure sale by Axys Capitol Management of Austin. Axys representatives said they plan to continue with the canal building. That could lead to City approval of the bridge project being financed with up to $10 million in leftover City bonds.
"Through the court system now we've seen the process playing out in the foreclosure and of the properties down on the Island that would ultimately lead to the construction of canals, which in turn will lead to the construction of Park Road 22 bridge," Assistant City Manager Keith Selman said. "The City is fully committed to the project but will not move forward on that project until we are confident that the canals will be constructed."
So it appears for now that Schlitterbahn is planning another season in Corpus Christi and the bridge will be built once the canals are complete.
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