A waterpark development in Corpus Christi, Texas, is in danger of losing US$110m (€99.2m, £70.5m) of tax-funded incentives if a decorative tower at the Schlitterbahn park isn’t completed by the end of September.

The US$41m (€37m, £26.3m) development will feature a Bavarian-style turret at the waterpark resort’s main entrance. Currently a combination of pipes, planks and metal girders, the City of Corpus Christi has told North Padre Waterpark Holding – the finance group behind the development – that the plans are close to not fulfilling the terms of a set-out incentive agreement.

The City Council approved the incentive agreement for the resort in May 2012, with the first phase of the park supposed to be complete by 24 February this year. Part of the agreement stated the the exterior must "present the appearance that the entire building is complete", something still not achieved by the developers. A 30 September deadline was set after the City Council agreed an extension when the waterpark failed to meet its initial deadline.

The 100,000sq ft (9,300sq m) waterpark will consist of The Cove – an indoor-outdoor section surrounded by a 3-foot (1-metre) deep river, which supplies water for two corkscrew slides, a children’s watergarden, two wave pool and a heated lagoon with a swim-up bar. Schlitterbahn's signature Master Blaster, Boogie Bahn and tidal river will also be included in the plans. The indoor section of the waterpark is covered by a retractable greenhouse canopy to keep guests warm when the weather turns cold and to save energy by trapping warm air inside the park.

Schlitterbahn’s masterplan includes an 80-bedroom hotel to go with the waterpark, but work will not start on the hotel until the first phase of development is complete.