HomeMy WebLinkAbout028527 RES - 03/23/2010Page 1 of 3
RESOLUTION
AUTHORIZING THE BORROWING OF UP TO $575,000 FROM THE
CORPUS CHRISTI HOUSING FINANCE CORPORATION IN
CONNECTION WITH FINANCING THE ACQUISITION AND
RENOVATION OF THE PARKING LOT LOCATED ADJACENT TO THE
WARD BUILDING ON CHAPARRAL STREET AND SCHATZEL
STREET
WHEREAS, in August 2008, the City acquired interests in the Ward Building in
downtown Corpus Christi and its adjacent parking lot in order to renovate the parking lot
and provide for the creation of a minimum of 36 new, covered parking spaces to support
downtown housing development; and
WHEREAS, the parking spaces have been completed and are ready for use and the
City desires to finance the acquisition and renovation expenses incurred on an interim
basis pending the issuance of a request for proposals for the adaptive reuse of the
Ward Building; and
WHEREAS, the Corpus Christi Housing Finance Corporation has offered to loan the
amount of up to $575,000 to refinance such costs for a period of one (1) year;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS, THAT:
RESOLVED, that the City of Corpus Christi be and it is hereby authorized to borrow
from the CORPUS CHRISTI HOUSING FINANCE CORPORATION the sum of FIVE
HUNDRED SEVENTY-FIVE THOUSAND and no/100 Dollars ($575,000.00) to be used
for in connection with financing the acquisition and renovation of the parking lot located
adjacent to the Ward Building on Chaparral Street and Schatzel Street;
RESOLVED, FURTHER, that the Mayor is authorized to execute on behalf of the
Corporation a note in such amount in the form attached as Exhibit A and such other
documents required by said Corporation in connection with the foregoing, the terms and
conditions of any such documents to be as approved by the Mayor.
DULY adopted at a regular meeting of the City Council of the City on the 23rd day of
March, 2010.
ATTEST: CITY OF CORPUS CHRISTI, TEXAS
Armando Chapa
City Secretary
/lela61-14,
Joe ame
Mayor
028527
Ward Parking -- Resolution for CCHFC loan 03162010
INDEXED
Page 2 of 3
APPROVED AS TO LEGAL FORM: March 16, 2010.
R. J Seining
F' st Assistant City Attorney
For City Attorney
Ward Parking -- Resolution for CCHFC loan 03162010
Corpus Christi, Texas
of 14aAA , 2010
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Brent Chesney
Larry R. Elizondo, Sr.
Kevin Kieschnick
Priscilla Leal
John E. Marez
Nelda Martinez
Mark Scott
928527
Ward Parking -- Resolution for CCHFC loan 03162010
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EXHIBIT A
NOTE
Date: March , 2010
Maker: CITY OF CORPUS CHRISTI, TEXAS
1201 Leopard Street, Corpus Christi, Texas 78401
Payee: CORPUS CHRISTI HOUSING FINANCE CORPORATION
Place for Payment (including county):
1201 Leopard Street, Corpus Christi (Nueces County), Texas 78401
Principal Amount: Not more than $575,000.00
Annual Interest Rate on Unpaid Principal: Three -tenths of one percent (0.30%) per
annum
Terms of Payment (principal and interest):
Principal and accrued interest shall be due and payable on or before one (1) year
from the date of this Note. Any payments hereon shall be first applied to accrued
interest with the remainder, if any, applied to unpaid principal. Principal and accrued
interest may be prepaid in whole or in part from time to time without penalty or premium.
Maker promises to pay to the order of Payee at the place for payment and
according to the terms of payment the principal amount plus interest at the rate stated
above. All unpaid amounts shall be due by the final scheduled payment date.
Interest on the debt evidenced by this note shall not exceed the maximum
amount of non -usurious interest that may be contracted for, taken, reserved, charged,
or received under law; any interest in excess of that maximum amount shall be credited
on the principal of the debt or, if that has been paid, refunded. On any acceleration or
required or permitted prepayment, any such excess shall be canceled automatically as
of the acceleration or prepayment or, if already paid, credited on the principal of the
debt or, if the principal of the debt has been paid, refunded. This provision overrides
other provisions in this and all other instruments concerning the debt.
THIS OBLIGATION IS NOT A BOND OR OTHER OBLIGATION OF THE CITY
OF CORPUS CHRISTI, TEXAS PAYABLE OUT OF AD VALOREM TAXES
COLLECTED BY THE CITY. THIS OBLIGATION IS NOT SUBJECT TO MANDATORY
RENEWAL OR RENEWAL AT THE OPTION OF ANY PERSON AND IS PAYABLE
ONLY OUT OF CURRENT REVENUES COLLECTED IN THE YEAR IN WHICH THIS
OBLIGATION IS ISSUED. THIS OBLIGATION IS NOT BEING APPROVED BY THE
TEXAS ATTORNEY GENERAL AND IS NOT BEING REGISTERED WITH THE TEXAS
COMPTROLLER OF PUBLIC ACCOUNTS.
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Ward Parking -- CCHFC Note 03162010
ATTEST: CITY OF CORPUS CHRISTI, TEXAS
Armando Chapa
City Secretary
Joe Adame
Mayor
APPROVED AS TO LEGAL FORM: March 16, 2010.
R. Jay Reining
First Assistant City Attorney
For City Attorney
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Ward Parking -- CCHFC Note 03162010