HomeMy WebLinkAbout029978 ORD - 10/15/2013ORDINANCE APPROPRIATING $647.90 OF INTEREST EARNED IN THE
NO. 4730 INFRASTRUCTURE FUND AND TRANSFER TO NO. 3530
STREETS CIP FUND; AND APPROPRIATING $102,218.24 FROM THE
NO. 4730 INFRASTRUCTURE FUND TO REIMBURSE WAL -MART REAL
ESTATE BUSINESS TRUST; AND APPROVING $194,180.07 TO
REIMBURSE WAL -MART REAL ESTATE BUSINESS TRUST FROM THE
NO. 4730 INFRASTRUCTURE FUND FOR 1/2 STREET CONSTRUCTION
COST OF CONSTRUCTING DUNBARTON OAKS DRIVE FOR
CIMARRON ESTATES.
WHEREAS, On August 12, 1997, the City of Corpus Christi (the "CITY')
accepted $69,267.05 from First Worthing Company as payment in lieu of First Worthing
Company's obligation to construct one -half of Dunbarton Oaks and supporting public
utility infrastructure as required to develop and plat Brighton Village Unit 5, Block 1, Lot
3.
WHEREAS, On April 11, 2006, the CITY entered into a deferment agreement
with Mostaghasi Investment Trust for Cimarron Estates and accepted, appropriated and
restricted $83,250.49 in an interest - bearing Infrastructure Trust Fund No. 4730 in order
to reimburse Wal -Mart Real Estate Business Trust for the construction and completion
of Dunbarton Oak Drive and related storm water improvements.
WHEREAS, On August 17, 2010, the CITY entered into a deferment agreement
with Wal -Mart Real Estate Business Trust and accepted a letter of credit in the amount
of $1,086,487.05 for Cimarron Center Subdivision and agreed to award the funds to
WaI -Mart Real Estate Business Trust which were deposited with the CITY pursuant to
the previously executed First Worthing Company and Mostaghasi Investment Trust
deferment agreements. Such funds were being held in CITY interest bearing accounts,
yielding a total amount of $194,180.07.
WHEREAS, The initial deposit of $69,267.05 from First Worthing Company has
accrued $32,951.19 in interest earnings.
WHEREAS, This ordinance as presented will streamline the required
appropriations and transfers of deferment agreement amounts along with interest
earned to reimburse Wal -Mart Real Estate Business Trust for their shared cost of
constructing Dunbarton Oaks Drive.
WHEREAS, Wal -Mart completed Dunbarton Oaks Drive, and the public
improvements were accepted by the CITY on July 11, 2012.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. Interest earnings of $341.06 from Dunbarton Oaks, and interest
earnings of $306.84 from Cimarron Estates for the sum of $647.90 is appropriated
and transferred from No. 4730 Infrastructure Fund to 3530 Streets CIP Fund.
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7
INDEXED
SECTION 2. Security held from First Worthing Company authorized by Ordinance
#023030 in the amount of $69,267.05 and interest earnings of $32,951.19 for the
sum of $102,218.24 is appropriated for reimbursement to Wal -Mart Real Estate
Business Trust for 1/2 street construction costs of Dunbarton Oaks Drive from No.
4730 Infrastructure Fund.
SECTION 3. Reimbursement to Wal -Mart Real Estate Business Trust in the amount
of $194,180.07 is approved from the No. 4730 Infrastructure Fund for the shared
cost to construct Dunbarton Oaks Drive.
The foregoing ordinance yi.ais read for the first time and passed to its second reading on
this the 111' day of be j2-. , 2013, by the following vote:
Nelda Martinez
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
The foregoin rdinance was re d for the second time and passed finally on
this the -ay of d , 2013, by the following vote:
Nelda Martinez
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
PASSED AND APPROVED this the
ATTEST:
Armando Chapa
City Secretary
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
day of
CITY 01 CORPUS CHRISTI
r
Nelda Martinez
Mayor
( 29,178
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: October 2013
Agenda item: Ordinance appropriating $647.90 of interest eamed in the No. 4730 Infrastructure Fund
and transfer to No. 3530 Streets CIP Fund; and appropriating $102,218.24 from the No. 4730
Infrastructure Fund to reimburse WaI -Mart Real Estate Business Trust; and approving $194,180.07 to
reimburse WaI -Mart Real Estate Business Trust from the No. 4730 Infrastructure Fund for 1/2 street
construction cost of constructing Dunbarton Oaks Drive for Cimarron Estates.
Amount Required: $ 194,$27.97
Fund Name
Account No.
Fund No.
Org. No.
Project No.
Amount
Infrastructure Fund
263026
4730
21606
341.06
Infrastructure Fund
261029
4730
21367
306.84
Street CIP Fund
352520
3530
00000
647.90
Infrastructure Fund
548500
4730
60250
- 647.90
Total
647.90
Infrastructure Fund
550060
4730
21606
102,218.24
Infrastructure Fund
550060
4730
21367
91,961.83
Total
$194,180.07
❑ Certification Not Required
Director of Financial Services
Date: OCT 0 8 2013