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031129 ORD - 04/25/2017
ORDINANCE APPROVING THE AMENDMENTS TO THE TAX INCREMENT REINVESTMENT ZONE #2 AMENDED PROJECT& FINANCING PLANS APPROVED BY THE BOARD OF DIRECTORS OF REINVESTMENT ZONE NUMBER TWO, CORPUS CHRISTI, TEXAS ON JULY 22, 2014, FEBRUARY 21, 2017, AND MARCH 7, 2017 REGARDING PACKERY CHANNEL MONITORING AND IMPROVEMENTS AND UPDATED INFORMATION ON OTHER PACKERY CHANNEL PROJECTS. WHEREAS, in 2000, through Ordinance 024270, the City of Corpus Christi created a tax increment financing district, to be known as "Reinvestment Zone Number Two, City of Corpus Christi, Texas," over a portion of the City on Padre Island; WHEREAS, Ordinance 024270 included a preliminary reinvestment zone financing plan; WHEREAS, on September 29, 2009, the City Council passed Ordinance 028329, which approved the Revised Project and Financing Plans for the Reinvestment Zone Number Two, City of Corpus Christi, Texas (the "Plan"); WHEREAS, the Plan was last amended on October 29, 2013; WHEREAS, on July 24, 2014, February 21, 2017, and March 7, 2017, the Board of Directors of Reinvestment Zone Number Two took action to approve amendments to the language of the Plan; WHEREAS, Texas Tax Code Section 311.011(d) provides that the governing body of the municipality that designated the zone must approve a project plan or reinvestment zone financing plan after its adoption by the Board and the approval must be by ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL FOR THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. The City Council approves the Revised Project and Financing Plans for the Reinvestment Zone Number Two, City of Corpus Christi, Texas ("the Plan")for the Reinvestment Zone Number Two, Corpus Christi, Texas, as amended and approved by the Board of Directors of Reinvestment Zone Number Two (the "Board") on July 22, 2014. The City Council further approves some amendments adopted by the Board on February 21, 2017 and March 7, 2017, but only those amendments that are related to the Packery Channel monitoring and improvements and Other Packery Channel projects listed in Exhibit H of the Plan. A copy of the Plan, as approved by this ordinance, is attached hereto and incorporated as "Exhibit 1." 031129 INDEXED That the foregoing ord' ,ance was r d for t first time and passed to its second reading on this the It ~day of , 2017, by the following vote: Mayor V 0-Akif— Ben Molina / .`J Rudy Garza O / / Lucy Rubio ik,./ Paulette Guajardo 11 / Greg Smith A � r Michael Hunter id I Carolyn Vaughn #.4_- I Joe McComb w.. ; That the foregoing ordina ce was read for the second time and passed finally on this the (11,61/—'clay of { , 2017, by the following vote: Mayor v aPOLA4 Ben Molina _d/(y.,,,,_ Rudy Garza 1 A / Lucy Rubio I. ./ Paulette Guajardo l , Ai Greg Smith IPA./ Michael Hunter 1!. Carolyn Vaughn Ll4.. . Joe McComb 0PASSED AND APPROVED, this the ; TAX INCREMENT REINVESTMENT ZONE #2 CITY OF CORPUS CHRISTI PROJECT AND FINANCING PLANS (Revised 09/29/2009; Amended 03/22/2011; 09/13/2011; 10/29/2013, July 22, 2014, and February 28, 2017) The Tax Increment Reinvestment Zone #2 Project Plan )(Plan) (last revised and/or amended on 10/29/13) is amended to update and revise the Plan this 21st day of February 2017 by adding the bold and underlined text and deleting the bold and strikethrough text as shown: REINVESTMENT ZONE PROJECT PLAN This Project Plan identifies the improvements and planned expenditures that may be funded by tax increments generated within Tax Increment Reinvestment Zone #2, City of Corpus Christi ("TIRZ #2). No tax increments for new expenditures authorized by this Project Plan may be expended if the tax increments are required to fund any obligations incurred by the North Padre Island Development Corporation prior to the date of the adoption and approval of this Project Plan. On March 21, 2000, the Corpus Christi City Council authorized the preparation of a preliminary financing plan for a tax increment financing district covering portions of North Padre Island and Mustang Island. This tax increment financing would be used primarily to provide the local share of the North Padre Island Storm Damage Reduction and Environmental Restoration Project ("Packery Channel project"). Then on June 27, 2000, the City Council approved the preliminary Project and Financing Plans, and notified other taxing jurisdictions of its intention to create a tax increment reinvestment zone. A notice of a public hearing on the creation of the zone was published on August 22, 2000, and the public hearing was held on August 29, 2000. On August 29, 2000 the City Council passed the first reading of the ordinance that established TIRZ #2. Ordinance 024270, which established TIRZ #2 was formally adopted after being passed on the second reading on November 14, 2000. Subsequently on October 8, 2002, the City Council approved Resolution 025040, which established the North Padre Island Development Corporation ("NPIDC"). The NPIDC was created to aid, assist, and act on behalf of the City and TIRZ #2 in performing governmental functions to promote the common good and general welfare of the City, including the area within the TIRZ #2 zone. Then on February 25, 2003, the NPIDC, TIRZ #2, and City Council authorized an agreement by and among the City of Corpus Christi, Texas; Reinvestment Zone Number Two, City of Corpus Christi; and the North Padre Island Development Corporation, dated February 1, 2003. This agreement commonly referred to as the "Tri-Party Agreement" spells out the responsibilities of each of the parties in the administration and financing of TIRZ #2. The three entities also recommended, authorized, and approved the Project and Financing Plans for TIRZ #2 on February 25, 2003. The initial Project Plan and Financing Plan basically addressed the funding of the City's share of the North Padre Island Storm Damage Reduction and Environmental Restoration Project. The Packery Channel project had been discussed and studied over a number of years. The project involved the placement of sand in front of the concrete Padre Island Seawall to restore the beach and protect the seawall. The sand was to be taken from the dredging and channelization of a reopened Packery Channel. The Packery Channel project also consisted of long jetties, walks, mitigation, public facilities, and reserve for long-term maintenance. The estimated cost of the Packery Channel project was approximately $30 million. The Packery Channel project was included in Section 556 of the Water Resources Development Act of 1999. The Act also required the U. S. Army Corps of Engineers (USACOE) to undertake Packery Channel Project Plan Amendment Page 1 of 9 two studies: (1) to determine if the project is environmentally acceptable and (2) to determine if the project is technically sound. A relatively small amount of money was made available by the Federal government for the studies. The local share of the project, which was estimated at approximately $10.5 million, could come from tax increment financing. This type of financing was authorized by a State Constitutional Amendment. The basic theory of tax increment financing is that "the construction of certain public improvements will generate higher tax revenues due to additional private development." The concept of tax increment financing is "but for the construction of the public improvements, the higher tax receipts would not occur." In this particular case, the City believed that completion of the project would result in significantly increased taxes through both new private investment and increases in the existing tax values. The preliminary financing plan that was adopted by the City Council, when it authorized the creation of TIRZ #2, called for funding $10.5 million as the City's share of the Packery Channel project, plus $750,000 for construction of the parking lot on the Padre Island concrete seawall. The estimates in the preliminary financing plan were refined, and the current Project and Financing Plans, dated February 1, 2003, estimated that $12,000,000 in debt would be needed to complete the initial project costs. The plans identified $3,000,000 in surplus tax increments or bonds for secondary development improvements, which included the construction of seawall parking lot and $2,000,000 for a "parks & recreation center." A copy of the projected project costs from the 2003 plans is attached to and incorporated into this plan as Exhibit A. Under§311.011(b)(1), Texas Tax Code, the Project Plan must have a map showing existing uses and conditions of real property in the zone, and a map showing proposed improvements to and proposed uses of that property. A map of TIRZ #2 is attached as Exhibit B, and is incorporated into this plan. A map of the current land uses within TIRZ#2 and the surrounding area is attached as Exhibit C, and is incorporated into this plan. A map of the current zoning within TIRZ #2 and the surrounding area is attached as Exhibit D, and is incorporated into this plan. A map of the future land uses within TIRZ#2 and the surrounding area based on the City Comprehensive Plan's Future Land Use Plan, adopted May 24, 2004 (Ordinance 026278), is attached as Exhibit E, and is incorporated into this plan. The Island Action Group Capital Improvement Priorities Report, dated 10/14/2005, which identifies needed capital improvements on Mustang and Padre Islands, including the areas within TIRZ #2, has been reviewed to identify improvements that could be funded through the tax increments developed within TIRZ #2. Exhibit F is a map showing specific projects that are included in this Project Plan. That exhibit is incorporated into this plan. All of the specific projects are situated on public land and involve recreational use and activities. Under §311.011(b)(2), Texas Tax Code, the Project Plan must address proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county, if applicable. While the City is in the process of adopting a unified development code that will replace the current zoning and platting ordinances, there are no substantive changes being recommended that would affect TIRZ#2. At the time of adoption of this Project Plan, there are no pending cases to rezone properties within TIRZ#2. The City is considering rezoning portions of the property that it leases from the Texas General Land Office ("GLO"). As a condition of the GLO lease, the City is required to prepare a development plan for any commercial development on the leased property. While a draft Packery Channel development plan has been prepared and presented to the City Council, Planning Commission, GLO, Nueces County Parks Board, Nueces County Dune Committee, and Packery Channel Project Plan Amendment Page 2 of 9 City Beach Advisory Committee, for incorporation into the Mustang Padre Island Area Development Plan, the City Council has not officially adopted the plan, and the City is discussing features of the proposed plan with the GLO. The City will propose rezoning to match the needs identified in the Packery Channel development plan. The City is working with GLO on the voter approved proposed changes to Chapter 10, Code of Ordinances, which contains the City's GLO approved beach and dune rules. This proposed change addresses driving on the beach seaward of the concrete Padre Island seawall, and the installation of bollards on the beach seaward of the concrete seawall and between the seawall and southern Packery Channel jetty. There are no other proposed changes to the City's beach or dune permitting rules. However, the Nueces County Beach Management Committee has recommended approval of the changes to their beach management regulations. The Nueces County Commissioners' Court has not approved the changes, and they have not been sent to the GLO for public comment in Texas Register. Under §311.011(b)(3), Texas Tax Code, the Project Plan must contain a list of estimated nonproject costs. The City has been trying to obtain additional Federal funding to cover some of the costs of the recreational enhancements within the North Padre Island Storm Damage Reduction and Environmental Restoration Project and repairs to storm damage from Hurricane Ike. The City will also seek grants and other funding opportunities from the State of Texas and others to offset some of the costs identified in this Project Plan. The level of that funding, if any, that can come from Federal, State, or other funding sources is not known. To the extent Federal, State, or other funding is received, the amount of tax increments that need to be dedicated to completing these improvements will be reduced. Under §311.011(b)(4), Texas Tax Code, the Project Plan must contain a statement of a method of relocating persons to be displaced as a result of implementing the plan. None of the proposed improvements should result in relocation of any person; therefore this requirement is not applicable to the implementation of this plan. REINVESTMENT ZONE FINANCING PLAN Under §311.011(c)(1), the Reinvestment Zone Financing Plan must contain an Estimated Project Cost Description, and under §311.011(c)(2), it must describe the Kind, Number, and Location of TIRZ Improvements. Under this Revised Project Plan and Reinvestment Zone Financing Plan, the following improvements and activities may be funded from current available revenues: Packery Channel Project Area Improvements: Subject to the availability of the estimated $4,700,000 funds in the TIRZ #2 tax increment fund and funding from the Federal Government as authorized by the Water Resources Development Act, construction of the improvements in the TIRZ#2 referendum voter information sheet and Phases 2-3 -7 Packery Channel public recreational improvements and amenities shown on the engineering drawings referred to as the Packery Channel "Six Pack,"which is incorporated into this Project Plan as Exhibit G. The engineering cost estimate for the Phases 2-3 — 7 has been revised and is shown in Exhibit H. Construction of the Phase 4 ADA ramps is contingent upon approval of the General Land Office of the installation of Packery Channel Project Plan Amendment Page 3 of 9 temporary hard parking surfaces for parking for the disabled on the beach at the end of the ADA ramps and will be constructed with Phase 7 Phase 3 if approved. - . - -•-•-- - - - - - -- •-• - - - - —•-••- , • - - • • - - - --- - - - .. 11,11. • • -- -• - -ee e - - eee --- - - - e . - e-- - . _ _ • - - ' - - -e•- - - - • - e - --• - - • • - - - e -e -ee e - Yearly Miscellaneous Improvements required for support of Packery Channel, exclusive of the previously identified capital projects Phases 3 though 7, could include periodic surveys of channel conditions, shoreline, and jetty revetments, access to beach and sand redistribution are proposed to be budgeted on an annual basis pending the availability of funds. These Yearly Miscellaneous Improvements specifically include routing, monitoring, and surveys of the Packery Channel and the Gulf beach. • - -se•-e - -- -•-•-- , .•. - - __ ... - e"--' seaward .e-. - - '-- - - - — - - • - -- - - , - • - - budgeted on an annual basis. P. . . _ • -- • _ - - - - - - e -- —•- - - " -- e---• •.• the • - - - - •e, - -- - e - , • --•- -• e the • • - - •e •- - •- , --e e e-- - - -.• project Operation of a marine patrol to reduce shoreline erosion along Packery Channel, specifically along the Mollie Beattie Preserve is proposed to be budgeted on an annual basis ' • - . - _ -°. pending the availability of funds. Costs for design, permitting and dredging of Packery Channel have been included in future years subject to need and pending the availability of funds. •-- - e. • •••-• - .- *---• - • - e e " '-- - - - -- • - , whish may be budgeted on annual basis. Installation and routine maintenance of recreational amenities in the Packery Establishment of a maintenance and repair reserve for the Packery Channel jetties, - - •--- -- - -.._- _•e e e - - budgeted on an annual basis. Packery Channel Project Plan Amendment Page 4 of 9 Installation and maintenance of appropriate signage for the Packery Channel The Zone's annual budget will be adopted by the Zone's Board of Directors on an annual basis, based upon the City of Corpus Christi's fiscal year, and attached to this plan as Exhibit I. Improvements in other areas within TIRZ #2: A specific list of projects will be developed in consultation with various organizations and interested residents of North Padre Island and businesses located within TIRZ#2. These projects may include projects to acquire, construct, reconstruct, or install public works, facilities, or sites or other public improvements, including landscaping, utilities, streets, street lights, water and sewer facilities, pedestrian malls and walkways, parks, flood and drainage facilities, or parking facilities, but not including educational facilities. As required by §311.011(c)(3), an updated economic feasibility Study for TIRZ#2 was completed by CDS Market Research I Spillette Consulting in September 2009. It is provided in a separate document. Under §311.011(c)(4), the Project Plan and Reinvestment Zone Financing Plan must include an estimate of bonded indebtedness. TIRZ #2 may be used to support bonded debt issued to fund specific projects, or the project costs may be funded on a pay-as-you-go basis, or utilize other financing methods. Under§311.011(c)(5), the Project Plan and Reinvestment Zone Financing Plan must describe the timing of incurring costs or monetary obligations. TIRZ #2 project costs will be incurred over the life of the Zone based on its Board of Directors' identification of priority activities and projects, opportunities for implementation, and available revenues to sustain a pay-as-you-go project expenditure approach, a bonded debt issuance, or other forms of project financing. Under§311.011(c)(6), the Project Plan and Reinvestment Zone Financing Plan must describe the methods of financing and sources of revenue. TIRZ #2 could use several methods of financing, including but not limited to the following: • Cash funds generated from existing property value increment, • Bonded debt issuances backed by TIRZ #2 revenue to fund the associated debt service, • Short term anticipation notes or other debt issued by private financial institutions based on projected property tax increment to be generated from taxable development under construction at the time of debt issuance, and • Developer cash reimbursement agreements where the revenues from TIRZ #2 property tax increment compensate a developer for fronting eligible expenditures in a specific taxable project after the project is completed. The term of any debt for which debt services payments are to be funded by TIRZ #2 revenue will not extend past the duration of TIRZ #2. The primary source of revenue for TIRZ #2 will be funds from the contributed property tax collections of the City of Corpus Christi, Nueces County, Nueces County Hospital District, Del Mar College, and the Farm to Market Road on the taxable property value increment within TIRZ #2. Based on existing interlocal agreements with each taxing jurisdiction listed above, it is currently Packery Channel Project Plan Amendment Page 5 of 9 projected that each of these entities will agree to participate in funding TIRZ#2 with 100% of the incremental property taxes collected over the life of zone, except for Del Mar College, which will contribute 20% in 2009 and 0% thereafter. The assessed value base year Sources of Revenue' Nueces City of County Farm to Corpus Nueces Hospital Del Mar Jr. Market Tax Year Christi County District College Road Total 2009 1,597,917 985,617 406,158 137,838 12,165 3,139,695 2010 1,273,417 786,419 324,072 - 9,709 2,393,616 2011 1,203,508 745,121 307,054 - 9,201 2,264,884 2012 1,372,033 849,855 350,213 - 10,494 2,582,595 2013 1,519,533 941,476 387,968 - 11,625 2,860,601 2014 1,645,468 1,019,647 420,181 - 12,590 3,097,886 2015 1,761,879 1,091,870 449,943 - 13,481 3,317,173 2016 2,162,313 1,340,366 552,345 - 16,549 4,071,572 2017 2,615,229 1,621,428 668,166 - 20,018 4,924,842 2018 3,127,882 1,939,557 799,263 - 23,945 5,890,647 2019 3,708,557 2,299,895 947,753 - 28,393 6,984,598 2020 4,366,726 2,708,317 1,116,057 - 33,435 8,224,535 2021 5,113,212 3,171,538 1,306,944 - 39,153 9,630,847 2022 5,960,390 3,697,237 1,523,577 - 45,642 11,226,846 Total 37,428,065 23,198,342 9,559,692 137,838 286,400 70,610,338 1 Assumes 95%tax collection rate. for all participating taxing entities is 2000. Based upon 2008 tax rates for each jurisdiction, the projection of incremental property tax revenue contributed to TIRZ#2 is as follows: These revenue projections assume a 95% tax collection rate for all three taxing jurisdictions. According to these projections, 53.0% of the tax increment revenues will come from the City, 32.9% will come from the County, 13.5% will come from the County Hospital District, 0.2%% will come from Del Mar College, and 0.4% will come from the Farm to Market Road. Zone property tax contributions from the participating tax jurisdictions could be supplemented with other sources of revenue as available. These could include but are not limited to: • Grants from other local, state, and federal agencies; • Grants from private entities such as foundations; and Packery Channel Project Plan Amendment Page 6 of 9 • Joint implementation and funding agreements with other public agencies or private entities such as civic associations for specific projects. Under §311.011(c)(7), the Project Plan and Reinvestment Zone Financing Plan must give the current appraised value of the zone. According to the Nueces County Appraisal District, the 2009 certified taxable appraised value for the Zone is $356,833,583 for the City of Corpus Christi, $ 353,059,772 for Nueces County and the County Hospital District, $ 358,753,875 for Del Mar College, and $ 352,808,877 for Farm to Market Road. Due to outstanding property accounts under value protest, these certified values will increase over time. Under §311.011(c)(8), the Project Plan and Reinvestment Zone Financing Plan must provide an estimate of the captured appraised value for TIRZ#2 during the years of its existence. The table on the next page provides the projected schedule of taxable value increment captured by the zone over remainder of its duration. Due to differences in policies regarding exemptions and tax abatements,the captured increment differs among the participating jurisdictions. Therefore, there is a table shown for each entity. Under §311.011(c)(9), the Project Plan and Reinvestment Zone Financing Plan must state the duration of TIRZ#2. The zone has thirteen tax years remaining and will expire after 2022. Packery Channel Project Plan Amendment Page 7 of 9 Estimated Captured Appraised Value PROJECTED ASSESSED VALUE Tax City of Corpus Nueces County Del Mar Jr. Farm to Market Year Christi Nueces County Hospital District College Road 2009 380,825,433 377,027,804 377,027,804 382,757,294 376,776,909 2010 320,245,351 317,347,217 317,347,217 321,720,450 317,163,481 2011 307,194,087 304,974,332 304,974,332 308,324,444 304,840,076 2012 338,655,659 336,353,086 336,353,086 339,828,313 336,214,560 2013 366,192,055 363,803,032 363,803,032 367,408,871 363,660,078 2014 389,702,663 387,223,386 387,223,386 390,965,597 387,075,840 2015 411,435,230 408,861,715 408,861,715 412,746,329 408,709,405 2016 486,191,313 483,312,318 483,312,318 487,658,942 483,142,951 2017 570,745,210 567,519,915 567,519,915 572,390,395 567,331,227 2018 666,451,157 662,832,970 662,832,970 668,297,914 662,622,374 2019 774,856,231 770,791,945 770,791,945 776,931,996 770,556,480 2020 897,728,294 893,157,125 893,157,125 900,064,425 892,893,404 2021 1,037,088,042 1,031,940,526 1,031,940,526 1,039,720,393 1,031,644,672 2022 1,195,245,758 1,189,442,482 1,189,442,482 1,198,215,334 1,189,110,054 ASSESSED VALUE INCREMENT Tax City of Corpus Nueces County Del Mar Jr. Farm to Market Year Christi Nueces County Hospital District College Road 2009 298,311,566 295,295,463 295,295,463 300,048,697 295,195,765 2010 237,731,484 235,614,876 235,614,876 239,011,853 235,582,337 2011 224,680,220 223,241,991 223,241,991 225,615,847 223,258,932 2012 256,141,792 254,620,745 254,620,745 257,119,716 254,633,416 2013 283,678,188 282,070,691 282,070,691 284,700,274 282,078,934 2014 307,188,796 305,491,045 305,491,045 308,257,000 305,494,696 2015 328,921,363 327,129,374 327,129,374 330,037,732 327,128,261 2016 403,677,446 401,579,977 401,579,977 404,950,345 401,561,807 2017 488,231,343 485,787,574 485,787,574 489,681,798 485,750,083 2018 583,937,290 581,100,629 581,100,629 585,589,317 581,041,230 2019 692,342,364 689,059,604 689,059,604 694,223,399 688,975,336 2020 815,214,427 811,424,784 811,424,784 817,355,828 811,312,260 2021 954,574,175 950,208,185 950,208,185 957,011,796 950,063,528 2022 1,112,731,891 1,107,710,141 1,107,710,141 1,115,506,737 1,107,528,910 Packery Channel Project Plan Amendment Page 8 of 9 LIST OF EXHIBITS Exhibit A Packery Channel Project Costs and Funding from Project and Financing Plans dated February 1, 2003 Exhibit B Map of TIRZ #2 Exhibit C Current land use map Exhibit D Current zoning map Exhibit E Future land use map Exhibit F Project Plan Map -- .'e !_ I )(Rev'd 10/22/2013) Exhibit G "Six Pack" engineering drawings Exhibit H " . " " - • e . - - • : - - -• • Projects with Funds from Tax Increment Reinvestment Zone #2 City of Corpus Christi (Rev'd 10/22/2013) (J ly 22, 2014) (February 21, 2017) Exhibit I - - - -- •- e . -••-• - '- e—- - e.-- e - e Exhibit I ' • -- _--- -- - _ _ . _ _ Fiscal Year 2017 Reinvestment Zone #2 Budget Page of 9 I Packery Channel Project Plan Amendment 102213 9 025215 ORDINANCE NO. AN ORDINANCE APPROVING A FINAL PROJECT AND FINANCING PLAN FOR THE "REINVESTMENT ZONE NUMBER TWO, CITY OF CORPUS CHRISTI,TEXAS";APPROVING THE SALE OF BONDS BY NORTH PADRE ISLAND DEVELOPMENT CORPORATION IN FURTHERANCE OF THE FINAL PROJECT AND FINANCING PLAN; AND OTHER MATTERS RELATING THERETO. WHEREAS, on November 14, 2000, the City Council of the City adopted Ordinance No. 024270(the"Creation Ordinance"),approving the creation of a tax increment reinvestment zone in the City known as'Reinvestment Zone Number Two,City of Corpus Christi,Texas"("TIRZ Two");and WHEREAS,in connection with the adoption of the Creation Ordinance and the establishment of TIRZ Two,the City prepared a preliminary reinvestment zone financing plan,and presented the preliminary reinvestment zone financing plan to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone;and WHEREAS,in compliance with the provisions of Chapter 311,Texas Tax Code(the"Act"),a project plan and reinvestment zone financing plan has been prepared and approved by the Board of Directors of TlRZ Two,which project plan and reinvestment zone financing plan so approved is attached to this Ordinance as Exhibit"A"(the"Plan");and WHEREAS, in compliance with the Act, the City Council finds it necessary and desirable to approve the Plan submitted with this Ordinance;and WHEREAS,by Resolution No. 025040,adopted on October 8,2002,the City authorized the creation of the North Padre Island Development Corporation(the"Corporation")to aid,assist and act on behalf of the City in the performance of the City's governmental and proprietary functions with respect to the common good and general welfare of the City,as described in the Creation Ordinance;and `Y..,).. 1 WHEREAS,on February 25,2003 theCorporation adopted a resolution authorizing the issuance and delivery of up to$3,000,000 in Tax Imminent Contract Revenue Bonds,Series 2003(the"Bonds"), for the purpose of funding a portion of the"project costs"as are set forth in the Plan;and WHEREAS, the Corporation and the Board of Directors of TIRZ Two have approved the execution and delivery of that certain Agreement by and among the City,TIRZ Two,and the Corporation dated as of February 1, 2003 (the "Tri-Party Agreement"), pursuant to which the Corporation was delegated certain power and authority in connection with the implementation of the Plan on behalf ofTIRZ Two,including,but not limited to,the power to issue,sell or deliver its bonds,notes or other obligations in accordance with the terms of the Tri-Party Agreement;and • WHEREAS,the City Council finds it necessary and advisable to adopt this Ordinance to approve the Plan,as required by the Act,to approve the Tri-Party Agreement,and the approve the resolution of the Corporation that authorized the issuance and delivery of the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,TEXAS: SECTION 1;That the facts and recitations contained in the preamble ofthis Ordinance are hereby E found and declared to be true and correct. SECTION 2;That the City Council hereby approves the project plan and the reinvestment zone financing plan attached to this Ordinance as Exhibit"A",as required by Section 311.011 of the Act. SECTION 3;That the City Council does hereby find and declare that the project and financing plan submitted to the City Council for approval,and hereby approved by the adoption of this Ordinance,is feasible for the development of TIRZ Two and conform to the master plan of the City. 2 SECTION 4; That the City hereby approves the Resolution adopted by the Corporation, in substantially the form and substance as attached hereto as Exhibit'B",and all documents attached to the Resolution including,without limitation,the Tri-Party Agreement. The Mayor and the City Secretary are hereby authorized to execute,attest,seal and deliver the Tri-Party Agreement on behalf of the City. The issuance of Bonds in an amount not to exceed$3,000,000 for the purposes described in the Resolution is hereby approved. SECTION 5;That if any section,paragraph,clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable,the invalidity or unenforceability of such section,paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 6; This Ordinance shall be effective immediately from and after its passage in accordance with the provisions of Section 1201.028,Texas Government Code. SIGNED AND SEALED THIS 25TH DAY OF FEBRUARY,2003. Mayor, City of Corpus Christi,Texas 7X)1q-v1.44e•____ (SEAL) City Secretary APPROVED AS TO FORM: CiA 3 THE STATE OF TEXAS COUNTY OF NUECES • CITY OF CORPUS CHRISTI • I,the undersigned,City Secretary of the City of Corpus Christi,Texas,do hereby certify that the above and foregoing is a true,full and correct copy of an Ordinance passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto)on the 25th day of February, 2003, approving the project and financing plan for Reinvestment Zone Number Two,City of Corpus Christi, Texas, and other matters related thereto,which ordinance is duly of record in the minutes of said City Council,and said meeting was open to the public,and public notice of the time,place and purpose of said meeting was given,all as required by Texas Government Code,Chapter 551. EXECUTED UNDER MY HAND AND SEAL of said City,this the 25th day of February,2003. City Secretary,City of Corpus Christi,Texas (SEAL) 4 Corpus Christi, Texas • Day of k itb 110.), , 2003 1 TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance an emergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances at two regular meetings: I/we, therefore, request that you suspend said Charter rule and pass this ordinance finally on the date it is introduced,or at the present meeting of the City Council. Respectfully, Respectfully, Samuel L.Ne: ,Jr.,Mayor City of Corpus Chris 1 Council Members The above ordinance was passed by the following vote: Samuel L.Neal,Jr. Brent Chesney Javier D. Colmenero Henry Garrett & ,n Bill Kelly 0,116AJtIaLn. Rex A. Kinnison 11Q John Longoria (i I Jesse Noyola , 0 ' r Mark Scott `_, 02b2i5 Reinvestment Zone Number Two City of Corpus Christi, Texas Project Plan and Reinvestment Zone Financing Plan February 25, 2003 Reinvestment Zone Number Two, City of Corpus Christi, Texas February 25, 2003 Project Plan and Reinvestment Zone Financing Plan Introduction to The Project and Finance Plan General Background As required under the Tax Increment Financing Act,Chapter 311,Texas Tax Code(the"TIF Ace),the Board of Directors(the"Zone Board")of Reinvestment Zone Number Two,City of Corpus Christi,Texas(the"Zone"), has prepared this Project Plan and Reinvestment Zone Financing Plan(the"Plan"). The City Council ofthe City of Corpus Christi, Texas (the"City") and the Zone Board must both adopt this Plan. The Plan includes information concerning proposed land uses and development, estimated project and non-project costs and administrative expenses,engineering studies,proposed financing and economic feasibility data,and property appraisal data. The Plan includes financing of the Zone's portion of the North Padre Island Storm Damage Reduction and Environmental Restoration Project (the"Project"). This Plan sets out the details of the tax and economic benefits derived from development of the Project Site, the scope of the Project,and the financing strategy for funding of Project costs through the issuance of bonds.Complete copies of the Plan,including a report attached to this Plan,as Exhibit A,entitled"Forecast of Potential TIF Revenue Flows on North Padre Island",prepared by Economics Research Associates("ERA'),which constitutes the economic feasibility study required by the TIF Act,are available from the City of Corpus Christi,Texas, 1201 Leopard Street,Corpus Christi,Texas 78401,Attention:City Secretary. North Padre Island Storm Damage Reduction and Environmental Restoration Project The Project is a project of the U.S.Army Corps of Engineers(the"Corps")to dredge and chcnmelize a reopened waterway("Packery Channel")between the Laguna Madre Intracoastal Waterway and the Gulf of Mexico. In addition to the Packay Channel, the Project includes construction by the Corps of two 1,400 foot jetties paralleling the Packery Channel. Of the total$30,000,000 projected cost of the Project,the City as Project sponsor has agreed to pay $10.5 million. The remaining Project costs are to be paid by the United States Government. The City has created the Zone for the purpose of raising funds needed to provide the Zone Project costs through the issuance of bonds by the North Padre Island Development Corporation(the"Issuer"),a not-for- profit local government corporation.It was established by the City under the provisions of Chapter 431,Texas Transportation Code,and the general laws of the State of Texas to aid,assist,and act on behalf of the City inthe performance of the City's governmental functions and to provide a means of financing certain Project costs in connection with the Zone. The Corps was directed by the Congress of the United States("Corless')to carry out a project for ecosystem restoration and storm damage reduction at North Padre Island.The Project will extend the existing approximately 2.6 miles portion of the Packery Channel an additional 0.9 mile. The Project is described in the Environmental Impact Statement(EIS), as are the benefits and impacts to be expected from the Project Erosion of the beach in front of the seawall just south of the boundary between Mustang and North Padre Islands is causing a loss of recreational beach. Dredging Packay Channel would provide sand for nourishment of the beach,and an enlarged beach would reduce potential figure storm damage.A Project Study Plan,prepared by the Corps in 1999,examined three alternative sites,including Packery Channel. Three different channel widths under three different salinity regimes were also examined to determine the environmental benefits of an opening between the Laguna Madre and the Gulf of Mexico.The environmental benefits of all alternatives were essentially negligible. The final IIS will be available upon by the Corps from the City of Corpus Christi,Texas, 1201 publicationpublicationLoopand Street,Corpus Christi,Texas 78401,Attention: City Secretary. The Project is a project for ecosystem restoration and storm damage reduction consisting of a jettied entrance channel,main channel dredged to a required depth of 14 feet and a bottom width of 116 feet up to the Texas Highway 361 bridge, scour protection for the existing bridge,concrete bulkheads on both sides of the main channel creating three placement areas to create shallow water habitat,continuing with a smaller channel along the existing alignment of Packery Channel from the highway bridge to the Gulf Intracoastal Waterway,dredged to a required depth of 7 feet and bottom width of 80 feet,installation of a 30 inch HDDPE pipe for a sand bypass system,beach nourishment on the beach south of the channel and miscellaneous utility removals and relocations. The Project consists of dredging a 134-foot wide channel to connect the existing Packery Channel to the Gulf of Mexico to a 12-foot deep authorized depth(requiring an initial dredge depth to-14 feet)and dredging the existing channel to a depth of-7 feet(mean sea level)and a width of 80-feet.The total length of the proposed channel from the Gulf end of the jetties to the Gulf Intracoastal Waterway is approximately 18,500 feet(3.5 miles). Approximately 801,200 cubic yards(cy)of material will be dredged during construction,most of which(646,000 cy)will be placed on the beach south of the proposed jetties placement arca(PA-4S)for storm damage reduction in front of the existing true seawall.Sandy maintenance material from the channel east of the SH 361 bridge will be used for beach nourishment,and a sand bypass system will be designed to move accumulated sand from longshore drift to the downdrift side of the jetties.Approximately 15,000 cy of estimated maintenance dredging every five years will be placed in an upland site. The Project is to be constructed by the Corps under a proposed Project Cooperation Agreement between The Department of the Army and the City (the"Project Contract"). The Project Contract has not been approved by either the Corps or the City,but the City expects execution of the Project Contract by both parties by Spring 2003. The Plan calls for the remainder of the approximately$19.5 million needed to complete the Project to be funded by the United States Government under the Project Contract. As of February 25,2003,Congress has appropriated$4.0 million for Project construction,but is under no obligation to appropriate the remainder of its share of Project costs. Once the initial Project is completed,the City will incur costs of maintenance dredging of Packery Channel,as described above. It is anticipated that upon completion of the initial Project,the estimated maintenance dredging will commence in 2008, and the estimated cost of such maintenance dredging in that year will approximate $350,000. The costs of the maintenance dredging are intended to be paid by the Zone,either from tax inert collections,proceeds from bonds,a combination of those two sources,or other moneys made available to the City or the Zone for such purpose. Secondary development within the Zone that includes public improvements is being proposed by the City as local sponsor.Secondary development includes proposed park amenities that encompass approximately 14.2 acres providing access to Packery Channel,the beach,and the jetties; passenger and recreational vehicle parking; walkways;restrooms;and vendor facilities.The location of two potential City park areas is proposed along the area nearest the Gulf of Mexico reach of Packery Channel. The Project,the maintenance dredging of the Packery Channel,and the public improvements associated with the proposed secondary development arc found to be"Project Costs"as such term is defined in the TIF Act. The Project Contract The Project is to be constructed by the Corps under the Project Contract. The Project Contract has not been approved by either the Corps or the City,but the City expects execution of the Contract by both parties by Spring 2003.Under the Project Contract,the Corps,subject to receiving funds appropriated by Congress and using the 2 funds expected to be provided by the City through the Issuer,would agree to expeditiously construct the Project The Project Contract recognizes that Congressional appropriations to date are less than the amount of federal funds required for completion of the Project,and that in the event insufficient funds are appropriated for the federal government's share of Project costs,then Project construction will be suspended or the Project Contract terminated. The federal government expressly makes no commitment to seek additional federal funds for the Project. The City would agree to contribute 35% of the total Project costs, at least five percent of which must be contributed in cash with the remainder being the appraised value of cash or lands,easements,rights-of-way,and suitable burrow and dredged or excavated material disposal areas. The City must deposit its share of projected financial obligations for construction through the first fiscal year of construction within 45 days ofuotice from the Corps. For each subsequent year,the deposit must be made no later than 60 days prior to the beginning of the fiscal year. The Project Contract obligates the City to operate,maintain,repair,replace,and rehabilitate the entire Project at no cost to the federal government. The City is seeking transfer of a portion of the maintenance cost to the Corps, but at this time no provision has been made for payment of ongoing maintenance costs. Funding of a maintenance reserve from proceeds of an additional series of Tax Increment Contract Revenue Bonds is contemplated by this Plan,but there is no assurance that a maintenance reserve will be funded,nor is there any guarantee that if funded the maintenance reserve would be adequate to pay costs of ongoing maintenance dredging Reinvestment Zone Number Two, City of Corpus Christi,Texas The Zone was created by the City pursuant to the TIF Act to facilitate development of the land within the boundaries of the Zone,a 1,947.01-acre parcel located entirely within the City and the County. The Zane became effective on November 14,2000,and will terminate on December 31,2022,or at an earlier time designated by subsequent or+dinamee of the City,or at such earlier time that all Zone Project Costs,tax increment bonds,and the interest on all tax increment bonds,have been paid in full(the duration of the Zone).The Zane is located on Padre Island,and intersected by State Highway 361 and Park Road 22 leading from the John F.Kennedy Causeway.A map showing the existing uses and conditions of real property in the Zone is attached to this Plan as Exhibit B. A map showing the proposed improvements to and proposed uses of the real property in the Zone is attached to this Plan as Exhibit C. Pursuant to the TIF Act,the ordinance of the City establishing the Zone also established a Board for the Zone. The Zone Board consists of 12 persons,with one member from each Participant other than the City,and the remainder(but not less than 10)appointed by the City. Name poithE Anointed By Samuel L.Neal President City of Corpus Christi Vice President Nueces County Javier D.Colmenero Member City of Corpus Christi Brent Chesney Member City of Corpus Christi Rex Kinnison Member City of Corpus Christi John Longoria Member City of Corpus Christi Jesse Noyola Member City of Corpus Christi Mark Scott Member City of Corpus Christi Gabriel Rivas Member Del Mar College Cal Jennings Member Nueces County Hospital District Richard Pittman Member Flour Bluff Independent School District Joim LaRue Member Port of Corpus Christi Authority 3 Existing Land Use Existing land-uses within the Zone consist of light commercial development,mixed residential development, vacant unimproved land,and non-developable land,including waterways,roadways and parks. The City has estimated the following current usage within the Zone: ILE Vacant 857.1718 Water Area 447.8253 Park 384.5719 Right-of-Way 158.2465 Commercial 33.6232 Medium Density Residential 34.4813 Public/Semi-Public 9.0187 High Density Residential 7.7001 Professional Office 6.0570 Light Industrial 6.5105 Low Density Residential 1.8075 Total 1947.0138 Infrastructure Requirements for Development It is the City's policy that infrastructure required for new development within the Zone will be the responsibility of each landowner or developer, similar to any other development that occurs in the City. The wastewater treatment plant and trunk main collection system is in place and is of sufficient capacity to accommodate new development,and sufficient freshwater supply is available to serve anticipated development within the Zone. There are generally roads and streets throughout the Zone,though individual tracts may require additional street construction,sewer collection lines,or water supply lines for development The City pays for oversize and extra depth costs associated with water and wastewater extensions that are designed to service property outside or beyond the owner's development. The City participates in street development to pay the additional costs for extra width associated with arterial streets or collectors that are designed to be extended beyond the developer's property. The City also pays for the costs of bridges and culverts to extend streets beyond the developer's prey Undeveloped Land Within the Zone Approximately 857 acres within the Zone are unimproved or underdeveloped land. The City anticipates that such unimproved land will be developed for residential and light commercial use consistent within existing uses,and additional development must occur before the Issuer can provide for the payment of additional Tax Increment nt Contract Revenue Bonds(hereinafter defined)required for completion of the Project without adversely affecting the Issuer's ability to pay debt service on the Series 2003 Bonds(hereinafter defined). No representation is made in this Plan with respect to the ultimate development of such property. Project Costs A detailed listing of the proposed public works and public improvements to be undertaken in the Zone,shown by kind,number and location,and the Project costs of the Zone,including,without limitation,the costs of the initial dredging of Packer,'Channel,the maintenance dredging costs,secondary Project costs,administrative costs ofthe Zone,and other non-project costs(such as water supply improvements and roads that are not intended to be funded through the operation of the Zone), are set forth in Exhibit D. The estimated amount of bonded 4 indebtedness to be incurred to pay initial Project costs, and the timing of when related costs and monetary obligations for implementing this Plan are to be incurred,are set forth in Exhibit D.The City currently estimates that the total amount of Issuer debt necessary to be issued for completion of initial Project costs will not exceed $12,000,000. Secondary development improvements are to be financed as funding becomes available from surplus tax increments or bonds. The City currently estimates the total amount of Issuer debt that may be issued for secondary developments will not exceed$3,000,000. The Plan of Finance The City has created the Zone for the purpose of raising funds needed to provide the City's share of the Project costs,and the Series 2003 Bonds(hereinafter defined)are the first installment of Issuer bonds to be issued for that purpose. The City,the County,Del Mar College,a junior college district and political subdivision of the State of Texas (the"College")and Nueces County Hospital District,a hospital district and political subdivision of the State of Texas(the"Hospital District")each have agreed to deposit to the Tax Increment Fund established for the Zone (the"Tax Increment Fund")certain tax collections arising from their respective taxation of the inaease,if any,in the appraised value of real property located in the Zone since November 14,2000(hereinafter defined as the (Dedicated Tax Increments"),through the earlier of December 31,2022,or the date on which any outstanding obligations payable from the Dedicated Tax Increments are finally paid. The City has entered into separate interlocal agreements(the"Interlocal Agreements")with the County,the College,and the Hospital District which sets forth,among other things,the agreement of the City and County,College,or Hospital District,as applicable, to pay to the Issuer the Dedicated Tax Increments(the"Contract Tax Increments"). The bonds to be issued to fund Project costs are to be payable solely from the Contract Tax Increments and certain other finds on deposit with JPMor gan,Chase Bank,Houston,Texas (the"Trustee")or which may be deposited with the Trustee in the future together with earnings and investments thereon(the"Pledged Revenues"). The City,the County,the College,and the Hospital District(each referred to individually herein as a"Participant" and collectively referred to as the"Participants")have agreed to deposit to the Tax Inc anent Fund the Dedicated Tax Increments,as described herein. Pursuant to the TIF Act,a taxing unit's tax increment for a year(a"Tax Increment")is the amount of property taxes levied by the unit for that year on the"captured"appraised value of real property taxable by the unit and located in a reinvestment zone.Tax Increments do not result from any increase in the appraised value of personal property(such as equipment or inventory)taxable by the unit and located in a reinvestment zone. The TIF Act defines captured appraised value("Captured Appraised Value')as the total appraised value of all real property taxable by the unit and located in a reinvestment zone less the tax increment base of the unit. The tax increment base of a taxing unit(the"Tax Increment Base")is the total appraised value of all real property taxable by the unit and located in a reinvestment zone for the year in which the zone was designated. In the case ofthe Zone,the Tax Increment Base is the total appraised value of all real property in the Zone taxable by the relevant Participants as of January 1,2000. Tax Increments result only from Captured Appraised Value in the Zone, which consists of 1,947.0138 acres,approximately 542.8184 of which is publicly owned and not taxable. Exhibit A shows(a)the Tax Increment Base of the Zone,(b)the current(as of the date of this Plan)total appraised value of taxable real property in the Zone and(c)the estimated captured appraised value of the Zone during each year of its scheduled existence. Pursuant to separate Interlocal Agreements between the City and each of the County,the College, and the Hospital District,respectively(the"Interlocal Agreements") the Participants have agreed to deposit all or a portion of their Tax Increments to the Tax Increment Fund. The City,the County,and the Hospital District have agreed to deposit to the Tax Increment Fund 100%of their tax collections on Captured Appraised Value inthe 5 Zone for each tax year that the Zone remains in existence,commencing in tax year 2000. The College has agreed to deposit to the Tax Increment Fund 100%of the its Tax Increments for the first five years(2000-2004)of the Interlocal Agreement,80%for the sixth year(2005),60%for the seventh year(2006),40%for the eighth year (2007),20%for the ninth year(2008),and none thereafter.The amounts the Participants have agreed to deposit to the Tax Increment Fund are referred to herein as the"Dedicated Tax Increments." The obligations of the Participants to pay Dedicated Tax Increments into the Tax Increment Fund are subject to the rights of any of the holders of bonds,notes or other obligations that have been or are hereafter issued by a Participant that are payable from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of that Participant. North Padre Island Development Corporation The Issuer The Issuer is a not-for-profit local government corporation and was established by the City under the provisions of Chapter 431,Texas Transportation Code,and the general laws of the State of Texas to aid,assist,and act on behalf of the City in the performance of the City's governmental functions and to provide a means of financing certain Project costs in connection with the Zone. It is governed by a Board of Directors,whose members are appointed by the City Council. On December 17,2002,the City Council of the City appointed all ofthe members of the City Council to serve as members of the Corporation. The Bonds It is anticipated that three series of bonds will be issued by the Issuer to finance the initial costs of the Project. The first series of bonds is anticipated to be issued in the spring of 2003(the"Series 2003 Bonds"),in connection with the implementation of this Plan. Should bonds be issued to fund the costs of maintenance dredging,it is anticipated that funds for such use would be included in the third series of bonds to be issued. The Series 2003 Bonds are the first issue of bonds(the"Tax Increment Contract Revenue Bonds")to be issued by the Issuer. The Tax Increment Contract Revenue Bonds,including the Series 2003 Bonds,are secured by the Issuer's pledge of payments to be received pursuant to a Tri-Party Agreement among the City,the Zone,and the Issuer(the"Tri-Party Agreement"). Under that agreement,the Contract Tax Increments will be paid into the Tax Increment Fund at the City's depository. The Bonds will fund a portion of the City's share of the Project Costs. Completion of the Project will require additional funding,which currently is anticipated to be provided through the issuance of additional bonds by the Issuer secured from Dedicated Tax Increments on parity with the Bonds. Secondary development improvements may also be financed from additional bonds. For the Issuer to be able to repay such additional bonds,substantial growth in the taxable values within the Zone must occur,and there is no guarantee that such growth will have been accomplished prior to the timing of funding the remaining phases of the development and completion of the Project. Growth in taxable values within the Zone is dependent on future development of additional taxable improvements. While the City expects that such additional improvements will be constructed if the Packery Channel is completed,there are approximately 1,838 tracts of land within the Zone owned by approximately 1,054 different owners,and neither the Issuer nor the City has any agreement with any landowner for construction of improvements within the Zone,or knowledge that any landowners intend to construe additional improvements. Without future development within the Zone,there can be no guarantee of additional Dedicated Tax Increments sufficient to pay debt service on bonds issued to finance the Project. A projection of the Project costs to be funded with bond proceeds and the sizing of the bond issues to fund those Project costs is set forth in Exhibit D. The Tri-Party Agreement 6 The City,the Zone and the Issuer will enter into the Tri-Party Agreement. Pursuant to the Tri-Party Amt, the Issuer will provide certain management and administrative services for the Zone. The Issuer is authorized to issue bonds or enter into other obligations to be repaid from Contract Tax Increments but only with the approval of the City Council. The Issuer agrees to use all Contract Tax Increments in a manner consistent with the Plan. The Tri-Party Agreement provides for duties and responsibilities of the City with respect to Dedicated Tax Moments and provides for duties and responsibilities of the Zone with respect to Dedicated Tax Increments. The Dedicated Tax Increments are to be deposited when received into the Tax Increment Fund. The City and the Zone will covenant and agree that they will continuously collect the Dedicated Tax Increments from the Participants in the manner and to the maximum extent permitted by applicable law. To the extent the City and Zone may legally do so,they also will covenant and agree that they will not permit a reduction in the Dedicated Tax Increments paid by the Participants. The City will covenant and agree to amorally levy,assess and collect its ad valorem taxes in the Zone.The City and the Zone will agree to pay to the Issuer the Contract Tax Increments in consideration for the Issuer funding certain of the Project costs with the proceeds of the Tax Increment Contract Revenue Bonds. The obligations of the City and the Zone to pay Contract Tax Increments shall be subject to the Tri-Party Agreement and the rights of any of the holders of bonds,notes or other obligations that have been or are hereafter issued by the City,the County,the College,or the Hospital District that are payable from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the City,County,College,or Hospital District. It is anticipated that the interests of the Issuer in the Tri-Party Agreement will be assigned to the Trustee for the Tax Increment Contract Revenue Bonds under the terms of the Indenture pursuant to which such Tax Increment Contract Revenue Bonds are to be issued. The Tri-Party Agreement may be amended with the mutual consent of the parties;however,any amendment must be accompanied by an opinion of counsel to the Issuer to the effect that such amendment will not materially impair the rights of the owners of the Issuer's bonds or oder outstanding obligations. 7 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT A Forecast of Poteuthd TIF Revenue Flows on North Padre Island (Final Report) Dated:August 2002 ERA Project Number: 14663 Final Report Forecast of Potential TIF Revenue Flows on North Padre Island Submitted to: The City of Corpus Christi August 2002 ERA Project Number: 14663 [ TABLE OF CONTENTS General Limiting Conditions iv Introduction 1 Approach 2 Participating Jurisdictions 3 Methodology 3 TIF REVENUE ANALYSIS 5 Summary 5 Real Estate Market Discussion 5 TIF Waterfront Properties 2002 6 Growth Rates 10 Padre Island 10 TIF Revenue Conclusions 11 TIF Analysis for Nash Parma bland—Final Ppa p I- RA List of Tables and Exhibits Table 1.Taxable Value of Land&Improvement, 2 TIF District-2000 2 Table 2.Tax Rates for Participating Jurisdictions 3 Table 3.Waterfront Properties by Location and Value within the TIF District 6 Table 4.Average Assessed Land Value by Location 7 Table S.Average Condominium Assessed Value by Water frontage 8 Table 6.Condominium Properties in the TIF District 8 Table 7.Lake Padre Properties by Tax ID 9 Table 8.Other Non-Exempt Water Front Properties 9 Table 9.Exempt Properties 10 Table 10.Padre Island Growth Rates by Location— 1992-2002 10 Table 11.Scenario 1.TIF District Taxable Value and Revenue,2001—2022 11 Table 12.Scenario 2.TIF District Taxable Value and Revenue,2001—2022 11 Exhibit 1.TIF Revenue Schedule, Scenarios 1 and 2 12 Table 13.TIF Taxable Value and Tax Revenue Schedule, Scenarios 1 and 2(S000s) 13 TIF Analysts for North Pads blood-Real Pugs I1 f E: GENERAL LIMITING CONDITIONS Every reasonable effort has been made to ensure that the data contained in this study reflect the most accurate and timely information possible, and they are believed to be reliable. This study is based on estimates, assumptions and other information developed by Economics Research Associates from its independent research effort, general knowledge of the industry, and consultations with the client and the client's representatives. No responsibility is assumed for inaccuracies in reporting by the client, the clients agent, and representatives or any other data source used in preparing or presenting this study. No warranty or representation is made by Economics Research Associates that any of the project values or results contained in this study will actually be achieved. Possession of this study does not carry with it the right of publication thereof or to use the name of"Economics Research Associates"in any manner. No abstracting, excerpting, or summarization of this study may be made. This study may not be used for purposes other than that for which it is prepared. Exceptions to these restrictions may be permitted after obtaining prior written consent from Economics Research Associates. This study is qualified in its entirety by, and should be considered in light of, these limitations, conditions and considerations. TV Algia for Nath Pedro blond—Rod Pug.Iv IBM INTRODUCTION Economics Research Associates (ERA) was engaged to provide the City of Corpus Christi with estimates of tax increment revenues in the proposed North Padre Island Tax Increment Finance (TIF) district. ERA understands that estimated future tax revenues from the district will be targeted to fund a portion of the development cost of funding the North Padre Island Damage Reduction and Environmental Restoration Project. This forecast makes use of data provided by the City of Corpus Christi and the Nueces County Appraisal District covering property tax rates, assessed values, and actual historic taxes paid for the defined TIF district. Data from these sources have been assessed to generate a reasonable estimate of potential tax increment revenue. This report is independent from an earlier report prepared by ERA in the year 2000. This report does not assume any major development in North Padre Island and uses a different methodology to forecast tax revenue in the TIF District. Some numbers are rounded and might differ from the original database. Although every possible effort has been made to present correct information, some errors might be present due to handling of large data sets in a short time period. However, ERA believes that the results are reasonable and concur with the data available. ERA would like to thank all staff members at the City of Corpus Christi and the Nueces County Appraisal District for providing us with data in timely fashion that ensured preparing a comprehensive report. TIF Analysis for North Padre bland--Find Page 1 APPROACH The approach followed by ERA first defines the current baseline assessed and taxable value of the proposed TIF district, using assessment information for land and improvements provided by officials with the City of Corpus Christi and the Nueces County Appraisal District. ERA understands that the base year for the district is calendar year 2000. From this base year value,ERA generates two sets of TIP revenue inputs: • Forecast growth in the taxable value of currently existing buildings and vacant land in the district over a 20-year period using constant growth rate for all types of properties. • Forecast growth in the taxable value of currently existing land and development in the district using variable growth rates based on location within the district. Growth in assessed values and taxes paid for current improvements and vacant land, as well as new development, beyond levels defined in the base year constitute the increment in property tax revenue that can be captured for potential use in the Packery Channel project. Working with officials at the Nueces County Appraisal District, City officials provided ERA with year 2000 assessed and taxable values for all land and improvements in the proposed TIF district. The following table indicates that the district currently contains vacant land and improvements amounting to $85,870,603 in taxable value. The table breaks down values between home site and non-home site land and improvements, as well as exemptions and adjustments, to arrive at a total taxable value. Exemptions and adjustments are made for homestead, disabled individuals and veterans, and people over 65. Preliminary assessments for 2001 are$98,153,611 and for 2002$107,588,794. Table 1.Taxable Value of Land&Improvement, TIF Dist- 2000 Catepwy Value Land—Home Site $5,491,354 Land—Non-Home Site $23,947,556 Improvements—Home Site $42,200,590 Improvements—Non-Home Site $17,684,297 Sub-Total $89,323,797 Exemptions&Adjustments $3,453,194 Total Taxable Value $85,8770,603 Source:Nueces County Appraisal District Looking further at the above table,ERA determined that home site improvements include single-family homes as well as higher-density condominium projects on the seawall. This distinction is important because home site land accounts for only 18% of total land assessed value,but home site improvements account for 70%of total improvements. 7=F Analysis for Nath Pedro blond—Rod page 2 r i, Participating Jurisdictions Four jurisdictions are contributing 100%into the tax increment fund for the whole period starting in 2001 through 2022. One jurisdiction, Del Mar Jr. College, is contributing 100%into the tax increment fund for the first 5 years, 80%for the sixth year, 60%for the seventh year, 40% for the eighth year, 20% for the ninth year and 0%thereafter. Three jurisdictions will not participate: Flour Bluff Independent School District (ISD), Port of Corpus Christi and Fire District #2. The following table shows tax rates schedule per $100 of taxable value. Table 2.Tax Rates for Participating Jurisdictions Jurisdictions Providing ALL 2001-2005 2006 2007 2008 2009 2010-2022 Increment Jurisdictions City of Corpus Christi 0.644175 0.644175 0.644175 0.644175 0.644175 0.644175 0.644175 Farm to Market Rd. 0.005238 0.005238 0.005238 0.005238 0.005238 0.005238 0.005238 County Hospital 0.228028 0.228028 0.228028 0.228028 0.228028 0.228028 0.228028 Del Mar Jr.Collage 0.21988 0.21988 0.175904 0.131928 0.087952 0.043976 0 Nueces County 0.350242 0.350242 0.350242 0.350242 0.350242 0.350242 0.350242 Port of Corpus Christi 0.002117 Flour Bluff ISD 1.526197 Fire District#2 0.022200 TOTAL 2.998077 1.447563 L40359 1.359611 1.31564 1.27166 1227683 2t:Assuming tax rates do not change ass:Nueces County Appraisal District,City of Corpus dunes Regarding the above tax rates, local officials indicated that they did not expect to see unusual growth in the above tax rates in the near future. Following standard TIF modeling guidelines, ERA has taken the above tax rates and held them constant for the duration of the 20-year TIF model. With tax rates held constant, key drivers of the forecast become rates of appreciation for existing improvements and vacant land. Methodology In order to estimate a reasonable tax revenue flow, ERA made the following assumptions: • Base tax year is 2000 • 2002 tax rates for each participating jurisdiction are assumed fixed for the whole period(through 2022) • Tax increment fund starts in 2001 • End of TIF district is 2022 • Packery Channel will be completed in 2004 • The TIF district tax revenue flow is completely independent of any potential major development that could potentially have a great impact on other developments and land value. TIF Analysis far North Parke Island-Final Pens 3 f�r� • Fast to Increase: Value of land and current developments with water frontage in the District excluding beach properties will be the first to increase in value due to the opening of Packery Channel, as it would provide direct access to the Gulf of Mexico. • Magnitude of Increase: Water front properties (vacant land) in the District excluding beach properties will have the greater increase in value compared to properties without water frontage. It is assumed that the value will approach the value of vacant beach properties. Based on the above assumptions,ERA compiled data from the City of Corpus Christi and the Nueces County Appraisal District to estimate current land and improvement value by location in the District. Using Tax II) data, ERA aggregated properties based on their location by defining 4 distinct locations: • Beach • Lake Padre • Other water front properties • Non-water front properties After linking each property to a location, total assessed and taxable values were calculated for each location. Value comparison was established and was later used to estimate growth rates for properties within the District. ERA also aggregated all values of properties on North Padre Island for the past 10 years to estimate an average calculated average growth rate (CAGR) for the island. This CAGR was then applied in the forecast model. Tax rates from the participating jurisdictions were then applied to estimate tax revenue flows. TIP Analy&far North Padua Island—Flied Page 4 CR - TIF REVENUE ANALYSIS Summary Two scenarios were developed and are presented in this report. The first scenario applies an annual growth rate of 9% from 2003 through 2012, and 3% annual growth rate from 2013 through 2022 for all properties within the TIF District. The 9.1% annual growth rate represents the CAGR of the assessed values of all properties on Padre Island from 1992 through 2002. The second scenario applies different annual growth rates for each property type in the TIF district. Waterfront properties on Lake Padre,the canal and on the proposed Packery Channel are estimated to grow at an annual rate of 24%between 2003 and 2007. During the same period, Beach properties and non-waterfront properties are assumed to grow at 9.1%. From 2008 through 2022, all properties are estimated to grow at the inflation rate of 3% per annum. The 24% annual growth rate represents the estimated CAGR of the total taxable value of TIF properties within the five participating jurisdictions from 1996 through 2001. The two scenarios are conservative and do not assume any new development. From 2001 through 2022 and using 2000 as the base year, the first scenario generates a total tax revenue of $63.4 million of which $38.9 million is the TIF revenue. The second scenario generates a total tax revenue of$55.9 million of which $31.3 million is TIF revenue. A detailed analysis follows. Real Estate Market Discussion Economics Research Associates conducted a number of telephone interviews with accredited realtors in Corpus Christi and Padre Island. The general consensus has been that over the past three years demand for good properties,defined as those in good repair, modern appliances, visually appealing and have good access, has increased remarkably. This increase in demand, the limited supply, and a strong market let to an increase in prices. The demand for weekend and seasonal homes from residents of large Texan cities, such as Dallas,Houston and San Antonio is also pushing prices upward. Aging baby-boomers and a healthy economy had lead to strong demand of retirement and seasonal homes in Padre Island. This demand has exceeded the markets ability to supply more housing units. Another factor in the escalation of price and demand is speculation regarding the Packery Channel, which would connect Lake Padre and the Packery Channel to the Gulf of TSF Anolyols for North Padre LIMB—Final paps 5 n F. Mexico. The Channel is perceived as a convenient way to provide access to the Gulf of Mexico from Lake Padre and the intercoastal areas. Some realtors indicated that Lake Padre properties would be more attractive to sailing enthusiasts that would need to be east of the 22-foot bridge to benefit from the Channel. This is assuming a marina is developed on Lake Padre. Properties without water access, known among realtors as dry or interior properties, on Padre Island can demand a$10,000-$15,000 premium over comparable properties in the city. Some realtors indicated that the difference in price between water-accessible and dry properties on Padre Island is too great to characterize. When asked about Port Aransas and how the market compares to Padre Island. Most realtors indicated that properties in Port Aransas, 20 miles from Corpus Christi, are overpriced and are not comparable in quality. Realtors also indicated that Padre Island has strong attributes and character that would attract investors to develop resorts, something that Port Aransas lacks. TIF Waterfront Properties 2002 Using the micro level data (property tax records) obtained from the City of Corpus Christi and the Nueces County Appraisal District, ERA was able to compile waterfront properties in the TIF District by location and type. The TIF District has 1,930.08 acres with a total assessed value of$107.59 million in 2002. Approximately 51% of land have or will have (after the opening of the Packery Channel) water frontage or 977 acres. Approximately 203 acres or 21% of water front properties are exempt properties. The waterfront properties have a total assessed value of $65.1 million and a total taxable value of $60.6 million. The following tables show waterfront properties by location, land value, improvement value,total exemptions, taxable value, and acreage. Table 3.Waterfront Properties by Location and Value within the TIF District Type Acres Laud Value Improvement Total Assessed Taxable Value Value Value Condos Beach 13.45 $2,450,499 $28,962,543 $31,413,042 $29,048,886 Across from the Beach 3.61 $281,352 $3,902,799 $4,184,151 $3,533,871 Other-Labe Padre,Canal 10.93 $1,459,001 $11,600,220 $13,059,221 $11,503,641 Lake Padre 470.66 $4,591,013 $938,742 $5,529,755 $5,517,325 Reach 53.20 S2,577,105 $4,355,083 $6,932,188 $6,932,188 Exempt 202.86 SO SO $0 $0 Other 222.24 $2,517,234 $1,669,836 $4,187,070 $4,054,928 TOTAL WATER PROPERTIES 976.95 513,876,204 $51,429,223 $65,305,427 $60,590,839 source:Maces County Appraisal District,Economics Research Associates TIF Analysis for North Padre Island—Final Pam 6 r. I; r. Most of the condominium properties are older developments dating to mid 1980s especially the ones with a beach frontage. Most of the properties on Lake Padre are parcels of vacant land. The other non-classified properties are parcels located on the Canal and what would be on the Packery Channel. Land value, as expected, increase as it approaches the Beach. The most expensive land parcels are those of condominium with beach frontage with over$180,600 per acre. The second highest, on average, are condominium properties on Lake Padre with $133,500 per acre followed by condominium properties located across from the Beach. As expected developed land, although with indirect beach frontage has more value than undeveloped beach parcels. It is plausible to assume that the value of land parcels with beach frontage would more than quadruple in value after it is developed. The following Table shows average assessed value per acre by location. Table 4.Average Assessed Land Value by Location Type Acres Average Land Value (S/Acre) Waterfront ProneMles Condos Beach 13.45 $180,623 Across from the Beach 3.61 $77,840 Other-Lake Padre,Canal 10.93 $133,448 Lake Padre 470.66 $9,754 Beach 53.20 $48,442 Egypt 202.86 $0 Other 222.24 $11,327 TOTAL WATER PROPERTIES 976.95 $17,897 Note:To(at average land value occludes exempt properties Source:Nueces County Appraisal District,Economics Research Associates There are 16 condominium developments in the TIF district,of which four are located on the beach, three are located across from the beach and the remainder is located on Lake Padre, the canal and Packery Channel. The most expensive condominiums are those with a direct beach frontage. The following table shows average assessed value per condominium by water frontage location TIF Anuli la for North Pedro blond-Final Page 7 Table 5.Average Condominium Awed Value by Water frontage Type Total Condo Units Average Condo Assessed Value Condos Beach 324 $96,305 Across from the Beach 115 $36,384 Other-Lake Padre,Canal 399 $32,730 ;Qum Nueces County Appraisal District,Economics Research Associates The following table shows condominium properties by location, acreage, number of units, and average condominium assessed value. Table 6.Condominium Properties in the TIF District Property Name Water Acreage Total Total Total Total Number Avg. Frontage Land Improvene is Assessed Taxable of Units Condo Location Value Value Value Value El Constante Beachfront 3.05 $531,178 $5,317,124 $5,848,302 $5,581,554 69 $84,758 Padre Island- Beachfront 4.78 $885,669 $13,272,754 $14,158,423 $13,239,239 130 3108,911 Gn La Casa Del Sol Lake Padre 0.70 594,134 3889,071 5983,205 3983,205 24 $40,967 Lakeshore Villas Lake Parke 1.26 3153,552 $1,586,544 $1,740,096 $1,459,835 24 $72,504 Leeward Isles Lake Padre 2.58 $168,810 $2,761,688 32,930,498 $2,897,168 87 $33,684 Leeward Cove Lake Padre 0.61 $75,632 $585,521 $661,153 $646,153 16 $41,322 Lorimar Place Canal-2 0.43 371,650 $303,335 $374,985 $374,985 10 $37,499 blocks from beach Mystic Harbor P� 0.94 $122,904 $1,185,002 $1,307,906 $1,175,954 32 $40,872 CSeaborne Across the 1.03 $78,814 $1,189,358 $1,268,172 51,017,892 26 $48,776 street from Beach Nautilus Galleria Across the 1.03 $67,502 $1,219,289 $1,286,791 $1,051,791 45 $28,595 street from Beach Pirates Crossing& Lake Padre 0.53 $184,591 $1,233,405 31,417,996 $1,337,959 36 $39,389 Seascape Villa Portofino Beachfront 2.31 3483,538 $5,372,008 $5,855,546 55,130,665 53 $110,482 Marinas Cay Canal-2 3.51 3539,544 $2,497,196 $3,036,740 32,261,740 136 322,329 blocks from beach Padre Island- Across the 1.55 $135,036 $1,494,152 31,629,188 $1,464,188 44 $37,027 Surfside street from Beach Padre Isle-Island Beachfcan 3.31 $528,142 $4,812,272 $5,340,414 35,097,429 72 $74,172 House Sand Dollar Canal 0.37 $48,184 $558,458 $606,642 $366,642 34 $17,842 Total 27.99 54,168,880 $44,277,177 $48,446,057 $44,086,398 838 $57,812 Source:Noeces County Appraisal District,Economia Research Associates T1F Analysis for North Pedro bland-Final Page$ 1 I A Beach properties other than condominiums are made up of 31 vacant parcels and one developed parcel which is the Holiday Inn with an assessed value of$4.5 million. There are 12 vacant parcels that range in size from one to approximately seven acres with the largest being 6.98 acres. Most of the remainder parcels are approximately half an acre. There are 10 (0.51 acres) parcels that are valued at $56,250 each or an average of $110,294 per acre. These are the most valued parcels on the beach. The next three tables summarize properties by Tax 1D. The first table lists all properties on Lake Padre, the second table shows all other(Canal, Packery Channel, non-classified) water front properties that are non-exempt and the last table shows all exempt properties. Table 7. Lake Padre Properties by Tax ID TAX ID Total Land Total Total Total Acreage Value Improveme*ts Assessed Taxable Vallee Value 6180- $1,636,741 $820,671 $2,457,412 $2,444,982 20.85 6185- $1,136,341 $0 $1,136,341 $1,136,341 23.75 6175- $225,114 $65,880 $290,994 $290,994 5.01 6125- $1,309,302 $52,191 $1,361,493 $1,361,493 286.05 6195- $283,515 $0 $283,515 $283,515 135 Total $4,591,013 $938,742 $5,529,755 $5,517,325 470.66 §ource:Nueces County Appraisal District,Economics Research Associates Table 8. Other Non-Exempt Water Front Properties TAX ID Total Land Total Total Total Acreage Legal Description Value Improvements Assessed Taxable Value Value 3730- $152,759 $111,409 $264,168 $264,168 8.05 Island Fairway Estates 4793- $791,199 $276,447 $1,067,646 $1,067,646 6.75 Marinas Cay Lots 6170- $584,752 $0 $584,752 $584,752 7.58 PADRE ISLAND SEC B 6205- $735,000 $0 $735,000 $735,000 60 PADRE ISLAND SEC 18 1115- $174,019 $0 $174,019 $174,019 138.86 BRYAN WM SUR 606 LS 64, 129.964 ACS ICL 1717- $79,505 $1,281,980 $1,361,485 $1,229,343 1.00 Compass Townhomes- 13 units Total $2,517,234 $1,669,836 $4,187,070 $4,054,928 222.24 Source:Nueces County Appraisal Dist id,Economics Research Associates TIF Anely.l.fur North Piedr.blond—Fhool Pall.9 Table 9. Exempt Properties TAX ID Name Acreage 111500000010 STATE OF TEXAS 138.87 111500000050 STATE OF TEXAS 4.03 373000030050 FLOUR BLUFF IND SCHOOL DI 6.5 616500451400 CITY OF CORPUS CHRISTI 3.46 619000000005 STATE OF TEXAS 0 625200000010 NUECES CO 20 625200000020 NUECES COUNTY TRUSTEE 30 Total 202.86 SOW=NQS County Appraisal Aid,Economics Research Associates Growth Rates Using available data, ERA conducted trend analysis for various areas to establish a trend in property growth rates on Padre Island and in the participating jurisdictions. These growth rates are later used in the forecast models to estimate TIF revenue. Padre bland Using micro level data, ERA compiled the assessed values for all properties in North Padre Island from 1992 to 2002. In 1992, total assessed value for properties on Lake Padre and on the beach were high and decreased in the following years. This is the main reason for the negative CAGR for beach properties and the small figure (less than one percent) for Lake Padre properties for the 10-year period. North Padre Island, in total, including waterfront and non-waterfront properties had a CAGR of 9.1%, i.e., properties grew on average 9.1%per year between 1992 and 2002. The following table summarizes growth rates for Padre Island by location of properties. Table 10. Padre Island Growth Rates by Location—1992-2002 Year Padre Idand Waterfront Lake Beach Other Non- (All Properties) Condos Padre Waterfront Waterfront CAOR 1992-2002 9.10% 5.99% 0.77% -3.96% 2.03% 10.19% CAGR 1993-2002 10.14% 7.27% 5.45% -2.30% 2.39% 11.06% :Iowan Nueces County Appraisal District,Economia Research Associates TIF Analpia for Nash Packs Inland—Final Paga 10 r I:, TIF Revenue Conclusions The following tables summarize the TIF District's estimated taxable value, grand total tax revenue and the incremental tax revenue from 2001 through 2022. Scenario 1 reflects an overall average annual growth rate of 9.1% from 2003 through 2012 and an annual growth rate of 3% from 2013 onwards. Scenario 2 reflects annual increase in taxable value of 24% for properties on Lake Padre and other water front properties excluding beach properties. Beach properties, existing condominium properties and properties without water frontage increase 9% in taxable value from 2003 through 2007 and 3% from 2008 onwards. Table 11.Scenario 1.TIF District Taxable Value and Revenue,2001—2022 2001-2005 2006-2010 2011-2015 2016-2020 2021-2022 Taxable Value $590,873,474 $909,709,774 $1,300,406,021 $1,523,320,994 $675,226,929 Grand Total Tax Revenue $8,553,266 $11,899,730 $15,964,864 $18,701,553 $8,289,646 Incremental TIP Revenue $2,338,110 $6,251,011 $10,693,770 $13,430,459 $6,181,209 Accumulated TIF Revenue $2,338,110 $8,589,122 519,282,891 $32,713,350 $38,894,559 Source:,City of Corpus Christi,Nueces County Appraisal Dict,and Economics Research Associates Table 12.Scenario 2.TIF District Taxable Value and Revenue,2001—2022 2001-2005 2006-2010 2011-2015 2016-2020 2021-2022 Taxable Value $601,808,948 $912,635,163 $1,072,871,721 $1,243,752,371 $551,305,402 Grand Total Tax Revenue $8,711,564 $11,971,610 $13,171,464 $15,269,336 $6,768,283 Incremental TIF Revenue $2,496,408 $6,322,891 $7,900,370 $9,998,242 $4,659,845 Accumulated TIF Revenue $2,496,408 $8,819,299 $16,719,669 $26,717,912 $31,377,757 ;oaroe.City of Corpus Christi,Nueces County Appraisal District,and Economics Research Associates TIF Atntlysis for Mort Padres rslatd—Find Pape 11 ERA The following exhibit shows the growth in the TIF revenue from both scenarios. Exhibit1.TIF Revenue Schedule, Scenarios 1 and 2 63300 -- _ �__� :•:� �,.,.... $3,000 ` ' �y�,y.r{r.,r. .mss. -:v ! 44 Y 31 .r� x,lit. aV-: 62000 '!77 b t I • moo J 61000 6600 • 60 26OI 2002 2001 2004 2005 2006 7007 2000 2016 2010 2011 2012 2013 2014 2016 2016 2017 20112010 2020 7021 2022 TIE Analysis for North Padre Island—finalPage 12 CRA The following table shows taxable values, grand tax revenue and incremental TIF revenue from the two scenarios in thousands of dollars. Table 13.TIF Taxable Value and Tax Revenue Schedule, Scenarios 1 and 2- 2001-2022 ($0O0s) YEAR TAXABALE VALUE GRAND TAX TIF REVENUE REVENUE Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2 2001 $98,514 $98,514 $1,426 $1,426 $183 $183 2002 $107,589 $107,589 $1,557 $1,557 $314 $314 2003 $117,376 $118,803 $1,699 $1,720 $456 $477 2004 $127,940 $131,379 $1,852 $1,902 $609 $659 2005 $139,455 $145,524 $2,019 $2,107 $776 $864 2006 $152,006 $161,483 $2,134 $2,267 $928 $1,061 2007 $165,686 $179,546 $2,253 $2,441 $1,085 $1,274 2008 $180,598 $184,932 $2,376 $2,433 $1,246 $1,303 2009 $196,852 $190,480 $2,503 $2,422 $1,411 $1,330 2010 $214,568 $196,194 $2,634 $2,409 $1,580 $1,354 2011 $233,880 $202,080 $2,871 $2,481 $1,817 $1,427 2012 $254,929 $208,143 $3,130 $2,555 $2,075 $1,501 2013 $262,577 $214,387 $3,224 $2,632 $2,169 $1,578 2014 $270,454 $220,819 $3,320 $2,711 $2,266 $1,657 2015 $278,567 $227,443 $3,420 $2,792 $2,366 $1,738 2016 $286,924 $234,266 $3,523 $2,876 $2,468 $1,822 2017 $295,532 $241,294 $3,628 $2,962 $2,574 $1,908 2018 $304,398 $248,533 $3,737 $3,051 $2,683 $1,997 2019 $313,530 $255,989 $3,849 $3,143 $2,795 $2,089 2020 $322,936 $263,669 $3,965 $3,237 $2,910 $2,183 2021 $332,624 $271,579 $4,084 $3,334 $3,029 $2,280 2022 $342,603 $279,726 $4,206 $3,434 $3,152 $2,380 TOTAL $63,409 $55,892 $4,999,537 $4,382,374 $38,895 $31,378 Source:City of Corpus Christi,Nueces County Appraisal District,and Economics Research Associates TIF Analysis for North Padre Island-Final Page 13 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT B Map: Existing Uses and Conditions in the Zone .1111411111”1111111111lik WV *S 0 co Ill" 444111PV C. ilts.:$74*1:::Z44, 4‘ N iiiiii padre Island o�,ty O t ZI g oq i• .:::.•• . !111.• •�•-ry,, III I,1j �,,. �';�••� :�1U1.i Tax Incrernen •,,'flllI11111+11171///•'•�••'•I, '''••I,•���1 ��a11� �,IUII,{............./•....:::' .,,, .:I:.III FinancingDi ; trict (TI '111...0 . t! • '' 'r1.5 itlun • r i/r .'- �pq q�'gq lJ�,�4l.mn.�4•. /J/t�'S].• • ♦ ♦ V• 4rmm.t'"171141:: rlruul !oNiiiiiiii • I.;44,,'40.41 1,.Iuum CC r 11 IUII�`aJ t.,"4., ,, ..„pulluq C7 .Ii /UIII__^Irt1. �''•il'''♦f,�'•I'•••1 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT C Map: Proposed Improvements and Proposed uses of Real Property In the Zone Padre Island Tax Increment Finance District It 1 411111W . 1*0411' 1• N4 44\ it / lg . 011,v 1.t.. ..e,1t7Z!.74,d,41 (t• %VI r ":7411r la ••..-0 'if- .;:71:1.:-... ..11 l ! Legend . �..�� ' � w I 1 ,�� : 'tI TIF Boundary �";13 ,'h,"r _ ,HFno.lwrra.b.nu.l NAL`�� �, nV�Nnt 41-/ ,Pubar Srni_Puoae 4,/ WNW Ma ICanm.r<.1 PM j 1.40,1 Irtlunrt low.Dsmity R.W.rlil I Navy industrial N At W N ",1., E S • Source: Department of Development Services MON 2112103 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT D Project Costs and Estimated Cash Flows Reinvestment Zone Number Two City of Corpus Christi,Texas Parlor/Chinned Project Costs and Funding Prater Cow Corps of Total Zone Two Engineers Land,easements,ROW $238,200 $82,870 $153,530 Domelike 20,834 7.292 13,542 Utility relocation 104,073 38428 87,847 Site preparation 74,219 25,977 48,242 Reach 2 0 0 Mobilizstlon&demobilization 486,881 170,408 316,473 Dredging 602,939 211,029 391,910 Reach 1 0 0 Mobilization&demobization 1,348,383 471,934 876,449 Dredging 2,912,120 1,019,242 1,892,878 Overdopth 425,238 148,833 278,403 483,774 189,321 314,453 Placement in placement areas 1,382,388 48035 898,551 Concrete bulkheads 2,389,894 829,483 1,540,431 Mdlored concrete bullheads 0 0 0 Containment sheetplisicap 0 0 0 Sand bypee.pipe 321,421 112,497 208,924 Bridge scar protection 743,041 280,084 482,977 Jetty cin 9,738,800 3,408,580 6,330,220 Walkway ung 0 0 0 Concrete walkway 1,502,309 525,808 978,501 erg,engineering a design 2,737,880 958,188 1,779,492 Consbuctloan management 1,817,640 838,174 1,181,486 Makaenanoe dredging reserves) 1,400,000 1,400,000 0 MklgeUoncosts 1,250,000 437,500 812,500 Mala Beatds monitoring 541,000 189,350 351,850 Parking tot(b) 750,000 750,000 0 Parka&recreation cener(b) 2,000,000 2,000,000 0 Fklanci g,contingency reserves a rounding 1,410,683 1,410,683 $34,659,513 $15,745,274 $18,914,240 Funding Sources Caps of Englnews $18,914,240 618,914,240 Sides 2003 Bonds 2,500,000 $2,500,000 Slides 2004 Bonds 4,300.000 4,300,000 Serbs 2005 Bonds 4,330,000 4,330,000 Unity and Land Credit 340,273 340,273 General Land Outs Grant 1,275,000 1,275,000 Surplus Tax Increments or Bonds(b) 3,000,000 3,000,000 $34,859,513 $15,745,273 $18,914,240 (a) itenintanence dredging reserve airier to be lknsnoed from the proceeds of Series 2005 Bonds oras funds become avallsble from srupkas tax Increments,ore cone$action thereof. (b) Part a taaaation center and parking lot b be Insn sd as funding becomes available from surplus tax increments or bonds,or a combination thereof. Reinvestment Zone Number T City of Corpus Christi, Texas PesMry Channel Bond Fund Assumptions: Bonds Issued: 00E • 1700 moon nrr e.n.na. Ser 2009 - N. 03 2304003 Tax inonnu t Bess 83,018,078 Clly kMk4 Res from Bonds 1,400,000 9.72034- Jen 04 4,304000 20371cisl Appraised Velu.: 107,580,782 0.0 Cast 1,275,000 Ser 2006 • ,Ian 05 4,334000 2002 Net Appraised Vat's 102,440.534 % %rimino..nnual roar 200% 11,130,000 kismet naan.: 1.86% Required Sid Find Balance 3,000,000 Bond Mr..t Ms: 7.60% MMdpsd Revenues Debt Benda Funds BegInehig Cepintrd Valve Bend Fund TW BedMq Available for FYI Tex Bond Fund ante Rel Mrolsc sd TIF !Merest Mesa & Anneal Cosh Bond Fund Mokia encs 7181 Ysr Belem* Property(a) Ravines (b) BarnYtp. Orly 2003 aeries 2004 Barts 2001 Total brpensss (e) Row Seisms Duedan9 2002 2301 10,936,710 61,188 2003 2002 61,168 19,422,458 181,974 1,132 - 15,000 188,106 229,274 2004 2003 229,274 32,933,000 477,000 4,242 194,792 - 194,792 15,000 271,460 500,724 2006 2004 500,724 46,609,000 860,000 9,263 187,500 376,250 - 563,750 15,000 89,513 590,237 2008 2006 590,237 59,464,000 864,000 10,919 167,600 322,500 378,876 888,676 15,000 (28,958) 561,281 2007 2005 681,281 75,613,000 1,051,000 10,384 187,500 322,500 324,750 834,750 15,000 221,034 782,915 2006 2007 782,915 93,676,000 1,274,000 14,484 187,500 322,500 324,750 634,750 15,000 438,734 1,221,549 2009 2008 1,221,649 99,052,000 1,303,000 22,601 187,500 322,500 324,750 834,750 15,000 475,651 1,697,490 2010 2009 1,697,499 104,610,000 1,330,000 31,404 187,500 322,500 324,750 834,760 15,000 511,664 2,209,153 2011 2010 2,209,163 110,324,000 1,364,000 40,869 187,500 322,500 324,750 834,750 15,000 646,119 2,754,272 - 2012 2011 2,754,272 116,210,000 1,427,000 50,964 187,500 322,500 324,750 834,750 15,000 824,204 3,000,000 382,477 2013 2012 3,000,000 122,273,000 1,501,000 56,500 283,760 418,750 449,875 1,152,375 15,000 389,125 3,000,000 389,125 2014 2013 3,000,000 128,517,000 1,576,000 56,500 276,2500 507,500 411,250 1,195,000 15,000 423,500 3,000,000 423,500 2015 2014 3,000,000 134,940,000 1,667,000 56,5000 268,750 492,600 500,000 1,261,250 16,000 436,250 3,000,000 436,260 2014 2015 3,000,000 141,673,000 1,738,000 56,500 387,500 573,750 480000 1,416,250 15,000 362,250 3,000,000 362,250 2017 2016 3,000,000 148,396,000 1,822,000 56,600 342,500 661,260 546,260 1,460,000 15,000 402,500 3,000,000 402,500 2018 2017 3,000,000 155,424,000 1,904,000 55,500 327,500 626,000 640,000 1,592,500 15,000 356,000 3,000,000 366,000 2019 2018 3,000,000 182,863,000 1,997,000 56,500 312,500 595,000 610,000 1,517,500 15,000 520000 3,000,000 520,000 2020 2019 3,000,000 170,119,000 2,069,000 55,500 393,750 651,250 078,250 1,731,260 15,000 398,260 3,000,000 396,250 2021 2020 3,000,000 177,799,000 2,183,000 56,500 371,260 720,000 736,000 1,828,250 15,000 397,250 3,000,000 397,250 2022 2021 3,000,000 185,709,000 2,280,000 56,500 446,000 876,000 786,250 1,908,2500 15,000 414,250 3,000,000 414,250 2023 2022 3,000,000 193,868,000 2.380,000 56.500 415,000 726.250 830.000 1071.260 15,000 449,250 3,000,000 449.250 31,063,974 806,751 5,498,542 9,180,000 9,017,260 23,685,792 315,000 4,931,102 (a) Tac yews 2001 a 2002 - Net Appraised Value nes Bees Yalu.. AS oswr pens - ERA August 2002 report - Soawb 2, br.caesed Total Appraised Vetoes less ERA B... Value. (b) Source : FY 2003 - Adopted budget FY 2001 through FY 2023 • ERA AugoA 2002 report - Bangle 2 (c) 7meY.lPsying Agent bus d 15,000 and T1R2 Admlr roam Bomar d $10,000 annually. Reinvestment Zone Number Two City of Corpus Chris% Texas Packery Cltanrni Maintenance Dredging Costs Assrmellees: Required Bnd Fund Baena 3,000,000 City Maks Res from Bonds 1,400,000 8tr5rg Maintenance Expense: 350,000 Maintenance annual inor. 2.00% Interest income: 1.86% Resources Available for Maintenance Dredging Start -up and Total Malnlanence Melnssnence MNntenance Available Ending FY! Tax Beginning Transfer from interest Reserve from Total Dredging Less Balance After 7131 Yea Balance Bond lend Earnings Sonde Available Expense Expenses City Advance City Advance 2002 2001 0 0 0 0 2003 2002 0 0 0 0 0 232,747 (232,747) 232.747 0 2004 2003 0 0 0 0 0 0 0 0 2006 2004 0 0 0 1,400,000 1,400,000 0 1,400,000 0 1,400,000 2006 2005 1,400,000 0 25,900 1,426,900 0 1,425,900 0 1,426,900 2007 2006 1,425,900 0 26,379 1,462,279 0 1,452,279 0 1,452,279 2009 2007 1,452,279 0 26,887 1,479,146 350,000 1,129,146 0 1,129,145 2000 2008 1,129,146 0 20,889 1,160,035 357,000 793,036 0 703,036 2010 2009 793,036 0 14,671 807,707 364,140 443,567 0 443,567 2011 2010 443,667 0 8,206 461,773 371,423 80,350 0 80,360 2012 2011 80,350 382,477 1,486 464,313 378,661 85,462 0 86,462 2013 2012 86,462 389,125 1,581 476,158 388,428 89,739 0 89,739 2014 2013 89,739 423,500 1,660 514,900 394,167 120,743 0 120,743 2015 2014 120,743 438,260 2,234 569226 402,040 157,186 0 157,185 2016 2015 157,188 382250 2,008 522,344 410,081 112,264 0 112,264 2017 2016 112,284 402,500 2,077 516,840 418,282 98,558 0 98,558 2018 2017 96,568 356,000 1,823 456,381 426,648 29,733 0 29,733 2019 2018 29,733 520,000 550 550,283 436,181 115,102 0 115,102 2020 2019 115,102 396250 2,129 516,482 443,885 71,597 0 71,597 2021 2020 71,597 397,250 1,326 470,172 452,762 17,409 0 17,409 2022 2021 17,409 414,250 322 431,981 461,818 (29,835) 29,836 0 2023 2022 0 449,250 0 440,250 471.054 (21,804) 21,804 0 4,931,102 141,008 1,400,000 6,756,497 284,387 Padre Island Tax Increment Finance District s Co. Park • uby Parr, `.Co • Whitecap Sl:d to of Texas 0 Beach Access RD 4 E To a_ Legend Parcels TIF Area Padre Balli County Park 0 01 0.25 05 Miles MDN 2/20/03 Source: Department of Development Services CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 / t. pqo � '� f ** / 1.1 / 'e" - ( / X -'„,..,...._ ii v 1-1 0 . 7 ' I Rj �'!jor- /� i y, i---_-)11 4 . 1 -... ,,,./'17;:refff,,,t#7 , r • ,t,. tip . / Zit ,,,/ re 44'' ,* ', ';*v ,...• 1 ,f. / , /-, Airt*r tot d .11.,*;_i:411.,Ws ,,,, ,, .11VAI, t "re i f st, ,,": / itd fite.4„.; ,, 7' ..` • °MI :6% Orl-4AV'Or'4 tiny/Ors 1011 ,ielir il ° i ip' H ! , ' - - n: 7: r Pe43.44 / / 4:4 Ad , (-i, kw. E ::: t v 4 l'i .-,4 , \ ot iVit, i r \v. Vcrr 1 g...?I 4 \\) -1 116 ,4 -ss '' , /i, ter/ N.11 ' 7 C4.O Legend L-_ TIRZ#2 0 1,500 3,000 6,000 Printing Date:8/26/2009 Feet File:H:1PLN-DIR\SHARED\GIS Projects\Legal\TIRZ2\tirz2.mxd Prepared By:MikeN C City of Corpus Christi,Texas CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Current Land Use �o� �1v / 1 i ;� K. / /` // ,7 ''''''' '-'''''',9:'- / / / /://, ''', ' ,11:',7/ // /,'` / i / L/ / / 1 / , / / / J ; Nit",; /- / / / / - % ti�, />-/ \,r��t • D�yyry.�.....`,;� '(l(y/" \ "vim / / - / ' - :-.."----4 r 7/7 i ,,,/,\../ , /,,,, / s , ,,, / / WHIT: =�'t5 /I� / Af.1 / / \NA'Or/ S " ' " - ---,,,: >-,. -,__—__-4„ , „„„'(-. 4" ,,,,:////• . ��a \ f / " lel` j YYY � - "tel i ,3' I � �Wp{. .�,S.y� / � % �` / ! l .. " • Ip,..,' X0 b/.� j/ r475p'{tl , / / may ` ' ` -`2W / *ra-7 / , / / ^�. Legend k _ Q TIRZ#2 J>: Drainage Corridor Professional Office / Current Land User Park q� ��'/ '� ,u - Commercial" / /// Vacant Low Density Residential '/,Public-Semi Public.PSP / / / / ,/Mater 22/Medium Density Residential Light Industnal .;. Natural Area ?..N High Density Residential WM Heavy Industnal / G' / / / iI, -yktland -- --Mobile Home / /'I / / . / / / / / / / / / / 0 1,450 2,900 5,800 Printing Date.8/26/2009 Feet File H:\PLN-DIR\SHARED\GIS Projects\Legal\TIRZ2\clu.mxd Prepared By:MikeN ©City of Corpus Christi.Texas CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Zoning B-4 4 B-2A / •, R-1 B/10 , F-R COQ R-2 / cj F-R/IO AT B-2A/I0'/SP/97-09 • `_` R-1 B ~ `� B-2A/IO/SP/96-12 .. , A-2 AT ' itki A 2 ' B-2A f , AT/PUD-2 I,, AT/10 4 1 ` �_ f g B/PUD 2 fillt li / R-1 1B/IO AT/10, R16 A-111p API B-2'110 / B12A//10N %16/PUD-1/10 B.(2110 *Ai WHIT:►1i i , B-2A/I0 4 W E B-2A A-1/I0 B-2/10 '� S /F,//I,O A-2 B-2A/IOI�/98-08 R-2 F-R/10 B-2A/10/SP196-06 Nv �Q Legend .,;k" Legend 17.. ?_ TIRZ#2 R-1 B/SP/01-11 QZoning AT/SP/01-11 AST 0 1,350 2,700 5,400 Printing Date.8/26/2009 Feet File:H:\PLN-DIR\SHARED\GIS Projects\legal\TIRZ2\zoning.mxd Prepared By:MikeN ©City of Corpus Christi.Texas CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Future Land Use // / . , _, , , ..4.,--.,..„,,, **' — / / I i Z, f / ��i, ,psi -"-W **,5- ' / 4j t h i c^ _e(te =! 404110d t4/7t.. • SCAL N • PA Cita.'" ftiv . 0. -.- e • , t Sr ,R77.101._ C'5.% :***, MI PHASE 1 -SEAWALL PARKING LOT RESTROOMS El PHASE 2 -PACKERY CHANNEL PARKING &OVERLOOKS . (NORTH &SOUTH SIDES) PHASE 3 -PACKERY CHANNEL RESTROOMS (NORTH & SOUTH SIDES) PHASE 4-ADA RAMPS TO JETTIES (NORTH &SOUTH SIDES) PHASE 5-PACKERY CHANNEL PAVILION (NORTHSIDE) vititA „ Ali PHASE 6 -ADMINISTRATION & MAINTENANCE BUILDING .• PHASE 7-ADA PARKING LOT IMPROVEMENTS AT EXHIBIT F CITY COUNCIL EXHIBIT PACKERY CHANNEL CITY OF CORPUS CHRIST!, TEXAS SIX PACK DEPARTMENT OF ENGINEERING SERVICES PAGE: 1 of 1 PROJECT LOCATION MAP DATE: 10/08/2013 OAS OF MORO SCALE : I" - 400' JAN. 7, 2002 GLO LEASE TRACT 5 acu4m aMOM RA Mr PURRS OF WPM RR., MOM DE AMOR, Or MOSEL fl MOW, ` OWN mn,moi LONVIRVCOON. 01001... NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES ', AN : NORTH AND SOUTH ACCESS TO PACKS. CITY OF CORPUS CHRISTI Ory PROJECT NO ENGINEERING SERVICES OEPARTNENI 0122 REV. 1 ATTACHMENT No.2 Sheet 1 of 6 SCALE : 1" - 300' COPPENI M.P. R. PE NAPO. Of .771.0 KNEW IPS 0004.00 IS POT TO Br V933 /Pa canesmcnow, POONG. PT POW aUPPOSISS NOV 7, 2001 NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES OVERALL PLAN - REACH 1 CITY Of CORPUS CHRISTI ENGINEERING SERVICES DEPARTMENT CITY PROJECT NO. 5122 ATTACHMENT No.2 Shoat 2 of 6 PROPOSED 17-•IMPRO ERSECTION ENCS PROPOSED ROAD ANO INTERSECTION IMPROVEMENTS ZAHN ROAD r A, „1 0� Ib co 2,- o \ I Y x"C -, D W x' s' iD\ dy 2 0 SCALE : 1" s 100 S0 Iw eoolw r 110.1C NA se MAKIN CI MIN 104101 Ile /MOWOrw NM 4 0014{ Pt .01. a Iowa P. ltll aM COR10.1 Cwow. 0.111111a Marra Orfor KAM wwmee DEC. 13, 2001 NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES PLAN VIEW CITY OE CORPUS CHRISTI Clry 000,/t ENGINEERING SERVICES DEPARTMENT NO. 5122 REV. 1 ATTACHMENT No.2 Sheet 3 of s , - -I _7_— ,-8,..,..,,,. R. R. --„k ... „.... -.., ,-.. 1 03, -' I ,,, I-- .., I 2 r , t ' // ' '../.0•45.22L._. _24' . i . i ,., . NHY ,4, , -• , -,... ILgillgo,:„ ! C 11 1 1111?` 6-P°°ING A ,.• 200 ' RtA •IR LAN 'AND 4770A, Or . , . , 740 _ N_ •=' -,3 I , I.f:i „ - - 1.--,47.--- ' I I '' (i) :1 .".g a2 -.;,(') rA ‘:: _ t c) - "I --, - - , 1 "\., 5-0,- 4 ,..- l• -;57 ,r,, L , " . ........,. R 0 R°reerzo--- - ..-.. .,, . ,. . / ,; r.,` - - - .- ., , ,.. - ".. ' GEtA170A1 UNE 1 VEGETATION UNE CLO LEASE TRACT 2 4. PROp0D 00°°-- --_ ..,_ . . , . ,- --,PACE.: -) E „„„ ...... ' --' g OA 44,114 'V A 1 .1. , I -I- ... ,, ;17 I --, I 1 79776 -- I 71g0 i- 1 0 1800 1 i , „„.. ,. - 1 I 1 , i ,, ig=1 1 .. ,,, -f) - - , ,,,, 1 §..4 ..,......7 fRoDllya, . . M/N.-- PARK/NG PROPn , . ,..., , , 4 ..- ' ' 4 - „ , --.. ..... -.„ 'VE-CeTA Po — .., ,..._ </NE ..t 1, .,.. - • sp i A CEs 9. 1.-- 185rME t-tEDUPADRE ISLAND STORM DAMAGE CTION AND ENVIRONMENTAL RESTORATION PROJECT I I r- DRS MM./ 4 FoliElte MO PIA.OSE Of M.+ SPEW .1300 PC NJMORIN OP AVM R MOW P.E 0108 MS 00.100 4 MY MI Se 1/30 ---- PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES REACH PARKING NORTH & SOUTH OF JETTIES SCALE : 1" = 100 I CITY OF CORPUS CHRISTI CTTY PROJECT DEC. 13, 2001 ENGINEERING SERVICES DEPARTMENT NO. 5122 REV. 1 ATTACHMENT No.2 Shoot 4 of 6 Cpl. }5 e -/PROPOSE° ROA° S /MPRO'�E� x eia� / / /6 i2' r STAIRS a6 4 5/ 10 / I x 10 pi r o —1_ _ _1_ - _1_ �I L_ J _ L m g o, 003- -r- / VENDOR KIO50 AREAS 01.0 LEASE TRACT J SCALE : 1" 100 mrs ['octave' ts RELEASE FOR NE PURPOSE Or ROMP R.EIV OVER MC rurNoalre 0, ESLOBVE RE. 4.1205 OM WAR. 1. 2001 PIS 000.IPCNE S MOT PO BE lISED 0, h 0 h �.i NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES C ACH PARKING NORTH & SOUTH OF JETTIES CITY OF CORPUS CHRISTI NOV. 7, 2001 ENGINEERING SERVICES DEPARTMENT OTT PROJECT NO. 5122 REV. 1 ATTACHMENT No.2 Shoot 5 of 6/ t rJ0- T 'I r T 7 1 r T 1� r T r T "t r 1 I 1 I I 1 I I I I I i V4 1 Ji 1- I J L 1 J10 L 1 J L i J L I I I I .55, an" ""mvo" yrwI IQ" -1 1_.�•1�---h�--F--1--L— --' I— — —t �.L _l NORTH SIDE i i i Je i EJ"mNG G1100,10r- -r- -� -r r r T r r r T OVERLOOK EL=6.55' PROP. FILL _10 OUTFALL STRUCTURE I IJ 0 1 3 0.8155' --,- ---+- I Owit. MARGO, SOUTH SIDE n. L 1 J L l OP :. iii7i///////////.�// T 'I2° SEE DETAIL BELOW 270' J 1 J -p 164+00 WALL, t 0.73 a_1025" 130' 140' 64' h. H EXIST. GROUND MINOR BULKHEAD PARKING AREA 25' INLET SIDEWALK • F _ WATER EXCHANGE PIPE NORTH SIDE _ CD + - 14.25— — EL=5.25' BULKHEAD -1 /- EXISTING GROUND EL =-1.75' 1 L_ PROP. CHANNEL 3 HORZ. SCALE I" = 10' VERT. SCALE 1" = 5' o + .5 00.1YENT RE1EASE MI? INC PLOPOSE Or MUNI WNW ANGEL'': ESCOSOR'r S'1106 FOR 0w,"�".�: " o., a NOV. 7, 2001 EL =-14.75' L4 La. zl 10 i_241 V 1_ 00 a 44 Y CL 164+00 I-10 1-20 CO O NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES TYPICAL CROSS-SECTION NORTH PARKING LOT NEXT TO BULKHEAD CITY OF CORPUS CHRISTI pry PROJECT ENGINEERING SER'CES DEPARTMENT NO. 0122 ATTACHMENT No.2 Sheet 6 of 6 PROJECTS WITH FUNDS FROM TAX INVESTMENT REINVESTMENT ZONE#2 CITY OF CORPUS CHRISTI 7 RECOMMENDATIONS FOR DISCUSSION 2017 -rt PROJECT EXPENSES PROJECT PROJECTi BUDGET TO DATE STATUS 1 Packery Channel South Parking Lot Improvements This project consisted of the demolition of existing facilities, construction of approximately 11,500 square yards of new flexible pavement, parking lot, two $640,447 Completed concrete driveways, minor water and wastewater improvements, landscaping March 2006 — improvements,lighting improvements,and concrete pedestrian ramp. Projects Include: Packery Channel Monitoring FY 2008-2009 , Complete Packery Channel Monitoring FY 2009-2010 Complete Packery Channel Monitoring FY 2010-2011 Complete 2 Packery Channel South Parking Lot,Landscaping Phase 2 This project consisted landscaping and irrigation improvements to the newly Completed constructed 300-space parking area including the construction of new planting islands $145,461 March 2008 with mexican fan palms,sea grape trees,decorative rock and irrigation. 3 Packery Channel Boat Ramp Parking_Lot/Access Road _�— This project consisted of the construction of approximately 17,000 square yards of HMAC flexible pavement parking facility adjacent to the existing Packery Channel $1,053,176 total Boat Ramp; construction of an access road and related signage and pavement project cost. Completed markings, and the installation of 1,000 square yards concrete reinforced pavement $549,216 from July 2009 adjacent to boat ramp,concrete bollards;minor drainage improvements;3,500 linear TIRZ#2 feet of electrical conduits;_and minor landscaping. 4 Packery Channel Boat Ramp Dredging This project consisted of dredging approximately 17,800 cy of the Packery Channel Boat Ramp and adjacent area. The work included environmental control measures to Completed prevent erosion and allow for discharge of water from the dredging operations to $431,377 discharge into the surf of the Gulf of Mexico. Minor amount of stone were installed at April 2010 the boat ramp to enhance shoreline protection. 5 Packery Channel South Parking Lot Restroom(Phase 1) This project included the construction of restroom facilities at the South Parking Lot at the beach seawall on Windward Drive. The project included separate men and Completed women facilities to with showers,toilets,changing stations,outdoor seatingarea,and $460,743 9 9 July 2010 native landscaping. 6 Packery Channel Parking Lot and Overlooks(Phase 2) This project consisted of improvements along the north and south sides of Packery Channel including seven overlook structures, parking lot, access road, pedestrian $2,869,224 Completed walkways,storm water structures lighted bollards with electrical receptacles, lighting, March 2012 landscaping,concrete benches and repairs to shoreline structures. 7 Packery Channel Aids to Navigation/Signage This project consisted of lighting improvements to Packery Channel as required for Completed safetyand securityalongwith signage to mark no wake zones. $64,500 December 2012 page 1 of 2 2/23/2017 PROJECTS WITH FUNDS FROM TAX INVESTMENT REINVESTMENT ZONE#2 CITY OF CORPUS CHRISTI RECOMMENDATIONS FOR DISCUSSION 2017 PROJECT EXPENSES PROJECT PROJECT BUDGET TO DATE STATUS 8 Packery Channel Restroom Facilities(Phase 3) This project consists of the purchase and installation of a mobile restroom on the north side of the Packery Channel and adjacent parking lot. The project also includes turn-around and connector to Zahn Road. A mobile trailor restroom on the south side of Packery Channel with wastewater lift station and wastewater 2-inch force main (approximately 2.500 linear feet long) is also being planned. Priority Item. P&R recommends self contained,solar powered mobile units to be placed at Packery To the Purchasing Channel Parking Lot,end of Zahn Road and on South side of PC (at a location Revised$412,000 $263,618 Department in yet to be determined) Build and Install portable restroom shelters to hold Spring 2017 portable restroom units at various locations. Build and Install Portable Shower units on the North and South side of Packery Channel. Board approval of 4 portable restroom facilities at $65,000 each plus 20%contingency and shower facilities at$100,000 total. 9 Packery Channel Ramps to Jetties(Phase 4) This project includes ADA beach access on the north side and the south side or the channel to provide access from the beach to the restroom,lookouts and parking lots. This project will include the ADA approved mobi-mats on the north side and the south side of Packery Channel to provide access from the beach to the restrooms,lookouts To the Purchasing and parking lots. This project was designed as part of the Phase 2 project for parking $8,979 Department in and overlooks. Priority !Tem: P&R recommends a new design for structures Spring 2017 since the GLO will not approve construction of parking lots on the beach.Board approval of installation cost only. 10 Packery Channel Dredging and Beach Nourishment The project consisted of dredging approximately 264.300 cubic yards of beach quality material from within Packery Channel and placement of the dredged material as beach nourishment along the Gulf shoreline to the south of Packery Channel. and Last Completed 15,000 cubic yards of sand from the north to south end of the N. Padre Island 51.820'843 March 2012 Seawall. Dredging schedule to be determined by results of annual study of channel. 11 Packery Channel Pavilion(Phase 5) This project includes the pavilion expansion adjacent to the north side restroom or north side boat launch. This will allow the deck area around the restroom and some sitting areas for visitors. Design will begin in FY 2016 and construction will follow in Revised$1,000.000 HELD FOR FY 2017 dependent upon available funding. P&R recommends further discussion DISCUSSION on this item to determine if another amenity would better suit the area. 12 Packery Channel Administration/Maintenance Building(Phase 6) This project includes a 30' x 60' maintenance building, a 20' x 20' administration Moving Forward building and a 100'x 1,000' parking lot near the entrance to the Packery Channel with Nueces Lookout Areas just south of Zahn Road. Priority Item:P&R recommends facility be County located on south side of channel to reduce travel time for equipment and safety. Negotiations 13 Packery Channel ADA Parking Lot Improvements at Jetty Ramps(Phase 7; This project includes parking lots on the beach along the north side and the south side of the channel. Development of this project will be pending USAGE and TGLO approval and authorization. Project initiation schedule pending availability of funds MOVED TO ITEM and completion of previous phases. GLO will not allow this to be built. P&R #9 recommends reprogramming the funds. 14 Periodic Survey of Channel Conditions and Shoreline Packery Channel monitoring began in 2003 by Texas A&M Division of Nearshore Research by the U.S. Army Corps of Engineers. They ceased monitoring efforts in 2007 and the City assumed monitoring in 2008. The program includes the collection 5 Year Contract of bathymetric data in Packery Channel and the surrounding nearshore,measurement Varies Annually with Annual Task of elevation along the adjacent beach and inland channel segment (shoreline Orders position), elevation measurements across the Mollie Beattie Coastal Habitat Community,and measurement of current velocity in the inland channel segment. page 2 of 2 2/23/2017 Reinvestment Zone Number Two City of Corpus Christi Texas Packery Channel Projections- Using 5% Increase in TIF Collections Fiscal Year 2016-2017 Tax PIE Beginning Nat Taxable Year OF Fund Values Balance 2000 2001 $ 82,695,893 Ill 2001 2002 $ 92,086,188 $ 2002 2003 $ 52,124 $ 101,265,608 $ 2003 2004 $ 276,113 $ 111,377,838 $ 2004 2005 $ 570,480 $ 148,690,968 $ 2005 2006 $ 1,098,472 $ 173,610,137 $ 2006 2007 $ 1,818,402 $ 252,025,820 $ 2007 2008 $ 3,460,142 $ 345,361,546 $ 2008 2009 $ 5,138,470 $ 411,201,302 $ 2009 2010 $ 6,857,092 $ 391,127,739 $ 2010 2011 $ 8,358.697 $ 330,788,907 $ 2011 2012 $ 6,067,506 $ 299,932,835 $ 2012 2013 $ 4,609,185 $ 319,401,639 $ 2013 2014 $ 4,912,874 $ 327,772,541 $ 2014 2015 $ 5,064,191 $ 362,775,885 $ 2015 2016 $ 4,981,931 $ 409,700,308 $ 2017 6,992,623 435,12.,. 2017 2018 $ 9,107,713 2018 2019 $ 10,682,370 2019 2020 $ 9,492,624 2020 2021 $ 11,506,224 2021 2022 $ 13,634,764 Captured Value Real Properly TIF Interest Collections Earnings Total Debt, Fees & Expenses Project Expenses Annual Cash Ending Ending Flow TIF General Fund OF Capital Projects Balance Fund Balance Total Ending TIF Fund Balance Bond Reserve CUMULATIVE Dredging Maintenance Funds Available Reserve Reserve Other Projects 10,905,193 $ 163,482 20,531.573 $ 281,039 31,242,521 $ 460,542 69,016,056 $ 1,015,239 91,012,532 $ 1,333,540 170,293,479 $ 2,332,093 263,629,205 $ 2,851,595 328,505,409 $ 3,601,895 305,772,760 $ 3,357,599 249,503,484 $ 2,803,583 218,546,042 $ 2,399,907 230,460,941 $ 2,513,028 238,911,352 $ 2,632,938 273,365,948 $ 2,880,930 327,004,415 $ 3,405,001 ,4 1,73 3,575, 51 $ 354 $ 111,712 $ 1,544 $ 58,594 $ 2,658 $ 168,833 $ 15,930 $ 503,177 $ 58,540 $ 672,150 $ 127,129 $ 817,482 $ 143,028 $ 1,316,295 $ 24,525 $ 784,763 $ 29 $ 775,293 $ 3,167 $ 1,157,358 $ 542 $ 1,224,045 $ $ 1,189,008 $ 99 $ 2,321,958 $ 2 $ 1,267,694 $ 511 $ 1,333,285 S 3 S S $ 1,123,035 $ 1,080,730 $ 3,940,583 $ 2,634,725 $ 1,020,332 $ 159,762 $ 1,695,498 61 52,124 223,989 294,367 527,992 719,930 1,641,740 1,678,328 1,718,622 1,501,605 $ (2,291,191) $ (1,458,321) $ 303,689 $ 151,317 $ (82,260) $ 2,010,692 $ $ 3,754,014 $ $ 3,941,714 $ $ 4,138.800 $ $ 4,345,740 $ $ 4,563,027 $ $ 56,350,957 $ 1, - •,700 ,115 1.1 52,124 276,113 570,480 1,098,472 1,818,402 3,460,142 5,138,470 6,857,092 8,358,697 6,067.506 4,609,185 4,912,874 5,064,191 4,981.931 6,992,623 9,117,71 $ 963,594 $ 464,836 $ 462,430 $ 632,953 $ 79,997 $ 168,074 $ 28,233 $ 900,517 $ 1,072,652 $ 1,242,938 $ 957,280 $ 2,363,453 $ 2,021,572 1 • 1.•• Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAFR Agrees to CAPS Agrees to CAFR Agrees to CAFR A. roes to CAFR proposed nndgel $ 52,124 $ 1,239,707 $ 1,035,316 $ 1,560,902 $ 2,451,355 $ 3,540,139 $ 5,306,544 $ 6,885,325 $ 8,358,697 $ 6,968,023 $ 5,681,837 $ 6,155,812 $ 6,021,471 $ 7,345,384 $ 9,014,195 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 70° 1,5 "1.1'11 $1,400,000 $1,400,000 $ 2.500,000 $2,912,874 $ 3,064,191 $ 2,981,931 $4,000,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 540,139 $ 2,306,544 $ 5,385,325 $ 5.458,697 $ 4,068,023 $ 1,181,837 $ 1,242,938 $ 957,280 $ 2,363,453 $ 3,014,195 378.058 1,389,150 'eb$ $ 1,511,000 .$ A620,461 $ $ 1,615,200 $ 510,000 $ $ 1,707,200 $ 510,000 $ $ 1,687,225 $ 510,000 $ $ 22,961,122 $ 17,767,328 $ 1,574,658 $ (1,189,747) $ 2,013,600 $ 2.128,540 $ 2.365,802 $ 16.000,565 (1) - Obtained from the TIF Detail Report for 2008 from the Nueces County Tax Office. Recap of Expenditures for FY 2015-2016 Packery Channel Miscellaneous Improvements Marina Patrol Administrative Costs Total Recap of Expenditures for FY 2018-2019 Packery Channel Miscellaneous Improvements Marina Patrol Administrative Costs Dredging of Channel Total $ 32,957 $ 28,578 $ 61,535 $ 510,000 $ 98,812 $ 11,649 $ 3,000,000 $ 3, 461 Recap of Expenditures for FY 2016-2017 Packery Channel Miscellaneous Improvements Funding for Park Road 22 Bridge Marina Patrol Administrative Costs Total 5ir1,n1 . 5, x,71. 10,682,370 $ 2,060.996 $ 12,743,366 $1,500,000 $4,000,000 $ 500,000 $ 6,743,366 9,492,624 $ 2.060,996 $ 11,553,620 $1,500,000 $4,000,000 $ 500,000 $ 5,553,620 11,506,224 $ 2,060,996 $ 13,567,220 $1,500,000 $4,000,000 $ 500,000 $ 7,567,220 13,634.764 $ 2.060.996 $ 15,695,760 $1,500,000 $4,000,000 $ 500,000 $ 9,695,760 16,000,565 $ 2.060,996 $ 18,061,561 $1,500,000 $4,000,000 $ 500.000 $ 12,061,561 Including released bond reserve $ 13.561,561 98,812 11,649 Recap of Expenditures for FY 2017-2018 Packery Channel Miscellaneous Improvements Packery Channel Restrooms, Phase 3 Marina Patrol Administrative Costs Total $ 367,745 312,000 98,812 11,649