HomeMy WebLinkAbout031580 ORD - 10/16/2018 ORDINANCE
APPROVING THE AMENDMENT TO THE TAX INCREMENT
REINVESTMENT ZONE #3 AMENDED PROJECT & FINANCING PLAN
APPROVED BY THE BOARD OF DIRECTORS OF REINVESTMENT
ZONE NUMBER THREE, CORPUS CHRISTI, TEXAS.
WHEREAS, in 2008, through Ordinance 027996, the City of Corpus Christi created a tax
increment financing district, to be known as "Reinvestment Zone Number Three, Corpus
Christi, Texas," over a portion of the city that includes the City's downtown area;
WHEREAS, Ordinance 027996 included a preliminary reinvestment zone financing plan;
WHEREAS, on August 25, 2015, the City Council passed Ordinance 030592, which
approved the "Tax Increment Reinvestment Zone#3 Amended Project& Financing Plan";
WHEREAS, the "Tax Increment Reinvestment Zone #3 Amended Project & Financing
Plan" was last amended by City Council on August 15, 2017;
WHEREAS, on August 28, 2018, the Board of Directors of Reinvestment Zone Number
Three passed a resolution approving a fourth amendment to the Tax Increment
Reinvestment Zone #3 Amended Project & Financing 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 Tax Increment Reinvestment Zone #3
Amended Project & Financing Plan for the Reinvestment Zone Number Three, Corpus
Christi, Texas, as amended and approved by the Board of Directors of Reinvestment
Zone Number Three by resolution on August 28, 2018. A copy of the Plan is attached
hereto and incorporated as "Exhibit A."
031680
S('1ANINFD
That the foregoing ordinance was read for the first time and passed to its second
reading on this the 1 ('4 day ofC'71013.e4r , 2018, by the following vote:
Joe McComb Ben Molina _AC_
Rudy Garza ( , _ Lucy Rubio /�.
____ezig,_
Paulette Guajardo Greg Smith
Michael Hunter d Everett Roy _______Ok(
Debbie Lindsey-Opel 64
That the foregoing ordinance was read for the second time and passed finally on this
the I (j 'day of (Q(�'0 bt'-, 2018, by the following vote:
Joe McComb Ben Molina /
1
Rudy Garza () Lucy Rubio
Paulette Guajardo ay . Greg Smith
Michael Hunter Everett Roy
` 4:
Debbie Lindsey-Opel
t
PASSED AND APPROVED on this the l (Q day of 0 e%l,U ky_i, , 2018.
ATTEST:
Telae_.eze. -1-4-12.€.471--e. , _ ,,,,,...,d. --
Re ecca Huerta J• - cComb
City Secretary M.: I r
031580
City of Corpus Christi / Corpus Christi Downtown Management District
Tax Increment Reinvestment Zone #3
Amended Project & Financing Plan
Introduction
Tax Increment Financing is an economic development tool authorized by Chapter 311 of the Texas Tax
Code, through which governments can designate a portion of tax increment to finance improvements to
promote development of a defined area, called a "Reinvestment Zone."The defined area must meet one
of the five criteria outlined in Chapter 311.
In 2008,through Ordinance 027996, the City of Corpus Christi created Tax Increment Reinvestment Zone
#3("TIRZ#3"or"the Zone"),over a portion of the city that includes the city's Downtown area.There have
been three amendments to the ordinance; expansion of boundaries (April 2009), correction of
termination date (March 2012) and correction of board composition (August 2014). A change in the
economic climate immediately after the creation of TIRZ #3 hindered the performance of the fund and
prevented any investment from occurring.
Throughout this time, there has not been an update to the Preliminary Project & Financing Plan in the
2008 Ordinance.This document,the 2015 Amended Project& Financing Plan, is intended to replace the
previous Project& Financing Plan and any future amendments will modify this version.
This 2015 Amended Project& Financing Plan is based on research conducted for the Downtown Area
Development Plan (DADP), completed. Upon completion of the DADP, there will be
an amendment to refine aspects of the 2015 Amended Project& Financing Plan. TIRZ #3 consists of a
Board of Directors and is supported by the City Manager's designee, currently the City's Business Liaison,
and the Executive Director of the Corpus Christi Downtown Management District(DMD).
Second Amendment (FY 2017)—To continue and enhance the Zone's efforts, this Amendment provides
for programming and services from the DMD; refines some of the Incentive Programs; and provides the
ability for TIRZ funds to be expended for public, cultural and/or historic properties within the Zone.
Updates also include the commitment from Del Mar College's extended participation to the end of the
Zone.
Note:Schedule of Project Expenditures(Page 7) updated as Exhibit C—FY 2017 Project Plan Budget.
Third Amendment (FY 2018)—this Amendment renames the (5) Site Assembly & Development category
to(5)Site Management&Development and discusses a pilot vacant building program in the Reinvestment
Zone. Additionally, both (6) Parking Management and (7) Traffic Pattern and Streetscapes expand to
authorize funding for implementation. (8) Other Programs and Initiatives expands to include Cultural
District Plan, upon Board's approval of the DMD's FY 2018 Scope of Services.
Note:Schedule of Project Expenditures updated as Exhibit C—FY 2018 Project Plan Budget.
Fourth Amendment(FY 2019)—this Amendment extends the four Incentive Programs for an additional
3-year period and includes the new FY 2019 Budget as Exhibit C. It also provides an updated Sources of
Revenue table showing the projected revenue of the TIRZ over time.
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City of Corpus Christi / Corpus Christi Downtown Management District
Criteria for Zone Creation
The 2008 Project Plan stated that the defined area of TIRZ#3 qualified for designation as a "Reinvestment
Zone" because it suffered from "economic stagnation, inadequate infrastructure, and deteriorating
properties. Without intervention by the public sector, private market forces will not be sufficient to
generate significant development and redevelopment." Conditions listed that met the Criteria of Chapter
311, Section 005 included:
• A substantial number of substandard, slum, deteriorated, or deteriorating structures;
• The predominance of defective or inadequate sidewalk or street layout;
• Unsanitary or unsafe conditions;
• The deterioration of site or other improvements; and
• Conditions that endanger life or property by fire or other cause.
According to Chapter 311,these conditions must "substantially arrest or impair the sound growth of the
municipality or county creating the zone, retard the provision of housing accommodations, or constitute
an economic or social liability and be a menace to the public health, safety, morals, or welfare in its
present condition and use."
Conditions in 2008 met these requirements, as indicated by the Market and Economic Study undertaken
at that time. While our community has benefitted from a boost in economic activity since 2008, the
Downtown did not see the same level of development. This solidifies the 2008 position that conditions
would not be overcome or corrected without significant intervention and assistance from the public
sector.
A Consistent Vision for Downtown
For decades, efforts had been made to improve and revitalize Downtown Corpus Christi, with various
levels of success. The 2006 Downtown Redevelopment Vision resulted in the creation of TIRZ #3, but a
change in environment prevented immediate implementation. Other efforts have included:
2004—Bayfront Master Plan
2006—Downtown Redevelopment Report
2013—Central Business Development Plan
2014—RUDAT
2015—Downtown Area Development Plan ft,i+.-t=ie-rw )
The 2006 Redevelopment Report vision statement is consistent with the vision illustrated in the 2015
Downtown Area Development Plan,which is currently in draft form.
"Downtown Corpus Christi is a safe, clean, pedestrian friendly community comprised of a central
business district, arts and culture, sports and entertainment areas. This unique vibrant waterfront
community will provide local residents, tourists and families' opportunities to enjoy fine restaurants,
shops and residential facilities."
Anticipated Zone Role in Downtown Improvements
The 2008 Market and Economic Study indicated the nature of the intervention and assistance needed to
spur economic growth in different areas of the Zone. It stated that the "current structure of Corpus
Christi's economy, the aging of existing development, and inadequate public infrastructure and facilities
together depress the viability of new development and redevelopment in Downtown."The 2014 Analysis
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City of Corpus Christi / Corpus Christi Downtown Management District
of Residential Market Potential repeated those themes,with extra emphasis on residential development
and introduction of the concept of gap financing.Additionally,the 2015 environment has the new dynamic
of regional investment valued at tens of billions of dollars.
The primary functions of TIRZ#3 will be
• To Support Private Sector Development & Investment
• To Plan &Construct Public Improvements
• To Provide Revitalization Focused Programs&Services
The Zone is expected to be one of a variety of planned funding sources and programs that will be acting
in concert to accomplish a changed public environment in Downtown. By improving and enhancing
streets, sidewalks, and public spaces, plus upgrading utilities, the zone and the other programs will
encourage the development of new land uses and the redevelopment or rehabilitation of existing uses.
The intended result is that Downtown will become a vibrant and economically vital urban waterfront
district with a variety of residential, retail, and lodging uses, a strong office base, and popular public
facilities.
Project Plan
Existing Uses and Conditions/Boundaries §311.01 (b) (1)
The Zone includes approximately 856 acres wholly within the City of Corpus
Christi. Its boundaries encompass nearly all of the Downtown area. A very
wide variety of land uses are present within the TIRZ. The boundaries and
land uses within the Zone are shown in Exhibit A. The existing conditions
within the Zone are described generally below. A legal description of the
Zone with a specific accounting for the proposed boundaries is given in
Exhibit B. In the 2015 DADP, the identities of neighborhoods in the
Downtown were emphasized as way to build unifying identities and create
distinct experiences. Each of those regions is described generally below.
SEA District - A large area of publicly owned cultural and entertainment
facilities comprises the north end of the zone. These facilities include:
• Port of Corpus Christi's Ortiz Center • Harbor
• Corpus Christi Museum of Science&History Playhouse
• Art Museum of South Texas • Brewster
• Whataburger Field Street Icehouse
• American Bank Convention Center&Arena
• Heritage Park—Restored Historic Homes, now used as Non-Profit Offices or Cultural Museums.
Moving south, the next few blocks vary between vacant, undeveloped land and low density residential,
bordered to the west by Port facilities and storage space, southeast by the Port of Corpus Christi Offices
and the Federal Courthouse. The southern portion of the SEA District also includes two restaurants, a
vacant hotel, U-Haul, Fire Station #1 and the historic Nueces County Courthouse. IH 37 is the physical
southern border of this area, with the transition from a highway to on and off ramps coming to surface
grade.
Uptown —South of IH 37, a natural bluff distinguishes the high-rise, office building core of the Uptown.
Broadway marks a topo-graphical change as the edge of a bluff, and the higher elevation area to the west
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City of Corpus Christi / Corpus Christi Downtown Management District
of the street north of Lipan Street is characterized mainly by professional office uses, some in high-rise
towers. TIRZ#3 picks up two blocks of Uptown,with Tancahua as the west border. Of Downtown's office
properties, only the Frost Bank building is one of two Class "A" properties. Overall occupancy for the
Downtown office market is around 80 percent.
Outside of the Zone, Uptown continues to include major government anchors, including Corpus Christi
Independent School District Offices, Nueces County Courthouse, a Regional Transportation Authority
Service Center and Corpus Christi City Hall.
Marina Arts District (Downtown Management District) — The area east of Broadway is lower in
elevation and features a walkable pedestrian grid with a mix of land uses, including hotels, office,
residential and retail. The boundary of this neighborhood is based on the petition of property owners
that created the Downtown Management District in 1993.This area is the historic center of Corpus Christi,
but many of the original buildings have been demolished, due to neglect or natural disasters. The last
large wave of construction occurred in the 1980's. The most recent large scale private investment is
currently under construction, a $27 million residential property with ground floor retail, the
Cosmopolitan.The area is interspersed with surface parking lots and vacant, blighted property. In several
places, public spaces and sidewalks are in deteriorated condition.
Another unique feature of this neighborhood is the Corpus Christi Municipal Marina,spanning three man-
made T-heads along the Bayfront.The Marina is comprised of over 600 slips, several restaurants and the
Corpus Christi Yacht Club, the third oldest yacht club in the Gulf Coast.
Bayshore Park Neighborhood —At Kinney Street, the Zone gets divided by a redundancy of roadways
and a few vacant parcels. This portion of the Zone includes the YMCA,a Greek Orthodox Church, Episcopal
Church, Methodist Church and several parks.Additionally,there is a mix of early 20th century single family
homes and multi-family residential developments.The multi-family developments are truly a diverse mix,
including high rise and mid-rise, market rate and affordable, ownership and rental, constructed at all
different times with various architectural styles. Many of the original homes, especially at the south end
of the neighborhood, have been converted to professional office use.This neighborhood would lend itself
to the revitalization seen in older neighborhoods across the country, however an absence of
neighborhood support services prevents the unification necessary to create this self identity.
A potentially defining feature of this neighborhood is the 34 acres of park land for which the City is
currently undergoing a Design-Build process to complete a Bond 2008 project that relocated traffic lanes
to unite a patchwork of public space. The southeastern corner of the zone includes the Emerald Beach
hotel and Marina del Sol condominiums. This neighborhood abuts the Christus Spohn Shoreline hospital
complex. Christus Spohn Shoreline is just outside TIRZ#3 Boundaries, but the system is planning a $325
million investment in the community in the coming years.
Municipal Ordinances §311.011 (b) (2)
The City may modify existing ordinances in order to make the area in and around TIRZ#3 more friendly to
the types of residential and recreational activity desired. Some other policies that will be updated include
building design, setbacks and streetscape requirements, in order to establish a built environment that
supports the downtown character.
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City of Corpus Christi / Corpus Christi Downtown Management District
City Planned Improvements (Non Project Costs) §311.011 (b) (3)
The City of Corpus Christi has over $29 million in improvement projects currently funded and in some
stage of planning or construction, independent from this TIRZ #3 Project Plan. The City will continue to
use Bonds packages a major source of public improvement funding.
Project Source Timeframe Cost
Shoreline Realignment Bond 2008 Ongoing $13,000,000
SEA District Improvements Bond 2012 2015-2016 $500,000
Chaparral St. Phase II Bond 2014 2015-2016 $9,000,000
Water Street Improvements Bond 2014 2015-2016 $5,000,000
Streetscape Improvements Bond 2014 2015-2015 $1,500,000
Wayfinding Program HOT Funds 2015 $200,000
Total $29,200,000
Relocation §311.011 (b) (4)
No relocation of existing residents is anticipated to be required as part of the Project Plan.
Financing Plan
Estimated Project Cost Description (§311.011 (c) (1) & Kind, Number and Location of TIRZ
Improvements §311.001 (c) (2)
TIRZ #3 is anticipated to participate in projects that support the development and economic activity
projected in the DADP, especially when cost of development creates a gap due to utility or infrastructure
conditions.The initial focus is on residential and mixed-use development.
1. Chaparral Street Property Improvement Grant Program —This three-year matching grant program
will support and encourage private investment in the built environment along Chaparral Street for
active businesses. Due to its "Main Street" characteristics and its function of connecting the Marina
Arts District (Downtown Management District Boundary) and SEA District, Chaparral Street is a first
phase priority for successful revitalization of the Zone. During FY 2016-2019. 2021, TIRZ#3 will make
$200,000 available per year to match approved property improvements funded by the property
owners.The Zone will consider from a 50/50, up to 30/70 match, depending on how the scope of the
project meets the priorities of the Zone.Applications will be accepted until the allocation is exhausted
for each fiscal year.
2. New Tenant Commercial Finish-Out Grant Program— In order to support mixed-use developments
and the demand for more dining and entertainment venues in the Downtown,the Zone will reimburse
approved leasable new tenant finish-outs at a maximum rate of$10 per square foot. First-floor,active
street use projects will be a priority consideration. During FY 2016- 2019 2021, $100,000 will be
allocated annually. Qualified expenses include: floor and wall upgrades, HVAC, kitchen equipment,
awnings and other permanent, semi-permanent fixtures. Grant is reimbursable to the Tenant, but
written approval must come from Landlord in application. Applications will be accepted until the
allocation is exhausted for each fiscal year.
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City of Corpus Christi / Corpus Christi Downtown Management District
3. Downtown Living Initiative—The Residential Demand Study conducted for the DADP stated that over
the next 5 years, 1,850 new units could be absorbed in the greater downtown if the threshold made
investment attractive. Apartment occupancy was 94.2% in the first Quarter of 2015 (industry
considers 96%to be full occupancy). In order to stimulate development, for FY 2016-2 2021, the
Zone will provide a $10,000 per unit reimbursement grant for multi-family developments of over 10
units that meet the required design criteria. Applications will be accepted until the allocation is
exhausted for each fiscal year, and allocations may be split between years and committed in advance.
4. Project Specific Development Agreement— In situations where higher development costs create a
financing gap, TIRZ #3 can provide assistance to property owners or developers through a
Development Agreement for reimbursement of net new tax increment. A pro-forma is required to
qualify for up to 75% reimbursement of the new taxes for 10 years if a development is 5,000 sq. ft or
creating 25 or more new residential units. If further gap exists, staff will undertake additional third
party review to justify any additional reimbursement, based on the "but,for" principle.The qualifying
cost elements for this Program include:
• Environmental Remediation/Code Compliance
• Historic Preservation
• Structured Parking
• Urban Design/Landscaping
• Public Improvements/Utilities
Further, Residential Developments over 100 Units may be considered as an individual cost element.
5. Site Management&Development—In FY 2017 and 2018,TIRZ#3 will develop a program to facilitate
activation of vacant properties within the Zone and propose to City Council adoption of a downtown
vacant building ordinance. The program will establish minimum requirements for vacant properties
and designate registered properties as eligible for incentives or emergency funding. Funding will be
allocated to establish and administer the program.
In order to activate strategically located properties, TIRZ #3 may place properties under option and
work towards developing proposals for development, then assist in acquisition and development of
the properties. Additionally, the Zone may purchase properties outright for redevelopment and
dispose of properties, if approved by the Board.
Under this initiative, funding may also be expended for stabilization or redevelopment of public,
cultural and/or historic properties.
6. Parking Study & Development— In key locations where parking is undersupplied or inadequately
distributed, the Zone can assist in providing public parking facilities such as on-street spaces or off-
street lots and structures. TIRZ #3 will conduct a study in FY 2016 in order to develop a strategic
approach for parking in the Downtown and fund implementation steps. Additionally, The Zone may
support any efforts City may undertake for appropriate parking management infrastructure such as
meters, lot improvements, structured garages and occupancy monitoring systems.
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City of Corpus Christi / Corpus Christi Downtown Management District
7. Traffic Pattern Study & Streetscapes—TIRZ #3 may contribute to studies for traffic movement and
improvements in roadway infrastructure (repaving, repair, widening, redesign), traffic management
infrastructure (signals, signs), and beautification (landscaping in medians, special lighting, etc.) The
Zone will contribute up to $150,000 for a traffic pattern study as the first phase of this initiative.
Additionally, pedestrian accommodations and streetscapes will be a priority. Funds may also be
expended on implementation of infrastructure improvements, as budgeted.
8. Other Programs & Initiatives — TIRZ #3 will develop other programs and initiatives that will be
presented to the Board for approval, during the life of the Zone.In FY 2017 Each year, the following
initiatives are being added:
• FY 2017 Downtown Management District Bike Share Initiative
• FY 2017 - Downtown Management District Expanded Scope of Services
• FY 2018 — Downtown Management District — Cultural District Plan, TIRZ #3 Incentive
Programs, registration process for downtown vacant building program, Streetscape Safety
& Right of Way Improvement Program and Off-Street Parking Improvement Program.
• FY 2019- Unified brand implementation and expanding organizational and operational
capacity.
9. Management & Professional Services- Zone funds will compensate for the costs of ongoing
administration of the Zone,including but not limited to accounting, legal services,consulting services,
document production and maintenance, and other administrative costs. These costs were originally
estimated at$50,000 per year for the 20-year life of the Zone, but to date the only dollars expended
have been for state reporting requirements. Staff plans to strategically engage outside resources to
evaluate revenue projections and continue to develop innovative, effective programs.
Economic Feasibility Study §311.011 (c) (3)
The 2008 Market and Economic Feasibility Study for TIRZ #3 was completed by CDS Market Research I
Spillette. In 2014 and 2015, Goody Clancy completed additional studies that reflect the more recent
environment, and emphasize the importance of residential development in any revitalization. Those
studies include:
• Residential Market Potential (Zimmerman/Volk)—final
• Retail Market Analysis&Strategy(Mike Berne)—draft
• Hotel, Office, Retail (W-ZHA, Sarah Woodworth)—draft
• Incentives& Development Economics(W-ZHA, Sarah Woodworth)—draft
Estimate of Bonded Indebtedness §311.011 (c) (4)
It was not anticipated that TIRZ would issue bonded debt, but would be funded on a pay-as-you-go basis.
If the annual revenue and available non-bonded debt financing are insufficient to address the needs of
TIRZ #3, we may issue bonded debt commensurate with the specific project costs under consideration
and anticipated annual Zone revenues to support debt service payments.
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City of Corpus Christi / Corpus Christi Downtown Management District
Timing of Incurring Costs or Monetary Obligation §311.011(c) (5)
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.
The following table summarizes proposed planned expenditures for TIRZ#3 until FY 2019. Another set of
programs will be proposed in FY 2018, based on an assessment of needs at that time.
Schedule of Project Expenditures
FY FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19
Year 2015 2016 2017 2018 2019
Beg. Bal $1,563,751 $2,333,342 $1,730,387 $1,540,935 $1,631,307
+New Increment' 794,591 997,045 1,160,548 1,440,372 1,615,149
1 Chaparral Street Grant Program2 200,000 200,000 200,000
2 New Tenant Commercial Finish Out 1 nn non 1 on nnn 100,000
Grant Program2
3 Downtown Living Initiative2 See Exhibit C for FY 2017 000,000
4 Project Specific Developmen TBD TBD
Agreement' Update of Project Budget
5 Site Assembly& Developmei
6 Parking Study& Developmer._ _
7 Traffic Pattern Analysis& 150,000
Streetscapes
8 Other Programs& Initiative
9 Management& Professional Services 25,000 50,000 50,000 50,000 50,000
Expenditure Totals 25,000 1,600,000 1,350,000 1,350,000 50,000
TIRZ Ending Balance 2,333,342 1,730,387 1,540,935 1,631,307 3,196,456
Notes:
1 Increment Projection developed by CCREDC,will be monitored closely to ensure program allocations
2 Program allocations will be authorized each Fiscal Year.
3 Incentive available will be based on the amount of investment and increment generated by private sector.
Method of Financing and Sources of Revenue §311.011(c) (6)
Methods of Financing. TIRZ#3 will initially take a primarily pay-as-you-go approach to financing projects
that could utilize the following methods:
• Cash funds generated from existing property value increment,
• Developer cash reimbursement agreements where the revenues from the Zone's property tax
increment compensate a developer for fronting eligible expenditures in a specific taxable project.
• If future Zone revenues to support debt service payments are anticipated, the Zone may also issue
bonded debt, the term of which will not extend past the expected life of the Zone.
Sources of Revenue. The primary source of revenue for TIRZ #3 will be funds from the contributed
property tax collections of the City of Corpus Christi, Nueces County, and Del Mar College on the taxable
property value increment within TIRZ #3. The City, aad County, and Del Mar College have agreed to
participate in funding TIRZ#3 with 100% of the incremental property taxes collected over the life of the
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City of Corpus Christi / Corpus Christi Downtown Management District
Zone. ! _ .. . • - ..•- • - • • • - . • - -
The assessed value base year for the City of Corpus Christi is 2009; the base year or Nueces County and
Del Mar College is 2010. The = {'> adjusted projection of incremental property tax revenue
contributed to the Zone is as follows:
Sources of Revenue
Year Increment Value Tax Revenue
City County Del Mar City County Del Mar TOTAL
FY 10 $8,655,793 $50,400 $ - $ - $ 50,400
FY 11 21,931,954 4,698,427 4,674,139 127,703 16,488 12,059 156,251
FY 12 22,782,697 15,449,665 15,290,811 129,988 54,227 39,451 223,666
FY 13 43,910,295 38,988,148 38,041,488 250,533 136,845 98,148 485,526
FY 14 57,920,528 52,767,539 51,604,697 338,988 179,932 129,355 648,275
FY 15 71,728,002 794,591
FY16 90,003,549 See Below for FY 2019 Update 997,045
FY 17 104,763,037 1,160,548
FY 18 130,022,872 of Sources of Revenue 1,440 372
FY 19 145,800,015 _ 1,615,149
FY 20 173,112,004 1,917,707
FY 21 189,976,968 173,075,373 169,261,300 1,111,867 572,776 419,892 2,104,534
FY 22 207,413,655 188,960,778 184,796,638 1,213,917 625,347 458,431 2,297,695
FY 23 225,441,446 205,384,699 200,858,623 1,319,428 679,700 498,276 2,497,404
FY 24 244,080,379 222,365,390 217,465,110 1,428,515 735,896 539,472 2,703,883
FY 25 263,351,172 239,921,727 234,634,557 1,541,300 793,997 582,065 2,917,362
FY 26 283,275,244 258,073,223 252,386,047 1,657,908 854,068 626,102 3,138,077
FY 27 303,874,743 276,840,056 270,739,314 1,778,469 916,174 671,631 3,366,275
FY 28 325,172,564 296,243,083 289,714,756 1,903,118 980,387 718,704 3,602,209
FY 29 347,192,382 316,303,874 309,333,466 2,031,992 1,046,776 767,373 3,846,141
$35,963,109
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City of Corpus Christi / Corpus Christi Downtown Management District
These estimates will continue to be monitored and adjusted ,-tedV-annually.
Sources of Revenue
Year Increment Value Tax Revenue
Fiscal Year City County Del Mar Total City County Del Mar TOTAL
FY 10 8,938,611 - - 8,938,611 50,400 - - 50,400
FY 11 21,931,959 4,698,427 4,674,139 31,304,526 127,703 16,488 12,059 156,251
FY 12 22,782,697 15,449,269 15,290,811 53,522,776 129,988 54,227 39,451 223,666
FY 13 43,910,295 38,987,148 38,041,488 120,938,931 250,533 136,845 98,148 485,526
FY 14 56,814,718 51,751,996 50,602,120 159,168,834 332,516 176,474 126,842 635,832
FY 15 61,641,842 57,170,457 55,257,674 174,069,974 359,150 189,203 137,079 685,432
FY 16 73,819,407 81,480,890 80,084,765 235,385,063 447,540 254,977 198,669 901,186
FY 17 82,672,144 96,768,777 95,440,711 274,881,633 501,211 294,266 234,936 1,030,413
FY 18 90,723,843 94,622,680 98,178,819 283,525,342 550,026 287,740 241,676 1,079,442
FY 19 96,280,721 110,962,179 117,040,051 324,282,951 583,715 337,427 288,105 1,209,247
FY 20 105,165,9511 111,267,007 123,927,631 340,360,589 637,583 338,354 305,059 1,280,996
FY 21 112,055,614 127,652,230 144,304,130 384,011,974 679,353 388,180 355,218 1,422,751
FY 22 121,974,293 130,414,841 155,674,539 408,063,674 739,486 396,581 383,207 1,519,274
FY 23 130,351,758 147,214,456 178,552,529 456,118,743 790,276 447,667 439,523 1,677,466
FY 24 141,527,057 152,497,010 194,956,096 488,980,162 858,028 463,731 479,902 1,801,661
FY25 151,580,816 170,089,008 221,442,870 543,112,694 918,980 517,227 545,102 1,981,309
FY 26 164,264,179 178,010,361 243,673,527 585,948,067 995,875 541,315 599,824 2,137,014
FY 27 176,220,443 196,790,562 275,051,046 648,062,051 1,068,361 598,424 677,063 2,343,848
FY 28 190,697,246 207,528,945 304,184,757 702,410,948 1,156,129 631,079 748,778 2,535,986
FY 29 204,825,030 227,919,904 341,971,692 774,716,626 1,241,780 693,086 841,794 2,776,661
Bold=Actuals $12,418,634 $ 6,763,292 $ 6,752,435 $25,934,361
Current Appraised Value & Estimated Captured Appraised Value §311.011(c)(7), (8)
According to the Nueces County Appraisal District,the 2009 certified taxable appraised value for the Zone
is$310,019,372.
The table above projects taxable value increment captured by the Zone over the remainder of its duration,
if all taxing entities continue participation. Due to differences in policies regarding exemptions and tax
abatements, the captured increment differs among the three jurisdictions. Captured value projections
assume a 2.5 annual value appreciation rate for existing development, based on estimates actual
- - - ! . '• '- -- property value growl and do not take into account future investments.
Duration of the Zone §311.011(c)(9)
TIRZ#3 will exist until 2028, however, the Board, City and other taxing entities may agree to extend the
Zone.
10 I
City of Corpus Christi / Corpus Christi Downtown Management District
List of Exhibits
Exhibit A TIRZ#3 Boundaries and Land Uses
Exhibit B Legal Description
Exhibit C FY 2017 Project Plan Budget
FY 2018 Project Plan Budget
FY 2019 Project Plan Budget
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City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit A— Boundaries & Land Use
r Tax Increment
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City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit B - Legal Description of the Zone
BEGINNING AT A POINT on the center line of the Corpus Christi Ship Channel and commonly known as the Corpus Christi—Port
Aransas Waterway at its intersection with the northerly extension of the West right-of-way line of Sam Rankin Street;
Thence Easterly along the centerline of the Corpus Christi—Port Aransas Waterway to its intersection with the northerly
extension of a line parallel with the breakwater 50'feet on the east side for a point in the Corpus Christi Bay and the Northeast
corner;
Thence Southerly along said line,being 50 feet on the East side and parallel with the breakwater,following the meanders of the
breakwater in the Corpus Christi Bay to its intersection with an"A-2"zoning line approximately 1,000 feet from the shoreline
and parallel with the East right-of-way line of Shoreline Boulevard for a point in the Corpus Christi Bay;
Thence Southwesterly along said"A-2"zoning line extending parallel and approximately 1,040 feet from the East right-of-way
line of South Shoreline Boulevard to its intersection with a second"A-2"zoning line extending parallel and approximately 1,000
feet from an existing 18 foot seawall easement,inside the Marina Del Sol Boat Harbor,for a point in the Corpus Christi Bay;
Thence Southeasterly along said line 200 feet more or less past its intersection with the easterly extension of the south most
boundary of Lot 3,Block 1 of Marina Del Sol Subdivision for a point in the Corpus Christi Bay and the Southeast corner;
Thence Southwest along a line 200 feet more or less to the South and parallel with the extension of the south boundary of Lot
3,Block 1 of Marina Del Sol Subdivision to the Corpus Christi Bay Shoreline;
Thence Northwest along the Corpus Christi Bay Shoreline to its intersection with the extension of the South most boundary of
Lot 3,Block 1 of Marina Del Sol Subdivision;
Thence Southwest along the South boundary of Lot 3,Block 1 of Marina Del Sol Subdivision,540 feet more or less to the
centerline of Ocean Drive for a point;
Thence Northwest along the centerline of Ocean Drive to its intersection with the centerline of Morgan Avenue;
Thence Southwest along the centerline of Morgan Avenue,to a point in the center line of Santa Fe Street for the Southwest
corner;
Thence Northwest along the centerline of Santa Fe Street to its intersection with the centerline of Hancock Street;
Thence Southeast along the centerline of Hancock Street to its intersection with the centerline of South Tancahua Street:;
Thence Northerly along the centerline of South Tancahua Street,passing Furman,Coleman,Park,Agnes,and Laredo Street,to a
point in the centerline where South Tancahua becomes North Tancahua,and continuing along North Tancahua,passing Kinney,
Blucher,Comanche,Lipan,Leopard,Antelope and Buffalo Street and continuing past IH 37 to its intersection with the
centerline of the existing northwest frontage road of I.H.37,for a point;
Thence Northeast along the centerline of said existing northwest frontage road of I.H.37 to its intersection with the South
right-of-way line of West Broadway Street for a point;
Thence along the South right-of-way line of West Broadway Street to its intersection with the westerly extension of the South
right-of-way line of Concrete Street for a point;
Thence Northeasterly along the South right-of-way line of Concrete Street extended,to its intersection with the north right-of-
way line of West Broadway Street,for a point;
Thence Northwesterly along the North right-of-way line of West Broadway Street to the Southeast property line of the City of
Corpus Christi's Broadway Wastewater Treatment Plant;
Thence Northeasterly along the City of Corpus Christi's Broadway Wastewater Treatment Plant Southeast property line to its
intersection with the common South boundary line of Lots 1,Block 58 of the Beach Addition;
Thence West along the South boundary line of Lot 1,Block 58 out of the Beach Addition,to its Southwest corner for a point;
13 I ' a _
City of Corpus Christi / Corpus Christi Downtown Management District
Thence Northwest along the common,West boundary line of Lots 1 thru 6,Block 58,of the Beach Addition,to its intersection
with the South right-of-way line of Resaca Street;
Thence Northeast along the South right-of-way line of Resaca Street to its intersection with the centerline of Tancahua Street,
for a point;
Thence Northwest along the centerline of Tancahua Street to its intersection with the centerline of Port Avenue,for a point;
Thence Southwest along the centerline of Port Avenue,to its intersection with the West right-of-way line of Sam Rankin Street
for an outside corner;
Thence Northerly along the West right-of-way line of Sam Rankin Street and its extension to its intersection with the centerline
of the Corpus Christi—Port Aransas Waterway center line in the Corpus Christi Ship Channel to the POINT OF BEGINNING.
Excluded properties to meet state statute prohibiting Tax Increment Financing Districts from containing 10%or more of the
area used for residential purposes:
Beach Addition Block 55 Lots 10 thru 12
14IF' v ��
City of Corpus Christi / Corpus Christi Downtown Management District
Exhibit C
Tax Increment Reinvestment Zone#3
Proposed Budget FY 2017
:Year FY 2015 FY 2016 FY 2017 .•._ ..,
.... _.-_...._....�____..__..._.._.._ Budget __ Actual i Budget Estimated Proposed
'Beg.Bal $ 1,563,751 ,$ ^1,563,751 $ 2,297,833 $ 2,253,569 $ 2,930,612 2233.464"S 1.323.276
+Increment Revenue $ 734,082 $ 691,162 $ 994,117!S 865,843 ' 1409.815 5 1,762,269
---.�_
11 Chaparral St.Grant Program -..r..�._.
2 New Tenant Commercial Finish Out Grant Pro See Below for FY 2018 Update
3 Downtown Living Initiative
4 Project Specific Development Agreement -
L Site Assembly&Development -
6 Parking Study&Development of Project Budget -
7 Traffic Pattern Analysis&Streetscapes _ 1.W0, )
8 Other Programs&Initiatives 420,000
9Management&ProfessionalServices . _ 50,000
TOTAL EXPENDITURES $ - $ 1,344 $ 1,600,000 $ 188,800 $ 1,805,000 $ 2,155,000 $ 1,470,000
End 652 $ 2,297,833 $ 2,253,569'$ 1,691,950 $ 2,930,612 $ 2,253,464 5 1:508279 $ 1.800,548
Notes: ...,...
1 Ending FY 2016 Increment is not final.
2 Other Programs&Initiatives are DMD kegaests for funding in FY 17.Project cao wi Il need to be updated to reflect changes.
Proposed Budget FY 2018:
Year FY 2016 FY 2016 FY 2017 56:516
' Budget Actual Budget Estimated Proposes'
Beg.Bal , .,,�;; $ 2,253,569 $ 2,953,576 $ 2,992,483 $ 3,388,432
I+Increment Revenue S 994,117 $ 914,191 $ 1,127,852 17 $ 1,291,273
14Chaparral St.Grant Program S 20n- S 71 5417 S ?tin nnn S 1 no nnn t 201)
2 New Tenant Commercial Finish OutC
g See Below for FY 2019 Update
3 Downtown Li vin Initiative 0
4 Project Specific Development Agreem
5 Site Management&Development 0
6
Parking Study&Development
o f Project Budget
7'Traffic Pattern Analysis&Streets cap 0
8 Other Programs&Initiatives 0
9 Management&Professional Services $ $ 4,801 $ 50,000 $ 9,368_$ 50,000
TOTAL EXPENDITURES $ 1,600,000 $ 175,277 $ 1,805,000 $ 674,368 S 2,220,000
'End Bal $ 1,691,950 ' $ 2,992,483 $ 2,276,428 .$ 3,388,432 I$ 2,459,705
15
City of Corpus Christi / Corpus Christi Downtown Management District
Proposed Budget FY 2019:
Year FY 2016 I FY 2017 FY 2018 FY 2019
Actual Actual Budget Estimated Proposed
'Beg.Bat i
w ., _7.,_ $ 4344528 $ 3,6264061 1 $ .'
+Increment Revenue _ __- ___ $ 11,030,4113 $ 1,320,973 $ 1,154,516
1 Chaparral St Grant Program 4$ _. - $ 1012000 $ 200,000 $ 2
2 New Tenant Convrercial Finish Out Grant Program - S 15,E $ 100,000 $ 66,120 ' $ 14C
3 t>osirrtovin Laving Initiative i5 _ _ $ 725,000 $ 92.5',,-
4 Project Specific Development Agreement $ - $ - $ - $
5 Site Management&Development $ - $ - $ 100,000 $ 40,000 $ /IX
6 Parking Study&Development $ 98,534 $ 50,000 $ 150,000 $ 100,000 $ 2110„ '.:-
7 Traffic Pattern Ana lysis&Streetscapes $ - $ 150,000 $ 500,000 $ 200,000 $ 351
78 Streetscape Safety&Right of Way improvement Program $ 100,000 $ 200, C
8 Other Programs&Initiatives $ - $ 350,000 $ 395,000 $ 410000 $ 4.50,01
9 Management&Professional Services $ 4,,801 , $ 9,368 $ 50,000 $ 35,301 $ 59,102
TOTAL EXPENDITURES $ 175,277 $ 674,368 $ 4220,000 r$ 1,153,521 $ 1,831,602
End 8,31 ' $ 2,992,483 $ 3,348,528 $ 2,449,501 $ 3,627,0551$ 3, 041,472
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