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031581 ORD - 10/16/2018
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. 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 February 20, 2018; WHEREAS, on August 21, 2018 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 amendments to 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 approved by the Board of Directors of Reinvestment Zone Number Two on August 21, 2018. A copy of the Plan is attached hereto and incorporated as "Exhibit A." 031581 SCANNED That the foregoing ordJance was r or the first time and passed to its second reading on this the i day of U , 2018, by the following vote: Joe McComb Ben Molina ------(4— Rudy Garza 4.11 I Lucy Rubio i ----d4L-- Paulette Guajardo a „_ Greg Smith _lb it_ --14--- Michael Hunter Everett Roy ____AL Debbie Lindsey-Opel CI- That th foregoing ordi nce was read for the second time and passed finally on this the ))4'day of CSD_____ , 2018, by the following vote: Joe McComb L Ben Molina Rudy Garza Lucy Rubio /i, Paulette Guajardo at . Greg Smith a(,+ Michael Hunter `, ,: Everett Roy __at_ Debbie Lindsey-Opel `I 10 PASSED AND APPROVED, this the `(J day of 6 LbI J , 2018. ATTEST: _PCLeier_ALAMPIZ, (,fit Reb cca Huerta J e McComb City Secretary ayor 1131581 5215 ORDINANCE NO. 42 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 TIRZ 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 WHEREAS,on February 25,2003 theCorporation adopted a resolution authorizing the issuance and delivery of up to$3,000,000 in Tax Increment 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 Coiporalion 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 of this Ordinance are hereby 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)1‘41.4-41,?,___ (SEAL) City Secretary APPROVED AS TO FORM: Actin C 7 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 O� Day of i 4 ti LI 216 , , 2(03 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 Council Members The above ordinance was passed by the following vote: Samuel L. Neal, Jr. Brent Chesney CUGAQ,4Javier D. Colmenero Henry Garrett Bill Kelly 16610AlL;l_, Rex A. Kinnison ho John Longoria Jesse Noyola 1' 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 PIan 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(`BRA"),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 channelize a reopened waterway("Packery Channel")between the Laguna Madre Intracoastal Waterway and the Gulf of Mexico. In addition to the Packery 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 fiords 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 in the 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("Congress")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 Packery 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 Packet),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 1 benefits of all alternatives were essentially negligible. The final EIS will be available upon publication by the Corps from the City of Corpus Christi,Texas, 1201 Leopard 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 duction,most of which(646,000 cy)will be placed on the beach south of the proposed jetties placement area(PA-4S)for storm damage reduction in front of the existing concrete 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 are 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 arc 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 of notice 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 Caney. The Zone became effective on November 14,2000,and will terminate on December 31,2022,or at an earlier time designated by subsequent ordinance 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 Zone 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 TW 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 Position Appointed 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 John 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: Acre 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 L947.0138 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 property. 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 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 Packery Channel,the maintenance dredging costs,secondary Project costs,administrative costs of tine 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 ofthe increase,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 funds on deposit with JPMorgan 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 Increment 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 properly(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 incra»ent 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 of the Zane,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 in the 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 bland 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 of the 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 itnprovanents 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 construct additional improvements. Without figure 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 Agreement, 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 Increments 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 annually 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 finding 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 other outstanding obligations. 7 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT A Forecast of Potential TIF Revenue Flows on North Padre bland (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 [ 1< • 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 Nestle Padre Island—Final Palle N rI, A 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 5.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($000s) 13 TIP Analysis for North Padre bland—Real Polls NI f [: 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 Analysis for North Padua bland—Final Page tv 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. U?Analysis for North Pry blend—Final page 1 F, 1 APPROACH The approach followed by ERA first defines the current baseline assessed and taxable value of the proposed TO' 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 TIF 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 District- 2000 Category Value Land—Home Site $5,491,354 Land—Non-Home Site $23,947,556 Improvements—Home Site $42,200,590 Improvements—NonHome Site $17,684,297 Sub-Total $89,323,797 Exemptions&Adjustments $3,453,194 Total Taxable Value 585,870,603 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. TIF Analysis far North Palm Mod—Find Papa 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 Mark.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 1.40359 1.359611 1.31564 1.27166 1.227683 MO:Assuming tax rates do not change Source:Nueces County Appraisal District,City of Corpus Christi 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 AnalmNs for North Pedro Island-Final Pana 3 f • First 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 ID 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. TIF Analyulr for North Pedro bland—Anal Page 4 I h A 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 S31.3 million is TI.F 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 TIP Malyals for North Padre Woad—Final PINS 5 C i? r 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 Land Value Improvement Total Assessed Taxable Value Valise 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-Lake 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 Beach 53.20 $2,577,105 $4,355,083 $6,932,188 $6,932,188 Exempt 202.86 $0 $0 $0 $0 Other 222.24 $2,517,234 $1,669,836 $4,187,070 $4,054,928 TOTAL WATER PROPERTIES 976.95 $13,876,204 $51,429,223 $65,305,427 $60,590,839 puree:,Nueces County Appraisal District,Economia Research Associates TIP Analysis for North Padre Inland—Anal Paha 6 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 (Sarre) Waterfront Properties Condos Beach 13.45 $180,623 Across from the Beach 3.61 577,840 Other-Lake Padre,Canal 10.93 $133,448 Lake Padre 470.66 $9,754 Beach 53.20 548,442 Exempt 202.86 $0 Other 222.24 $11,327 TOTAL WATER PROPERTIES 976.95 $17,897 ffigrajotal average land value excludes 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 Analysis for North Pedis Island—Final Paris 7 Table 5.Average Condominium Assessed 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 Source: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. �� land Improvements Assessed Texable of Units Condo Value Value Value Value El Constanfe 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 $108,911 Gulfstream La Casa Del Sol Lake Padre 0.70 $94,134 $889,071 $983,205 $983,205 24 $40,967 Lakeshore Villas Lake Padre 1.26 $153,552 $1,586,544 $1,740,096 $1,459,835 24 $72,504 Leeward isles Lake Padre 2.58 $168,810 $2,761,688 $2,930,498 $2,897,168 87 833,684 Leeward Cove Lake Padre 0.61 $75,632 $585,521 $661,153 3646,153 16 $41,322 Lorimar Place Canal-2 0.43 $71,650 $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 CSeahorse Across the 1.03 $78,814 $1,189,358 $1,268,172 $1,017,892 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 Crosossi g& Lake Padre 0.53 $184,591 $1,233,405 $1,417,996 $1,337,959 36 $39,389 Seascapella Portofino Beachfront 2.31 $483,538 $5,372,008 $5,855,546 85,130,665 53 $110,482 Marinas Cay Canal-2 3.51 $539,544 $2,497,196 $3,036,740 $2,261,740 136 $22,329 blocks from beach Padrelslaod- Across the 1.55 $135,036 $1,494,152 $1,629,188 $1,464,188 44 337,027 Surfside street from Beach Padre Isle-Island Beachfront 3.31 $528,142 S4,812,272 $5,340,414 $5,097,429 72 S74,172 House Sand Dollar Canal 0.37 548,184 $558,458 $606,642 $366,642 34 $17,842 Total 27.99 $4,168,880 $44,277,177 $48,446,057 $44,086,398 838 $57,812 Sonroez Nueces County Appraisal District,Economics Research Associates TIf Analysis for North Pedro Island-Final Pigs 8 r 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 D. 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 Improvements Assessed Taxable Value Value 6180- $1,636,741 $820,671 $2,457,412 $2,444,982 20.85 6185- $1,136,341 SO $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 SO 5283,515 $283,515 135 Total $4,591,013 $938,742 $5,529,755 $5,517,325 470.66 Source:Nueces County Appraisal District,Economics Research Associates Table 8. Other Non-Exempt Water Front Properties TAX ID Total Lead 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 Mariners Cay Lots 6170- $584,752 $0 $584,752 $584,752 7.58 PADRE ISLAND SEC B 6205- $735,000 SO $735,000 $735,000 60 PADRE ISLAND SEC 18 1115- $174,019 SO $174,019 S174,019 138.86 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 Spur's:Nueces County Appraisal District,Economics Research Associates TIF Analysts for North Pedro Island—Fmral Pana 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 ssource:Nueces County Appraisal District,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 hand 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 Island Waterfront Lake Beach Other Non- (All Properties) Condos Padre Waterfront Waterfront CAGR 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% ,§oarce:Nueces County Appraisal Wit,Economics Research Associates TIF Analysis for North Padre Island—FNnt Page 10 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 Increnionial 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 $19,282,891 $32,713,350 $38,894,559 Source:City of Corpus Christi,Nueces County Appraisal District,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 tal 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 'puce;City of Corpus Christi,Nueces County Appraisal District,and Economics Research Associates TIF Ands for North Podm bland—Mot Pogo 11 C fy A The following exhibit shows the growth in the TIF revenue from both scenarios. Exhibit 1.TIP Revenue Schedule,Scenarios 1 and 2 ae.. 13611 ' M ". y� Jp,y or s FX D 4 k g f y • " • 2,1111 L 1 S ',y!t ' 11260. 110.1 /Fr 1160 il00 . r_ . 00 70012002 2102 21101 2813 7000 2107 211i2 30 2010 2011 2112 7019 2014 2015 2116 2317 2111 2011 2120 20212022 Pegs 12 TIF ah o&Ibr Nath Pada blond—Fled An r I; The following table shows taxable values, grand tax revenue and incremental TI revenue from the two scenarios in thousands of dollars. Table 13.TIF Taxable Value and Tax Revenue Schedule,Scenarios 1 and 2- 2001-2022 ($000s) YEAR TAXABALE VALUE GRAND TAX TN REVENUE REVENUE Scenario 1 Soeuarlo 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 S1,580 $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 $4,382,374 538,895 $31,378 Source,.City of Copus Christi,Nacos County Appraisal District,and Economics Research Associates TIF Andy*kr Noith Padre Intend-Elam Papa 13 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT B Map: Existing Uses and Conditions in the Zone `' -o I 4 4 0 a. 1s :•:•;: %1 `c'••`•�''•.''4 Nuece: ounr Padre Island y iii r'Z' .= P: '. •.••.:•-C moi\ ►•f`Via► Tax Incremen , -„r„1.lrrr,, •."... ''.., -• t 0 Financing Di ; trict `(TI la.rif t= lino dig air J:-•q b g,-. A l J ►,r ,` .. �iqp 4•0�� O r 1 •44 •�, a•J,qq,•,�•• CQ c„„,,,,,,,,,,, ......:„..::::.„pon,,,,,,,,,, s ',armllnNmr a,, 'a.'a, ',,��.��:u,aNNn�l /v/// C..- �r•uiilq Pru` 4 '''h'�O`jiau::n:S , .,flNNrl ..,•4•4:7,4,7 i,• MINI:. 111FINIIII II.711.k '4ry14 'C4•C:J'JC '''a.i,,,,,,uNa Reinvestment Zone Number Two City of Corpus Christi, Texas EXIUBrr C Map: Proposed Improvements and Proposed Uses of Real Property In the Zone Padre Island Tax Increment Finance District ti . .-:: „,,,Alt, ..7 ,..,„_,..„. ..0 , %,„.. .,,,,,,,, ,,,,,* ... , _ ... ily- iii,-..v/ r„, I., ,.. ..., y, ,. ..., .4, �/ t •a,,. rI r ,.._ gn 4�J /V( C"��if' 47Ai 4, itaaati'elt. 9' =�rn : 6iiit��'` irx, �a " a : Ili ►` Legend ernSii p``,. • �� I r. /L;�1 ( ,yp EITIF BouNnV ,Muauin0.nM R ���"ir• 9 �j I Y M�MW 10: 4,1;0 -74i264-i. `171a ., 1111 ,W.. _ IMO O.naty AMltlentlY '! 1 t t; 11/4 Ii WA W.IIrN I Mails Mom. ttt ♦ 4i-1 Y Ill` ._,41 `'‘,,*4.0.j......,� V v.e.nl ,P,AIk 5«ni.Pudk / fir• / I ,�ij,Osney.Gander1Preemie n.I Cease `' f Neural I Carteneruf IPert 3 WS Irdi�rnN l..np.nuly R..d.ndel`,$I Havey I,.1 4.i N W 44 *10 S Source: Department of Development Services MON 2/12103 Reinvestment Zone Number Two City of Corpus Christi, Texas EXHIBIT D Project Costs and Estimated Guh Flows fillifilfil i !!! iliti11) lai - Ill w 'a "Wi i Iii II' I! 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UWodoJ =WI n'A NM 000suousovi Punj PIM IMO IvivnIV V••'d i>wlMq U.Psi>•(oid pall suoZ pang Pooh IIsi lAd Jo1 @Mimi, Some 1,41 Puna!P MRA P •P41114 vOlAng WC senumew poem %09'1 Ant WNW mpe 000'000'£ 'Mime Pte}PM PvPO•tl WML :SUM!MOWN 000'09141. %OOZN 1m•exsoutium r28'0WLOL arm posiuddy 4•N ZOO. 0000¢61 SO uqr•9002+•3 000'9LZ'4 vivo MO Z9L'085101 ',WA P••msldy ispizo02 0000061* *0=•I'-KOL AS 000'OOr'1 'P %uwyw%ppVI AID 911:0310.0) :11n9 luowsuul x•1 000009'2 CO Ali-=As sMsupywu UMW OM-300 :Pins!spuoe :suogduuasy Punct Puog MARRO atimPled anal'PIRG snd100 to A oMi nquing suoz illeuqmpAuloti Reinvestment Zone timber Two City of Corpus Christi,Texas Packery Charnel Maintenance Dredging Costs aewapeoae: Required Bnd Fund Silence 3,000000 City Malt Res horn Bonds 1,400,000 Staling MaNltornos Expense: 350,000 Maintenance annual incr: 2.00% Interest income: 1.86% Resources Available for Maintenance Dredging Mart-up and Total Maintenance Mdrdenance aalnan.ncs Avalable Ending FYE Tax Beginning Transfer from Interest Reserve from Total Dredging Less Balance After 7131 Year Silence Bond Fund tunings Bonds Available Expense Expenses Cly 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 2005 2005 1,400,000 0 25,900 1.425,900 0 1,425,900 0 1,425,900 2007 2008 1,425,900 0 26,379 1,462,279 0 1,452,279 0 1,452,279 2006 2007 1,452,279 0 26,867 1,479,145 350,000 1,129,148 0 1,129,148 2000 2006 1.129.145 0 20,889 1,150,038 357,000 793,038 0 793.039 2010 2009 793,036 0 14,871 807,707 364,140 443.587 0 443,567 2011 2010 443,567 0 8,208 451,773 371,423 80,350 0 80,350 2012 2011 80.350 382,477 1,488 464,313 378,851 86,482 0 85,482 2013 2012 86,452 389,125 1,581 478.188 386,428 89,739 0 89,739 2014 2013 89,739 423,500 1,660 514,900 394,157 120,743 0 120,743 2015 2014 120,743 438,250 2,234 559228 402,040 157,156 0 157,188 2016 2016 157,186 382,250 2,908 522,344 410,081 112,264 0 112,264 2017 2016 112,254 402,500 2,077 616,840 418,282 98,558 0 98,863 2018 2017 98,568 388,000 1,823 486,381 428.648 29,733 0 29,733 2019 2018 29,733 520,000 560 550,283 435,181 116,102 0 115,102 2020 2019 118,102 398,250 2,129 515,482 443,885 71,597 0 71,597 2021 2020 71,597 397,250 1,325 470,172 452,782 17,409 0 17.409 2022 2021 17,409 414,250 322 431,981 481,818 (29,838) 29,836 0 2023 2022 0 449,250 0 449,250 471.054 (21,804) 21,804 0 4,931,102 141,008 1,400,000 8,758,497 284,387 Padre Island Tax Increment Finance District Co. Park uby Park C• � cr i 1 to of Texas o'. m Beach Access RD 4 1 Legend Parcels TIF Area Padre Balli County Park 0 of 025 05 Miles MDN 2/20/03 Source: Department of Development Services CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 gill' .4.---) •4,� , --- ,�I��I -,0 f 44"• 40 I e Ir.q v,- .1 --v./ A t- fir --t 0, ir „. , .„,. fr. 1 i�r " i/4;417_ � / . ' pis. , . 1 .'w:t/27 141 ,;�. r ,. � ,.rte; (. el , . ' / ' -.4_, r., . / 4 A, "A?, !/ ii,i, o ♦ ** .,rig" . ...erm /t- )`� ,I� _�r� N r NV r _... ...in: ; 6 IF r ix., i P; / * . / 0.ccv -' , / 4 / ‘ 44A,,a41 - 'f A. 41 --- --r-)4444 " ' ) Or , V\' y I . .i , �, r, OQ _k•s ...„4„, . .4, A,,,,tv/ 7 41,1, * d 15� `r�`y Legend TIRZ#2 0 1,500 3,000 6,000 Printing Date:8/26/2009 Feet File:H:\PLN-DIR\SHARED\GIS Projects\Legal\TIRZ2\tirz2.mxd Prepared By:MikeN 0 City of Corpus Christi,Texas CITY OF CORPUS CHRISTI, TEXAS TIRZ #2 Current Land Use V / ( ,,,,,„,,,„.L,.. • 1... ' * N ,••• , /i0— /' !,T will/ v /r Or- \1 • ; 1 , , / if 1•71:".71,,c/ // // e__:,...i? ••• :.'---, •''' • -• - ':'' ' . –.. . or. 11# ' // r", •,/ 4f/,/7,/ 4 , _ _, , 4 / /, ....,„ ,,, 7410 E g. I k \,\. \( - / /// // ,rl.� ,5 iy I . i'-'-e!, � % � y o „,./://, //://// s.�� . 'obi'+' `'° ''."a ik //: v ;•p - Legend C: .746V1' / Q TIRZ#2 >` Drainage Corridor Professional Office �' Current Land Use Park Commercial QVacant Low Density Residential Public-Semi Pubic,PSP / Water //Z.Medium Density Residential Light Industrial Natural Area )5< High Density Residential , Heavy Industnal / i/ i Vuptland -Mobile Home / - / / / / / / / / / 0 1,450 2,900 5,800 Printing Date:8/26/2009 MI =IFeet 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 1 • B-2A R-113/10 � F-R Co R-2' ; F-R/10 AT ;jB-2A/107SP/97-09 R-2 .. 1 j,,,,4 '4,„,„..:, 44.1/4,-: A R-1B A2 � I9-2A1 AT/PUD-2 r i ' ,,_ ., i 1 AT/IO 4 i - / I, ii-- , , ,, it_ 4 4„.1_,,, ,,, R-1 B/PUD-2eu- . , , „2,3, • fi., 4 �� �''„, _....4 (2,,,,,„.,,„ ,„„_, ' � , / R-16/10 AT/10 iir, , ;lu. .0. ,bp .. :4, 0V1417- , /l ' A-1111 IP 4 4 B-2'/10) g.1 i- C.'IIl / 3-2A/10 - iV 'I--1, R-16/PUD-1/10 r' -2/10 - , __;, �'•WHIT: ,y am B-2Ano , W -.IP' E s=�ra.'�u¢trt�ann sm B-2/10 '1 __a_ .. ry+� / A-1/I0 �' ! I,14 r S.. • cam, .. fir ' afIII'i.ZIIL i, _ II /��/10 .jC. 13-2A/I0/SP/98-08 Aa�;.".aNt j n13S Fi 0 \0:4 t c\ s 1/"t :- R-2 ;<; F-R/l0 B-2A/IO/SP/96-06 NN Legend , — �� TIRZ #2 R-1 B/SP/01-11 AT/IO Zoning AT/SP/01-11 AT 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 ./ / / x ./ .-C7:Prbr ,b/,,2 ,".-' _ — off, o far / t;:c:442# '''''' ° 4!:-!: -,51H:,-,.::1'.,,.7..n:::;:,::::;]..':. -- : b 7/ ' :!'.' / ' - // —4 ----- .:tiIINIIIIII,i411,q1,,' giVAIIiiiiIIAIIIIiIiLI'!,'' .%1••- , ; - - _ - , ' ...... ///, / ,,,,, ZARiliallatifiii;'10:g.4941 '1•'il:i•'C'-74W:, : I=. . ' ' ' / p_ , •-,,-.-•4.4,..,•..tb,-:„ • .„., „,„...g..• - . / _.ei,_,,..._,, z„ /. . ..„7„...„3,p ,,,,:.: . ... C P*r /- / ," /s ' 2- -� WHIT. < A( _ ll��i$• �. uS om.. dl,�1r Rr' _�L, I - % / / 3 • INNII -fi /. / k 4 r� y�g a- � mil 7_ Y -/74,I,',7,7::: .,51t!:,Z),.. /,_,, , ,!.:,I,J14 rii 4 i!I'-- ' 7 4 h.....*,*-4',-, /,,,'-',,// / / 9 ° 47y�,m, / j . - •-• . ,,,, m.,; c.,,,.. .,... , /' ' ///: ,, . Legend TIRZ#2 JA'Drainage Corridor ' Commercial Future Land Use Park_ ..ResearcFVBusiness Park Conservation/Preservation =Estate Residential Tourism y !� Water Low Density Residential Public-Semi Public Natural Area V /Medium Density Residential Light Industrial Wetland K)‹High Density Residential,`3' Heavy Industrial • Vacant -- Mobile Home AR Professional Office 0 1.375 2,750 5,500 Printing Date:8/26/2009 Feet File:H:\PLN-DIR\SHARED\GIS Projects\Legal\TIRZ2\flu.mxd Prepared By:MikeN ©City of Corpus Christi,Texas NOT TO SCALE PACKERY Cf11/1:111:111111101 NE` oQreAR1HOt pME-w,vF O _ JQ - PHASE 1 -SEAWALL PARKING LOT RESTROOMS ME PHASE 2 -PACKERY CHANNEL PARKING & OVERLOOKS (NORTH &SOUTH SIDES) ," j j' PHASE 3 - PACKERY CHANNEL RESTROOMS (NORTH & SOUTH SIDES) /141111,, ill PHASE 4-ADA RAMPS TO JETTIES (NORTH & SOUTH SIDES) ++�' �' / PHASE 5 - PACKERY CHANNEL PAVILION (NORTHSIDE) , PHASE 6 -ADMINISTRATION & MAINTENANCE BUILDING PHASE 7 -ADA PARKING LOT IMPROVEMENTS AT EXHIBIT F JETTIE RAMPS PACKERY CHANNEL CITY COUNCIL EXHIBIT CITY OF CORPUS CHRISTI, TEXAS SIX PACK DEPARTMENT OF ENGINEERING SERVICES PROJECT LOCATION MAP PAGE: 1 of 1 = _ DATE: 10/08/2013 K r E '47„,;„.i':' p ; ,iiiiiii,,,,,,:i4, 1 4 FE X 1, 'IV" .7 tip � ; z 5� , . . cy6 � � Mobi-Mats Y s> .y. wI [�e, Ai:iir ,14 f lto•ra\,., • ' Z 4 { r llt � �'` it „ , ;7 y-t.Au Orle Dr 4 . u ~ .. ..... , .. ,t„,,,..• k: ,, 0.\ / f , ' i .I, s t Windward @ St. Augustine Crosswalk , r a / y1 )---' .0", \-,\)yV.-- ., „, ss s- co- .0 „yL1�q: II ��� %.„ ,vto;°iii ,to \v.- ,0*. , \ /� 1,141 tai ■ l :1-I::: ■ Vi � �` 'e\ i ■ � x'11 c dif� `F ■ i t :tj I t e l = , , qt I ` r Min, , -' hig alli �1 GLO LEASE TRACT 5 ■Ill I ilii NORTH PADRE ISLAN:"::::'—' 11'M DAMAGE ao�rwu TA¢T STT 1\r31 REDUCTION AND ENVIRONMENTAL _ E `�I RESTORATION PROJECT III I PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES TFF1 �� PUN NORTH AND SOUTH ACCESS TO PACKERY SCALE: I"-100• rCITY OC COMMOMM 00. WV PROJECT w. JAN. 7,2002 Ew�e Mt V.1 ATTACHMENT Mos Shoot 1 of I I / ! !II I / 1. l i i \,--- •� ,.. 111: - 'ems ra :.y!_ I / G�L uC,] - i, ,,,,..,.,..v ... ,,,. .. . , / . 7 h -4I - . - - .g.' ,, l'''!..7:-.-• -t"'* --.-- -----"---=-4)--=.3 --:-?'.,rgairi-,.. , .7"----/ iI/�Elil ;9_ liff , , 1k" {{ r`h { NORTH PADRE ISLAND STORM DAMAGE ,\ I Lr" I REDUCTION AND ENVIRONMENTAL ,'� ! RESTORATION PROJECT a �I ,1 _ !� ., ..r.. PACKERY CHANNEL wry 'I - ... - . �.��,� PUBLIC & ENVIRONMENTAL FACILITIES '16=4:47 OVERALL PLAN - REACH 1 SCALE: I"-300' ON Or CORNS ow. ary pplC!x0. NOV. 7,2001 E01E0a,SMILES UE 11.110E, Mr ATTACMaHIT 11..2 Bloat 2Ni I' ` fpr l . MON ,9 16 1, ♦ ,' 1 i Q' I PROPOSED ROM,AND Pacmcno / y ZAHN ROAD a `1§,;,.'+'� � � ® ` .....: - -- — - — - - — no Esc DWI -__7 p � /' °`1 fit ' "• ♦1 I • .(6..e: 0 .,k,,,,, II ,A ),♦'•1) IW r 1� �O _ P" gyp , ,` ' vj I 9Pt °�. •11 ♦1h ♦ $I� ,i/: 111 /cr/ ' a° s?�' O+,t)) lo. '' I3 P.7: � 1? +.��. 1 1,. 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BODING u• \.� 1 n`^ 700" BOV V o E2'GETA71ONWG/NE OOARY ... 1 _ ___ v - r+,-� In __ u t P • P r Ilf1--I-�' a pROpUNF �� I'Ul _w04- / � -..:v �, i t _ UNE S - -i / wV9+'R ----7,---------- _ %10* 'C I o•t.P 11 - -:_2„,_-1 I O oa oC - _ - ".JI f 1 !tea 4_ - • _� &ry1t. _.!. /♦ } T'1!fd 61 I. 1 V T IPON UNF t� RESm ,S a\ I L 9a�6. %EWAN.UNE nn�n FA`06,,AR 'O, \ 'l+' '/ . _ Pt. �N.:--7 4IRKINGD ,� � I qu M t PRDP SED PACES, I � A k,. /UNE-t x t — 1 180100 1 &' . .3 t''-6•-•/ 1 1 MSN 47 i i ��� PARKING PROP ED PACES / E r I — __ _______/ IR 777 i NORTH PADRE ISLAND STORM DAMAGE REDUCTION AND ENVIRONMENTAL R fio RESTORATION PROJECT "�'!de. PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES I I r ? BEACH PARKING NORTH & SOUTH OF JETTIES 1 SCALE. 1" 100' I +m - pry 00 CO..LIMN COY wwEc DEC. 13.2001 01000000 SemxcS 0Evwrn&HT NO 5122 IRV.1 ATTACH NT No.2 •oot 4 of • • /// .s \:, // '\ rho` SIJ ''s \ / iAl.) • mT . -.7 ".... k:,/ . . 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EL=6 55' L.., 33' 64'PARKING AR25' 8' zi -,- -•• .... • PROP FILL „----.r•Th EA It 10 INLET //-SIDEWALK (3110 OUTFALI 1 3 7-EXISTING GROUND ril STRUCTURE -`t• .._,, , I BULKHEAD c.., _ t yt =-1 c, WATER EXCHANGE PIPE-- ..xi MINOR BULKHEAD • 1 L_ PROP. CHANNEL I -10 -.EXIST GROUND 3 i-10 -14.25— EL =-14.75' -20 1720 o 8 164+00 8 NORTH SIDE HOvERRIT SCALEscALE :li7.150' n , o NORTH PADRE ISLAND STORM DAMACF REDUCTION AND ENVIRONMENTA RESTORATION PROJECT PACKERY CHANNEL PUBLIC & ENVIRONMENTAL FACILITIES TYPICAL CROSS-SECTION .....A.....A. 4.1.1••••=l1t Waft ON NORTH PARKING LOT NEXT TO BULKHEAD OTY OF COONS adman an PIP167 NOV 7,2001 OCAILOING SOW=OCIARIVENI Pa 3122 MITACNIMIllfr 11.2 illeast USS PROJECTS WITH FUNDS FROM TAX INVESTMENT REINVESTMENT ZONE#2 CITY OF CORPUS CHRISTI RECOMMENDATIONS FOR APPROVAL OCTOBER 9,2018 PROJECT EXPENSES PROJECT PROJECT 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 concrete $640,447 Completed driveways, minor water and wastewater improvements, landscaping improvements, March 2006 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 Boat $1,053,176 total Ramp; construction of an access road and related signage and pavement markings, project cost. Completed and the installation of 1,000 square yards concrete reinforced pavement adjacent to $549,216 from July 2009 boat ramp, concrete bollards; minor drainage improvements; 3,500 linear feet of TIRZ#2 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 April 2010 discharge into the surf of the Gulf of Mexico. Minor amount of stone were installed at 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 Completed seawall on Windward Drive. The project included separate men and women facilities to with $460,743 2010 showers,toilets,changing stations,outdoor seating area,and native landscaping. July 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 walkways,storm water $2,869,224 Completed structures lighted bollards with electrical receptacles, lighting, landscaping, concrete benchesMarch 2012 and repairs to shoreline structures. 7 Packery Channel Aids to Navigation/Signage This project consisted of lighting improvements to Packery Channel as required for safety and Completed security along with signage to mark no wake zones.Per ISAC,additional funds needed to Revised 2/20/18 $65,000 $64,500 December 2012, replace signs following Hurricane Harvey. needs replacing 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 Estimated also being planned. Priority Item.P&R recommends self contained,solar powered mobile units Revised 2/13/2018 to be placed at Packery Channel Parking Lot,end of Zahn Road and on South side of PC(at a $412,000 $263,618 completion: location yet to be determined) Build and Install portable restroom shelters to hold portable Spring 2019 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. page 1 of 3 9/18/2018 PROJECTS WITH FUNDS FROM TAX INVESTMENT REINVESTMENT ZONE#2 CITY OF CORPUS CHRISTI RECOMMENDATIONS FOR APPROVAL OCTOBER 9,2018 PROJECT EXPENSES PROJECT PROJECT BUDGET TO DATE STATUS 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 Estimated to provide access from the beach to the restrooms, lookouts and parkinglots. This project was Revised 2/20/18 $8,979 completion: designed as part of the Phase 2 project for parking and overlooks. Priority ITem: P&R $35,000 January 2019 recommends a new design for structures since the GLO will not approve construction of parking lots on the beach.For Mobi-Mats per ISAC recommendation. 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 Last Completed along the Gulf shoreline to the south of Packery Channel,and 15,000 cubic yards of sand from $1,820,843 March 2012 the north to south end of the N. Padre Island 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 Estimated visitors. Design will begin in FY 2016 and construction will follow in FY 2017 dependent upon Revised 2/20/18 completion:Fall available funding. P&R recommends further discussion on this item to determine if another $250,000 amenity would better suit the area. ISAC recommends Pavillion staged at the boat ramp parking 2019 lot as well as pavillion like structure on north and south side of the jetty. 12 Packery Channel Administration/Maintenance Building(Phase 6) This project includes a 30'x 60'maintenance building, a 20'x 20'administration building and a Moving Forward 100'x 1,000'parking lot near the entrance to the Packery Channel Lookout Areas just south of $0 with Nueces Zahn Road. Priority Item: P&R recommends facility be located on south side of channel to County 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 MOVED TO ITEM authorization. Project initiation schedule pending availability of funds and completion of previous #9 phases. GLO will not allow this to be built. P&R 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 $1,761,446 Annual assumed monitoring in 2008. The program includes the collection of bathymetric data in (Lifetime agreement. Packery Channel and the surrounding nearshore, measurement of elevation along the adjacent Expenses to Pending scope as beach and inland channel segment (shoreline position), elevation measurements across the Mollie Beattie Coastal Habitat Community, and measurement of current velocity in the inland Date) of August 2018. channel segment. 15 Packery Channel Revetment Repair Storm surge,strong currents,and waves from Hurricane Harvey caused damage to the slope protection and adjacent appurtenances along the banks of Packery Channel between the SH 361 bridge and the Gulf of Mexico.Repair concepts will be developed for two alternatives;one to return the project to its approximate pre-storm conditions,and another to upgrade the project to Added 2/13/18 Design Started as an improved condition that is more resilient to future storm impacts.The City will procure a $600,000 of August 2018 design consultant through the RFQ process,and the selected firm will prepare the construction plans. Post design,construction will be procured. page 2 of 3 9/18/2018 PROJECTS WITH FUNDS FROM TAX INVESTMENT REINVESTMENT ZONE#2 CITY OF CORPUS CHRISTI RECOMMENDATIONS FOR APPROVAL OCTOBER 9,2018 PROJECT EXPENSES PROJECT PROJECT BUDGET TO DATE STATUS 16 Park Road 22 Bridge On February 21,2017,the TIRZ#2 board met and approved the amendment of using funds from Added 2/20/2018 TIRZ#2 to support the construction of two one-way bridges spanning Park Road 22.City Council approved this amendment on February 20,2018. $4,000,000 17 Beach Crosswalk at St.Augustine&Windward Dr. Per request of the Island Strategic Action Committee:Traffic improvement on Windward Drive at Saint Augustine Drive,for pedestrian crossing on Windward Drive to facilitate access to and from Michael J.Ellis Beach.Scope of work includes:crosswalk,access ramps,traffic signs,and pavement markings.Estimated costs are$23,000 for the crossing and associated traffic $32,000 improvements;$9,000 for solar powered flashing LED crossing signs. page 3 of 3 9/18/2018 City of Corpus Christi - Budget Reinvestment Zone No. 2 Fund 1111 Revenue Detail by Account Actual Original Amended Estimated Proposed Account Revenues Budget Budget Revenues Budget Number Account Description 2016-2017 2017-2018 2017- 2018 2017- 2018 2018-2019 Reserved for Encumbrances $ 910,000 - $ 990,000 $ Reserved for Commitments 6,082,624 8,260,716 11,957,165 Unreserved - - - Beginning Balance $ 6,992,624 $ 9,250,716 $ 11,957,165 Property Taxes 300020 RIVZ#2 current taxes-City $ 2,055,446 $ 2,307,516 $ 2,307,516 $ 2,307,516 $ 2,412,597 300050 RIVZ#2 current taxes-County 1,037,197 1,164,191 1,164,191 1,164,191 1,171,473 300060 RIVZ #2 current taxes-Hospital 428,228 480,716 480,716 474,497 488,618 300110 RIVZ#2 delinquent taxes-City 28,284 20,753 20,753 19,015 18,998 300130 RIVZ#2 delnquent taxes-Del Mar 20 - - 1 - 300140 RIVZ#2 delinquent taxes-County 15,268 12,040 12,040 10,384 10,500 300150 RIVZ#2 delinqnt taxes-Hospital 6,341 4,927 4,927 4,550 4,600 300210 RIVZ#2 P&I - City 33,489 26,662 26,662 24,958 25,000 300230 RIVZ#2 P&I - Del Mar 22 - - 2 - 300240 RIVZ#2 P&I -County 17,108 14,027 14,027 11,723 12,001 300250 RIVZ#2 P&I-Hospital District 7,108 7,923 7,923 7,180 7,201 Property Taxes Total $ 3,628,510 $ 4,038,755 $ 4,038,755 $ 4,024,017 $ 4,150,988 Interest and Investments 340900 Interest on Investments $ 24,212 $ - $ - $ 78,865 $ 130,000 340995 Net Inc/Dec in FV of Investments (806) - - 806 - Interest and Investments Total $ 23,406 $ - $ - $ 79,671 $ 130,000 Interfund Charges 352000 Transfer from Other Fund $ - $ 757 $ 757 $ 757 $ - Interfunds Charges Total $ - $ 757 $ 757 $ 757 $ - Revenue Total $ 3,651,917 $ 4,039,512 $ 4,039,512 $ 4,104,445 $ 4,280,988 Total Funds Available $ 10,644,541 $ 13,355,161 $ 16,238,153 Note: Reinvestment Zone #2, commonly referred to as Packery Channel was created pursuant to the Tax Increment Financing Act to facilitate development of the land within the boundaries of the tax increment zone. The Zone became effective on November 14, 2000.The funding source is post-2000 incremental property taxes from taxing units with property within the boundaries of the zone. City of Corpus Christi - Budget Reinvestment Zone No. 2 Fund 1111 Expenditure Detail by Organization Actual Original Amended Estimated Proposed Org. Expenses Budget Budget Expenses Budget Number Organization Name 2016-2017 2017-2018 2017- 2018 2017-2018 2018-2019 11305 TIF02 Projects Infrastructure $ - $ - $ - $ - $ 650,000 12960 Packery Patrol Operations 32,781 - - - - 55000 Principal retired 990,000 1,070,000 1,070,000 1,070,000 1,240,000 55010 Interest 353,700 309,150 309,150 309,150 261,000 55040 Paying agent fees 5,694 6,000 6,000 6,000 6,000 60010 Transfer to General Fund 11,649 12,846 12,846 12,846 13,929 Expenditure Total $ 1,393,824 $ 1,397,996 $ 1,397,996 $ 1,397,996 $ 2,170,929 Reserved for Encumbrances $ 990,000 $ - $ - Reserved for Commitments 8,260,716 11,957,165 14,067,224 Unreserved - - - Closing Balance $ 9,250,716 $ 11,957,165 $ 14,067,224