HomeMy WebLinkAbout033438 ORD - 08/20/2024ORDINANCE NO.
43
AN ORDINANCE TERMINATING TAX INCREMENT REINVESTMENT
ZONE NUMBER FIVE, CITY OF CORPUS CHRISTI, TEXAS;
DISSOLVING THE TAX INCREMENT FUND FOR THE ZONE;
DISSOLVING THE BOARD OF DIRECTORS FOR THE ZONE;
PROVIDING AN EFFECTIVE DATE; AND APPROPRATING AND
TRANSFERRING RELATED FUNDS AS NECESSARY.
WHEREAS, on August 18, 2020, the City Council of the City of Corpus
Christi, Texas ("City Council") adopted Ordinance No. 032183, designating
Tax Increment Reinvestment Zone Number Five, City of Corpus Christi, Texas,
(the "Zone") pursuant to Chapter 311, Tax Increment Financing Act, Texas
Tax Code; and
WHEREAS, Ordinance No. 032183, Section 4, provides that the Zone
will terminate on the earlier of (i) December 31, 2040; (ii) the date on whjch
all project costs are complete and financing is no longer needed; or (iii) at
an earlier or later time designated by subsequent ordinance of the City
council; and
WHEREAS, on October 27, 2020, the Corpus Christi City Council
approved a Project and Financing Plan for TIRZ No. 5; and
WHEREAS, on October 27, 2020, the Corpus Christi City Council
approved a Development Reimbursement Agreement for TIRZ No. 5 entered
into by the City of Corpus Christi, ("the City") and South Padre Investment,
LP, a Texas limited partnership ("the Developer"); and
WHEREAS, in December 2023, the City received notice from
Developer that he had sold portions of land for the Development and could
not move forward with the project as agreed to; and thus, failed to perform
obligations as set out in the Development Reimbursement Agreement and
pursuant to the TIRZ No. 5 Project and Financing Plan; and
WHEREAS, the Development Reimbursement Agreement between the City
and the Developer has been terminated, the termination has been agreed to by all
parties, and it is the desire of the City Council to terminate this TIRZ No. 5;
SCANNED
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF CORPUS CHRISTI:
A. That Tax Increment Reinvestment Zone Number Five, City of
Corpus Christi, Texas is hereby terminated.
B. That the Tax Increment Fund for Tax Increment Reinvestment
Zone Number Five, City of Corpus Christi, Texas is hereby dissolved and
terminated.
C. That the Board of Directors for Tax Increment Reinvestment
Zone Number Five, City of Corpus Christi, Texas is hereby dissolved and
terminated.
D. That this Ordinance shall take effect and be in full force and effect
from and after the date of its adoption by the City Council.
Introduced and voted on the I31\^ day of /'A"-2024.
and APPROVED on the `'- day of AL-k , 2024.
vl
Paulette Guajardo, May
T:
1
e•ecca Huerta, City Secretary