HomeMy WebLinkAbout033540 ORD - 12/10/2024Ordinance approving amendment to the Tax Increment
Reinvestment Zone No. 2 operating budget for the Briscoe
King Pavilion Project; increasing funds in the amount of
$1,911,385.00 for needed improvements and renovation to the
existing Briscoe King Pavilion facility; appropriating
$1,911,385.00 from the unreserved balance of the Tax
Increment Reinvestment Zone No. 2 Fund; and amending the
FY 2025 Operating Budget. (6 votes required)
WHEREAS, Nueces County is undergoing a project for improvements to the
Briscoe King Pavilion which include structural improvements, drainage
improvements, parking lot improvements, and interior improvements. The
project also proposes a new modern structure to be added to accommodate
larger functions.
WHEREAS, the Tax Increment Reinvestment Zone No. 2 Board of Directors on
July 18, 2022, amended the Project and Financing Plan to include financing in
the amount of $2,000,000.00 for the Briscoe King Pavilion Project;
WHEREAS, on March 29, 2022, the Tax Increment Reinvestment Zone No.
2 Board of Directors approved an additional amount of $2,000,000.00 for
improvements to the Briscoe King Pavilion Project;
WHEREAS, on October 15, 2024, the Board of Directors of Reinvestment
Zone No. 2 took action to approve additional funding for the Briscoe King
Pavilion Project in the amount of $1,911,385.00;
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 amendment to the Tax
Increment Reinvestment Zone No. 2 operating budget for the Briscoe King
Pavilion Project, increasing the funds in the amount of $1,911,385.00 for
needed improvements and renovation to the existing Briscoe King Pavilion
facility.
SECTION 2. The City Council approves appropriating $1,911,385.00 for the
Briscoe King Pavilion Project from the unreserved balance of the Tax
Increment Reinvestment Zone No. 2 Fund, and hereby, amends the FY 2025
Operating Budget to increase revenues and expenditures.
03354
SCANNED
Introduced and voted on the 3 64 day of DeCeplber 2024.
PASSED and APPROVED on the 10Tday of U y \\ , 2024.
Paulette Guajardo,
M
ATTEST:
Rebecca Huerta, City Secretary
033540 .