HomeMy WebLinkAboutMinutes Corpus Christi B Corporation (Type B) - 04/21/2025City of Corpus Christi
Meeting Minutes - Final
Corpus Christi B Corporation - Type B
1201 Leopard Street
Corpus Christi, TX 78401
cctexas.com
Monday, April 21, 2025
1:30 PM Council Chambers
Persons with disabilities who plan to attend this meeting and who may need auxiliary
aids or services are requested to contact the City Secretary's office (at 361-826-3105) at
least 48 hours in advance so that appropriate arrangements can be made.
The mission of the Business & Jobs Development (Type A) and B Corporations is to
promote and enhance the City of Corpus Christi's economic base by supporting
projects and programs that create primary jobs, improve small business and affordable
housing opportunities, and improve infrastructure in our City.
A. President Alan Wilson to call the meeting to order.
President Alan Wilson called the meeting to order at 1:30 p.m.
B. Call Roll:
City Secretary Rebecca Huerta called the roll and verified that a quorum of the Board
was present to conduct the meeting.
Present 5 - Board Member Mark LaRue, Board Member Johnny Philipello, Secretary Jesus Jimenez,
Vice -President Diana Summers, and President Alan Wilson
Absent 2 - Board Member Victoria Holland, and Board Member Vishnu Reddy
C. PUBLIC COMMENT:
President Wilson referred to Public Comment.
Judy Telge, Corpus Christi, TX., spoke regarding affordable housing.
D. MINUTES / EXCUSE ABSENCES
1. 25-0493 Approval of Minutes for the Type B Board March 17, 2025 Regular Meeting.
President Wilson referred to Item 1. Mr. Jimenez made a motion to approve the minutes
as presented, seconded by Mr. Philipello, and passed unanimously.
E. FINANCIAL REPORT
2. 25-0552 Type B Financial Reports as of February 28, 2025
City of Corpus Christi
Page 1 Printed on 5/19/2025
SCANNED
Corpus Christi B Corporation - Type
B
Meeting Minutes - Final April 21, 2025
President Wilson referred to Item 2. Director of Finance Sergio Villasana presented the
financial reports as of February 28, 2025.
Board Members, Mr. Villasana, and Director of Planning and Community Development
Dan McGinn discussed the following: which project was removed that resulted in a zero
balance for the Actual Year To Date for Economic Development -Housing; whether there
are any upcoming affordable housing projects scheduled; date the low income tax credit
will get awarded by the State; and sales tax is performing at budget.
F. EXECUTIVE SESSION ITEMS:
G. AGENDA ITEMS:
3. 25-0561 Motion to approve Amendment 3-2025 to the Reimbursement Agreement with
Next Sport Company LLC., to extend the performance deadline of Phase I from
December 31, 2024, to December 31, 2025.
President Wilson referred to Item 3. Compliance Officer for the Corpus Christi Regional
Economic Development Corporation (CCREDC) Randy Almaguer presented an
amendment to extend the performance deadline for Next Sport LLC to December 31,
2025. Mr. Alamguer said the extension reflects updated timelines resulting from
infrastructure delays and water access challenges. Mr. Almaguer stated a well has been
secured for the multi purpose athletic fields and compliance components have been
added to the amendment.
Board Members and Mr. Almaguer discussed the following: the outcome if the
performance compliance is not met for Phase I and whether the extension will effect
Phase II.
Ms. Summers made a motion to approve Item 3, seconded by Mr. Jimenez, and passed
unanimously.
4. 25-0570 Motion to approve Subordination and Standstill Agreement with Wells Fargo
Bank National Association for the Affordable Housing Project with TG110 Palms
at Morris, LP.
President Wilson referred to Item 4. Planning Manager Keren Costanzo presented a
agreement with Wells Fargo for Type B Affordable Housing Fund loan to TG 110 Palms
at Morris LP. Ms. Costanzo stated Wells Fargo is requesting the agreement with the
board to establish the bank's position as the senior lender.
Board Members, Ms. Costanzo and Assistant Director of Planning and Community
Development Jennifer Buxton discussed the following: whether the Low Income Housing
Tax Credit Program is a federal subsidy program administer by the state and used to
encourage investors to help finance the construction of low income housing and in
exchange for investors financing these projects that are lower than market rate get a
City of Corpus Christi Page 2 Printed on 5/19/2025
Corpus Christi B Corporation - Type
B
Meeting Minutes - Final April 21, 2025
dollar for dollar reduction in their federal taxability; the $13 million coming from Wells
Fargo and the $1.1 million of additional project funding of a permanent lien also coming
from Wells Fargo are tied together; the outcome of the property asset if it does not come
to fruition; and whether the differed development fees will come before the city.
Mr. Jimenez made a motion to approve Item 4, seconded by Mr. Philipello, and passed
with the following votes: Mr. Wilson, Mr. LaRue, Mr. Jimenez, and Mr. Philipello voting
Aye and Ms. Summers voting No.
H. PUBLIC HEARING: NONE
This agenda constitutes notice of any project or type of project that is the
subject of a public hearing for purposes of section 505.160 of the Texas Local
Government Code.
I. PRESENTATION ITEMS: NONE
J. EXECUTIVE DIRECTOR COMMENTS:
President Wilson referred to the Executive Director comments. City Manager Peter
Zanoni stated at City Council Meeting staff will present a general fund financial forecast
for the budget year beginning October 1st and will also present a similar report to the
Type A Board.
K. ADJOURNMENT
There being no further business, President Wilson adjourned the meeting at 2:05 p.m.
This meeting may be held via videoconference call pursuant to Texas Government Code § 551.127. If this meeting is held via
videoconference call or other remote method of meeting, then a member of this governmental body presiding over this
meeting will be physically present at the location of this meeting unless this meeting is held pursuant to Texas Government
Code § 551.125 due to an emergency or other public necessity pursuant to Texas Government Code § 551.045.
City of Corpus Christi Page 3 Printed on 5/19/2025