HomeMy WebLinkAboutMinutes Reinvestment Zone No. 3 - 10/26/2021City of Corpus Christi
Meeting Minutes
Reinvestment Zone No. 3 - Downtown
1201 Leopard Street
Corpus Christi, TX 78401
cctexas.com
Tuesday, October 26, 2021
9:30 AM Council Chambers
A. Chairman BiIIy Lerma to call the meeting to order.
Chairman Lerma called the meeting to order at 9:33 a.m.
B. City Secretary Rebecca Huerta to call roll of the Corporation Directors.
City Secretary Rebecca L. Huerta called the roll and verified that a quorum of the Board
was present to conduct the meeting.
Present 10 - Board Member BiIIy A. Lerma, Board Member Roland Barrera, Board Member Paulette
M. Guajardo, Board Member Gil Hernandez, Board Member Susan Hutchinson, Board
Member John Martinez, Board Member Ben Molina, Board Member Mike Pusley, Board
Member James Sedwick, and Board Member Greg Smith
Absent 2 - Board Member Barbara Canales, and Board Member Michael Hunter
C. PUBLIC COMMENT:
Chairman Lerma referred to Public Comment. There were no public comments.
D. MINUTES:
1. 21-1207 Approval of the July 27, 2021 Reinvestment Zone No. 3 Minutes, August 31,
2021 and September 21, 2021 Special Meetings.
Chairman Lerma referred to Item 1.
Board Member Barrera made a motion to approve the minutes, seconded by Board
Member Smith and passed unanimously.
E. FINANCIAL REPORT:
2. 21-1353 TIRZ #3 Financial Reports as of August 31, 2021
Chairman Lerma referred to Item 2.
Director of Finance Heather Hurlbert presented the financial report for Tax Reinvestment
Zone No. 3 for the eleven months ended August 31, 2021, including: fund balance;
revenues; expenditures; commitments; project specific development; targeted vacant
property improvement grant; downtown living initiative; new tenant commercial finish out;
and streetscape & safety improvement program.
City of Corpus Christi
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SCANNED
Reinvestment Zone No. 3 -
Downtown
Meeting Minutes October 26, 2021
A Board Member and Director Hurlbert discussed the following topics: the total
committed amount for the 600 Building is about $4.6 million; and nothing has been paid
to date.
F. EXECUTIVE SESSION ITEMS: NONE
G. AGENDA ITEMS:
3. 21-1471 Motion to approve a Downtown Streetscape Reimbursement Agreement with
Buccaneer Commission, Inc. for improvements to the property located at 1316 N
Chaparral Street for a total incentive amount not to exceed $200,000, effective
upon signature by the City Manager or designee.
Chairman Lerma referred to Item 3.
Executive Director of the Downtown Management District (DMD) Alyssa Barrera Mason
presented information on the Buccaneer Commission as follows: property history; aerial
view; current condition; project concept; project cost; recommendation; and approved
programs.
Board Members, Executive Director Mason and President and CEO of Buccaneer
Commission Johnny Philipello discussed the following topics: the funding for the total
project is coming from private donations; the Ed Rachal Foundation will loan up to
$600,000; and other non -profits can use this new space as well.
Board Member Barrera made a motion to approve the motion, seconded by Board
Member Pusley. This Motion was passed and approved with the following vote:
Aye:
10 - Board Member Lerma, Board Member Barrera, Board Member Guajardo, Board Member
Hernandez, Board Member Hutchinson, Board Member Martinez, Board Member Molina,
Board Member Pusley, Board Member Sedwick, and Board Member Smith
Absent: 2 - Board Member Canales, and Board Member Hunter
Abstained: 0
H. PRESENTATION ITEMS:
4. 21-1194 2021 Downtown Residential Market Study
Chairman Lerma referred to Item 4.
Real Estate Consulting Project Manager Cameron Pawelek presented information on the
following topics: site analysis; commuting patterns; demographic overview; competitive
supply overview; rental demand & opportunity; for -sale housing market; for -sale demand
& opportunity; approach to land valuation; residual land value analysis; developer
feedback; challenges to housing development; potential solutions; critical assumptions;
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Reinvestment Zone No. 3 -
Downtown
Meeting Minutes October 26, 2021
and general limiting conditions.
Board Members, Executive Director of the Downtown Management District (DMD)
Alyssa Barrera Mason and Mr. Pawelek discussed the following topics: programs are
performance based, so staff recommends looking at upfront funding as opposed to
performance funding; the key challenges in the downtown area are condo development
and for -sale housing; short-term rentals impact the housing market; and downtown has a
higher demand for rental properties than for -sale housing.
I. ADJOURNMENT
Chairman Lerma adjourned the meeting at 10:23 a.m.
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