HomeMy WebLinkAbout033720 RES - 08/19/2025Amended Resolution for the negotiation of terms with Nueces County for a proposed
Tax Increment Reinvestment Zone (TIRZ) in the London Area for potential consideration
of the Nueces County Commissioners Court on August 20, 2025.
County Participation Term
A 20-year term is required for the developer in the
first sub -zone. Nueces County Agrees to a 20-year
term
Zone Term
Zone will be created for a 25-year term
Application of County
Contribution
Nueces County's contribution will be applied to
clearly defined uses such as streets and drainage.
Each sub -zone will have clearly defined written
uses included in the Project and Financing Plan.
The first sub -zone being considered will only
contain the expenses for the Mirabella
development. Proposed is an estimated $65M in
development costs with $30.6M reimbursed with
TIRZ funding, $26.5M reimbursed from the City
Public Improvement District (PID), and the
remaining $8.0M paid by the Developer. The TIRZ
expenses will be for public sewer, stormwater, and
water infrastructure within the development along
with associated costs totaling $30.6M.
Sewer Requirement
Included in the Project and Financing Plan, to
receive TIRZ incentive funding the development
must be connected to City Sewer.
Nueces County's Participation
The City maintains that 50% participation is
preferred but not required for this TIRZ so the
County may choose to participate at a 45% rate.
Interlocal Termination
Funds can only be spent in compliance with the
Project and Financing Plan. It is proposed that the
Project and Financing Plan and all development
agreements will be approved by Commissioner's
Court before consideration by City Council.
Nueces County has the right to terminate their
interlocal agreement if the funds are not spent in
compliance with the Project and Financing Plan.
03372
SCANNED
Reimbursement for
Administrative Expenses
Board Composition
City Council Consent
Nueces County can be reimbursed for up to
$50,000 per year based on staff time and resources
spent.
The County will provide documentation
detailing staff time spent on the administration of
the TIRZ to receive the reimbursement.
The City's amount will stay at up to $100,000 per
year with reimbursement based on staff time and
resources spent.
City — 7 seats
County — 5 seats
Del Mar-2 seats
Community/Development Representative — 1 seat
Section 311.009 (f) of the Texas Tax Code provides
details on the election and appointment of officers.
The Chair will be appointed from City
representatives and the Vice -Chair will be elected
solely from the Nueces County representatives.
By law, the City Council cannot be bound to
consent to everything presented by any board. The
City proposes that both the Commissioner's Court
and Del Mar Board of Regents have the option
to veto any development agreement approved by
the TIRZ board prior to the consideration by
City Council. If vetoed by either of
the governing bodies, it will not move forward to
City Council for consideration. In addition,
any modifications to the Project and Financing Plan
would be presented to each governing body for
approval prior to approval by the City Council.
PASSED and APPROVED on the I day of , 2025.
ATTEST:
Paulette Guajardo, MayRebecca Huerta, Assistant Secretary
033720