HomeMy WebLinkAbout033830 ORD - 01/13/2026ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, DESIGNATING A CONTIGUOUS GEOGRAPHIC
AREA WITHINTHE EXTRATERRITORIAL JURISDICTIONAL LIMITS OF
THE CITY AS A TAX INCREMENT REINVESTMENT ZONE PURSUANT
TO CHAPTER 311 OF THE TEXAS TAX CODE, TO BE KNOWN AS
REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI;
DESCRIBING THE BOUNDARIES OF THE ZONE; CREATING A BOARD OF
DIRECTORS FOR THE ZONE; CREATING SUBZONES WITHIN THE
ZONE; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE;
CONTAINING FINDINGS RELATED TO THE CREATION OF THE ZONE;
PROVIDING A DATE FOR THE TERMINATION OF THE ZONE;
PROVIDING THAT THE ZONE TAKE EFFECT IMMEDIATELY UPON
PASSAGE OF THE ORDINANCE; PROVIDING A SEVERABILITY
CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Corpus Christi, Texas (the "City"), pursuant to Chapter 311
of the Texas Tax Code, as amended (the "Act"), may designate a geographic area within
the extraterritorial jurisdiction of the City as a tax increment reinvestment zone if the area
satisfies the requirements of the Act; and
WHEREAS, the Act provides that the governing body of a municipality by ordinance
may designate a contiguous or noncontiguous geographic area within the extraterritorial
jurisdiction of the municipality to be a reinvestment zone if the governing body determines
that development or redevelopment would not occur solely through private investment in
the reasonably foreseeable future; and
WHEREAS, the City Council of the City of Corpus Christi (the "City Council ")
desires for the City to consider the creation of a tax increment reinvestment zone with the
boundaries described in the Zone Map attached hereto as Exhibit A and depicted by
metes and bounds in Exhibit B attached hereto (the "Zone"); and
WHEREAS, pursuant to and as required by the Act, the City has prepared a
Preliminary Financing Plan for Reinvestment Zone Number Seven, City of Corpus Christi,
Texas, attached as Exhibit C (hereinafter referred to as the "Preliminary Financing Plan")
for a proposed tax increment reinvestment zone containing the real property within the
Zone; and
WHEREAS, notice of the public hearing on the creation of the proposed zone was
published in the official newspaper of the City on or before December 9, 2025, which date
is the seventh (7th) day before the public hearing was opened on December 16, 2025, and
WHEREAS, on December 16, 2025, the City Council opened and left open a public
hearing in accordance with Section 311.003(c) of the Act and interested persons were
allowed to speak for or against the creation of the Zone, the boundaries of the Zone, and
03383 SCANNED
the concept of tax increment financing, and owners of property in the proposed Zone were
given a reasonable opportunity to protest the inclusion of their property in the Zone; and
WHEREAS, on December 16, 2025, the City Council continued the public hearing
on the creation of the Zone and, after all comments and evidence, both written and oral, were
received by the City Council, the public hearing was closed; and
WHEREAS, the public hearing was held in full accordance with Section 311.003(c) of
the Act; and
WHEREAS, the City has taken all actions required to create the Zone including,
but not limited to, all actions required by the home -rule Charter of the City, the Act, the
Texas Open Meetings Act (defined herein), and all other laws applicable to the creation
of the Zone; and
WHEREAS, the percentage of the property in the proposed zone, excluding
property that is publicly owned, that is used for residential purposes is less than thirty
percent (30%); and
WHEREAS, the total appraised value of taxable real property in the proposed zone
and in existing reinvestment zones within the City does not exceed fifty percent (50%) of
the total appraised value of the taxable real property in the City and in the industrial
districts created by the City, if any; and
WHEREAS, a Preliminary Financing Plan has been prepared for the proposed
reinvestment zone.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. RECITALS INCORPORATED.
The facts and recitations contained in the preamble of this Ordinance are hereby found
and declared to be true and correct and are incorporated and adopted as part of this
Ordinance for all purposes.
SECTION 2. FINDINGS.
That the City Council, after conducting the above described hearing and having heard the
evidence and testimony presented at the hearing, has made the following findings and
determined based on the evidence and testimony presented to it:
(a) That the public hearing on December 16, 2025, on the creation of the proposed
reinvestment zone has beenproperly called, held and conducted and that notice of
such hearing has been published as required by applicable law, including the Act;
and
(b) That creation of the proposed reinvestment zone with boundaries as described and
depicted in Exhibits A and B will result in benefits to the City, its residents and
property owners, in general, and to the property, residents and property owners in the
reinvestment zone; and
(c) That the proposed reinvestment zone, as described and depicted in Exhibits A and
B, meets the criteria for the creation of a reinvestment zone set forth in the Act in that:
1. It is a geographic area located both within the extraterritorial jurisdiction of the City;
and
2. The area is predominately open, undeveloped or underdeveloped, and the lack of
necessary public improvements substantially impairs sound growth of the City; and
(d) That thirty percent (30%) or less of the property in the proposed reinvestment zone,
excluding property dedicated to public use, is currently used for residential purposes;
and
(e) That the total appraised value of taxable real property in the proposed reinvestment
zone according to the most recent appraisal rolls of the City, together with the total
appraised value of taxable real property in all other existing reinvestment zones within the
City, according to the most recent appraisal rolls of the City, does not exceed fifty
percent (50%) of the current total appraised value of taxable real property in the City
and in the industrial districts created by the City, if any; and
(f) That the improvements in the proposed reinvestment zone will significantly enhance
the value of all taxable real property in the proposed reinvestment zone and will be of
general benefit to the City; and
(g) That the development of the Property in the proposed reinvestment zone will not occur
solely through private investment in the reasonably foreseeable future: and
(h) The City Council finds that the Preliminary Financing Plan is feasible.
SECTION 3. DESIGNATION AND NAME OF THE ZONE.
Pursuant to the authority of, and in accordance with the requirements of the Act, the City
Council hereby designates the area described and depicted in Exhibits A and B hereto as
a tax increment reinvestment zone. The name assigned to the zone for identification is
Reinvestment Zone Number Seven, City of Corpus Christi, Texas (hereinafter referred to as
the "Zone"). The Zone shall be informally referred to as "TIRZ #7 London Area."
SECTION 4. BOARD OF DIRECTORS.
The City Council hereby creates a board of directors for the Zone (hereinafter referred to as
the "Board"). The Mayor and Council Members may serve as Board members. The board of
directors for the Zone may consist of up to 15 members. The Board shall be appointed as follows:
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(a) Under Section 311.009(a), Texas Tax Code, the respective governing bodies of each taxing
unit other than the City that levies taxes within the Zone each may appoint one member of the
Board if the taxing unit has approved the payment of all or part of the tax increment produced by
the unit into the tax increment fund for the zone. Each governing body may waive its right to
appoint a director and is deemed to have waived the right if it has not made the appointment
within 30 days of receiving written notice of its right to appoint.
(b) The remaining members of the Board are appointed by the City Council of the City. The City
Council that designated the zone may appoint not more than 10 directors to the board; except
that if there are fewer than five directors appointed by taxing units, the City Council may appoint
more than 10 members as long as the total membership of the board does not exceed 15.
(c) Terms of Board members are two years. Terms must be staggered, with the first term of 8
City Council appointees being for one year. Officers must be appointed as provided in the Act.
(d) The Board members appointed to the Board shall be eligible to serve on the Board if that
person is at least 18 years of age and either (i) a resident of Nueces County or an adjacent; or
(ii) owns real property in the Zone.
(e) The Board shall make recommendations to the City Council concerning the administration,
management, and operation of the Zone. The Board shall prepare or cause to be prepared and
adopt a project plan and a reinvestment zone financing plan for the Zone (hereinafter referred to
as the "Project and Finance Plan") as required bythe Act, and shall submit the Project and Finance
Plan to the City Council for approval. The Board shall consider amendments to the Project and
Finance Plan on its own initiative or upon submission by the City Council, but amendments
considered by Board shall not take effect unless and until approved by City Council.
(f) Directors shall not receive any salary or other compensation for their services as
directors.
(g) Each year the City shall appoint one member of the Board to serve as chairman for a term
of one year that begins on January 1 of the year.
SECTION 5. DURATION OF THE ZONE.
That the Zone shall take effect immediately upon the passage and approval of this
Ordinance, consistent with Section 311.004(a)(3) of the Act, and termination of the Zone
shall occur upon any of the following: (i) on December 31, 2051; or (ii) at such time that
all project costs and other obligations of the Zone, and the interest thereon, have been
paid in full, in accordance with Section 311.017 of the Act.
SECTION 6. SUBZONES WITHIN ZONE.
That the Zone shall have Subzone A, Mirabella, and Subzone B, London Proper, as stated
and defined in the Preliminary Financing Plan, Exhibit C, attached hereto. Additional
Subzones may be considered by the TIRZ Board which would require an amendment to
the Project Plan and Finance Plan for the Zone. The Tax Increment generated from within
a Subzone shall stay in that Subzone. The Subzone A and Subzone B metes and bounds
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area are attached hereto as Exhibit D.
SECTION 7. TAX INCREMENT BASE AND TAX INCREMENT.
Pursuant to Section 311.012(c) of the Act, the tax increment base of the City is the total
taxable value of all real property taxable by the City and located in the Zone for the year
in which the Zone was designated as a reinvestment zone (the "Tax Increment Base").
City of Corpus Christi TIRZ #7 Increment
Consistent with Section 311.012(a) of the Act, the amount of the City tax increment for a
year is fifty percent (50.00%) of real property taxes levied, assessed, and collected by the
City for that year on the Captured Appraised Value (defined below) of real property taxable
by City and located in the Zone (the "Tax Increment"). Consistent with Section 311.012(b)
of the Act, the Captured Appraised Value of real property taxable by the City for a year is
the total appraised value of all real property taxable by the City and located in the Zone
for that year less the Tax Increment Base (the "Captured Appraised Value").
City Increment
Percentage
Tax Year(s)
50%
2026 through 2051
Nueces County TIRZ #7 Increment
Consistent with Section 311.012(a) of the Act, the amount of the Nueces County tax
increment for a year is forty-five percent (45.00%) of real property taxes levied, assessed,
and collected by Nueces County (as set forth in an agreement to participate in the Zone)
for that year on the Captured Appraised Value (defined below) of real property taxable by
County and located in the Zone (the "Tax Increment"). Consistent with Section 311.012(b)
of the Act, the Captured Appraised Value of real property taxable by Nueces County for
a year is the total appraised value of all real property taxable by Nueces County and
located in the Zone for that year less the Tax Increment Base (the "Captured Appraised
Value").
Nueces County
Increment
Percentage
Tax Year(s)
45%
2026 through 2046
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SECTION 8. TAX INCREMENT FUND.
There is hereby created and established a "Tax Increment Fund" for the Zone that may
be divided into subaccounts for Subzone A and Subzone B and as authorized by
subsequent ordinances, into which the Tax Increment of the City, as such increments are
described in the Project and Finance Planand includes administration costs, less any of
the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are
to be deposited. The Tax Increment Fund and any subaccounts shall be maintained at
the affiliated depository bank of the City and shall be secured in the manner prescribed
by law for funds of Texas cities. In addition, all revenues to be dedicated to and used in
the Zone shall be deposited into the Tax Increment Fund from which money will be
disbursed to pay project costs, plus interest, for the Zone, however excess funds may be
transferred to the City's general fund as determined by the City or described by separate
agreement(s).
SECTION 9. SEVERABILITY CLAUSE.
Should any provision, section, subsection, sentence, clause or phrase of this Ordinance
be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly
provided that any and all remaining portions of this Ordinance shall remain in full force
and effect. The City hereby declares that it would have passed this Ordinance, and each
provision, section, subsection, sentence, clause or phrase thereof irrespective of the fact that
any one or more provisions, sections, subsections, sentences, clauses and phrasesbe
declared unconstitutional or invalid.
SECTION 10. OPEN MEETINGS.
It is hereby found, determined, and declared that sufficient written notice of the date, hour,
place and subject of the meeting of the City Council at which this Ordinance was adopted was
posted at a place convenient and readily accessible at all times to the general public at the
City Hall of the City for the time required by law preceding its meeting, as required by
Chapter 551 of the Texas Government Code, as amended (the "Texas Open Meetings Act"),
and that this meeting has been open to the public as required by law at all times during
which this Ordinance and the subject matter hereof has been discussed, considered
and formally acted upon. The City Council further ratifies, approves and confirms
such written notice and the contents and posting thereof.
SECTION 11. PUBLICATION.
Publication shall be made in the official publication of the City of Corpus Christi as required by
the City Charter of the City of Corpus Christi.
SECTION 12. EFFECTIVE DATE.
This Ordinance shall take effect immediately upon its adoption and publication in
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accordance with and as provided by law and the City Charter.
Introduced and voted on the 1 day of 0 her , 2025.
PASSED and APPROVED on the \ -;1V\day of T0\1\U\.i 2026.
Paulette Guajardo, Ma
EFFECTIVE DATE
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ATTEST:
Reb cca Huerta, i Secretary
033 83 0
INDEX OF EXHIBITS
EXHIBIT A Map of TIRZ #7
EXHIBIT B Metes and Bounds for TIRZ #7
EXHIBIT C Preliminary Financing Plan
EXHIBIT D Subzone A and Subzone B Metes and Bounds
EXHIBITS
Legend
ED Proposed TIRZ #7
_ _f City Limits
Cabanis
NOL
Proposed TIRZ #7
Lh PeoN i5;1'no3
Legend
Proposed TIRZ #7
Proposed Sub -Zones
City Limits
'Naval Outlying
Field Cabaniss
Proposed TIRZ #7
Field\,
PRELIMINARY
REINVESTMENT ZONE
FINANCING PLAN FOR
REINVESTMENT ZONE NUMBER SEVEN, CITY OF
CORPUS CHRISTI
Preliminary Financing Plan
Corpus Christi TIRZ #7
Preliminary Financing Plan
1. INTRODUCTION
Corpus Christi TIRZ #7
Tax increment financing is both an economic and community development tool authorized by the
Tax Increment Financing Act, Texas Tax Code, Chapter 311, as amended ("Chapter 311"), used to
promote development and/or redevelopment of areas where development and/or redevelopment
would not occur solely through private investment in the reasonably foreseeable future.
The City of Corpus Christi ("City") has identified an area within the extraterritorial jurisdiction
("ETJ") of the City more commonly referred to as the London Area, as also depicted in Exhibit
A, that would not otherwise see development and/or redevelopment through private investment in
the reasonably foreseeable future absent utilization of tax increment financing. The London Area
presents a unique opportunity for the City to accommodate managed growth, infrastructure
modernization, and economic diversification in one of the fastest growing areas of the City.
Pursuant to Chapter 311, the City held a public hearing regarding the creation of a tax increment
reinvestment zone called Reinvestment Zone Number Seven, City of Corpus Christi ("Zone"), on
, 2025, and its benefits to the City and property within the Zone, at which interested
persons were provided an opportunity to speak for or against the creation of the Zone, its
boundaries, and/or the concept of tax increment financing. Notice of the public hearing was
published in a newspaper of general circulation within the City on , 2025, being
more than seven (7) days before the date of the hearing.
On , 2026, the City Council for the City of Corpus Christi, Texas ("City Council") created the
Zone by adoption of Ordinance No. ("TIRZ Ordinance"), setting forth the initial
boundaries of the Zone in accordance with Chapter 311. Under City Ordinance No. , the
City Council created a Board of Directors for the Zone and has subsequently made initial
appointments thereto (the `Board"). In order to strategically develop property within the Zone,
the City has outlined two (2) separate Subzones within the Zone, as more fully described herein
called "Subzone A" through "Subzone B". Additional Subzones are anticipated and when
appropriate, this plan will be amended in accordance with Chapter 311.
Pursuant to City Ordinance No. , and in accordance with Chapter 311, the Board is to make
recommendations to the City Council concerning the administration of the Zone and is to prepare
and adopt a project plan and financing plan for the Zone, which, after adoption by the Board, is to
be recommended for approval to the City Council in accordance with Chapter 311.
Additionally, the City Council approved and authorized execution of (i) Development
Agreement(s) between Developer(s), and the City; (ii) an Interlocal Cooperation Agreement
between the City and the County ("County Interlocal"); and (iii) an Interlocal Cooperation
Agreement between the City and Del Mar College District ("Del Mar Interlocal").
Preliminary Financing Plan
Corpus Christi TIRZ #7
On . 2025, the County Commissioners Court approved and authorized execution of the
County Interlocal between the City, County, and Zone.
On , 2026, the Board of Regents for the Del Mar College District approved and authorized
execution of the Interlocal Agreement between the City, Del Mar College District, and the Zone.
As part of its duties under Chapter 311 and City Ordinance No. , the Board is to make
recommendations to the City Council concerning administration of the Zone and has prepared this
Project Plan and Financing Plan for adoption, which, after adoption by the Board, is to be
recommended for approval to the City Council for its consideration and possible action in
accordance with Chapter 311.
The Zone has the Boundaries as shown in Exhibit A.
Purpose of a Tax Increment Reinvestment Zone
TIRZ stands for "Tax Increment Reinvestment Zone." TIRZs are governed by Chapter 311 of the
Texas Tax Code (Chapter 311). As of 2023, there were 477 active TRIZs created by 205 cities
across Texas. TIRZs are used as a form of tax increment financing, which is an economic and
community development tool used to attract both development and/or redevelopment of a
designated area. A city or county may create a TIRZ under Chapter 311 and, if created, the
governing body establishes the boundaries of the zone, appoints an initial board of directors, and
provides a termination date for the TIRZ.
Per Chapter 311, a TIRZ is both an economic and community development tool that was created
by the Texas Legislature to help local governments encourage private development and/or
redevelopment of areas where development and/or redevelopment would not occur otherwise
through private investment in the reasonably foreseeable future by reimbursing eligible project
costs from the incremental increase in ad valorem tax revenues collected on property located within
the TIRZ (the "increment") resulting from rising property values in a designated TIRZ area. The
cost of eligible improvements is repaid by the contribution of future tax revenues by each of the
participating taxing entities that levies taxes against property within the TIRZ.
Preliminary Financing Plan
Per Chapter 311, each
participating taxing entity can
elect to dedicate all, a portion, or
none of the tax revenue that is
attributable to the increase in
property values due to the
improvements within the TIRZ to
the Zone. Each participating
taxing entity respectively
determines the percentage of its
tax increment it will commit to
repayment of the cost of financing
improvements authorized by
Chapter 311.
Creation
Tax Inc ra nwnt
Corpus Christi TIRZ #7
Captured Value After
Appraised Termination
Value of TIF
Baseline Property Value
Time
Termination
Figure 1 - Diagram of a conceptual Tax Increment Plan
Tax Increment Financing ("TIF")
Tax Increment Financing is not an additional tax. Instead, at the time of TIRZ creation a "base tax
value" is established for property located within the TIRZ boundaries. Each year the property
taxes collected up to that base tax value —within the TIRZ—continue to go into the general fund
of each participating taxing entity, such as the City. However, as property within the TIRZ
develops and increases in value, property taxes collected over and above that base tax value are
allocated to the TIRZ fund and may be used for costs of public works, public improvements,
programs, or other projects benefitting property within the TIRZ and authorized under Chapter
311. The additional property taxes collected within the TIRZ over and above the base tax value
are referred to as the "tax increment."
This Preliminary Financing Plan contains all information required for a project Plan and financing
plan as set forth by § 311.011 (c), TEx. TAX CODE, and outlines the anticipated improvements,
estimated costs, revenue projections, and overall strategy for reimbursing eligible expenses under
Chapter 311.
TIRZ Benefits
Tax increment financing is a tool that local governments can use to publicly finance needed
structural improvements and enhanced infrastructure within a defined area. Benefits of a TIRZ
generally include:
• Does not affect revenue currently going to the general fund of a city that it depends on for
providing existing services;
• Does not involve additional or increased taxes on existing or new developments to produce
revenues to serve as economic development incentives to attract investment;
Preliminary Financing Plan
Corpus Christi TIRZ #7
• Does not involve the forgiveness of taxes;
• Creates an opportunity to include other taxing jurisdictions in providing the tax incentives
used for new public infrastructure and revitalization efforts;
• Captures only the incremental increase in taxes on real property in the TIRZ (e.g., not
business personal property, inventory, and/or sales taxes) leaving those revenues available
to benefit the city almost immediately; and
• Assists with eligible costs for necessary public infrastructure in areas where the same in
inadequate or lacking.
Criteria for Zone Creation
The City found that Reinvestment Zone Number Seven, City of Corpus Christi, met the eligibility
requirements set forth by § 311.005(2), TEX. TAX CODE, due to its predominately undeveloped
character and lack of sufficient infrastructure to support rapid growth. The London Area contained
within the Zone qualifies under Chapter 311 as being in need of intervention to arrest economic
stagnation and to facilitate desirable municipal expansion. As such, the City has determined that
development and/or redevelopment of the London Area would not occur solely through private
investment and in the absence of assistance from the Zone in the reasonably foreseeable future.
Taxing Jurisdictions Applicable to Reinvestment Zone Number Seven, City of
Corpus Christi
Reinvestment Zone #7, City of Corpus Christi, is currently located within the following taxing
jurisdictions:
• City of Corpus Christi, Texas
• Nueces County, Texas
• Hospital District
• Del Mar College District
• London Independent School District
• Farm to Market Road
2. VISION FOR LONDON AREA
The London Area Development Plan was completed on March 17, 2020, which identified key
community needs aimed at spurring economic growth and enhancing quality of life within the
London Area. Through public meetings and stakeholder engagement, London Area residents
emphasized the need for expanded parks and trails, entertainment options, restaurants, and greater
retail opportunities. Other priorities identified by the public included improving the London Area's
water and sewer systems and addressing flooding and drinking water quality concerns.
The London Independent School District has quickly become one of the most sought-after school
districts in the City, contributing to a steady influx of families relocating to the area. With several
hundred new homes being constructed annually, the demand for enhanced infrastructure and public
amenities continues to rise in the London Area. This increased demand in the London Area also
Preliminary Financing Plan
Corpus Christi TIRZ #7
addresses the need to provide additional access to recreational space, healthy food options, retail
services, quality housing options, and family -oriented entertainment.
The City's desire for the London Area is to assist developers in creating comprehensive master -
planned developments that supports job growth and diverse housing options and provides
homeownership opportunities for families of varying income levels.
This vision aligns with the strategic goals of the Zone by promoting sustainable development,
equitable infrastructure investment, and long-term economic vitality.
Anticipated Role of Zone
The Zone enables the City and other participating entities to incrementally reinvest a portion of
the ad valorem tax revenues generated from real property located within the Zone and/or
Subzone(s) directly back into the respective Zone and/or Subzone(s)..
The primary functions of the Zone will be to:
• Construct/upgrade public improvements, including but not limited to street
improvements/widening, construction and extension of utility infrastructure, and
construction of linear parks and walkways;
• Expansion of City's utility infrastructure network and customer base;
• Increased and diversified housing availability;
• Attraction of employers and increased employment opportunities;
• Future additional tax base over the life of the Zone and thereafter;
• Interlocal cooperation between the City, Nueces County, and Del Mar College District for
public improvement projects by utilizing this economic development tool (TIRZ) available
under Chapter 311;
• Enhance and increase the population, create jobs and improve the overall economy of the
area and the City;
• Provide for newly constructed water, wastewater, drainage, fiber optic, electric, trails,
parks, and road infrastructure;
• Enhance the qualify of life within the Zone; and
• Create a new and replicable standard for more sustainable development within the City that
encourages new development to pay for itself in a greater amount and does not place the
burden unfairly on the current budgets of the City and County or on the existing taxpayers.
Preliminary Financing Plan
Corpus Christi TIRZ #7
3. PRELIMINARY FINANCING PLAN FOR
REINVESTMENT ZONE NUMBER SEVEN, CITY
OF CORPUS CHRISTI
This Preliminary Financing Plan for Reinvestment Zone Number Seven, City of Corpus Christi,
provides information on the projected monetary impact that the Zone could have on the property
described in Exhibit A, which are within the boundaries of the Zone. It also described how that
impact will be utilized to enhance the area and region through leveraging the resources of the City,
County, and Del Mar's respective participation in the Zone and/or Subzone(s).
Estimated Project Costs and Expenses
The Public Improvements to be constructed and financed pursuant to the Project Plan and
Financing Plan are those shown herein and in Exhibit D, including administrative and formation
costs of the entire Zone. Of the total Project costs and expenses for the entire Zone, the Subzone(s)
hereby established respectively account for the following.
The total Project costs and expenses for each Subzone, are estimated as shown herein and in
Exhibit D.
List of Public Works and Improvements
"Project Costs" authorized under § 311.002(1), TEX. TAX CODE, are costs that may be paid by the
City from the tax increment revenue generated from within the Zone and deposited in the Tax
Increment Fund, Subzone A Fund, and/or Subzone B Fund respectively established for the Zone
and/or each Subzone, pursuant to the TIRZ Ordinance. Generally, these "Project Costs" may
include such costs allowed under TEx. TAX CODE § 311.002(1), such as capital costs, including
the actual costs of the acquisition and construction of public works, public improvements, new
buildings, structures, and fixtures; the actual costs of the remediation of conditions that
contaminate public or private land or buildings; the actual costs of the preservation of the facade
of a public or private building; the actual costs of the demolition of public or private buildings;
and the actual costs of the acquisition of land and equipment and the clearing and grading of land;
financing costs, including all interest paid to holders of evidences of indebtedness or other
obligations issued to pay for project costs and any premium paid over the principal amount of the
obligations because of the redemption of the obligations before maturity; real property assembly
costs; professional service costs, including those incurred for architectural, planning, engineering,
and legal advice and services; imputed administrative costs, including reasonable charges for the
time spent by employees of the municipality or county in connection with the implementation of
a project plan; relocation costs; organizational costs, including the costs of conducting
environmental impact studies or other studies, the cost of publicizing the creation of the zone, and
Preliminary Financing Plan
Corpus Christi TIRZ #7
the cost of implementing the project plan for the zone; interest before and during construction and
for one ear after completion of construction, whether or not capitalized; the cost of operating the
reinvestment zone and project facilities; the amount of any contributions made by the municipality
or county from general revenue for the implementation of the project plan; the costs of school
buildings, other educational buildings, other educational facilities, or other buildings owned by or
on behalf of a school district, community college district, or other political subdivision of this state;
and payments made at the discretion of the governing body of the municipality, school district or
county that the governing body finds necessary or convenient to the creation of the zone or to the
implementation of the project plans for the zone. See TEx. TAX CODE § 311.002(1).
For the purposes of the Zone and this Preliminary Financing Plan, the project costs are those
authorized under Chapter 311 and identified in the Financing Model attached hereto as Exhibit D
(the "Project Costs"). Each Subzone within the Zone will have its own associated Project Costs-
Subzone A Project Cost and Subzone B Project Cost which are included within the overall Project
Costs identified in Exhibit D, all as authorized under Chapter 311 and, specifically, TEx. TAX
CODE § 311.002 (1).
SUBZONES
Additional Subzones may be considered by the TIRZ Board which would require an amendment
to the Project Plan and Financing Plan for the Zone; however the initially created Subzones are
Subzone A and Subzone B. Subzone A and Subzone B are defined below. The Tax Increment
generated from within a Subzone shall stay in that Subzone in accordance with various
Development Agreements to be entered into with the City and the respective Subzone Developer.
Subzone A - Mirabella Development
The proposed development encompassed by Subzone A spans approximately 300 acres as
depicted and as described in Exhibit B represents a thoughtfully designed, premier single-
family residential community otherwise known as the "Mirabella Development" or
"Mirabella." At its heart, Mirabella will offer an exceptional lifestyle experience, centered
around high -quality amenities and a strong sense of place.
Key features of Mirabella include twenty-three (23) acres of beautifully designed parks and
green spaces, over thirteen (13) miles of interconnected hike and bike trails, a state-of-the-
art Class A community center, resort -style pool, and multi -use recreation fields —all
tailored to promote an active, connected, and family -friendly environment.
Mirabella will feature approximately 1,154 homes represented by three (3) distinct price
points and lot sizes, providing opportunities for residents to "move up" within the same
neighborhood as their needs may evolve. Each lot size offers a diverse selection of floor
plans and architectural elevations, fostering visual variety and architectural integrity.
Rental Housing is also anticipated. The Mirabella Development also emphasizes enhanced
Preliminary Financing Plan
Corpus Christi TIRZ #7
aesthetics and safety through upgraded lighting, lush landscaping, and a signature entryway
featuring a professionally designed monument sign. Curvilinear street design and other key
infrastructure elements will not only meet but exceed current Uniform Development Code
("UDC") standards, ensuring a safer sustainable community of lasting quality and appeal.
The Mirabella development is also located within the boundaries of the Mirabella Public
Improvement District ("Mirabella PID") created by the City on December 3, 2024, by City
Resolution No. 033532. The Subzone A Fund will contribute incremental revenues
generated by ad valorem taxes collected on real property located within Subzone A towards
the annual installment of assessments for eligible projects within the Mirabella PID
allowing for the above standard development and lowering the Mirabella PID assessment
burden on the future residents. The below costs and projects may be carried out utilizing
the Mirabella PID through the sale of Bonds or through assessment reimbursements. The
Tax Increment generated from Subzone A may be allocated toward `buying down' the
annual installments levied on homeowners through the Mirabella PID so long as the above
are the projects that the Mirabella PID is fmancing and in accordance with the
Development Agreement between the City and the Developer for Subzone A.
Estimated project costs for the Mirabella Development are shown below:
Mirabella Summary
Total Cost Of
Develo meat
Eligible Pro'ect Costs
Private
Investment
Contingency, Professional Fees, General
Conditions, & Soft Cost
Site Work
Public Sewage, Storm, & Water
Franchise Utilities
Public Landscape Improvements
Private Landscape Improvements
Traffic and Street Improvements
Public Structures & Common Areas
Private Structures & Common Areas
$ 13,138,908.51
$ 601,886.82
$ 23,454,796.20
$ 2,021,424.00
$ 1,684,376.24
$ 721,875.53
$ 16,652,551.81
$ 3,094,901.70
$ 3,787,000.00
$ 7,183,131.23 $ 5,099,914.91 $ 855,862.36
$ $ - $ 601,886.82
$ 23,454,796.20 $
$ - $ $ 2,021,424.00
$ $ 1,684,376.24 $
$ $ $ 721,875.53
$ $ 16,652,551.81 $
$ $ 3,094,901.70 $
$ $ $ 3,787,000.00
Total
Design Subtotal
Development Cost
$ 65,157,720.80
$ 13,138,908.51
$ 52,018,812.30
$ 30,637,927.43 $ 26,531,744.66 $ 7,988,048.72
$ 7,183,131.23 $ 5,099,914.91 $ 855,862.36
$ 23,454,796.20 $ 21,431,829.74 $ 7,132,186.35
Subzone B — The London Proper
The proposed London Proper development that comprises Subzone B spans approximately
522 acres as more fully depicted in and as described in Exhibit C and represents a
thoughtfully designed, premier mixed -use development featuring a balance of single-
family and multifamily living options, amenities, and surrounding high -quality
Preliminary Financing Plan
Corpus Christi TIRZ #7
commercial/retail space. The London Proper development also emphasizes enhanced
aesthetics and safety through upgraded lighting, lush landscaping, and enhanced entryway
features. Proposed street design and other key infrastructure elements will not only meet
but exceed current UDC standards, ensuring a safer sustainable community of lasting
quality and appeal. The London Proper development is also proposed to be located within
the boundaries of a Public Improvement District ("London Proper PID") to be created by
the City. The Subzone B Fund will contribute incremental revenues generated by ad
valorem taxes collected on real property located within Subzone B towards the annual
installment of assessments for eligible projects within the London Proper PID allowing for
the above standard development and lowering the London Proper PID assessment burden
on the future residents. The below costs and projects may be carried out utilizing the
London Proper PID through the sale of bonds or through assessment reimbursements. The
Tax Increment generated from Subzone B may be allocated toward `buying down' the
annual installments levied on property owners through the London Proper PID so long as
the above are the projects that the London Proper PID is financing and in accordance with
the Development Agreement between the City and the Developer for Subzone B.
Estimated development project costs for the London Proper Development are shown
below:
The London Proper
Category
Contingency, Professional Fees,
General Conditions, & Soft Cost
Project Costs
$ 22,050,022.50
Site Work
$
4,724,167.50
Public Sewage, Storm, & Water
$
37,441,665.00
Public Landscape Improvements
$
8,123,692.50
Traffic and Street Improvements
$
29,048,355.00
PublicStructures & Common Areas
$
15,837,097.50
Total
$ 117,225,000.00
Design Subtotal
$
22,050,022.50
Development Cost
$
95,174,977.50
Project Feasibility
This Preliminary Financing Plan is found to be feasible, furthers the goals and objectives of the
Zone and/or Subzone(s), and will be of a benefit to property within the Zone upon completion of
the Project. As expressed more fully in the attached Exhibit D and in the various studies done by
Preliminary Financing Plan
Corpus Christi TIRZ #7
John Burns Research & Consulting, the Financing Plan established that the Project is both
economically feasible and is within market absorption capabilities.
A Feasibility Study has been prepared and evaluated for the Zone and Subzone(s). Based on the
Feasibility Study, new development contemplated by the Zone (which would not have occurred
but for implementation of the Zone) will generate new ad valorem tax revenue on real property
located in the Zone and/or respective Subzone(s) for the respective participating entities as shown
herein.
Estimate of Bonded Indebtedness & Timeline
It is anticipated that projects located within the Zone will be funded on a cash -only, pay-as-you-
go basis. However, should resources become available to issue debt, annual Zone revenue and
available non -bonded debt and financing are insufficient to address the needs of the Zone, or more
preferential financing terms can be obtained through the issuance of debt, the Board may
recommend to the City Council that it is appropriate to issue debt on behalf of the Zone
commensurate with the needs of the Zone and anticipated annual Zone revenues to support debt
service payments. However, the Zone has under no obligation to issue any notes or debt under the
terms of this Project Plan and Financing Plan. Revenue generated from Subzones may be pledged
toward buying down Public Improvement District assessments and bonds issued utilizing such
assessments.
Financing Plan Overview
The Tax Increment Base for the entire Zone for the year 2026 is to be determined once the certified
values for 2026 have been established by the Appraisal District in accordance with Chapter 311
(hereinafter also referred to as "Zone Base Value"). Pursuant to the TIRZ Ordinance, the City will
participate in the Zone by contributing fifty (50%) percent of the City's Tax Increment into the Tax
Increment Fund which is estimated to be in the amount shown in the attached Exhibit D, consisting
of the revenue generated within the Zone from the tax rate as assessed and collected on the
Captured Appraised Value for each respective tax year for a period of twenty-five (25) years.
Pursuant to the County Interlocal Agreement, the County will participate in the TIRZ by
contributing forty-five (45%) of the County's Tax Increment into the TIRZ Fund which is
estimated to be in the amount shown in the attached Exhibit D, consisting of the revenue generated
from the tax rate as assessed and collected on the Captured Appraised Value for each respective
tax year for a period of twenty (20) years. Del Mar College District ("Del Mar") will participate
in the TIRZ by contributing forty-five (45%) of Del Mar's Tax Increment into the TIRZ Fund
which is estimated to be in the amount shown in the attached Exhibit D, consisting of the revenue
generated from the tax rate as assessed and collected on the Captured Appraised Value for each
respective tax year for a period of ten (10) years which may be extended for another ten (10).
Preliminary Financing Plan
Maximum Contributions
Corpus Christi TIRZ #7
The maximum amount of contribution to the Zone from the City's ad valorem taxes on the
Captured Appraised Value shall not exceed those projected in Exhibit D.
The maximum amount of contribution to Subzone A from the City, County, and Del Mar from their
respective ad valorem taxes on the Captured Appraised Value shall not exceed those projected in
Exhibit D.
The maximum amount of contribution to Subzone B from the City, County, and Del Mar from
their respective ad valorem taxes on the Captured Appraised Value shall not exceed those projected
in Exhibit D.
ADMINISTRATION
Creation — The Zone shall reimburse relevant parties for expenses incurred during the creation of
the Zone in an amount not to exceed two hundred fifty thousand and 00/100 dollars ($250,000.00).
Administration — The Zone shall pay for the City's costs of ongoing administration of the Zone,
including but not limited to accounting, legal services, document production, and maintenance,
and other administrative costs permitted by Chapter 311. These administrative costs for the City
are estimated to be one hundred thousand and 00/100 dollars ($100,000.00) per year for a period
of twenty-five (25) years, or two million five hundred thousand and 00/100 dollars
($2,500,000.00). Additionally, the Zone shall pay an amount of up to fifty thousand and 00/100
dollars ($50,000.00) annually for ongoing administration of the Zone to Nueces County for a
period of twenty (20) years, or one million and 00/100 dollars ($1,000,000.00).
Estimated Timing of Incurring Costs or Monetary Obligations
Project Costs are anticipated to be incurred over the life of the Zone based on the Board of
Directors' identification and prioritization of activities and projects within the Zone, opportunities
for implementation, and available Zone revenues to sustain a pay-as-you-go project expenditure
approach and/or bonded debt issuance.
Financing Method
The primary source of funds for the Zone will be derived from the City's participation in the Zone,
which shall be limited to fifty (50%) percent of the collected increase in ad valorem taxes collected
on real property located within the Zone for twenty-five (25) years.
Nueces County's participation shall be limited to forty-five (45%) of the collected increase in ad
valorem taxes collected on real property located in the Zone for a period of twenty (20) years; and
the Del Mar College District's participation in the Zone shall be limited to forty five (45%) percent
Preliminary Financing Plan
Corpus Christi TIRZ #7
of the collected increase in ad valorem taxes collected on real property located within the Zone for
a period of ten (10) years.
Partici ration
Ci of Cor us Christi
Nueces Coun
Del Mar Colle_e
PROPI.rTax years 2026-2051
11.1111.
45% Tax years 2026-2046
LTax years 2026-2036 Ai
The base value year for the Zone, Subzone A, and Subzone B will be tax year 2026. Utilizing
current tax rates for each participating taxing jurisdiction, the projection of incremental property
tax revenue contributed to Subzone A and Subzone B in the Zone is as follows:
Reinvestment Zone No. 7, City of Corpus Christi
Projected TIRZ Revenues
Year
Nueces County
City of Corpus Christi
Del Mar College
TOTALS
0
$ -
$ -
$ -
$ -
1
$ -
$ -
$ -
$ -
2
$ 16,722.80
$ 42,475.15
$ 16,682.45
$ 75,880.41
3
$ 169,041.81
$ 429,358.54
$ 168,633.98
$ 767,034.32
4
$ 336,032.16
$ 853,506.50
$ 335,221.45
$ 1,524,760.11
5
$ 516,769.19
$ 1,312,570.37
$ 515,522.43
$ 2,344,862.00
6
$ 644,434.17
$ 1,636,833.65
$ 642,879.41
$ 2,924,147.22
7
$ 802,699.44
$ 2,038,820.27
$ 800,762.85
$ 3,642,282.56
8
$ 997,847.38
$ 2,534,487.23
$ 995,439.98
$ 4,527,774.60
9
$ 1,223,010.65
$ 3,106,391.75
$ 1,220,060.02
$ 5,549,462.42
10
$ 1,354,306.67
$ 3,439,877.69
$ 1,351,039.27
$ 6,145,223.63
11
$ 1,570,983.10
$ 3,990,226.05
$ -
$ 5,561,209.15
12
$ 1,612,596.73
$ 4,095,922_78
$ -
$ 5,708,519.52
13
$ 1,733,517.40
$ 4,403,055.80
$ -
$ 6,136,573.20
14
$ 1,840,062.26
$ 4,673,674.95
$ -
$ 6,513,737.21
15
$ 1,930,689.63
$ 4,903,864_36
$ -
$ 6,834,553.99
16
$ 1,969,303.42
$ 5,001,941.64
$ -
$ 6,971,245.07
17
$ 2,084,963.31
$ 5,295,712.52
$ -
$ 7,380,675.82
18
$ 2,126,662.57
$ 5,401,626.77
$ -
$ 7,528,289.34
19
$ 2,169,195.82
$ 5,509,659.30
$ -
$ 7,678,855.13
20
$ 2,293,522.12
$ 5,825,442.48
$ -
$ 8,118,964.60
21
$ -
$ 6,040,904.36
$ -
$ 6,040,904.36
22
$ -
$ 6,161, 722.45
$ -
$ 6,161, 722.45
23
$ -
$ 6,523,857_15
$ -
$ 6,523,857.15
24
$ -
$ 6,654,334.29
$ -
$ 6,654,334.29
25
$ -
$ 6,798,978.07
$ -
$ 6,798,978.07
'TOTALS
$ 25,392,360.65
$ 96,675,244.13
$ 6,046,241.85
$ 128,113,846.63
Preliminary Financing Plan
Corpus Christi TIRZ #7
The FY 2025 tax rates applicable to property located in the Zone is $1.123887 (or approximately
$1.12) per $100.00 of assessed valuation by the following respective participating taxing entities:
City of Corpus Christi
Nueces County
Del Mar College
Total $1.23887
$0.599774
$0.262373
$0.26174
Current Appraised Value
The total appraised value of the taxable real property in the Zone at the time of creation is estimated
to be $0 for the City and Del Mar. The total appraised value of the taxable real property in the
Zone at the time of creation is to be calculated once there are certified values for the Base Year for
Nueces County. All values will be confirmed by the Nueces County Appraisal District (NCAD).
Upon the creation of each Subzone, the appraised value of the taxable real property within the
subzone will be determined and confirmed by NCAD. Each year, the NCAD shall confirm the
current taxable value of each subzone less the subzone tax increment base.
The Tax Increment Base, which is the total appraised value of the taxable real property in the Zone,
is to be verified by the Nueces County Central Appraisal District, based on the most recent certified
appraised values once obtained for 2026 (hereinafter, the "Base Zone Value").
Estimated Captured Appraised Value
The estimated captured appraised value of the Zone during each year of its existence can be seen
in Exhibit D.
Duration of the Zone
In accordance with the TIRZ Ordinance, the duration of the Zone is twenty-five (25) years from
the time of its creation, or , 2051. The City Council may, after providing proper notice and
holding required public hearing, may, by ordinance, extend the length of the Zone beyond the
initial twenty-five (25) year term.
Conclusions
Based on a set of conservative assumptions and an analysis of the Preliminary Financing Plan, the
Zone is economically feasible and in compliance with Chapter 311 of the Texas Tax Code.
The success of the Project within the Zone will encourage other large master -planned and/or
mixed -use developments with even higher values to explore the City. The new residential
population base and increase in workplaces will support an expanding retail base, will supplement
the existing job market by adding new jobs, and will attract additional private development into
the surrounding area. In addition, the Zone will serve to stabilize and enhance future property
values in the City.
Preliminary Financing Plan
Exhibit A — Map and Boundary of Zone
Corpus Christi TIRZ #7
Preliminary Financing Plan
Exhibit B - Mirabella/Subzone A
Corpus Christi TIRZ #7
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Preliminary Financing Plan
Corpus Christi TIRZ #7
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Corpus Christi TIRZ #7
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Designation
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TIRZ REVENUE
Del Mar College
City of Corpus Christi
Nueces County
TIRZ PARTICIPATION RATE
Total Captured Value=
Added Value
Annual Added Value=
Average Home Value
Added Value
SF Rental Lots
IN
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Current Value
Development Year ►
in
-UT
-Ca
in
in
to
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to
to
to
in
in
in
in
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2026
i/1
in
is
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in
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in.
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in-
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in
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$ 14,163,720.00
$ 14,163,720.00
in
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$ 4,355,400.00
l
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$ 211,838.47
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$ 25,094,448.00
to
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$ 476,325.21
in
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$ 88,910,128.66
$ 48,577,857.41
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$ 9,168,837.12
N
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$ 4,584,418.56
A
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$ 10,696,976.64
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$ 4,457,073.60
01
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$ 14,262,635.52
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TIRZ REVENUE
Del Mar College l
City of Corpus Christi
Nueces County
TIRZ PARTICIPATIOI
Total Captured Value=
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Reinvestment Zone No. 7, City of Corpus Christi
Projected TIRZ Revenues
Year
Nueces County
City of Corpus Christi
Del Mar College
TOTALS
0
$ -
$ -
$ -
$ -
1
$ -
$ -
$ -
$ -
2
$ 16,722.80
$ 42,475.15
$ 16,682.45
$ 75,880.41
3
$ 169,041.81
$ 429,358.54
$ 168,633.98
$ 767,034.32
4
$ 336,032.16
$ 853,506.50
$ 335,221.45
$ 1,524,760.11
5
$ 516,769.19
$ 1,312,570.37
$ 515,522.43
$ 2,344,862.00
6
$ 644,434.17
$ 1,636,833.65
$ 642,879.41
$ 2,924,147.22
7
$ 802,699.44
$ 2,038,820.27
$ 800,762.85
$ 3,642,282.56
8
$ 997,847.38
$ 2,534,487.23
$ 995,439.98
$ 4,527,774.60
9
$ 1,223,010.65
$ 3,106,391.75
$ 1,220,060.02
$ 5,549,462.42
10
$ 1,354,306.67
$ 3,439,877.69
$ 1,351,039.27
$ 6,145,223.63
11
$ 1,570,983.10
$ 3,990,226.05
$ -
$ 5,561,209.15
12
$ 1,612,596.73
$ 4,095,922.78
$ -
$ 5,708,519.52
13
$ 1,733,517.40
$ 4,403,055.80
$ -
$ 6,136,573.20
14
$ 1,840,062.26
$ 4,673,674.95
$ -
$ 6,513,737.21
15
$ 1,930,689.63
$ 4,903,864.36
$ -
$ 6,834,553.99
16
$ 1,969,303.42
$ 5,001,941.64
$ -
$ 6,971,245.07
17
$ 2,084,963.31
$ 5,295,712.52
$ -
$ 7,380,675.82
18
$ 2,126,662.57
$ 5,401,626.77
$ -
$ 7,528,289.34
19
$ 2,169,195.82
$ 5,509,659.30
$ -
$ 7,678,855.13
20
$ 2,293,522.12
$ 5,825,442.48
$ -
$ 8,118,964.60
21
$ -
$ 6,040,904.36
$ -
$ 6,040,904.36
22
$ -
$ 6,161,722.45
$ -
$ 6,161,722.45
23
$ -
$ 6,523,857.15
$ -
$ 6,523,857.15
24
$ -
$ 6,654,334.29
$ -
$ 6,654,334.29
25
$ -
$ 6,787,420.98
$ -
$ 6,787,420.98
TOTALS
$ 25,392,360.65
$ 96,663,687.04
$ 6,046,241.85
$ 128,102,289.53
Mirabella - Sub. A
Year
Nueces County
Corpus Christi
Del Mar
Total
0
$ -
$ -
$ -
$
1
$ -
$ -
$ -
$ -
2
$ 16,722.80
$ 42,475.15
$ 16,682.45
$ 75,880.41
3
$ 46,685.73
$ 118,579.65
$ 46,573.10
$ 211,838.47
4
$ 104,974.28
$ 266,629.92
$ 104,721.02
$ 476,325.21
5
$ 164,190.33
$ 417,036.03
$ 163,794.21
$ 745,020.57
6
$ 243,268.59
$ 617,891.23
$ 242,681.68
$ 1,103,841.51
7
$ 304,933.35
$ 774,516.91
$ 304,197.66
$ 1,383,647.92
8
$ 361,483.71
$ 918,152.28
$ 360,611.60
$ 1,640,247.59
9
$ 425,887.37
$ 1,081,734.65
$ 424,859.87
$ 1,932,481.89
10
$ 487,290.15
$ 1,237,694.94
$ 486,114.51
$ 2,211,099.60
11
$ 530,426.33
$ 1,347,258.89
$ -
$ 1,877,685.22
12
$ 551,228.82
$ 1,400,096.29
$ -
$ 1,951,325.11
13
$ 562,253.40
$ 1,428,098.21
$ -
$ 1,990,351.62
14
$ 573,498.47
$ 1,456,660.18
$ -
$ 2,030,158.65
15
$ 584,968.44
$ 1,485,793.38
$ -
$ 2,070,761.82
16
$ 596,667.81
$ 1,515,509.25
$ -
$ 2,112,177.06
17
$ 608,601.16
$ 1,545,819.44
$ -
$ 2,154,420.60
18
$ 620,773.19
$ 1,576,735.82
$ -
$ 2,197,509.01
19
$ 633,188.65
$ 1,608,270.54
$ -
$ 2,241,459.19
20
$ 645,852.42
$ 1,640,435.95
$ -
$ 2,286,288.37
21
$ -
$ 1,673,244.67
$ -
$ 1,673,244.67
22
$ -
$ 1,706,709.56
$ -
$ 1,706,709.56
23
$ -
$ 1,740,843.75
$ -
$ 1,740,843.75
24
$ -
$ 1,775,660.63
$ -
$ 1,775,660.63
25
$ -
$ 1,811,173.84
$ -
$ 1,811,173.84
Totals
$ 8,062,895.01
$ 29,187,021.18
$ 2,150,236.11
; $ 39,400,152.30
The London Proper - Sub. B
Year
Nueces County
Corpus Christi
Del Mar
Total
0
$ -
$ -
$ -
$ -
1
$ -
$ -
$ -
$ -
2
$ -
$ -
$ -
$ -
3
$ 122,356.07
$ 310,778.90
$ 122,060.88
$ 555,195.85
4
$ 231,057.89
$ 586,876.58
$ 230,500.44
$ 1,048,434.90
5
$ 352,578.86
$ 895,534.35
$ 351,728.22
$ 1,599,841.43
6
$ 401,165.57
$ 1,018,942.42
$ 400,197.72
$ 1,820,305.72
7
$ 497,766.09
$ 1,264,303.36
$ 496,565.18
$ 2,258,634.64
8
$ 636,363.67
$ 1,616,334.95
$ 634,828.38
$ 2,887,527.01
9
$ 797,123.28
$ 2,024,657.10
$ 795,200.15
$ 3,616,980.53
10
$ 867,016.52
$ 2,202,182.75
$ 864,924.76
$ 3,934,124.03
11
$ 1,040,556.77
$ 2,642,967.15
$ -
$ 3,683,523.93
12
$ 1,061,367.91
$ 2,695,826.49
$ -
$ 3,757,194.40
13
$ 1,171,264.00
$ 2,974,957.59
$ -
$ 4,146,221.58
14
$ 1,266,563.80
$ 3,217,014.77
$ -
$ 4,483,578.56
15
$ 1,345,721.19
$ 3,418,070.97
$ -
$ 4,763,792.17
16
$ 1,372,635.62
$ 3,486,432.39
$ -
$ 4,859,068.01
17
$ 1,476,362.14
$ 3,749,893.08
$ -
$ 5,226,255.23
18
$ 1,505,889.39
$ 3,824,890.94
$ -
$ 5,330,780.33
19
$ 1,536,007.17
$ 3,901,388.76
$ -
$ 5,437,395.94
20
$ 1,647,669.70
$ 4,185,006.53
$ -
$ 5,832,676.23
21
$ -
$ 4,367,659.69
$ -
$ 4,367,659.69
22
$ -
$ 4,455,012.89
$ -
$ 4,455,012.89
23
$ -
$ 4,783,013.39
$ -
$ 4,783,013.39
24
$ -
$ 4,878,673.66
$ -
$ 4,878,673.66
25
$ -
$ 4,976,247.14
$ -
$ 4,976,247.14
Totals
$ 17,329,465.64
$ 67,476,665.86
$ 3,896,005.74
$ 88,702,13724
Reinvestment Zone No. 7,
Category
Contingency, Professional Fees,
General Conditions, & Soft Cost
City of Corpus Christi
Project Costs
$ 35,188,931.01
Site Work
$
5,326,054.32
Public Sewage, Storm, & Water
$
60,896,461.20
Public Landscape Improvements
$
9,808,068.74
Traffic and Street Improvements
$
45,700,906.81
Public Structures & Common Areas
$
18,931,999.20
Total
$
175,852,421.27
Design Subtotal
$
35,188,931.01
Development Cost
$
140,663,490.27
Mirabella -Subzone
Category
Contingency, Professional Fees,
General Conditions, & Soft Cost
A
Project Costs
$ 13,138,908.51
Site Work
$
601,886.82
Public Sewage, Storm, & Water
$
23,454,796.20
Public Landscape Improvements
$
1,684,376.24
Traffic and Street Improvements
$
16,652,551.81
Public Structures & Common Areas
$
3,094,901.70
Total
$
58,627,421.27
Design Subtotal
$
13,138,908.51
Development Cost
$
45,488,512.77
The London Proper
Category
Contingency, Professional Fees,
General Conditions, & Soft Cost
- Subzone B
Project Costs
$ 22,050,022.50
Site Work
$
4,724,167.50
Public Sewage, Storm, & Water
$
37,441,665.00
Public Landscape Improvements
$
8,123,692.50
Traffic and Street Improvements
$
29,048,355.00
Public Structures & Common Areas
$
15,837,097.50
Total
$
117,225,000.00
Design Subtotal
$
22,050,022.50
Development Cost
$
95,174,977.50
TIRZ #7
EXHIBIT D
TIRZ #7
SUBZONE A
MI RAB.E L LA
METES AND BOUNDS
January 12, 2024
METES AND BOUNDS DESCRIPTION
297.148ACRES OUT OF
THE NORTH HALF OF SECTION 8,
LAURELES FARM TRACTS
CITY OF CORPUS CHRISTI
NUECES COUNTY, TEXAS
A tract of and containing 297.148 acres situated in the City of Corpus Christi, Nueces County,
Texas, being a part or portion out of the North Half of Section 8, Laureles Farm Tracts, according
to the plat thereof recorded in Volume 3, Page 15, Nueces County Map Records, which said
297.148 acres where conveyed to The London Proper, LLC, by virtue of a Special Warranty Deed
recorded under Document Number 2021067587, Nueces County Official Records, said 297.148
acres also being more particularly described as follows:
BEGINNING at a No. 4 rebar found (Northing; 17135200.160, Easting: 1327930,793] on the
Northeast corner of said North Half of Section 8, for the Northeast corner of this herein described
tract;
1. THENCE, S 00° 49' 28" E along the East line of said North Half of Section 8 and within
the existing right-of-way of County Road 43, a distance of 2,642.39 feet to a No. 4 rebar
set on. the Southeast corner of said North Half of Section 8, for the Southeast corner of
this tract;
2. THENCE, S 89° 11' 29" W along the South line of said North Haif of Section 8 and within
the existing right-of-way of County Road '20A, a distance of 4,892.01 feet to a PK Nall
found, for. the Southwest corner of this tract;
3. THENCE, N 00° 49' 04" Wat a distance of 20.00 feet pass the existing North right-of-way
line of County Road 20A, continuing a total distance of 1,290.00 feet to a No. 4 rebar set,
for an inside corner of this tract;
4. THENCE, S 89° 10' 56" W at a distance of 338.00 feet pass a No. 5 rebar found on the
existing East right-of-way Ilne of Chapman Ranch Road, continuing a total distance of
388.00 feet to a PK Nail found on the West line of said North Half of Section 8, for an
outside corner of this tract;
6, THENCE, N 00° 49' 04" W along the West line of said North Haif of Section 8 and within
the existing right-of-way of Chapman Ranch Road, a distance of 60.00 feet to a PK Nall
found, for an outside corner of this tract;
6, THENCE, N 89° 10' 56" Eat a distance of 50.00 feet pass a No. 4 rebar set on the existing
East right-of-way line of Chapman Ranch Road, continuing a total distance of 388.00 feet
to a No. 4 rebar set, for an inside corner of this tract;
7. THENCE, N 00° 49' 04" W at a distance of 1,270.06 feet pass a No. 4 rebar set on the
existing South right-of-way line of County Road 22, continuing a total distance of 1,290.06
feet to a No. 4 rebar set on the North line of said North Haif of Section 8, for the Northwest
corner of this tract;
8. THENCE, N 89° 09' 51" E along the North line of said North Half of Section 8, a distance
of 4,891.70 feet to the POINT OF BEGINNING, and containing 297.148 acres, of which
0.069 of one acre lies within .the existing right-of-way of Chapman Ranch Road, 2.246
acres Ile within the existing right-of-way of County Road 22, 2.246 acres Ile within the
existing right-of-way of County Road 20A, 1.195 acres Ile within the existing right-of-way
of County Road 43, leaving an existing net of 291.392 acres of land, more or less.
I, ROBERTON, TAMEZ, A REGISTERED PROFESSIONAL LAND SURVEYOR DO
HEREBY AFFIRM THAT THIS METES AND BOUNDS DESCRIPTION REPRESENTS
THE RESULTS OF A SURVEY MADE ON THE GROUND ON 01/08/2024 UNDER MY
DIRECT! AN UPERVISION.
ROB t TON. TAMEZ, R.P.L.S. #6238 DATE:
e1.of2
Z:1Survays12024124304\Metes & Bounds1297.148 Ao. M&B,docx
TIRZ ##7
SUBZONE B
LONDON PROPER
METES AND BOUNDS
MURRAY BASS, JR., P.E.,R.P.L.S.
NIXON M. WELSH, P.E.,R.P.L.S.
www.bass-welsh.com
BASS & WELSH ENGINEERING
Engineering Firm Reg. No. F-52
Surveying Firm Reg. No. 100027-00
P.O. Box 6397
Corpus Christi, TX 78466-6397
STATE OF TEXAS §
COUNTY OF NUECES §
3054 S. ALAMEDA, zIP 78404
361 882-5521-- FAX 361 882-1265
e-mail: murrayjr@aol.com
c-mail: nixmwl@gmail.com
October 17, 2025
Description of a 442.750 acre tract of land, more or less, a portion of Lot or Section "D", Laureles Farm
Tracts, a map of which is recorded in Volume 3, Page 15, Map Records, Nueces County, Texas and consisting
of a 298.57 acre tract described by deed, Document No. 2020019585, Official Records of said county, an
89.904 acre tract described by deed, Document No. 2021016969, said official records, a 19.000 acre tract of
land described by deed, Document No. 2021034794, said official records, a 33.586 acre tract of land described
by deed, Document No. 2022022057, said official records and a 1.744 acre tract of land tract of land described
by deed, said Document No. 2022022057, said 442.750 acre tract of land as further described by metes and
bounds as follows:
BEGINNING at a 5/8" iron rod found in an upper south boundary line of a 308.99 acre tract of land described
by deed recorded at Document No. 941343, said official records, said beginning point for the northwest
corner of said 298.57 acre tract and north central corner of the tract herein described;
THENCE along said upper south boundary line of 308.99 acre tract N89°06'41"E 2664.86' to a 1" iron pipe
found for north central corner of the tract herein described and central interior corner of said 308.99 acre
tract;
THENCE S17°52'10"W 1568.11' along a south central boundary line of said 308.99 acre tract to a 5/8" iron
rod found for central interior corner of the tract herein described and south central corner of said 308.99 acre
tract;
THENCE N89°23'24"E 1863.69' along a southeast boundary line of said 308.99 acre tract to a 5/8" iron rod
found in the west right-of-way line of State Highway 286 (Chapman Ranch Road) for the northernmost east
corner of the tract herein described and southeast corner of said 308.99 acre tract;
THENCE S17°50'11"W 1125.47' along said west right-of-way line of State Highway 286 to a TxDOT
monument with brass disk found for common angle point in said west right-of-way line of State Highway 286
and east boundary line of the tract herein described;
THENCE S17°55'02"W 25.06' along said west right-of-way line of State Highway 286 to a TxDOT monument
with brass disk found for common angle point in said west right-of-way line of State Highway 286 and east
boundary line of the tract herein described;
THENCE S21°35'08"W 56.77' along said west right-of-way line of State Highway 286 to a 5/8" iron rod found
at the point of curvature of a circular curve to the left having a central angle of 11°23'16", a radius of 4179.72',
and a chord bearing S15°21'38"W 829.37';
EXHIBIT "A"
Page 1 of 3
Metes and Bounds Description, 442.750 Acre Tract, October 17, 2025, Continued;
THENCE along said west right-of-way line of said State Highway 286, being along said circular curve to the
left, a distance of 830.74' to a TxDOT monument with brass disk found for upper southeast corner of the tract
herein described;
THENCE along a "cutback" right-of-way line between said State Highway 286 and Weber Road (FM
Highway 43, generally a 100' right-of-way) S48°50'10"W 77.88' to a TxDOT monument with brass disk found
for lower southeast corner of the tract herein described in the north right -of-way line of said Weber Road;
THENCE S89°12'35"W 4531.72' along said north right-of-way line of Weber Road to a 5/8" iron rod set in
the east boundary line of said 89.904 acre tract for a south central interior corner of the tract herein
described;
THENCE along said east boundary line of 89.904 acre tract S18°00'59"W 52.84' to a point in the center line
of said Weber Road for south central corner of the tract herein described;
THENCE along said centerline of Weber Road S89°12'35"W 1865.84' to a point for lower southwest corner of
the tract herein described;
THENCE N20°11'54"E, at 53.56' pass 5/8" iron rod found for a north right-of-way line corner of said Weber
Road and along the east boundary line of Mokry Estates, a map of which is recorded in Volume 68, Page 824,
said map records, in all 683.27' to a 5/8" iron rod with cap labeled Bass and Welsh Engineering found for
interior southwesterly corner of the tract herein described and northeast corner of said Mokry Estates;
THENCE S89°08'55"W along the north boundary line of said Mokry Estates and along the north boundary
line of a 1.06 acre tract of land described by deed recorded at Document No. 2012027694, said official
records, at 666.82 pass a 5/8" iron rod found in the east right-of-way line of County Road 33, now London
Pirate Road, in all, 685.80' to a point in the center line of said County Road 33 for the westernmost or upper
southwest corner of the tract herein described;
THENCE N20°12'S0"E 1172.67' along said center line of County Road 33 to a point for west central corner of
the tract herein described and northwest or westernmost north corner of said 89.904 acre tract;
THENCE N89°13'29"E 18.98' along the north boundaiy line of said 89.904 acre tract to a 5/8" iron rod set in
said east right-of-way line of County Road 33 for the southwest corner of said 1.744 acre tract and interior
central west corner of the tract herein described;
THENCE N20°36'28"E 1118.75' along said east right-of-way line of County Road 33 and west boundary lines
of said 1.744 acre tract, said 19.000 acre tract and said 33.586 acre tract to a disturbed 5/8" iron rod found for
the northwest corner or westernmost north corner of the tract herein described and westernmost corner of a
2.003 acre tract of land described by deed to Kenneth Schroeder recorded at Document No. 2018028597, said
official records;
THENCE S69°50'37"E 300.01' along the common southwest boundaiy line of said 2.003 acre tract and
northwesterly boundary line of said 33.586 acre tract to a 5/8" iron rod set for northwesterly interior corner of the
tract herein described and southernmost corner of said 2.003 acre tract;
THENCE along the common southeast boundary line of said 2.003 acre tract and northwesterly boundary line of
said 33.586 acre tract N20°25'17"E 38.76' to a 5/8" iron rod set for northwesterly corner of the tract herein
described and lower southwest corner of London Towne Subdivision Unit 2, a map of which is recorded in Volume
69, Pages 646 and 647, said map records;
EXHIBIT "A"
Page 2 of 3
Metes and Bounds Description, 442.750 Acre Tract, October 17, 2025, Continued;
THENCE along the north boundary line of said 33.586 acre tract N89°13'33"E 2085.37' to a 5/8" iron rod set in the
west boundary line of said 298.57 acre tract for north central interior corner of the tract herein described and
northeast corner of said 33.586 acre tract;
THENCE along said west boundary line of 298.57 acre tract N18°00'59"E 871.46' to the POINT OF BEGINNING,
a portion of said 442.750 acre tract described herein being public road right-of-way; this metes and bounds
description and corner monumentation as described above are based on deeds of first paragraph above, surveys
made in 2020, 2021 and 2022, not on a later date; all iron rods set contained caps labeled Bass and Welsh
Engineering.
ircon M. Welsh, R.P.L.S.
EXHIBIT "A"
Page 3 of 3
2022 - 2022031175 06/28/Arr2 10:42 AM Page 11 of 12
MURRAY $ASS, JR., P.E.,R.P.L.S.
NIXON M. WELSH, P.E.,R.P.L.S.
www.bass-wclsh.00m
BASS & WELSH ENGINEERING
Engineering Firm Reg. No, F-52
Surveying Firm R'eg, No. 100027-00
P.O. Box 6397
Corpus Christi, TX 78466-6397
STATE OF TEXAS §
COUNTY OF NUECES §
3054 S. ALAMEDA, ZIP 78404
361 882-5521— FAX 361 882-1265
e-mail: murrayjr@aol.com
e-mail: nixmwl@gmail.com
June 22, 2022
21068-M&B,doc
Description of a 79.209 acre tract of land, more or less, a portion of the south 80.000 acres of Section 5, Laureles
Farm Tracts, a map of which is recorded in Volume 3, Page 15, Map Records, Nueces County, Texas, said 79.209
acre tract of land as further described by metes and bounds as follows:
BEGINNING at a 5/8" iron rod found for the southeast corner of said Section 5 and point of intersection of the
center line of County Road 43 and the center line of County Road 22, said beginning point for the southeast corner
of the tract herein described;
THENCE along the south boundary line of said Section 5 and along said center line of County Road 22
S89°09'51"W 5,000,00' to a point for the southernmost southwest corner of the tract herein described which bears
N89°09'S1"E 280.00' from the southwest corner of said Section 5 at the original center line Intersection of
Chapman Ranch Road (SH 286) and said County Road 22;
THENCE N00°48'26"W 20.00' to a TxDot monument with brass disk found for right-of-way corner of said SH 286
and said County Road 22 for southwesterly corner of the tract herein described;
THENCE N53°34'00"W 288.96' along a highway right-of-way line to a TxDot monument with brass disk found for
right-of-way corner of said SH 286 and southwesterly corner of the tract herein described;
THENCE S89°10'42"W 50,00' to a point in the center line of said SH 286 for the westernmost southwest corner of
the tract herein described which bears N00°49'18"W 195.00' from said southwest corner of Section 5 at the original
center line intersection of Chapman Ranch Road (SH 286) and County Road 22;
THENCE along said original center line of Chapman Ranch Road, the west boundary line of said Section 5,
N00°49'18"W 465.00' to a point for the northwest corner of the tract herein described;
THENCE N89°09'S1"E, at 50.00' pass a 5/8" Iron rod set in the east right-of-way line of said Chapman Ranch
Road, in all 5280.00' to a 5/8" iron rod set in said center line of County Road 43, the east boundary line of said
Section 5, for the northeast corner of the tract herein described;
THENCE SOO°49'18"E 660.00' along said center line of County Road 43, the east boundary line of said Section 5,
to the POINT OF BEGINNING, a portion of the tract herein described being public road right-of-way, public utility
easement and public drainage easement.
xon M. Welsh, R,P.L.S.
EXHIBIT "A"
Page 1 of 1
CITY OF CORPUS CHRISTI
CERTIFICATION OF PUBLIC RECORD
THE STATE OF TEXAS §
COUNTY OF NUECES §
I, the undersigned City Secretary of the City of Corpus Christi, Texas, so
certify that the following is a true and correct copy of Ordinance No. 033830
passed and approved by the Corpus Christi City Council on January 13, 2026, as
same appears in the Official Records of the City of Corpus Christi, Texas, of which
the City Secretary's Office is the lawful custodian.
WITNESSETH MY HAND and the Official Seal of the City of Corpus Christi,
Texas, this 16th day of January 2026.
R ecca Huerta
City Secretary
Corpus Christi, Texas
City of Corpus Christi
Rebecca Huerta, City Secretary
P.O. Box 9277
Corpus Christi, Texas 78469-9277
(361) 826-3105
RebeccaH@cctexas.com
Nueces County
Kara Sands
Nueces County Clerk
*VG-82-2026-2026001833*
Instrument Number: 2026001833
Official Public Records
MISCELLANEOUS
Recorded On: January 16, 2026 01:52 PM Number of Pages: 60
" Examined and Charged as Follows: "
Total Recording: $252.00
STATE OF TEXAS
Nueces County
I hereby certify that this Instrument was filed in the File Number sequence on the date/time
printed hereon, and was duly recorded in the Official Records of Nueces County, Texas
Kara Sands
Nueces County Clerk
Nueces County, TX
*iou\a- 5.z),,,,Q2
*********** THIS PAGE IS PART OF THE INSTRUMENT ***********
Any provision herein which restricts the Sale, Rental or use of the described REAL PROPERTY
because of color or race is invalid and unenforceable under federal law.
File Information:
Document Number: 2026001833
Receipt Number: 20260116000104
Recorded Date/Time: January 16, 2026 01:52 PM
User: Vanessa D
Station: CLERK03
Record and Return To:
SARAH BRUNKENHOEFER