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Home My WebLink About033893 ORD - 03/24/2026ORDINANCE APPROVING A PROJECT PLAN AND FINANCING PLAN AS RECOMMENDED AND ADOPTED BY THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI; MAKING VARIOUS FINDINGS RELATED TO SUCH PLAN; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, tax increment financing is an economic and community development tool authorized by the Tax Increment Financing Act, Texas Tax Code, Chapter 311, used to promote development; and WHEREAS, on January 13, 2026, the City Council ("City Council") of the City of Corpus Christi, Texas ("City"), designated and created Reinvestment Zone Number Seven, City of Corpus Christi ("Zone" or "TIRZ"), a tax increment reinvestment zone created under and in accordance with TEX. TAX. CODE § 311.001 et seq., as amended ("Chapter 311"), through the passage and adoption of Ordinance No. 033830, which, inter alia, established a Tax Increment Financing Fund for the Zone ("Creation Ordinance"); and WHEREAS, pursuant to the Creation Ordinance, the Board of Directors for the Zone ("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; and WHEREAS, the Board thoroughly reviewed the Project Plan and Financing Plan for the Zone, copies of which are attached hereto as Exhibit A and incorporated herein for all purposes (the "Project Plan and Financing Plan"); and WHEREAS, after due consideration, the Board found that the Project Plan and Financing Plan attached as Exhibit A respectively satisfied the requirements of TEX. TAX CODE § 311.011(b)-(c), as proposed, and further at a meeting open to the public on March 17, 2026, adopted and recommended approval of the Final Project Plan and Financing Plan attached hereto as Exhibit A; and WHEREAS, in accordance with Section 311.011 (d) of the Act, the City Council of the municipality that designated the zone must approve a Project Plan and Financing Plan for the Zone after its adoption by the Board and a finding by the Board that the Plan is feasible; and WHEREAS, the City Council desires to approve the Project Plan and Financing Plan attached hereto as Exhibit A, as recommended by the Board pursuant to TEX. TAX CODE § 311.011. Page 1 of 4 3ss SCANNED NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: Section 1. Findings. The City Council hereby makes the following findings of fact: 1.1 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. 1.2 The Plan includes all information required by Sections 311.003(b) and (c) of the Act. 1.3 The Plan is economically feasible, and the project plan conforms to the City's master plan. Section 2. Approval of the Project Plan and Financing Plan. Based on the findings set forth in Section 1 of this Ordinance, the City Council hereby approves the Project Plan and Financing Plan as adopted and recommended for approval by the Board, and subject to Nueces County's thirty (30) day objection period beginning March 17, 2026 through April 17, 2026. Section 3. Severability Clause. If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person or to any set of circumstances, is for any reason held to be unconstitutional, void or invalid, the validity of the remining provisions of this Ordinance or their application to other persons or set of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or regulations connected herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any portion hereof, any all provisions of this Ordinance are declared severable for that purpose. Section 4. Open Meetings. It is hereby found, determined and declared that a 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 City Hall for the time required by law preceding its meeting, as required by the Open Meetings Act, Chapter 551, as amended, Page 2 of 4 Texas Government Code, 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 5. Effective Date. This Ordinance shall take effect from and be in full force and effect from and after its adoption. Introduced and voted on the l 111\ day of (\r\ 6/1 , 2026. PASSED and APPROVED on the \iay of Mph , 2026. C42 Paulette Guajardo, M r EFFECTIVE DATE ATTEST: Reb a Huerta, Cit Secretary Page 3 of 4 03389 EXHIBIT A PROJECT PLAN & FINANCING PLAN Page 4 of 4 INVEST ENT ZONE NU BE SEVEN, CITY 0 F CO '`US C ' STI Project Plan and Financing Plan arch 17, 2026 Project and Financing Plan Corpus Christi TIRZ #7 Page 2 Project and 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, Texas ("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. Pursuant to Chapter 311, on December 16, 2025, 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"), 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 December 9, 2025, being more than seven (7) days before the date of the hearing. On January 13, 2026, the City Council for the City of Corpus Christi, Texas ("City Council") created the Zone by adoption of Ordinance No. 25-1820 ("TIRZ Ordinance"), setting forth the initial boundaries of the Zone in accordance with Chapter 311. Under the TIRZ Ordinance, 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 and depicted in Exhibit A, called "Subzone A" and "Subzone B." Additional Subzones are anticipated and when appropriate, this plan will be amended in accordance with Chapter 311. Pursuant to 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 has or will approve and authorize 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"). The County Commissioners Court approved and authorized execution of the County Interlocal between the City and County, which set forth the County's participation in the Zone. Page 3 Project and Financing Plan Corpus Christi TIRZ #7 As part of its duties under Chapter 311 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. On March 17, 2026, the Board, having thoroughly reviewed this Project Plan and Financing Plan for the Zone, has found that the Zone Project Plan and Financing Plan satisfy the requirements of TEX. TAX CODE § 311.11, as proposed, and further determined that the same was in accordance with the goals, objectives, and purposes of the Zone and further be of a benefit to property within the Zone. The Zone has 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 fonri 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. Page 4 Project and 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. N a Creation Tax Increment 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 Project Plan and Financing Plan contains all information required for a project plan and financing plan as set forth by § 311.011, 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; Page 5 Project and 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 (after annexation) • Nueces County, Texas • Hospital District • Del Mar College District (after annexation) • 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 Page 6 Project and Financing Plan Corpus Christi TIRZ #7 amenities continues to rise in the London Area. This increased demand in the London Area also addresses the need to provide additional access to recreational space, healthy food options, retail services, and family -oriented entertainment. The City's desire for the London Area is to assist developers in creating a comprehensive, master - planned development that supports 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 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 estimated to be $2,263,326,178.85 over the life of the Zone; • Interlocal cooperation between the City and Nueces County 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. Page 7 Project and Financing Plan 3. PROJECT PLAN Existing Uses & Conditions - §311.011(b)(1) The Project Plan for Reinvestment Zone Number Seven, City of Corpus Christi, provides a long-term method to increase economic vitality, tax base, and population within the Zone and the City. The economics of attracting quality master planned communities and employment centers will be greatly enhanced utilizing the Zone to finance public infrastructure improvements and economic development incentives. The Zone encompasses approximately 3,501 acres of largely undeveloped land located within the ETJ of the City. The type of property currently existing in the Zone may be best characterized as `agricultural greenfield(s)', as exemplified in Figure 2, above. Corpus Christi TIRZ #7 Figure 2 - Existing Conditions The following specific objectives set the framework for the planned public improvements within the Zone: • Complete infrastructure to support +/- 3,501 acres of development with an estimated developed tax base value of over $2,263,326,178.85 throughout the life of the Zone. • Fund the construction and reimbursement of street improvements, utilities, and other infrastructure. • Construct improvements that enhance and encourage enviromnentally sensitive and water conscious development and prevent developments utilizing septic. • Make utilities and infrastructure available to enable future growth. • Establishing a model community that incorporates availability of a secure and sustainable living and working environment. • Create, and prove the feasibility of a new model of `smart growth' development which is financially sustainable, environmentally sensitive, and which has green space, amenity living and a lower carbon footprint. A portion of the Zone's boundary coincides with the Air Installations Compatible Use Zone (AICUZ), as shown in Figure 3, below. Situated to the north of the Zone is the Cabaniss Field Naval Outlying Landing Field (NOLF). The AICUZ program serves to protect public health and safety by identifying potential conflicts between urban development and military air operations. It assesses impacts such as noise levels, Page 8 Project and Financing Plan Corpus Christi TIRZ #7 the potential for aircraft -related accidents, and flight path consideration to ensure that future development is compatible with ongoing military aviation activities. To catalyze residential and commercial growth, the Zone is structured to fulfill its purpose through strategic provision of public infrastructure that is essential for development and would not occur solely through private investment in a reasonable time. The design and construction of critical infrastructure, along with other project -specific costs, may be fimded through tax increment revenues. le PO Subzones As outlined in Chapter 311 regarding the purpose and operation of a TIRZ, each taxing entity participating in the TIRZ may elect to contribute all, a portion, or P!]]A none of the property tax revenue generated within the boundaries of a TIRZ towards said TIRZ. In order to facilitate development of property within Figure 3-Atc'UZ, Cabnn;ss Field NOLF the Zone in a more organized fashion, the City has outlined two (2) separate subzone(s) ("Subzone(s)") within the Zone as more fully depicted in Exhibit A attached hereto. Contributions to the Zone will be based on the percentage identified and pledged by the City in the TIRZ Ordinance and in this Project Plan and Financing Plan. Contributions to the Subzone(s) will be solely based on the percentages pledged to each respective Subzone by each taxing entity participating in the respective Subzone. Such contribution limits are outlined in greater detail in the County Interlocal. Each Subzone is eligible to receive the new tax increment generated by a participating taxing entity within the respective Subzone based on the agreed participation level for each participating taxing entity outlined in the aforementioned Interlocal(s). The City has currently identified two (2) Subzones - Subzone A and Subzone - however, additional Subzone(s) may be considered for inclusion in the Zone as presented for consideration by the City in the future. The two (2) currently identified Subzones collectively encompass approximately 819 acres of the total 3,501 acres within the Zone, and may be more commonly referred to as: Page 9 Project and Financing Plan Corpus Christi TIRZ #7 Subzone A (Mirabella) — Situated northeast of the intersection of Highway 286 and County Road 20A, this Subzone encompasses approximately 297.148 acres as more fully depicted in Exhibit B. Subzone B (The London Proper) — 79.209 acres northeast of the intersection of Highway 286 and County Road 20A, and 442.750 acres located northwest of the intersection of Weber Road and Highway 286; this Subzone encompasses approximately 521.959 total acres as more fully depicted in Exhibit C. These Subzones are depicted in greater detail in Exhibit A, and each Subzone has been identified based on its readiness for development and potential for economic impact. Additional information pertaining to each of the identified Subzone(s) is included later in this Project Plan and Financing Plan. Per the TIRZ Creation Ordinance, the City has pledged to contribute fifty (50%) percent of the City's ad valorem taxes levied on real property located within the Zone and actually collected by the City for a period of twenty-five (25) years. Per the County Interlocal entered into between the City and Nueces County ("County"), dated , 2026, the County has pledged to contribute forty-five (45%) percent of the County's ad valorem taxes levied on real property located within the TIRZ and actually collected by the County, for a period of twenty (20) years. Project Plan Elements Pursuant to § 311.011, TEx. TAX CODE, a project plan must contain the following elements to be compliant with Chapter 311: 1. A description and map showing existing uses and conditions of real property in the Zone and proposed uses of that property; 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any; 3. A list of estimated non -project costs; and 4. A statement of a method of relocating persons to be displaced, if any, as a result of implementing the plan. Description and Map Showing Existing uses and Conditions of Real Property in the Zone and Proposed uses of Such Property The real property within the Zone is currently undeveloped or underdeveloped land, a map of the existing uses is shown in Figure 4 below. The property within the Zone is not zoned as it currently lies outside the City's corporate boundaries. The existing uses within the zone include vacant, undeveloped, and agricultural land. A map of the existing uses is shown in Figure 4 below. Page 10 Project and Financing Plan Corpus Christi TIRZ #7 Existing Uses VacantlAgricultural a ss'6e d NOLf Google Earth Legend / Corpus TIRZ 7 Figure 4 — Existing Uses Proposed Uses The proposed uses of the property include residential, multifamily, commercial, entertainment, and hospitality. The real property within the Zone is located wholly in the City's extraterritorial jurisdiction ("ETJ") with plans for annexation of Subzone A and B, as well as additional property within the Zone as it comes online for development. There are not currently any proposed changes to the zoning ordinances, master plan, building codes, or other municipal ordinances of the City other than those necessary to effectuate the buildout of the master planned developments in Subzone A and B. This does not preclude, however, the possibility of planning and zoning changes subject to the standard planning and zoning process and procedures of the City. Maps of the proposed uses for Subzones A and B are shown in the Project map attached hereto as Exhibit B and Exhibit C and shown in Figure 5, below. Page 11 Project and Financing Plan Corpus Christi TIRZ #7 List of Non -Project Costs Non -project costs within the Zone are those project costs not paid for by the Zone, such as construction of single-family homes, industrial/commercial buildings, decorative features, and other infrastructure and utility costs that are not defined as authorized "project costs" under Chapter 311 or not identified in this Project Plan and Financing Plan. Additionally, non -project costs include any shortfall of Project Costs being paid by the Developers but not reimbursed by the Zone or paid for by a public improvement district. Such shortfalls could include project costs associated with utilities, roadways, sidewalks, trails, landscaping, lighting, parks, community amenities and similar improvements. Statement of a Method of Relocating Persons to be Displaced, if any, as a Result of Implementing the Project Plan In the process of developing property in the Zone, it will not be necessary to relocate any displaced individuals and/or businesses. [Remainder of Page Intentionally Left Blank] Page 12 Project and Financing Plan Corpus Christi TIRZ #7 4. FINANCING PLAN FOR REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI This 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 is 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 and Cotmty's respective participation in the Zone and/or Subzone(s). Estimated Project Costs and Expenses The Public Improvements to be constructed and fmanced pursuant to the Project Plan and Financing Plan have been identified for the initial Subzones A and B. Such improvements are identified herein and in Exhibit D, including administrative and formation costs of the entire Zone. A detailed summary is shown below: Reinvestment Zone No. 7, Category City $ of Corpus Christi Project Costs Contingency, Professional Fees, General Conditions, & Soft Cost 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 Formation $ 250,000.00 Administration $ 3,500,000.00 Total $ 179,602,421.27 The total Project Costs and expenses may be modified through a proper amendment of the Project Plan and Financing Plan as new subzones are identified and corn online for development. List of Public Works and Itnprovements "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 Page 13 Project and Financing Plan Corpus Christi TIRZ #7 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 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 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, as 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 Developer of each Subzone. Page 14 Project and Financing Plan Corpus Christi TIRZ #7 Subzone A - Mirabella Development The proposed development encompassed by Subzone A spans approximately 297 acres as depicted and described in Exhibit B, and 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. As built -out, 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 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 costs and projects listed in the below "Mirabella Summary" 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 projects listed in the "Mirabella Summary" are those that the Mirabella PID is financing 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: Page 15 Project and Financing Plan Corpus Christi TIRZ #7 Mirabella -Subzone Category A Project Costs Contingency, Professional Fees, General Conditions, & Soft Cost $ 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 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 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 costs and projects listed in the below "The London Proper" 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 projects listed in the "The London Proper" are those that the London Proper PID is financing 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: Page 16 Project and Financing Plan Corpus Christi TIRZ #7 The London Proper Category Contingency, Professional Fees, General Conditions, & Soft Cost - Subzone Project $ B 4111111 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 Project Feasibility This 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 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. Notwithstanding the above, revenue generated from Subzones may be pledged toward buying down Public Improvement District assessments and bonds issued utilizing such assessments for a particular subzone. Specifically, the Mirabella Public Page 17 Project and Financing Plan Corpus Christi TIRZ #7 Improvement District created by the City is planning to issue bonds for infrastructure improvements that include identified Project Costs within Subzone A. TIRZ Revenues generated from Subzone A may be utilized to pay the debt service on such PID Bonds provided the PID Bonds are used to finance or reimburse the cost of infrastructure identified as a Project Cost herein. Additionally, The London Proper project is also anticipated to have a public improvement district created and may utilize a similar structure of financing for Subzone B. 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, 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. 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 development agreements entered into, 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. Page 18 Project and Financing Plan Corpus Christi TIRZ #7 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 (tax Years 2026-2051) as modeled in Exhibit D. 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 (tax years 2026-2046) as modeled in Exhibit D. The base value year for the Zone, Subzone A, and Subzone B will be tax year 2026, the year which the Zone was created. 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 TOTALS 0 $ - $ - $ - 1 $ - $ - $ - 2 $ 18,470.21 $ 42,475.15 $ 60,945.36 3 $ 186, 705.40 $ 429, 358.54 $ 616, 063.94 4 $ 371,144.99 $ 853,506.50 $ 1,224,651.49 5 $ 570,767.67 $ 1,312,570.37 $ 1,883,338.05 6 $ 711,772.68 $ 1,636,833.65 $ 2,348,606.33 7 $ 886, 575.48 $ 2, 038, 820.27 $ 2, 925, 395.75 8 $ 1,102,114.91 $ 2,534,487.23 $ 3,636,602.15 9 $ 1, 350, 806.04 $ 3,106, 391.75 $ 4,457,197.79 10 $ 1,495,821.50 $ 3,439,877.69 $ 4,935,699.19 11 $ 1,735,138.99 $ 3,990,226.05 $ 5,725,365.04 12 $ 1,781,100.93 $ 4, 095, 922.78 $ 5, 877, 023.72 13 $ 1,914,656.89 $ 4,403,055.80 $ 6,317,712.69 14 $ 2,032,334.90 $ 4,673,674.95 $ 6,706,009.84 15 $ 2,132,432.14 $ 4,903,864.36 $ 7,036,296.50 16 $ 2,175, 080.78 $ 5, 001, 941.64 $ 7,177, 022.42 17 $ 2,302,826.25 $ 5,295,712.52 $ 7,598,538.77 18 $ 2,348,882.78 $ 5,401,626.77 $ 7,750,509.54 19 $ 2, 395, 860.43 $ 5, 509, 659.30 $ 7, 905, 519.73 20 $ 2,533,177.89 $ 5,825,442.48 $ 8,358,620.37 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 $ 28,045,670.86 $ 96,663,687.04 $ 124,709,357.90 Page 19 Project and Financing Plan Corpus Christi TIRZ #7 The anticipated FY 2026 tax rates of participating entities applicable to property located in the Zone after annexation is $0.889563 (or approximately $0.89) per $100.00 of assessed valuation by the following respective participating taxing entities: City of Corpus Christi Nueces County $0.599774 $0.289789 Total $0.889563 Current Appraised Value The total taxable value of all real property taxable 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 taxable real property within the respective Subzone will be determined and confirmed by NCAD. Each year, NCAD shall confirnl the current taxable value of each Subzone less the Tax Increment Base for each respective Subzone. The Tax Increment Base, which is the total taxable 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 and is set to expire in 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 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. 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. Page 20 Project and Financing Plan Corpus Christi TIRZ #7 Exhibit A — Map and Boundary of Zone Legend TIRZ #7 = 2 City Limits TIRZ #7 TIRZ #7 March 17, 2026 Legend 0 Corpus TIRZ 7 L Subzone A Subzone B Project and Financing Plan Corpus Christi TIRZ #7 Exhibit B — Mirabella/Subzone A L 1* 120 feet .ekkri#4,• •9. 7111tilV -''' Itki t-' l L.4 ' iii lif P feler " i'll% Ir, e '71 ...- ,..-,- , ' t ''„r 4 -. No. 4.74 •-........6 ' -.. ft • :i IlY ? I 9 it 1iil 1-7 . ik, #t. ...... 44 9,-...14. plial•-• ,- 4 .1..oe ,k 'N., ---. ..... .... , keel. Teta, Nam Vrett hAtenra ./„.9•11•3o/arr Ans., '---rug.lear Coot( 141.1.6,9.±91 ir.__...1:11•IsmoNJ r 1 :"...:=7.1.:....' .......,,..... *ma .ar 1317.X10 It. (GI I. ice. O...., RIM ...... -. OAK ....IS II' 131..120 ACM; ; in..... ...4,. 'I *ORM 0.• .7 WU ........ i I _-- 1.001 4010 kte, t„, I. 4 t.,014 0 I, ito. 0 4, IA. kr.,-•"'"•1418)01onjet1141--.."'""rirq."47 44.1.-' fy-R:o43- Mirabella Total Area of Sire No,! tItsien Tout N. rnber of Lots. SIngte rarnily Ilen.I Lou Entry Level Lots Move Up lots 2. Move Up Lots Area of Park/ Open Space Area Of Uetenc.on MOOS 297.18 acres 273.35 re,. of Loss 1.154 sot 556 301 196 Mang* Lot Sae 7,640 sr 4.951 sf 6,284 sf 8,891 sf 11240 st 23.53 acres raffludes detention) 1145 afreS U.e.11 FPO Ot suer: 41,093 ff III RHODES -r ick Farrison Ste Design Stuck:: - ;romr. zee3.2ez4 0 11 SCCIION 4 ma as 44r. • Z 0 Fe- S E C T N =. S = _ T N g COV..Yv F0M � :lei. -.ncs E44r. • +ar :cis=.awe• v.cs. t . ii sue, �A mw �i�wa•n M*. PLAT SHOWING 197. 3* ACRES OUT OF TUE, NORTH HALF OF SECTION $, LAU1E ES FAZM TRACTS VOLUME ?. PAGE 1S. N.C.MR CITY OF CO[PUS alwmli NCELIS C01J NTY. TEXAS • 0 8 1 24304 - . s-w�, ce•++c:•rz RIM & ttrrr .l July 10, 2024 METES AND BOUNDS DESCRIPTION 297.239 ACRES OUT OF THE NORTH HALF OF SECTION 8, LAURELES FARM TRACTS CITY OF CORPUS CHRISTI NUECES COUNTY, TEXAS A tract of land containing 297.239 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 297.239 acres were conveyed to The London Proper, LLC, by virtue of a Special Warranty Deed recorded under Document Number 2021067587, Nueces County Official Records, and to Rhodes Development, Inc., ATexas Corporation, by virtue of a Special Warranty Deed recorded under Document Number 2024014743, Nueces County Official Records, and to Gulfway Shopping Center, by virtue of a Warranty Deed recorded under Document Number 2018002227, Nueces County Official Records, said 297.239 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, at a distance of 2.45 feet pass a No. 5 rebar found in line, continuing a total distance of 2,642.39 feet to a Nail set on the Southeast corner of said North Half of Section 8, from which a No. 5 rebar bears N 73° 07' 05" W a distance of 0.55 feet, for the Southeast corner of this tract; 2. THENCE, S 89° 11' 29" W along the South line of said North Half of Section 8 and within the existing right-of-way of County Road 20A, a distance of 4,892.01 feet to a PK Nail found, for the Southwest corner of this tract; 3. THENCE, N 00° 49' 04" W at a distance of 20.00 feet pass a No. 4 rebar set on the existing North right-of-way line of County Road 20A, continuing a total distance of 1,087.01 feet to a No. 4 rebar set, for an inside corner of this tract; 4. THENCE, in a Southwesterly direction, along a curve to the right, with a central angle of 13° 56' 54", a radius of 680.00 feet, an arc length of 165.54 feet, a tangent of 83.18 feet, and a chord that bears S 82° 12' 29" W a distance of 165.13 feet to a No. 4 rebar set, for an angle point of this tract; 5. THENCE, S 89° 10' 56" W a distance of 124.09 feet to a No. 4 rebar set, for an inside corner of this tract; Page 1 of 3 Z:\Surveys\2024\24304\Metes & Bounds1297.239 Ac. M&B.docx 6. THENCE, S 44° 10' 56" W a distance of 70.71 feet to a No. 4 rebar set on the East right-of-way line of Chapman Ranch Road, for the Southwest corner of this tract; 7. THENCE, N 00° 49' 04" W along the East right-of-way line of Chapman Ranch Road, a distance of 175.00 feet to a No. 4 rebar set, for the Northwest corner of this tract; 8. THENCE, S 45° 49' 04" E a distance of 70.71 feet to a No. 4 rebar set, for an inside corner of this tract; 9. THENCE, N 89° 10' 56" E a distance of 164.38 feet to a No. 4 rebar set, for an angle point of this tract; 10. THENCE, in a Northeasterly direction, along a curve to the left, with a central angle of 10° 57' 49", a radius of 650.00 feet, an arc length of 124.38 feet, a tangent of 62.38 feet, and a chord that bears N 83° 42' 02" E a distance of 124.19 feet to a No. 4 rebar set for an inside corner of this tract; 11.THENCE, N 00° 49' 04" W at a distance of 1,466.25 feet pass a No. 4 rebar set on the existing South right-of-way line of County Road 22, continuing a total distance of 1,486.25 feet to a No. 4 rebar set on the North line of said North Half of Section 8, for the Northwest corner of this tract; 12.THENCE, N 89° 09' 51" E along the North line of said North Half of Section 8 and within the existing right-of-way of County Road 22, a distance of 4,891.70 feet to the POINT OF BEGINNING and containing 297.239 acres, 2.246 acres lie within the existing right-of-way of County Road 22, 2.246 acres lie within the existing right-of-way of County Road 20A, 1.195 acres lie within the existing right-of-way of County Road 43, leaving an existing net of 291.552 acres of land, more or less. I, ROBERTO N. 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) N ND S PERVISION. �1 (: n 7/0/zab y ROBER''O N. TAMEZ, R.P.L.S. #6238 DATE: Page 2 of 3 Z:1Surveys120241243041Metes & Bounds1297.239 Ac. M&B.docx Project and Financing Plan Corpus Christi TIRZ #7 Exhibit C — The London Proper / Subzone B _ ,,,,, atuer— - ATOMIC GOLF GOLF - CORPUS CHRISTI CORPUS CHRISTI, NUECES COUNTY. TEXAS EXHIBIT — 441-.tAC PAPE-Davvsord ------- ------- Legend MIXED -USE - Streets Single -Family Residential .. Apartments II Hctels - Rail/Office;' Commercial Water Bodies Ell Parks Ogq London Land Planned Development • EN k�l'a?n TX286 TY.. 286 7828: 0 0.13 0.25 0.5 Miles 1 e t t II et I. Mrp Jute CcettStreethitcresell. ',.xebooi. 6tr gle. Esn Comniunrty Mans comnhutors.Map lapel byEcri 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 e-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 boundary 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 boundary 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. on M. Welsh, R.P.L.S. EXHIBIT "A" Page 3 of 3 2022 - 2022031175 06/28/2022 10:42AM Page 11 of 12 MURRAY $ASS, JR„ P.R.,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 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°09'51"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 NOO°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 NOO°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, NOO°49'18"W 465.00' to a point for the northwest corner of the tract herein described; THENCE N89°09'51"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 S00°49'1S"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. EXHIBIT "A" Page 1 of 1 Project and Financing Plan Corpus Christi TIRZ #7 Exhibit D — Feasibility/Financial Model 2026 Base Assessed Value Reinvestment Zone No. 7, City: of Corpus Christi 25 Year Estimated Build Out Summary Fact Sheet March 10, 2026 TBD Projected Taxable Value at Year 25 $ 2,263,326,178.85 TIRZ REVENUES Participation Rates: Years 1-20 45% Years 1-25 50% TIRZ Term 25 Years Taxing Entity: Nueces County City of Corpus Christi Est. Total= Estimated Contribution: $ 28,045,670.86 $ 96,663,687.04 $ 124,709,357.90 Est. Total TIF Revenues Est. Project Cost Formation Costs Est. TIRZ Administration (to City) Est. TIRZ Administration (to County) 124,709,357.90 (179,602,421.27) (250,000.00) (2,500,000.00) (1,000,000.00) Excess (Shortage) Developer/PID Contributions (58,643,063.38) 58,643,063.38 The projections and estimates contained in this model are subject to and may be impacted by market & economic conditions both domestic & international. Actual completion & construction of the projects may take more or less time than described herein. However it is understood that the Zone working with Developers will use its best efforts to complete the project as quickly as economically feasible. A growth rate of 2% per year has been used to establish value of future tax base, year over year, which is lower than the actual average over the past 10 years. The London Proper and Mirabella projects shall be entitled to the TIRZ Increment they create within their respective Subzones for reimbursement or PID Assessment Buy Down. Page 1 of 16 Reinvestment Zone No. 7, City of Corpus Christi Allocated Land Uses and Values 1 Est. Assessed Values 1 MIRABELLA - SUBZONE A Designation Description Category Number Avg Unit Value Type Unit Total Value Entry Lots Single Family Lot 556 $56,000.00 Lot $31,136,000.00 Average Home Value g Single FamilyHome g 556 $224,000.00 Home $124,544,000.00 Move Up Lots Single Family Lot 301 $70,000.00 Lot $21,070,000.00 Average Home Value g Single FamilyHome g 301 $280,000.00 Home $84,280,000.00 2nd Move Up Lots Single Family Lot 196 $90,000.00 Lot $70,560,000.00 Average Home Value g Single FamilyHome g 196 $360,000.00 Home $70,560,000.00 SF Rental SF Rental Lot Rental Homes 101 $52,000.00 Lot $5,252,000.00 Average Home Value Rental Homes 101 $208,000.00 Home $21,008,000.00 Subtotals Total Residential Units 1,154 $375,490,000.00 THE PROPER - SUBZONE B Designation Description Category Number Avg Unit Value Type Unit Total Value SF Homes Lots Single Family Lot 920 $55,000.00 Lot $50,600,000.00 Average Home Value Single Family Home 920 $270,000.00 Home $248,400,000.00 Multifamily Units MF Units 2,838 $120,000.00 Doors $340,560,000.00 Commercial SqFt Retail/Commercial 2,733,390 $151.00 SqFt q $412,741,890.00 Subtotals $1,052,301,890.00 MIRABELLA - Sithzone A PRELIMINARY FINANCING PLAY ALL VALUES ARE ASSESSABLE AD VALOREM ASSUMPTIONS 2026 2027 2028 2029 2030 Development Type Development Year ► 0 1 2 3 4 Current Value Entry Level Lots 56,000.00 101 91 Added Value Average Horne Value Added Value 224,000.00 S $ 5,769,120.00 45 $ 10,487,232.00 5,407,915.97 60 $ 14,262,635.52 Move Up Lots 70,000.00 61 60 Added Value 4,355,400.00 4,45 7, 073.60 I' Average Home Value Added Value 280,000.00 27 7,865,424.00 10 36 II 696,976.64 2nd Move Up Lots 90,000.00 44 48 Added Value $ 4,039,200.00 4,584,418.56 Average Home Value 360,000.00 18 24 Added Value SF Rental Lots 52,000.00 6,741,792.00 9,168,837.12 !I Added Value Average Horne Value Added Value 208,000.00 Annual Added Value= Total Captured Value= TIRZ PARTICIPATION RATE Nueces County City of Corpus Christi $ 0.130405 $ 0.299887 TIRZ REVENUE $ 14,163,720.00 $ 25,094,448.00 $ 48,577,857.41 $ 14,163,720.00 $ 39,542,442.40 $ 88,910,128.66 $ 18,470.21 42,475.15 60,945.36 $ 51,564.04 $ 115,943.30 $ 118,579.65 $ 266,629.92 $ 170,143.68 $ 382,573.22 2031 2032 2033 2034 2035 2036 2037 5 6 7 `; 8 9 10 11 - 89 90 - 90 95 - $ - $ 5,502,738.72 $ 5,675,858.59 $ - $ 5,905,163.28 $ 6,357,892.47 $ - 60 60 60 60 60 60 60 $ 14,547,888.23 $ 14,838,846.00 $ 15,135,622.91 $ 15,438,335.37 $ 15,747,102.08 $ 16,062,044.12 $ 16,383,285.00 60 61 - 59 - - $ - $ 4,637,139.37 $ 4,808,713.53 $ - $ 4,838,953.24 $ - $ - 36 36 36 36 36 36 22 $ 10,910,916.17 $ 11,129,134.50 $ 11,351,717.19 $ 11,578,751.53 $ 11,810,326.56 $ 12,046,533.09 $ 7,509,005.63 - 48 56 - - - $ - $ 4,769,629.07 $ - $ 5,789,375.76 $ - $ - $ - 24 24 24 24 24 24 10 $ 9,352,213.86 $ 9,539,258.14 $ 9,730,043.30 $ 9,924,644.17 $ 10,123,137.05 $ 10,325,599.79 $ 4,388,379.91 101 - - - - - - $ 5,684,933.70 $ - $ - $ - $ - $ - $ 35 60 6 - - - - $ 7,880,106.12 $ 13,778,928.42 $ 1,405,450.70 $ - $ - $ - $ - $ 48,376,058.09 $ 64,195,674.22 $ 48,107,406.23 $ 42,731,106.84 $ 48,424,682.22 $ 44,792,069.47 $ 28,280,670.54 $ 139,064,389.32 $ 206,041,351.33 $ 258,269,584.58 $ 306,166,083.11 $ 360,714,086.99 $ 412,720,438.20 $ 449,255,517.51 181,346.99 268,688.33 $ 336,796.58 $ 399,256.03 $ 470,389.39 $ 538,208.29 $ 585,851.88 417,036.03 $ 617,891.23 774,516.91 $ 918,152.28 $ 1,081,734.65 $ 1,237,694.94 $ 1,347,258.89 598,383.01 $ 886,579.55 $ 1,111,313.49 $ 1,317,408.32 1,552,124.04 $ 1,775,903.23 ,933,110.78 2038 2039 2040 2041 2042 2043 2044 12 13 14 15 16 17 18 $ - $ - $ - $ - $ - $ - $ - 31 - - - - - - $ 8,633,991.20 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ $ - $ - $ - $ - , $ - $ - $ - $ - $ - $ - $ $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 8,633,991.20 $ - $ - $ - $ - $ - $ - $ 466,874,619.06 $ 476,212,111.44 $ 485,736,353.67 $ 495,451,080.74 $ 505,360,102.36 $ 515,467,304.40 $ 525,776,650.49 $ 608,828.08 $ 621,004.64 $ 633,424.73 $ 646,093.23 $ 659,015.09 $ 672,195.40 $ 685,639.30 $ 1,400,096.29 $ 1,428,098.21 $ 1,456,660.18 $ 1,485,793.38 $ 1,515,509.25 $ 1,545,819.44 $ 1,576,735.82 $ 2,008,924.37 $ 2,049,102.86 $ 2,090,084.91 $ 2,131,886.61 $ 2,174,524.34 $ 2,218,014.83 $ 2,262,375.13 2045 2046 2047 2048 2049 2050 2051 19 20 21 22 23 24 25 $ 536,292,183.50 _ $ 547,018,027.17 $ 557,958,387.72 $ 569,117,555.47 $ 580,499,906.58 $ 592,109,904.71 $ 603,952,102.81 $ 699,352.09 $ 713,339.13 $ 1,608,270.54 $ 1,640,435.95 1,673,244.67 $ 1,706,709.56 $ 1,740,843.75 $ 1,775,660.63 $ 1,811,173.84 2,307,622.63 $ 2,353,775.08 $ 1,673,244.67 1,706,709.56 ,740,843.75 1,775,660.63 1,811,173.84 TOTALS 556 $ 34,618,689.03 556 $ 141,536,982.44 301 $ 23,097,279.75 301 $ 94,898,785.30 196 $ 19,182,623.39 196 $ 79,293,905.35 101 $ 5,684,933.70 101 $ 23,064,485.25 $ 421,377,684.22 $ 603,952,102.81 $ 8,905,406.73 $ 29,187,021.18 38,092,427.91;J THE LONDON PROPER - Subzone B PRELIMINARY FINANCING PLAN ALL VALUES ARE ASSESSABLE AD VALOREM ASSUMPTION 2026 2027 2028 2029 2030 Development Type Development Year ► 0 1 2 3 4 Current Value SF Lots $ 55,000.00 - - 150 150 Added Value $ - $ - $ 8,415,000.00 $ 8,583,300.00 Average Horne Value $ 270,000.00 - - 150 150 Added Value $ $ $ 41,310,000.00 $ 42,136,20C.00 Multifamily Units $ 120,000.00 - - - Added Value $ Commercial/Retail SqFt i $ 151.00 350,000 250,000 Added Value $ $ $ 53,907,000.00 $ 39,275,100.00 Annual Added Va ue= $ _ $ $ 103,632,000.00 $ 89,994,600.00 Total Captured Value= I1 $ - $ - $ 103,632,000.QQ �! $ 195,699,240.00 -- TIRZ PARTICIPATiQ@° RA - l!ueces County 0.130405 $ - $ 135,141.35 $ 255,201.69 City of Corpus Christi 1, $ 0.299887 $ - $ - $ 310, 78.30 $ 586,876.58 TIRZ REVENUE I $ - $ - $ - $ e.45,$'23.25 l' $ 842,078.27 2031 2032 2033 2034 2035 2036 2037 5 6 7 8 9 10 11 - 100 150 150 120 100 $ - $ 5,953,376.88 $ - $ 9,290,839.96 $ 9,476,656.76 $ 7,732,951.91 $ 6,573,009.13 - 100 - 150 150 120 100 $ - $ 29,225,668.32 $ - $ 45,609,577.98 $ 46,521,769.54 $ 37,961,763.94 $ 32,267,499.35 400 - 400 - 400 $ 50,937,984.00 $ - $ - $ 54,055,796.12 $ - $ - $ 57,364,443.29 300,000 450,000 400,000 200,000 $ 48,072,722.40 $ - $ 75,022,290.58 $ - $ 69,380,614.33 $ - $ 36,091,795.57 $ 99,010,706.40 $ 35,179,045.20 $ 75,022,290.58 $ 108,956,214.06 $ 125,379,040.62 $ 45,694,715.86 $ 132,296,747.35 $ 298,623,931.20 $ 339,775,455.02 $ 421,593,254.70 $ 538,981,333.86 $ 675,140,001.16 $ 734,337,517.04 $ 881,321,014.73 $ 389,420.69 $ 443,084.35 $ 549,778.89 $ 702,858.88 $ 880,416.66 $ 957,613.21 $ 1,149,287.11 $ 895,534.35 $ 1,018,942.42 $ 1,264,303.36 $ 1,616,334.95 $ 2,024,657.10 $ 2,202,182.75 $ 2,642,967.15 $ 1,284,955.04 $ 1,462,026.77 $ 1,814,082.26 $ 2,319,193.83 $ 2,905,073.75 $ 3,159,795.96 $ 3,792,254.26 2038 2039 2040 2041 2042 2043 2044 12 13 14 15 16 17 18 $ - $ - $ - $ - $ - $ - $ $ - $ - $ - $ - $ - $ $ - - 400 - - 400 - $ - $ - $ 60,875,606.14 $ - $ - $ 64,601,680.24 $ - 400,000 - 233,390 - - $ - $ 75,099,808.23 $ - $ 45,589,142.57 $ - $ - $ - $ - $ 75,099,808.23 $ 60,875,606.14 $ 45,589,142.57 $ - $ 64,601,680.24 $ - $ 898,947,435.03 $ 992,026,191.95 $ 1,072,742,321.93 $ 1,139,786,310.94 _ $ 1,162,582,037.16 $ 1,250,435,358.14 $ 1,275,444,065.31 $ 1,172,272.85 $ 1,293,652.25 1,398,910.16 $ 1,486,338.91 1,516,065.69 1,630,630.85 $ 1,663,243.47 $ 2,695,826.49 $ 2,974,957.59 3,217,014.77 $ 3,418,070.97 $ 3,486,432.39 $ 3,749,893.08 $ 3,824,890.94 3,868,099.35 $ 4,268,609.84 $ 4,615,924.93 4,904,409.88 $ 5,002,498.08 $ 5,380,523.94 $ 488,134.42 2045 2046 2047 2048 2049 2050 19 20 21 22 23 24 $ - $ - $ - $ - 400 438 $ - $ 68,555,819.88 $ 79,663,423.04 $ - 150,000 $ - $ - $ 32,996,773.06 $ - $ - $ - $ - $ 68,555,819.88 $ 32,996,773.06 $ - $ 79,663,423.04 $ - $ 1,300,952,946.61 $ 1,395,527,825.43 $ 1,456,435,155.00 $ 1,485,563,858.10 $ 1,594,938,558.29 $ 1,626,837,329.46 1,696,508.34 1,819,838.76 3,901,388.76 4,185,006.53 $ 4,367,659.69 $ 4,455,012.89 $ 4,783,013.39 4,878,673.66 5597,897.10 6,004,845.29 4,367,659.69 4,455,012.89 $ 4,783,013.39 4,878,673.66 2051 25 TOTALS 920 $ 56,025,134.64 920 $ 275,032,479.14 2,838 $ - $ 436,054,752.72 2,733,390 $ - $ 475,435,246.73 $ - $ 1,242,547,613.23 $ 1,659,374,076.05 $ 1,659,374,076.05 19,140, 264.12 $ 4,976,247.14 $ 67,476,665.86 $' 4,976,247.14 $ 86,616,929.98? Reinvestment Zone No. 7, City of Corpus Christi Projected TIRZ Revenues Year Nueces County City of Corpus Christi TOTALS 0 $ - $ - $ - 1 $ - $ - $ - 2 $ 18,470.21 $ 42,475.15 $ 60,945.36 3 $ 186,705.40 $ 429,358.54 $ 616,063.94 4 $ 371,144.99 $ 853,506.50 $ 1,224,651.49 5 $ 570, 767.67 $ 1, 312, 570.37 $ 1, 883, 338.05 6 $ 711, 772.68 $ 1,636, 833.65 $ 2, 348, 606.33 7 $ 886,575.48 $ 2,038,820.27 $ 2,925,395.75 8 $ 1,102,114.91 $ 2,534,487.23 $ 3,636,602.15 9 $ 1, 350, 806.04 $ 3,106, 391.75 $ 4,457,197.79 10 $ 1,495,821.50 $ 3,439,877.69 $ 4,935,699.19 11 $ 1,735,138.99 $ 3,990,226.05 $ 5,725,365.04 12 $ 1,781,100.93 $ 4,095,922.78 $ 5,877,023.72 13 $ 1,914,656.89 $ 4,403,055.80 $ 6,317,712.69 14 $ 2,032,334.90 $ 4,673,674.95 $ 6,706,009.84 15 $ 2,132,432.14 $ 4,903,864,36 $ 7,036,296.50 16 $ 2,175, 080.78 $ 5, 001, 941.64 $ 7,177, 022.42 17 $ 2,302,826.25 $ 5,295,712.52 $ 7,598,538.77 18 $ 2,348,882.78 $ 5,401,626.77 $ 7,750,509.54 19 $ 2,395,860.43 $ 5,509,659.30 $ 7,905,519.73 20 $ 2,533,177.89 $ 5,825,442.48 $ 8,358,620.37 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 $ 28,045,670.86 $ 96,663,687.04 $ 124,709,357.90 Nlirabella - Sub. A Year Nueces County Corpus Christi Total 0 $ - $ - $ - 1 $ - $ - $ - 2 $ 18,470.21 $ 42,475.15 $ 60,945.36 3 $ 51,564.04 $ 118,579.65 $ 170,143.68 4 $ 115,943.30 $ 266,629.92 $ 382,573.22 5 $ 181,346.99 $ 417,036.03 $ 598,383.01 6 $ 268,688.33 $ 617,891.23 $ 886,579.55 7 $ 336,796.58 $ 774,516.91 $ 1,111,313.49 8 $ 399,256.03 $ 918,152.28 $ 1,317,408.32 9 $ 470, 389.39 $ 1, 081, 734.65 $ 1,552,124.04 10 $ 538,208.29 $ 1,237,694.94 $ 1,775,903.23 11 $ 585,851.88 $ 1,347,258.89 $ 1,933,110.78 12 $ 608,828.08 $ 1,400,096.29 $ 2,008,924.37 13 $ 621, 004.64 $ 1,428,098.21 $ 2,049,102.86 14 $ 633,424.73 $ 1,456,660.18 $ 2,090,084.91 15 $ 646,093.23 $ 1,485,793.38 $ 2,131,886.61 16 $ 659,015.09 $ 1,515,509.25 $ 2,174,524.34 17 $ 672,195.40 $ 1,545,819.44 $ 2,218,014.83 18 $ 685,639.30 $ 1,576,735.82 $ 2,262,375.13 19 . $ 699,352.09 $ 1,608,270.54 $ 2,307,622.63 20 $ 713,339.13 $ 1,640,435.95 $ 2,353,775.08 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 $ 8,905,406.73 $ 29,187,021.18 $ 38,092,42791 The London Proper - Sub. B Year Nueces County Corpus Christi Total 0 $ - $ - $ - 1 $ - $ - $ - 2 $ - $ - $ - 3 $ 135,141.36 $ 310, 778.90 $ 445, 920.26 4 $ 255,201.69 $ 586,876.58 $ 842,078.27 5 $ 389,420.69 $ 895,534.35 $ 1,284,955.04 6 $ 443,084.35 $ 1,018,942.42 $ 1,462,026.77 7 $ 549,778.89 $ 1,264,303.36 $ 1,814,082.26 8 $ 702, 858.88 $ 1, 616, 334.95 $ 2,319,193.83 9 $ 880,416.66 $ 2,024,657.10 $ 2,905,073.75 10 $ 957,613.21 $ 2,202,182.75 $ 3,159,795.96 11 $ 1,149,287.11 $ 2,642,967.15 $ 3,792,254.26 12 $ 1,172,272.85 $ 2,695,826.49 $ 3,868,099.35 13 $ 1,293,652.25 $ 2,974,957.59 $ 4,268,609.84 14 $ 1,398,910.16 $ 3,217,014.77 $ 4,615,924.93 15 $ 1,486,338.91 $ 3,418,070.97 $ 4,904,409.88 16 $ 1,516,065.69 $ 3,486,432.39 $ 5,002,498.08 17 $ 1,630,630.85 $ 3,749,893.08 $ 5,380,523.94 18 $ 1, 663, 243.47 $ 3, 824, 890.94 $ 5,488,134.42 19 $ 1,696,508.34 $ 3,901,388.76 $ 5,597,897.10 20 $ 1,819,838.76 $ 4,185,006.53 $ 6,004,845.29 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 $ 19,140,264.12 $ 67,476,665.86 $ 86,616, 29.98 Contingency, Professional Fees, General Conditions, & Soft Cost $ 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 Formation 250,000.00 Administration Total 3,500,000.00 179,602,421.27 Mirabella -Subzone Category Contingency, Professional Fees, General Conditions, & Soft Cost Costs 13,138,908.51 A Project $ 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 Contingency, Professional Fees, General Conditions, & Soft Cost $ 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 Total $ 15,837,097.50 $ 117, 225,000.00 Design Subtotal $ 22,050,022.50 Development Cost $ 95,174,977.50 04yUS C o� `� CITY OF CORPUS CHRISTI CERTIFICATION OF PUBLIC RECORD U 185`.2✓ 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. 033893 passed and approved by the Corpus Christi City Council on March 24, 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 27th day of March 2026. , ,,,,, 4_,„ Ree a Huerta City Secretary 1 Corpus Christi, Texas ,?'' ;;;AT' pip-IA W.; ('X':Vre ,, ‘. $, ``vylc,; k City of Corpus Christi Rebecca Huerta, City Secretary P.O. Box 9277 Corpus Christi,Texas 78469-9277 SCANNED (361) 826-3105 RebeccaH@cctexas.com Nueces County Kara Sands Nueces County Clerk *VG-85-2026-2026010921* Instrument Number: 2026010921 Official Public Records NOTICE Recorded On: March 31, 2026 08:08 AM Number of Pages: 58 " Examined and Charged as Follows: " Total Recording: $244.00 ‘� STATE OF TEXAS r�o�NtY COUgr,�l Nueces County * ,+, .*.g,� I hereby certify that this Instrument was filed in the File Number sequence on the date/time c, �4� y; printed hereon,and was duly recorded in the Official Records of Nueces County,Texas i� a/\ Q% 'I,yy0\NUE��S~�' Kara Sands Nueces County Clerk �.... � Nueces County, TX ***********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: Record and Return To: Document Number: 2026010921 SARAH BRUNKENHOEFER Receipt Number: 20260331000018 Recorded Date/Time: March 31, 2026 08:08 AM User: Vanessa D Station: CLERK03