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Home My WebLink AboutC2025-001 - 12/16/2025 - Approved THE STATE OF TEXAS § COUNTY OF NUECES § INTERLOCAL AGREEMENT BETWEEN THE CITY OF CORPUS CHRISTI AND NUECES COUNTY REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI (TIRZ#7) THIS INTERLOCAL AGREEMENT regarding Reinvestment Zone Number Seven, City of Corpus Christi (the "Agreement") is made and entered into by and between the City of Corpus Christi, Texas, a home rule municipality (the "City"), and Nueces County, Texas, a political subdivision of the State of Texas(the"County" and,together with the City,the"Parties") under the authority of Chapter 791 of the Texas Government Code and Chapter 311 of the Texas Tax Code for the participation of the City and the County in Reinvestment Zone Number Seven, City of Corpus Christi (the "Zone") created by the City pursuant to Chapter 311 of the Texas Tax Code. WHEREAS,the Interlocal Cooperation Act,Chapter 791 of the Texas Government Code, as amended, is often utilized by local governments to increase efficiency and the effectiveness of those entities as it authorizes units of local government to contract with one another to perform government functions and services;and WHEREAS, the Parties recognize the mutual benefits associated with economic development utilizing tax increment financing under Chapter 311 of the Texas Tax Code, as amended (the "Act"), to the areas and inhabitants located within the Parties' respective jurisdictional limits through participation in projects that will result in the improvement or construction of necessary public infrastructure, stimulate the local economy, provide for new job opportunities,and increase the availability of housing;and WHEREAS,TEx.TAx CODE§311.003 provides that the governing body of a municipality may designate a contiguous or noncontiguous geographic area that is in the corporate limits of the municipality,in the extraterritorial jurisdiction of the municipality,or in both,to be a reinvestment zone to promote development or redevelopment of an area if the governmental body determines that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future; and WHEREAS,TEX.TAX CODE § 311.005 provides criteria for an area to be designated as a reinvestment zone, and TEX. TAX CODE § 311.005 (a) (2) provides that to be designated as a reinvestment zone, an area must be predominantly open or undeveloped and,because of obsolete platting, deterioration of structures or site improvements, or other factors, substantially impair or arrest the sound growth of the municipality or county; and WHEREAS,pursuant to TEx.TAX CODE§311.010,a municipality that establishes a tax increment reinvestment zone may enter into agreements that, during their respective terms, dedicate, pledge, or otherwise provide for the use of revenue generated from any tax increment and deposited in the TIRZ NUMBER 7 - I - 0 SCANNED 20260205 4-15 tax increment fund to pay any project costs that benefit the reinvestment zone, or other public infrastructure in or out of the zone;and WHEREAS,in accordance with the provisions of the Act,the City Council of the City(the "City Council"), pursuant to Ordinance No. 02, (a 30 (the "TIRZ Ordinance") adopted on January 13, 2026, created, established, and designated the Zone under the Act, with the boundaries of the Zone being depicted in the map attached hereto as Exhibit "A" and described by the Preliminary Project Financing Plan in Exhibit"B"; and 'WHEREAS, in the TIRZ Ordinance, the City found that (i) the area within the Zone is predominantly open, undeveloped or underdeveloped, and the lack of necessary public infrastructure along with other factors substantially impairs sound growth of the City;(ii)the Zone will significantly enhance the value of all taxable real property located within its boundaries and will be of general benefit to the City; and (iii) development of property within the Zone will not occur solely through private investment in the reasonably foreseeable future; WHEREAS, in the TIRZ Ordinance,the City pledged to contribute fifty percent(50%)of the City's ad valorem taxes levied on real property located within the Zone and collected by the City; and 'WHEREAS, in recognition of the benefits conferred to property within the Zone and residents of the City and County, the County wishes to participate in the Zone, together with the City, to further promote economic development and growth in the community as more fully set forth herein; and WHEREAS,subject to the terms and conditions of this Agreement,the County desires to participate in the Zone by pledging and contributing forty-five percent (45%) of the County's ad valorem taxes levied on real property located within the Zone, and collected by the County; and WHEREAS, the preliminary Project Plan and Financing Plan for the Zone will further identify the projects to be funded utilizing the TIRZ Funds; and WHEREAS, both the City and the County will benefit from the development and improvements paid with the TIRZ Fund in accordance with the documents creating the Zone; and WHEREAS, pursuant to Chapter 791 of the Texas Government Code, the City and the County are entering into this Agreement to set forth the terms and conditions governing their respective participation in the Zone through contribution of certain percentages of Tax Increment (as defined in TEE.TAX CODE § 311.0012) collected by them within the Zone and deposit of the same into the TIRZ Fund established by the City under the Act as more fully set forth below. NOW THEREFORE, the City and the County, in consideration of the mutual promises, terms, conditions, and covenants contained herein, and in consideration of the benefit that will accrue to the Parties do hereby agree as follows: SECTION 1. Incorporation of Recitals and Exhibits.The Parties hereby agree that the facts and recitals set forth above form the basis upon which they have entered into this Agreement. The exhibits attached to this Agreement are hereby incorporated and made a part hereof by TIRZ NUMBER 7 -2- I reference, with each being essential elements hereto, unless otherwise provided under this Agreement. SECTION 2. Definitions.In addition to any terms defined in the body of this Agreement, the following terms shall have the definitions ascribed to them as follows: (a) Act means the Tax Increment Financing Act,as amended and as codified as Chapter 311 of the Texas Tax Code. (b) Project Plan and Financing Plan means the project plan and financing plan for the Zone,as may be amended from time to time,which is duly adopted by the City through passage of a formal ordinance by City Council after receiving a recommendation for approval from the Board. The Project Plan and Financing Plan outlines how the TIRZ will achieve its goals, specifically details the projects to be undertaken,and how they will be financed. (c) Board means the governing Board of Directors of the Zone established under the TIRZ Ordinance in accordance with Section 311.009(a) of the Act and as more fully described herein. (d) Captured Appraised Value as used in this Agreement in a given year means the captured appraised value, as defined in TEx.TAX.CODE § 311.012(b),of all real property located within the Zone and is taxable by the City or the County for that tax year less the Tax Increment Base . (e) City Tax Increment means for any given year the amount of Tax Increment collected by the City from taxable real property located within the Zone. (f) City Tax Increment Payment means fifty percent (50%) of the City's Tax Increment collected from real property located within the Zone for any given year in which the City is participating in the Zone,which the City shall deposit into the TIRZ Fund. (g) County Tax Increment means for any given year the amount of Tax Increment collected by the County from taxable real property located within the Zone. (h) County Tax Increment Payment means forty-five percent(45%) of the County's Tax Increment collected from real property located within the Zone for any given year in which the County is participating in the Zone under this Agreement,which the County shall deposit into the TIRZ Fund. (i) Horizontal Public Infrastructure Improvement means the design, acquisition, construction, and installation of public infrastructure improvements that provide foundational support for vertical development within the Zone, including without limitation: (i) water distribution lines and facilities; (ii) wastewater collection lines and facilities; (iii) storm drainage improvements; (iv) streets, roadways, and related curb, gutter, and sidewalk and related improvements; (v) public utilities placed within or adjacent to public rights-of-way or easements; and(vi)other similar public improvements necessary to provide horizontal infrastructure to serve new development within the Zone.The term expressly excludes any vertical construction,building improvements,remodels and renovations to existing structures,new buildings(police station,club TIRZ NUMBER 7 -3 - houses, etc.) regardless of purpose, or other improvements that do not constitute horizontal infrastructure for new development. (j) Tax Increment means the total amount of ad valorem taxes levied and collected by the City or County for that year on the Captured Appraised Value of taxable real property located within the Zone. (k) Tax Increment Base means the total appraised value as of January 15t of the year in which the Zone is created,of all real property located within the Zone. (I) TIRZ Fund means that fund created by the City pursuant to Section 311.014 of the Act and the TIRZ Ordinance. (m) Zone means the Reinvestment Zone Number Seven,City of Corpus Christi,Texas, as created and designated by the City Council under Ordinance No. 033 8 3 0 on man ue4) 13,2 ozC. • (n) Terms other than those defined above shall: (1)have their meanings as given in the Act; (2)the Project and Financing Plan; (3)the recitals hereof;or(4) if not so defined,their usual and ordinary meanings. (o) References to state statutes shall include amendments to those statutes that are duly enacted from time to time. SECTION 3. Condition(s) Precedent; Independent Obligations. (a) No Waiver of Legislative Discretion.The Parties acknowledge and represent to the other that certain obligations and agreements hereunder may be subject to future actions of their respective governing bodies, which are subject to the Texas Open Meetings Act, Chapter 551, Texas Government Code,as amended,and may not be prescribed as to outcome. Accordingly,the Parties hereby agree that their respective obligations hereunder that are subject to future action by their governing bodies are for the purposes of this Agreement satisfied upon the Parties' respective governing body placing such items on an agenda for consideration and action at a duly called and conducted meeting thereof.Nothing in this Agreement shall be construed as creating a contractual obligation that waives, controls, or supplants the discretion of each party's governing body under applicable state, federal, or local law. (b) Limitations on TIRZ Fund Expenditures and County Objections. The Parties agree that the County's Tax Increment deposited to the TIRZ Fund shall not be utilized for improvements that benefit properties within the Zone unless the said benefitted property is: (i) annexed into the City, (ii) connected to City Sewer, and (iii) such improvements are identified in the Project Plan and Financing Plan,as may be amended from time to time,as finally approved by the City and not objected to by the County as contemplated herein. Within thirty (30) days after the adoption of the Project Plan and Financing Plan or any amendments thereto by vote of the TIRZ Board (at which a majority of County representatives whether appointed or nominated are present), the County shall have the right to object to the same by formal action of the County Commissioners Court ("Objection Period"). If the County does not object to the Project Plan and Financing Plan or subsequent amendments thereto within the Objection Period,the City may move TIRZ NUMBER 7 -4 I forward with approval of the same by Ordinance. If the County does object to the Project Plan and Financing Plan within the Objection Period, the City shall not consider approval of the same and shall direct the TIRZ Board to reconsider the Project and Financing Plan or any amendments thereto for adoption which shall trigger an additional County Objection Period. (c) Additional County Objections. In addition to the objection rights set forth in Section 3(b) above, the County shall have the right to lodge a formal objection to the expenditure of any available TIRZ Funds on any project or improvement that is not a Horizontal Public Infrastructure Improvement supporting new development. Upon delivery of written notice through formal action of the County Commissioners Court of such objection to the City, no available TIRZ Funds shall be disbursed, allocated, or otherwise applied to the identified project or improvement within the Zone unless and until the objection is withdrawn in writing by the County or the Project Plan and/or Financing Plan is duly amended in accordance with Section 3(b)to address the County's objection. Any objection by the County will deter disbursement of County Collected Increment towards the"Objected to Project." The objection by the County will not deter TIRZ payments being made for other prior approved projects under the Project Plan and Financing Plan, if any. SECTION 4. Rights and Obligations of the County. (a) County Tax Increment Participation. Subject to Section 3(b)hereof,the County agrees to participate in the Zone, with the City, and is obligated to contribute the County's Tax Increment Payments—being forty-five percent(45%)of the County Tax Increment collected from taxable real property located within the Zone by depositing the same into the TIRZ Fund beginning the year of Zone creation(as set forth under the T1RZ Ordinance)and for each respective tax year thereafter for a period of not less than twenty (20) years, unless this Agreement is otherwise terminated as provided in Section 6 hereof. The County's obligation to contribute to the TIRZ Fund,as provided in this Agreement,shall only accrue upon the County collecting the County Tax Increment from within the Zone.The Parties agree that all ad valorem taxes collected each year by the County from real property located within the Zone shall first constitute taxes on the Tax Increment Base and after the total amount of taxes on the value of the Tax Increment Base has been collected, then the remaining ad valorem taxes collected shall constitute the Tax Increment for the Zone. (b) Timing for County Tax Increment Payments. The County agrees to contribute and deposit its Tax Increment Payment into the TIRZ Fund annually not later than the 90`h day after the delinquency date for the County's property taxes (or the first business day thereafter) following the end of each tax year. The amount of each County Tax Increment Payment for the Zone shall be based on forty-five percent(45%) of the County Tax Increment that is received for up to January 31'following the end of the tax year,but which have not been previously deposited into the TIRZ Fund during the annual periods preceding each deposit date.Under no circumstances shall the County be required to participate in the Zone with taxes attributable to periods after the twentieth tax year after the year in which the Zone is created. (c) Conflict in Determination of County Tax Increment Payment. Pursuant to the Act, in the event there is a conflict between the Parties in regards to the amount of Tax Increment Payments owed by the County, the Parties agree that the County will make a reasonable determination as to the amount of any Tax Increment Payment owed by the County under this Agreement and the County will be responsible for reasonably determining which tax collections TIRZ NUMBER 7 -5- will be apportioned for purposes of determining the County's Tax Increment Payment.The annual Captured Appraised Value for the real property contained within the Zone shall be determined by the Nueces County Appraisal District on the assessed appraised values and the Nueces County Tax Offices' verification of collections in regards to the real property contained in the Zone. (d) Use of County Tax Increment Payments. Except for payment of Administrative Costs specified below,the Parties acknowledge and agree that any County Tax Increment Payment deposited in the TIRZ Fund shall be earmarked by the City for use only in connection with approved Project Costs identified in the Project Plan and Financing Plan,as may be amended from time to time. (e) Delinquent Deposits. Any delinquent deposits by the Couty of a Tax Increment Payment under this Agreement shall be administered as provided in TEx.TAX CODE §311.013(c), or its successor statute,which states as follows: A taxing unit shall make a payment required by Subsection (b) [Tax Increment Payment],not later than the 90'1i day after the later of: (1)the delinquency date for the unit's property taxes;or(2)the date the municipality. . .that created the Zone submits to the taxing unit an invoice specifying the tax increment produced by the taxing unit and the amount the taxing unit is required to pay into the tax increment fund for the Zone.A delinquent payment incurs a penalty of five percent of the amount delinquent and accrues interest at an annual rate of ten percent.TEX.TAx CODE § 311.013(c). The Parties expressly agree that the County shall NOT owe any penalty or interest on Tax Increments attributable to taxes that have been levied, but not received by the County. Further,the County shall not be liable for the payment of any penalties or interest if the report required to be filed by the City under TEx.TAX CODE § 311.016 is not filed timely and/or payment requests are not provided to the County timely,or under any other situation in which the City would not pay interest or penalties. (f) Limitations on County Tax Increment Payments. Except for contributing its respective Tax Increment Payments to the TIRZ Fund as set out in this Agreement, the County shall not have any obligation or responsibility for any costs or expenses associated with the development of the Zone or implementation of the Project Plan and Financing Plan, including, without limitation,any obligation to pay or repay any bond or other debt issued by any other taxing entity participating in the Zone,the Zone,or the Board relating to the Zone or any costs associated with the operation of the Zone,or any other projects relating thereto.This provision shall not affect the obligation of the County under any separate document to which the County is a signatory. (g) Amendment of Project Plan and Financing Plan. In accordance with the provisions of Section 311.011(e) of the Act, the Board may adopt an amendment to the Project Plan and Financing Plan;subject to the City's approval as may be evidenced by passage of a formal ordinance of the City Council adopting such amendment subject to the County's Objection Period. Additionally, pursuant to TEX. TAX CODE § 311.011(e), any proposed amendment to the Project Plan and Financing Plan by the Board that would (i)reduce or increase the geographic area of the Zone; (ii) increase the amount of bonded indebtedness to be incurred;(iii) increase or decrease the percentage of Tax Increment to be contributed by a taxing unit participating in the Zone; (iv) increases the total estimated project costs for the Zone;or(v)designates additional property in the TIRZ NUMBER 7 -6- Zone to be acquired by the City, must be approved by formal ordinance of the City Council after the Objection Period and holding a public hearing that satisfies the procedural requirements of TEx.TAX CODE§§ 311.003(c)—(d). (h) Board Positions. The TIRZ Ordinance established a Board that consists of fifteen (15) voting members in accordance with the Act. Pursuant to TEx.TAX CODE § 311.009(a), each taxing unit other than the City that levies taxes on real property in the Zone may appoint one member of the Board if the taxing unit has approved the payment of all or a part of the tax increment produced by the unit into the TIRZ Fund. Additionally, the City may not appoint more than ten(10)directors to the Board,except that if there are fewer than five(5)directors appointed by taxing units other than the City then the City may appoint more than ten(10)members provided that the total membership of the Board does not exceed fifteen (15) qualified persons. For the purposes of determining composition of the Board,the Parties agree as follows: (i) County Statutory Board Appointment. In accordance with TEX. TAX CODE § 311.009(a),the County shall have the right to appoint one(1)qualified person to serve on the Board; (ii) County Board Nominations for Appointment by City Council. The remaining County Commissioners after the County's Statutory Board Appointment(or their designee) shall be submitted to the City Council for membership on the Board.The County shall have the right to appoint five (5) qualified persons to serve on the Board, which includes the statutory appointee by right. As soon as practicable, the City Council shall duly consider the County's nominations and, appoint such qualified (under the Act) persons to serve on the Board by formal action at a meeting open to the public. The City Council will not unreasonably hinder the appointment of County Commissioners or their designee to the Board,as such unreasonable hinderance in appointing qualified person(s)nominated by the County would constitute a material breach. (iii) City Statutory Board Appointments. In addition to the Board appointments described in Section 4(l)(ii),above,and Section 4(l)(iv)—(v),below,in accordance with TEx. TAX CODE § 311.009(a), the City shall have the right to appoint eight(8)qualified persons to serve on the Board.The Parties agree that out of the eight(8)qualified persons appointed by the City,one(1)qualified person shall be a London area taxpayer/property owner who is appointed to serve on the Board. The Parties agree that such London area taxpayer/landowner shall not be an elected official. (iv) Del Mar College District Nomination for Appointment by City Council. The Parties anticipate participation by the Del Mar College District in the Zone, which will be evidenced by separate interlocal agreement with the City. As such, if participating in the Zone,the Del Mar College District shall have the right to nominate one(1)qualified person to serve on the Board to the City Council, in addition to the statutory right appointee. Del Mar College shall have the right to appoint two (2) total qualified persons to serve on the Board, which includes the statutory appointee by right. In the event the Del Mar College District's nomination is not appointed to the Board by City Council, then the City Council will continue to receive and consider further nomination(s) from the Del Mar College District until such time that two (2) qualified persons that have been nominated by the Del Mar College District are appointed by City Council to serve on the Board. Notwithstanding TIRZ NUMBER 7 -7 any provision to the contrary herein, the obligations of the City under this Section 3(1)(iv) shall not be considered effective or enforceable unless and until the Del Mar College District enters into a binding interlocal agreement with the City for participation in the Zone. In the event that the Del Mar College District does not participate in the Zone with the City and County, then the City Council shall have the right to appoint an additional qualified person(s)to serve on the Board that the City selects in its sole discretion. (v)Del Mar College District Statutory Board Appointment. The Parties anticipate participation by the Del Mar College District in the Zone, which will be evidenced by separate interlocal agreement with the City. As such, if participating in the Zone, pursuant to TEX.TAX CODE § 311.009(a),the Del Mar College District shall have the right to appoint one(1)qualified person to serve on the Board. In the event that the Del Mar College District does not participate in the Zone or elects to waive their statutory appointment,then the City Council shall have the right to appoint an additional qualified person to serve on the Board that the City selects in its sole discretion. Failure of the Parties to appoint a qualified person to serve on the Board shall not be deemed a waiver of their right to make an appointment at a later date. The Parties will make best faith efforts to appoint and/or nominate such qualified persons, in the manner described above,to serve on the Board,and to fill vacancies in the positions as needed. The Parties agree that the Chair of the Board shall be appointed by City Council pursuant to TEX.TAX CODE § 311.009(f) and the Vice-Chairman shall be elected from nominations made by the County representative Board Members and such Vice-Chairman shall be a County representative Board Member (whether serving on the Board by statutory appointment or nomination to the City Council under this Agreement). SECTION 5. Rights and Obligations of the City. (a) City's Tax Increment Participation. Subject to Section 3(b) hereof, the City agrees to participate in the Zone, with the County, and is obligated to contribute the City's Tax Increment Payments—being fifty percent(50%)of the City Tax Increment collected from taxable real property located within the Zone by depositing the same into the TIRZ Fund beginning the year of Zone creation (as set forth under the TIRZ Ordinance) and for each respective tax year thereafter for a period of not less than twenty (25) years, unless this Agreement is otherwise terminated as provided in Section 6 hereof.The City's obligation to contribute to the TIRZ Fund, as provided in this Agreement, shall only accrue upon the City collecting the City Tax Increment from the Zone. The Parties agree that all ad valorem taxes collected each year by the City from real property located within the Zone shall first constitute taxes on the Tax Increment Base and after the total amount of taxes on the value of the Tax Increment Base has been collected,then the remaining ad valorem taxes collected shall constitute the Tax Increment.This Agreement shall not affect the City's other obligations that may exist under separate written agreements with respect to the Zone or be deemed to preclude the City from entering into such other agreements related to the subject matter hereof. (b) Board Positions. The appointments and nominations for positions on the Board established under the TIRZ Ordinance shall be as set forth in Section 4(1) hereof. TIRZ NUMBER 7 -8- (c) Disposition of Tax Increments. Upon expiration or termination of the Zone, and after all obligations of indebtedness, tax increment bonds or notes, and/or project costs identified in the Project Plan and Financing Plan for the Zone(as may be amended) have been paid for and satisfied in full out of the TIRZ Fund,any money remaining in the TIRZ Fund shall be paid to the participating taxing entities on a pro rata basis in accordance with TEx.TAX CODE § 311.014(d), or any successor provision thereto.Accounting to determine the pro rata distribution of remaining funds to the respective taxing entities shall be conducted according to generally accepted accounting principles. In the event a discrepancy occurs between the reviews conducted by the City and the County,said discrepancy shall be resolved by the respective audit offices of the City and the County.In the event the dispute cannot be resolved it shall be submitted to mediation under the rules of the American Mediation Association with a mediator mutually acceptable and agreed upon by the acting County Judge for the County and the City Manager of the City. (d) Annual Reports/Right to Audit. The City agrees to provide to the County an annual report regarding the Zone as required under Section 311.016 of the Act. Additionally, the County shall have the right to audit the books and records of the Zone upon providing at least 10 days' written notice to the City. Such an audit shall occur between 9 a.m. and 5 p.m. on business days. SECTION 6. Term and Termination;Default (a) The term of this Agreement,unless extended by mutual agreement of the County and the City, shall last twenty (20) years until (i) December 31, 2046; (ii) the date all project costs identified in the Project Plan and Financing Plan, as may be amended, have been paid or reimbursed in full; or(iii) the date the Zone is terminated,whichever occurs first. Nothing in this Agreement limits the authority of the County or City to extend the term of this Agreement. Upon termination of this Agreement, the obligation of the County to deposit Tax Increment Payments into the TIRZ Fund shall end. (b) Early Termination. Any Party may terminate this Agreement for a material breach of contract, subject to the provisions on Section ( c ), Notice of Default. For purposes of this Agreement, any payment of TIRZ Funds by the City on items or costs not identified in the Project Plan and Financing Plan for the Zone (as may be amended), or administrative costs, shall be considered a material breach. Breach; Default. A Party is in"Breach"or"Default" in the event a Party fails to perform their respective obligations, promises, or duties for a period of more than forty-five (45) days after (i) receiving written notice of the same from the non-breaching party; and (ii) the breaching-party does not sufficiently cure the alleged breach within the period specified in Section 6(d)below. (c) Notice of Default; Opportunity to Cure. Prior to a Party being in Breach of this Agreement, the party alleging the Breach shall send written notice to the breaching party, with such notice sufficiently describing the nature of the Breach alleged and provide a period of not less than ninety (90) days for the breaching party to substantially cure the alleged Breach (the"Cure Period").The Cure Period shall commence upon the non-breaching party mailing the written notice of alleged Breach, via certified mail return receipt requested, at the address of the breaching party listed in Section 8(a)below,or such other address as may be designated in writing thereunder. TIRZ NUMBER 7 -9- (d) Remedies Not Exclusive.No right or remedy herein conferred upon or reserved to either of the Parties is intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative to any other right or remedy given hereunder or now or hereafter legally existing upon Default or Breach, including, but not limited to, an action brought against a breaching party for specific performance of their obligations, promises, or duties under this Agreement. The failure of either Party to insist upon the strict observance or performance of any of the provisions of this Agreement or to exercise any right or remedy provided in this Agreement shall not impair any such right or remedy nor be construed as a waiver or relinquishment thereof with respect to subsequent default or breach. Every right and remedy given by this Agreement to the Parties may be exercised from time to time and as often as may be deemed expedient by the Parties. SECTION 7. Administration of the Zone;Disbursement of Funds in TIRZ Fund. (a) Financing of Project Costs.The County shall be required to participate in payment of the project costs identified in the Project Plan and Financing Plan, as may be amended from time to time,through depositing County Tax Increment Payments into the TIRZ Fund only to the extent provided herein. The City shall be entitled to enter into any other agreements for the City or the Zone to pay the project costs and other reasonable expenses identified in the Project Plan and Financing Plan from available funds paid into the TIRZ Fund by the City or any other taxing entity participating in the Zone without the consent of the County,but the City will provide notice of such agreement(s)to each taxing entity participating in the Zone with the City.Notwithstanding any provision contained herein to the contrary, the Parties acknowledge and agree that funds deposited in the TIRZ Fund by any taxing entity participating in the Zone, including the County, may be used to "pay-down" assessments imposed on real property in connection with a public improvement district established by the City that is located within the Zone and only to the extent that such assessments have been levied to pay for project costs identified in the Project Plan and Financing Plan, as may be amended from time to time. (b) Administration of TIRZ Fund.The Parties agree that the City shall administer the TIRZ Fund on behalf of the Zone, and subject to the approval of all projects and finances by the TIRZ Board. Except for amounts to be paid to the City and County for their respective Administrative Costs, no funds shall be disbursed from the TIRZ Fund without the prior written approval of the Board and notice of the amount of funds used and disbursement of funds by the Zone shall be given at least annually to the County.The Parties agree that the Board shall be responsible for the management and annual administration of the Zone. (c) Administrative Costs. The Patries acknowledge and agree that under no circumstances shall the aggregate administrative costs exceed the amount set out herein as funds become available in the TIRZ Fund(the"Administrative Costs").The City shall charge up to One Hundred Thousand and 00/100 Dollars ($100,000) annually for administration of the Zone and provide an invoice to the City and TIRZ Board annually by June 1st of each year.The County shall charge up to Fifty Thousand and 00/100 Dollars($50,000)annually for administration of the Zone and provide an invoice to the City and TIRZ Board annually by June Is'of each year. The Parties may deduct their annual Administrative Costs from their respective Tax Increment Payments for a given year prior to deposit of the same into the TIRZ Fund, provided said deductions are clearly TIRZNUMBER7 - 10- II delineated as a deduction from the Tax Increment Payments. In the event there is not sufficient Tax Increment to pay the Parties' respective annual Administrative Costs out of their Tax Increment Payments for a given year, the Parties are each entitled to deduct the pro-rata Administrative Costs which they are respectively owed prior to depositing their Tax Increment Payments into the TIRZ Fund during the next year in which sufficient funds exist in their respective Tax Increment Payments to pay said owed Administrative Costs.The County shall participate in the oversight of the TIRZ Fund through its representation on the Board. (d) Priority of Payment from TIRZ Fund. The Parties agree that the City and the Zone may use available TIRZ Funds to pay expenditures in the following order or priority of payment: (i) to reimburse the City for eligible formation costs (including the costs of conducting environmental impact studies or other studies and costs of professional services, including those for architectural,planning,engineering and legal services) incurred by a developer as identified in a corresponding development agreement and/or the City; (ii)to reimburse eligible Administrative Costs of the County and the City; and (iii)to reimburse developer(s) and/or City for project costs identified in the Project Plan and Financing Plan, as may be amended from time to time, respectively incurred or advanced by them under a development or reimbursement agreement in connection with development identified in a duly approved Project and Financing Plan subject to Section 3(b) herein. (e) Prohibition on Use of Funds. Funds deposited in the TIRZ Fund can only be spent in accordance with the Project Plan and Financing Plan. Under no circumstances shall any part of the TIRZ Fund be distributed to charitable organizations of any kind. The Parties further agree that no funds will be paid from the TIRZ Fund to a participating taxing entity for its financial or legal services incurred in any dispute arising under this Agreement with another participating taxing entity or a dispute with a developer in the Zone. SECTION 8. Miscellaneous Provisions. (a) Notice. Whenever this Agreement requires or permits any consent, approval, notice, request, proposal, or demand from one party to another, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the party intended to receive it at the addresses shown below(or to such other addresses as the parties may request, in writing, from time to time). If intended for the City,to: If intended for the County,to: City Manager Nueces County Judge City of Corpus Christi County Courthouse 1201 Leopard 901 Leopard, Room 303 P.O. Box 9277 Corpus Christi,Texas 78401 Corpus Christi,Texas 78469-9277 (b) Non-Assignability. Neither the City, the County, nor the Board shall assign any interest in this Agreement without the prior written consent of the other parties. TIRZ NUMBER 7 - 11 (c) Non-Discrimination.No person shall be excluded from participation in, be denied the benefits of, or be subjected to discrimination in any of the operations or funding of the Zone on the grounds of race, color, national origin,age, sex, religion, or other protected status. (d) Binding on the Parties and Non-Waiver.This Agreement shall not be considered fully executed or binding on the City and/or the County until this Agreement has been approved and accepted by the City Council and the Commissioners Court at a properly called and noticed meeting of each respective body.The failure of either Party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that Party's right to insist upon appropriate performance or to assert any such right on any future occasion. (e) Third Parties. The provisions and conditions of this Agreement are solely for the benefit for the City and the County, and are not intended to create any rights, contractual or otherwise, to any other person or entity. The relationship of the City and the County under this Agreement shall not be construed or interpreted to be a joint enterprise or joint venture.The Parties agree that each Party is an independent contractor. (0 Controlling Law. Venue and jurisdiction shall be exclusively in Nueces County, Texas and under the laws of the State of Texas. (g) Counterparts. This Agreement may be executed in any number of counterparts and when each Party has signed and delivered to the other at least one (1) such counterpart, each counterpart shall be deemed an original, and when taken together with the other signed counterparts, shall constitute one (1) agreement; provided however, this Agreement shall not be binding until signed by both Parties. (h) Force Majeure. The Parties shall not be held responsible for or liable for any failure or delay in the performance of obligations hereunder if such failure or delay is actually caused directly or indirectly from forces beyond its control such as strikes, accidents, acts of war or terrorism, civil or military disturbances,nuclear catastrophes, and/or"Acts of God,"so long as the event was unforeseeable and the Parties are utilizing reasonable care and due diligence in the performance of their duties under this Agreement. A Party wishing to invoke this provision must immediately notify the other Party of the force majeure event and shall remain in regular communication thereafter. Upon cessation of the force majeure event, the Parties shall resume performance of their respective obligations hereunder as soon as practicable. (i) Good Faith.The Parties shall endeavor to work together in good faith to ensure the success of the Zone and shall collaborate as necessary. (j) Captions. All captions herein are for convenience only and shall not be construed to have any effect or meaning as to the agreement between the Parties. (k) Governmental Functions and the Relationship of the Parties. Notwithstanding any provision contained herein to the contrary, this Agreement is for the performance of governmental functions by governmental entities. Nothing contained in this Agreement shall be deemed to create a partnership,joint venture,or relationship of employment between the Parties. Neither Party shall have the authority to act on behalf of the other or to commit or obligate the TIRZ NUMBER 7 - 12- other Party in any way.Any and all costs incurred by developers within the Zone are not and shall never become general obligations or debt of any taxing entity participating in the Zone.No taxing entity participating in the Zone shall be obligated above and beyond what is actually collected as tax increment funds collected from within the Zone. No Debt; Current Revenues; Non-Appropriation. This Agreement is an interlocal contract under Texas Government Code Chapter 791 and is not a debt of either Party within the meaning of Article XI, Sections 5 and 7 of the Texas Constitution. All payments are due solely from current revenues appropriated and available for the purpose of this Agreement; no ad valorem tax is pledged and no sinking fund is created. Each Parry's obligations after the end of any fiscal year are subject to and contingent upon the governing body's lawful appropriation of sufficient funds for the next fiscal year. If adequate funds are not appropriated,the non-appropriating Party may terminate this Agreement at the end of its then-current fiscal year without further liability. (1) Entirety of Agreement. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and the County as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. (m) Amendments. Notwithstanding anything to the contrary herein, this Agreement shall not be amended unless executed in writing by both parties and approved by the City Council and the Commissioners Court in open meetings held in accordance with Chapter 551 of the Texas Government Code. (n) Severability. If any one or more of the sections, sentences,clauses,or parts of this Agreement are held to be invalid for any reason, the invalidity of such section, sentence, clause, or part shall not affect or prejudice the applicability and validity of any other provision of this Agreement. (o) Bargaining. The Parties have each had the opportunity to seek independent legal counsel before entering into this Agreement. The language of this Agreement shall be construed simple,according to its fair meaning and not strictly for or against either party. (p) Status of Employees, Contractors, and Agents. No joint employment is created by this Agreement. The employees, contractors, and agents of the respective Parties shall remain solely the employees, contractors,and agents of that respective Party. (q) No Waiver of Immunity. Nothing in this Agreement shall be deemed to waive, modify, or alter any immunities or defenses available to the County of City under the laws of the State of Texas, including governmental immunity, sovereign immunity,or official immunity.The Parties expressly agree that the execution of this Agreement and any actions taken pursuant to this Agreement do not constitute or shall not be construed as a waiver of any such immunities or defenses, whether at common law or by statute. [The remainder of this page intentionally left blank] TIRZ NUMBER 7 - 13 - I EXECUTED and EFFECTIVE on the last date signed by the duly authorized officials, below. CITY OF CORPUS CHRISTI NUECES COUNTY C1)t...i').6 ity Manager Peter Zanoni Honorable Connie Scott City iot.fic or us hris i Nueces County Judge Date: • Date: ATTEST: ATTEST: •tli, ,. . dro-A0-- -0-4%.QQ2 Rebe a Huerta Kara Sands City Secretary t LQ County Clerk Date: _____�_AUTHIRa BY COUNCIL I alp'-?-3 SECRETARY APPROVED AS TO FORM: APPROVED AS TO FORM: County ttorney --�\ff0 S0, Assistant City Attorney for : ; City of Corpus Christi =of 7 C p 202266273.3 -S-I - 20260205 4-15 Exhibit A TIRZ#7 BOUNDARY MAP • ••,, sot% • 0 ,• :r7 Ma C•sunt -1110 ! 40 • 4 10A . _ .• • Legend p,c,p0,—IIIPZ x7 Peoposed SutrZonev Proposed TIRZ #7 EXHIBIT B TIRZ#7 PRELIMINARY PROJECT FINANCING PLAN EXHIBIT B TIRZ#7 PRELIMINARY PROJECT FINANCING PLAN PRELIMINARY REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI Preliminary Financing Plan Corpus Christi TIRZ #7 - .. ,.";•.;...::.:•...... . `,....,;',,;•-•;;;;: ... , _ it.t.:... f..,;.,!, --' --•;'-;.::',..., , ,.,‘ .•...;.--, .., n.--- . . . ., .1. . , f.' 1 0001MOMMI v. i . ,, . .. - . ...., \ . - ,.- ' 1 . ...ANL. r . ... . ..7... ,.. 4 ,. „ • t.i.,•••• i.A- 74 . • ..;'''fr, 1 I%as XV.Z.•S. ' I i I " i I. CC ... It Z , . ..." Preliminary Financing Plan Corpus Christi TTRZ #7 1. INTRODUCTION 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". AdNitional 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 REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER SEVEN, CITY OF CORPUS CHRISTI Preliminary Financing Plan Corpus Christi TIRZ117 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 31 I 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 TTRZ 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 Corpus Christi TiR7_. 47 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 / Captured Value After improvements within the TIRZ to a ! Appraised Termination Value of TIF the Zone. Each participating r a taxing entity respectively determines the percentage of its Baseline Property Value tax increment it will commit to Creation Termination repayment of the cost of financing lime improvements authorized by Figure I-Diagram of a conceptual Tax Increment Plan Chapter 311. 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 • Del Mar College District • Nueces County,Texas • London Independent School District • Hospital 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 31 1; • 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 TIRL tt7 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 T1RZ tz7 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 S 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 financing 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 IotaICo,,tOI I'ii z1IC De%elomient Ilipihlc I'roicctC'o>ts Imestntent Contingency,Professional Fees,General Conditions,&Soft Cost $ 13,138,908.51 $ 7,183,131.23 $ 5,099,914.91 $ 855,862.36 Site Work $ 601,886.82 $ - $ - $ 601,886.82 Public Sewage,Storm,&Water $ 23,454,796.20 $ 23,454,796.20 $ - $ - Franchise Utilities $ 2,021,424.00 $ - $ - $ 2,021,424.00 Public Landscape Improvements $ 1,684,370.24 $ - $ 1,684,376.24 $ - Private Landscape Improvements $ 721,875.53 $ - $ - $ 721,875.53 Traffic and Street Improvements $ 16,652,551.81 $ - $ 16,652,551.81 $ - Public Structures&Common Areas $ 3,094,901.70 $ - $ 3,094,901.70 $ - Private Structures&Common Areas $ 3,787,000.00 $ - $ - $ 3,787,000.00 Total $ 65,157,720.80 $ 30,637,927.43 $ 26,531,744.66 $ 7,988,048.72 Design Subtotal $ 13,138,908.51 $ 7,183,131.23 $ 5,099,914.91 $ 855,862.36 Develo.ment Cost $ 52,018,812.30 $ 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 17 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 Project Costs 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 $ 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 Corpus Christi TTRZ fr7 Maximum Contributions 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'ation Ci of Cor I us Christi 50% Tax years 2026-2051 Nueces County 45% Tax years 2026-2046 Del Mar Colle,e 45% Tax years 2026-2036 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 I Nueces County City of Corpus Christi I 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 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 I $ 6,046,241.85 $ 128,113,846.63 I Preliminary Financing Plan Corpus Christi TIRZ 117 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 $0.599774 Nueces County $0.262373 Del Mar College $0.26174 Total $1.23887 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. 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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 S - $ - $ - $ - 1 S - $ - $ - $ - 2 $ - $ - $ - $ - 3 $ 122,356.07 $ 310,778.00 $ 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 S 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 $ 88,702,137.24 Reinvestment Zone No. 7, City of Corpus Christi Category 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 Total $ 175,852,421.27 Design Subtotal $ 35,188,931.01 Development Cost $ 140,663,490.27 Mirabella -Subzone A Category 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 The London Proper - Subzone B Category Project Costs 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 $ 15,837,097.50 Total $ 117,225,000.00 Design Subtotal $ 22,050,022.50 Development Cost $ 95,174,977.50 4 20260205 4-15