HomeMy WebLinkAbout034022 ORD - 09/15/2026Ordinance amending the Chapter 380 Incentive Agreement with
La Palmera Mall (Corpus Christi Retail Venture LP) to provide for a
10-year extension to the existing agreement to include the
original reimbursement terms.
WHEREAS, on July 25, 2008, the City Council of the City approved a
Preliminary Financing Agreement (the "Original Agreement") between the City and the
Corpus Christi Retail Venture LP (Company) providing for the redevelopment and
renovation of the 1,000,000 square foot La Palmera Mall facility (the "Project") in order
to stabilize and expand the Sales Tax Revenues and Property Tax Revenues, as such
terms are defined in the Original Agreement; and
WHEREAS, the Company satisfied the investment and development
requirements as provided by the Original Agreement and has received rebates from
the City through June 30, 2026, in the aggregate amount of $6,496,430.00; and
WHEREAS, the closure of the retail anchor tenant Macy's will trigger a
substantial loss of revenues to both the City and the Company, and experience in
Corpus Christi and other markets confirms that a dark anchor store can have a
devastating impact on the economic success of a shopping mall as well as for all of
its tenants and the community; and
WHEREAS, a substantial new investment of at least $9,000,000.00, with an
enclosed building at least 100,000 square feet is required of the Company (the "New
Investment") in order maintain and improve the economic impact of the Project by the
demolition of the former Macy's facility and reformation of part of the Project in order
to accommodate the new construction of a Dick's House of Sport facility in its place
(the "DSG Facility") which will provide an additional investment of approximately
$21,000,000.00 at the Project and help assure its long-term economic viability; and
WHEREAS, the City recognizes the positive economic impact that the proposed
Chapter 380 agreement will have on the City through the creation of jobs, stimulation
of business and commercial activity in the City, and increased tax revenues related to
the construction of the proposed family entertainment center; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. The City Council specifically finds that the foregoing statements included
in the preamble of this resolution are true and correct and adopts such findings for all
intents and purposes related to the authorization of this project.
SECTION 2. The City Council authorizes the execution of an amended and restated
Chapter 380 Incentive Agreement with Corpus Christi Retail Venture LP to provide a
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rebate of up to $15,000,000.00 of ad valorem taxes and sales taxes over a 19-year
period for the redevelopment and renovation of La Palmera Mall.
SECTION 3. That the City Manager or designee is authorized to execute a Chapter
380 Incentive Agreement with Corpus Christi Retail Venture LP in the total amount not
to exceed $15,000,000.00 for the redevelopment and renovation of La Palmera Mall
in the City of Corpus Christi.
Introduced and voted on theT111 day of kp-Knn , 2026.
D and APPROVED on the I ) day of vnt W , 2026.
Paulette Guajardo, Ma
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