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Home My WebLink About19708 ORD - 04/09/1987AN ORDINANCE APPROVING AMENDMENTS TO THE PROJECT PLAN OF THE REINVESTMENT ZONE NUMBER ONE, CITY OF CORPUS CHRISTI, TEXAS; MAKING FINDINGS THAT THE AMENDMENTS TO THE PLAN ARE IN THE PUBLIC INTEREST; RECONFIRMING FUNDING FOR LA RETAMA VEST POCKET PARK INCLUDING BALUSTRADE, AND INCLUDING FUNDING FOR PEOPLES STREET T -HEAD PROJECT, BOND FUNDING FOR TEXAS STATE AQUARIUM, AND BOND FUNDING FOR A NEW WING FOR CORPUS CHRISTI MUSEUM; AND DECLARING AN EMERGENCY. WHEREAS, on December 29, 1982, the City Council of the City of Corpus Christi, Texas, established by ordinance the "Reinvestment Zone Number One, City of Corpus Christi, Texas," (the "Zone") pursuant to the provisions of the Tax Increment Financing Act of 1981, V.A.C.S., Article 1066e, (the "Act"); and WHEREAS, on August 10, 1983, the City Council of the City of Corpus Christi, Texas, adopted, by Ordinance No. 17771, the Project Plan and Financing Plan for the Zone pursuant to the Act which included a description of the kind, number, and location of all proposed public works or public improvements in the Zone, an economic feasibility study, a detailed list of estimated project costs, a description of the methods of financing all estimated project costs, and certain other information required by the Act; and WHEREAS, the Board of Directors of the Zone has recommended certain amendments to the Project Plan; and WHEREAS, the City Council of the City of Corpus Christi approved the recommendations by the Board of Directors of the Corpus Christi Reinvestment Zone No. 1 by Motion M87-0076 passed on February 27, 1986; and WHEREAS, the City of Corpus Christi duly gave notice of public hearing pursuant to Art. 1066e, V.A.C.S., which notice was published in a newspaper having general circulation in the city not later than seven (7) days before the date of the hearing; and WHEREAS, the City Council then proceeded to hold and did hold the public hearing pursuant to Art. 1066e, V.A.C.S., on these amendments to the Corpus Christi Reinvestment Zone No. 1 Project Plan and Financing Plan as passed and approved by Ordinance No. 17771 on August 10, 1983, as previously adopted; and WHEREAS, at said public hearing the City Council provided notice and an opportunity for interested persons to speak for or against the amendments to the Reinvestment Zone Plan and Tax Increment Financing Plan; and WHEREAS, the City. provided reasonable opportunity for an owner of property to participate in the public hearing and to protest the plan amendments, including the inclusion of his/her property in the zone; and 04P.095.01 lszos MICROFILMED WHEREAS, the City Council of the City of Corpus Christi finds that these amendments to the Reinvestment Plan and Tax Increment Financing Plan are in the public interest, conform to the requirements of Art. 1066e, V.A.C.S., will enhance significantly the value of all the taxable real property in the zone, and development will not occur solely through private investment in the reasonably foreseeable future. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the Corpus Christi Reinvestment Zone No. 1 Project Plan and Financing Plan be and the same is hereby amended and the City Council of the City of Corpus Christi, Texas, hereby approves the herein described amendments to the Project Plan as recommended by the Board of Directors of the Zone, as attached hereto as Exhibit "A" and incorporated herein by reference. Said plans are amended at: Page 14 - Second Paragraph; Page 17 - Shoreline/Marina Improvements; Page 19 - Public/Private Partnerships or Privately -Contributed Improvements; Page 31 - Second Paragraph; Page 32 - Estimated Project Costs in 1983 Dollars; Page 35 - First Paragraph on Estimated Nonproject Costs; Page 37 - Shoreline/Marina Improvements; and Page 38 - Public/Private Partnerships or Privately -Contributed Improvements. All in accordance with said Exhibit "A." Said amendments to provide: 1. Reconfirm funding for La Retama Vest Pocket Park including balustrade adjoining the park in the amount of Five Hundred Thousand Dollars ($500,000). 2. Funding for Peoples Street T -Head Project in the amount of Four Hundred Thousand Dollars ($400,000). 3. TIF bond funding for the Texas State Aquarium in the amount of Ten Million Dollars ($10,000,000). 4. TIF bond funding for the New Wing of the Corpus Christi Museum in the amount of One Million Nine Hundred Thousand Dollars ($1,900,000). SECTION 2. That the City Council finds and determines that said amendments to the Project Plan are appropriate and conform to the master plan for such development, to wit, the "Bayfront Plan" of the City of Corpus Christi, Texas. 04P.095.01 SECTION 3. The Corpus Christi Reinvestment Zone No. 1 Project Plan and Financing Plan as passed and approved by the City Council on August 10, 1983, by Ordinance No. 17771 is hereby reconfirmed with the same boundaries which are described therein with sufficient definitiveness to identify with ordinary and reasonable certainty; the board has been duly constituted; the zone is in operation; the zone has a name; a Tax Increment Fund has been established; the City Council finds that improvements in the Zone will enhance significantly the value of all the taxable real property in the Zone, and will be of general benefit to the City; and the area meets the requirements of Section 3 of the Texas Tax Increment Financing Act of 1981, 1066e, V.A.C.S. SECTION 4. That upon written request of the Mayor or five Council members, copy attached, to find and declare an emergency due to the need for efficient and effective administration of City affairs, such finding of an emergency is made and declared requiring suspension of the Charter rule as to consideration and voting upon ordinances or resolutions at three regular meetings so that this ordinance is passed and shall t e of ect upon first reading as an emergency measure this the /� _ day of , 19g7 . ATTEST: City Secretary APPROVED:%7Z DAY OF 462_1987 C'yAtoney 04P.095.01 MAYOR THE CITY OF CORPUS CHRISTI, TEXAS Corpus Christi, Texas /41141day of , 198•[ TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance or resolution, an emergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances or resolutions at three regular meetings; I/we, therefore, request that you suspend said Charter rule and pass this ordinance or resolution finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, Respectfully, Council Members The above ordinance Luther Jones Dr. Jack Best David Berlanga, Sr. Leo Guerrero Joe McComb Frank Mendez Bill Pruet Mary Pat Slavik Linda Strong 99.045.01 MAYOR THE CITY OF CORPUS CHRISTI, TEXAS was passed by the following vote: 19708 Exhibit "A" Amendments to the Project Plan • Page 14: Second Paragraph shall be amended as follows with the remainder thereof unchanged: The estimated total preliminary cost of public works and improvements is $106,469,000, broken down in general categories as follows: o shorelines/marina improvements o public/private partnerships or privately -contributed improvements TOTAL 16,675,000 $51,350,000 $106,469,000 (1983 dollars except where revised as noted) Page 17: Shoreline/Marina Improvements shall be amended as follows with the remainder thereof unchanged: SHORELINE/MARINA IMPROVEMENTS (cont'd.) Peoples Street T -Head including decking, slips, and awnings 900,000* 1987-88 TOTAL $16,675,000 * (1987 dollars) Page 19: Public/Private Partnerships or Privately -Contributed Improvements shall be amended as follows with the remainder thereof unchanged: PUBLIC/PRIVATE PARTNERSHIPS OR PRIVATELY -CONTRIBUTED IMPROVEMENTS: New Corpus Christi Museum Wing Texas State Aquarium * (1987 dollars) TOTAL GRAND TOTAL 2,600,000* 1987-88 20,000,000* 1987-89 $51,350,000 $106,469,000 to Orcichaol_cE f'7Og Page 31: Second full paragraph shall read as follows: Since this total significantly exceeds the tax increment resources generated in Levels 1 and, 2, respectively, the projects were ranked on the basis of priority. Priority projects to be listed as being financed through tax increments are thus shown in two categories: o Category I. Estimated project costs listed here are those which can be reasonably financed from tax increments projected at the present time (1987). o Category II. Estimated project costs listed here are those which can be financed directly from higher levels of tax increments projected to be produced at Level 2 and above. Page 32: Table 4 shall be amended as follows with the remainder thereof unchanged: Table 4, Estimated Project Costs in 1983 Dollars (Category 1) 20. Texas State Aquarium 10,000,000*** 21. Peoples Street T -Head Improvements Project 400,000*** 22.. New Corpus Christi Museum Wing 1,900,000*** SUBTOTAL $24,000,000 Inflation @ 12 percent** 1,404,000 TOTAL $25,404,000 *** (1987 dollars) Page 35: First paragraph on Estimated NonProject Costs shall read as follows with the remainder thereof unchanged: Nonproject costs are those incurred to aid in the revitalization of the reinvestment zone which will be defrayed by sources other than tax increment financing. All projects previously identified in Chapter 3 which are not included as project costs in the previous subsection are considered to be nonproject costs. These are shown on Table 6, Estimated Nonproject Costs. As the table shows, these nonproject costs total $53,269,000. Page 37: Shoreline/Marina Improvements shall be amended as follows with the remainder thereof unchanged: SHORELINE/MARINA IMPROVEMENTS: Peoples Street T -Head Improvements * (1987 dollars) 500,000* 1987-88 TOTAL $ 5,600,000 Page 38: Public/Private Partnerships or Privately -Contributed Improvements shall be amended as follows with the remainder thereof unchanged: PUBLIC/PRIVATE PARTNERSHIPS OR PRIVATELY -CONTRIBUTED IMPROVEMENTS: New Corpus Christi Museum Wing Texas State Aquarium 700,0001 1987-88 10,000,0002 1987-89 TOTAL $39,500,000 GRAND TOTAL $53,269,000 Note: 1Total cost will be $2,600,000 with $700,000 private contributions, all in 1987 dollars. 2Total cost will be $20,000,000 with $6,000,000 private contributions and $4,000,000 in G.O. bonds, all in 1987 dollars.