HomeMy WebLinkAbout19896 ORD - 08/11/1987AN ORDINANCE
AUTHORIZING CONTRACT AMENDMENTS SETTING COUNCIL
REPRESENTATION ON REINVESTMENT ZONE NO. 1 BOARD OF
DIRECTORS, DESIGNATING THE MAYOR AS CHAIRMAN OF THE BOARD,
AND AMENDING THE PROJECT PLAN AND FINANCE PLAN TO PROVIDE
BOND FUNDING FOR THE TEXAS STATE AQUARIUM AND THE CORPUS
CHRISTI MUSEUM EXPANSION, AND VALIDATION OF THE ZONE BY THE
OTHER TAXING DISTRICTS; AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. That there is hereby authorized contract amendments with
the other taxing units in Reinvestment Zone No. 1 setting the Council
representation on the Reinvestment Zone No. 1 Board of Directors, to provide for
designating the Mayor as Chairman of the Board of the Reinvestment Zone No. 1,
and to amend the project plan and finance plan to provide bond funding for the
Texas State Aquarium and the Corpus Christi Museum expansion, all as more fully
set forth in the contract amendments, copies of which are attached hereto as
Exhibits A, B, C, and D.
SECTION 2. That upon written request of the Mayor or five Council
members, copy attached, to find and declare an emergency due to the need for the
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 at three regular meetings so that this
ordinance is passed and shall take effect upon first reading as an emergency
measure this the /( day of
ATTEST:
City Secretary
APPROVED:
, 19 8% •
HAL GEORGE, CITY ATTORNEY
By
A
07P.011.01
ity Attorney
MA
THE CITY OF CORPUS CHRISTI, TEXAS
, 19C�
19896All ICROEII.MED
SECOND AMENDED AGREEMENT
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF NUECES §
W ITNESSET H:
WHEREAS, the City of Corpus Christi, Texas, a municipal corporation,
home rule city and body politic, acting for itself and on behalf of the
"Reinvestment Zone Number One, City of Corpus Christi, Texas," and the
Reinvestment Zone Number One, City of Corpus Christi, Texas, (hereinafter
"Zone") and the Corpus Christi Independent School District, (hereinafter
"District") executed and entered into an agreement the 29th day of December 1982
regarding said zone; and
WHEREAS, said Agreement was amended by the parties hereto effective
the 22d day of September 1986; and
WHEREAS, the Project Plan and Financing Plan of the Zone was adopted
and approved by Ordinance No. 17771; passed and approved the 10th day of August
1983; and
WHEREAS, said Project Plan was amended by Ordinance No. 19708, passed
and approved April 14, 1987; and
WHEREAS, all parties hereto agree that the proper function of said
zone is in the best interests and public welfare of the citizens of Corpus
Christi and Nueces County; and
WHEREAS, the heretofore mentioned Reinvestment Zone Project Plan, as
amended, and the incorporated 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 taxable real property in the Zone, and
development will not occur solely through private investment in the reasonably
foreseeable future; and
WHEREAS, the parties desire to implement the Project Plan and
Financing Plan with all due deliberate speed.
NOW, THEREFORE, in consideration of the premises, covenants,
consideration, undertakings, and conditions herein expressed, Zone and City
mutually agree, contract, and covenant as follows:
I.
The Agreement, heretofore executed on the 29th Day of December 1982,
as ratified on the 19th day of January, 1983, and as amended the 22d day of
September 1986, by and between the parties hereto, is hereby ratified,
reconfirmed and in full force and effect except as amended herein. Said
Agreement as amended is incorporated herein by this reference the same as if
written herein, and as amended herein is binding upon the parties hereto.
AG02.028.01 1
Pr
II.
Paragraph II of the existing contract is amended to read as follows:
II.
The Board of Directors of the Zone shall consist of the Mayor, the
District 2 Council member, and one other City Council member of the City of
Corpus Christi, Texas, as determined by the City, a member of the Board of
Trustees of the Corpus Christi Independent School District selected by the Board
of Trustees, a member of the Board of Regents of the Corpus Christi Junior
College District selected by the Board of Regents, and a member of Commissioners
Court of the County selected by the County Commissioners. The Mayor of the City
of Corpus Christi, Texas, or successor, shall serve as Chairman of the Board of
Directors. Said Board of Directors shall be responsible for developing the
project plan and administering the Zone in accordance with the provisions of the
Act, and the parties herein agree that said Board shall continue in existence as
composed herein until the Zone is terminated in accordance with Paragraph I
above.
The existing contract is amended to add the following language in addition to
the existing language:
A.
The parties hereto mutually agree and covenant
and Financing Plan of the Zone as approved by the Board of
and the City Council of the City of Corpus Christi is
confirmed and the parties hereto mutually agree that said
interest and conforms to the requirements of Art. 1066e,
hereto agree that said Plan is a worthwhile economic
purposes of stimulating the Corpus Christi tax base
inasmuch as the projects it funds are sufficiently broad
major economic impact on the area.
B.
that the Project Plan
Directors of the Zone
hereby ratified and
Plan is in the public
V.A.C.S. The parties
development tool for
and business climate
in scope as to have a
The parties hereto recognize that the Zone Project Plan and Tax
Increment Financing Plan have been amended to establish the Texas State Aquarium
and the Shipwreck Artifacts Museum as the priority projects for the Zone. Said
plan provides for the issuance of approximately $10 million in bonds for the
construction of the Texas State Aquarium and approximately $2 million in bonds
for the construction of the Shipwreck Artifacts expansion of the Corpus Christi
Museum. The parties hereto agree that the bonds will be amortized from the
future income stream of the Zone. The parties hereto recognize that the Project
Plan and Financing Plan also includes funding for La Retama Vest Pocket Park,
including balustrade adjoining the park, in the amount of Five Hundred Thousand
Dollars ($500,000) and funding for the Peoples Street T -Head project in the
amount of Four Hundred Thousand Dollars ($400,000).
AG02.028.01 2
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, shall be available for redistribution to the taxing entities
at their option based upon the percentage of attribution after the amount of
sinking funds necessary for the issuance of tax increment bonds for the Texas
State Aquarium and the Corpus Christi Museum Expansion are determined and such
bonds are issued. The parties hereto mutually agree that District at its option
will be entitled to the distribution of the dollar amount shown for it less such
amount as determined will be needed on a pro rata basis for the sinking funds
for the proposed Texas State Aquarium and Corpus Christi Museum bond issues and
after such bonds are issued, upon presentation to the City Manager of the City
of Corpus Christi, or his designee, of a certified copy of a resolution or other
formal action of the District requesting such redistribution. The parties
hereto mutually agree that should any taxing entity in the Zone, and
specifically District, choose to leave the captured funds so attributable in the
Zone or any portion of such not needed for retirement of the bonds in the Zone,
such taxing entities so electing will have major input through their
representatives as to how such funds are to be spent.
D.
The parties hereto mutually agree that future projects will be chosen
after consultation with all taxing entities or their representatives. Any funds
left at the end of the Zone term and after retirement of any bonds will be
refunded to the taxing entities.
E.
The parties hereto mutually agree that Reinvestment Zones are lawful,
valid, and constitutional; that Art. 1066e, V.A.C.S., is lawful, valid, and
constitutional; that this Zone is lawful, valid, and constitutional; and that
all proper procedural requirements of the United States Constitution and law,
the Texas Constitution and law, City Charter and law were complied with and all
actions, undertakings and procedures were lawful, constitutional and proper in
all respects. It is therefore agreed that during the remaining life of the
Zone, no taxing entity and specifically District, will not bring a lawsuit,
Attorney General Request, or any other legal action against the Zone, the City,
or any other entity in an effort, or to the effect, to withdraw from the Zone,
as a challenge to the use of funds collected in the Zone or to challenge or
otherwise threaten the validity of any bonds issued by the Zone. It is further
stated as a matter of policy that any reinvestment zone that may be created in
the future will be created only after consultation with those taxing entities
that would be included in such future zone.
AG02.028.01 3
IN WITNESS WHEREOF, this Second Amendment, reconfirming and
revalidating the original Agreement as amended, is executed in duplicate
originals binding the respective parties hereto this the day of
, 1987.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS" (to be formed)
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of
HAL GEORGE, CITY ATTORNEY
By
, 1987;
Assistant City Attorney
ATTEST: CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT
Secretary President
RATIFIED THIS DAY OF , 1987:
By
ATTEST:
REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG02.028.01 4
STATE OF TEXAS §
COUNTY OF NUECES §
SECOND AMENDED AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
W ITNESSET H:
WHEREAS, the City of Corpus Christi, Texas, a municipal corporation,
home rule city and body politic, acting for itself and on behalf of the
"Reinvestment Zone Number One, City of Corpus Christi, Texas," and the
Reinvestment Zone Number One, City of Corpus Christi, Texas, (hereinafter
"Zone") and the Corpus Christi Junior College District, (hereinafter "District")
executed and entered into an agreement the 29th day of December 1982 regarding
said zone; and
WHEREAS, said Agreement was amended by the parties hereto effective
the 22d day of September 1986; and
WHEREAS, the Project Plan and Financing Plan of the Zone was adopted
and approved by Ordinance No. 17771; passed and approved the 10th day of August
1983; and
WHEREAS, said Project Plan was amended by Ordinance No. 19708, passed
and approved April 14, 1987; and
WHEREAS, all parties hereto agree that the proper function of said
zone is in the best interests and public welfare of the citizens of Corpus
Christi and Nueces County; and
WHEREAS, the heretofore mentioned Reinvestment Zone Project Plan, as
amended, and the incorporated 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 taxable real property in the Zone, and
development will not occur solely through private investment in the reasonably
foreseeable future; and
WHEREAS, the parties desire to implement the Project Plan and
Financing Plan with all due deliberate speed.
NOW, THEREFORE, in consideration of the premises, covenants,
consideration, undertakings, and conditions herein expressed, Zone and City
mutually agree, contract, and covenant as follows:
I.
The Agreement, heretofore executed on the 29th Day of December 1982,
as ratified on the 19th day of January, 1983, and as amended the 22d day of
September 1986, by and between the parties hereto, is hereby ratified,
reconfirmed and in full force and effect except as amended herein. Said
Agreement as amended is incorporated herein by this reference the same as if
written herein, and as amended herein is binding upon the parties hereto.
AG02.027.01 1
II.
Paragraph II of the existing contract is amended to read as follows:
II.
The Board of Directors of the Zone shall consist of the Mayor, the
District 2 Council member, and one other City Council member of the City of
Corpus Christi, Texas, as determined by the City, a member of the Board of
Trustees of the Corpus Christi Independent School District selected by the Board
of Trustees, a member of the Board of Regents of the Corpus Christi Junior
College District selected by the Board of Regents, and a member of Commissioners
Court of the County selected by the County Commissioners. The Mayor of the City
of Corpus Christi, Texas, or successor, shall serve as Chairman of the Board of
Directors. Said Board of Directors shall be responsible for developing the
project plan and administering the Zone in accordance with the provisions of the
Act, and the parties herein agree that said Board shall continue in existence as
composed herein until the Zone is terminated in accordance with Paragraph I
above.
The existing contract is amended to add the following language in addition to
the existing language:
A.
The parties hereto mutually agree and covenant that the Project Plan
and Financing Plan of the Zone as approved by the Board of Directors of the Zone
and the City Council of the City of Corpus Christi is hereby ratified and
confirmed and the parties hereto mutually agree that said Plan is in the public
interest and conforms to the requirements of Art. 1066e, V.A.C.S. The parties
hereto agree that said Plan is a worthwhile economic development tool for
purposes of stimulating the Corpus Christi tax base and business climate
inasmuch as the projects it funds are sufficiently broad in scope as to have a
major economic impact on the area.
B.
The parties hereto recognize that the Zone Project Plan and Tax
Increment Financing Plan have been amended to establish the Texas State Aquarium
and the Shipwreck Artifacts Museum as the priority projects for the Zone. Said
plan provides for the issuance of approximately $10 million in bonds for the
construction of the Texas State Aquarium and approximately $2 million in bonds
for the construction of the Shipwreck Artifacts expansion of the Corpus Christi
Museum. The parties hereto agree that the bonds will be amortized from the
future income stream of the Zone. The parties hereto recognize that the Project
Plan and Financing Plan also includes funding for La Retama Vest Pocket Park,
including balustrade adjoining the park, in the amount of Five Hundred Thousand
Dollars ($500,000) and funding for the Peoples Street T -Head project in the
amount of Four Hundred Thousand Dollars ($400,000).
AG02.027.01 2
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, shall be available for redistribution to the taxing entities
at their option based upon the percentage of attribution after the amount of
sinking funds necessary for the issuance of tax increment bonds for the Texas
State Aquarium and the Corpus Christi Museum Expansion are determined and such
bonds are issued. The parties hereto mutually agree that District at its option
will be entitled to the distribution of the dollar amount shown for it less such
amount as determined will be needed on a pro rata basis for the sinking funds
for the proposed Texas State Aquarium and Corpus Christi Museum bond issues and
after such bonds are issued, upon presentation to the City Manager of the City
of Corpus Christi, or his designee, of a certified copy of a resolution or other
formal action of the District requesting such redistribution. The parties
hereto mutually agree that should any taxing entity in the Zone, and
specifically District, choose to leave the captured funds so attributable in the
Zone or any portion of such not needed for retirement of the bonds in the Zone,
such taxing entities so electing will have major input through their
representatives as to how such funds are to be spent.
D.
The parties hereto mutually agree that future projects will be chosen
after consultation with all taxing entities or their representatives. Any funds
left at the end of the Zone term and after retirement of any bonds will be
refunded to the taxing entities.
E.
The parties hereto mutually agree that Reinvestment Zones are lawful,
valid, and constitutional; that Art. 1066e, V.A.C.S., is lawful, valid, and
constitutional; that this Zone is lawful, valid, and constitutional; and that
all proper procedural requirements of the United States Constitution and law,
the Texas Constitution and law, City Charter and law were complied with and all
actions, undertakings and procedures were lawful, constitutional and proper in
all respects. It is therefore agreed that during the remaining life of the
Zone, no taxing entity and specifically District, will not bring a lawsuit,
Attorney General Request, or any other legal action against the Zone, the City,
or any other entity in an effort, or to the effect, to withdraw from the Zone,
as a challenge to the use of funds collected in the Zone or to challenge or
otherwise threaten the validity of any bonds issued by the Zone. It is further
stated as a matter of policy that any reinvestment zone that may be created in
the future will be created only after consultation with those taxing entities
that would be included in such future zone.
AG02.027.01 3
IN WITNESS WHEREOF, this Second Amendment, reconfirming and
revalidating the original Agreement as amended, is executed in duplicate
originals binding the respective parties hereto this the day of
, 1987.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS" (to be formed)
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of
HAL GEORGE, CITY ATTORNEY
By
, 1987;
Assistant City Attorney
ATTEST: CORPUS CHRISTI JUNIOR COLLEGE DISTRICT
By
Secretary President
RATIFIED THIS DAY OF , 1987:
ATTEST: REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG02.027.01 4
STATE OF TEXAS §
COUNTY OF NUECES §
SECOND AMENDED AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
W I T N E S S E T H:
WHEREAS, the City of Corpus Christi, Texas, a municipal corporation,
home rule city and body politic, acting for itself and on behalf of the
"Reinvestment Zone Number One, City of Corpus Christi, Texas," and the
Reinvestment Zone Number One, City of Corpus Christi, Texas, (hereinafter
"Zone") and the County of Nueces, acting on its own behalf and on behalf of the
Nueces County Hospital District, (hereinafter "County") executed and entered
into an agreement the 29th day of December 1982 regarding said zone; and
WHEREAS, said Agreement was amended by the parties hereto effective
the 22d day of September 1986; and
WHEREAS, the Project Plan and Financing Plan of the Zone was adopted
and approved by Ordinance No. 17771; passed and approved the 10th day of August
1983; and
WHEREAS, said Project Plan was amended by Ordinance No. 19708, passed
and approved April 14, 1987; and
WHEREAS, all parties hereto agree that the proper function of said
zone is in the best interests and public welfare of the citizens of Corpus
Christi and Nueces County; and
WHEREAS, the heretofore mentioned Reinvestment Zone Project Plan, as
amended, and the incorporated 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 taxable real property in the Zone, and
development will not occur solely through private investment in the reasonably
foreseeable future; and
WHEREAS, the parties desire to implement the Project Plan and
Financing Plan with all due deliberate speed.
NOW, THEREFORE, in consideration of the premises, covenants,
consideration, undertakings, and conditions herein expressed, Zone and City
mutually agree, contract, and covenant as follows:
The Agreement, heretofore executed on the 29th Day of December 1982,
as ratified on the 19th day of January, 1983, and as amended the 22d day of
September 1986, by and between the parties hereto, is hereby ratified,
reconfirmed and in full force and effect except as amended herein. Said
Agreement as amended is incorporated herein by this reference the same as if
written herein, and as amended herein is binding upon the parties hereto.
AG02.026.01 1
II.
Paragraph II of the existing contract is amended to read as follows:
II.
The Board of Directors of the Zone shall consist of the Mayor, the
District 2 Council member, and one other City Council member of the City of
Corpus Christi, Texas, as determined by the City, a member of the Board of
Trustees of the Corpus Christi Independent School District selected by the Board
of Trustees, a member of the Board of Regents of the Corpus Christi Junior
College District selected by the Board of Regents, and a member of Commissioners
Court of the County selected by the County Commissioners. The Mayor of the City
of Corpus Christi, Texas, or successor, shall serve as Chairman of the Board of
Directors. Said Board of Directors shall be responsible for developing the
project plan and administering the Zone in accordance with the provisions of the
Act, and the parties herein agree that said Board shall continue in existence as
composed herein until the Zone is terminated in accordance with Paragraph I
above.
The existing contract is amended to add the following language in addition to
the existing language:
A.
The parties hereto mutually agree and covenant that the Project Plan
and Financing Plan of the Zone as approved by the Board of Directors of the Zone
and the City Council of the City of Corpus Christi is hereby ratified and
confirmed and the parties hereto mutually agree that said Plan is in the public
interest and conforms to the requirements of Art. 1066e, V.A.C.S. The parties
hereto agree that said Plan is a worthwhile economic development tool for
purposes of stimulating the Corpus Christi tax base and business climate
inasmuch as the projects it funds are sufficiently broad in scope as to have a
major economic impact on the area.
B.
The parties hereto recognize that the Zone Project Plan and Tax
Increment Financing Plan have been amended to establish the Texas State Aquarium
and the Shipwreck Artifacts Museum as the priority projects for the Zone. Said
plan provides for the issuance of approximately $10 million in bonds for the
construction of the Texas State Aquarium and approximately $2 million in bonds
for the construction of the Shipwreck Artifacts expansion of the Corpus Christi
Museum. The parties hereto agree that the bonds will be amortized from the
future income stream of the Zone. The parties hereto recognize that the Project
Plan and Financing Plan also includes funding for La Retama Vest Pocket Park,
including balustrade adjoining the park, in the amount of Five Hundred Thousand
Dollars ($500,000) and funding for the Peoples Street T -Head project in the
amount of Four Hundred Thousand Dollars ($400,000).
AG02.026.01 2
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, shall be available for redistribution to the taxing entities
at their option based upon the percentage of attribution after the amount of
sinking funds necessary for the issuance of tax increment bonds for the Texas
State Aquarium and the Corpus Christi Museum Expansion are determined and such
bonds are issued. The parties hereto mutually agree that County at its option
will be entitled to the distribution of the dollar amount shown for it less such
amount as determined will be needed on a pro rata basis for the sinking funds
for the proposed Texas State Aquarium and Corpus Christi Museum bond issues and
after such bonds are issued, upon presentation to the City Manager of the City
of Corpus Christi, or his designee, of a certified copy of a resolution or other
formal action of the County requesting such redistribution. The parties hereto
mutually agree that should any taxing entity in the Zone, and specifically
County, choose to leave the captured funds so attributable in the Zone or any
portion of such not needed for retirement of the bonds in the Zone, such taxing
entities so electing will have major input through their representatives as to
how such funds are to be spent.
D.
The parties hereto mutually agree that future projects will be chosen
after consultation with all taxing entities or their representatives. Any funds
left at the end of the Zone term and after retirement of any bonds will be
refunded to the taxing entities.
E.
The parties hereto mutually agree that Reinvestment Zones are lawful,
valid, and constitutional; that Art. 1066e, V.A.C.S., is lawful, valid, and
constitutional; that this Zone is lawful, valid, and constitutional; and that
all proper procedural requirements of the United States Constitution and law,
the Texas Constitution and law, City Charter and law were complied with and all
actions, undertakings and procedures were lawful, constitutional and proper in
all respects. It is therefore agreed that during the remaining life of the
Zone, no taxing entity and specifically County, will not bring a lawsuit,
Attorney General Request, or any other legal action against the Zone, the City,
or any other entity in an effort, or to the effect, to withdraw from the Zone,
as a challenge to the use of funds collected in the Zone or to challenge or
otherwise threaten the validity of any bonds issued by the Zone. It is further
stated as a matter of policy that any reinvestment zone that may be created in
the future will be created only after consultation with those taxing entities
that would be included in such future zone.
AG02.026.01 3
IN WITNESS WHEREOF, this Second Amendment, reconfirming and
revalidating the original Agreement as amended, is executed in duplicate
originals binding the respective parties hereto this the day of
, 1987.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS" (to be formed)
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of
HAL GORGE, CITY ATTORNEY
By
, 1987;
Assistant City Attorney
ATTEST: COUNTY OF NUECES
By
County Clerk Robert N. Barnes, County Judge
RATIFIED THIS DAY OF , 1987:
ATTEST: REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG02.026.01 4
STATE OF TEXAS g
COUNTY OF NUECES g
SECOND AMENDED AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
WITNESSETH:
WHEREAS, the City of Corpus Christi, Texas, a municipal corporation,
home rule city and body politic, acting' for itself and on behalf of the
"Reinvestment Zone Number One, City of Corpus Christi, Texas," and the
Reinvestment Zone Number One, City of Corpus Christi, Texas, (hereinafter
"Zone") and the City of Corpus Christi, Texas, a municipal corporation acting on
its own behalf, (hereinafter "City") executed and entered into an agreement the
29th day of December 1982 regarding said zone; and
WHEREAS, said Agreement was amended by the parties hereto effective
the 22d day of September 1986; and
WHEREAS, the Project Plan and Financing Plan of the Zone was adopted
and approved by Ordinance No. 17771; passed and approved the 10th day of August
1983; and
WHEREAS, said Project Plan was amended by Ordinance No. 19708, passed
and approved April 14, 1987; and
WHEREAS, all parties hereto agree that the proper function of said
zone is in the best interests and public welfare of the citizens of Corpus
Christi and Nueces County; and
WHEREAS, the heretofore mentioned Reinvestment Zone Project Plan, as
amended, and the incorporated 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 taxable real property in the Zone, and
development will not occur solely through private investment in the reasonably
foreseeable future; and
WHEREAS, the parties desire to implement the Project Plan and
Financing Plan with all due deliberate speed.
NOW, THEREFORE, in consideration of the premises, covenants,
consideration, undertakings, and conditions herein expressed, Zone and City
mutually agree, contract, and covenant as follows:
I.
The Agreement, heretofore executed on the 29th Day of December 1982,
as ratified on the 19th day of January, 1983, and as amended the 22d day of
September 1986, by and between the parties hereto, is hereby ratified,
reconfirmed and in full force and effect except as amended herein. Said
Agreement as amended is incorporated herein by this reference the same as if
written herein, and as amended herein is binding upon the parties hereto.
AG02.025.01 1
II.
Paragraph II of the existing contract is amended to read as follows:
II.
The Board of Directors of the Zone shall consist of the Mayor, the
District 2 Council member, and one other City Council member of the City of
Corpus Christi, Texas, as determined by the City, a member of the Board of
Trustees of the Corpus Christi Independent School District selected by the Board
of Trustees, a member of the Board of Regents of the Corpus Christi Junior
College District selected by the Board of Regents, and a member of Commissioners
Court of the County selected by the County Commissioners. The Mayor of the City
of Corpus Christi, Texas, or successor, shall serve as Chairman of the Board of
Directors. Said Board of Directors shall be responsible for developing the
project plan and administering the Zone in accordance with the provisions of the
Act, and the parties herein agree that said Board shall continue in existence as
composed herein until the Zone is terminated in accordance with Paragraph I
above.
The existing contract is amended to add the following language in addition to
the existing language:
A.
The parties hereto mutually agree and covenant that the Project Plan
and Financing Plan of the Zone as approved by the Board of Directors of the Zone
and the City Council of the City of Corpus Christi is hereby ratified and
confirmed and the parties hereto mutually agree that said Plan is in the public
interest and conforms to the requirements of Art. 1066e, V.A.C.S. The parties
hereto agree that said Plan is a worthwhile economic development tool for
purposes of stimulating the Corpus Christi tax base and business climate
inasmuch as the projects it funds are sufficiently broad in scope as to have a
major economic impact on the area.
B.
The parties hereto recognize that the Zone Project Plan and Tax
Increment Financing Plan have been amended to establish the Texas State Aquarium
and the Shipwreck Artifacts Museum as the priority projects for the Zone. Said
plan provides for the issuance of approximately $10 million in bonds for the
construction of the Texas State Aquarium and approximately $2 million in bonds
for the construction of the Shipwreck Artifacts expansion of the Corpus Christi
Museum. The parties hereto agree that the bonds will be amortized from the
future income stream of the Zone. The parties hereto recognize that the Project
Plan and Financing Plan also includes funding for La Retama Vest Pocket Park,
including balustrade adjoining the park, in the amount of Five Hundred Thousand
Dollars ($500,000) and funding for the Peoples Street T -Head project in the
amount of Four Hundred Thousand Dollars ($400,000).
AG02.025.01 2
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, shall be available for redistribution to the taxing entities
at their option based upon the percentage of attribution after the amount of
sinking funds necessary for the issuance of tax increment bonds for the Texas
State Aquarium and the Corpus Christi Museum Expansion are determined and such
bonds are issued. The parties hereto mutually agree that City at its option
will be entitled to the distribution of the dollar amount shown for it less such
amount as determined will be needed on a pro rata basis for the sinking funds
for the proposed Texas State Aquarium and Corpus Christi Museum bond issues and
after such bonds are issued, upon presentation to the City Manager of the City
of Corpus Christi, or his designee, of a certified copy of a resolution or other
formal action of the City requesting such redistribution. The parties hereto
mutually agree that should any taxing entity in the Zone, and specifically City,
choose to leave the captured funds so attributable in the Zone or any portion of
such not needed for retirement of the bonds in the Zone, such taxing entities so
electing will have major input through their representatives as to how such
funds are to be spent.
D.
The parties hereto mutually agree that future projects will be chosen
after consultation with all taxing entities or their representatives. Any funds
left at the end of the Zone term and after retirement of any bonds will be
refunded to the taxing entities.
E.
The parties hereto mutually agree that Reinvestment Zones are lawful,
valid, and constitutional; that Art. 1066e, V.A.C.S., is lawful, valid, and
constitutional; that this Zone is lawful, valid, and constitutional; and that
all proper procedural requirements of the United States Constitution and law,
the Texas Constitution and law, City Charter and law were complied with and all
actions, undertakings and procedures were lawful, constitutional and proper in
all respects. It is therefore agreed that during the remaining life of the
Zone, no taxing entity and specifically City, will not bring a lawsuit, Attorney
General Request, or any other legal action against the Zone, the City, or any
other entity in an effort, or to the effect, to withdraw from the Zone, as a
challenge to the use of funds collected in the Zone or to challenge or otherwise
threaten the validity of any bonds issued by the Zone. It is further stated as
a matter of policy that any reinvestment zone that may be created in the future
will be created only after consultation with those taxing entities that would be
included in such future zone.
AG02.025.01 3
IN WITNESS WHEREOF, this Second Amendment, reconfirming and
revalidating the original Agreement as amended, is executed in duplicate
originals binding the respective parties hereto this the day of
, 1987.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS" (to be formed)
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of , 1987;
HAL GEORGE, CITY ATTORNEY
By
Assistant City Attorney
ATTEST: CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
RATIFIED THIS
ATTEST:
DAY OF , 1987:
REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG02.025.01 4
Corpus Christi, Texas
day of ate-(. , 1987
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,
99.045.01
Council Members
THE CITY OF CORPUS CHRISTI, TEXAS
The above ordinance was passed by the following vote:
Betty N. Turner
David Berlanga, Sr. 11
Leo Guerrero
Frank Mendez
Clif Moss
Bill Pruet
Mary Rhodes Q/gyp
Mary Pat Slavik
Linda Strong
aay
au,e
19896