HomeMy WebLinkAbout020166 ORD - 01/19/1988AN ORDINANCE
AUTHORIZING AND DIRECTING THE CITY MANAGER TO EXECUTE
AMENDED REINVESTMENT ZONE NO. 1 CONTRACTS WITH VARIOUS
GOVERNMENTAL AGENCLES RELATING TO THE BOARD OF DIRECTORS AND
AMENDING THE PROJECT PLAN AND FINANCE PLAN TO PROVIDE BOND
FUNDI1VG FOR THE TEXAS STATE AQUARIUM AND THE SHIPWRECK
ARTIFACTS MUSEUM, AND VALIDIZATION OF THE ZONE BY AMENDING
THE CONTRACT FORMS ATTACHED TO ORDINANCE 19896; AND
DECLARING AN EMERGENCY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. That the City Manager be and he hereby is authorized and
directed to execute the second amended Reinvestment Zone No. 1 contracts with
Corpus Christi Independent School District, City of Corpus Christi, Nueces
County, and Corpus Christi Junior College District (Del Mar) which amended
contracts relate to the Board of Directors and amending the Project Plan and the
Finance Plan to provide bond funding for the Texas State Aquarium and the
Shipwreck Artifacts Museum, and validization of the zone by amending the
contract forms attached to Ordinance 19896, to be in substantial compliance with
the second amended Reinvestment Zone contract forms attached hereto as exhibits
and made a part hereof by this reference.
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 shat take effect upon first reading as an emergency
measure this the i 9 day of %, i , 19gw .
ATTEST:
ity Secretary
APPROVED:_ DAY OFA, 19 0 i
HAL GEORGE, CITY ATTORNEY
By
mii&
205HG049.res
�✓f
City Attorney
THE CITY OF CORPUS CHRISTI, TEXAS
20166 MICROFILMED
STATE OF TEXAS §
COUNTY OF NUECES §
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, (hereinafter "City") acting for itself and on
behalf of the "Reinvestment Zone Number One, City of Corpus Christi, Texas," 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
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. 1O66e V.A.C.S., (hereinafter
"Act") will enhance significantly the value of all taxable real property in the
Zone, and encourage development that otherwise would 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, District and
City mutually agree, contract, and covenant as follows:
1.
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,
AGO1.O28.O1 1
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.
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 Councilmember, and one other City Councilmember 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 or
successor, shall serve as Chairman of the Board of Directors. Said Board of
Directors shall be responsible for developingthe 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 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
projectsit funds are sufficiently broad in scope as to have a major economic
impact on the area. -
B.
.ra-.r .;'rP'; tom..• k i:: Pr' •'e-_. ^a .�,.,..r syr-r.r-••^*+i-
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 payable solely from
moneys on deposit in the "Tax Increment Fund" 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).
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, shall be available for distribution 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 Museums bond issues and
after bonds are issued, upon presentation to the City Manager of the City, or
his designee, of a certified copy of.a resolution or other formal action of the
District requesting such distribution. The parties hereto mutually agree that
should any taxing entity in the Zone, and specifically District, choose to leave
the captured funds attributable thereto in the Zone or any portion of such not
needed for retirement of the bonds in the Zone, such taxing entities so electing
shall 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. Upon the
expiration of the Zone term, if there are no bonds or notes of the Zone
outstanding, any moneys remaining in the "Tax Increment Fund" of the Zone wall
be refunded to the taxing entities based on percentage contribution.
E.
It is agreed that during the remaining life of the Zone, District will not bring
a lawsuit, Attorney General Request, or any other action of any kind 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.
AG01.028.01 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
, 1988.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS"
By
Armando Chapa, City Secretary Craig A. McDowell, Cf ty Manager
APPROVED AS TO LEGAL FORM:
This day of 1988;
HAL GEORGE-., CITY ATTORNEY.
By
Assistant City Attorney
ATTEST: CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT
Secretary
By
President
RATIFIED THIS DAY OF , 1988:
ATTEST:
Armando Chapa, City Secretary
REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Betty N. Turner, Chairman of the Board
AG01.028.01
STATE OF TEXAS §
COUNTY OF NUECES §
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, (hereinafter "City") 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
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., (hereinafter
"Act") will enhance significantly the value of all taxable real property in the
Zone, and encourage development that otherwise would 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, District,
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,
AG01.027.01
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.
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 Councilmember, and one other City Councilmember 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 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.
=t,_.. ?! 11I.
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 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
AG01.027.01
Museum. The parties hereto agree that the bonds will be payable solely from
moneys on deposit in the "Tax Increment Fund" 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).
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, as set forth on Exhibit A, attached hereto and made a part
hereof, shall be available for distribution 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 bonds are issued, upon presentation to the City Manager of the City, or
his designee, of a certified copy of a resolution or other formal action of the
District requesting such distribution. The parties hereto mutually agree that
should any taxing entity in the Zone, and specifically District, choose to leave
the captured funds attributable thereto in the Zone or any portion of such not
needed for retirement of the bonds in the Zone, such taxing entities so electing
shall 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. Upon the
expiration of the Zone term, if there are no bonds or notes of the Zone
outstanding, any moneys remaining in the "Tax Increment Fund" of the Zone will
be refunded to the taxing entities based on percentage contribution.
E.
It is agreed that during the remaining life of the Zone, District will not bring
a lawsuit, Attorney General Request, or any other action of any kind 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.
AG01.027.01 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
, 1988.
ATTEST:
Armando Chapa, City Secretary
APPROVED AS TO LEGAL FORM:
This day -of -,_ ._..._ . w, �, _1988;
HAL GEORGE, CITY ATTORNEY
By
Assistant City Attorney
ATTEST:
Secretary
RATIFIED THIS -DAY OF:
ATTEST:
47,
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORP'U'S CHRISTI,
TEXAS"
By
Craig A. McDowell, City Manager
--:CORPUS.-CHRISTI JUNIOR .COLLEGE DISTRICT
By
President
, 1988:
REINVESTMENT ZONE NUMBER Ot4E,
CITY OF- CORPUS ChRISTI, TEXAS -
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG01.027.01
STATE OF TEXAS §
COUNTY OF NUECES §
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, (hereinafter "City") 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
Ch.risti;;;and
WHEREAS, the heretofore mentioned Reinvestment Zone Project Plan, as
1 F
ardand the incorporated Tax Increment Financing Plan are in the public
ifite- st,- conform to the requirements of Art. 1066e V.A.C.S., (hereinafter
";t11 enhance significantly the value of all taxable real property in the
Zaiie-,:Nand encourage development that otherwise would not occur solely through
pFivate-investment in the reasonably foreseeable future; and
WHEREAS, the parties desire to implement the Project Plan and
F cdng Pian with all due deliberate speed.
NOW, THEREFORE, in consideration of the premises, covenants,
consideration, undertakings, and conditions herein expressed, Zone, County, 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,
AG01.026.01 1
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.
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 Councilmember, and one other City Councilmember 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 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;;theTTCity Council of the City is hereby ratified and confirmed and the
parties hereto mutually agree that said Plan is in the public interest and
core =to the requirements of Art. 1066e, V.A.C.S. The parties hereto agree
i s
thaaid Plan is a worthwhile economic development tool for purposes of
st'cmuiatfirrg- 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
AG01.026.01
2
Museum. The parties hereto agree that the bonds will be payable solely from
moneys on deposit in the "Tax Increment Fund" 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).
C.
The -parties hereto agree that the funds available in the Zone as of
January 31, 1987, as set forth on Exhibit A, attached hereto and made a part
hereof, shall be available for distribution 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
bonds are issued, upon presentation to the City Manager of the City, or his
designee, of a certified copy of a resolution or other formal action of the
County requesting such distribution. The parties hereto mutually agree that
should any taxing entity in the Zone, and specifically County, choose to leave
the captured funds attributable thereto in the Zone or any portion of such not
needed for retirement of the bonds in the Zone, such taxing entities so electing
shall 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. Upon the
expiration of the Zone term, if there are no bonds or notes of the Zone
outstanding, any moneys remaining in the "Tax Increment Fund" of the lone will
be refunded to the taxing entities based on percentage contribution.
E.
It is agreed that during the remaining life of the Zone, County will not bring a
lawsuit, Attorney General Request, or any other action of any kind 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.
AG01.026.01 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
, 1988.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS"
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of , 1988;
HAL GEORGE, CITY ATTORNEY
By
Assistant City Attorney
ATTEST:
County Clerk
RATIFIED THIS DAY OF
ATTEST:
Armando Chapa, City Secretary
-COUNTY OF NUECES
By
Robert N. Barnes, County Judge
, 1988:
REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Betty N. Turner, Chairman of the Board
AG01,026f01
STATE OF TEXAS §
COUNTY OF NUECES §
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, ("City") 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
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., (hereinafter
"Act") will enhance significantly the value of all taxable real property in the
Zone, and encourage development that otherwise would 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,
AG01.025.01
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.
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 Councilmember, and one other City Councilmember 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 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.
III.
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 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
IncrementFinancing 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
AG01.025.07,
Museum. The parties hereto agree that the bonds will be payable solely from
moneys on deposit in the "Tax Increment Fund" 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).
C.
The parties hereto agree that the funds available in the Zone as of
January 31, 1987, as set forth on Exhibit A, attached hereto and made a part
hereof, shall be available for distribution 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.
bonds are issued, upon presentation to the City Manager of the City, or his
designee, of a certified copy of a resolution or other formal action of the City
requesting such distribution. The parties hereto mutually agree that should any
taxing entity in the Zone, and specifically City, choose to leave the captured
funds attributable thereto in the Zone or any portion of such not needed for
retirement of the bonds in the Zone, such taxing entities so electing shall 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. Upon the
expiration of the Zone term, if there are no bonds or notes of the Zone
outstanding, any moneys remaining in the "Tax Increment Fund" of the Zone will
be refunded to the taxing entities based on percentage contribution.
E.
It is agreed that during the remaining life of the Zone, City will not bring a
lawsuit, Attorney General Request, or any other action of any kind against the
Zone, 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.
AG01.025.01 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
, 1988.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
on behalf of the "REINVESTMENT ZONE
NUMBER ONE, CITY OF CORPUS CHRISTI,
TEXAS"
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
APPROVED AS TO LEGAL FORM:
This day of
HAL GEORGE, CITY ATTORNEY
By
, 1988;
Assistant City Attorney
ATTEST: CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Craig A. McDowell, City Manager
RATIFIED THIS DAY OF , 1988:
ATTEST: REINVESTMENT ZONE NUMBER ONE,
CITY OF CORPUS CHRISTI, TEXAS
By
Armando Chapa, City Secretary Betty N. Turner, Chairman of the Board
AG01.025.01
Corpus Christi, Texas
/1 I day of
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
, 198 y
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
AdilLt_. Air
h"YOR
I
THE C Y OF CORPUS CHRISTI, TEXAS
The above ordinance was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Clif Moss _ 0
Bill Pruet
Mary Rhodes
Frank Schwing, Jr. 6Y -
Mary Pat Slavik
Linda Strong
Ct(te-
dAre-
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