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Home My WebLink About020243 ORD - 03/15/1988AN ORDINANCE AUTHORIZING THE EXECUTION OF A MODIFIED SECOND AMENDED AGREEMENT WITH CORPUS CHRISTI JUNIOR COLLEGE DISTRICT RELATIVE TO REINVESTMENT ZONE NO. ONE; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the City Manager is hereby authorized to execute a modified second amended agreement with Corpus Christi Junior College District relative to Reinvestment Zone No. One, Corpus Christi, Texas, all as more fully set forth in the Second Amended Agreement, a substantial copy of which is attached hereto and made a part hereof, marked Exhibit A, in lieu of the second amended contract authorized by Ordinance 20166. 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 of executing the abovementioned Second Amended Agreement at the earliest practicable date, 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 sha11 take effect upopfirst b reading as n n emergency measure this the / 5 day of ! , 19 ATTEST: City Secretary APPROVED: THE CITY OF CORPUS CHRISTI, TEXAS DAY OFA6 1/I , 19�� HAL GEORGE, CITY ATTORNEY 205HG123.ord 20243 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," 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 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 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 2 7, 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 Reinvestment Zone Number One, City of Corpus Christi, Texas, 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. 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: CITY OF CORPUS CHRISTI, TEXAS on behalf of the "REINVESTMENT ZONE NUMBER ONE, CITY OF CORPUS CHRISTI, TEXAS" By Armando Chapa, City Secretary Juan Garza, City Manager APPROVED AS TO LEGAL FORM: This 4277 dayof �� , 1988; HAL GEORGE, CTY ATTORNEY y \\;� B �}sa City Attor FTE$ ;t CORPUS CHRISTI JUNIOR COLLEGE DISTRICT ezer-vte -- Lary — President 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 AG01.027.01 4 Corpus Christi, Texas __nn /5 day of wick , 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, 99.045.01 Council Members '4 M YOR THE CITY OF CORPUS CHRISTI, TEXAS The above ordinance was passed by the following vote: Betty N. Turner David Berlanga, Sr. Leo Guerrero Clif Moss Bill Pruet Mary Rhodes Frank Schwing, Jr. Mary Pat SlavikleN° Linda Strong 6LAy j 20243