HomeMy WebLinkAbout024270 ORD - 11/14/2000
ORDINANCE
DESIGNATING A CERTAIN AREA WITHIN THE JURISDICTION OF THE
CITY OF CORPUS CHRISTI AS A TAX INCREMENT FINANCING
DISTRICT TO BE KNOWN AS "REINVESTMENT ZONE NUMBER TWO,
CITY OF CORPUS CHRISTI, TEXAS", ESTABLISHING A BOARD OF
DIRECTORS FOR SUCH REINVESTMENT ZONE, AND OTHER
MATTERS RELATING THERETO.
WHEREAS, the Texas Legislature has authorized cities to establish reinvestment zones by
its enactment of the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the"Act");
and
WHEREAS, it has been proposed that the City of Corpus Christi should establish a
reinvestment zone (hereinafter "the Zone"), as authorized by the Act, within the area of the City as
described by metes and bounds in Exhibit "A" and depicted by map in Exhibit "B," which exhibits
are attached hereto and incorporated herein; and
WHEREAS, the City has prepared a preliminary reinvestment zone financing plan, a true and
correct copy of which is attached to this Ordinance as Exhibit "C," and incorporated herein; has
presented the plan to the governing body of each taxing unit that levies taxes on real property in the
proposed zone, has provided notice to each such taxing unit ofthe creation of the proposed zone,
has made and shall make a formal presentation to the governing body of each county and school
district, and has taken and shall take all other actions in accordance with Section 311.003 of the Act;
and
WHEREAS, the preliminary reinvestment zone financing plan provides that the ad valorem
taxes of the City constituting its tax increment are to be deposited into the hereinafter created Tax
Increment Fund, and that ad valorem taxes of the other taxing units constituting their respective tax
increments may also be utilized for the purposes described in the preliminary financing plan; and
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WHEREAS, in compliance with the Act, the City called a public hearing to hear public
comment on the creation of the proposed zone and its benefits to the City and the property in the
proposed zone; and
WHEREAS, in compliance with the Act, notice of such public hearing was published in the
Corpus Christi Caller-Times, a daily newspaper having general circulation in the City, such
publication date being not later than seven (7) days prior to the date of the public hearing; and
WHEREAS, such hearing was convened at the time and place mentioned in the published
notice, to-wit, on the 29th day of August, 2000, at the Regular Meeting of the City Council
commencing at 2:00 p.m., at the City Hall of the City, which hearing was conducted and then closed;
and
WHEREAS, the City, at such hearing, invited and permitted any interested person to speak
for or against the creation of the zone, its boundaries, and the concept of tax increment financing;
and
WHEREAS, all owners of property located within the proposed zone were given a
reasonable opportunity to protest the inclusion of the property in the proposed zone; and
WHEREAS, City Council considered all information provided to it relevant to the merits of
creating the zone, consistent with the criteria in Chapter 311; and
WHEREAS, all requirements of the Act have been met.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS, THAT:
SECTION 1: The facts and recitations contained in the preamble of this Ordinance are hereby
found and declared to be true and correct.
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SECTION 2: The City Council, after conducting the above-described public hearing and
having heard all evidence and testimony, hereby makes the following findings and determinations
based on the evidence and testimony presented to it:
(a) That the Zone is a contiguous geographic area located wholly within
the corporate limits of the City.
(b) That the area substantially arrests or impairs the sound growth of the
City, retards the provision of housing accommodations, constitutes an
economic or social liability, and is a menace to the public health,
safety, morals, or welfare in its present condition and use because of:
(I) unsafe conditions, including a 1.2 mile long seawall which is
imminently threatened by beach erosion, such threat to the
seawall posing a severe and imminent threat, especially by
catastrophic storm, to a large number of hotels,
condominiums and other living units, as well as to public
roads, infrastructure, and facilities protected by said seawall;
(2) the deterioration of site or other improvements including
severe erosion in front of the above-described seawall posing
a severe and imminent threat to the properties and public
infrastructure protected by said seawall as described above;
(3) conditions that endanger life or property by fire or other cause
including severe erosion in front of the above-described
seawall posing a severe and imminent threat to the properties
and public infrastructure protected by said seawall as
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described above;
(4) the predominance of defective or inadequate sidewalk or
street layout; and
(5) faulty lot layout in relation to size, adequacy, or usefulness.
(C) That the area is predominantly open and, because of obsolete platting,
substantially impairs or arrests the sound growth of the City.
(d) That the area is predominantly open and, because of deterioration of
structures or site improvements, or other factors, including severe
erosion in front of the above-described seawall posing a severe and
imminent threat to the properties and public infrastructure protected
by said seawall as described above, substantially impairs or arrests the
sound growth of the City.
(e) That the area is predominantly open and substantially impairs or
arrests the sound growth of the City because of various factors,
including but not limited to the following: (A) a significant portion of
the area does not have access to roadways of the City and (B) natural
waterways exist within the area that pose drainage and flooding
hazards to the City, thereby rendering the area unproductive and
underdeveloped.
(f) That tourism and convention business is of extreme importance to the
Corpus Christi economy, which has not shared in the economic
prosperity enjoyed by the rest ofthe State in recent years, and the area
within the proposed district has tremendous, unrealized potential to
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provide tourist and convention facilities, and it is essential that this
presently undeveloped area be fully developed.
(g) That no more than ten (10) percent of the property in the proposed
reinvestment zone, excluding property that is publicly owned, is used
for residential purposes.
(h) That the total appraised value oftaxable real property in the proposed
reinvestment zone and in existing reinvestment zones within the City
according to the most recent appraisal rolls for the City, does not
exceed fifteen (15) percent of the current total appraised value of
taxable real property in the City and in the industrial districts created
by the City.
(i) That the proposed reinvestment zone does not contain more than
fifteen (15) percent of the total appraised value of real property
taxable by a county or school district.
(j) That the improvements to be implemented in the proposed zone will
significantly enhance the value of all taxable real property in the
proposed zone and will be of general benefit to the City.
SECTION 3: The City Council hereby designates as a reinvestment zone the area described
by the metes and bounds in Exhibit "A" and depicted by map in Exhibit "B" to promote development
and redevelopment of the area, which development or redevelopment the City Council does hereby
determine would not occur solely through private investment in the reasonably foreseeable future.
Such reinvestment zone shall hereafter be identified as "Reinvestment Zone Number Two, City of
Corpus Christi, Texas" (the "Zone" or the "Reinvestment Zone").
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SECTION 4: That there is hereby established a board of directors for the Zone (the "Board")
which shall consist of fifteen (15) members. The Board shall be appointed as follows:
(a) Pursuant to Section 311.009(a), Tax Code, the respective governing bodies
of each taxing unit other than the City each may appoint one (I) member of
the Board. Each said governing body may waive its right to appoint a
director, and shall be deemed to have waived such right if it has not made
such appointment within thirty days of receiving written notice of its right to
appoint. The remaining members of the Board are appointed by the City
Council of the City. All members appointed by the Board shall meet
eligibility requirements as set forth in the Act. Provided, however,
notwithstanding any other provision of this Ordinance, the City Council shall
have the right to appoint at least ten (10) members of the Board, and the
Board shall exceed fifteen (15) members if necessary for the City Council to
make said ten (10) appointments.
(b) Terms of Board members shall be two years. Terms shall be staggered, with
the first term of eight (8) City Council appointees being for one year.
Officers shall be appointed as provided in the Act.
(c) The Board shall make recommendations to the City Council concerning the
administration of the Zone. The Board shall prepare and adopt a project plan
and reinvestment zone financing plan for the Zone and submit such plans to
the City Council for its approval in accordance with Section 311.011, Texas
Tax Code. The Board shall exercise other powers and responsibilities with
respect to the Zone only to the extent expressly granted by the City Council
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by ordinance or resolution.
SECTION 5: The Zone shall take effect immediately upon the passage of this Ordinance.
Termination of the Zone shall occur on December 31, 2022, or at an earlier time designated by
subsequent ordinance of the City Councilor at such time as all project costs, and all tax increment
bonds and interest thereon, have been paid in full.
SECTION 6: The Tax Increment Base for the Zone, which is the total appraised value of all
taxable real property located in the Zone for the year in which the Zone is designated is shown in the
attached Exhibit "D", incorporated herein.
SECTION 7: There is hereby established a Tax Increment Fund for the Zone, which may be
divided into such accounts and subaccounts as deemed necessary or convenient in accordance with
generally accepted accounting principles for government, into which all tax increments, less any
amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited.
The Tax Increment Fund shall be utilized only for purposes permitted by the Act and managed in
accordance with the Act.
SECTION 8: The City Council hereby finds that the creation of the Zone and the expenditure
of moneys on deposit in the Tax Increment Fund, which are necessary or convenient to the creation
of the Zone or to the implementation of the project plan for the Zone, constitute a program to
promote local economic development and to stimulate business and commercial activity in the City.
SECTION 9: That if any section, paragraph, clause or provision of this Ordinance shall for
any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any ofthe remaining provisions of this Ordinance.
SECTION 10: This Ordinance shall take effect immediately upon its passage.
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TR~ foregoin ordinance was read for the first time and passed to its second reading on this the
Ct:L'day of , 2000_, by the following vote:
Samuel L. Neal, Jr. ~
Javier D. Colmenero ~Je--'
tftavc
Dr. Arnold Gonzales ~lU1~
~
That the for~~ read for the second time and passed finally on this the J 0
day of , 0, by the following vote:
Samuel L. Neal, Jr. ~ Betty Jean Longoria
Javier D. Colmenero. ~ John Longoria
Melody Cooper ~ Rex A. Kinnison
Henry Garrett
Dr. Arnold Gonzales ~
PASSED AND APPROVED, this the ~ of
ATIEST .~ ~ ~?!4l
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Armando Chapa, City Secretary Samuel L. eal, Jr., Mayor
The City of Corpus Christi
Betty Jean Longoria
John Longoria
Melody Cooper
Rex A. Kinnison
Henry Garrett
Mark Scott
~
Mark Scott
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fl~,2000.
APPROVED: J-,S DAY OF
A-'"'1~S 1-
,2000.
JAMES R. BRAY, JR.
CITY ATTORNEY
By:
~l~
Ja ~. Bray, Jr.
CIty ttorney
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EXHIBIT "A"
METES & BOUND DESCRIPTION
FOR
PROPOSED TAX INCREMENT FINANCE DISTRICT
A proposed Tax Increment Finance District in the city limits of the City of corpus
Christi, located in Nueces County, Texas consisting of 1,930.08 acres, more or less, and
more particularly described as fOllOWS;
Beginning at a point, the intersection of the centerline of South padre Island Drive
(Park Road 22) and the present Nueces.Kleberg county line, for the southeastern most
corner of the tract herein described;
Thence northwesterly along the present Nueces-Kleberg county line, to its
intersection with the centerline of Palmira Avenue, shown on plat of padre Island NO.1 in
Volume 13, pages 1 through 8, Nueces county, Texas, Map Records, for the
southwestern most corner of this tract;
Thence northerly along the centerline of Palmira Avenue, to its intersection with
the centerline of Avanti Avenue, shown on plat of Padre Island - corpus christi, Section 4,
in Volume 33, pages 44 through 47, Nueces county, Texas, Map Records, for an inside
corner of this tract;
Thence westerly along the centerline of Avanti Avenue to its intersection with the
southerly extension of the centerline of a 20 foot alley located east of and adjacent to
Block 215 of said padre Island - corpus Christi, Section 4, for an outside corner of this
tract;
Thence northerly with the centerline of said 20-foot alley and its northerly
extension, to a point on the centerline of Cruiser street, for an outside corner of this
tract;
Thence easterly along the centerline of Cruiser street, to its intersection with the
southerly extension of the east line of Lot 15, Block 192, padre Island - corpus Christi,
Section 4, for an inside corner of this tract;
Thence northerlY with the east line of said Lot 15, Block 192, padre Island - corpus
Christi, Section 4 and its northerly extension, to a point 40 feet north of the northeast
corner of said Lot 15, for an inside corner of this tract;
Thence westerly and southerly along a line that is 40 feet northwest of and parallel
to the northwest line of Block 192, Padre Island - corpus Christi, Section 4, to a point on
the north right-of-way line of existing Whitecap Boulevard, for an outside corner of this
tract;
Thence westerly along the north right.of.way line of existing White cap Boulevard,
to the southwest corner of Block 27A, Padre Island - Corpus Christi, Island Fairway Estates,
shown on Plat of Record in Volume 46, Pages 208 through 210, Nueces county, Texas, Map
Records, for an outside corner of this tract;
Metes & Bound Description
page 2 of S
Thence northerly along the west line of said Block 27A, padre Island - Corpus
Christi, Island Fairway Estates, its curves and its angles, to a point on the south right-of.
way line of existing Commodore's Drive, for an outside corner of this tract;
Thence easterly along the south right-of-way line of existing Commodore's Drive,
to its intersection with the southerly extension of the centerline of a 100-foot wide canal,
located west of and adjacent to Blocks 508 through 511, Padre Island - corpus Christi,
Mariner's cay, shown on Plat of Record in Volume 34, Pages 54 and 55, Nueces county,
Texas, Map Records, for an inside corner of this tract;
Thence northerly with the centerline of said 100.foot wide canal and its northerly
extension, to its intersection with the centerline of another 100-foot wide canal, located
north of and adjacent to Lot 4, Block 502, Padre Island - Corpus Christi, Mariner's cay,
shown on Plat of Record in Volume 39, pages 164 and 165, Nueces county, Texas, Map
Records, for an outside corner of this tract;
Thence easterly with the centerline of said 100-foot wide canal, which is located
north of and adjacent to Lot 4, Block 502, padre Island - Corpus Christi, Mariner's cay, to
its intersection with the southerly extension of the east line of Lot 1, Block 85, Padre
Island - Corpus Christi, Mariner's cay, shown on Plat of Record in Volume 34, pages 54 and
55, Nueces County, Texas, Map Records, for an inside corner of this tract;
Thence northerly with said east line of Lot 1, Block 85, Padre Island - corpus Christi,
Mariner'S Cay, and its northerly extension, to a point on the centerline of existing Jackfish
Avenue, for an inside corner of this tract;
Thence westerly along the centerline of said Jackfish Avenue, to a point on the
centerline of existing Ambrosia Street, shown on plat of Padre Island - corpus Christi,
Section 3, in Volume 33, Pages 83 and 84, Nueces county, Texas, Map Records, for an
outside corner of this tract;
Thence northwesterly along the centerline of existing Ambrosia street, to its
intersection with the centerline of existing Aquarius street, for an outside corner of this
tract;
Thence northerly along the centerline of said existing AqUarius Street, to its
intersection with the southeasterly extension of the southwest line common to Lots 46
through 52, Block 72, padre Island - Corpus Christi, Section 2, shown on Plat of Record in
volume 41, Page 187, Nueces county, Texas, Map Records, for an inside corner of this
tract;
Thence northwesterly with said southwest line common to Lots 46 through 52,
Block 72, Padre Island - corpus Christi, Section 2, to the west corner of said Lot 52, for an
outside corner of this tract;
Thence northeasterly with the northwest line of said Lot 52, Block 72, Padre Island
- Corpus Christi, Section 2, to a point on the southwest right.of-way of existing South
padre Island Drive (Park Road 22) for the north corner of said Lot 52 and a corner of this
tract;
Thence northeasterly crossing said existing South Padre Island Drive (park Road 22),
to a point, for the west corner of Block 1, Padre Island - corpus Christi, Section 18, shown
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Metes & Bound Description
page 3 of 5
on Plat of Record in Volume 38, Pages 69 and 70, Nueces county, Texas, Map Records, and
a corner of this tract;
Thence northeasterly and southeasterly along the boundary line of said Block 1,
Padre Island - Corpus Christi, Section 18, to a point on the southeast line common to
State Tracts 58 and 61, for an inside corner of this tract;
Thence northeasterly along said southeast line common to State Tracts 58 and 61,
to its intersection with a line that is 500 feet northeast of and parallel to the
southwesterly shoreline of existing Packery Channel, for the northernmost corner of this
tract;
Thence southeasterly, along said line which is 500 feet northeast of and parallel to
the southwesterly shoreline of existing Packery Channel, to its intersection with the
northwesterly extension of the southwest line of a 280-acre tract, more or less, now or
formerly owned by Nueces county, Texas, described in Document No. 888926, Nueces
County, Texas, Deed Records, for an inside corner of this tract;
Thence southeasterly with the southwest line of said 280-acre tract and its
extensions, crossing State Highway 361 and continuing southeasterly to a point on the
vegetation line near the shoreline of the Gulf of Mexico, for the east corner of this tract;
Thence southwesterly, along said vegetation line, to a point on the southwest line
of a 137.73.acre tract, more or less, now or formerly owned by Eric C. Lower, described in
Document No. 956588, Nueces county, Texas, Deed Records, for an inside corner of this
tract;
Thence southeasterlY, with the southwest line of said 137.73-acre tract, to a point
on the shoreline of the Gulf of Mexico, for an outside corner of this tract;
Thence southwesterly, along the meanders of the shoreline of the Gulf of Mexico,
to its intersection with the easterly extension of the north right-of-way line of Beach
Access Road No.4, for an outside corner of this tract;
Thence easterly, with the north right-of-way line of Beach Access Road NO.4 and its
extensions, to a point on the centerline of South padre Island Drive (park Road 22), for an
inside corner of this tract;
Thence southerly along the centerline of said south Padre Island Drive (Park Road
22), to its intersection with the present Nueces-Kleberg county line, for the point of
beginning.
Save and except 18.00 acres, more or less, described as Padre Island - corpus
Christi, Cane Harbor Bay Subdivision, shown on Plat of Record in Volume 49, Pages 5 and 6,
Nueces county, Texas, Map Records;
Metes & Bound Description
page 4 of S
Save and except 91.02 acres, more or less, consisting of Nueces county Park NO.2
(packery Channel park), a portion of padre Island NO.1 Subdivision, all of Padre Island NO.2
Subdivision, and a portion of the Nicolas and Juan Jose Balli survey, Abstract No. 1998,
located west of and adjacent to Playa Del Rey, and more particularly described as follows;
Beginning at a point of the southwesterly shoreline of existing packery Channel, a
point of intersection with the easterly extension of the south line of Lot 16, Block 34,
Padre Island NO.1, shown on Plat of Record in Volume 13, Pages 1 through 8, Nueces
County, Texas, Map Records, for the easternmost corner of this tract;
Thence westerly with the south line of said Lot 16, Block 34, padre Island NO.1 and
its extensions, to a point on a line that is 120 feet west of and parallel to the west right-of-
way line of existing Playa Del Rey, for a southwesterly outside corner of this tract;
Thence northwesterly along said line which is 120 feet west of and parallel to the
west right.of.way line of existing Playa Del Rey and its northerly extension, to a point on
the centerline of existing Verdemar Drive, shown on plat of Padre Island NO.2, in Volume
13, Page 28, Nueces county, Texas, Map Records, for an inside corner of this tract;
Thence northwesterly along the centerline of said existing Verdemar Drive, to its
intersection with the centerline of existing Sand Dollar Avenue (formerly TortUgas
AVenUe), for an outside corner of this tract;
Thence northeasterly along the centerline of said existing Sand Dollar Avenue
(formerly Tortugas AVenue), to its intersection with the southeast line of Nueces County
Park NO.2 (packery Channel park), for an inside corner of this tract;
Thence southwesterly along the southeast line of Nueces county Park No. 2
(Packery Channel park), to a point on the northeast right-of-way line of existing South
Padre Island Drive (Park Road 22), for an outside corner of this tract;
Thence northwesterly along the northeast right-of-way line of said South Padre
Island Drive (Park Road 22), to its intersection with southeast line of Block 4, Padre Island -
corpus Christi, Section 18, shown no Plat of Record in Volume 105, Page S7, Nueces
county, Texas, Map Records, for the south corner of said Block 4 and an outside corner of
this tract;
Thence northeasterlY along said southeast line of Block 4, padre Island - Corpus
Christi, Section 18, to its east corner thereof, for an inside corner of this tract;
Thence northwesterly along the northeast line of said Block 4, Padre Island -
corpus Christi, Section 18, to its north corner thereof, for a point on a line common to
Block 2, Padre Island - Corpus Christi, Section 18, shown on Plat of Record in Volume 38,
pages 69 and 70, Nueces county, Texas, Map Records, and Nueces county Park No. 2
(packery Channel park), and the west corner of this tract;
Thence northeasterly with said line common to Block 2, Padre Island - Corpus
Christi, Section 18 and Nueces county Park NO.2 (packery Channel park), to a point on the
southwesterly shoreline of existing Packery Channel, for the north corner of this tract;
.
Metes & Bound Description
page S of S
Thence southeasterly along the meanders of said southwesterly shoreline of
existing packerv Channel, to its intersection with the easterly extension of the south line
of Lot 16, Block 34, padre Island NO.1, for the point of beginning.
Save and except 0.217 acres, more or less, described as Lot 10, Block 42, Island
Fairway Estates and shown on plat of record in Volume 42, pages 16 and 17, Nueces
county, Texas, Map Records.
(H :WORDlSHARED\METES\T AXINCR. DSTl
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EXHIBIT "B"
Padre Island
Tax Incremen
Financing Oi trict
Nueces County
Padr Balli
Co ty Park
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Scale In Feet
i CC) Copyright 1989-2000 City of Corpus Christi
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LEGEND
. TIF.Area (total acreage 1930.08)
- - - - Corpus Christi City Limit Line
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HV 100CTOO City Of Corpus Christi. Planning Department
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Exhibit C
PRELIMINARY FINANCING PLAN
PADRE ISLAND REINVESTMENT ZONE
North Padre Island Storm Damage Reduction
and Environmental Restoration Project.
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On March 21, 2000, the Corpus Christi City Council authorized the preparation of
a preliminary financing plan for a tax increment financing district covering a
portion of North Padre Island. This tax increment financing would be used to
provide the local share of the North Padre Island Storm Damage Reduction and
Environmental Restoration Project. The North Padre Island Storm Damage
Reduction and Environmental Restoration Project has been discussed and
studied over a number of years. The project involves the placement of sand in
front of the Padre Island Seawall to restore the beach and protect the seawall.
The sand is to be taken from the dredging and channelization of a reopened
Packery Channel (see Exhibit 1 for a map and one page project narrative). The
project also consists of long jetties, walks, mitigation, public facilities, and reserve
for long-term maintenance. The estimated cost of the project is approximately
$30 million.
The preliminary capital cost estimates are:
Dredging/Sand Placement
Total
$ 4,500,000
12,000,000
200,000
3,000,000
4,000,000
2,300,000
4.000.000
$30,000,000
Jetties
Jetty Walks
Shoreline Protection
Mitigation, Public & Environmental Facilities
Design, Engineering, Permitting
Reserve for Long-Term Maintenance
The project was included in Sec. 556 of the Water Resources Development Act
of 1999. The Act also required the U. S. Army Corps of Engineers (COE) to
undertake two studies: (1) to determine if the project is environmentally
acceptable and (2) to determine if the project is technically sound. A relatively
small amount of money has been made available by the Federal government for
the studies.
The local share of the project, which would be approximately $10.5 million, could
potentially come from tax increment financing. This type of financing was
authorized by a State Constitutional Amendment. The basic theory of tax
increment financing is that "the construction of certain public improvements will
generate higher tax revenues due to additional private development." The
concept is the "but for the construction of the public improvements, the higher tax
receipts would not occur." In this particular case, we believe that completion of
the project will result in significantly increased taxes through both new private
investment and increases in the existing tax values.
Under State law, only cities can undertake tax increment financing, however,
other taxing jurisdictions such as the county can join with the city. The only
revenues that can go into a tax increment financing district are the additional
taxes resulting from new construction increases in tax value subsequent to
creation of the tax increment zone.
In addition to the CaE project, one other project is being recommended which
involves the construction of a large parking facility adjacent to the seawall in the
estimated amount of $750,000 on City-owned property in the estimated amount
of $750,000.
The local share of the CaE project based on the preliminary estimates is $10.5
million and that together with the parking facility would bring the total amount to
be financed to $11,250,000. The firm of Economics Research Associates (ERA)
was engaged by the City to prepare a forecast of potential TIF revenue which
could be generated within the proposed Zone. ERA has undertaken a number of
studies both public and proprietary of the Corpus Christi area over the last few
years. Drawing from their previous research and existing tax roll records, ERA
has determined that under a conservative development scenario, $90,349,070
would be generated as tax increments between 2001 and 2020. An opportunity
development scenario indicates during the same time period $139,825,786 would
be generated.
Based on just the conservative development alternative by the Year 2004, the
Zone would be generating revenue considerably in excess of required financing.
Even though a proposed bond issue would be required to be slightly rear-end
loaded to ease the debt services over the first three years, the amount of
revenue estimated to be generated would be approximately three times needed
for financing the preliminary costs as outlined above.
This substantial revenue will allow for any variances in the final CaE numbers
and should allow a very substantial maintenance fund accumulation. While the
preliminary financing has been based on a 20-year period, it may also be
possible to complete the repayment of the financing in considerably less than 20
years based upon the revenue projections. Once the bonds are paid in full and
the maintenance fund secured, the tax increment collection would cease.
This preliminary financing plan also is based on developers within the Zone
purchasing the bonds with the possibility of some or all of the maintenance funds
being generated out of cash flow. Additionally, we would seek to protect the
'r. '
project by having any bonds subordinated to any and all payments for
maintenance of the project during the life of the bonds. Any bonds issued would
specifically be backed by only the revenues of the project and would not be an
obligation against the City or any other taxing district. It is to be assumed that
this preliminary financing plan mayor will be amended by the proposed Board of
Directors and subsequently by the City Council as the exact cost of the projects
is determined by the COE and the determination is made as to the appropriate
level of maintenance reserve funding.
Attached and made a part of this is a preliminary tax increment financing
schedule, a metes and bounds description, and the final draft of the ERA report.
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Ltces CQur
Padre Island
Tax Incremen
Financing Di trict
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T1F~Area(totalacreage. IQ41J3l
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. Gqrpus.. Christi City. Limit Line .
I1F AreaBounda~y ...1Ine
Exhibit 1
CC) Copyright 1989.2000 City of Corpus Christi
-:'".- --
.
TAX INCREMENT FINANCING TIMETABLE
Prepare preliminary Financing Plan for Tax Increment District.
June 27
Council approves Preliminary Financing Plan and Notifies other
governmental entities of intention to create tax increment zone (copy
of plan enclosed).
Within 15 days, each taxing unit designates a representative to meet
with the City to discuss the project plan. Meetings of representatives
may be called by the City from time to time to discuss the plan.
Make presentations to County Commissioners and other
governmental units (optional) concerning proposed plan (a single
presentation for all units may be scheduled by agreement).
Aug. 22 Publish Notice of Hearing to Create Tax Increment Zone (7-day
advance)
Aug. 29 Conduct Public Hearing on Creation of Tax Increment Zone.
Aug. 29 Adoption of Ordinance Creating zone (two readings)
. Describes boundaries of Zone
. Creates board of directors for Zone
. Takes effect January 1, 2001
. Provides a termination date for Zone
· Name is "Reinvestment Zone Number Two, City of Corpus
Christi"
. Establishes tax increment fund for Zone
. Contains findings required by Section 311.004 and 311.005
TBD Meeting of Zone Board of Directors to:
. Approve project plan and financing plan
. Approve Agreements concerning Collection of Tax Increments
TBD Approval of Project Plan by City by Ordinance (two readings)
TBD Approval of Agreements by Taxing Units
Jan. 1, 01 Determination of First Year's Tax Increment
Jan. 31, 02 Deposit of Taxes into Tax Increment Fund
TBD Issuance of Bonds for Zone Projects
.
METES & BOUND DESCRIPTION
FOR
PROPOSED TAX INCREMENT FINANCE DISTRICT
A proposed Tax Increment Finance District in the city limits of the City of corpus
Christi, located in Nueces County, Texas consisting of 1,930.30 acres, more or less, and
more particularly described as fOllOWS;
Beginning at a point, the intersection of the centerline of South Padre Island Drive
(park Road 22) and the present Nueces-Kleberg county line, for the southeastemmost
corner of the tract herein described;
Thence northwesterly along the present Nueces-Kleberg county line, to Its
Intersection with the centerline of Palmira Avenue, shown on plat of Padre Island NO.1 In
Volume 13, pages 1 through 8, Nueces county, Texas, Map Records, for the
southwestern most corner of this tract;
Thence northerly along the centerline of Palmira Avenue, to Its intersection with
the centerline of Avanti Avenue, shown on plat of Padre Island - corpus Christi, Section 4,
In Volume 33, Pages 44 through 47, Nueces county, Texas, Map Records, for an Inside
corner of this tract;
Thence westerly along the centerline of Avanti Avenue to its Intersection with the
southerly extension of the centerline of a 20 foot alley located east of and adjacent to
Block 215 of said padre Island - corpus Christi, section 4, for an outside corner of thiS
tract;
Thence northerly with the centerline of said 20-foot alley and its northerly
extension, to a point on the centerline of Cruiser street, for an outside corner of this
tract;
Thence easterly along the centerline of Cruiser street, to its intersection with the
southerly extension of the east line of Lot 15, Block 192, Padre Island - corpus Christi,
section 4, for an inside corner of this tract;
Thence northerly with the east line of said Lot 15, Block 192, padre Island - corpUS
Christi, Section 4 and its northerly extension, to a point 40 feet north of the northeast
corner of said Lot 15, for an inside corner of this tract;
Thence westerly and southerly along a line that Is 40 feet northwest of and parallel
to the northwest line of Block 192, padre Island - corpus Christl, Section 4, to a point on
the north right-of-way line of existing Whitecap Boulevard, for an outside corner of this
tract;
Thence westerlY along the north right-Of-way line of existing White Cap Boulevard,
to the southwest corner of Block 27A, padre Island - corpus Christi, Island Fairway Estates,
shown on Plat of Record In Volume 46, Pages 208 through 210, Nueces county. Texas, Map
Records, for an outside corner of this tract;
Metes & Bound Descrtotlon
Page 2
Thence northerly along the west line of said Block 27A. padre Island - corpus
Christi, Island Fairway Estates, its curves and its angles, to a point on the south right.of-
way line of existing Commodore's Drive, for an outside corner of this tract;
Thence easterly along the south right-of-way line of existing Commodore's Drive,
to its intersection with the southerly extension of the centerline of a 100.foot wide canal,
located west of and adjacent to Blocks 508 through 511, padre Island - Corpus Christi,
Mariner's cay. shown on Plat of Record in Volume 34. pages 54 and 55. Nueces County.
Texas, Map Records, for an inside corner of this tract;
Thence northerlY with the centerline of said 100-foot wide canal and Its nortnerly
extension, to Its intersection with the centerline of another 100-foot wide canal, located
north of and adjacent to Lot 4, Block 502, Padre Island - corpus Christi, Mariner's cay,
shown on Plat of Record In Volume 39, pages 164 and 165, Nueces County. Texas, Map
Records, for an outside corner of this tract;
Thence easterly with the centerline of said 100-foot wide canal, which is located
north of and adjacent to Lot 4, Block 502, Padre Island - corpus Christi, Mariner's cay. to
Its intersection with the southerly extension of the east line of Lot 1, Block 85, Padre
Island - Corpus Christi, Mariner's cay, shown on Plat of Record In Volume 34, Pages 54 and
55, Nueces county, Texas, Map Records, for an Inside corner of this tract;
Thence northerly with said east line of Lot 1, Block 85, Padre Island - corpus Christi,
Mariner's cay. and Its northerlY extension, to a point on the centerline of existing Jackflsh
Avenue, for an Inside corner of this tract;
Thence westerly along the centerline of said Jackflsh Avenue, to a point on the
centerline of existing Ambrosia street, shown on plat of Padre Island - corpus Chrtstl,
Section 3, In Volume 33, Pages 83 and 84, Nueces county, Texas, Map Records, for an
outside corner of this tract;
Thence northwesterly along the centerline of existing Ambrosia street, to its
Intersection with the centerline of existing AqUarius street, for an outside corner of this
tract;
Thence northerly along the centerline of said existing Aquarius street, to Its
Intersection with the southeasterly extension of the southwest line common to Lots 46
. through 52, Block 72, Padre Island - Corpus Christi, Section 2, shown on Plat of Record In
volume 41. page 187, Nueces county, Texas, Map Records, for an inside corner of this
tract;
Thence northwesterly with said southwest line common to LOts 46 through 52,
Block 72, padre Island - corpus Christi, Section 2, to the west corner of said Lot 52, for an
outside corner of this tract;
Thence northeasterly with the northwest line of said Lot 52, Block 72, Padre Island
_ Corpus Chrtsti, Section 2, to a point on the southwest right-of-way of existing South
padre Island Drive (park Road 221 for the north corner of said Lot 52 and a corner of this
tract;
,.
Metes & Bouna Oescriptfon
page 3
Thence northeasterly crossing said existing South padre Island Drive (park Road 221,
to a point, for the west corner of Blocl< 1, Padre Island - corpus Christl, Section 18, shawn
on Plat of Record in Volume 38, Pages 69 and 70, Nueces County, Texas, Map RecordS, and
a carner of this tract;
Thence northeasterly and southeasterly along the boundary line of said Blocl< 1,
Padre Island - carpus Christi, Section 18, to a pbint on the southeast line common to
State Tracts 58 and 61, for an inside corner of this tract;
Thence northeasterly along said southeast line common to state Tracts 58 and 61,
to Its Intersection with a line that is 500 feet nortneast of and parallel to the
southwesterly shoreline of existing pacl<ery Channel, for the nortnernmost corner of this
tract;
Thence southeasterly, along said line which is 500 feet nortneast of and parallel to
the southwesterly shoreline of existing pacl<ery Channel, to Its Intersection with the
northwesterly extension of the southwest line of a 28D-acre tract, mare or less, now or
formerly owned by Nueces County, Texas, described in Document No_ 888926, Nueces
county, Texas, Deed Records, for an insiele corner of this tract;
Thence southeasterly with the southwest line of said 28D-acre tract and Its
extensions, crossing State Highway 361 and continuing southeasterly to a paint an the
vegetation line near the shoreline of the Gulf of Mexico, for the east carner of this tract;
Thence southwesterly, along said vegetation line, to a paint on the southwest line
of a 137.73-acre tract, mare or less, now or formerly owneel by Eric C. Lower, described In
Document No. 956588, Nueces county, Texas, Deed Recorels, far an Inside carner of this
tract;
Thence southeasterly, with the southwest line of said 137.73-acre tract, to a paint
on the shoreline of the Gulf of Mexico, for an outside corner of this tract;
Thence southwesterly, along the meanders of the shoreline of the Gulf of Mexico,
to Its Intersection with the easterly extension of the north rlght-of.way line of Beach
Access Road NO.4, far an outside corner of this tract;
Thence easterly, with the north right.of-way line of Beach Access Road NO.4 and its
extensions, to a paint an the centerline of South padre Island Drive (parI< Road 221, far an
. Inside carner of this tract;
Thence southerly along the centerline of said South Padre Island Drive (parI< Road
221, to Its Intersection with the present Nueces-Kleberg county line, far the point of
beginning.
save and except 18.00 acres, more or less, described as Padre Island - Corpus
Christi, cane Harbor Bay Subdivision, shown on Plat of Record in Volume 49, pages 5 and 6,
Nueces County, TeXas, Map Records;
And
~
Metes & Bound Oescrictlon
Page 4
Save and except 91.02 acres, more or less, consisting of Nueces county park NO.2
(Packery Channel Park), a portion of padre Island NO.1 SUbdivision, all of padre Island NO.2
SUbdivision, and a portion of the Nicolas and Juan Jose Balli Survey, Abstract No. 1998.
located west of and adjacent to Playa Del Rey, and more particularly described as follows;
Beginning at a point of the southwesterly shoreline of existing PaCkery Channel. a
paint of intersection with the easterly extension of the south line of Lot 16, Block 34,
padre Island NO.1, shown on Plat of Record in Volume 13, Pages 1 through 8, Nueces
County, Texas, Map Records, for the easternmost corner of this tract;
Thence westerly with the south line of said Lot 16, Block 34, Padre Island NO.1 and
its extensions, to a point on a line that is 120 feet west of and parallel to the west right-of-
way line of existing Playa Del Rey, for a southwesterly outside comer of this tract;
Thence northwesterly along said line which is 120 feet west of and parallel to the
west right-Of-way line of existing Playa Del Rey and its northerly extension, to a point on
the centerline of existing Verdemar Drive, shown on plat of Padre Island NO.2, In Volume
13, page 28, Nueces county, Texas, Map Records, for an inside corner of this tract;
Thence northwesterly along the centerline of said existing Verdemar Drive, to Its
IntersectIon with the centerline of existing Sand Dollar Avenue (fOrmerly Tortugas
AVenue), for an outside corner of this tract;
Thence northeasterly along the centerline of said existing Sand Dollar Avenue
(formerly Tortugas AVenUe), to Its Intersection with the southeast line of Nueces County
park NO.2 (packery Channel parl<l, for an Inside corner of this tract;
Thence southwesterly along the southeast line of Nueces County park No. 2
tPackery Channel parl<l, to a paint on the northeast rIght-of-way line of existing South
Padre Island Drive (park Road 22), for an outside corner of this tract;
Thence northwesterly along the northeast right-of.way line of said South padre
Island Drive (park Road 22), to its intersection with southeast line of Block 4, padre Island -
corpus Christl, Section 18, shown no Plat of Record in Volume 10S, page S7, Nueces
county, Texas. Map Records, for the south corner of said Block 4 and an outside corner of
this tract;
Thence northeasterly along said southeast line of Block 4, Padre Island - corpus
Christi, Section 18, to its east corner thereof, for an inside corner of this tract;
Thence northwesterly along the northeast line of said Block 4, padre Island -
corpus Christi, Section 18, to Its north corner thereof, for a point on a line common to
Block 2, Padre Island - Corpus Christi, Section 18, shown on Plat of Record In Volume 38.
pages 69 and 70, Nueces county, Texas, Map Records, and Nueces county Park No. 2
(Packery Channel park), and the west corner of this tract;
Thence northeasterly with said line common to BlOCk 2. padre Island - Corpus
Christi, Section 18 and Nueces County Park NO.2 (packery Channel parl<l, to a point on the
southwesterly shoreline of existing packery Channel, for the north corner of this tract;
"
Metes & Bound Desatptlon
page s
Thence southeasterly along the meanders of said southwesterly shoreline of
existing packerv Channel, to its intersection with the easterly extension of the south line
of Lot 16, Block 34, Padre Island NO.1, for the point of beginning.
IH:WORDlSHARED\METESlT AXINCR.Osn
~
Exhibit 0
Economics Research Associates
Final Report
Forecast of Potential TIF
Revenue Flows Generated by
Future Development of North
Padre Island
Submitted to:
The City of Corpus Christi
June 2000
ERA Project Number: 13638
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Introduction
Economics Research Associates (ERA) was engaged to provide the City of Corpus
Christi with estimates of tax increment revenues generated by forecast development in
the proposed North Padre Island Tax Increment Finance (TIF) district. ERA understands
that estimated future tax revenues from the district will be targeted to fund a portion of
the development cost of funding the North Padre Island Damage Reduction and
Environmental Restoration Project. This report is based on previous research and data
collection completed by ERA during the fall and winter of 1999/2000. An ERA report
completed for the Business Alliance has been attached as background.
In addition, this forecast makes use of data provided by the City of Corpus Christi and the
Nueces County Appraisal District covering property tax rates, assessed values, and actual
historic taxes paid for the defined TIF district. Data from these sources have been
assessed to generate a reasonable estimate of potential tax increment revenue flows.
General Limiting Conditions
Every reasonable effort has been made to ensure that the data contained in this study
reflect the most accurate and timely information possible, and they are believed to be
reliable. This study is based on estimates, assumptions and other information developed
by Economics Research Associates from its independent research effort, general
knowledge of the industry, and consultations with the client and the client's
representatives. No responsibility is assumed for inaccuracies in reporting by the client,
the clients agent, and representatives or any other data source used in preparing or
presenting this study. No warranty or representation is made by Economics Research
Associates that any of the project values or results contained in this study will actually be
achieved.
Possession of this study does not carry with it the right of publication thereof or to use the
name of "Economics Research Associates" in any manner. No abstracting, excerpting, or
summarization of this study may be made. This study may not be used for purposes other
than that for which it is prepared. Exceptions to these restrictions may be permitted after
obtaining prior written consent from Economics Research Associates. This study is
qualified in its entirety by, and should be considered in light of, these limitations,
conditions and considerations.
TIF Analysis for North Padre Island
Page 1
~
ID1
Approach
The approach followed by ERA first defines the current baseline assessed and taxable
value of the proposed TIF district. using assessment information for land and
improvements provided by officials with the City of Corpus Christi and the Nueces
County Appraisal District. ERA understands that the base year for the district is calendar
year 2000.' From this base year value, ERA generates two sets ofTIF revenue inputs:
I. Forecast growth in the taxable value of currently existing buildings and vacant land in
the district over a 20-year period
2. Forecast growth in the taxable value of a new development program, to be outlined in
this report over a 20-year period. ERA considered two alternative growth scenarios.
Growth in assessed values and taxes paid for current improvements and vacant land, as
well as new development, beyond levels defined in the base year constitute the increment
in property tax revenue that can be captured for potential use in the Packery Channel
project.
Working with officials at the Nueces County Appraisal District, City officials provided
ERA with preliminary year 2000 assessed and taxable values for all land and
improvements in the proposed TIF district. The following table indicates that the district
currently contains vacant land and improvements amounting to $85,870,603 in taxable
value. The table breaks down values between home site and non-home site land and
improvements, as well as exemptions and adjustments, to arrive at a total taxable value.
Exemptions and adjustments are made for homestead, disabled individuals and veterans,
and people over 65. A copy of the TIF assessment record generated by the County
assessment district is included in the appendix.
Preliminary Assessed and Taxable Values,
City of Corpus Christi, 2000
Category
Land - Home Site
Land - Non-Home Site
Improvements - Home Site
Improvements - Non-Home Site
Sub-Total
Exemptions & Adjustments
Total Taxable Value
Source: Nueces Counry Appraisal District
Value
$5,491.354
$23.947.556
$42.200.590
$17.684.297
$89,323,797
$3,453.194
$85,870,603
Looking further at the above table, ERA determined that home site improvements include
single-family homes as well as higher-density condominium projects on the seawall.
This distinction is important because home site land accounts for only 18 % of total land
assessed value, but home site improvements account for 70% of total improvements.
TIF Analysis for North Padre Island
Page 2
IiZt
ERA was also provided with current tax rate information for all reporting jurisdictions in
the area. The following table details the local jurisdictions that are expected to contribute
increment to the project, along with their current tax rates per $100 of taxable value.
ERA understands that the following jurisdictions are not expected to participate in the
TIF district: the Flour Bluff Independent School District (IS D) and Fire District #2.
1999 Reported Tax Rates for Potential
Participating Jurisdictions
Units Providing Increment
City of Corpus Christi
Nueces County
Co-Farm to Market
County Hospital
Port of Corpus Christi
Del Mar Jr. Collage
Total tax rate/Sl00
Source: City o/Corpus Christi
IS100 of Value
0.623726
0.344622
0.002563
0.228028
0.024797
0.220466
1.444202
Regarding the above tax rates, local officials indicated that they did not expect to see
unusual growth in above tax rates for the near future. Following standard TIF modeling
guidelines, ERA has taken the above tax rates and held them constant for the duration of
the 20-year TIF model. With tax rates held constant, key drivers of the forecast become
rates of appreciation for existing improvements and vacant land, as well as rates of
absorption and taxable values for proposed new resort development components.
Background
To justify forecast growth rates for eXlstlllg improvements and vacant land, ERA
conducted additional background research to establish tax base trends for the proposed
TIF district. In this research, ERA noted two key factors impacting the district which
need to be considered in developing a forecast. First, the redevelopment area is largely
vacant, with an array of scattered, generally older existing improvements, including mid-
rise condominium and hotel properties, scattered single family homes, 2-3 story
apartment rentals, and low-density retail. The following table illustrates this point. The
table shows that 63.7% of the total land area is currently vacant, with the two most
significant improvement categories being medium density residential and commercial
uses, accounting for about 3.5% of total land area in the proposed TIF district. For these
reasons, the redevelopment area is considered to be an unproductive and under-developed
area of the City. ERA also understands that no more then 10% of the TIF area can be
classified as residential, which according to state law covers parcels with between 1 and 5
units.
TIF Analysis for North Padre Island
Page 3
1m
Year 2000 TIF District Land Use Estimates, in Acres
land Use Category Acreage % at Total
Vacant 1227.2 63.57%
Water Area 230.74 11.95%
Park 202.81 10.51%
Right-at-way 168.7 8.74%
Commercial 34.31 1.78%
Medium DenSity Residential 34.08 1.77%
Publici Semi.Public 11.71 0.61%
High Density Residential 7.1 0.37%
Professional Office 6.06 0.31%
Light Industrial 5.82 0.30%
Low Density Residential 1.81 0.09%
Total 1930.34 100.00%
Source: Ciry of Corpus Christi
As a second point, ERA notes that land and existing improvements the proposed TIP
district have undergone substantial swings in taxable value. ERA obtained a 10-year
trend on taxes paid by the proposed TIF district to highlight this point. The chart
includes taxes paid to the City, County, Pan of Corpus Christi, Farm to Market, Hospital,
and CED from 1990 to 1999. The following chart shows how actual taxes collected have
grown dramatically, even though the district has seen only negligible new development.
In percentage terms, growth was strongest from 1994 to 1997, with annnual percentage
growth of between 130% and 4000% during that period.
Growth in Annual Property Taxes Paid by the
Proposed TIF District
$800,000 -
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$400,000-""'''' . '.:~ ,~~':::;':i~ '~~"~I'"
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$600,000 ...
$0
1993
1994
1995
1996
1997
1998
1999
TIF Analysis tor North Padre Island
Page 4
~
1m
ERA understands that one driver of initial growth in property values from 1995 to 1997
was the reversal of a state mandated rolling beach easement program. Beginning in 1995,
the City of Corpus Christi was able to fix the beach easement at the base of the seawall,
which allowed values to grow.
As noted above, in developing an estimate of tax increment generated by the planned TIP
disctrict, jl'ldgment regarding the rate of near-term appreciation of existing improvements
and vacant land is crucial. The above chart also indicates that rates of annual growth
since 1997 have moderated substantially, falling from 19% between 1997 and 1998 to
II % between 1998 and 1999. Taken by itself, this trend would suggest that the majority
of appreciation has already occurred. However, ERA believes that the construction and
development of the Packery Channel has the potential to generate to further appreciation
in the property tax base. Moreover, as new development takes place on vacant land, it
will realize the expected property values and may cause them to rise further. ERA
understands that the permits are in place to begin design, development and construction
of the Channel. Local sources indicated a tentative timetable as follows:
May 2000 - Corps of Engineer approval and permitting process beings
January 2001 - Begin design and planning
October 200 I - Corps of Engineers makes issues final approvals and permits
January 2002 - Construction begins
January 2004 - Project completion
In these circumstances, developing a prediction of future assessed value appreciation for
existing development and land is obviously somewhat subjective. For this reason, ERA
has elected to follow a conservative approach in applying growth rates to existing
improvements and vacant land, shown in the following table.
Estimated Growth Rates for Taxable
Value ot Existing Improvements and
Vacant Land
Year
ZOOl
2002
2003
2004
2005
2006-2019
Source: ERA
Growth Rate
5%
5%
10%
15%
10%
3%
The above table assumes that Packery Channel is developed in the time frame noted
above. The table indicates that existing vacant land and property values could grow
strongly through 2005, after which growth is forecast [0 slow to a long-term growth rate
of 3 % per year.
TIF Analysis for North Padre Island
Page 5
1m
That current land and property values have room to grow is demonstrated by the
following table, which outines key land use and assessment statistics for 5 residential
projects in the proposed TIF district, all located on or near the gulf seawall. The table
shows that the four condo projects each have assessed land values between $181,000 and
$216,000 per acre, while the condo improvements have values of between $60,000 and
$89,000 per unit. The condo projects are all built at a density of between 22 and 32 units
per acre. ,ERA noted that the condominium projects account for 46% of current total
assessed land value and 60% of current assessed improvement value. The Holiday Inn
Hotel, with its 168 rooms, is notable for its low land and improvement values in
comparison with adjacent properties on the seawall. The hotel is built at a density of 58
units per acre.
Status of Existing Signiticant Residential Developments
in the Proposed North Padre TIF District
Assessed Values Land Building .
Residential Project Units Acres Land Building Slacre SlUnit Umts/Acre
EI Constante Condos 69 3.05 $553,192 $4,198,899 $181,374 $60,854 22.62295
GultStream Condos 131 4.07 $879,550 $11,729,928 $216,106 $89,541 32.18673
Portofino Condos 55 2.31 $484,388 $4,255,482 $209,692 $77,372 23.80952
Island House Condos 72 3.31 $594,000 $5,105,792 $ 1 79,456 $70,914 21.75227
Holiday Inn 168 2.89 $142,149 $3,509,189 $49,187 $20,888 58.13149
Source: City afCorpus Chrisli
As a hypothetical example, assume that a new 300-room full-service hotel was built on
the seawall, assuming construction costs of $125,000 per room (in current dollars), ERA
estimates that the hotel could have a total construction cost of $37.5 million, excluding
land acquisition. Using an income approach to appraised value, assuming an average
daily rate of $125, operating expenses at 65% of gross revenues, and a terminal market
capitalization rate of 11 %, this theoretical hotel could have an taxable value of roughly
$34 million, which is about 40% of the current total taxable value of the proposed TIF
district. Using the aforementioned property tax millage estimates for participating
jurisdictions, this theoretical hotel could generate roughly $400,000 in annual TIP
revenue. Following this theoretical approach, the residual value of the land (assumed to
be a 6-acre site with a density of 50 units per acre) could be worth $400,000 per acre.
While this theoretical example would point to a more aggressive appreciation rate for
vacant land, ERA believes that two mitigating factors will slow rates of land value
appreciation:
1. Land ownership in the TIF district is limited to smaller number of parties who control
large tracts of vacant land. This should limit the negative implications of speculation.
2. Growth in land values will be driven by the nature of new development and which
occurs, as well as how and when it is assessed. Once new market activity occurs,
generating sales of land and income producing property, the local tax assessment
district will have a new baseline of assessment data to work from.
TIF Analysis tor North Padre Island
Page 6
.
1m
New Development Discussion
Obviously, the long-term opportunity for North Padre Island is the chance to develop
over 1,200 acres of vacant land, including sites on the seawalL To define potential
development opportunities for the entire proposed district, ERA considered our previous
research and market evaluations noted above, and completed additional market reviews to
confirm ppevious data and assumptions. From this effon, ERA created two alternative
development programs:
A conservative development alternative
A opportunity development alternative
The distinction between the two programs relates to both program components and
timing. Regarding program components, ERA considered market demand for dwelling
units (including condos, timeshare, hotel rooms, and appartrnents), commercial space
(including retail, entenainment, and restaurant), and a new regional attraction (a
waterpark or amusment park. Regarding timing, both projects assume a development
program beginning in 2003 and running through 2020. Both options assume initial
investment after 2003 to build up the necessary economies of scale and concentration of
activity to insure project success, with later components phased over the forecast period.
Table I and Table 2 (in the appendix) detail the finer points of unit absorption and
taxable value for both options.
The Conservative Altemative assumes development of:
1,700 dwelling units (including condominiums, timeshare units, hotel rooms, and
apartments). ERA is assuming 1,200 hotel rooms and 500 residential dwelling units
for this assessment over 18 years
150,000 square feet of commercial space (including retail, entertainment, &
restaurant projects) over 18 years
A new amusement attraction, assumed to be a water park
The Opportunity Altemative assumes development of:
3,000 dwelling units (including condominiums, timeshare units, hotel rooms, and
apartments). ERA is assuming 2,000 hotel rooms and 1,000 residential dwelling units
for this assessment, to be built over 18 years
300,000 square feet of commercial space (including retail, entenainment, &
restaurant projects) built over 18 years.
A new amusement attraction, assumed to be a water park
The new development forecasts are based on a series of ERA assumptions:
The condominium and timeshare units could go on the market at an average taxable
value of $175,000 per unit in year 2000 dollars.
TIF Analysis tor North Padre Island
Page 7
~
1m
The hotel and apartment units are expected to go on the market at an average taxable
value of $125,000 per unit in year 2000 dollars.
The Waterpark is expected to go on the tax rolls at a base value of $12.5 million in
year 2000 dollars.
Each estimated valuation is inflated for the assumed future year of development. Taxable
values for' new development are assumed to grow at an annual rate of 3% over the
forecast period. The TIF forecast also accounts for potential property tax exemptions,
such as for homestead, over 65, disabled persons or veterans. ERA has conservatively
assumed that exemptions will account for 3 % of future assessed value, which is roughly
consistent with current exemptions. The above averages are generally consistent with
development cost and market value estimates generated in ERA's market assessment and
economic impact reports, completed in the winter of 1999/2000. Importantly, all of these
taxable values are for building improvements only - land value appreciation is considered
as part of the existing development discussion, noted above.
Important Caveats
The proposed program assumes that land values in the TIF district are not impacted by
speculation. In ERA's experience, aggressive speculation can dampen development
pressures if land values are pushed beyond market supponable rates of development. As
well, ERA emphasizes that market and economic forces can and do shift. While the U.S.
economy has enjoyed a substantial period of record economic growth to this point, the
near-term future is not entirely certain. As such, the magnitude of actual development
could be substantially less than forecast. For this reason, ERA has developed the
conservative development alternative.
TIF Revenue Estimates
Based on assumptions regarding existing development and vacant land, as well as two
alternative new development scenarios, ERA developed alternative growth forecasts for
taxable value and increment generated by the TIP district between 2001 to 2020,
allocated by taxing jurisdiction, shown in Tables 3 and 4. The following implications are
noted:
Under the Conservative Development Option (Table 3), ERA indicates TIF revenue
growth from about $62,000 in 2001 to $4.5 million in 2010, to roughly $8.3 million
in 2020. Total cumulative TIF revenue between 2003 and 2020 is estimated at about
$90 million.
Under the Opportunity Development Option (Table 4), ERA indicates TIF revenue
growth from approximately $62,000 in 2001 to $6.6 million in 2010, to roughly $13.3
million in 2020. Total cumulative TIF revenue between 2003 and 2020 is estimated
at about $139 million.
The following chart depicts the growth in increment for both options over the base value.
TIF Analysis tor North Padre Island
Page 8
.
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PUBLISHER'S AFFIDAVIT
State of Texas
County of Nueces
}
}
CITY OF CORPUS CHRISTI
ss: Ad # 3551142
PO #
Before me, the undersigned, a Notary Public, this day personally came Eugenia
Cortez, who being first duly sworn, according to law, says that she is Customer
Service Manager of the Corpus Christi Caller-Times, a daily newspaper
published at Corpus Christi in said City and State, generally circulated in
Aransas, Bee, Brooks, Duval, Jim Hogg, Jim Wells, Karnes, Kenedy, Kleberg,
Live Oak, Nueces, Refugio, San Patricio, Victoria and Webb Counties, and that
the publication of, PUBLIC HEARING NOTICE REGARDING which the annexed
is a true copy, was inserted in the Corpus Christi Caller-Times and on the World
Wide Web on the Caller-Times Interactive on the 20TH day(s) of AUGUST, 2000.
OrcL. No. 07.4170
TWO (2 ) Time(s) t-r4 g c?~
Customer Service Manager
.$190.60
Subscribed and sworn to me on the date of
AUGUST 21,2000.
~~
Notary Public, Nueces County, Texas
- CONNIE HARALSON
Print or Type Name of Notary Public
My commission expires on 5/ 14/01.
'.
N
I VESTMENT
ZONE IlU_ Z, CIIY
OF CORPUS CHIIIS11,
11!llAS' .
The City Council of the
City of COfIlUS Christl,
T..... (th. .~oQwIll
hold . pubItc at
2:00 p.m. on August 29.
2000, in tha City Council
Chambers In the City
Hall, 1201 LeOpard
Stroot, Corpus Christl,
Texas. Among the items
to be discueood will be
the proposal for the
designation of 8
contiquous geographic
area In the 1urlsdlctlon of
th. City (th. North Pedro
Seawall area) as a
reinvestment zone under
the provtsiona of Chapter
311, T.... Tax Code
(the -Tax increment
Financing Act-), the
"ol" .......
- ... . .......--
aulhority ~ tho Tax
_ FInanclng Act
cCH'Ilalniftfl -auc-h
contiguous geographic
area in the jurisdiction of
the City, and the benefits
to the City and the
property In tho proposed
reinvestment zone
resulting from the I
creation of ... propooad
ralnv.stm.nt zone.
Information regarding
the property that Is
prGpOOad to be wilhin the
reinveetment zone, and
... _its to the City
.nd the property In the
proposed reinvestment'
zone resulting from the
creatlon of the
reinvestment zone, can
be obllllnod from the CIty
Secretary's Office, City
of Corpus ctmsti,. Texas.
All i_ po<sons
are invited to submit
wrItI8n comments to the
City prior lethe time set
for the public hearing or
to attend the public
hearing and express any
comments they may
_. lor or ...... tho
_of"~'
reIm-.... zone, Its
boundari.., or the
concept of tax increment
financing. This notice of
public hearing is given in
accordance with the
pl'Qvisions of Section
311.003(e) of tho Tax
Increment Financing
Act.
CI\y.ot CoIllUS I
C6r1sti, Texas
1201 ~ Stroot
~ CIiIoIi, T_
-