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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 OJRB050 1.00 I 024270 1 . 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. OJRB050 1.00 I 2 2 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 OJRB050 1.00 I 3 3 . OJRB0501.001 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 4 4 . 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"). OJRB050 1.00 I 5 5 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 OJRB050 1.00 1 6 6 , 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. OJRBOS01.001 7 7 - 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 ;l , ~ rrJ .. 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 ~ -4f-. ~ ~. ~ ~. ~ 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 OJRBOSOI.OOI 8 024270 ~ 8 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 - 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 . EXHIBIT "B" Padre Island Tax Incremen Financing Oi trict Nueces County Padr Balli Co ty Park I I I I I I I I I I Scale In Feet i CC) Copyright 1989-2000 City of Corpus Christi , LEGEND . TIF.Area (total acreage 1930.08) - - - - Corpus Christi City Limit Line - - - - T1F Area Boundary Line HV 100CTOO City Of Corpus Christi. Planning Department I - Exhibit C PRELIMINARY FINANCING PLAN PADRE ISLAND REINVESTMENT ZONE North Padre Island Storm Damage Reduction and Environmental Restoration Project. . 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. - Ltces CQur Padre Island Tax Incremen Financing Di trict , , , , , , I , , I , . .EE6END - - -:....-' . T1F~Area(totalacreage. IQ41J3l " ",.~t'i_,,:. ":,:, :" :-;:.::":'::).: - '\::,;::,:,:?"~~'>~-Y::~ . 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 'Il r.",1 )."'1"...,, 1,..,,10'\'."" S\ldu 1200 ,'"";..,,.. II \;llli1l4 IIIIA .., olfflll.'.d ....ith 0,1".'. ,..... q;> .1.': :L-;',', 1.\:, -'.," ..;!'! .]CiCiO www_u,;onIA~.con' La. "'"9....." S.ln F,.,niEl.ca SAn 01_90 London C"llEollqa W,nhin..t"" DC 1 ,. T liD 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 - :..: ~ r~:~~~~~....( ;.~~~~:~ '." ."~:~:!. .;t:'R"'~ ., ~,....- """ , " ..~ ,",-. 'j" ".--- $1,000,000"" , .. . ".. .~ ;~:l~:. 11-. . ~~~~ 'r.' )'"Ik $400,000-""'''' . '.:~ ,~~':::;':i~ '~~"~I'" .!, ~:.. i::'~:'~~'~.:~;.~~ '. ~,.i! $200,000/;:: ";:::: /'.~ :t:~: ...J. .;~.. .....;;:.. ":":.-'~' ~ ". . tAIl , . $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 . ~ '" " 01 '" 0. 0 N 0 N '" - 0 N '" '" c: - 0 0 N :;:; ,... U - "0 0 '" N .;: '" ;j - -. 0 N Cl '" c: - .... 0 '" N Co ... '0 - 0 :;:; N ... '" '" - C1.. 0 E N ~ N 0 c: - ... " 0 - E N '" 0. ~ QI c: - 0 " - ;j OJ E' 0 c: > 0. I N QI " 0' 0 > C - I " I - QI :: > 0 a: " Q) N Z C '" u. t= Q) :: 0 > Q) 0 -;a .., Z N '" ~ U '" ;j .., 0 c: Q) .~ 0 ~ c: c: ;;; N <( 0 Q) ,... U 0: 0 '" 0 . 0 ..... 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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_ -