HomeMy WebLinkAbout025456 RES - 08/26/2003RESOLUTION
NOMINATING PROJECTS TO THE TEXAS DEPARTMENT OF
ECONOMIC DEVELOPMENT FOR RENEWAL COMMUNITY
COMMERCIAL REVITALIZATION DEDUCTIONS
WHEREAS, the Department of Housing and Urban Development designated the
City of Corpus Christi's Census Tracts 1, 3, 4, 10, and 11 as a "Renewal
Community" eligible to share in tax incentives to stimulate job growth and promote
economic development;
WHEREAS, the Renewal Comm~unity designation provides federal tax incentives to
businesses located in the Renewal Community;
WHEREAS, each Renewal Community can allocate $12 million of Commercial
Revitalization Deductions per year and up to $10 million per project for substantially
rehabilitated or newly construction buildings in the Renewal Community;
WHEREAS, a business can deduct 50 percent of the building in the first year the
building is placed in service or deduct the full amount of eligible expenditures pro
rata over 10 years;
WHEREAS, each Renewal Community may make the following types of allocations
of the Commercial Revitalization expenditure amounts--an allocation in the
calendar year in which a qualified revitalization building is placed in service; a
binding commitment to make an allocation of a specified dollar amount to a qualified
revitalization building in the calendar year in which the building is placed in service;
and a carryover allocation;
WHEREAS, each Renewal Comlmunity must submit to the Executive Director of the
Texas Department of Economic Development a plan for awarding its $12 million in
Commercial Revitalization Deductions ("Allocation Plan");
WHEREAS, in June 2003, the City Council adopted its Allocation Plan, titled "City of
Corpus Christi Commercial Revitalization Local Strategic Plan for the City's
Renewal Community Commercial Revitalization Deduction Allocation Program"
("Local Strategic Plan") and submitted the Local Strategic Plan to the Texas
Department of Economic Development; and
WHEREAS, pursuant to its Local Strategic Plan, the City published notice of the
Commercial Revitalization Deduction application process, received applications,
and reviewed applications for compliance with the Local Strategic Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS,
SECTION 1. The following projects are approved by the City of Corpus Christi and
nominated for approval to the Texas Department of Economic Development to receive the
following allocations of the Commercial Revitalization Deductions:
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a. Coastal King, Ltd., to receive allocation of $125,000 from 2003 Commercial
Revitalizations Deductions for a building located at 108 N. Mesquite;
b. B. E. Beecroft, to receive allocation of $150,000 from 2003 Commercial
Revitalization Deductions for a building located at 2222 Laredo Street;
c. Morgan Street Seafood Market, to receive allocations of $30,000 from 2002
Commercial Revitalization Deductions and $40,000 from 2003 Commercial
Revitalization Deductions for a building located at 1602 Morgan;
d. Crown Development Southwest, Inc., to receive $5,685,000 in carryover
allocations from 2003 Commercial Revitalization Deductions and a $4,115,000
binding commitment allocation from the 2005 Commercial Revitalization
Deductions, for a building located at 623 Winnebago; with a commitment from
Crown Development Southwest, Inc. to place the building in service by July 31,
2005; and
e. Bayfront Medical Plaza, Ltd., and condominium owners of the facility, to receive
$6,000,000 in carryover allocations from the 2003 Commercial Revitalization
Deductions and a $4,000,000 binding commitment allocation from 2004 Commercial
Revitalization Deductions for a building to be located at 341 South Shoreline, with a
commitment from Bayfront Medical Plaza, Ltd. to place the building in service by
October 31, 2004, with each owner to receive Commercial Revitalization
Deductions based on agreement between owner and the Bayfront Medical Plaza,
Ltd.
SECTION 2. The City Manager is authorized to execute a certification to the Texas
Department of Economic Development that the City of Corpus Christi has followed the
procedure in its Allocation Plan, and to the best of his or her knowledge, each application
approved in this Resolution is complete and meets the requirements of the commercial
revitalization deduction program.
ATTEST:
THE CITY OF CORPUS CHRISTI
Armando Chapa
City Secretary
Approved: August 21, 2003
Lisa Aguilar ~
Assistant City Attorney
for City Attorney
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Corpus Christi, Texas
~ of w ,~~ _ ,2003
The above resolution was passed by the following vote:
Samuel L. Neal, Jr. ~.~).~
Brent Chesney ~,'
Melody Cooper
Javier D. Colmenero
Henry Garrett
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
aug 26 resolution revitalization DOC
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