HomeMy WebLinkAbout026041 RES - 11/16/2004
RESOLUTION
NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR 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 City of Corpus Christi has requested to expand the Renewal
Community to include Census Tracts 5, 7,13,35, and 50 in order to foster
investment and economic development within the census tracts;
WHEREAS, the Renewal Community 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 COl)1munity;
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 Community must submit to the Office of the Governor a
plan for awarding its $12 million in Commercial Revitalization Deductions
("Allocation Plan");
WHEREAS, on November 16, 2004, 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") to submit to the Office of the Governor; 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,
Nov 16 resolution revitalization
1126041
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SECTION 1. The following projects are approved by the City of Corpus Christi and
nominated for approval by the Office of the Governor to certify the following allocations of
the Commercial Revitalization Deductions totaling 2,855,000:
a. Catamaran Properties, Ltd. to receive an allocation of $585,000 from 2004
Commercial Revitalizations Deductions for a building located at Beach Addition Lots
7 and 8 Block 12; (424 Mesquite)
b. Lofty Developments, Ltd. to receive an allocation of $1,350,000 from the 2004
Commercial Revitalization Deductions for property located at Bluff Lot 6A Block 10
and Bluff Lots 7 and 8 Block 5; (817 Carancahua Street and property located at
Carancahua and Buffalo)
c. Coastal King, Ltd. to receive an allocation of $700,000 from the 2004
Commercial Revitalization Deductions for property located at Beach Addition Lot 7A
and Lots 7-10 Block 28 (309 IH 37)
d. Magill Family Joint Venture to receive an allocation of $220,000 for property
located at Beach Lots 4 and 5, Block 19 (613 Mesquite).
SECTION 2. The City Manager or his designee is authorized to execute a certification to
the Office of the Governor 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
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Armando Chapa
City Secretary
Approved: November 16, 2004
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Lisa A9~
Assistant City Attorney
for City Attorney
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Samuell. Neal, Jr.
Mayor
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Corpus Christi, Texas
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, 2004
The above resolution was passed by the following vote:
Henry Garrett
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Samuel L. Neal, Jr.
Brent Chesney
Melody Cooper
Javier D. Colmenero
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
Nav 16 Resolution revitalization. DOC
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