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Home My WebLink About026566 RES - 12/13/2005 RESOLUTION NOMINATING PROJECTS TO THE OFFICE OF THE GOVERNOR FOR RENEWAL COMMUNITY COMMERCIAL REVITALIZATION DEDUCTIONS WHEREAS, the Department ot Housing and Urban Development designated the City ot Corpus Christi's Census Tracts 1, 3,4, 5, 7, 10, 11, 13, 35, and 50 as a "Renewal Community" eligible to share in tax incentives to stimulate job growth and promote economic development; WHEREAS, the Renewal Community designation provides tederal tax incentives to businesses located in the Renewal Community; WHEREAS, each Renewal Community may allocate $12 million ot Commercial Revitalization Deductions per year and up to $10 million per project tor substantially rehabilitated or newly construction buildings in the Renewal Community; WHEREAS, a business can deduct 50 percent ot the building in the first year the building is placed in service or deduct the tull amount ot eligible expenditures pro rata over 10 years; WHEREAS, each Renewal Community may make the following types ot allocations ot the Commercial Revitalization expenditure amounts-an allocation in the calendar year in which a qualitied revitalization building is placed in service; a binding commitment to make an allocation ot a specified dollar amount to a qualitied 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 ot the Governor a plan tor awarding its $12 million in Commercial Revitalization Deductions ("Allocation Plan"); WHEREAS, on November 16, 2004, the City Council adopted its Allocation Plan, titled "City ot Corpus Christi Commercial Revitalization Local Strategic Plan tor 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; WHEREAS, the City has heretotore nominated seven projects tor allotments totaling $2,040,000 tor 2005 and may nominate additional projects in the amount ot $9,960,000 to complete the $12,000,000 allocation tor the current year; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, SECTION 1. The tollowing projects are approved by the City ot Corpus Christi and nominated tor approval by the Office ot the Governor to certity the tollowing allocations ot the Commercial Revitalization Deductions totaling $6,750,000: CRD resolution revitalization 051213 02t)~f)6 2 a. Ullah Investments, Inc., (La Quinta Inn & Suites) to receive an allocation ot $3,600,000 from 2005 Commercial Revitalizations Deductions tor a building located at 3500 McKenzie Road and IH-37. b. Puerto Los Caballeros Properties, LTD., (Chaparral Street Landing) to receive an allocation of $1,200,000 trom the 2005 Commercial Revitalization Deductions tor a building located at 1214 North Chaparral Street. c. Ek Dashi Investment, LLC., (Corpus Christi Beach Miniature Golt and Go-Kart Track) to receive an allocation of $1,100,000 trom the 2005 Commercial Revitalization Deductions tor a building located at 2901 Surfside Street. d. Charles G. Herin (Contractors Building Supply Corporate Headquarters) to receive an allocation ot $700,000 trom the 2005 Commercial Revitalization Deductions for a building located at 901 Navigation Street. e. Stewart Brandon (Brandon Welding) to receive an allocation ot $150,000 from the 2005 Commercial Revitalization Deductions for a building located at 9002 Leopard Street. The tollowing project is approved by the City ot Corpus Christi and nominated tor approval by the Office ot the Governor to certity the tollowing allocation of the Commercial Revitalization Deductions as a 2004 project totaling $3,400,00: Valero Retining to receive an allocation of $8,925,000 from the 2004 Commercial Revitalization Deductions tor a building located at 1147 Cantwell Lane. SECTION 2. The City Manager or his designee is authorized to execute a certification to the Office ot the Governor that the City of Corpus Christi has tollowed the procedure in its Allocation Plan, and to the best ot his or her knowledge, each application approved in this Resolution is complete and meets the requirements ot the commercial revitalization deduction program. ATTEST: THE CITY OF CORPUS CHRISTI ,r- Armando Chapa City Secretary CRD Resolution revitalization 051213 3 Approved: December 13,2005 ~~ ary . SmIth Assistant City Attorney tor City Attorney CRD Resolution revitalization 051213 4 Corpus Christi, Texas __I3tJ-ot ~ ,2005 The above resolution was passed by the tollowing vote: Henry Garrett ~JZ- Brent Chesney Q.lf John E. Marez ~ Melody Cooper Jerry Garcia ~)L Bill Kelly Od~ Rex A Kinnison ~Q Jesse Noyola ~ Mark Scott ~ CRD Resolution revitalization 051213 02f)~)66