HomeMy WebLinkAbout026810 RES - 05/30/2006RESOLUTION
AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH NUECES
LOFT APARTMENTS, L.P., PROVIDING FOR TERMPORARY
PROPERTY TAX ABATEMENT
WHEREAS, Texas Tax Code, Chapter 312, authorizes the City of Corpus Christi, Texas
E `the City') to enter into Tax Abatement Agreements for projects meeting the guidelines
and criteria for granting tax abatement, as amended, duly adopted by the City; and,
WHEREAS, the area covered by the attached Agreement is within the Renewal
Community and is therefore eligible for tax abatement in accordance with the provisions
of the Act
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City Council finds and determines that the terms of the proposed
agreement and the property subject to the proposed agreement meet the applicable
guidelines and criteria, as amended. adopted by the City, and the City further
determines that the proposed project is feasible and the proposed temporary abatement
of taxes will inure to the long -term benefit of the City.
SECTION 2. The execution of the Tax Abatement Agreement Attached hereto in
substantial form as Exhibit "A" is hereby authorized and approved.
Armando Chapa
City Secretary
APPROVED: May 23, 2006.
By id i
aryoW. Smith
Assistant City Attorney
for City Attorney
H:LegDiNws\agenda1 2006105- 30\taxabatemenNuecesLofts
THE OF CORPUS CHRISTI
enry Gar -tt
Mayor
Corpus Christi, Texas
of
2
, 2006
U
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
John E Marez
Jesse Noyola
Mark Scott
H:LegDir\gws\ agenda 12006',05- 30 \taxabatemenNuecesL offs
tot S 1 U
TAX ABATEMENT AGREEMENT
THE STATE OF TEXAS
COUNTY OF NUECES
This Tax Abatement Agreement (hereinafter referred to as the "Agreement ") is made and
entered into by and between the CITY OF CORPUS CHRISTI, TEXAS (the "Governmental
[ -nit ") and NUECES LOF 1' APARTMENTS, L.P.. (the "Owner "). the owner of taxable property
in the Cit. of Corpus Christi, Texas. 317 Peoples Street (the "Property ").
I. AUTHORIZATION
This Agreement is authorized by the Texas Property Redevelopment and Tax Abatement
Act, Texas Tax Code, Chapter 312. as amended (the "Act"). and is subject to the laws of the
State of Texas and the charter. ordinances. and orders of the Governmental Unit.
1L DEFINITIONS
As used in this Agreement. the following terms shall have the meanings set forth below:
A. -Base Fear Value' means the assessed value of the Improvements on the Property as
certified by the Nueces County Appraisal District as of the January 1 preceding the
execution of this Agreement plus the agreed upon value of Improvements made after
January 1 hut before the execution of this Agreement.
B. 'Improvements' means the buildings or portions thereof and other improvements,
including fixed machinery and equipment, used for commercial or industrial purposes
on the Property.
'('onstructton Phase' means the period during which a material and substantial
improvement of the Property occurs which represents a separate and distinct
construction operation undertaken for the purpose of erecting the Improvements. The
( onstruction Phase ends upon the earliest to occur of the following events:
when <i certificate of occupancy is issued for the project (if within City limits); or
(_' i when commercial production of a product or provision of a service is achieved at
the facility. .)r
(�) when the architect or engineer supervising construction issues a certificate of
substantial completion, or some similar instrument, or
(4) two (2) years after the date of this Agreement.
H :LegDir.gws ;EcoDev "1 ax \bate/NuecesLofts('RDRes
"age! 01.1
Fite determinatuon of the end of the (' onstruction Phase shall be made by the
tovernmental 1 nit. in its sole and absolute discretion, based upon the above criteria
and such other factors as the Governmental Unit may deem relevant. The
determination of the end of the Construction Phase by the Governmental Unit shall be
onc1usi e. and any judicial review of such determination shall be governed by the
'substantial e' idence rule
-Abatement' means the temporary or partial exemption from ad valorem taxes of
certain added value to real and personal property in a zone designated for economic
development purposes pursuant to the Act
E. Eligible Property means the buildings, structures, site Improvements, and that office
space and certain personal property necessary to the operation and administration of
the Facility to he constructed pursuant to this Agreement. A list of the Eligible
Property is set forth in the Project Description which is attached hereto as Exhibit "A"
and made a part hereof. During the Construction Phase of the Eligible Property, the
)wner may make such change orders to the Eligible Property as are reasonably
necessary to accomplish its intended use, provided that no such change order may be
made which will change the qualification of the project as a "Facility" under the
luidelines and 'riteria for Granting Tax Abatement approved by the Governmental
nit
ineligible Property' means land; inventories: supplies: tools; furnishings and other
forms of movable personal property; vehicles; vessels; aircraft; housing; hotel
accommodations. deferred maintenance investments; property to be rented or leased
except as provided in Section 2(e); improvements for the generation or transmission of
electrical energy not wholly consumed by a New Facility or expansion; any
improvements. including those to produce, store or distribute natural gas, fluids or
gases. which arc not integral to the operation of the Facility; improvements to real
property which have an economic life of less than 15 years; property owned or used by
the State 01. Texas or its political subdivisions or by any organization owned, operated
ter directed h' a political subdivision of the State of Texas; unless any of the above
types of property are specifically authorized by the Governmental Unit.
C.a. ' Added Value' means the increase in the assessed value of the Eligible Property as a
result of `expansion" or "modernization" of an existing facility or construction of a
'-new facility.- It does not mean or include "deferred maintenance."
H° °facility` means a Basic Manufacturing or Service Facility, Regional Distribution
enter Facility. Regional Telecommunications /Data Processing Center Facility,
Regional Visitor Amusement Facility. Central Business District (CBD) Residential
Facility_ Renewal Community Facility, or Petrochemical Facility approved by the
C Tovernmentai l nit as set forth in the Guidelines and Criteria for Granting Tax
Abatement adopted by the Governmental Unit.
11:LegDir gws'EcoDev "; axAbareiNuecesl _ oftsCBDRes
Page 2 of ?.
r he Guidelines and Criteria for Granting Tax Abatement adopted by the Governmental Unit are
incorporated as a pan 01 this Agreement. Except as the same may be modified herein, all
definitions set forth therein are applicable to this Agreement.
111. PROPERTY
The Property is an area within the City of Corpus Christi, Texas, located in whole or in part
within the _jurisdiction of the Governmental Unit as is more fully described in Exhibit "B"
attached hereto and made ._t part hereof. Said Property is located within a zone for tax abatement
established pursuant to Chapter 3 1 2 of the Texas Tax Code. as amended, by the City of Corpus
Christi. Texas.
Theyueces County Appraisal District has established the following values for the Property
as of the January 1 valuation date prior to the date of execution of this Agreement.
Account No. ma
Persona! p1 ()peril' S n/a
kccount No. 0054- 0004 -0070
Land
Improvements
S 112,214
S 1,052,964
The Governmental Unit and the Owner agree that the value of any additions to the Improvements
made after January 1 or not otherwise reflected on the above valuation of Improvements is:
Additional Improvements: $0
Addition of the above amount to the valuation of the Improvements as of the January 1 valuation
date prior to the date of execution of this Agreement results in a Base Year Value as follows:
Base Year Valuc $1.165.17*
IN . TERM OF ABATEMENT AND AGREEMENT
The (iovernmental Unit agrees to abate the ad valorem taxes on the Eligible Property in
accordance with this paragraph and paragraphs V and VI hereof. The Abatement shall be
effective with the January 1 valuation date immediately following the date of execution of this
Agreement. The Abatement shall continue for up to two (2) years during the period of the
Construction Phase and for the next five (5) full tax years thereafter, expiring as of December3l
{tf such third tax year. if the period of the Construction Phase exceeds two (2) years, the Facility
shall be considered completed for purposes of Abatement, and in no case shall the period of
Abatement inclusive of construction and completion exceed seven (7) tax years. The years of
Abatement provided herein shall in each instance coincide with the tax year commencing on
Januar} 1 and expiring on December 31, and in no event shall the Abatement extend beyond
December 3 1 of the sixth tax year. This Abatement shall also cover as Eligible Property those
supplemental improvements to the Eligible Property that are added or constructed during the
R :LegDir gws 'EcoLlev 1 axAbate /Nueces1 otts('BDRes
Page 71 o!1
post- construction fi'e t 5) Lear period of Abatement. In no event, however, shall the total
Abatement period for such Eligible Property exceed the maximum seven (7) year Abatement
period for the entire project as specified herein.
The term of this Agreement shall continue for a period of five (5) years following expiration
of the abatement period. All terms and conditions imposed upon the Owner shall continue in
effect during such period, and the Owner shall be obligated specifically to continue the minimum
employment levels specified herein. An default shall be subject to the provisions of Article VIII
hereof.
. TAXABILITY
During the period that the Abatement is effective. taxes shall be payable as follows:
(1) I he value of the land comprising the Property shall be fully taxable;
(2) The Base Year \ alue of existing Improvements comprising the Property shall be fully
taxable.
(3) The value of Ineligible Property shall be fully taxable; and
(4) I he Added Value of Eligible Property shall be abated as set forth in Part VI herein.
VI. AMOUNT OF ABATEMENT
The Abatement provided by this Agreement shall be in accordance with the following
schedule:
Construction Period
(not to exceed 2 v ears)
Year
Year
Year ;
Year 4
Year
Percentage of Abatement
- -- 100 %
100%
100 °,
100 °'0
100%
1000 o
I Note: If this project is designated as a "rehabilitation project" under the Guidelines
and ( 'riteria which involves the adaptive reuse of an existing structure or building for a
Facility, the project must involve a minimum capital expenditure of $250,000. The
rehabilitation project must involve the adaptive reuse of an existing structure or building
currently on the property tax rolls so that the Base Year Value associated with the project
will include both the value of the land and the existing improvements. The Owner and
Owners landlord specifically disclaim any abatement for improvements to the building, and
the covenants and obligations hereof shall not he binding upon Owner's landlord. The sole
H:LegDir: gw /EcoDe‘ 1 axAbate /NuecesLofts( "BDRes
Page 4 of 13
Eligible Property subject to abatement shall be the value of personal property such as
furniture and movable equipment installed by Owner which would otherwise be considered
Ineligible Propert ■ fol any other type of abatement category. In no event, however, may the
total ; alue of such personal property subject to abatement exceed $1 million.]
At the time of execution of this ,Agreement. the Owner reasonably estimates and represents
to the Governmental Unnt that the added Value comprising permanent Improvements upon
completion of the Construction Phase shall be:
S 2,787 786 ( "Estimated Added Value ").
in the event that upon completion of the Construction Phase the Added Value of permanent
Improvements. as determined by said Appraisal District, shall at any time thereafter during the
period of Abatement he less than eight -five percent (85 %) of the Estimated Added Value, not
due to circumstances beyond the control of Owner, the Owner agrees to pay, as additional taxes
hereunder. an amount equal to the then current tax rate of the Governmental Unit applied to the
difference between the Added Value from eighty -five percent (85 %) of the Estimated Added
Value, multiplied by 100% minus the net percentage of Abatement provided under this
agreement. For the purposes of this provision, the term "circumstances beyond the control of
Owner- shall include casualty losses, national economic factors, shutdowns due to governmental
regulations. strikes. acts ( f war; and the like. The formula for calculating such additional tax is
outlined as follows.
Tax Rate! x ((85% of Est. Added Value - Actual AV) x (100° %% - Abatement %)] = Additional
Tax
VII. CONTEMPLATED IMPROVEMENTS
The contemplated improvements are set forth in the Project Description attached as Exhibit
During the Construction Phase. the Owner may make such change orders to the project as
are reasonably necessary. provided that no such change order may be made which will change
the qualification of the project as a "Facility" under the Guidelines for Granting Tax Abatement
approved by the Governmental Unit. All improvements shall be completed in accordance with all
applicable laws, ordinances, rules or regulations. During the term of this Agreement, use of the
Property shall be limited to operation of the Facility described in the Project Description
consistent with the general purpose of encouraging development or redevelopment of the zone
during the period of this Agreement.
VIII. EVENTS OF DEFAULT AND RECAPTURE
A. Failure to Commence Operation During Term of Agreement. In the event that the
Facility is not completed and does not begin operation by the January 1 following the
completion of construction, no abatement shall be given for that tax year, and the full
amount of taxes _assessed against the property shall be due and payable for that tax year.
H:LegDir'gwsiEcoDev Fax AbaterNuecesL.oftsCBDRes
Page ol 1
In the event that the Owner fails to begin operation by the next January 1, then the
abatement Agreement shall terminate and all abated taxes during the period of
construction shall be recaptured and paid within 60 days of such termination.
B. Discontinuance of Operations During Term of Abatement. In the event the Facility is
completed and begins operation but subsequently discontinues operations during the
term ot the Agreement after the completion of construction, for any reason except on a
temporary basis Jue to fire. explosion or other casualty or accident or natural disaster,
the Agreement may be terminated by the Governmental Unit, and all taxes previously
abated by t irtue of the Agreement shall be recaptured and paid within 60 days of such
termination.
Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to become
delinquent and fails to timely and properly follow the legal procedures for their protest
and /or contest, this Agreement shall terminate and so shall the abatement of the taxes
tor the calendar year of the delinquency. The total taxes assessed without abatement for
that calendar year shall he paid within 60 days from the date of termination. Penalty
and interest shall not begin to accrue on the additional amount of taxes due as the result
ot recapture under this provision until the first day of the month following such sixty
( 60) day notice, at which time penalty and interest shall accrue in accord with the laws
of the State of ", exas. Penalty and interest on the amount of taxes originally levied
based upon the abatement shall. of course_ begin to accrue as of the date such taxes
were due in accord with the laws of the State of Texas.
D. Notice of Default. Should the Governmental Unit determine that the Owner is in default
according to the terms and conditions of this Agreement, it shall notify the Owner that
i! such default is not cured within sixty (60) days from the date of such notice (`Cure
Period' ). then this Agreement may be terminated. In the event the Owner fails to cure
said default during the Cure Period. this Agreement may be terminated and the taxes
abated by y irtue of the Agreement will be recaptured and paid as provided herein.
E. Actual Added Value. Should the Nueces County Appraisal District determine that the
total level of Added Value during any year of the term of this Agreement after
Lumpletion of the Construction Phase is lower than the Estimated Added Value such
that a lower percentage of Abatement is applicable, for each year during which an
Abatement has been granted the difference between the tax abated and the tax which
should have been abated based upon the actual Added Value shall be determined by the
( ioernmental 1. nit and paid within 60 days of notification to the Owner of such
determmnation. Penalty and interest shall not begin to accrue upon such sum until the
krst day of the month following such sixty (60) day notice, at which time penalty and
interest shall . tccrue in accord with the laws of the State of Texas.
Reduction in Rollback Tax Rate. If during any year of the period of Abatement any
portion of the abated value is added to the current total value of the Governmental Unit
but is not treated as `new property value' (as defined in Section 26.012 (17) of the
Texas Tax Code) for the purpose of establishing the "effective maintenance rate" in
ti :LegDir Ecol )eN
Page 6 o` 1
ax Abate /Nuecesl offs( :HDRes
calculating the `rollback tax rate' in accord with Section 26.04 (c) (2) of the Texas Tax
( *ode and if the Governmental Unit's budget calculations indicate that a tax rate in
excess of the 'rollback tax rate- is required to fund the operations of the Governmental
I nit for the succeeding year. then the Governmental Unit shall recapture from the
( >wner a tax in an amount equal to the lesser of the following:
The amoun of the taxes abated for that year by the Governmental Unit with
respect to the Property.
The amount obtained by subtracting the rollback tax rate computed without the
abated property value being treated as new property value from the rollback tax
rate computed with the abated property value being treated as new property value
and multiplying the difference by the total assessed value of the Governmental
1'nit_
If the Governmental 1 nit has granted an abatement of taxes to more than one taxpayer, then
the amount of the recapture calculated in accord with subparagraph (2) above shall be
prorated on the basis ; )f the value of the abatement with respect to each taxpayer.
Ihts ev ent shall not constitute a `default" under this Agreement, and the sixty (60) day Cure
Period provided ahoy e shall not apply. Such recaptured taxes must be paid within thirty (30)
days sifter notice thereof has been given to the Owner. Penalty and interest shall not begin to
accrue upon such sum until the first day of the month following such thirty (30) day notice,
at which time penalty and interest shall accrue in accord with the laws of the State of Texas.
G. Continuation of fax Lien. The amount of tax abated each year under the terms of this
Agreement shall be secured by a first and prior tax lien which shall continue in
existence from year tc peat until such time as this Agreement between the
Governmental Unit and Owner is fully by Owner, or until all taxes, whether
assessed or recaptured. are paid to fail
In the event of am default by Owner. the governing body of the Governmental Unit reserves
the right to terminate or modify this Agreement. Owner shall be afforded written notice of such
default and the opportunity to cure as provided above. If Owner believes such action was
improper. Owner may file an appeal in Nueces County district court within sixty (60) days after
written notice of the action by the Governmental Unit. Owner shall remit to the Governmental
nit. v 'thin such (0 -da■ period_ any additional or recaptured taxes levied pursuant to the
payment provisions of Texas Tax Bode § 42.08. It-the final determination of the appeal increases
Owner', tax liability abo'.e the amount paid. Owner shall remit the additional tax pursuant to
lax Code 42.42 If the final determination of the appeal decreases Owner's tax liability, the
Governmental Unit shall refund the Owner the difference between the amount of tax paid and the
amount of tax for which Owner is liable pursuant to Tax Code § 42.43.
H;LegDir gws%EcoDe‘ 1 axAbate /Nuecest_ofts('BDRes
Page 1
IX. ADMINISTRATION
Inspections. The Owner shall allow employees and/or representatives of the Governmental
Unit to have access to the Property during the term of this Agreement to inspect the Facility to
determine compliance with the terms and conditions of this Agreement. All inspections will be
made only after the giving of twenty -four (24) hours prior notice and will only be conducted in
such manner as to not unreasonably interfere with the construction and /or operation of the
Facility .A11 inspections .will be made with one or more representatives of the Owner and in
accordance with Owner's safety' standards.
Appraisals. The Chief Appraiser of the Nueces County Appraisal District shall annually
determine (i) the taxable x,alue of the real and personal property comprising the Property taking
into consideration the Abatement provided by this Agreement, and (ii) the full taxable value
without Abatement of the real and personal property comprising the Property. The Chief
-appraiser shall record both the abated taxable value and the full taxable value in the appraisal
records The full taxable v alue figure listed in the appraisal records shall be used to compute the
amount of abated taxes that are required to be recaptured and paid in the event this Agreement is
terminated in a manner that results in recapture. Each year the Owner shall furnish the Chief
-Appraiser with such information outlined in Chapter 22. Texas Tax Code, as amended, as may be
necessary for the administration of the Agreement specified herein.
Annual Reports. Owner shall certify to the governing body of the Governmental Unit on or
before April 1 each year that the Owner is in compliance with each applicable term of this
Agreement. Additionally. during the initial four years of the term of property tax abatement,
Owner shall provide to the Governmental Unit an annual report covering those items listed on
Schedule 1 attached hereto r in order- to document the efforts of the Owner to acquire goods and
services on a local basis. Such annual report shall he prepared on a calendar year basis and shall
be submitted to the Governmental Unit no later than ninety (90) days following the end of each
such calendar year. The annual report ,hall be accompanied by an audit letter prepared by an
independent accounting firm which has reviewed the report.
-Buy Local Provision. The Owner additionally agrees to give preference and priority to
local manufacturers. suppliers, contractors and labor. except where not reasonably possible to do
so without added expense. substantial inconvenience. or sacrifice in operating efficiency. In any
such exception cases involving purchases over 510,000.00 a justification for such purchase shall
he included in the annual report. The Owner further acknowledges that it is a legal and moral
obligation of persons receiving property tax abatements to favor local manufacturers, suppliers,
contractors and labor. all other factors being equal. For the purposes of this provision, the term
local" as used to describe manufacturers, suppliers. contractors and labor shall include firms,
businesses. and persons vho reside in or maintain an office in either Nueces County or San
Patricio County. In the event of a breach of the buy local provision, the percentage of abatement
shall he proportionately reduced by the amount the disqualified contract bears to the total
construction cost for the project.
H:LegDir gws/ EcoDev- -ax Abate/Nuecesl_oftsCBDRes
Page 8oi 1
X. ASSIGNMENT
The Owner may assign this Agreement to any one or more corporation(s), 50% or more of
The outstanding voting securities of which are owned, directly or indirectly, by one of the
Owners. or any partnership(s) or Limited partnership(s) in which an Owner, or a subsidiary of an
Owner. is a general partner. The Owner may assign this Agreement to any other new owner or
lessee of the Facility with the prior written consent of the Governmental Unit, which consent
shall not he unreasonably. withheld Any assignment shall provide that the assignee shall
trrevocabl and unconditionally assume all the duties and obligations of the assignor and become
the Owner upon the same terms and conditions as set out in this Agreement. In the event more
than one entity is Owner hereunder, the obligations of said entities shall be joint and several. Any
assignment of this agreement shall be to an entity that will provide substantially the same
improvements to the Property. except to the extent such improvements have been completed. No
assignment shall be appro., ed if the Owner or am, is indebted to the Governmental Unit
for ad valorem taxes or other obligations
XI. NOTICES
Any notice required to be given under the provisions of this Agreement shall be in writing
and shall be duly served when it shall have been deposited, with the proper postage prepaid
thereon, and duly registered or certified, return receipt requested, with the United States Postal
Service. addressed to the t governmental L`nit or Owner at the following addresses. if mailed, any
notice or communication shall be deemed to be received three days after the date of deposit in
the United States Mail. Unless ;otherwise provided in this Agreement, all notices shall be
delivered ro the following addresses:
To the Governmental lJnit: CITY OF CORPUS CHRISTI, TEXAS
1 201 Leopard Street
P. 0. Box 9277
( orpus Christi, Texas 78469
Attn: City Manager
10 the ()wrier:
Nt_IECES LOFT APARTMENTS, L.P.
13411 PM 1560
Helotes, Texas 78023
Either party may designate a different address by giving the other party ten days' written
notice.
This Agreement has been executed by the parties in multiple originals or counterparts, each
having full force and effect.
Executed this day of . 2006.
H:LegDir gws /EcoDec Tax Abate/Nueces[ottsCBDRes
Page 9 of 1
( JOVERNMEN^[ A[ I NI
ATTEST
L ITY OF CORPUS CHRISTI, TEXAS
By: By:
Armando Chapa. City Secretary George Noe. City Manager
APPROVED AS TO FORM:
By: {/1�;..../I17 .
Gary W. Smith. Assistant City Attorney
for 'Mary Kay Fischer, City Attorney
OWNER:
H:LegDir gws'EcoDeN 1 axAbate/NuecesI oftsCBDRes
Page 10 <a 1
NUECES LOFT APARTMENTS, L.P.
By:
William L. Hoover
President of General Partner
SCHEDULE 1
.Buv Local' Annual Reports
1'he following information shall be reported to the Governmental Unit on a calendar -year
basis during the first four ears of the tax abatement program:
Dollar amount spent for materials* (local).
Dollar amount spent for materials (total).
Dollar amount spent for labor ** (local).
+. Dollar amount spent for labor ** (total).
Number of jobs created in the construction project (local).
��. Number of jobs created in the construction project (total).
Number of jobs created on a permanent basis (local).
Number of jobs created on a permanent basis (total).
'Materials' is defined to include all materials used in excavation, site improvement,
demolition. concrete, structural steel, tire proofing, piping, electrical, instruments, paintings and
scaffolding, insulation, temporary construction facilities, supplies, equipment rental in
construction, small tools and consumables. This term does not include major items of machinery
and equipment not readily- available locally.
** `Labor is defined to include all labor in connection with the excavation, site improvement,
demolition, concrete construction. structural steel. fire proofing, equipment placement, piping,
electrical, instruments, painting and scaffolding. insulation, construction services, craft benefits,
payroll burdens, and related labor expenses. This term does not include engineering services in
connection with the project design
The term "local" as used to describe manufacturers, suppliers, contractors and labor shall include
firms, businesses. and persons who reside in or maintain an office in either Nueces County or
San Patricia Countv
IfLegDir gws EcoDe TaxAbate/NuecesLoftsCBDRes
Page 11 <<t ' 1
Exhibit A
Corpus Christi Project Plan
May 23 2006
This project involves the adaptive reuse of a historic downtown building, the "Nueces Building"
at 317 Peoples Street. The project will convert the building into 66 rental units comprised of
lofts, one bedroom and tvo bedroom. The building is currently vacant.
Permanent improvements
Estimated apital
H:LegDir- gws /EcoDev-Tax Abate/NuecesLoftsCBDRes
Page 12 of
2,787,786
S 2,787,786
EXHIBIT `B'
1 -ract 1 Lot 7 and the north 3.7 feet of Lot 8, Block 4, Beach Portion, City of Corpus
Christi_ Nueces County. Texas. and
bract 2: Lots 1 and 2 and the east 105 feet of Lots 3 and 4. Block 11, Beach Portion, City
f Corpus Christi, Nueces ('ounty. Texas,
Aso known as 317 Peoples Street. Corpus Christi. Texas.
H:LegDirgwsiEcoDev 1axAbate/NuecesLoftsCBDRes
Page 13